Rydex Russell 2000 Fund (RYRHX) N-CSRS Certified semi-annual shareholder report (management investment company)

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- 07584

Rydex Series 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 Series Funds
702 King Farm Boulevard, Suite 200
Rockville, Maryland 20850
(Name and address of agent for service)

Registrant's telephone number, including area code: 1-301-296-5100

Date of fiscal year end: March 31

Date of reporting period: April 1, 2022 – September 30, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

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:

9.30.2022

Rydex Funds Semi-Annual Report

Guggenheim Alternatives Funds

Guggenheim Long Short Equity Fund

Rydex International Equity Funds

Rydex Emerging Markets 2x Strategy Fund

Rydex Inverse Emerging Markets 2x Strategy Fund

Rydex Fixed Income Fund

Rydex Emerging Markets Bond Strategy Fund

GuggenheimInvestments.com RSTF-SEMI-0922x0323

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS	6
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
LONG SHORT EQUITY FUND	10
EMERGING MARKETS 2x STRATEGY FUND	30
INVERSE EMERGING MARKETS 2x STRATEGY FUND	39
EMERGING MARKETS BOND STRATEGY FUND	47
NOTES TO FINANCIAL STATEMENTS	55
OTHER INFORMATION	69
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	76
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	82
LIQUIDITY RISK MANAGEMENT PROGRAM	85

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2022

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for a selection of our alternative strategy funds (the “Fund” or “Funds”) for the six-month period ended September 30, 2022.

The Investment Adviser is a part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Security Investors, LLC

October 31, 2022

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

The Long Short Equity Fund may not be suitable for all investors. ●The Fund is subject to the risk that the Advisor’s use of a momentum-driven investment strategy may cause the Fund to underperform other types of mutual funds that use different investment strategies during periods when momentum investing is out of favor. ●It is possible that the stocks the Fund holds long will decline in value at the same time that the stocks or indices being shorted increase in value, thereby increasing potential losses to the Fund. ●The Fund’s loss on a short sale is potentially unlimited because there is no upper limit on the price a borrowed security could attain. ● The more the Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ●The use of derivatives, such as futures, options and swap agreements, may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. ●The Fund may invest in American Depositary Receipts (“ADRs”) therefore subjecting the value of the Fund’s portfolio to fluctuations in foreign exchange rates. ● This Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a more diversified fund. See the prospectus for more information on these and additional risks.

Inverse and leveraged Funds are not suitable for all investors. ● These Funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risk of shorting, and (d) intend to actively monitor and manage their investments. ● The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● Inverse Funds involve certain risks, which include increased volatility due to the Funds’ possible use of short sales of securities and derivatives, such as options and futures. ● The Funds’ use of derivatives, such as futures, options and swap agreements, may expose the Funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Short-selling involves increased risks and costs. You risk paying more for a security than you received from its sale. ● Leveraged and inverse Funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the 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. 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. The Funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a Fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse Funds’ holdings consistent with their strategies, as frequently as daily. ● The leveraged and Inverse Emerging Markets Funds’ investments in developed and emerging foreign markets may increase the Funds’ volatility due to the impact of diplomatic, political or economic developments on the

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 2022

country in question. ● Additionally, the Funds’ direct and indirect exposure to foreign currencies subjects the Funds to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currencies. ● A Fund’s investment in the securities of non-U.S. companies in the form of American Depositary Receipts (ADRs) poses special risks associated with international investing, including fluctuating exchange rates, government regulations and differences in liquidity, which may affect the volatility and performance of a fund. ● For more on these and other risks, please read the prospectus.

The Emerging Markets Bond Strategy Fund may not be suitable for all investors. Investments in securities, in general, are subject to market risks that may cause their prices to fluctuate over time. An investment in the Fund may lose money. ● The Fund’s investments in bonds and financial instruments that in combination have economic characteristics similar to emerging markets bonds carries additional risks when compared to investing in U.S. securities, due to the impact of diplomatic, political or economic developments in the country in question. ● The Fund’s investments in derivatives, including credit default swaps, may pose risks in addition to those associated with investing directly in securities or other investments, including illiquidity of the derivatives, imperfect correlations with underlying investments or the Fund’s other portfolio holdings, lack of availability and counterparty risk. To the extent the Fund invests in derivatives to seek to hedge risk or limit leveraged exposure created by other investments, there is no guarantee that such hedging strategies will be effective at managing risk or limiting exposure to leveraged investments. ● The Fund’s exposure to high yield securities may subject the Fund to greater volatility. ● The Fund’s market value will change in response to interest rate changes and market conditions among other factors. In general, bond prices rise when interest rates fall and vice versa. ● The Fund’s investments in bank obligations may expose it to adverse developments in or related to the banking industry. ● The Funds use of leverage will exaggerate the effect on net asset value of any increase or decrease in the market value of the Fund’s portfolio. ● The Fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. ● The Fund’s investments in other investment vehicles subject the Fund to those risks and expenses affecting the investment vehicle. ● See the prospectus for more information on these and other risks.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2022

Equity and fixed income markets declined during the six-month period ended September 30, 2022, amid continued market volatility, Federal Reserve policy, and global economic headwinds.

The Federal Reserve (the “Fed”) has abandoned talk of a soft or even “softish” landing, with the latest Summary of Economic Projections pointing to a 90-basis-point rise in the unemployment rate, an increase never before experienced without a recession. One basis point equals 0.01%. The seemingly endless string of upside inflation surprises has cemented the Fed’s view that the labor market needs to soften and economic activity needs to weaken further, which could require interest rates heading even higher.

Signs are indicating that the economy is heading in the direction the Fed wants. While gross domestic product (“GDP”) rebounded in the third quarter of 2022 to an inflation-adjusted 2.6%, private domestic demand (consumption and fixed investment) continued to slow, growing just 0.1%. The slowdown was led by a significant contraction in housing activity, historically the first sector to be hit by rising rates, cutting about 1.4 percentage points from GDP’s growth rate. The sharp tightening in financial conditions indicates a broader economic slowdown is ahead, which may help to loosen up the labor market. Signs of a labor market slowdown are already evident, with monthly job growth at less than half the pace of early 2022, wage growth cooling, and job openings falling sharply.

Inflation remains high, but a variety of factors point to a substantial moderation in 2023. Goods prices have stopped rising, and supply chain improvement and input and import costs suggest outright deflation could lie ahead. Services inflation is now the main price stability concern, but even the Bureau of Labor Statistics and several Fed speakers have acknowledged that the lagged data on home rental prices doesn’t reflect the sharp slowdown in market rents that has taken place (and that would start to show up in the data next year).

With the economy cooling and inflation likely to fall, it is fair to expect that rate hikes are nearly coming to an end, particularly with rising strains in financial markets and overseas. But having been repeatedly burned by expectations that inflation would cool and fearing a replay of the “stop-start” rate hike campaigns of the 1970s, the Fed will likely err on the side of overdoing it with rate hikes, viewing a recession as the “least bad” outcome for the economy.

For the six-month period ended September 30, 2022, the S&P 500^® Index* returned -20.20%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -22.51%. The return of the MSCI Emerging Markets Index* was -21.70%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -9.22% return for the six-month period, while the Bloomberg U.S. Corporate High Yield Index* returned -10.41%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 0.57% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 2022

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

S&P Emerging 50 ADR Index (formerly, the BNY Mellon Emerging Markets 50 ADR Index) is capitalization-weighted and designed to track the performance of approximately 50 emerging market-based depositary receipts.

Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

ICE BofA BBB & Lower Sovereign External Sovereign Index tracks the performance of U.S. dollar-denominated emerging market and crossover sovereign debt publicly issued in the eurobond or U.S. domestic market. Qualifying countries must have a BBB1 or lower foreign currency long-term sovereign debt rating (based on an average of Moody’s, S&P and Fitch). Countries that are not rated, or that are rated “D” or “SD” by one or several rating agencies qualify for inclusion in the index but individual non-performing securities are removed. Qualifying securities must have at least one year remaining term to final maturity, at least 18 months to maturity at point of issuance, a fixed or floating coupon and a minimum amount outstanding of $250 million. Local currency debt is excluded from the Index. Index constituents are capitalization-weighted based on their current amount outstanding times the market price plus accrued interest.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

Morningstar Long/Short Equity Category Average represents long-short portfolios which hold sizable stakes in both long and short positions in equities and related derivatives. Some funds that fall into this category will shift their exposure to long and short positions depending on their macro outlook or the opportunities they uncover through bottom-up research. Some funds may simply hedge long stock positions through exchange traded funds or derivatives. At least 75% of the assets are in equity securities or derivatives.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

The Rydex Emerging Markets 2x Strategy Fund and the Rydex Inverse Emerging Markets 2x Strategy Fund are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in-line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period on a cumulative basis. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

An Example of Compounding

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund’s net asset value per share (“NAV”) increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

	Index Level	Index Performance	Fund Expectation	Fund NAV	Fund Performance	Assessment
Start	100			$10.00
Day 1	106	6.0%	9.0%	$10.90	9.0%	In line
Day 2	99	-6.6%	-9.9%	$ 9.82	-9.9%	In line
Cumulative		-1.0%	-1.5%		-1.8%	-0.3%

As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.

Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings to ensure that they are consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2022 and ending September 30, 2022.

The following tables illustrate the Funds’ costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Funds’ expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Long Short Equity Fund
A-Class	1.75%	(13.08%)	$ 1,000.00	$ 869.20	$ 8.20
C-Class	2.59%	(13.51%)	1,000.00	864.90	12.11
P-Class	1.75%	(13.09%)	1,000.00	869.10	8.20
Institutional Class	1.49%	(12.98%)	1,000.00	870.20	6.99
Emerging Markets 2x Strategy Fund
A-Class	1.79%	(39.18%)	1,000.00	608.20	7.22
C-Class	2.54%	(39.42%)	1,000.00	605.80	10.22
H-Class	1.79%	(39.20%)	1,000.00	608.00	7.22
Inverse Emerging Markets 2x Strategy Fund
A-Class	1.81%	35.60%	1,000.00	1,356.00	10.69
C-Class	2.57%	34.55%	1,000.00	1,345.50	15.11
H-Class	1.81%	35.86%	1,000.00	1,358.60	10.70
Emerging Markets Bond Strategy Fund
A-Class	1.61%	(16.29%)	1,000.00	837.10	7.41
C-Class	2.33%	(16.60%)	1,000.00	834.00	10.71
H-Class	1.61%	(16.20%)	1,000.00	838.00	7.42

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Long Short Equity Fund
A-Class	1.75%	5.00%	$ 1,000.00	$ 1,016.29	$ 8.85
C-Class	2.59%	5.00%	1,000.00	1,012.08	13.06
P-Class	1.75%	5.00%	1,000.00	1,016.29	8.85
Institutional Class	1.49%	5.00%	1,000.00	1,017.60	7.54
Emerging Markets 2x Strategy Fund
A-Class	1.79%	5.00%	1,000.00	1,016.09	9.05
C-Class	2.54%	5.00%	1,000.00	1,012.33	12.81
H-Class	1.79%	5.00%	1,000.00	1,016.09	9.05
Inverse Emerging Markets 2x Strategy Fund
A-Class	1.81%	5.00%	1,000.00	1,015.99	9.15
C-Class	2.57%	5.00%	1,000.00	1,012.18	12.96
H-Class	1.81%	5.00%	1,000.00	1,015.99	9.15
Emerging Markets Bond Strategy Fund
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.33%	5.00%	1,000.00	1,013.39	11.76
H-Class	1.61%	5.00%	1,000.00	1,017.00	8.14

1	Annualized and excludes expense of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2022 to September 30, 2022.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

LONG SHORT EQUITY FUND

OBJECTIVE: Seeks long-term capital appreciation.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Institutional Class	November 30, 2011
A-Class	March 31, 2004
C-Class	March 22, 2002
P-Class	March 22, 2002

Ten Largest Holdings (% of Total Net Assets)
Johnson & Johnson	1.0%
Alphabet, Inc. — Class C	0.9%
Bristol-Myers Squibb Co.	0.9%
Home Depot, Inc.	0.9%
Exxon Mobil Corp.	0.8%
CVS Health Corp.	0.8%
Associated Banc-Corp.	0.8%
S&T Bancorp, Inc.	0.8%
Amgen, Inc.	0.8%
McDonald’s Corp.	0.8%
Top Ten Total	8.5%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(13.08%)	(11.07%)	0.03%	3.00%
A-Class Shares with sales charge‡	(17.20%)	(15.27%)	(0.95%)	2.50%
C-Class Shares	(13.51%)	(11.76%)	(0.73%)	2.22%
C-Class Shares with CDSC§	(14.37%)	(12.64%)	(0.73%)	2.22%
P-Class Shares	(13.09%)	(11.03%)	0.03%	3.00%
Institutional Class Shares	(12.98%)	(10.84%)	0.28%	3.25%
S&P 500 Index**	(20.20%)	(15.47%)	9.24%	11.70%
Morningstar Long/Short Equity Category Average**	(10.28%)	(8.34%)	1.71%	3.25%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Morningstar Long/Short Equity Category Average and S&P 500 Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The Morningstar Long/Short Equity Category Average is the equal-weighted, simple average daily return for all funds in the Morningstar Long/Short Equity Category.
**	Effective May 31, 2017, the Fund changed its principal investment strategy. As a result of the investment strategy change, the Fund’s new benchmarks are the Morningstar Long/Short Equity Category Average and S&P 500 Index. Prior to May 31, 2017, the Fund’s benchmark was the HFRX Equity Hedge Index and Russell 3000 Index.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Value
COMMON STOCKS† - 90.6%
Consumer, Non-cyclical - 25.1%
Johnson & Johnson1		851	$	139,019
Bristol-Myers Squibb Co.1		1,735		123,341
CVS Health Corp.		1,185		113,013
Amgen, Inc.1		488		109,995
AbbVie, Inc.1		813		109,113
Conagra Brands, Inc.1		3,249		106,015
John B Sanfilippo & Son, Inc.		1,394		105,568
Mondelez International, Inc. — Class A1		1,918		105,164
Colgate-Palmolive Co.1		1,468		103,127
Avery Dennison Corp.1		602		97,945
Procter & Gamble Co.1		755		95,319
Archer-Daniels-Midland Co.1		1,151		92,598
Ironwood Pharmaceuticals, Inc. — Class A*		8,544		88,516
Philip Morris International, Inc.1		1,039		86,247
Perdoceo Education Corp.*		8,236		84,831
Tyson Foods, Inc. — Class A1		1,267		83,533
Eli Lilly & Co.		251		81,161
Post Holdings, Inc.*		976		79,944
Altria Group, Inc.1		1,947		78,620
Pilgrim’s Pride Corp.*,1		3,366		77,485
Becton Dickinson and Co.		335		74,648
Henry Schein, Inc.*		1,113		73,202
Hershey Co.		319		70,330
Varex Imaging Corp.*		3,262		68,959
United Therapeutics Corp.*,1		315		65,955
Integra LifeSciences Holdings Corp.*,1		1,534		64,980
Hologic, Inc.*		956		61,681
Merck & Company, Inc.1		714		61,490
Prestige Consumer Healthcare, Inc.*		1,164		58,002
Ingredion, Inc.		703		56,605
Regeneron Pharmaceuticals, Inc.*,1		82		56,487
Keurig Dr Pepper, Inc.1		1,440		51,581
Vertex Pharmaceuticals, Inc.*		175		50,670
Reynolds Consumer Products, Inc.		1,941		50,486
USANA Health Sciences, Inc.*,1		853		47,811
Medtronic plc		572		46,189
Universal Corp.		924		42,541
SpartanNash Co.		1,378		39,990
Global Payments, Inc.		363		39,222
Abbott Laboratories		397		38,414
Amphastar Pharmaceuticals, Inc.*		1,195		33,579
Pfizer, Inc.		745		32,601
Eagle Pharmaceuticals, Inc.*		1,225		32,365
Vanda Pharmaceuticals, Inc.*,1		3,053		30,164
Innoviva, Inc.*,1		2,556		29,675
Globus Medical, Inc. — Class A*,1		497		29,606
Kimberly-Clark Corp.1		221		24,871
Alarm.com Holdings, Inc.*		357		23,155
PayPal Holdings, Inc.*		260		22,378
Viatris, Inc.1		2,610		22,237
EVERTEC, Inc.1		703		22,039
Quest Diagnostics, Inc.1		174		21,348
MGP Ingredients, Inc.		201		21,338
Bio-Rad Laboratories, Inc. — Class A*		46		19,189
Sotera Health Co.*		2,355		16,061
Total Consumer, Non-cyclical				3,460,403
Industrial - 13.6%
Arrow Electronics, Inc.*		1,105		101,870
Standex International Corp.1		1,171		95,612
OSI Systems, Inc.*		1,302		93,822
AptarGroup, Inc.1		936		88,948
Snap-on, Inc.1		439		88,393
Eagle Materials, Inc.1		822		88,102
Sonoco Products Co.		1,506		85,435
Keysight Technologies, Inc.*		497		78,208
Barnes Group, Inc.		2,689		77,658
Vishay Intertechnology, Inc.1		4,340		77,209
Westrock Co.		2,469		76,268
Graco, Inc.1		1,264		75,777
Parker-Hannifin Corp.		309		74,874
Donaldson Company, Inc.		1,458		71,456
EMCOR Group, Inc.1		585		67,556
Albany International Corp. — Class A1		789		62,197
Sturm Ruger & Company, Inc.1		1,205		61,202
Energizer Holdings, Inc.1		2,212		55,610
Timken Co.1		898		53,018
Lennox International, Inc.1		220		48,987
Agilent Technologies, Inc.		365		44,366
Packaging Corporation of America1		314		35,259
Fortive Corp.1		595		34,688
Huntington Ingalls Industries, Inc.		152		33,668
EnPro Industries, Inc.		350		29,743
Dorian LPG Ltd.		2,116		28,714
Sanmina Corp.*		594		27,372
Mueller Industries, Inc.1		424		25,202
TTM Technologies, Inc.*		1,847		24,343
Louisiana-Pacific Corp.1		466		23,855
TopBuild Corp.*		141		23,234
Insteel Industries, Inc.		837		22,205
Total Industrial				1,874,851
Financial - 12.8%
Associated Banc-Corp.		5,601		112,468
S&T Bancorp, Inc.		3,759		110,176
Bank of Hawaii Corp.		1,440		109,613
Preferred Bank/Los Angeles CA		1,663		108,477
Renasant Corp.		3,421		107,009
BankUnited, Inc.		3,109		106,234
Eagle Bancorp, Inc.		2,356		105,596
STORE Capital Corp. REIT		3,001		94,021
Global Net Lease, Inc. REIT		8,071		85,956
National Bank Holdings Corp. — Class A		2,179		80,601
Everest Re Group Ltd.		282		74,008
Loews Corp.		1,465		73,015
SEI Investments Co.1		1,361		66,757
Apartment Income REIT Corp.1		1,671		64,534
Office Properties Income Trust REIT		3,912		54,964
Central Pacific Financial Corp.		2,136		44,194
Stewart Information Services Corp.1		959		41,851

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Value
Enstar Group Ltd.*		234	$	39,684
NMI Holdings, Inc. — Class A*		1,946		39,640
Trustmark Corp.1		1,147		35,133
Marcus & Millichap, Inc.		1,067		34,976
First BanCorp1		2,351		32,162
Hilltop Holdings, Inc.		1,269		31,535
PotlatchDeltic Corp. REIT		761		31,232
Pathward Financial, Inc.		896		29,532
PennyMac Financial Services, Inc.1		669		28,700
Visa, Inc. — Class A1		130		23,095
Total Financial				1,765,163
Technology - 8.5%
SS&C Technologies Holdings, Inc.1		2,005		95,739
Texas Instruments, Inc.1		595		92,094
Diodes, Inc.*		1,313		85,227
Apple, Inc.		561		77,530
Genpact Ltd.		1,672		73,183
Cirrus Logic, Inc.*,1		1,006		69,213
Rambus, Inc.*,1		2,315		58,847
Microsoft Corp.		251		58,458
Fiserv, Inc.*,1		564		52,774
Accenture plc — Class A		189		48,630
Analog Devices, Inc.		332		46,261
IPG Photonics Corp.*		524		44,199
NetApp, Inc.		690		42,677
Microchip Technology, Inc.1		573		34,970
NetScout Systems, Inc.*,1		1,054		33,011
Hewlett Packard Enterprise Co.		2,532		30,333
NXP Semiconductor N.V.		202		29,797
CSG Systems International, Inc.		530		28,026
ACI Worldwide, Inc.*,1		1,330		27,797
Amkor Technology, Inc.		1,600		27,280
Synaptics, Inc.*		244		24,159
Fidelity National Information Services, Inc.		314		23,729
Lumentum Holdings, Inc.*		344		23,588
Lam Research Corp.		60		21,960
Intuit, Inc.		51		19,753
Total Technology				1,169,235
Energy - 7.2%
Exxon Mobil Corp.1		1,297		113,241
Chevron Corp.1		750		107,753
Phillips 661		1,144		92,344
Kinder Morgan, Inc.1		5,538		92,152
Marathon Petroleum Corp.		865		85,920
Antero Midstream Corp.1		9,066		83,226
DT Midstream, Inc.1		1,363		70,726
HF Sinclair Corp.1		1,299		69,938
Valero Energy Corp.		561		59,943
Targa Resources Corp.		829		50,022
Williams Companies, Inc.1		1,539		44,062
ONEOK, Inc.		742		38,020
Equitrans Midstream Corp.1		4,328		32,373
SunCoke Energy, Inc.1		4,329		25,152
Par Pacific Holdings, Inc.*		1,225		20,102
Total Energy				984,974
Utilities - 6.7%
Avista Corp.		2,180		80,769
Chesapeake Utilities Corp.		698		80,542
Duke Energy Corp.		863		80,276
Portland General Electric Co.1		1,839		79,923
PPL Corp.1		3,059		77,546
WEC Energy Group, Inc.1		861		76,999
NiSource, Inc.		2,973		74,890
MGE Energy, Inc.1		1,135		74,490
UGI Corp.1		2,290		74,036
Otter Tail Corp.1		896		55,122
NorthWestern Corp.		1,117		55,046
IDACORP, Inc.		524		51,881
National Fuel Gas Co.		483		29,729
California Water Service Group1		558		29,401
Total Utilities				920,650
Communications - 6.3%
Alphabet, Inc. — Class C*,1		1,314		126,341
Verizon Communications, Inc.1		2,585		98,152
Meta Platforms, Inc. — Class A*		723		98,097
VeriSign, Inc.*		538		93,450
T-Mobile US, Inc.*,1		654		87,747
Amazon.com, Inc.*,1		651		73,563
InterDigital, Inc.1		1,703		68,835
Viavi Solutions, Inc.*,1		4,539		59,234
Cisco Systems, Inc.		1,245		49,800
Gogo, Inc.*,1		3,579		43,378
F5, Inc.*		215		31,117
NETGEAR, Inc.*		1,238		24,810
Shutterstock, Inc.1		404		20,269
Total Communications				874,793
Consumer, Cyclical - 5.7%
Home Depot, Inc.		444		122,517
McDonald’s Corp.1		476		109,832
Brunswick Corp.1		1,108		72,519
Starbucks Corp.		714		60,162
Methode Electronics, Inc.		1,610		59,811
Haverty Furniture Companies, Inc.		2,091		52,066
Boyd Gaming Corp.1		1,035		49,318
Allison Transmission Holdings, Inc.		1,142		38,554
G-III Apparel Group Ltd.*		2,308		34,505
Papa John’s International, Inc.		418		29,264
GMS, Inc.*		689		27,567
Tesla, Inc.*,1		92		24,403
Tapestry, Inc.		805		22,886
Deckers Outdoor Corp.*		66		20,632
Tempur Sealy International, Inc.1		821		19,819
Thor Industries, Inc.1		283		19,804
Target Corp.		132		19,588
Total Consumer, Cyclical				783,247
Basic Materials - 4.7%
Balchem Corp.1		695		84,498
Minerals Technologies, Inc.		1,695		83,750

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 13

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Value
Air Products and Chemicals, Inc.		340	$	79,128
Eastman Chemical Co.1		1,071		76,094
Steel Dynamics, Inc.1		831		58,959
FMC Corp.		481		50,842
NewMarket Corp.		161		48,434
LyondellBasell Industries N.V. — Class A		610		45,921
Nucor Corp.1		380		40,656
Ingevity Corp.*,1		524		31,770
Huntsman Corp.1		1,140		27,976
Westlake Corp.		240		20,851
Total Basic Materials				648,879
Total Common Stocks
(Cost $13,734,621)				12,482,195
MONEY MARKET FUND†† - 2.4%
Invesco Short-Term Investments Trust Treasury Obligations Portfolio — Institutional Class, 0.00%2		325,045		325,045
Total Money Market Fund
(Cost $325,045)				325,045
Total Investments - 93.0%
(Cost $14,059,666)			$	12,807,240
Other Assets & Liabilities, net - 7.0%				959,633
Total Net Assets - 100.0%			$	13,766,873

Custom Basket Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Custom Basket Swap Agreements††

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Pay

3.48% (Federal Funds Rate + 0.40%)

At Maturity

03/27/24

$

5,873,738

$

(613,668

)

Goldman Sachs International

GS Equity Custom Basket

Pay

3.53% (Federal Funds Rate + 0.45%)

At Maturity

05/06/24

5,944,699

(622,585

)

$

11,818,437

$

(1,236,253

)

OTC Custom Basket Swap Agreements Sold Short††

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Receive

2.78% (Federal Funds Rate - 0.30%)

At Maturity

03/27/24

$

6,670,430

$

1,258,420

Goldman Sachs International

GS Equity Custom Basket

Receive

2.88% (Federal Funds Rate - 0.20%)

At Maturity

05/06/24

6,601,030

1,246,596

$

13,271,460

$

2,505,016

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY LONG CUSTOM BASKET
Consumer, Non-cyclical
Vertex Pharmaceuticals, Inc.		83		0.41	%	$	8,227
Bristol-Myers Squibb Co.		826		1.00	%		7,864
AbbVie, Inc.		387		0.88	%		6,097
Regeneron Pharmaceuticals, Inc.		39		0.46	%		5,735
Amphastar Pharmaceuticals, Inc.		569		0.27	%		4,880
Merck & Company, Inc.		340		0.50	%		4,048
Eli Lilly & Co.		119		0.66	%		1,506
Prestige Consumer Healthcare, Inc.		554		0.47	%		1,338
Keurig Dr Pepper, Inc.		686		0.42	%		(218	)
Globus Medical, Inc. — Class A		237		0.24	%		(304	)
MGP Ingredients, Inc.		95		0.17	%		(327	)
Alarm.com Holdings, Inc.		170		0.19	%		(738	)
PayPal Holdings, Inc.		124		0.18	%		(951	)
Varex Imaging Corp.		1,554		0.56	%		(991	)
Hershey Co.		152		0.57	%		(1,025	)
Quest Diagnostics, Inc.		83		0.17	%		(1,100	)
Archer-Daniels-Midland Co.		548		0.75	%		(1,105	)
Innoviva, Inc.		1,218		0.24	%		(1,346	)
Abbott Laboratories		189		0.31	%		(1,392	)
Hologic, Inc.		455		0.50	%		(1,410	)
Universal Corp.		440		0.34	%		(1,448	)
Medtronic plc		272		0.37	%		(1,495	)
Ironwood Pharmaceuticals, Inc. — Class A		4,072		0.72	%		(1,512	)
Perdoceo Education Corp.		3,924		0.69	%		(1,739	)
Reynolds Consumer Products, Inc.		925		0.41	%		(1,892	)
Viatris, Inc.		1,243		0.18	%		(2,195	)
Pfizer, Inc.		355		0.26	%		(2,283	)
Kimberly-Clark Corp.		105		0.20	%		(2,372	)
Altria Group, Inc.		928		0.64	%		(2,425	)
SpartanNash Co.		657		0.32	%		(2,600	)
CVS Health Corp.		565		0.92	%		(2,935	)
Bio-Rad Laboratories, Inc. — Class A		22		0.16	%		(3,033	)
United Therapeutics Corp.		150		0.53	%		(3,066	)
Ingredion, Inc.		335		0.46	%		(3,118	)
Henry Schein, Inc.		530		0.59	%		(3,501	)
Post Holdings, Inc.		465		0.65	%		(3,559	)
Global Payments, Inc.		173		0.32	%		(3,624	)
Conagra Brands, Inc.		1,548		0.86	%		(3,662	)
EVERTEC, Inc.		335		0.18	%		(4,370	)
Johnson & Johnson		405		1.13	%		(4,556	)
Amgen, Inc.		232		0.89	%		(4,698	)
Avery Dennison Corp.		287		0.79	%		(4,934	)
John B Sanfilippo & Son, Inc.		664		0.86	%		(5,058	)
Becton Dickinson and Co.		159		0.60	%		(5,541	)
Mondelez International, Inc. — Class A		914		0.85	%		(7,504	)
Colgate-Palmolive Co.		699		0.84	%		(7,655	)
Philip Morris International, Inc.		495		0.70	%		(8,188	)
Vanda Pharmaceuticals, Inc.		1,455		0.24	%		(8,508	)
Eagle Pharmaceuticals, Inc.		584		0.26	%		(9,286	)
Integra LifeSciences Holdings Corp.		731		0.53	%		(9,576	)
Procter & Gamble Co.		359		0.77	%		(9,944	)
Pilgrim’s Pride Corp.		1,604		0.63	%		(10,090	)
Sotera Health Co.		1,122		0.13	%		(10,398	)
USANA Health Sciences, Inc.		406		0.39	%		(13,269	)
Tyson Foods, Inc. — Class A		604		0.68	%		(13,913	)
Total Consumer, Non-cyclical							(155,159	)
Technology
Apple, Inc.		267		0.63	%		23,109
Microsoft Corp.		119		0.47	%		13,819
Rambus, Inc.		1,103		0.48	%		5,276
NetApp, Inc.		328		0.35	%		2,855
CSG Systems International, Inc.		252		0.23	%		1,982
NetScout Systems, Inc.		502		0.27	%		120
Genpact Ltd.		796		0.59	%		(816	)
Intuit, Inc.		24		0.16	%		(1,109	)
IPG Photonics Corp.		250		0.36	%		(1,216	)
Amkor Technology, Inc.		762		0.22	%		(1,332	)
Hewlett Packard Enterprise Co.		1,206		0.25	%		(1,519	)
Synaptics, Inc.		116		0.20	%		(1,581	)
Analog Devices, Inc.		158		0.37	%		(1,650	)
Lumentum Holdings, Inc.		164		0.19	%		(1,735	)
Fidelity National Information Services, Inc.		149		0.19	%		(2,200	)
Accenture plc — Class A		90		0.39	%		(2,238	)
Diodes, Inc.		626		0.69	%		(2,251	)
NXP Semiconductor N.V.		96		0.24	%		(2,914	)
Microchip Technology, Inc.		273		0.28	%		(3,362	)
Fiserv, Inc.		268		0.43	%		(3,495	)
Lam Research Corp.		28		0.17	%		(3,573	)
ACI Worldwide, Inc.		634		0.23	%		(3,962	)
Cirrus Logic, Inc.		479		0.56	%		(6,241	)
Texas Instruments, Inc.		283		0.75	%		(8,049	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 15

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
SS&C Technologies Holdings, Inc.		955		0.78	%	$	(11,700	)
Total Technology							(13,782	)
Industrial
Mueller Industries, Inc.		202		0.20	%		3,414
Keysight Technologies, Inc.		236		0.63	%		2,338
Dorian LPG Ltd.		1,008		0.23	%		855
EMCOR Group, Inc.		279		0.55	%		(105	)
Sanmina Corp.		283		0.22	%		(410	)
Huntington Ingalls Industries, Inc.		72		0.27	%		(765	)
Vishay Intertechnology, Inc.		2,068		0.63	%		(766	)
TopBuild Corp.		67		0.19	%		(1,040	)
TTM Technologies, Inc.		880		0.20	%		(1,637	)
Agilent Technologies, Inc.		174		0.36	%		(1,641	)
Louisiana-Pacific Corp.		222		0.19	%		(1,902	)
Fortive Corp.		283		0.28	%		(1,943	)
Timken Co.		428		0.43	%		(2,158	)
Donaldson Company, Inc.		694		0.58	%		(2,202	)
Lennox International, Inc.		105		0.40	%		(2,236	)
EnPro Industries, Inc.		167		0.24	%		(2,239	)
Snap-on, Inc.		209		0.72	%		(2,677	)
Packaging Corporation of America		149		0.28	%		(3,882	)
Parker-Hannifin Corp.		147		0.61	%		(4,282	)
Insteel Industries, Inc.		399		0.18	%		(4,290	)
Graco, Inc.		602		0.61	%		(4,298	)
Arrow Electronics, Inc.		526		0.83	%		(4,667	)
OSI Systems, Inc.		620		0.76	%		(4,716	)
Albany International Corp. — Class A		376		0.50	%		(4,780	)
Energizer Holdings, Inc.		1,054		0.45	%		(4,878	)
Standex International Corp.		558		0.78	%		(5,069	)
AptarGroup, Inc.		446		0.72	%		(5,132	)
Sonoco Products Co.		718		0.69	%		(5,427	)
Barnes Group, Inc.		1,281		0.63	%		(6,297	)
Eagle Materials, Inc.		392		0.72	%		(6,856	)
Sturm Ruger & Company, Inc.		574		0.50	%		(10,691	)
Westrock Co.		1,177		0.62	%		(11,034	)
Total Industrial							(101,413	)
Basic Materials
Ingevity Corp.		249		0.26	%		(583	)
FMC Corp.		229		0.41	%		(632	)
NewMarket Corp.		76		0.39	%		(737	)
Westlake Corp.		114		0.17	%		(1,161	)
Nucor Corp.		181		0.33	%		(1,426	)
Steel Dynamics, Inc.		396		0.48	%		(2,422	)
Air Products and Chemicals, Inc.		162		0.64	%		(3,082	)
Balchem Corp.		331		0.69	%		(3,837	)
Huntsman Corp.		543		0.23	%		(4,873	)
LyondellBasell Industries N.V. — Class A		290		0.37	%		(5,461	)
Eastman Chemical Co.		510		0.62	%		(11,556	)
Minerals Technologies, Inc.		808		0.68	%		(13,111	)
Total Basic Materials							(48,881	)
Consumer, Cyclical
Deckers Outdoor Corp.		31		0.16	%		1,239
Thor Industries, Inc.		135		0.16	%		(946	)
Starbucks Corp.		340		0.49	%		(1,023	)
Allison Transmission Holdings, Inc.		544		0.31	%		(1,088	)
Target Corp.		63		0.16	%		(1,340	)
Tempur Sealy International, Inc.		391		0.16	%		(1,435	)
GMS, Inc.		328		0.22	%		(1,655	)
Tapestry, Inc.		384		0.19	%		(2,111	)
Papa John’s International, Inc.		199		0.24	%		(2,343	)
Haverty Furniture Companies, Inc.		996		0.42	%		(3,827	)
Boyd Gaming Corp.		493		0.40	%		(3,841	)
Home Depot, Inc.		212		1.00	%		(3,953	)
Methode Electronics, Inc.		767		0.49	%		(4,148	)
G-III Apparel Group Ltd.		1,099		0.28	%		(6,324	)
Brunswick Corp.		528		0.59	%		(6,686	)
McDonald’s Corp.		226		0.89	%		(6,978	)
Total Consumer, Cyclical							(46,459	)
Communications
Alphabet, Inc. — Class C		423		0.69	%		9,959
Viavi Solutions, Inc.		2,163		0.48	%		1,691
T-Mobile US, Inc.		311		0.71	%		291
F5, Inc.		102		0.25	%		(1,205	)
Shutterstock, Inc.		192		0.16	%		(1,928	)
Cisco Systems, Inc.		593		0.40	%		(2,927	)
VeriSign, Inc.		256		0.76	%		(3,330	)
NETGEAR, Inc.		590		0.20	%		(3,500	)
Amazon.com, Inc.		310		0.60	%		(3,966	)
Meta Platforms, Inc. — Class A		293		0.68	%		(7,209	)
Gogo, Inc.		1,705		0.35	%		(9,946	)
Verizon Communications, Inc.		1,231		0.80	%		(15,567	)
InterDigital, Inc.		811		0.56	%		(19,646	)
Total Communications							(57,283	)
Energy
HF Sinclair Corp.		619		0.57	%		2,413
Marathon Petroleum Corp.		412		0.70	%		641
Equitrans Midstream Corp.		2,062		0.26	%		99
Par Pacific Holdings, Inc.		583		0.16	%		(960	)
Valero Energy Corp.		267		0.49	%		(1,437	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
DT Midstream, Inc.		649		0.57	%	$	(2,697	)
Targa Resources Corp.		395		0.41	%		(3,074	)
ONEOK, Inc.		354		0.31	%		(3,138	)
Kinder Morgan, Inc.		2,639		0.75	%		(3,315	)
Antero Midstream Corp.		4,320		0.68	%		(3,793	)
Williams Companies, Inc.		733		0.36	%		(4,017	)
Exxon Mobil Corp.		618		0.92	%		(4,307	)
Phillips 66		545		0.75	%		(4,786	)
SunCoke Energy, Inc.		2,063		0.20	%		(5,716	)
Chevron Corp.		357		0.87	%		(6,672	)
Total Energy							(40,759	)
Financial
STORE Capital Corp.		1,430		0.76	%		5,731
S&T Bancorp, Inc.		1,791		0.89	%		1,930
NMI Holdings, Inc. — Class A		927		0.32	%		1,534
Everest Re Group Ltd.		134		0.60	%		1,263
Trustmark Corp.		546		0.28	%		(63	)
Associated Banc-Corp.		2,669		0.91	%		(428	)
Bank of Hawaii Corp.		686		0.89	%		(1,112	)
PennyMac Financial Services, Inc.		318		0.23	%		(1,455	)
First BanCorp		1,120		0.26	%		(1,648	)
Visa, Inc. — Class A		62		0.19	%		(1,864	)
Preferred Bank/Los Angeles CA		792		0.88	%		(2,121	)
Hilltop Holdings, Inc.		605		0.26	%		(2,244	)
Marcus & Millichap, Inc.		508		0.28	%		(2,252	)
Renasant Corp.		1,630		0.87	%		(3,629	)
Apartment Income REIT Corp.		796		0.52	%		(3,770	)
PotlatchDeltic Corp.		362		0.25	%		(4,311	)
Loews Corp.		698		0.59	%		(4,330	)
National Bank Holdings Corp. — Class A		1,038		0.65	%		(5,204	)
Enstar Group Ltd.		111		0.32	%		(5,490	)
Central Pacific Financial Corp.		1,018		0.36	%		(6,274	)
Stewart Information Services Corp.		457		0.34	%		(6,755	)
Pathward Financial, Inc.		427		0.24	%		(7,089	)
BankUnited, Inc.		1,481		0.86	%		(7,191	)
Eagle Bancorp, Inc.		1,122		0.86	%		(7,764	)
Office Properties Income Trust		1,864		0.45	%		(12,450	)
Global Net Lease, Inc.		3,846		0.70	%		(14,231	)
Total Financial							(91,217	)
Utilities
National Fuel Gas Co.		230		0.24	%		2,094
IDACORP, Inc.		249		0.42	%		1,609
Otter Tail Corp.		427		0.45	%		(548	)
Chesapeake Utilities Corp.		333		0.65	%		(1,646	)
California Water Service Group		266		0.24	%		(2,392	)
Avista Corp.		1,038		0.65	%		(3,866	)
PPL Corp.		1,458		0.63	%		(5,702	)
MGE Energy, Inc.		541		0.60	%		(5,703	)
NorthWestern Corp.		532		0.45	%		(6,021	)
WEC Energy Group, Inc.		410		0.62	%		(6,166	)
Portland General Electric Co.		876		0.65	%		(6,325	)
Duke Energy Corp.		411		0.65	%		(6,869	)
NiSource, Inc.		1,417		0.60	%		(7,282	)
UGI Corp.		1,091		0.60	%		(9,898	)
Total Utilities							(58,715	)
Total MS Equity Long Custom Basket							(613,668	)
MS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
TransUnion		1,441		(1.29	)%		48,807
ASGN, Inc.		890		(1.21	)%		25,855
Equifax, Inc.		292		(0.75	)%		22,967
Verisk Analytics, Inc. — Class A		486		(1.24	)%		14,884
Dun & Bradstreet Holdings, Inc.		2,031		(0.38	)%		13,531
ABM Industries, Inc.		1,864		(1.07	)%		13,140
McCormick & Company, Inc.		763		(0.82	)%		12,916
Patterson Companies, Inc.		1,636		(0.59	)%		10,839
Cintas Corp.		218		(1.27	)%		8,394
CoStar Group, Inc.		370		(0.39	)%		7,025
FTI Consulting, Inc.		269		(0.67	)%		5,030
Elevance Health, Inc.		91		(0.62	)%		2,660
Quanta Services, Inc.		359		(0.69	)%		1,295
Driven Brands Holdings, Inc.		1,963		(0.82	)%		1,023
Robert Half International, Inc.		591		(0.68	)%		505
Viad Corp.		929		(0.44	)%		(1,184	)
Total Consumer, Non-cyclical							187,687
Financial
Howard Hughes Corp.		1,079		(0.90	)%		37,056
Signature Bank		347		(0.79	)%		33,530
Equinix, Inc.		114		(0.97	)%		27,969
Western Alliance Bancorporation		798		(0.79	)%		26,934
Welltower, Inc.		1,158		(1.12	)%		25,774
Crown Castle, Inc.		520		(1.13	)%		23,912
Americold Realty Trust, Inc.		1,838		(0.68	)%		23,372
Outfront Media, Inc.		2,415		(0.55	)%		22,897
Sun Communities, Inc.		481		(0.98	)%		22,378
Invitation Homes, Inc.		2,820		(1.43	)%		21,443
Rexford Industrial Realty, Inc.		1,549		(1.21	)%		20,567

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
State Street Corp.		673		(0.61	)%	$	19,586
Kite Realty Group Trust		4,328		(1.12	)%		19,088
Realty Income Corp.		1,520		(1.33	)%		18,775
Northern Trust Corp.		642		(0.82	)%		15,580
Bank of America Corp.		2,030		(0.92	)%		15,385
Digital Realty Trust, Inc.		451		(0.67	)%		14,194
SBA Communications Corp.		169		(0.72	)%		13,629
Goldman Sachs Group, Inc.		614		(2.70	)%		13,343
Ares Management Corp. — Class A		780		(0.72	)%		12,844
KKR & Company, Inc. — Class A		984		(0.63	)%		12,816
Apollo Global Management, Inc.		1,052		(0.73	)%		11,587
Ryman Hospitality Properties, Inc.		710		(0.78	)%		11,504
First Republic Bank		352		(0.69	)%		11,395
BlackRock, Inc. — Class A		91		(0.75	)%		11,122
Kennedy-Wilson Holdings, Inc.		1,469		(0.34	)%		10,842
Invesco Ltd.		3,570		(0.73	)%		10,060
Iron Mountain, Inc.		1,348		(0.89	)%		9,317
Xenia Hotels & Resorts, Inc.		2,448		(0.51	)%		8,922
Marsh & McLennan Companies, Inc.		566		(1.27	)%		8,782
Equitable Holdings, Inc.		2,681		(1.06	)%		8,430
American Tower Corp. — Class A		218		(0.70	)%		8,268
SLM Corp.		2,628		(0.55	)%		8,011
Rayonier, Inc.		704		(0.32	)%		7,415
Ventas, Inc.		842		(0.51	)%		7,153
EastGroup Properties, Inc.		315		(0.68	)%		6,929
Popular, Inc.		836		(0.90	)%		6,689
Camden Property Trust		384		(0.69	)%		6,615
CBRE Group, Inc. — Class A		589		(0.60	)%		6,562
NexPoint Residential Trust, Inc.		429		(0.30	)%		6,247
Extra Space Storage, Inc.		193		(0.50	)%		6,139
Intercontinental Exchange, Inc.		525		(0.71	)%		5,958
Alexandria Real Estate Equities, Inc.		409		(0.86	)%		5,768
UDR, Inc.		1,180		(0.74	)%		5,668
Wells Fargo & Co.		1,295		(0.78	)%		5,304
Public Storage		121		(0.53	)%		5,237
Progressive Corp.		451		(0.79	)%		4,454
Life Storage, Inc.		199		(0.33	)%		3,968
Mid-America Apartment Communities, Inc.		265		(0.62	)%		3,786
KeyCorp		2,128		(0.51	)%		3,426
Comerica, Inc.		868		(0.93	)%		3,168
Assurant, Inc.		213		(0.46	)%		2,986
JPMorgan Chase & Co.		317		(0.50	)%		2,871
American Homes 4 Rent — Class A		716		(0.35	)%		2,570
Chubb Ltd.		140		(0.38	)%		1,569
American Financial Group, Inc.		195		(0.36	)%		1,189
Allstate Corp.		465		(0.87	)%		(22	)
Charles Schwab Corp.		610		(0.66	)%		(174	)
Cullen/Frost Bankers, Inc.		351		(0.70	)%		(306	)
Fulton Financial Corp.		4,313		(1.02	)%		(1,427	)
Arthur J Gallagher & Co.		284		(0.73	)%		(2,442	)
LPL Financial Holdings, Inc.		205		(0.67	)%		(7,663	)
Total Financial							658,949
Consumer, Cyclical
MillerKnoll, Inc.		2,259		(0.53	)%		48,893
American Airlines Group, Inc.		3,644		(0.66	)%		19,173
Healthcare Services Group, Inc.		2,809		(0.51	)%		13,711
CarMax, Inc.		342		(0.34	)%		12,219
Copart, Inc.		908		(1.45	)%		11,018
Southwest Airlines Co.		1,106		(0.51	)%		9,057
Hilton Worldwide Holdings, Inc.		405		(0.73	)%		8,476
Hanesbrands, Inc.		4,486		(0.47	)%		7,965
Dana, Inc.		2,543		(0.44	)%		7,843
Delta Air Lines, Inc.		1,546		(0.65	)%		6,744
Lear Corp.		299		(0.54	)%		5,413
Planet Fitness, Inc. — Class A		334		(0.29	)%		5,093
Fastenal Co.		752		(0.52	)%		3,599
United Airlines Holdings, Inc.		579		(0.28	)%		3,417
Chipotle Mexican Grill, Inc. — Class A		21		(0.47	)%		3,249
Genuine Parts Co.		669		(1.50	)%		2,073
Floor & Decor Holdings, Inc. — Class A		436		(0.46	)%		1,943
WESCO International, Inc.		338		(0.60	)%		(342	)
Las Vegas Sands Corp.		925		(0.52	)%		(1,341	)
Royal Caribbean Cruises Ltd.		607		(0.34	)%		(1,385	)
Total Consumer, Cyclical							166,818
Energy
Baker Hughes Co.		2,431		(0.76	)%		17,897
Helmerich & Payne, Inc.		1,117		(0.62	)%		12,905
Halliburton Co.		1,436		(0.53	)%		7,908
ChampionX Corp.		1,596		(0.47	)%		2,914
Hess Corp.		552		(0.90	)%		2,812
Equities Corp.		560		(0.34	)%		2,666

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Continental Resources, Inc.		468		(0.47	)%	$	602
Valaris Ltd.		632		(0.46	)%		513
Schlumberger N.V.		1,749		(0.94	)%		156
Marathon Oil Corp.		2,826		(0.96	)%		(1,599	)
EOG Resources, Inc.		696		(1.17	)%		(5,432	)
Total Energy							41,342
Industrial
Stanley Black & Decker, Inc.		576		(0.65	)%		30,865
Jacobs Solutions, Inc.		709		(1.15	)%		18,280
Stericycle, Inc.		534		(0.34	)%		17,127
Boeing Co.		350		(0.64	)%		14,255
CSX Corp.		1,847		(0.74	)%		10,549
Old Dominion Freight Line, Inc.		214		(0.80	)%		9,912
Trimble, Inc.		1,173		(0.95	)%		8,922
MSA Safety, Inc.		482		(0.79	)%		7,540
Waste Management, Inc.		521		(1.25	)%		6,862
Union Pacific Corp.		195		(0.57	)%		6,573
Eaton Corporation plc		750		(1.50	)%		5,612
Norfolk Southern Corp.		116		(0.36	)%		4,684
CH Robinson Worldwide, Inc.		228		(0.33	)%		2,977
Caterpillar, Inc.		166		(0.41	)%		2,654
Howmet Aerospace, Inc.		1,599		(0.74	)%		2,521
Exponent, Inc.		628		(0.83	)%		1,802
TransDigm Group, Inc.		39		(0.31	)%		537
Casella Waste Systems, Inc. — Class A		937		(1.07	)%		(11,634	)
Total Industrial							140,038
Utilities
Dominion Energy, Inc.		1,248		(1.29	)%		17,619
Public Service Enterprise Group, Inc.		1,608		(1.36	)%		17,187
Total Utilities							34,806
Technology
Roper Technologies, Inc.		173		(0.93	)%		11,960
Paychex, Inc.		567		(0.95	)%		7,210
Synopsys, Inc.		119		(0.55	)%		2,892
Veeva Systems, Inc. — Class A		184		(0.45	)%		2,162
Total Technology							24,224
Communications
Paramount Global — Class B		1,581		(0.38	)%		6,311
Uber Technologies, Inc.		1,281		(0.51	)%		(1,755	)
Total Communications							4,556
Total MS Equity Short Custom Basket							1,258,420

GS EQUITY LONG CUSTOM BASKET
Consumer, Non-cyclical
Vertex Pharmaceuticals, Inc.	83	0.40	%	8,192
Bristol-Myers Squibb Co.	826	0.99	%	7,880
AbbVie, Inc.	387	0.87	%	6,099
Regeneron Pharmaceuticals, Inc.	39	0.45	%	5,746
Amphastar Pharmaceuticals, Inc.	569	0.27	%	4,873
Merck & Company, Inc.	340	0.49	%	4,049
Eli Lilly & Co.	119	0.65	%	1,518
Prestige Consumer Healthcare, Inc.	554	0.46	%	1,335
Keurig Dr Pepper, Inc.	686	0.41	%	(201	)
Globus Medical, Inc. — Class A	237	0.24	%	(294	)
MGP Ingredients, Inc.	95	0.17	%	(347	)
Alarm.com Holdings, Inc.	170	0.19	%	(727	)
Varex Imaging Corp.	1,554	0.55	%	(844	)
PayPal Holdings, Inc.	124	0.18	%	(972	)
Hershey Co.	152	0.56	%	(990	)
Quest Diagnostics, Inc.	83	0.17	%	(1,099	)
Archer-Daniels-Midland Co.	548	0.74	%	(1,160	)
Hologic, Inc.	455	0.49	%	(1,392	)
Innoviva, Inc.	1,218	0.24	%	(1,454	)
Universal Corp.	440	0.34	%	(1,456	)
Abbott Laboratories	189	0.31	%	(1,482	)
Medtronic plc	272	0.37	%	(1,483	)
Ironwood Pharmaceuticals, Inc. — Class A	4,072	0.71	%	(1,607	)
Perdoceo Education Corp.	3,924	0.68	%	(1,787	)
Reynolds Consumer Products, Inc.	925	0.40	%	(1,886	)
Viatris, Inc.	1,243	0.18	%	(2,222	)
Pfizer, Inc.	355	0.26	%	(2,301	)
Kimberly-Clark Corp.	105	0.20	%	(2,368	)
Altria Group, Inc.	928	0.63	%	(2,436	)
SpartanNash Co.	657	0.32	%	(2,553	)
CVS Health Corp.	565	0.91	%	(2,943	)
Bio-Rad Laboratories, Inc. — Class A	22	0.15	%	(3,080	)
Ingredion, Inc.	335	0.45	%	(3,090	)
United Therapeutics Corp.	150	0.53	%	(3,102	)
Post Holdings, Inc.	465	0.64	%	(3,269	)
Henry Schein, Inc.	530	0.59	%	(3,415	)
Conagra Brands, Inc.	1,548	0.85	%	(3,617	)
Global Payments, Inc.	173	0.31	%	(3,622	)
EVERTEC, Inc.	335	0.18	%	(4,387	)
Johnson & Johnson	405	1.11	%	(4,567	)
Amgen, Inc.	232	0.88	%	(4,783	)
Avery Dennison Corp.	287	0.79	%	(4,879	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
John B Sanfilippo & Son, Inc.		664		0.85	%	$	(5,048	)
Becton Dickinson and Co.		159		0.60	%		(5,436	)
Mondelez International, Inc. — Class A		914		0.84	%		(7,553	)
Colgate-Palmolive Co.		699		0.83	%		(7,578	)
Philip Morris International, Inc.		495		0.69	%		(8,222	)
Vanda Pharmaceuticals, Inc.		1,455		0.24	%		(8,522	)
Eagle Pharmaceuticals, Inc.		584		0.26	%		(9,436	)
Integra LifeSciences Holdings Corp.		731		0.52	%		(9,704	)
Procter & Gamble Co.		359		0.76	%		(9,916	)
Pilgrim’s Pride Corp.		1,604		0.62	%		(10,001	)
Sotera Health Co.		1,122		0.13	%		(10,345	)
USANA Health Sciences, Inc.		406		0.38	%		(13,299	)
Tyson Foods, Inc. — Class A		604		0.67	%		(13,862	)
Total Consumer, Non-cyclical							(155,045	)
Technology
Apple, Inc.		267		0.62	%		22,701
Microsoft Corp.		119		0.47	%		11,995
Rambus, Inc.		1,103		0.47	%		5,258
NetApp, Inc.		328		0.34	%		2,858
CSG Systems International, Inc.		252		0.22	%		1,949
NetScout Systems, Inc.		502		0.26	%		96
Genpact Ltd.		796		0.59	%		(902	)
Intuit, Inc.		24		0.16	%		(1,086	)
IPG Photonics Corp.		250		0.35	%		(1,116	)
Amkor Technology, Inc.		762		0.22	%		(1,192	)
Hewlett Packard Enterprise Co.		1,206		0.24	%		(1,501	)
Synaptics, Inc.		116		0.19	%		(1,518	)
Analog Devices, Inc.		158		0.37	%		(1,625	)
Lumentum Holdings, Inc.		164		0.19	%		(1,692	)
Fidelity National Information Services, Inc.		149		0.19	%		(2,226	)
Accenture plc — Class A		90		0.39	%		(2,231	)
Diodes, Inc.		626		0.68	%		(2,266	)
NXP Semiconductor N.V.		96		0.24	%		(2,852	)
Microchip Technology, Inc.		273		0.28	%		(3,316	)
Fiserv, Inc.		268		0.42	%		(3,505	)
Lam Research Corp.		28		0.17	%		(3,619	)
ACI Worldwide, Inc.		634		0.22	%		(3,922	)
Cirrus Logic, Inc.		479		0.55	%		(6,363	)
Texas Instruments, Inc.		283		0.74	%		(8,032	)
SS&C Technologies Holdings, Inc.		955		0.77	%		(11,584	)
Total Technology							(15,691	)
Industrial
Mueller Industries, Inc.		202		0.20	%		3,438
Keysight Technologies, Inc.		236		0.62	%		2,336
Dorian LPG Ltd.		1,008		0.23	%		847
EMCOR Group, Inc.		279		0.54	%		(69	)
Sanmina Corp.		283		0.22	%		(315	)
Huntington Ingalls Industries, Inc.		72		0.27	%		(738	)
Vishay Intertechnology, Inc.		2,068		0.62	%		(827	)
TopBuild Corp.		67		0.19	%		(1,079	)
TTM Technologies, Inc.		880		0.20	%		(1,586	)
Agilent Technologies, Inc.		174		0.36	%		(1,661	)
Louisiana-Pacific Corp.		222		0.19	%		(1,916	)
Fortive Corp.		283		0.28	%		(1,937	)
Donaldson Company, Inc.		694		0.57	%		(2,074	)
Timken Co.		428		0.43	%		(2,132	)
Lennox International, Inc.		105		0.39	%		(2,182	)
EnPro Industries, Inc.		167		0.24	%		(2,266	)
Snap-on, Inc.		209		0.71	%		(2,707	)
Packaging Corporation of America		149		0.28	%		(3,909	)
Insteel Industries, Inc.		399		0.18	%		(4,083	)
Graco, Inc.		602		0.61	%		(4,167	)
Parker-Hannifin Corp.		147		0.60	%		(4,373	)
Arrow Electronics, Inc.		526		0.82	%		(4,560	)
OSI Systems, Inc.		620		0.75	%		(4,782	)
Albany International Corp. — Class A		376		0.50	%		(4,809	)
Energizer Holdings, Inc.		1,054		0.45	%		(5,004	)
Standex International Corp.		558		0.77	%		(5,173	)
AptarGroup, Inc.		446		0.71	%		(5,175	)
Sonoco Products Co.		718		0.69	%		(5,357	)
Barnes Group, Inc.		1,281		0.62	%		(6,361	)
Eagle Materials, Inc.		392		0.71	%		(6,832	)
Westrock Co.		1,177		0.61	%		(10,762	)
Sturm Ruger & Company, Inc.		574		0.49	%		(10,770	)
Total Industrial							(100,985	)
Basic Materials
FMC Corp.		229		0.41	%		(485	)
Ingevity Corp.		249		0.25	%		(644	)
NewMarket Corp.		76		0.38	%		(689	)
Westlake Corp.		114		0.17	%		(1,083	)
Nucor Corp.		181		0.33	%		(1,388	)
Steel Dynamics, Inc.		396		0.47	%		(2,376	)
Air Products and Chemicals, Inc.		162		0.63	%		(2,938	)
Balchem Corp.		331		0.68	%		(3,812	)
Huntsman Corp.		543		0.22	%		(4,929	)
LyondellBasell Industries N.V. — Class A		290		0.37	%		(5,475	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Eastman Chemical Co.		510		0.61	%	$	(11,381	)
Minerals Technologies, Inc.		808		0.67	%		(13,023	)
Total Basic Materials							(48,223	)
Consumer, Cyclical
Deckers Outdoor Corp.		31		0.16	%		1,247
Thor Industries, Inc.		135		0.16	%		(938	)
Starbucks Corp.		340		0.48	%		(1,001	)
Allison Transmission Holdings, Inc.		544		0.31	%		(1,108	)
Target Corp.		63		0.16	%		(1,400	)
Tempur Sealy International, Inc.		391		0.16	%		(1,417	)
GMS, Inc.		328		0.22	%		(1,607	)
Tapestry, Inc.		384		0.18	%		(2,106	)
Papa John’s International, Inc.		199		0.23	%		(2,272	)
Boyd Gaming Corp.		493		0.40	%		(3,765	)
Haverty Furniture Companies, Inc.		996		0.42	%		(3,841	)
Home Depot, Inc.		212		0.98	%		(3,980	)
Methode Electronics, Inc.		767		0.48	%		(4,161	)
G-III Apparel Group Ltd.		1,099		0.28	%		(6,364	)
Brunswick Corp.		528		0.58	%		(6,540	)
McDonald’s Corp.		226		0.88	%		(6,946	)
Total Consumer, Cyclical							(46,199	)
Communications
Alphabet, Inc. — Class C		423		0.68	%		11,081
Viavi Solutions, Inc.		2,163		0.47	%		1,531
T-Mobile US, Inc.		311		0.70	%		245
F5, Inc.		102		0.25	%		(1,193	)
Shutterstock, Inc.		192		0.16	%		(1,939	)
Cisco Systems, Inc.		593		0.40	%		(2,938	)
VeriSign, Inc.		256		0.75	%		(3,226	)
NETGEAR, Inc.		590		0.20	%		(3,566	)
Amazon.com, Inc.		310		0.59	%		(4,000	)
Meta Platforms, Inc. — Class A		293		0.67	%		(7,193	)
Gogo, Inc.		1,705		0.35	%		(10,093	)
Verizon Communications, Inc.		1,231		0.79	%		(15,613	)
InterDigital, Inc.		811		0.55	%		(19,706	)
Total Communications							(56,610	)
Energy
HF Sinclair Corp.		619		0.56	%		2,501
Marathon Petroleum Corp.		412		0.69	%		684
Equitrans Midstream Corp.		2,062		0.26	%		(18	)
Par Pacific Holdings, Inc.		583		0.16	%		(965	)
Valero Energy Corp.		267		0.48	%		(1,384	)
DT Midstream, Inc.		649		0.57	%		(2,698	)
Targa Resources Corp.		395		0.40	%		(3,110	)
ONEOK, Inc.		354		0.31	%		(3,110	)
Kinder Morgan, Inc.		2,639		0.74	%		(3,263	)
Antero Midstream Corp.		4,320		0.67	%		(3,694	)
Williams Companies, Inc.		733		0.35	%		(4,060	)
Exxon Mobil Corp.		618		0.91	%		(4,325	)
Phillips 66		545		0.74	%		(4,743	)
SunCoke Energy, Inc.		2,063		0.20	%		(5,712	)
Chevron Corp.		357		0.86	%		(6,691	)
Total Energy							(40,58 8	)
Financial
STORE Capital Corp.		1,430		0.75	%		5,813
S&T Bancorp, Inc.		1,791		0.88	%		1,893
NMI Holdings, Inc. — Class A		927		0.32	%		1,581
Everest Re Group Ltd.		134		0.59	%		1,246
Trustmark Corp.		546		0.28	%		(58	)
Associated Banc-Corp.		2,669		0.90	%		(338	)
Bank of Hawaii Corp.		686		0.88	%		(1,126	)
PennyMac Financial Services, Inc.		318		0.23	%		(1,416	)
First BanCorp		1,120		0.26	%		(1,624	)
Visa, Inc. — Class A		62		0.19	%		(1,889	)
Preferred Bank/Los Angeles CA		792		0.87	%		(2,078	)
Hilltop Holdings, Inc.		605		0.25	%		(2,248	)
Marcus & Millichap, Inc.		508		0.28	%		(2,254	)
Renasant Corp.		1,630		0.86	%		(3,649	)
Apartment Income REIT Corp.		796		0.52	%		(3,773	)
Loews Corp.		698		0.59	%		(4,259	)
PotlatchDeltic Corp.		362		0.25	%		(4,354	)
National Bank Holdings Corp. — Class A		1,038		0.65	%		(5,016	)
Enstar Group Ltd.		111		0.32	%		(5,526	)
Central Pacific Financial Corp.		1,018		0.35	%		(6,297	)
Stewart Information Services Corp.		457		0.34	%		(6,768	)
Pathward Financial, Inc.		427		0.24	%		(7,130	)
BankUnited, Inc.		1,481		0.85	%		(7,197	)
Eagle Bancorp, Inc.		1,122		0.85	%		(7,787	)
SEI Investments Co.		1,447		1.19	%		(10,113	)
Office Properties Income Trust		1,864		0.44	%		(12,445	)
Global Net Lease, Inc.		3,846		0.69	%		(14,175	)
Total Financial							(100,987	)
Utilities
National Fuel Gas Co.		230		0.24	%		2,082
IDACORP, Inc.		249		0.41	%		1,592
Otter Tail Corp.		427		0.44	%		(569	)
Chesapeake Utilities Corp.		333		0.65	%		(1,701	)
California Water Service Group		266		0.24	%		(2,400	)
Avista Corp.		1,038		0.65	%		(3,863	)
PPL Corp.		1,458		0.62	%		(5,680	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 21

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MGE Energy, Inc.		541		0.60	%	$	(5,709	)
NorthWestern Corp.		532		0.44	%		(6,035	)
WEC Energy Group, Inc.		410		0.62	%		(6,137	)
Portland General Electric Co.		876		0.64	%		(6,180	)
Duke Energy Corp.		411		0.64	%		(6,815	)
NiSource, Inc.		1,417		0.60	%		(7,075	)
UGI Corp.		1,091		0.57	%		(9,767	)
Total Utilities							(58,257	)
Total GS Equity Long Custom Basket							(622,585	)
GS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
TransUnion		1,441		(1.30	)%		48,568
ASGN, Inc.		890		(1.22	)%		25,976
Equifax, Inc.		292		(0.76	)%		22,925
Verisk Analytics, Inc. — Class A		486		(1.26	)%		14,702
Dun & Bradstreet Holdings, Inc.		2,031		(0.38	)%		13,348
ABM Industries, Inc.		1,864		(1.08	)%		13,130
McCormick & Company, Inc.		763		(0.82	)%		12,997
Patterson Companies, Inc.		1,636		(0.60	)%		10,698
Cintas Corp.		218		(1.28	)%		8,047
CoStar Group, Inc.		370		(0.39	)%		7,048
FTI Consulting, Inc.		269		(0.68	)%		5,023
Elevance Health, Inc.		91		(0.63	)%		2,623
Quanta Services, Inc.		359		(0.69	)%		1,344
Driven Brands Holdings, Inc.		1,963		(0.83	)%		1,008
Robert Half International, Inc.		591		(0.68	)%		450
Viad Corp.		929		(0.44	)%		(1,249	)
Total Consumer, Non-cyclical							186,638
Financial
Howard Hughes Corp.		1,079		(0.91	)%		37,031
Signature Bank		347		(0.79	)%		33,482
Equinix, Inc.		114		(0.98	)%		27,799
Western Alliance Bancorporation		798		(0.79	)%		26,963
Welltower, Inc.		1,158		(1.13	)%		25,812
Crown Castle, Inc.		520		(1.14	)%		23,584
Americold Realty Trust, Inc.		1,838		(0.68	)%		23,247
Outfront Media, Inc.		2,415		(0.56	)%		22,925
Sun Communities, Inc.		481		(0.99	)%		22,411
Invitation Homes, Inc.		2,820		(1.44	)%		21,426
Rexford Industrial Realty, Inc.		1,549		(1.22	)%		20,885
State Street Corp.		673		(0.62	)%		19,590
Kite Realty Group Trust		4,328		(1.13	)%		19,145
Realty Income Corp.		1,520		(1.34	)%		18,879
Bank of America Corp.		2,030		(0.93	)%		15,399
Northern Trust Corp.		642		(0.83	)%		15,249
Digital Realty Trust, Inc.		451		(0.68	)%		14,149
SBA Communications Corp.		169		(0.73	)%		13,598
KKR & Company, Inc. — Class A		984		(0.64	)%		12,930
Ares Management Corp. — Class A		780		(0.73	)%		12,840
Apollo Global Management, Inc.		1,052		(0.74	)%		11,622
Ryman Hospitality Properties, Inc.		710		(0.79	)%		11,479
First Republic Bank		352		(0.70	)%		11,367
BlackRock, Inc. — Class A		91		(0.76	)%		11,106
Kennedy-Wilson Holdings, Inc.		1,469		(0.34	)%		10,835
Invesco Ltd.		3,570		(0.74	)%		9,942
Iron Mountain, Inc.		1,348		(0.90	)%		9,321
Xenia Hotels & Resorts, Inc.		2,448		(0.51	)%		9,235
Marsh & McLennan Companies, Inc.		566		(1.28	)%		8,595
American Tower Corp. — Class A		218		(0.71	)%		8,269
SLM Corp.		2,628		(0.56	)%		8,081
Equitable Holdings, Inc.		2,681		(1.07	)%		8,072
Rayonier, Inc.		704		(0.32	)%		7,483
EastGroup Properties, Inc.		315		(0.69	)%		6,991
Ventas, Inc.		842		(0.51	)%		6,982
Morgan Stanley		1,400		(1.68	)%		6,728
Popular, Inc.		836		(0.91	)%		6,672
Camden Property Trust		384		(0.69	)%		6,671
NexPoint Residential Trust, Inc.		429		(0.30	)%		6,244
CBRE Group, Inc. — Class A		589		(0.60	)%		6,138
Extra Space Storage, Inc.		193		(0.50	)%		6,079
Intercontinental Exchange, Inc.		525		(0.72	)%		5,910
UDR, Inc.		1,180		(0.75	)%		5,795
Alexandria Real Estate Equities, Inc.		409		(0.87	)%		5,515
Public Storage		121		(0.54	)%		5,372
Wells Fargo & Co.		1,295		(0.79	)%		5,287
Progressive Corp.		451		(0.79	)%		4,337
Life Storage, Inc.		199		(0.33	)%		3,959
Mid-America Apartment Communities, Inc.		265		(0.62	)%		3,789
KeyCorp		2,128		(0.52	)%		3,336
Comerica, Inc.		868		(0.93	)%		3,197
Assurant, Inc.		213		(0.47	)%		3,004
JPMorgan Chase & Co.		317		(0.50	)%		2,836
American Homes 4 Rent — Class A		716		(0.36	)%		2,642
Chubb Ltd.		140		(0.39	)%		1,618

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
American Financial Group, Inc.		195		(0.36	)%	$	1,191
Allstate Corp.		465		(0.88	)%		(112	)
Charles Schwab Corp.		610		(0.66	)%		(280	)
Cullen/Frost Bankers, Inc.		351		(0.70	)%		(312	)
Fulton Financial Corp.		4,313		(1.03	)%		(1,267	)
Arthur J Gallagher & Co.		284		(0.74	)%		(2,352	)
LPL Financial Holdings, Inc.		205		(0.68	)%		(7,588	)
Total Financial							651,133
Consumer, Cyclical
MillerKnoll, Inc.		2,259		(0.53	)%		48,883
American Airlines Group, Inc.		3,644		(0.66	)%		19,237
Healthcare Services Group, Inc.		2,809		(0.51	)%		13,872
CarMax, Inc.		342		(0.34	)%		12,294
Copart, Inc.		908		(1.46	)%		10,366
Southwest Airlines Co.		1,106		(0.52	)%		9,058
Hilton Worldwide Holdings, Inc.		405		(0.74	)%		8,487
Dana, Inc.		2,543		(0.44	)%		7,991
Hanesbrands, Inc.		4,486		(0.47	)%		7,671
Delta Air Lines, Inc.		1,546		(0.66	)%		6,745
Lear Corp.		299		(0.54	)%		5,242
Planet Fitness, Inc. — Class A		334		(0.29	)%		4,954
Fastenal Co.		752		(0.52	)%		3,545
United Airlines Holdings, Inc.		579		(0.29	)%		3,423
Chipotle Mexican Grill, Inc. — Class A		21		(0.48	)%		3,307
Genuine Parts Co.		669		(1.51	)%		2,049
Floor & Decor Holdings, Inc. — Class A		436		(0.46	)%		1,970
WESCO International, Inc.		338		(0.61	)%		(200	)
Las Vegas Sands Corp.		925		(0.53	)%		(1,324	)
Royal Caribbean Cruises Ltd.		607		(0.35	)%		(1,413	)
Total Consumer, Cyclical							166,157
Energy
Baker Hughes Co.		2,431		(0.77	)%		17,871
Helmerich & Payne, Inc.		1,117		(0.63	)%		12,925
Halliburton Co.		1,436		(0.54	)%		7,802
Hess Corp.		552		(0.91	)%		2,895
ChampionX Corp.		1,596		(0.47	)%		2,801
Equities Corp.		560		(0.35	)%		2,696
Continental Resources, Inc.		468		(0.47	)%		642
Valaris Ltd.		632		(0.47	)%		415
Schlumberger N.V.		1,749		(0.95	)%		89
Marathon Oil Corp.		2,826		(0.97	)%		(1,672	)
EOG Resources, Inc.		696		(1.18	)%		(5,772	)
Total Energy							40,692
Industrial
Stanley Black & Decker, Inc.		576		(0.66	)%		30,798
Jacobs Solutions, Inc.		709		(1.17	)%		18,338
Stericycle, Inc.		534		(0.34	)%		17,118
Boeing Co.		350		(0.64	)%		14,138
CSX Corp.		1,847		(0.75	)%		10,453
Old Dominion Freight Line, Inc.		214		(0.81	)%		9,782
Trimble, Inc.		1,173		(0.96	)%		8,363
MSA Safety, Inc.		482		(0.80	)%		7,546
Waste Management, Inc.		521		(1.26	)%		6,665
Union Pacific Corp.		195		(0.58	)%		6,544
Eaton Corporation plc		750		(1.52	)%		5,015
Norfolk Southern Corp.		116		(0.37	)%		4,666
CH Robinson Worldwide, Inc.		228		(0.33	)%		2,893
Caterpillar, Inc.		166		(0.41	)%		2,681
Howmet Aerospace, Inc.		1,599		(0.75	)%		2,433
Exponent, Inc.		628		(0.83	)%		1,785
TransDigm Group, Inc.		39		(0.31	)%		543
Casella Waste Systems, Inc. — Class A		937		(1.08	)%		(11,634	)
Total Industrial							138,127
Utilities
Public Service Enterprise Group, Inc.		1,608		(1.37	)%		17,616
Dominion Energy, Inc.		1,248		(1.31	)%		17,582
Total Utilities							35,198
Technology
Roper Technologies, Inc.		173		(0.94	)%		11,986
Paychex, Inc.		567		(0.96	)%		7,113
Synopsys, Inc.		119		(0.55	)%		2,838
Veeva Systems, Inc. — Class A		184		(0.46	)%		2,114
Total Technology							24,051
Communications
Paramount Global — Class B		1,581		(0.46	)%		6,316
Uber Technologies, Inc.		1,281		(0.53	)%		(1,716	)
Total Communications							4,600
Total GS Equity Short Custom Basket						$	1,246,596

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 23

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
LONG SHORT EQUITY FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as equity custom basket swap collateral at September 30, 2022.
2	Rate indicated is the 7-day yield as of September 30, 2022.
	GS — Goldman Sachs International
	MS — Morgan Stanley Capital Services LLC
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	12,482,195	$	—	$	—	$	12,482,195
Money Market Fund		—		325,045		—		325,045
Equity Custom Basket Swap Agreements**		—		2,505,016		—		2,505,016
Total Assets	$	12,482,195	$	2,830,061	$	—	$	15,312,256

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Custom Basket Swap Agreements**	$	—	$	1,236,253	$	—	$	1,236,253

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

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

LONG SHORT EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $14,059,666)	$	12,807,240
Unrealized appreciation on OTC swap agreements		2,505,016
Receivables:
Dividends		15,535
Fund shares sold		596
Securities lending income		14
Total assets		15,328,401
Liabilities:
Overdraft due to custodian bank		2,316
Unrealized depreciation on OTC swap agreements		1,236,253
Payable for:
Swap settlement		288,551
Management fees		10,535
Transfer agent and administrative fees		3,812
Transfer agent/maintenance fees		3,294
Distribution and service fees		2,626
Portfolio accounting/administration fees		1,785
Trustees’ fees*		204
Fund shares redeemed		12
Miscellaneous		12,140
Total liabilities		1,561,528
Net assets	$	13,766,873
Net assets consist of:
Paid in capital	$	17,041,571
Total distributable earnings (loss)		(3,274,698	)
Net assets	$	13,766,873
A-Class:
Net assets	$	6,200,872
Capital shares outstanding		373,345
Net asset value per share	$	16.61
Maximum offering price per share (Net asset value divided by 95.25%)	$	17.44
C-Class:
Net assets	$	193,915
Capital shares outstanding		13,454
Net asset value per share	$	14.41
P-Class:
Net assets	$	5,402,626
Capital shares outstanding		324,271
Net asset value per share	$	16.66
Institutional Class:
Net assets	$	1,969,460
Capital shares outstanding		115,163
Net asset value per share	$	17.10

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $75)	$	163,098
Income from securities lending, net		52
Total investment income		163,150
Expenses:
Management fees		70,106
Distribution and service fees:
A-Class		8,717
C-Class		1,136
P-Class		7,525
Transfer agent and administrative fees		14,977
Transfer agent/maintenance fees:
A-Class		3,394
C-Class		210
P-Class		2,962
Institutional Class		974
Portfolio accounting/administration fees		9,791
Professional fees		3,383
Trustees’ fees*		1,163
Custodian fees		1,125
Miscellaneous		8,691
Total expenses		134,154
Net investment income		28,996
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(573,506	)
Swap agreements		(330,392	)
Net realized loss		(903,898	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,300,783	)
Swap agreements		1,074,846
Net change in unrealized appreciation (depreciation)		(1,225,937	)
Net realized and unrealized loss		(2,129,835	)
Net decrease in net assets resulting from operations	$	(2,100,839	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 25

LONG SHORT EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	28,996		$	55,108
Net realized gain (loss) on investments		(903,898	)		1,597,715
Net change in unrealized appreciation (depreciation) on investments		(1,225,937	)		(1,477,826	)
Net increase (decrease) in net assets resulting from operations		(2,100,839	)		174,997
Distributions to shareholders:
A-Class		—			(27,317	)
P-Class		—			(23,390	)
Institutional Class		—			(11,910	)
Total distributions to shareholders		—			(62,617	)
Capital share transactions:
Proceeds from sale of shares
A-Class		45,458			200,135
C-Class		1,800			14,100
P-Class		29,037			732,232
Institutional Class		46,420			519,578
Distributions reinvested
A-Class		—			26,405
P-Class		—			21,004
Institutional Class		—			11,910
Cost of shares redeemed
A-Class		(246,502	)		(994,414	)
C-Class		(46,343	)		(128,923	)
P-Class		(91,171	)		(930,247	)
Institutional Class		(327,702	)		(211,165	)
Net decrease from capital share transactions		(589,003	)		(739,385	)
Net decrease in net assets		(2,689,842	)		(627,005	)
Net assets:
Beginning of period		16,456,715			17,083,720
End of period	$	13,766,873		$	16,456,715
Capital share activity:
Shares sold
A-Class		2,426			10,132
C-Class		113			848
P-Class		1,596			35,907
Institutional Class		2,468			25,124
Shares issued from reinvestment of distributions
A-Class		—			1,281
P-Class		—			1,016
Institutional Class		—			562
Shares redeemed
A-Class		(13,341	)		(50,960	)
C-Class		(2,845	)		(7,402	)
P-Class		(4,941	)		(46,182	)
Institutional Class		(17,668	)		(10,582	)
Net decrease in shares		(32,192	)		(40,256	)

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

LONG SHORT EQUITY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	19.11		$	18.98		$	14.12		$	16.20		$	17.41		$	15.80
Income (loss) from investment operations:
Net investment income (loss)b		.03			.06			.10			.09			.10			—	c
Net gain (loss) on investments (realized and unrealized)		(2.53	)		.14			4.84			(2.04	)		(1.02	)		1.61
Total from investment operations		(2.50	)		.20			4.94			(1.95	)		(.92	)		1.61
Less distributions from:
Net investment income		—			(.07	)		(.08	)		(.13	)		—			—
Net realized gains		—			—			—			—			(.29	)		—
Total distributions		—			(.07	)		(.08	)		(.13	)		(.29	)		—
Net asset value, end of period	$	16.61		$	19.11		$	18.98		$	14.12		$	16.20		$	17.41
Total Returnd		(13.08	%)		1.03	%		35.04	%		(12.15	%)		(5.31	%)		10.19	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,201		$	7,344		$	8,044		$	7,021		$	10,143		$	4,012
Ratios to average net assets:
Net investment income (loss)		0.34	%		0.30	%		0.61	%		0.58	%		0.58	%		0.01	%
Total expensese,f		1.75	%		1.66	%		1.75	%		1.78	%		1.78	%		1.77	%
Portfolio turnover rate		193	%		233	%		162	%		119	%		170	%		328	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	16.66		$	16.61		$	12.39		$	14.21		$	15.43		$	14.11
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		(.08	)		(.02	)		(.02	)		(.07	)		(.11	)
Net gain (loss) on investments (realized and unrealized)		(2.21	)		.13			4.24			(1.80	)		(.86	)		1.43
Total from investment operations		(2.25	)		.05			4.22			(1.82	)		(.93	)		1.32
Less distributions from:
Net realized gains		—			—			—			—			(.29	)		—
Total distributions		—			—			—			—			(.29	)		—
Net asset value, end of period	$	14.41		$	16.66		$	16.61		$	12.39		$	14.21		$	15.43
Total Returnd		(13.51	%)		0.30	%		34.06	%		(12.81	%)		(6.00	%)		9.36	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	194		$	270		$	378		$	567		$	1,424		$	11,394
Ratios to average net assets:
Net investment income (loss)		(0.51	%)		(0.46	%)		(0.16	%)		(0.18	%)		(0.43	%)		(0.74	%)
Total expensese,f		2.59	%		2.41	%		2.51	%		2.53	%		2.50	%		2.52	%
Portfolio turnover rate		193	%		233	%		162	%		119	%		170	%		328	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 27

LONG SHORT EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

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.

P-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	19.17		$	19.04		$	14.17		$	16.25		$	17.47		$	15.86
Income (loss) from investment operations:
Net investment income (loss)b		.03			.06			.10			.09			.08			—	c
Net gain (loss) on investments (realized and unrealized)		(2.54	)		.14			4.85			(2.04	)		(1.01	)		1.61
Total from investment operations		(2.51	)		.20			4.95			(1.95	)		(.93	)		1.61
Less distributions from:
Net investment income		—			(.07	)		(.08	)		(.13	)		—			—
Net realized gains		—			—			—			—			(.29	)		—
Total distributions		—			(.07	)		(.08	)		(.13	)		(.29	)		—
Net asset value, end of period	$	16.66		$	19.17		$	19.04		$	14.17		$	16.25		$	17.47
Total Return		(13.09	%)		1.03	%		35.09	%		(12.17	%)		(5.35	%)		10.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,403		$	6,281		$	6,415		$	5,370		$	9,303		$	12,614
Ratios to average net assets:
Net investment income (loss)		0.35	%		0.30	%		0.61	%		0.57	%		0.47	%		0.01	%
Total expensese,f		1.75	%		1.66	%		1.75	%		1.78	%		1.77	%		1.76	%
Portfolio turnover rate		193	%		233	%		162	%		119	%		170	%		328	%

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

LONG SHORT EQUITY 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.

Institutional Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	19.65		$	19.50		$	14.49		$	16.60		$	17.79		$	16.11
Income (loss) from investment operations:
Net investment income (loss)b		.06			.11			.15			.14			.12			.05
Net gain (loss) on investments (realized and unrealized)		(2.61	)		.14			4.97			(2.10	)		(1.02	)		1.63
Total from investment operations		(2.55	)		.25			5.12			(1.96	)		(.90	)		1.68
Less distributions from:
Net investment income		—			(.10	)		(.11	)		(.15	)		—			—
Net realized gains		—			—			—			—			(.29	)		—
Total distributions		—			(.10	)		(.11	)		(.15	)		(.29	)		—
Net asset value, end of period	$	17.10		$	19.65		$	19.50		$	14.49		$	16.60		$	17.79
Total Return		(12.98	%)		1.24	%		35.47	%		(11.96	%)		(5.08	%)		10.43	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,969		$	2,562		$	2,247		$	1,794		$	2,018		$	2,722
Ratios to average net assets:
Net investment income (loss)		0.61	%		0.55	%		0.86	%		0.85	%		0.72	%		0.31	%
Total expensese,f		1.49	%		1.41	%		1.50	%		1.53	%		1.51	%		1.50	%
Portfolio turnover rate		193	%		233	%		162	%		119	%		170	%		328	%

a	Unaudited figures for the period ended September 30, 2022. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
e	Does not include expenses of the underlying funds in which the Fund invests.
f	Excluding interest and dividend expense related to short sales, the operating expense ratios for the years or periods presented was as follows:

	9/30/22a	3/31/22	3/31/21	3/31/20	3/31/19	3/29/18
A-Class	1.75%	1.66%	1.75%	1.78%	1.78%	1.68%
C-Class	2.59%	2.41%	2.51%	2.53%	2.50%	2.44%
P-Class	1.75%	1.66%	1.75%	1.78%	1.77%	1.69%
Institutional Class	1.49%	1.41%	1.50%	1.53%	1.51%	1.43%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 29

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

EMERGING MARKETS 2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the performance of the S&P Emerging 50 ADR Index (formerly, the BNY Mellon Emerging Markets 50 ADR Index) (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

COUNTRY DIVERSIFICATION

COUNTRY	% of Total Net Assets
Taiwan, Province of China		22.0	%
India		18.8	%
China		15.6	%
Brazil		15.4	%
Cayman Islands		15.3	%
Republic of Korea		4.0	%
Mexico		3.8	%
Other		5.1	%
Total Long-Term Investments		100.0	%

Inception Dates:
A-Class	October 29, 2010
C-Class	October 29, 2010
H-Class	October 29, 2010

Ten Largest Holdings % of Total Net Assets
Taiwan Semiconductor Manufacturing Company Ltd. ADR	13.1%
Alibaba Group Holding Ltd. ADR	8.8%
HDFC Bank Ltd. ADR	4.8%
Infosys Ltd. ADR	3.7%
ICICI Bank Ltd. ADR	3.2%
Vale S.A. ADR	3.1%
JD.com, Inc. ADR	2.9%
Baidu, Inc. ADR	2.0%
NetEase, Inc. ADR	1.7%
Pinduoduo Inc. ADR	1.7%
Top Ten Total	45.0%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

30 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(39.18%)	(50.22%)	(12.24%)	(5.65%)
A-Class Shares with sales charge‡	(42.05%)	(52.58%)	(13.09%)	(6.11%)
C-Class Shares	(39.42%)	(50.61%)	(12.91%)	(6.32%)
C-Class Shares with CDSC§	(40.03%)	(51.10%)	(12.91%)	(6.32%)
H-Class Shares	(39.20%)	(50.24%)	(12.26%)	(5.69%)
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%
S&P Emerging 50 ADR Index	(19.24%)	(24.76%)	(1.54%)	1.12%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P Emerging 50 ADR Index and S&P 500 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
EMERGING MARKETS 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 66.1%
Technology - 20.4%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		10,059	$	689,645
Infosys Ltd. ADR		11,457		194,425
NetEase, Inc. ADR		1,175		88,830
United Microelectronics Corp. ADR*		7,310		40,717
ASE Technology Holding Company Ltd. ADR		5,351		26,701
Wipro Ltd. ADR		4,661		21,954
Bilibili, Inc. ADR*		701		10,739
Total Technology				1,073,011
Communications - 19.1%
Alibaba Group Holding Ltd. ADR*		5,771		461,622
JD.com, Inc. ADR		3,022		152,007
Baidu, Inc. ADR*		893		104,919
Pinduoduo, Inc. ADR*		1,393		87,174
America Movil SAB de CV — Class L ADR		3,520		57,974
Telkom Indonesia Persero Tbk PT ADR		1,497		43,189
Chunghwa Telecom Company Ltd. ADR		1,197		42,529
Trip.com Group Ltd. ADR*		1,546		42,221
SK Telecom Company Ltd. ADR		608		11,710
Total Communications				1,003,345
Financial - 11.6%
HDFC Bank Ltd. ADR		4,287		250,447
ICICI Bank Ltd. ADR		8,085		169,542
Banco Bradesco S.A. ADR		16,751		61,644
Shinhan Financial Group Company Ltd. ADR		1,615		37,145
KB Financial Group, Inc. ADR		1,220		36,771
KE Holdings, Inc. ADR*		1,606		28,137
Woori Financial Group, Inc. ADR		596		13,303
Banco de Chile ADR		684		12,086
Total Financial				609,075
Basic Materials - 7.2%
Vale S.A. ADR		12,278		163,543
Sociedad Quimica y Minera de Chile S.A. ADR		450		40,838
POSCO Holdings, Inc. ADR		955		34,962
Sasol Ltd. ADR		1,823		28,712
Gold Fields Ltd. ADR		2,807		22,709
Suzano S.A. ADR		2,486		20,509
Sibanye Stillwater Ltd. ADR		2,116		19,721
AngloGold Ashanti Ltd. ADR		1,317		18,201
Gerdau S.A. ADR		3,609		16,313
Daqo New Energy Corp. ADR*		190		10,085
Total Basic Materials				375,593
Consumer, Non-cyclical - 2.2%
Ambev S.A. ADR		13,886		39,297
Fomento Economico Mexicano SAB de CV ADR		578		36,270
BeiGene Ltd. ADR*		165		22,245
Dr Reddy’s Laboratories Ltd. ADR		383		20,046
Total Consumer, Non-cyclical				117,858
Consumer, Cyclical - 2.1%
NIO, Inc. ADR*		4,217		66,502
Tata Motors Ltd. ADR*,1		1,108		26,880
H World Group Ltd. ADR		463		15,529
Total Consumer, Cyclical				108,911
Industrial - 1.4%
ZTO Express Cayman, Inc. ADR		1,330		31,960
Cemex SAB de CV ADR*		4,766		16,347
Grupo Aeroportuario del Pacifico SAB de CV ADR		109		13,819
Grupo Aeroportuario del Sureste SAB de CV ADR		62		12,163
Total Industrial				74,289
Energy - 1.4%
Petroleo Brasileiro S.A. ADR		5,859		72,300
Utilities - 0.7%
Centrais Eletricas Brasileiras S.A. ADR		3,500		28,105
Korea Electric Power Corp. ADR*		1,617		10,996
Total Utilities				39,101
Total Common Stocks
(Cost $3,580,304)				3,473,483
PREFERRED STOCKS† - 3.0%
Energy - 1.5%
Petroleo Brasileiro S.A.
ADR		7,232		80,130
Financial - 1.5%
Itau Unibanco Holding S.A.
ADR		15,258		78,884
Total Preferred Stocks
(Cost $147,714)				159,014

	Face Amount
REPURCHASE AGREEMENTS††,2 - 58.2%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/223	$	1,737,855	1,737,855
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/223		668,406	668,406
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/223		648,622	648,622
Total Repurchase Agreements
(Cost $3,054,883)			3,054,883

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
EMERGING MARKETS 2x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,4 - 0.2%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%5		8,488	$	8,488
Total Securities Lending Collateral
(Cost $8,488)				8,488
Total Investments - 127.5%
(Cost $6,791,389)			$	6,695,868
Other Assets & Liabilities, net - (27.5)%				(1,445,043	)
Total Net Assets - 100.0%			$	5,250,825

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††

Goldman Sachs International

S&P Emerging 50 ADR Index

Pay

3.63% (Federal Funds Rate + 0.55%)

At Maturity

11/17/22

1,469

$

3,265,843

$

(59,444

)

BNP Paribas

S&P Emerging 50 ADR Index

Pay

3.68% (Federal Funds Rate + 0.60%)

At Maturity

11/17/22

1,610

3,579,226

(285,560

)

$

6,845,069

$

(345,004

)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
4	Securities lending collateral — See Note 7.
5	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 33

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
EMERGING MARKETS 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	3,473,483	$	—	$	—	$	3,473,483
Preferred Stocks		159,014		—		—		159,014
Repurchase Agreements		—		3,054,883		—		3,054,883
Securities Lending Collateral		8,488		—		—		8,488
Total Assets	$	3,640,985	$	3,054,883	$	—	$	6,695,868

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	345,004	$	—	$	345,004

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

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

EMERGING MARKETS 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $8,491 of securities loaned (cost $3,736,506)	$	3,640,985
Repurchase agreements, at value (cost $3,054,883)		3,054,883
Cash		989
Receivables:
Fund shares sold		284,341
Dividends		7,915
Interest		250
Securities lending income		157
Foreign tax reclaims		62
Total assets		6,989,582
Liabilities:
Unrealized depreciation on OTC swap agreements		345,004
Payable for:
Swap settlement		1,313,464
Fund shares redeemed		55,815
Return of securities lending collateral		8,488
Management fees		5,012
Transfer agent and administrative fees		2,372
Distribution and service fees		1,525
Portfolio accounting/administration fees		536
Trustees’ fees*		85
Miscellaneous		6,456
Total liabilities		1,738,757
Net assets	$	5,250,825
Net assets consist of:
Paid in capital	$	21,400,288
Total distributable earnings (loss)		(16,149,463	)
Net assets	$	5,250,825
A-Class:
Net assets	$	117,895
Capital shares outstanding		2,839
Net asset value per share	$	41.53
Maximum offering price per share (Net asset value divided by 95.25%)	$	43.60
C-Class:
Net assets	$	183,085
Capital shares outstanding		4,762
Net asset value per share	$	38.45
H-Class:
Net assets	$	4,949,845
Capital shares outstanding		119,273
Net asset value per share	$	41.50

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $2,379)	$	130,821
Interest		21,844
Income from securities lending, net		1,952
Total investment income		154,617
Expenses:
Management fees		28,114
Distribution and service fees:
A-Class		338
C-Class		1,202
H-Class		7,173
Transfer agent and administrative fees		7,241
Portfolio accounting/administration fees		5,692
Professional fees		1,263
Custodian fees		438
Trustees’ fees*		381
Interest expense		76
Miscellaneous		4,856
Total expenses		56,774
Less:
Expenses reimbursed by Adviser		(605	)
Net expenses		56,169
Net investment income		98,448
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(240,480	)
Swap agreements		(1,480,098	)
Futures contracts		5,620
Net realized loss		(1,714,958	)
Net change in unrealized appreciation (depreciation) on:
Investments		(460,155	)
Swap agreements		(320,095	)
Net change in unrealized appreciation (depreciation)		(780,250	)
Net realized and unrealized loss		(2,495,208	)
Net decrease in net assets resulting from operations	$	(2,396,760	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 35

EMERGING MARKETS 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	98,448		$	(1,823	)
Net realized loss on investments		(1,714,958	)		(3,575,207	)
Net change in unrealized appreciation (depreciation) on investments		(780,250	)		578,956
Net decrease in net assets resulting from operations		(2,396,760	)		(2,998,074	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,299,882			2,008,573
C-Class		70,389			443,457
H-Class		51,690,269			145,256,853
Cost of shares redeemed
A-Class		(1,163,540	)		(2,263,993	)
C-Class		(74,636	)		(373,860	)
H-Class		(47,489,210	)		(146,662,640	)
Net increase (decrease) from capital share transactions		4,333,154			(1,591,610	)
Net increase (decrease) in net assets		1,936,394			(4,589,684	)
Net assets:
Beginning of period		3,314,431			7,904,115
End of period	$	5,250,825		$	3,314,431
Capital share activity:
Shares sold
A-Class		21,650			23,982
C-Class		1,367			4,972
H-Class		953,670			1,624,614
Shares redeemed
A-Class		(21,643	)		(26,712	)
C-Class		(1,501	)		(4,202	)
H-Class		(875,567	)		(1,641,977	)
Net increase (decrease) in shares		77,976			(19,323	)

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

EMERGING MARKETS 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.

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	68.28		$	116.33		$	44.29		$	71.02		$	87.20		$	60.99
Income (loss) from investment operations:
Net investment income (loss)b		.77			(.03	)		(.94	)		.17			.40			(.24	)
Net gain (loss) on investments (realized and unrealized)		(27.52	)		(48.02	)		72.98			(26.42	)		(16.58	)		26.45
Total from investment operations		(26.75	)		(48.05	)		72.04			(26.25	)		(16.18	)		26.21
Less distributions from:
Net investment income		—			—			—			(.48	)		—			—
Total distributions		—			—			—			(.48	)		—			—
Net asset value, end of period	$	41.53		$	68.28		$	116.33		$	44.29		$	71.02		$	87.20
Total Returnc		(39.18	%)		(41.30	%)		162.66	%		(37.27	%)		(18.56	%)		42.97	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	118		$	193		$	647		$	628		$	2,247		$	3,187
Ratios to average net assets:
Net investment income (loss)		2.78	%		(0.03	%)		(1.10	%)		0.25	%		0.54	%		(0.30	%)
Total expenses		1.79	%		1.75	%		1.83	%		1.86	%		1.84	%		1.76	%
Net Expensesd		1.78	%		1.75	%		1.83	%		1.86	%		1.84	%		1.76	%
Portfolio turnover rate		41	%		266	%		632	%		974	%		1,978	%		1,006	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	63.47		$	108.94		$	41.79		$	67.53		$	83.55		$	58.90
Income (loss) from investment operations:
Net investment income (loss)b		.51			(.48	)		(1.69	)		(.28	)		(.22	)		(.61	)
Net gain (loss) on investments (realized and unrealized)		(25.53	)		(44.99	)		68.84			(24.98	)		(15.80	)		25.26
Total from investment operations		(25.02	)		(45.47	)		67.15			(25.26	)		(16.02	)		24.65
Less distributions from:
Net investment income		—			—			—			(.48	)		—			—
Total distributions		—			—			—			(.48	)		—			—
Net asset value, end of period	$	38.45		$	63.47		$	108.94		$	41.79		$	67.53		$	83.55
Total Returnc		(39.42	%)		(41.74	%)		160.68	%		(37.73	%)		(19.17	%)		41.87	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	183		$	311		$	449		$	161		$	423		$	522
Ratios to average net assets:
Net investment income (loss)		1.99	%		(0.55	%)		(1.95	%)		(0.44	%)		(0.33	%)		(0.82	%)
Total expenses		2.54	%		2.50	%		2.57	%		2.60	%		2.59	%		2.56	%
Net Expensesd		2.52	%		2.50	%		2.57	%		2.60	%		2.59	%		2.56	%
Portfolio turnover rate		41	%		266	%		632	%		974	%		1,978	%		1,006	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 37

EMERGING MARKETS 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	68.26		$	116.30		$	44.29		$	71.02		$	87.21		$	61.01
Income (loss) from investment operations:
Net investment income (loss)b		.86			.01			(1.28	)		(.05	)		.50			(.25	)
Net gain (loss) on investments (realized and unrealized)		(27.62	)		(48.05	)		73.29			(26.20	)		(16.69	)		26.45
Total from investment operations		(26.76	)		(48.04	)		72.01			(26.25	)		(16.19	)		26.20
Less distributions from:
Net investment income		—			—			—			(.48	)		—			—
Total distributions		—			—			—			(.48	)		—			—
Net asset value, end of period	$	41.50		$	68.26		$	116.30		$	44.29		$	71.02		$	87.21
Total Return		(39.20	%)		(41.31	%)		162.59	%		(37.27	%)		(18.56	%)		42.95	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,950		$	2,810		$	6,808		$	1,464		$	6,636		$	27,270
Ratios to average net assets:
Net investment income (loss)		3.22	%		0.01	%		(1.29	%)		(0.07	%)		0.71	%		(0.32	%)
Total expenses		1.79	%		1.75	%		1.81	%		1.87	%		1.85	%		1.77	%
Net Expensesd		1.77	%		1.75	%		1.81	%		1.87	%		1.85	%		1.77	%
Portfolio turnover rate		41	%		266	%		632	%		974	%		1,978	%		1,006	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

INVERSE EMERGING MARKETS 2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the S&P Emerging 50 ADR Index (formerly, the BNY Mellon Emerging Markets 50 ADR Index) (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	October 29, 2010
C-Class	October 29, 2010
H-Class	October 29, 2010

The Fund invests principally in derivative investments such as swap agreements and futures contracts.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 39

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	35.60%	33.38%	(14.87%)	(16.15%)
A-Class Shares with sales charge‡	29.15%	27.06%	(15.70%)	(16.56%)
C-Class Shares	34.55%	32.07%	(15.16%)	(16.61%)
C-Class Shares with CDSC§	33.55%	31.07%	(15.16%)	(16.61%)
H-Class Shares	35.86%	33.74%	(14.56%)	(16.05%)
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%
S&P Emerging 50 ADR Index	(19.24%)	(24.76%)	(1.54%)	1.12%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P Emerging 50 ADR Index and the S&P 500 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

40 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
INVERSE EMERGING MARKETS 2x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 101.1%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/222	$	996,929	$	996,929
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/222		383,434		383,434
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/222		372,085		372,085
Total Repurchase Agreements
(Cost $1,752,448)				1,752,448
Total Investments - 101.1%
(Cost $1,752,448)			$	1,752,448
Other Assets & Liabilities, net - (1.1)%				(19,910	)
Total Net Assets - 100.0%			$	1,732,538

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 Sold Short††

BNP Paribas

S&P Emerging 50 ADR Index

Receive

2.88% (Federal Funds Rate - 0.20%)

At Maturity

11/17/22

1,048

$

2,329,235

$

224,332

Goldman Sachs International

S&P Emerging 50 ADR Index

Receive

2.63% (Federal Funds Rate - 0.45%)

At Maturity

11/17/22

508

1,130,143

156,950

$

3,459,378

$

381,282

††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
2	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 41

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
INVERSE EMERGING MARKETS 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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
Repurchase Agreements	$	—	$	1,752,448	$	—	$	1,752,448
Equity Index Swap Agreements**		—		381,282		—		381,282
Total Assets	$	—	$	2,133,730	$	—	$	2,133,730

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

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

INVERSE EMERGING MARKETS 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Repurchase agreements, at value (cost $1,752,448)	$	1,752,448
Unrealized appreciation on OTC swap agreements		381,282
Receivables:
Fund shares sold		200
Interest		143
Total assets		2,134,073
Liabilities:
Segregated cash due to broker		270,000
Payable for:
Fund shares redeemed		97,506
Swap settlement		30,736
Management fees		1,096
Transfer agent and administrative fees		443
Distribution and service fees		319
Portfolio accounting/administration fees		134
Trustees’ fees*		14
Miscellaneous		1,287
Total liabilities		401,535
Net assets	$	1,732,538
Net assets consist of:
Paid in capital	$	21,128,758
Total distributable earnings (loss)		(19,396,220	)
Net assets	$	1,732,538
A-Class:
Net assets	$	37,866
Capital shares outstanding		1,858
Net asset value per share	$	20.38
Maximum offering price per share (Net asset value divided by 95.25%)	$	21.40
C-Class:
Net assets	$	25,277
Capital shares outstanding		1,251
Net asset value per share	$	20.21
H-Class:
Net assets	$	1,669,395
Capital shares outstanding		81,003
Net asset value per share	$	20.61

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Interest	$	8,288
Total investment income		8,288
Expenses:
Management fees		5,195
Distribution and service fees:
A-Class		35
C-Class		94
H-Class		1,387
Transfer agent and administrative fees		1,346
Portfolio accounting/administration fees		1,045
Interest expense		236
Professional fees		269
Custodian fees		79
Trustees’ fees*		55
Miscellaneous		879
Total expenses		10,620
Less:
Expenses reimbursed by Adviser		(116	)
Net expenses		10,504
Net investment loss		(2,216	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		72,378
Net realized gain		72,378
Net change in unrealized appreciation (depreciation) on:
Swap agreements		314,869
Net change in unrealized appreciation (depreciation)		314,869
Net realized and unrealized gain		387,247
Net increase in net assets resulting from operations	$	385,031

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 43

INVERSE EMERGING MARKETS 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

		Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss		$	(2,216	)	$	(11,947	)
Net realized gain on investments			72,378			99,303
Net change in unrealized appreciation (depreciation) on investments			314,869			28,038
Net increase in net assets resulting from operations			385,031			115,394
Capital share transactions:
Proceeds from sale of shares
A-Class			389,598			396,475
C-Class			61,789			353,966
H-Class			27,082,057			64,024,680
Cost of shares redeemed
A-Class			(366,298	)		(371,963	)
C-Class			(47,121	)		(351,071	)
H-Class			(27,059,265	)		(63,288,384	)
Net increase from capital share transactions	��		60,760			763,703
Net increase in net assets			445,791			879,097
Net assets:
Beginning of period			1,286,747			407,650
End of period		$	1,732,538		$	1,286,747
Capital share activity:
Shares sold
A-Class			22,692			28,584
C-Class			3,630			26,704
H-Class			1,607,326			4,619,960
Shares redeemed
A-Class			(21,795	)		(27,764	)
C-Class			(2,837	)		(26,690	)
H-Class			(1,609,739	)		(4,568,477	)
Net increase (decrease) in shares			(723	)		52,317

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

INVERSE EMERGING MARKETS 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.

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	15.03		$	12.44		$	46.71		$	40.57		$	39.08		$	63.42
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		(.23	)		(.54	)		(.16	)		.23			(.28	)
Net gain (loss) on investments (realized and unrealized)		5.38			2.82			(33.73	)		6.64			1.26	e		(24.06	)
Total from investment operations		5.35			2.59			(34.27	)		6.48			1.49			(24.34	)
Less distributions from:
Net investment income		—			—			—			(.34	)		—			—
Total distributions		—			—			—			(.34	)		—			—
Net asset value, end of period	$	20.38		$	15.03		$	12.44		$	46.71		$	40.57		$	39.08
Total Returnc		35.60	%		20.82	%		(73.37	%)		16.30	%		3.81	%		(38.35	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	38		$	14		$	2		$	147		$	16		$	43
Ratios to average net assets:
Net investment income (loss)		(0.31	%)		(1.86	%)		(1.81	%)		(0.37	%)		0.51	%		(0.64	%)
Total expenses		1.83	%		1.87	%		1.86	%		1.89	%		1.88	%		1.76	%
Net expensesd		1.81	%		1.87	%		1.86	%		1.89	%		1.88	%		1.76	%
Portfolio turnover rate		—			—			—			—			—			—

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	15.02		$	12.40		$	46.82		$	40.45		$	39.34		$	64.21
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(.36	)		(.69	)		(.31	)		(.29	)		(.74	)
Net gain (loss) on investments (realized and unrealized)		5.28			2.98			(33.73	)		7.02			1.40	e		(24.13	)
Total from investment operations		5.19			2.62			(34.42	)		6.71			1.11			(24.87	)
Less distributions from:
Net investment income		—			—			—			(.34	)		—			—
Total distributions		—			—			—			(.34	)		—			—
Net asset value, end of period	$	20.21		$	15.02		$	12.40		$	46.82		$	40.45		$	39.34
Total Returnc		34.55	%		21.13	%		(73.52	%)		16.96	%		(2.82	%)		(38.77	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	25		$	7		$	6		$	103		$	3		$	19
Ratios to average net assets:
Net investment income (loss)		(1.05	%)		(2.44	%)		(2.62	%)		(1.09	%)		(0.63	%)		(1.46	%)
Total expenses		2.60	%		2.48	%		2.66	%		2.79	%		2.53	%		2.49	%
Net expensesd		2.57	%		2.48	%		2.66	%		2.79	%		2.53	%		2.49	%
Portfolio turnover rate		—			—			—			—			—			—

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 45

INVERSE EMERGING MARKETS 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	15.17		$	12.54		$	46.39		$	40.27		$	38.77		$	63.00
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		(.23	)		(.42	)		.07			.19			(.30	)
Net gain (loss) on investments (realized and unrealized)		5.47			2.86			(33.43	)		6.39			1.31	e		(23.93	)
Total from investment operations		5.44			2.63			(33.85	)		6.46			1.50			(24.23	)
Less distributions from:
Net investment income		—			—			—			(.34	)		—			—
Total distributions		—			—			—			(.34	)		—			—
Net asset value, end of period	$	20.61		$	15.17		$	12.54		$	46.39		$	40.27		$	38.77
Total Return		35.86	%		20.97	%		(72.97	%)		16.40	%		3.87	%		(38.46	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,669		$	1,265		$	400		$	649		$	1,756		$	743
Ratios to average net assets:
Net investment income (loss)		(0.37	%)		(1.70	%)		(1.85	%)		0.19	%		0.42	%		(0.68	%)
Total expenses		1.83	%		1.75	%		1.89	%		1.87	%		1.87	%		1.77	%
Net expensesd		1.81	%		1.75	%		1.89	%		1.87	%		1.87	%		1.77	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2022. 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 period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

EMERGING MARKETS BOND STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of the emerging markets bond market as defined by the Adviser.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	October 8, 2013
C-Class	October 8, 2013
H-Class	October 8, 2013

The Fund invests principally in derivative investments such as swap agreements and futures contracts.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 47

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	Since Inception (10/08/13)
A-Class Shares	(16.29%)	(26.31%)	(5.15%)	(1.95%)
A-Class Shares with sales charge‡	(20.26%)	(29.81%)	(6.07%)	(2.48%)
C-Class Shares	(16.60%)	(26.85%)	(5.86%)	(2.74%)
C-Class Shares with CDSC§	(17.44%)	(27.58%)	(5.86%)	(2.74%)
H-Class Shares	(16.20%)	(26.21%)	(5.13%)	(1.99%)
ICE BofA BBB & Lower Sovereign USD External Debt Index	(16.23%)	(25.56%)	(3.50%)	0.92%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The ICE BofA BBB & Lower Sovereign USD External Debt 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

48 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
EMERGING MARKETS BOND STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 1.5%
U.S. Treasury Bills
2.70% due 11/08/221,2	$	2,000	$	1,995
Total U.S. Treasury Bills
(Cost $1,995)				1,995
REPURCHASE AGREEMENTS††,3 - 87.3%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224		68,190		68,190
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224		26,227		26,227
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224		25,450		25,450
Total Repurchase Agreements
(Cost $119,867)				119,867
Total Investments - 88.8%
(Cost $121,862)			$	121,862
Other Assets & Liabilities, net - 11.2%				15,436
Total Net Assets - 100.0%			$	137,298

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury 5 Year Note Futures Contracts		1		Dec 2022	$	107,445	$	(3,784	)

Centrally Cleared Credit Default Swap Agreements Protection Sold††
Counterparty	Exchange	Index	Protection Premium Rate	Payment Frequency		Maturity Date		Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
Barclays Bank plc	ICE	CDX.EM.38.V1	1.00%		Quarterly		12/20/27	$	100,000	$	(9,953	)	$	(8,173	)	$	(1,780	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Credit Index Swap Agreements††

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF

Pay

3.68% (Federal Funds Rate + 0.60%)

At Maturity

10/28/22

3,087

$

52,294

$

346

$

52,294

$

346

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as futures collateral at September 30, 2022.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 6.
4	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
	CDX.EM.38.V1 — Credit Default Swap Emerging Markets Series 38 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 49

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
EMERGING MARKETS BOND STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	—	$	1,995	$	—	$	1,995
Repurchase Agreements		—		119,867		—		119,867
Credit Index Swap Agreements**		—		346		—		346
Total Assets	$	—	$	122,208	$	—	$	122,208

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	3,784	$	—	$	—	$	3,784
Credit Default Swap Agreements**		—		1,780		—		1,780
Total Liabilities	$	3,784	$	1,780	$	—	$	5,564

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

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

EMERGING MARKETS BOND STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $1,995)	$	1,995
Repurchase agreements, at value (cost $119,867)		119,867
Segregated cash with broker		24,090
Unrealized appreciation on OTC swap agreements		346
Receivables:
Protection fees on credit default swap agreements		31
Interest		10
Total assets		146,339
Liabilities:
Unamortized upfront premiums received on credit default swap agreements		8,173
Payable for:
Variation margin on futures contracts		328
Management fees		88
Transfer agent and administrative fees		73
Distribution and service fees		36
Portfolio accounting/administration fees		24
Variation margin on credit default swap agreements		17
Swap settlement		10
Trustees’ fees*		5
Miscellaneous		287
Total liabilities		9,041
Net assets	$	137,298
Net assets consist of:
Paid in capital	$	561,863
Total distributable earnings (loss)		(424,565	)
Net assets	$	137,298
A-Class:
Net assets	$	38,628
Capital shares outstanding		739
Net asset value per share	$	52.27
Maximum offering price per share (Net asset value divided by 95.25%)	$	54.88
C-Class:
Net assets	$	9,376
Capital shares outstanding		195
Net asset value per share	$	47.97
H-Class:
Net assets	$	89,294
Capital shares outstanding		1,718
Net asset value per share	$	51.98

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Interest	$	1,940
Total investment income		1,940
Expenses:
Management fees		1,516
Distribution and service fees:
A-Class		55
C-Class		80
H-Class		432
Transfer agent and administrative fees		514
Portfolio accounting/administration fees		338
Professional fees		78
Trustees’ fees*		34
Custodian fees		29
Miscellaneous		237
Total expenses		3,313
Net investment loss		(1,373	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(158,237	)
Futures contracts		(41,024	)
Net realized loss		(199,261	)
Net change in unrealized appreciation (depreciation) on:
Swap agreements		(6,574	)
Futures contracts		(3,335	)
Net change in unrealized appreciation (depreciation)		(9,909	)
Net realized and unrealized loss		(209,170	)
Net decrease in net assets resulting from operations	$	(210,543	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 51

EMERGING MARKETS BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(1,373	)	$	(8,067	)
Net realized loss on investments		(199,261	)		(33,107	)
Net change in unrealized appreciation (depreciation) on investments		(9,909	)		8,048
Net decrease in net assets resulting from operations		(210,543	)		(33,126	)
Capital share transactions:
Proceeds from sale of shares
A-Class		14,816			70,844
C-Class		23,519			35,000
H-Class		3,304,310			3,150,944
Cost of shares redeemed
A-Class		(13,325	)		(67,827	)
C-Class		(72,061	)		(14,478	)
H-Class		(3,512,468	)		(2,980,902	)
Net increase (decrease) from capital share transactions		(255,209	)		193,581
Net increase (decrease) in net assets		(465,752	)		160,455
Net assets:
Beginning of period		603,050			442,595
End of period	$	137,298		$	603,050
Capital share activity:
Shares sold
A-Class		252			993
C-Class		434			520
H-Class		56,893			46,834
Shares redeemed
A-Class		(245	)		(945	)
C-Class		(1,335	)		(221	)
H-Class		(63,144	)		(43,787	)
Net increase (decrease) in shares		(7,145	)		3,394

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

EMERGING MARKETS BOND STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	62.44		$	70.11		$	63.93		$	74.95		$	73.42		$	71.93
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(1.07	)		(1.14	)		.03			.10			(.55	)
Net gain (loss) on investments (realized and unrealized)		(10.08	)		(6.60	)		8.16			(4.86	)		1.43			2.13
Total from investment operations		(10.17	)		(7.67	)		7.02			(4.83	)		1.53			1.58
Less distributions from:
Net investment income		—			—			(.84	)		(2.36	)		—			(.09	)
Net realized gains		—			—			—			(3.83	)		—			—
Total distributions		—			—			(.84	)		(6.19	)		—			(.09	)
Net asset value, end of period	$	52.27		$	62.44		$	70.11		$	63.93		$	74.95		$	73.42
Total Returnc		(16.29	%)		(10.98	%)		10.92	%		(7.41	%)		2.08	%		2.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	39		$	46		$	48		$	1,105		$	761		$	116
Ratios to average net assets:
Net investment income (loss)		(0.30	%)		(1.54	%)		(1.72	%)		0.03	%		0.14	%		(0.74	%)
Total expenses		1.61	%		1.57	%		1.74	%		1.68	%		1.66	%		1.58	%
Portfolio turnover rate		—			—			—			—			—			—

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	57.52		$	65.07		$	59.82		$	71.05		$	70.12		$	69.22
Income (loss) from investment operations:
Net investment income (loss)b		(.37	)		(1.47	)		(1.56	)		(.46	)		(.54	)		(1.06	)
Net gain (loss) on investments (realized and unrealized)		(9.18	)		(6.08	)		7.65			(4.58	)		1.47			2.05
Total from investment operations		(9.55	)		(7.55	)		6.09			(5.04	)		.93			.99
Less distributions from:
Net investment income		—			—			(.84	)		(2.36	)		—			(.09	)
Net realized gains		—			—			—			(3.83	)		—			—
Total distributions		—			—			(.84	)		(6.19	)		—			(.09	)
Net asset value, end of period	$	47.97		$	57.52		$	65.07		$	59.82		$	71.05		$	70.12
Total Returnc		(16.60	%)		(11.62	%)		10.10	%		(8.13	%)		1.33	%		1.41	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9		$	63		$	52		$	62		$	59		$	82
Ratios to average net assets:
Net investment income (loss)		(1.30	%)		(2.28	%)		(2.36	%)		(0.61	%)		(0.79	%)		(1.49	%)
Total expenses		2.33	%		2.31	%		2.40	%		2.42	%		2.37	%		2.34	%
Portfolio turnover rate		—			—			—			—			—			—

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 53

EMERGING MARKETS BOND 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	62.03		$	69.64		$	63.50		$	74.52		$	72.98		$	71.51
Income (loss) from investment operations:
Net investment income (loss)b		(.20	)		(1.07	)		(1.14	)		.15			.23			(.55	)
Net gain (loss) on investments (realized and unrealized)		(9.85	)		(6.54	)		8.12			(4.98	)		1.31			2.11
Total from investment operations		(10.05	)		(7.61	)		6.98			(4.83	)		1.54			1.56
Less distributions from:
Net investment income		—			—			(.84	)		(2.36	)		—			(.09	)
Net realized gains		—			—			—			(3.83	)		—			—
Total distributions		—			—			(.84	)		(6.19	)		—			(.09	)
Net asset value, end of period	$	51.98		$	62.03		$	69.64		$	63.50		$	74.52		$	72.98
Total Return		(16.20	%)		(10.93	%)		10.93	%		(7.45	%)		2.11	%		2.19	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	89		$	494		$	343		$	307		$	9,226		$	615
Ratios to average net assets:
Net investment income (loss)		(0.70	%)		(1.52	%)		(1.61	%)		0.20	%		0.32	%		(0.75	%)
Total expenses		1.61	%		1.56	%		1.65	%		1.67	%		1.70	%		1.58	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2022. 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.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (”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 seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class 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%. A-Class 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. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class 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 A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2022, the Trust consisted of fifty-two funds.

This report covers the following funds (collectively, the “Funds”):

Fund	Investment Company Type
Long Short Equity Fund	Non-diversified
Emerging Markets 2x Strategy Fund	Non-diversified
Inverse Emerging Markets 2x Strategy Fund	Non-diversified
Emerging Markets Bond Strategy Fund	Diversified

At September 30, 2022, A-Class, C-Class, H-Class, P-Class, and Institutional Class shares have been issued by the Funds.

Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund and Emerging Markets Bond Strategy Fund 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”) acts as principal underwriter for the Trust. 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 Class of a fund is calculated by dividing the market value of a fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange (“NYSE”), usually 4:00 p.m. for the Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund and Emerging Markets Bond Strategy Fund. All other Funds in this report will price at the afternoon NAV. The NAV is calculated using the current market value of each Fund’s total assets as of the respective time of calculation. These financial statements are based on the September 30, 2022, afternoon NAV.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

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Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by 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 for reasonableness. The Adviser consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.

If the 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 National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall 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 pricing services, the last traded fill price, or at the reported bid price at the close of business.

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 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 pricing service.

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

The value of futures contracts are valued on the basis of the last sale price at the 4:00 p.m. price 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 would provide a more accurate valuation.

The value of swap agreements entered into by a fund are generally valued using an evaluated price provided by a third party pricing vendor.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(b) U.S. Government and Agency Obligations

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

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(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.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Upfront payments received or made by a Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

(e) Currency Translations

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

(f) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(g) Security Transactions

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts

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of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

(h) 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.

(i) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific 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.

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 3.08% at September 30, 2022.

(k) Indemnifications

Under the Funds’ organizational documents, the Trustees and Officers 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 Funds enter 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 strategy, 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 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 to increase investment flexibility (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 mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

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

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

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

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

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they 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

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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 Statements of Assets and Liabilities; securities held as collateral are noted on the 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
Emerging Markets Bond Strategy Fund	Duration, Index exposure, Leverage, Liquidity	$	167,240	$	—

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter (“OTC”) swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index or custom basket of securities) for a fixed or variable interest rate. Total return and custom basket swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return or custom basket swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

The following table represents the Funds’ use and volume of total return swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Emerging Markets 2x Strategy Fund	Index exposure, Leverage, Liquidity	$	8,482,094	$	—
Inverse Emerging Markets 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		2,259,731
Emerging Markets Bond Strategy Fund	Duration, Index exposure, Leverage, Liquidity		86,417		—

The following table represents the Funds’ use and volume of custom basket swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Long Short Equity Fund	Index exposure, Leverage	$	14,587,168	$	15,773,665

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of

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credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The following table represents the Funds’ use and volume of credit default swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Protection Sold		Protection Purchased
Emerging Markets Bond Strategy Fund	Duration, Index exposure, Leverage, Liquidity	$	183,333	$	—

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, 2022:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Interest Rate futures contracts	—	Variation margin on future contracts
Credit/Equity swap contracts	Unrealized appreciation on OTC swap agreements	Unamortized upfront premiums received on credit default swap agreements
		Unrealized depreciation on OTC swap agreements
		Variation margin on credit default swap agreements

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at September 30, 2022:

Asset Derivative Investments Value
Fund	��	Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2022
Long Short Equity Fund		$	2,505,016	$	—	$	—	$	2,505,016
Inverse Emerging Markets 2x Strategy Fund			381,282		—		—		381,282
Emerging Markets Bond Strategy Fund			—		—		346		346

Liability Derivative Investments Value
Fund	Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2022
Long Short Equity Fund	$	1,236,253	$	—	$	—	$	1,236,253
Emerging Markets 2x Strategy Fund		345,004		—		—		345,004
Emerging Markets Bond Strategy Fund		—		3,784		1,780		5,564

* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Schedules of Investments. For exchange-traded and centrally-cleared derivatives, variation margin is reported within the Statements of Assets and Liabilities.

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The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended September 30, 2022:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity/Interest Rate futures contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Credit/Equity swap contracts	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 Statements of Operations categorized by primary risk exposure for the period ended September 30, 2022:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk			Total
Long Short Equity Fund	$	—	$	(330,392	)	$	—		$	—		$	(330,392	)
Emerging Markets 2x Strategy Fund		5,620		(1,480,098	)		—			—			(1,474,478	)
Inverse Emerging Markets 2x Strategy Fund		—		72,378			—			—			72,378
Emerging Markets Bond Strategy Fund		—		—			(41,024	)		(158,237	)		(199,261	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk			Total
Long Short Equity Fund	$	—	$	1,074,846		$	—		$	—		$	1,074,846
Emerging Markets 2x Strategy Fund		—		(320,095	)		—			—			(320,095	)
Inverse Emerging Markets 2x Strategy Fund		—		314,869			—			—			314,869
Emerging Markets Bond Strategy Fund		—		—			(3,335	)		(6,574	)		(9,909	)

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.

Foreign Investments

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets.A fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but is not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

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The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

Emerging markets, which consist of countries that have an emerging stock market as defined by Standard & Poor’s^®, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by GI, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Fund may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities.

Note 3 – Offsetting

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the 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 Statements of Assets and Liabilities.

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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
Long Short Equity Fund	Custom basket swap agreements	$	2,505,016	$	—	$	2,505,016	$	(1,549,947	)	$	—		$	955,069
Inverse Emerging Markets 2x Strategy Fund	Swap equity contracts		381,282		—		381,282		—			(224,332	)		156,950
Emerging Markets Bond Strategy Fund	Credit index swap agreements		346		—		346		—			—			346

								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 Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Long Short Equity Fund	Custom basket swap agreements	$	1,236,253	$	—	$	1,236,253	$	(1,236,253	)	$	—	$	—
Emerging Markets 2x Strategy Fund	Swap equity contracts		345,004		—		345,004		(345,004	)		—		—

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, 2022.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Inverse Emerging Markets 2x Strategy Fund	BNP Paribas	Total return swap agreements	$	—	$	270,000
Emerging Markets Bond Strategy Fund	Barclays Bank plc	Credit default swap agreements		24,090		—

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

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Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities 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 calculated at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
Long Short Equity Fund		0.90	%
Emerging Markets 2x Strategy Fund		0.90	%
Inverse Emerging Markets 2x Strategy Fund		0.90	%
Emerging Markets Bond Strategy Fund		0.75	%

When the aggregate assets of each series of the Trust (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Long Short Equity Fund, 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 a Distribution Plan applicable to A-Class shares and H-Class 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 Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ C-Class 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, 2022, GFD retained sales charges of $55,036 relating to sales of A-Class shares of the Trust.

The Board has adopted a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for Emerging Markets 2x Strategy Fund and Inverse Emerging Markets 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This was effective on August 1, 2022 and the end of the initial term is August 1, 2023. 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.

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.

At September 30, 2022, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
2.97%					0.75%
Due 10/03/22	$	135,693,328	$	135,726,912	Due 08/31/26	$	157,165,800	$	138,407,205
BofA Securities, Inc.					U.S. Treasury Note
2.91%					0.88%
Due 10/03/22		52,189,742		52,202,398	Due 11/15/30		66,285,100		53,233,580
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
2.92%					1.00%
Due 10/03/22		50,644,966		50,657,290	Due 02/15/46		32,719,353		26,831,244
					U.S. Treasury Inflation Indexed Bond
					0.13%
					Due 10/15/25		26,181,251		24,826,653
							58,900,604		51,657,897

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

Note 7 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the 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, 2022, the 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
Emerging Markets 2x Strategy Fund	$	8,491	$	(8,488	)	$	3	$	8,488	*	$	—	$	8,488

(a)	Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.
*	Subsequent to September 30, 2022, additional collateral was received.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 8 – Federal Income Tax Information

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

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Long Short Equity Fund	$	14,159,667	$	2,793,375	$	(2,877,039	)	$	(83,664	)
Emerging Markets 2x Strategy Fund		6,957,251		117,614		(724,001	)		(606,387	)
Inverse Emerging Markets 2x Strategy Fund		1,752,448		381,282		—			381,282
Emerging Markets Bond Strategy Fund		121,862		363		(5,581	)		(5,218	)

Note 9 – Securities Transactions

For the period ended September 30, 2022, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Long Short Equity Fund	$	27,440,012	$	27,839,143
Emerging Markets 2x Strategy Fund		3,948,564		1,572,873

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended September 30, 2022, the Funds did not engage in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act.

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 6, 2022, the line of credit agreement was renewed and expires on June 5, 2023. 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 2.57% for the period ended September 30, 2022. The Funds did not have any borrowings outstanding under this agreement at September 30, 2022.

Note 11 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 12 – Subsequent Events

The Funds evaluated subsequent events through the date the financial statements were available for issue and determined there were no material events that would require adjustment to or disclosure in the Funds’ financial statements.

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OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Funds’ annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Funds’ voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

Report of the Rydex Series Funds Contracts Review Committee

Rydex Series Funds (the “Trust”) was organized as a Delaware statutory trust on February 10, 1993, and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust includes the following series (each, a “Fund” and collectively, the “Funds”):

Tradable Funds (Including Sector Funds*)
●	Banking Fund*	●	Basic Materials Fund*
●	Biotechnology Fund*	●	Commodities Strategy Fund
●	Consumer Products Fund*	●	Dow Jones Industrial Average Fund
●	Electronics Fund*	●	Emerging Markets 2x Strategy Fund
●	Emerging Markets Bond Strategy Fund	●	Energy Fund*
●	Energy Services Fund*	●	Europe 1.25x Strategy Fund
●	Financial Services Fund*	●	Government Long Bond 1.2x Strategy Fund
●	Health Care Fund*	●	High Yield Strategy Fund
●	Internet Fund*	●	Inverse Emerging Markets 2x Strategy Fund
●	Inverse Government Long Bond Strategy Fund	●	Inverse High Yield Strategy Fund
●	Inverse Mid-Cap Strategy Fund	●	Inverse NASDAQ-100 Strategy Fund

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OTHER INFORMATION (Unaudited)(continued)

●	Inverse Russell 2000 Strategy Fund	●	Inverse S&P 500 Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100 2x Strategy Fund
●	NASDAQ-100 Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000 1.5x Strategy Fund
●	Russell 2000 Fund	●	S&P 500 Fund
●	S&P 500 Pure Growth Fund	●	S&P 500 Pure Value Fund
●	S&P MidCap 400 Pure Growth Fund	●	S&P MidCap 400 Pure Value Fund
●	S&P SmallCap 600 Pure Growth Fund	●	S&P SmallCap 600 Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund
Alternative Funds** (i.e., Non-Tradable Funds)
●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

*	Each, a “Sector Fund” and collectively, the “Sector Funds.”
**	Each, an “Alternative Fund” and collectively, the “Alternative Funds.” Each Fund other than the Alternative Funds, a “Tradable Fund” and collectively, the “Tradable Funds.”

Security Investors, LLC (“Security Investors” or the “Adviser”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as investment adviser to each of the Funds pursuant to an investment advisory agreement between the Trust, with respect to the Funds, and Security Investors (the “Advisory Agreement”). (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 and other affiliated investment management businesses of Guggenheim Partners.)

Under the supervision of the Board of Trustees of the Trust (the “Board,” with the members of the Board referred to individually as the “Trustees”), the Adviser regularly provides investment research, advice and supervision, along with a continuous investment program for the Funds, and directs the purchase and sale of securities and other investments for each Fund’s portfolio.

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) casting votes in person at a meeting called for such purpose. At meetings held in person on April 19, 2022 (the “April Meeting”) and on May 24-25, 2022 (the “May Meeting”), the members of 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 in connection with the Committee’s annual contract review schedule.

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 reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with

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OTHER INFORMATION (Unaudited)(continued)

peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Tradable Fund is designed to provide such tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds and the Real Estate Fund, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds and the Real Estate Fund. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Independent Trustees. 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 Guggenheim funds 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 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.

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, the funds in the Guggenheim fund complex, including the Funds. The Committee also noted that as of March 31, 2022, Security Investors had entered into a Macroeconomic Services Agreement, at no fee, with another Guggenheim affiliate, Guggenheim Partners Advisors, LLC, to receive certain global and sector macroeconomic analysis and insight along with other guidance.

The Committee’s review of the services provided by Guggenheim to the Funds included consideration of Guggenheim’s investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, and 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. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2021, 2020 and 2019. 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

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OTHER INFORMATION (Unaudited)(continued)

or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee also 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. With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector or market, and corporate actions such as spin-offs, among other adjustments.

In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), established to oversee the fund administration, accounting and transfer agency services provided to the Funds and other Guggenheim funds, 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.

The Committee also considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, including the Committee’s knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2021, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2021, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. For the Tradable Funds (other than U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2021, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain updated performance information as of March 31, 2022 and April 30, 2022.

With respect to the Tradable Funds (other than U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances in which 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, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary drivers of performance differences. In this connection, the Committee considered the tracking error of each Fund’s Class H

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OTHER INFORMATION (Unaudited)(continued)

shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points), as applicable, of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2021, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund outperformed the comparable peer fund over the five-year period ended December 31, 2021, although its performance ranked in the fourth quartile of the broader peer group over the one-, three- and five-year time periods.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining the underperformance, as applicable, of such Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2021, relative to their respective peer groups, attributing such underperformance to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that each Funds’ returns ranked in the third quartile or better of its performance universe for each of the relevant periods considered.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that each Fund’s performance was acceptable.

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, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. 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.

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.

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OTHER INFORMATION (Unaudited)(continued)

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 and certain other clients with respect to Long Short Equity Fund, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds’ advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund’s Class H shares, except for the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund. The Committee also noted management’s agreement as a part of the annual contract renewal process to (1) apply a 0.05% contractual advisory fee waiver for 13 Funds² in the Trust from August 1, 2022 through August 1, 2023; and (2) to implement a 0.05% breakpoint at $500 million in assets for the NASDAQ-100 Fund. The Committee further considered that based on these changes, management represented that all Fund advisory fees would be below those of the directly comparable peers and its belief that these Funds would continue to provide a strong value proposition for advisers and their clients.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee and total net expense ratio are higher than those of the comparable peer fund, but noted management’s statement that it believes that the peer fund’s unique structural arrangement of investing in a master portfolio managed by an unaffiliated investment adviser may result in the peer fund’s stated advisory fees being understated.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds’ structure and the portfolio management needed to meet client requirements.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of each Fund’s peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2021, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of 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.

² Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund, and Weakening Dollar 2x Strategy Fund.

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OTHER INFORMATION (Unaudited)(continued)

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. 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 representation 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 Meeting, as well as other considerations, the Committee concluded that that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds were appropriate 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 overall expenses increased in 2021, which was primarily due to increased expenses in many key areas, including compensation of portfolio managers, key analysts and support staff, as well as for infrastructure needs, with respect to risk management oversight, valuation processes and disaster recovery systems, among other things.

With respect to the Tradable Funds, the Committee noted that, with the exception of the new breakpoint adopted for the NASDAQ-100 Fund, the applicable breakpoint level for the Funds is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds exceed $10 billion.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for an Alternative Fund (i.e., a non-Tradable Fund), with consideration given to, among other things: (i) the Fund’s size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profit level margins; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund’s investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee also 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 the May Meeting, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation 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 his or her informed business judgment, may afford different weights to different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended, and the Board approved, the renewal of the Advisory Agreement for an additional annual term.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Member, Board of Directors, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - continued
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2005-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INTERESTED TRUSTEE
Amy J. Lee**** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2019	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Adviser and/or the parent of the Adviser.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2019	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and President of Mutual Funds Boards, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since August 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (August 2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-August 2022); Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2017	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2018	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2016	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2019	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. (“HGINA”), (2017); Senior Analyst of US Fund Administration, HGINA (2014–2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

82 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 83

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

84 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

In compliance with SEC Rule 22e-4 under the U.S. Investment Company Act of 1940 (the “Liquidity Rule”), the Rydex Series Funds (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund” and, collectively, the “Funds”). The Trust’s Board of Trustees (the “Board”) has also designated a Program administrator (the “Administrator”).

The Liquidity Rule requires that the Program be reasonably designed to assess and manage each Fund’s liquidity risk. A Fund’s “liquidity risk” (as defined in the Liquidity Rule) is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Program includes a number of elements that support the assessment, management and periodic review of liquidity risk. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, short-term and long-term cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. There is no guarantee that the Program will achieve its objective under all circumstances.

Under the Program, each Fund portfolio investment is classified into one of four liquidity categories. The classification is based on a determination of the number of days a Fund reasonably expects to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Program is reasonably designed to meet Liquidity Rule requirements relating to “highly liquid investment minimums” (i.e., the minimum amount of a Fund’s net assets to be invested in highly liquid investments that are assets) and to monitor compliance with the Liquidity Rule’s limitations on a Fund’s investments in “illiquid investments” (as defined in the Liquidity Rule). Under the Liquidity Rule, a Fund is prohibited from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

During the period covered by this shareholder report, the Board received a written report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from March 31, 2021 to March 31, 2022. The Report summarized the Administrator’s assessment of the Program’s implementation and concluded that the Program operated effectively, the Program had been and continued to be reasonably designed to assess and manage each Fund’s liquidity risk, and the Program has been adequately and effectively implemented to monitor and respond to the Funds’ liquidity developments, as applicable.

Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 85

9.30.2022

Rydex Funds Semi-Annual Report

Domestic Equity Fund

NASDAQ-100^® Fund

GuggenheimInvestments.com ROTC-SEMI-0922x0323

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
ABOUT SHAREHOLDERS’ FUND EXPENSES	6
NASDAQ-100® FUND	9
NOTES TO FINANCIAL STATEMENTS	25
OTHER INFORMATION	41
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	53
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	62
LIQUIDITY RISK MANAGEMENT PROGRAM	66

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2022

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for NASDAQ-100^® Fund (the “Fund”). This report covers performance for the six-month period ended September 30, 2022.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Security Investors, LLC

October 31, 2022

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses, and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/ or legal professional regarding your specific situation.

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 2022

The Nasdaq-100^® Fund may not be suitable for all investors. ● Investing in the NASDAQ-100^® Fund involves certain risks, which may include increased volatility due to the use of futures and the possibility that companies in which the Fund invests may not be commercially successful or may become obsolete more quickly. ● There are no assurances that any Rydex Fund will achieve its objective and/or strategy. This Fund is subject to active trading and tracking error risks, which may increase volatility, impact the Fund’s ability to achieve its investment objective and may decrease the Fund’s performance. ● This Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a more diversified fund. ● For more on these and other risks, please read the prospectus.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2022

Equity and fixed income markets declined during the six-month period ended September 30, 2022, amid continued market volatility, Federal Reserve policy, and global economic headwinds.

The Federal Reserve (the “Fed”) has abandoned talk of a soft or even “softish” landing, with the latest Summary of Economic Projections pointing to a 90-basis-point rise in the unemployment rate, an increase never before experienced without a recession. One basis point equals 0.01%. The seemingly endless string of upside inflation surprises has cemented the Fed’s view that the labor market needs to soften and economic activity needs to weaken further, which could require interest rates heading even higher.

Signs are indicating that the economy is heading in the direction the Fed wants. While gross domestic product (“GDP”) rebounded in the third quarter of 2022 to an inflation-adjusted 2.6%, private domestic demand (consumption and fixed investment) continued to slow, growing just 0.1%. The slowdown was led by a significant contraction in housing activity, historically the first sector to be hit by rising rates, cutting about 1.4 percentage points from GDP’s growth rate. The sharp tightening in financial conditions indicates a broader economic slowdown is ahead, which may help to loosen up the labor market. Signs of a labor market slowdown are already evident, with monthly job growth at less than half the pace of early 2022, wage growth cooling, and job openings falling sharply.

Inflation remains high, but a variety of factors point to a substantial moderation in 2023. Goods prices have stopped rising, and supply chain improvement and input and import costs suggest outright deflation could lie ahead. Services inflation is now the main price stability concern, but even the Bureau of Labor Statistics and several Fed speakers have acknowledged that the lagged data on home rental prices doesn’t reflect the sharp slowdown in market rents that has taken place (and that would start to show up in the data next year).

With the economy cooling and inflation likely to fall, it is fair to expect that rate hikes are nearly coming to an end, particularly with rising strains in financial markets and overseas. But having been repeatedly burned by expectations that inflation would cool and fearing a replay of the “stop-start” rate hike campaigns of the 1970s, the Fed will likely err on the side of overdoing it with rate hikes, viewing a recession as the “least bad” outcome for the economy.

For the six-month period ended September 30, 2022, the S&P 500^® Index* returned -20.20%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -22.51%. The return of the MSCI Emerging Markets Index* was -21.70%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -9.22% return for the six-month period, while the Bloomberg U.S. Corporate High Yield Index* returned -10.41%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 0.57% for the six-month period.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 2022

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

NASDAQ-100^® Index includes 100 of the largest domestic and international non-financial securities listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2022 and ending September 30, 2022.

The following tables illustrate the Fund’s costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Fund’s expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s prospectus.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2022		Ending Account Value September 30, 2022		Expenses Paid During Period2
Table 1. Based on actual Fund return3
Investor Class		1.27	%		(26.31	%)	$	1,000.00	$	736.90	$	5.53
A-Class		1.52	%		(26.39	%)		1,000.00		736.10		6.62
C-Class		2.27	%		(26.68	%)		1,000.00		733.20		9.86
H-Class		1.52	%		(26.40	%)		1,000.00		736.00		6.61
Table 2. Based on hypothetical 5% return (before expenses)
Investor Class		1.27	%		5.00	%	$	1,000.00	$	1,018.70	$	6.43
A-Class		1.52	%		5.00	%		1,000.00		1,017.45		7.69
C-Class		2.27	%		5.00	%		1,000.00		1,013.69		11.46
H-Class		1.52	%		5.00	%		1,000.00		1,017.45		7.69

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2022 to September 30, 2022.

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

NASDAQ-100^® FUND

OBJECTIVE: Seeks to provide investment results that correspond, before fees and expenses, to a benchmark for over-the-counter securities on a daily basis. The Fund’s current benchmark is the NASDAQ-100^® Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Inception Dates:
Investor Class	February 14, 1994
A-Class	March 31, 2004
C-Class	March 26, 2001
H-Class	September 18, 2014

Ten Largest Holdings (% of Total Net Assets)
Apple, Inc.	12.6%
Microsoft Corp.	9.9%
Amazon.com, Inc.	6.5%
Tesla, Inc.	4.7%
Alphabet, Inc. — Class C	3.4%
Alphabet, Inc. — Class A	3.3%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.6%
Meta Platforms, Inc. — Class A	2.6%
NVIDIA Corp.	2.4%
PepsiCo, Inc.	2.1%
Top Ten Total	50.1%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(26.31%)	(25.80%)	12.39%	14.39%
A-Class Shares	(26.39%)	(25.99%)	12.11%	14.09%
A-Class Shares with sales charge‡	(29.89%)	(29.50%)	11.03%	13.54%
C-Class Shares	(26.68%)	(26.55%)	11.27%	13.25%
C-Class Shares with CDSC§	(27.41%)	(27.24%)	11.27%	13.25%
NASDAQ-100 Index	(25.74%)	(24.72%)	13.95%	15.91%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(26.40%)	(25.98%)	12.11%	12.39%
NASDAQ-100 Index	(25.74%)	(24.72%)	13.95%	14.20%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The NASDAQ-100 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
NASDAQ-100® FUND

	Shares		Value
COMMON STOCKS† - 94.8%
Technology - 43.3%
Apple, Inc.		1,016,893	$	140,534,613
Microsoft Corp.		471,905		109,906,674
NVIDIA Corp.		221,734		26,916,290
Broadcom, Inc.		42,514		18,876,641
Texas Instruments, Inc.		95,920		14,846,498
Adobe, Inc.*		49,130		13,520,576
QUALCOMM, Inc.		117,892		13,319,438
Intuit, Inc.		29,612		11,469,320
Intel Corp.		431,045		11,108,030
Advanced Micro Devices, Inc.*		169,470		10,737,619
Analog Devices, Inc.		53,995		7,523,663
Applied Materials, Inc.		90,315		7,399,508
Fiserv, Inc.*		67,143		6,282,571
Activision Blizzard, Inc.		82,126		6,105,247
Micron Technology, Inc.		115,807		5,801,931
Lam Research Corp.		14,381		5,263,446
Synopsys, Inc.*		16,052		4,904,047
Cadence Design Systems, Inc.*		28,751		4,698,776
KLA Corp.		14,886		4,504,950
Paychex, Inc.		37,783		4,239,630
Autodesk, Inc.*		22,661		4,233,075
Fortinet, Inc.*		82,778		4,066,883
NXP Semiconductor N.V.		27,567		4,066,408
Marvell Technology, Inc.		89,505		3,840,660
ASML Holding N.V. — Class G		9,038		3,753,933
Crowdstrike Holdings, Inc. — Class A*		22,553		3,716,960
Microchip Technology, Inc.		57,999		3,539,679
Electronic Arts, Inc.		29,189		3,377,459
Workday, Inc. — Class A*		21,101		3,211,994
Atlassian Corporation plc — Class A*		15,211		3,203,284
Cognizant Technology Solutions Corp. — Class A		54,357		3,122,266
Datadog, Inc. — Class A*		30,530		2,710,453
Zscaler, Inc.*		14,893		2,447,962
ANSYS, Inc.*		9,140		2,026,338
Zoom Video Communications, Inc. — Class A*		26,347		1,938,876
Skyworks Solutions, Inc.		16,843		1,436,203
NetEase, Inc. ADR		17,048		1,288,829
Splunk, Inc.*		17,080		1,284,416
DocuSign, Inc.*		20,990		1,122,335
Total Technology				482,347,481
Communications - 25.0%
Amazon.com, Inc.*		644,627		72,842,851
Alphabet, Inc. — Class C*		389,970		37,495,616
Alphabet, Inc. — Class A*		379,403		36,289,897
Meta Platforms, Inc. — Class A*		216,091		29,319,227
T-Mobile US, Inc.*		131,648		17,663,212
Cisco Systems, Inc.		434,715		17,388,600
Comcast Corp. — Class A		462,307		13,559,464
Netflix, Inc.*		46,685		10,991,516
Booking Holdings, Inc.*		4,168		6,848,899
Palo Alto Networks, Inc.*		31,379		5,139,566
Charter Communications, Inc. — Class A*		16,865		5,115,998
Airbnb, Inc. — Class A*		41,904		4,401,596
MercadoLibre, Inc.*		5,284		4,373,990

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
NASDAQ-100® FUND

	Shares		Value
Pinduoduo, Inc. ADR*		49,139	$	3,075,119
JD.com, Inc. ADR		52,976		2,664,693
Sirius XM Holdings, Inc.1		408,812		2,334,317
Baidu, Inc. ADR*		19,108		2,244,999
eBay, Inc.		57,672		2,122,906
VeriSign, Inc.*		11,262		1,956,209
Match Group, Inc.*		29,708		1,418,557
Okta, Inc.*		15,831		900,309
Total Communications				278,147,541
Consumer, Non-cyclical - 12.8%
PepsiCo, Inc.		144,862		23,650,170
Amgen, Inc.		56,157		12,657,788
PayPal Holdings, Inc.*		121,406		10,449,414
Automatic Data Processing, Inc.		43,621		9,866,634
Gilead Sciences, Inc.		131,578		8,117,047
Mondelez International, Inc. — Class A		143,881		7,888,995
Vertex Pharmaceuticals, Inc.*		26,923		7,795,285
Regeneron Pharmaceuticals, Inc.*		11,253		7,751,854
Intuitive Surgical, Inc.*		37,489		7,026,938
Keurig Dr Pepper, Inc.		148,662		5,325,073
Moderna, Inc.*		41,068		4,856,291
Monster Beverage Corp.*		55,312		4,809,932
Kraft Heinz Co.		128,646		4,290,344
Cintas Corp.		10,713		4,158,680
Biogen, Inc.*		15,234		4,067,478
AstraZeneca plc ADR		62,132		3,407,319
Dexcom, Inc.*		41,213		3,319,295
Illumina, Inc.*		16,513		3,150,515
IDEXX Laboratories, Inc.*		8,740		2,847,492
Verisk Analytics, Inc. — Class A		16,478		2,809,993
Seagen, Inc.*		19,362		2,649,303
Align Technology, Inc.*		8,200		1,698,302
Total Consumer, Non-cyclical				142,594,142
Consumer, Cyclical - 10.5%
Tesla, Inc.*		196,663		52,164,861
Costco Wholesale Corp.		46,502		21,961,500
Starbucks Corp.		120,453		10,149,370
Marriott International, Inc. — Class A		34,071		4,774,710
O’Reilly Automotive, Inc.*		6,647		4,675,167
Lululemon Athletica, Inc.*		12,842		3,590,109
Dollar Tree, Inc.*		23,509		3,199,575
Ross Stores, Inc.		36,735		3,095,658
PACCAR, Inc.		36,503		3,054,936
Walgreens Boots Alliance, Inc.		90,729		2,848,891
Fastenal Co.		60,329		2,777,547
Copart, Inc.*		24,951		2,654,786
Lucid Group, Inc.*,1		176,137		2,460,634
Total Consumer, Cyclical				117,407,744
Industrial - 1.9%
Honeywell International, Inc.		70,724		11,808,787
CSX Corp.		224,786		5,988,299
Old Dominion Freight Line, Inc.		11,734		2,919,067
Total Industrial				20,716,153
Utilities - 1.3%
American Electric Power Company, Inc.		53,931		4,662,335
Exelon Corp.		104,292		3,906,778
Xcel Energy, Inc.		57,423		3,675,072

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
NASDAQ-100® FUND

	Shares		Value
Constellation Energy Corp.		34,289	$	2,852,502
Total Utilities				15,096,687
Total Common Stocks
(Cost $358,378,029)				1,056,309,748
MUTUAL FUNDS† - 4.7%
Guggenheim Ultra Short Duration Fund — Institutional Class2		3,064,684		29,390,320
Guggenheim Strategy Fund II2		575,584		13,796,760
Guggenheim Strategy Fund III2		370,504		8,899,501
Total Mutual Funds
(Cost $54,178,710)				52,086,581
	Face Amount
U.S. TREASURY BILLS†† - 0.6%
U.S. Treasury Bills
1.34% due 10/04/223	$	3,872,000		3,871,740
2.70% due 11/08/223,4		1,802,000		1,797,119
1.78% due 10/04/223,5		1,500,000		1,499,899
Total U.S. Treasury Bills
(Cost $7,168,097)				7,168,758
REPURCHASE AGREEMENTS††,6 - 1.0%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/225		6,599,499		6,599,499
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/225		2,538,269		2,538,269
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/225		2,463,138		2,463,138
Total Repurchase Agreements
(Cost $11,600,906)				11,600,906
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.3%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%8		3,121,699		3,121,699
Total Securities Lending Collateral
(Cost $3,121,699)				3,121,699
Total Investments - 101.4%
(Cost $434,447,441)			$	1,130,287,692
Other Assets & Liabilities, net - (1.4)%				(15,938,672	)
Total Net Assets - 100.0%			$	1,114,349,020

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 13

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
NASDAQ-100® FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		99		Dec 2022	$	21,840,390	$	(3,252,870	)

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††

Goldman Sachs International

NASDAQ-100 Index

Pay

3.63% (Federal Funds Rate + 0.55%)

At Maturity

11/17/22

821

$

9,004,649

$

(149,407

)

Barclays Bank plc

NASDAQ-100 Index

Pay

3.46% (SOFR + 0.50%)

At Maturity

11/16/22

1,268

13,908,085

(688,975

)

BNP Paribas

NASDAQ-100 Index

Pay

3.73% (Federal Funds Rate + 0.65%)

At Maturity

11/17/22

1,240

13,606,429

(1,060,674

)

$

36,519,163

$

(1,899,056

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
NASDAQ-100® FUND

*	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 on loan at September 30, 2022 — See Note 7.
2	Affiliated issuer.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at September 30, 2022.
5	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of September 30, 2022.
	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, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	1,056,309,748	$	—	$	—	$	1,056,309,748
Mutual Funds		52,086,581		—		—		52,086,581
U.S. Treasury Bills		—		7,168,758		—		7,168,758
Repurchase Agreements		—		11,600,906		—		11,600,906
Securities Lending Collateral		3,121,699		—		—		3,121,699
Total Assets	$	1,111,518,028	$	18,769,664	$	—	$	1,130,287,692

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	3,252,870	$	—	$	—	$	3,252,870
Equity Index Swap Agreements**		—		1,899,056		—		1,899,056
Total Liabilities	$	3,252,870	$	1,899,056	$	—	$	5,151,926

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 15

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
NASDAQ-100® FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
Mutual Funds
Guggenheim Strategy Fund II	$	14,130,599	$	—	$	—	$	—	$	(333,839	)
Guggenheim Strategy Fund III		9,129,213		—		—		—		(229,712	)
Guggenheim Ultra Short Duration Fund — Institutional Class		30,003,257		—		—		—		(612,937	)
	$	53,263,069	$	—	$	—	$	—	$	(1,176,488	)

Security Name	Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	13,796,760		575,584	$	181,721
Guggenheim Strategy Fund III		8,899,501		370,504		118,364
Guggenheim Ultra Short Duration Fund — Institutional Class		29,390,320		3,064,684		304,077
	$	52,086,581			$	604,162

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

NASDAQ-100^® FUND

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value - including $2,985,982 of securities loaned (cost $368,667,825)	$	1,066,600,205
Investments in affiliated issuers, at value(cost $54,178,710)		52,086,581
Repurchase agreements, at value (cost $11,600,906)		11,600,906
Receivables:
Fund shares sold		377,162
Dividends		369,432
Securities lending income		20,752
Interest		950
Total assets		1,131,055,988
Liabilities:
Unrealized depreciation on OTC swap agreements		1,899,056
Payable for:
Swap settlement		7,734,471
Return of securities lending collateral		3,121,699
Fund shares redeemed		941,860
Management fees		724,954
Transfer agent and administrative fees		420,957
Variation margin on futures contracts		391,545
Portfolio accounting/administration fees		116,518
Distribution and service fees		80,494
Trustees’ fees*		18,075
Miscellaneous		1,257,339
Total liabilities		16,706,968
Net assets	$	1,114,349,020
Net assets consist of:
Paid in capital		393,613,903
Total distributable earnings (loss)		720,735,117
Net assets	$	1,114,349,020
Investor Class:
Net assets	$	968,217,223
Capital shares outstanding		19,210,755
Net asset value per share	$	50.40
A-Class:
Net assets	$	53,802,764
Capital shares outstanding		1,184,948
Net asset value per share	$	45.41
Maximum offering price per share (Net asset value divided by 95.25%)	$	47.67
C-Class:
Net assets	$	70,334,476
Capital shares outstanding		1,869,157
Net asset value per share	$	37.63
H-Class:
Net assets	$	21,994,557
Capital shares outstanding		484,531
Net asset value per share	$	45.39

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 17

STATEMENT OF OPERATIONS (Unaudited)

NASDAQ-100^® FUND

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $6,998)	$	5,550,187
Dividends from securities of affiliated issuers		604,162
Interest		141,665
Income from securities lending, net		140,326
Total investment income		6,436,340
Expenses:
Management fees		4,944,446
Distribution and service fees:
A-Class		78,073
C-Class		426,606
H-Class		31,735
Transfer agent and administrative fees		1,582,774
Portfolio accounting/administration fees		559,648
Professional fees		275,573
Trustees’ fees*		110,808
Custodian fees		97,488
Interest expense		199
Line of credit fees		51
Miscellaneous		985,665
Total expenses		9,093,066
Less:
Expenses waived by Adviser		(37,265	)
Net expenses		9,055,801
Net investment loss		(2,619,461	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		7,803,850
Swap agreements		(13,845,346	)
Futures contracts		(10,725,148	)
Net realized loss		(16,766,644	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(391,934,452	)
Investments in affiliated issuers		(1,176,488	)
Swap agreements		(4,190,509	)
Futures contracts		(4,837,829	)
Net change in unrealized appreciation (depreciation)		(402,139,278	)
Net realized and unrealized loss		(418,905,922	)
Net decrease in net assets resulting from operations	$	(421,525,383	)

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

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

STATEMENTS OF CHANGES IN NET ASSETS

NASDAQ-100^® FUND

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(2,619,461	)	$	(10,957,538	)
Net realized gain (loss) on investments		(16,766,644	)		149,639,590
Net change in unrealized appreciation (depreciation) on investments		(402,139,278	)		34,452,704
Net increase (decrease) in net assets resulting from operations		(421,525,383	)		173,134,756
Distributions to shareholders:
Investor Class		—			(75,911,645	)
A-Class		—			(3,942,595	)
C-Class		—			(7,123,551	)
H-Class		—			(2,360,990	)
Total distributions to shareholders		—			(89,338,781	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		485,278,943			1,510,249,831
A-Class		5,863,191			17,597,319
C-Class		3,178,758			11,514,616
H-Class		21,094,016			45,085,284
Distributions reinvested
Investor Class		—			73,332,408
A-Class		—			3,701,171
C-Class		—			6,735,371
H-Class		—			2,360,682
Cost of shares redeemed
Investor Class		(575,572,566	)		(1,620,402,111	)
A-Class		(6,636,736	)		(21,167,480	)
C-Class		(11,899,096	)		(33,225,427	)
H-Class		(19,366,061	)		(42,019,635	)
Net decrease from capital share transactions		(98,059,551	)		(46,237,971	)
Net increase (decrease) in net assets		(519,584,934	)		37,558,004
Net assets:
Beginning of period		1,633,933,954			1,596,375,950
End of period	$	1,114,349,020		$	1,633,933,954

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 19

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

NASDAQ-100^® FUND

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Capital share activity:
Shares sold
Investor Class		8,088,160			21,260,182
A-Class		111,518			270,827
C-Class		71,979			216,441
H-Class		388,313			697,477
Shares issued from reinvestment of distributions
Investor Class		—			983,140
A-Class		—			54,971
C-Class		—			119,975
H-Class		—			35,072
Shares redeemed
Investor Class		(9,705,769	)		(23,276,211	)
A-Class		(129,019	)		(334,683	)
C-Class		(276,537	)		(627,691	)
H-Class		(372,049	)		(690,083	)
Net decrease in shares		(1,823,404	)		(1,290,583	)

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

FINANCIAL HIGHLIGHTS

NASDAQ-100^® FUND

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.

Investor Class	Six Months Ended Sept. 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	68.39		$	63.43		$	39.68		$	38.39		$	34.94		$	30.68
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(.37	)		(.28	)		(.08	)		(.05	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		(17.90	)		8.70			26.64			2.21			4.11			6.35
Total from investment operations		(17.99	)		8.33			26.36			2.13			4.06			6.30
Less distributions from:
Net realized gains		—			(3.37	)		(2.61	)		(.84	)		(.61	)		(2.04	)
Total distributions		—			(3.37	)		(2.61	)		(.84	)		(.61	)		(2.04	)
Net asset value, end of period	$	50.40		$	68.39		$	63.43		$	39.68		$	38.39		$	34.94
Total Return		(26.31	%)		12.69	%		66.78	%		5.40	%		11.79	%		20.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	968,217		$	1,424,456		$	1,386,721		$	888,189		$	979,675		$	926,146
Ratios to average net assets:
Net investment income (loss)		(0.31	%)		(0.53	%)		(0.50	%)		(0.19	%)		(0.14	%)		(0.14	%)
Total expensesc		1.28	%		1.25	%		1.33	%		1.37	%		1.36	%		1.28	%
Net expensesd		1.27	%		1.24	%		1.33	%		1.37	%		1.36	%		1.28	%
Portfolio turnover rate		17	%		44	%		57	%		54	%		32	%		48	%

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 21

FINANCIAL HIGHLIGHTS (continued)

NASDAQ-100^® FUND

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.

A-Class	Six Months Ended Sept. 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	61.69		$	57.63		$	36.29		$	35.26		$	32.22		$	28.49
Income (loss) from investment operations:
Net investment income (loss)b		(.15	)		(.50	)		(.39	)		(.17	)		(.13	)		(.12	)
Net gain (loss) on investments (realized and unrealized)		(16.13	)		7.93			24.34			2.04			3.78			5.89
Total from investment operations		(16.28	)		7.43			23.95			1.87			3.65			5.77
Less distributions from:
Net realized gains		—			(3.37	)		(2.61	)		(.84	)		(.61	)		(2.04	)
Total distributions		—			(3.37	)		(2.61	)		(.84	)		(.61	)		(2.04	)
Net asset value, end of period	$	45.41		$	61.69		$	57.63		$	36.29		$	35.26		$	32.22
Total Returne		(26.39	%)		12.40	%		66.37	%		5.14	%		11.51	%		20.44	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	53,803		$	74,179		$	69,808		$	41,054		$	59,021		$	52,257
Ratios to average net assets:
Net investment income (loss)		(0.56	%)		(0.78	%)		(0.75	%)		(0.44	%)		(0.38	%)		(0.39	%)
Total expensesc		1.53	%		1.50	%		1.58	%		1.62	%		1.61	%		1.53	%
Net expensesd		1.52	%		1.49	%		1.58	%		1.62	%		1.61	%		1.53	%
Portfolio turnover rate		17	%		44	%		57	%		54	%		32	%		48	%

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

FINANCIAL HIGHLIGHTS (continued)

NASDAQ-100^® FUND

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.

C-Class	Six Months Ended Sept. 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	51.32		$	48.76		$	31.18		$	30.64		$	28.29		$	25.41
Income (loss) from investment operations:
Net investment income (loss)b		(.29	)		(.82	)		(.66	)		(.39	)		(.34	)		(.32	)
Net gain (loss) on investments (realized and unrealized)		(13.40	)		6.75			20.85			1.77			3.30			5.24
Total from investment operations		(13.69	)		5.93			20.19			1.38			2.96			4.92
Less distributions from:
Net realized gains		—			(3.37	)		(2.61	)		(.84	)		(.61	)		(2.04	)
Total distributions		—			(3.37	)		(2.61	)		(.84	)		(.61	)		(2.04	)
Net asset value, end of period	$	37.63		$	51.32		$	48.76		$	31.18		$	30.64		$	28.29
Total Returne		(26.68	%)		11.57	%		65.17	%		4.31	%		10.70	%		19.57	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	70,334		$	106,419		$	115,315		$	80,633		$	85,274		$	85,149
Ratios to average net assets:
Net investment income (loss)		(1.31	%)		(1.53	%)		(1.50	%)		(1.19	%)		(1.14	%)		(1.15	%)
Total expensesc		2.28	%		2.25	%		2.33	%		2.37	%		2.36	%		2.28	%
Net expensesd		2.27	%		2.24	%		2.33	%		2.37	%		2.36	%		2.28	%
Portfolio turnover rate		17	%		44	%		57	%		54	%		32	%		48	%

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 23

FINANCIAL HIGHLIGHTS (concluded)

NASDAQ-100^® FUND

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.

H-Class	Six Months Ended Sept. 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	61.67		$	57.61		$	36.28		$	35.26		$	32.22		$	28.49
Income (loss) from investment operations:
Net investment income (loss)b		(.14	)		(.51	)		(.38	)		(.16	)		(.13	)		(.12	)
Net gain (loss) on investments (realized and unrealized)		(16.14	)		7.94			24.32			2.02			3.78			5.89
Total from investment operations		(16.28	)		7.43			23.94			1.86			3.65			5.77
Less distributions from:
Net realized gains		—			(3.37	)		(2.61	)		(.84	)		(.61	)		(2.04	)
Total distributions		—			(3.37	)		(2.61	)		(.84	)		(.61	)		(2.04	)
Net asset value, end of period	$	45.39		$	61.67		$	57.61		$	36.28		$	35.26		$	32.22
Total Return		(26.40	%)		12.41	%		66.36	%		5.11	%		11.51	%		20.49	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21,995		$	28,879		$	24,532		$	23,777		$	46,276		$	64,483
Ratios to average net assets:
Net investment income (loss)		(0.53	%)		(0.79	%)		(0.75	%)		(0.43	%)		(0.37	%)		(0.37	%)
Total expensesc		1.53	%		1.50	%		1.59	%		1.62	%		1.61	%		1.53	%
Net expensesd		1.52	%		1.49	%		1.59	%		1.62	%		1.61	%		1.53	%
Portfolio turnover rate		17	%		44	%		57	%		54	%		32	%		48	%

a	Unaudited figures for the period ended September 30, 2022. 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	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate 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 seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class 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%. A-Class 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. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class 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 A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2022, the Trust consisted of fifty-two funds (the “Funds”).

This report covers the NASDAQ-100^® Fund (the “Fund”), a non-diversified investment company.

At September 30, 2022, A-Class, C-Class, Investor Class and H-Class shares have been issued by the Fund.

The Fund is designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offers unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Fund to experience high portfolio turnover.

Security Investors, LLC (the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Significant Accounting Policies

The Fund operates as an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 25

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 Class of the Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments and/or other assets. As the Fund’s valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Fund’s securities and/or other assets.

Valuations of the Fund’s securities and other assets are supplied primarily by 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 for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly review the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.

If the 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 National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall 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.

26 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date.

U.S. Government securities are valued by independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

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 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 pricing service.

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

The value of futures contracts are valued on the basis of the last sale price at the 4:00 p.m. price 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 would provide a more accurate valuation

The value of swap agreements entered into by the Fund are generally valued using an evaluated price provided by a third party pricing vendor.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 27

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(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 Schedule of Investments reflect the effective rates paid at the time of purchase by the Fund. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

(c) Futures Contracts

Upon entering into a futures contract, the Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

(d) Swap Agreements

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

(e) Foreign Taxes

The Fund 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 Fund invests. These foreign taxes, if any, are paid by the Fund and reflected in its Statement 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, 2022, if any, are disclosed in the Fund’s Statement 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 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

28 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific 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 Fund may leave cash overnight in its cash account with the custodian. Periodically, the 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 3.08% at September 30, 2022.

(j) Indemnifications

Under the Fund’s organizational documents, its Trustees and Officers 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 Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

Note 2 – Derivatives

As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Statement 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 29

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 to increase investment flexibility (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 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 Fund utilized derivatives for the following purposes:

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

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

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 Statement of Assets and Liabilities; securities held as collateral are noted on the Schedule of Investments.

The following table represents the Fund’s use and volume of futures on a monthly basis:

	Average Notional Amount
Use	Long
Index exposure, Liquidity	$	36,657,214

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 OTC swaps, the 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

30 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, the 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 Fund’s use and volume of total return swaps on a monthly basis:

	Average Notional Amount
Use	Long
Index exposure, Liquidity	$	37,327,278

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Fund’s Statement of Assets and Liabilities as of September 30, 2022:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity contracts	—	Variation margin on futures contracts
	—	Unrealized depreciation on OTC swap agreements

The following tables set forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at September 30, 2022:

Liability Derivative Investments Value
	Futures Equity Risk*		Swaps Equity Risk		Total Value at September 30, 2022
	$	3,252,870	$	1,899,056	$	5,151,926

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

* Includes cumulative appreciation (depreciation) of futures contracts as reported on the Schedule of Investments. For exchange-traded derivatives, variation margin is reported within the Statement of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the period ended September 30, 2022:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

The following is a summary of the Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure for the period ended September 30, 2022:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk			Swaps Equity Risk			Total
	$	(10,725,148	)	$	(13,845,346	)	$	(24,570,494	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk			Swaps Equity Risk			Total
	$	(4,837,829	)	$	(4,190,509	)	$	(9,028,338	)

In conjunction with the use of derivative instruments, the Fund is required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Fund uses margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Fund 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.

32 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 3 – Offsetting

In the normal course of business, the Fund enters into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Fund to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its 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 Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Statement 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 Fund 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 Fund, 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 Fund, 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 Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 33

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following table presents derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Swap equity contracts	$	1,899,056	$	—	$	1,899,056	$	(1,899,056	)	$	—	$	—

¹ Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Fund would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades,

34 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 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 Fund pays GI investment advisory fees calculated at an annualized rate of 0.75% of the average daily net assets of the Fund.

When the aggregate assets of each series of the Trust (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by the Fund (excluding the Long Short Equity Fund, 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 a Distribution Plan applicable to A-Class and P-Class shares and H-Class 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 Fund 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 Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares that allows the Fund to pay annual distribution and service fees of 1.00% of the Fund’s C-Class 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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2022, GFD retained sales charges of $55,036 relating to sales of A-Class shares of the Trust.

If the Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended September 30, 2022, the Fund waived $37,265 related to investments in affiliated funds.

The Board has adopted a waiver and/or expense reimbursement arrangement for the Fund whereby GI has agreed to waive and/or reimburse expenses 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 was effective on August 1, 2022 and the end of the initial term is August 1, 2023. 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.

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 Fund’s administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Fund’s securities and cash. U.S. Bank, N.A. (“U.S. Bank”) acts as the Fund’s custodian. As custodian, U.S. Bank is responsible for the custody of the Fund’s assets. For providing the aforementioned services, MUIS and U.S. Bank are entitled to receive a monthly fee equal to an annual percentage of the Fund’s average daily net assets and out of pocket expenses.

Note 6 – Repurchase Agreements

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2022, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
2.97%					0.75%
Due 10/03/22	$	135,693,328	$	135,726,912	Due 08/31/26	$	157,165,800	$	138,407,205
BofA Securities, Inc.					U.S. Treasury Note
2.91%					0.88%
Due 10/03/22		52,189,742		52,202,398	Due 11/15/30		66,285,100		53,233,580
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
2.92%					1.00%
Due 10/03/22		50,644,966		50,657,290	Due 02/15/46		32,719,353		26,831,244
					U.S. Treasury Inflation Indexed Bond
					0.13%
					Due 10/15/25		26,181,251		24,826,653
							58,900,604		51,657,897

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 Fund may lend its securities to approved brokers to earn additional income. Security lending income shown on the Statement 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 Fund acts as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Fund receives cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Fund’s securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund — Class X. The Fund bears 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 Fund the next business day. Although the collateral mitigates the risk, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Fund has

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2022, the Fund participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

Gross Amounts Not Offset in the Statement of Assets and Liabilities							Securities Lending Collateral
Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested		Cash Collateral Uninvested		Total Collateral
$	2,985,982	$	(2,985,982	)	$	—	$	3,121,699	$	—	$	3,121,699

^(a) Actual collateral received by the Fund is generally greater than the amount shown due to over-collateralization.

In the event of counterparty default, the Fund has the right to collect the collateral to offset losses incurred. There is potential loss to the Fund in the event the Fund is delayed or prevented from exercising its right 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 Fund seeks to assert its rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 8 – Federal Income Tax Information

The Fund intends to comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Fund 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 Fund’s 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 Fund’s 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 Fund’s financial statements. The Fund’s U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

38 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2022, 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:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation
$	479,803,900	$	682,824,937	$	(37,493,071	)	$	645,331,866

Note 9 – Securities Transactions

For the period ended September 30, 2022, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	213,643,913	$	253,416,278

The Fund is 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 the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended September 30, 2022, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Purchases		Sales		Realized Gain
$	85,071,924	$	182,390,150	$	185,409

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 6, 2022, the line of credit agreement was renewed and expires on June 5, 2023. 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 2.57% for the period ended September 30, 2022. The Fund did not have any borrowings outstanding under this agreement at September 30, 2022.

The average daily balance borrowed for the period ended September 30, 2022 was $1,438.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 11 – Market Risks

The value of, or income generated by, the investments held by the Fund is subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Fund in a different country or geographic region, economy, and 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 Fund’s investments and performance of the Fund.

Note 12 – Subsequent Events

The Fund evaluated subsequent events through the date the financial statements were available for issue and determined there were no material events that would require adjustment to or disclosure in the Fund’s financial statements.

40 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Fund’s annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Fund’s portfolio is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

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. The Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Fund usually classifies sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Fund’s Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

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OTHER INFORMATION (Unaudited)(continued)

Report of the Rydex Series Funds Contracts Review Committee

Rydex Series Funds (the “Trust”) was organized as a Delaware statutory trust on February 10, 1993, and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust includes the following series (each, a “Fund” and collectively, the “Funds”):

Tradable Funds (Including Sector Funds*)
●	Banking Fund*	●	Basic Materials Fund*
●	Biotechnology Fund*	●	Commodities Strategy Fund
●	Consumer Products Fund*	●	Dow Jones Industrial Average Fund
●	Electronics Fund*	●	Emerging Markets 2x Strategy Fund
●	Emerging Markets Bond Strategy Fund	●	Energy Fund*
●	Energy Services Fund*	●	Europe 1.25x Strategy Fund
●	Financial Services Fund*	●	Government Long Bond 1.2x Strategy Fund
●	Health Care Fund*	●	High Yield Strategy Fund
●	Internet Fund*	●	Inverse Emerging Markets 2x Strategy Fund
●	Inverse Government Long Bond Strategy Fund	●	Inverse High Yield Strategy Fund
●	Inverse Mid-Cap Strategy Fund	●	Inverse NASDAQ-100 Strategy Fund
●	Inverse Russell 2000 Strategy Fund	●	Inverse S&P 500 Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100 2x Strategy Fund
●	NASDAQ-100 Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000 1.5x Strategy Fund
●	Russell 2000 Fund	●	S&P 500 Fund
●	S&P 500 Pure Growth Fund	●	S&P 500 Pure Value Fund
●	S&P MidCap 400 Pure Growth Fund	●	S&P MidCap 400 Pure Value Fund
●	S&P SmallCap 600 Pure Growth Fund	●	S&P SmallCap 600 Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund
Alternative Funds** (i.e., Non-Tradable Funds)
●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

*	Each, a “Sector Fund” and collectively, the “Sector Funds.”
**	Each, an “Alternative Fund” and collectively, the “Alternative Funds.” Each Fund other than the Alternative Funds, a “Tradable Fund” and collectively, the “Tradable Funds.”

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OTHER INFORMATION (Unaudited)(continued)

Security Investors, LLC (“Security Investors” or the “Adviser”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as investment adviser to each of the Funds pursuant to an investment advisory agreement between the Trust, with respect to the Funds, and Security Investors (the “Advisory Agreement”). (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 and other affiliated investment management businesses of Guggenheim Partners.)

Under the supervision of the Board of Trustees of the Trust (the “Board,” with the members of the Board referred to individually as the “Trustees”), the Adviser regularly provides investment research, advice and supervision, along with a continuous investment program for the Funds, and directs the purchase and sale of securities and other investments for each Fund’s portfolio.

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) casting votes in person at a meeting called for such purpose. At meetings held in person on April 19, 2022 (the “April Meeting”) and on May 24-25, 2022 (the “May Meeting”), the members of 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 in connection with the Committee’s annual contract review schedule.

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 reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were

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OTHER INFORMATION (Unaudited)(continued)

identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Tradable Fund is designed to provide such tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds and the Real Estate Fund, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds and the Real Estate Fund. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Independent Trustees. 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 Guggenheim funds 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 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.

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

44 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)(continued)

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, the funds in the Guggenheim fund complex, including the Funds. The Committee also noted that as of March 31, 2022, Security Investors had entered into a Macroeconomic Services Agreement, at no fee, with another Guggenheim affiliate, Guggenheim Partners Advisors, LLC, to receive certain global and sector macroeconomic analysis and insight along with other guidance.

The Committee’s review of the services provided by Guggenheim to the Funds included consideration of Guggenheim’s investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, and 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. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2021, 2020 and 2019. 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 also 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. With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector or market, and corporate actions such as spin-offs, among other adjustments.

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OTHER INFORMATION (Unaudited)(continued)

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”), established to oversee the fund administration, accounting and transfer agency services provided to the Funds and other Guggenheim funds, 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.

The Committee also considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, including the Committee’s knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2021, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2021, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. For the Tradable Funds (other than U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2021, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain updated performance information as of March 31, 2022 and April 30, 2022.

46 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)(continued)

With respect to the Tradable Funds (other than U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances in which 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, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary drivers of performance differences. In this connection, the Committee considered the tracking error of each Fund’s Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points), as applicable, of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2021, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund outperformed the comparable peer fund over the five-year period ended December 31, 2021, although its performance ranked in the fourth quartile of the broader peer group over the one-, three- and five-year time periods.

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OTHER INFORMATION (Unaudited)(continued)

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining the underperformance, as applicable, of such Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2021, relative to their respective peer groups, attributing such underperformance to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that each Funds’ returns ranked in the third quartile or better of its performance universe for each of the relevant periods considered.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that each Fund’s performance was acceptable.

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, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. 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

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.

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OTHER INFORMATION (Unaudited)(continued)

have investment strategies similar to those of the Funds, other than variable insurance fund counterparts to certain Funds and certain other clients with respect to Long Short Equity Fund, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds’ advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund’s Class H shares, except for the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund. The Committee also noted management’s agreement as a part of the annual contract renewal process to (1) apply a 0.05% contractual advisory fee waiver for 13 Funds² in the Trust from August 1, 2022 through August 1, 2023; and (2) to implement a 0.05% breakpoint at $500 million in assets for the NASDAQ-100 Fund. The Committee further considered that based on these changes, management represented that all Fund advisory fees would be below those of the directly comparable peers and its belief that these Funds would continue to provide a strong value proposition for advisers and their clients.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee and total net expense ratio are higher than those of the comparable peer fund, but noted

² Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund, and Weakening Dollar 2x Strategy Fund.

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OTHER INFORMATION (Unaudited)(continued)

management’s statement that it believes that the peer fund’s unique structural arrangement of investing in a master portfolio managed by an unaffiliated investment adviser may result in the peer fund’s stated advisory fees being understated.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds’ structure and the portfolio management needed to meet client requirements.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of each Fund’s peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2021, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of 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. 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 representation 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.

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OTHER INFORMATION (Unaudited)(continued)

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds were appropriate 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 overall expenses increased in 2021, which was primarily due to increased expenses in many key areas, including compensation of portfolio managers, key analysts and support staff, as well as for infrastructure needs, with respect to risk management oversight, valuation processes and disaster recovery systems, among other things.

With respect to the Tradable Funds, the Committee noted that, with the exception of the new breakpoint adopted for the NASDAQ-100 Fund, the applicable breakpoint level for the Funds is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds exceed $10 billion.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for an Alternative Fund (i.e., a non-Tradable Fund), with consideration given to, among other things: (i) the Fund’s size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profit level margins; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund’s investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee also 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.

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OTHER INFORMATION (Unaudited)(concluded)

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 the May Meeting, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation 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 his or her informed business judgment, may afford different weights to different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended, and the Board approved, the renewal of the Advisory Agreement for an additional annual term.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 53

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - continued
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Member, Board of Directors, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).

54 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - continued
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2005-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - continued
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INTERESTED TRUSTEE
Amy J. Lee**** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2019	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022);Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Adviser and/or the parent of the Adviser.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2019	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and President of Mutual Funds Boards, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since August 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (August 2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-August 2022); Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2017	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2018	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2012-present).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - continued
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2016	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2019	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. (“HGINA”), (2017); Senior Analyst of US Fund Administration, HGINA (2014–2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect

64 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 65

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

In compliance with SEC Rule 22e-4 under the U.S. Investment Company Act of 1940 (the “Liquidity Rule”), the Rydex Series Funds (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund” and, collectively, the “Funds”). The Trust’s Board of Trustees (the “Board”) has also designated a Program administrator (the “Administrator”).

The Liquidity Rule requires that the Program be reasonably designed to assess and manage each Fund’s liquidity risk. A Fund’s “liquidity risk” (as defined in the Liquidity Rule) is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Program includes a number of elements that support the assessment, management and review of liquidity risk. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, short-term and long-term cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. There is no guarantee that the Program will achieve its objective under all circumstances.

Under the Program, each Fund portfolio investment is classified into one of four liquidity categories. The classification is based on a determination of the number of days a Fund reasonably expects to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Program is reasonably designed to meet Liquidity Rule requirements relating to “highly liquid investment minimums” (i.e., the minimum amount of a Fund’s net assets to be invested in highly liquid investments that are assets) and to monitor compliance with the Liquidity Rule’s limitations on a Fund’s investments in “illiquid investments” (as defined in the Liquidity Rule). Under the Liquidity Rule, a Fund is prohibited from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

During the period covered by this shareholder report, the Board received a written report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from March 31, 2021 to March 31, 2022. The Report summarized the Administrator’s assessment of the Program’s implementation and concluded that the Program operated effectively, the Program had been and continued to be reasonably designed to assess and manage each Fund’s liquidity risk, and the Program has been adequately and effectively implemented to monitor and respond to the Funds’ liquidity developments, as applicable.

Please refer to the Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

66 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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9.30.2022

Rydex Funds Semi-Annual Report

Domestic Equity Funds

S&P 500^® Pure Growth Fund

S&P 500^® Pure Value Fund

S&P MidCap 400^® Pure Growth Fund

S&P MidCap 400^® Pure Value Fund

S&P SmallCap 600^® Pure Growth Fund

S&P SmallCap 600^® Pure Value Fund

International Equity Funds

Europe 1.25x Strategy Fund

Japan 2x Strategy Fund

Specialty Funds

Strengthening Dollar 2x Strategy Fund

Weakening Dollar 2x Strategy Fund

GuggenheimInvestments.com RBENF2-SEMI-0922x0323

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS	6
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
S&P 500® PURE GROWTH FUND	10
S&P 500® PURE VALUE FUND	17
S&P MIDCAP 400® PURE GROWTH FUND	25
S&P MIDCAP 400® PURE VALUE FUND	32
S&P SMALLCAP 600® PURE GROWTH FUND	39
S&P SMALLCAP 600® PURE VALUE FUND	47
EUROPE 1.25x STRATEGY FUND	55
JAPAN 2x STRATEGY FUND	64
STRENGTHENING DOLLAR 2x STRATEGY FUND	72
WEAKENING DOLLAR 2x STRATEGY FUND	80
NOTES TO FINANCIAL STATEMENTS	88
OTHER INFORMATION	101
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	108
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	114
LIQUIDITY RISK MANAGEMENT PROGRAM	117

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2022

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semiannual shareholder report for a selection of our funds (the “Fund” or “Funds”). This report covers performance for the six-month period ended September 30, 2022.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Security Investors, LLC

October 31, 2022

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

Inverse and leveraged Funds are not suitable for all investors. ● These Funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risk of shorting, and (d) intend to actively monitor and manage their investments. ● The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● Inverse Funds involve certain risks, which include increased volatility due to the Funds’ possible use of short sales of securities and derivatives, such as options and futures. ● The Funds’ use of derivatives, such as futures, options, and swap agreements, may expose the Funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Short-selling involves increased risks and costs. You risk paying more for a security than you received from its sale. ● Leveraged and inverse Funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the 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. 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. The Funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a Fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse Funds’ holdings consistent with their strategies, as frequently as daily. ● For more on these and other risks, please read the prospectus.

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 2022

Pure Style Funds may not be suitable for all investors. ● The Funds are subject to the risk that large, medium and small-capitalization stocks may under-perform other segments of the equity market or the equity market as a whole. ● Value stocks are subject to the risk that the intrinsic value of the stock may never be realized by the market or that the price goes down. Growth stocks typically invest a high portion of their earnings back into their business and may lack the dividend yield that could cushion their decline in a market downturn. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions regarding the growth potential of the issuing company. ● The Funds are subject to the risk that unanticipated early closings of securities exchanges and other financial markets may result in the Funds’ inability to buy or sell securities or other financial instruments on that day. In certain circumstances, it may be difficult for the Funds to purchase and sell particular investments within a reasonable time at a fair price. ● Unlike many investment companies, the Funds are not actively “managed.” This means that based on market and economic conditions, the Funds’ performance could be lower than other types of Funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline ● The Funds are subject to active trading and tracking error risks, which may increase volatility, impact the Funds’ ability to achieve its investment objective and may decrease the Fund’s performance. ● These Funds are considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund. ● Securities are not deposits or obligations of any bank, are not guaranteed by any bank, are not insured by the FDIC or any other agency, and involve investment risks, including the possible loss of the principal amount invested. ● Please read the prospectus for more detailed information regarding these and other risks.

The Strengthening Dollar 2x Strategy Fund is subject to a number of risks and may not be suitable for all investors. ● The Fund’s use of derivatives such as futures and swap agreements may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. ● The Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. ● The more the Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. These risks may cause the Fund to experience higher losses and/or volatility than a Fund that does not invest in derivatives, use leverage or have exposure to foreign currencies. ● Also, the Fund is subject to active trading and tracking error risks that may increase volatility, decrease performance and impact the Fund’s ability to achieve its investment objective. This Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund. ● For more on these and other risks, please read the prospectus

The Weakening Dollar 2x Strategy Fund is subject to a number of risks and may not be suitable for all investors. ● The Fund’s use of derivatives such as futures and swap agreements may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. ● The Fund’s indirect exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. ● The more the Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. These risks may cause the Fund to experience higher losses and/or volatility than a fund that does not invest in derivatives, use leverage or have exposure to foreign currencies. ● Also, the Fund is subject to active trading and tracking error risks that may increase volatility, decrease performance and impact the Fund’s ability to achieve its investment objective. This Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a more diversified fund. ● For more on these and other risks, please read the prospectus.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2022

Equity and fixed income markets declined during the six-month period ended September 30, 2022, amid continued market volatility, Federal Reserve policy, and global economic headwinds.

The Federal Reserve (the “Fed”) has abandoned talk of a soft or even “softish” landing, with the latest Summary of Economic Projections pointing to a 90-basis-point rise in the unemployment rate, an increase never before experienced without a recession. One basis point equals 0.01%. The seemingly endless string of upside inflation surprises has cemented the Fed’s view that the labor market needs to soften and economic activity needs to weaken further, which could require interest rates heading even higher.

Signs are indicating that the economy is heading in the direction the Fed wants. While gross domestic product (“GDP”) rebounded in the third quarter of 2022 to an inflation-adjusted 2.6%, private domestic demand (consumption and fixed investment) continued to slow, growing just 0.1%. The slowdown was led by a significant contraction in housing activity, historically the first sector to be hit by rising rates, cutting about 1.4 percentage points from GDP’s growth rate. The sharp tightening in financial conditions indicates a broader economic slowdown is ahead, which may help to loosen up the labor market. Signs of a labor market slowdown are already evident, with monthly job growth at less than half the pace of early 2022, wage growth cooling, and job openings falling sharply.

Inflation remains high, but a variety of factors point to a substantial moderation in 2023. Goods prices have stopped rising, and supply chain improvement and input and import costs suggest outright deflation could lie ahead. Services inflation is now the main price stability concern, but even the Bureau of Labor Statistics and several Fed speakers have acknowledged that the lagged data on home rental prices doesn’t reflect the sharp slowdown in market rents that has taken place (and that would start to show up in the data next year).

With the economy cooling and inflation likely to fall, it is fair to expect that rate hikes are nearly coming to an end, particularly with rising strains in financial markets and overseas. But having been repeatedly burned by expectations that inflation would cool and fearing a replay of the “stop-start” rate hike campaigns of the 1970s, the Fed will likely err on the side of overdoing it with rate hikes, viewing a recession as the “least bad” outcome for the economy.

For the six-month period ended September 30, 2022, the S&P 500^® Index* returned -20.20%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -22.51%. The return of the MSCI Emerging Markets Index* was -21.70%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -9.22% return for the six-month period, while the Bloomberg U.S. Corporate High Yield Index* returned -10.41%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 0.57% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 2022

Nikkei-225 Stock Average Index is a price-weighted index comprised of Japan’s top 225 blue-chip companies on the Tokyo Stock Exchange.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

S&P 500^® Pure Growth Index is narrow in focus, containing only those S&P 500 Index companies with strong growth characteristics as selected by S&P. The S&P 500 Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).

S&P 500^® Pure Value Index is narrow in focus, containing only those S&P 500 Index companies with strong value characteristics as selected by S&P. The S&P 500 Index is a capitalization-weighted index covering 500 industrial, utility, transportation and financial companies of the U.S. markets (mostly NYSE Euronext issues).

S&P MidCap 400^® Pure Growth Index is narrow in focus, containing only those S&P MidCap 400 Index companies with strong growth characteristics as selected by S&P. The S&P MidCap 400 Index measures the performance of the mid-capitalization sector of the U.S. equity market.

S&P MidCap 400^® Pure Value Index is narrow in focus, containing only those S&P MidCap 400 Index companies with strong value characteristics as selected by S&P. The S&P MidCap 400 Index measures the performance of the mid-capitalization sector of the U.S. equity market.

S&P SmallCap 600^® Pure Growth Index is narrow in focus, containing only those S&P SmallCap 600 Index companies with strong growth characteristics as selected by S&P. The S&P SmallCap 600 Index measures the performance of the small-capitalization sector of the U.S. equity market.

S&P SmallCap 600^® Pure Value Index is narrow in focus, containing only those S&P SmallCap 600 Index companies with strong value characteristics as selected by S&P. The S&P SmallCap 600 Index measures the performance of the small-capitalization sector of the U.S. equity market.

STOXX Europe 50^® Index provides a blue-chip representation of supersector leaders in Europe. The index covers 50 stocks from 17 European countries: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

U.S. Dollar Index^® (USDX) is an index that determines the relative value of the United States dollar to a basket of foreign currencies. This formulated “basket” of currencies comprises the weighting of six other currencies as follows: Euro (EUR), 57.6% + Japanese Yen (JPY), 13.6% + Pound Sterling (GBP), 11.9% + Canadian Dollar (CAD), 9.1% + Swedish Krona (SEK), 4.2% + Swiss Franc (CHF) 3.6%.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

Many of the Funds described in this report are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in-line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period on a cumulative basis. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

An Example of Compounding

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund’s net asset value per share (“NAV”) increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

	Index Level	Index Performance	Fund Expectation	Fund NAV	Fund Performance	Assessment
Start	100			$ 10.00
Day 1	106	6.0%	9.0%	$ 10.90	9.0%	In line
Day 2	99	-6.6%	-9.9%	$ 9.82	-9.9%	In line
Cumulative		-1.0%	-1.5%		-1.8%	-0.3%

As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.

Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings to ensure that they are consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2022 and ending September 30, 2022.

The following tables illustrate the Funds’ costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Funds’ expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Table 1. Based on actual Fund return3
S&P 500® Pure Growth Fund
A-Class	1.55%	(21.29%)	$ 1,000.00	$ 787.10	$ 6.94
C-Class	2.30%	(21.59%)	1,000.00	784.10	10.29
H-Class	1.55%	(21.29%)	1,000.00	787.10	6.94
S&P 500® Pure Value Fund
A-Class	1.55%	(17.87%)	1,000.00	821.30	7.08
C-Class	2.30%	(18.18%)	1,000.00	818.20	10.48
H-Class	1.55%	(17.89%)	1,000.00	821.10	7.08
S&P MidCap 400® Pure Growth Fund
A-Class	1.55%	(18.08%)	1,000.00	819.20	7.07
C-Class	2.30%	(18.40%)	1,000.00	816.00	10.47
H-Class	1.55%	(18.10%)	1,000.00	819.00	7.07
S&P MidCap 400® Pure Value Fund
A-Class	1.55%	(16.45%)	1,000.00	835.50	7.13
C-Class	2.30%	(16.77%)	1,000.00	832.30	10.56
H-Class	1.55%	(16.46%)	1,000.00	835.40	7.13
S&P SmallCap 600® Pure Growth Fund
A-Class	1.55%	(22.23%)	1,000.00	777.70	6.91
C-Class	2.30%	(22.50%)	1,000.00	775.00	10.23
H-Class	1.54%	(22.30%)	1,000.00	777.00	6.86
S&P SmallCap 600® Pure Value Fund
A-Class	1.55%	(21.14%)	1,000.00	788.60	6.95
C-Class	2.29%	(21.38%)	1,000.00	786.20	10.25
H-Class	1.55%	(21.14%)	1,000.00	788.60	6.95
Europe 1.25x Strategy Fund
A-Class	1.71%	(25.87%)	1,000.00	741.30	7.46
C-Class	2.47%	(26.50%)	1,000.00	735.00	10.74
H-Class	1.70%	(26.20%)	1,000.00	738.00	7.41
Japan 2x Strategy Fund
A-Class	1.52%	(39.48%)	1,000.00	605.20	6.12
C-Class	2.28%	(39.74%)	1,000.00	602.60	9.16
H-Class	1.52%	(39.51%)	1,000.00	604.90	6.12
Strengthening Dollar 2x Strategy Fund
A-Class	1.82%	29.68%	1,000.00	1,296.80	10.48
C-Class	2.55%	29.12%	1,000.00	1,291.20	14.65
H-Class	1.80%	29.69%	1,000.00	1,296.90	10.36
Weakening Dollar 2x Strategy Fund
A-Class	1.79%	(25.05%)	1,000.00	749.50	7.85
C-Class	2.51%	(25.32%)	1,000.00	746.80	10.99
H-Class	1.78%	(25.05%)	1,000.00	749.50	7.81

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
S&P 500® Pure Growth Fund
A-Class	1.55%	5.00%	$ 1,000.00	$ 1,017.30	$ 7.84
C-Class	2.30%	5.00%	1,000.00	1,013.54	11.61
H-Class	1.55%	5.00%	1,000.00	1,017.30	7.84
S&P 500® Pure Value Fund
A-Class	1.55%	5.00%	1,000.00	1,017.30	7.84
C-Class	2.30%	5.00%	1,000.00	1,013.54	11.61
H-Class	1.55%	5.00%	1,000.00	1,017.30	7.84
S&P MidCap 400® Pure Growth Fund
A-Class	1.55%	5.00%	1,000.00	1,017.30	7.84
C-Class	2.30%	5.00%	1,000.00	1,013.54	11.61
H-Class	1.55%	5.00%	1,000.00	1,017.30	7.84
S&P MidCap 400® Pure Value Fund
A-Class	1.55%	5.00%	1,000.00	1,017.30	7.84
C-Class	2.30%	5.00%	1,000.00	1,013.54	11.61
H-Class	1.55%	5.00%	1,000.00	1,017.30	7.84
S&P SmallCap 600® Pure Growth Fund
A-Class	1.55%	5.00%	1,000.00	1,017.30	7.84
C-Class	2.30%	5.00%	1,000.00	1,013.54	11.61
H-Class	1.54%	5.00%	1,000.00	1,017.35	7.79
S&P SmallCap 600® Pure Value Fund
A-Class	1.55%	5.00%	1,000.00	1,017.30	7.84
C-Class	2.29%	5.00%	1,000.00	1,013.59	11.56
H-Class	1.55%	5.00%	1,000.00	1,017.30	7.84
Europe 1.25x Strategy Fund
A-Class	1.71%	5.00%	1,000.00	1,016.50	8.64
C-Class	2.47%	5.00%	1,000.00	1,012.68	12.46
H-Class	1.70%	5.00%	1,000.00	1,016.55	8.59
Japan 2x Strategy Fund
A-Class	1.52%	5.00%	1,000.00	1,017.45	7.69
C-Class	2.28%	5.00%	1,000.00	1,013.64	11.51
H-Class	1.52%	5.00%	1,000.00	1,017.45	7.69
Strengthening Dollar 2x Strategy Fund
A-Class	1.82%	5.00%	1,000.00	1,015.94	9.20
C-Class	2.55%	5.00%	1,000.00	1,012.28	12.86
H-Class	1.80%	5.00%	1,000.00	1,016.04	9.10
Weakening Dollar 2x Strategy Fund
A-Class	1.79%	5.00%	1,000.00	1,016.09	9.05
C-Class	2.51%	5.00%	1,000.00	1,012.48	12.66
H-Class	1.78%	5.00%	1,000.00	1,016.14	9.00

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2022 to September 30, 2022.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

S&P 500^® PURE GROWTH FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a benchmark for large-cap growth securities on a daily basis. The Fund’s current benchmark is the S&P 500^® Pure Growth Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	September 1, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

Ten Largest Holdings (% of Total Net Assets)
Enphase Energy, Inc.	4.6%
NRG Energy, Inc.	3.9%
Diamondback Energy, Inc.	3.1%
Devon Energy Corp.	3.0%
Fortinet, Inc.	3.0%
Eli Lilly & Co.	3.0%
Tesla, Inc.	2.9%
Goldman Sachs Group, Inc.	2.8%
Regeneron Pharmaceuticals, Inc.	2.6%
AutoZone, Inc.	2.4%
Top Ten Total	31.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(21.29%)	(25.32%)	6.82%	10.63%
A-Class Shares with sales charge‡	(25.03%)	(28.87%)	5.78%	10.09%
C-Class Shares	(21.59%)	(25.89%)	6.02%	9.80%
C-Class Shares with CDSC§	(22.38%)	(26.61%)	6.02%	9.80%
H-Class Shares	(21.29%)	(25.32%)	6.82%	10.63%
S&P 500 Pure Growth Index	(20.73%)	(24.28%)	8.55%	12.46%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Pure Growth 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
S&P 500® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Technology - 28.1%
Fortinet, Inc.*		16,401	$	805,781
KLA Corp.		2,000		605,260
Monolithic Power Systems, Inc.		1,638		595,249
EPAM Systems, Inc.*		1,450		525,176
Intuit, Inc.		1,185		458,974
Advanced Micro Devices, Inc.*		6,371		403,667
NVIDIA Corp.		3,301		400,708
QUALCOMM, Inc.		3,519		397,577
Microsoft Corp.		1,694		394,533
Apple, Inc.		2,801		387,098
Applied Materials, Inc.		4,715		386,300
Cadence Design Systems, Inc.*		2,358		385,368
Oracle Corp.		5,849		357,198
Teradyne, Inc.		4,430		332,914
MSCI, Inc. — Class A		743		313,390
Lam Research Corp.		809		296,094
ServiceNow, Inc.*		778		293,781
Adobe, Inc.*		844		232,269
Total Technology				7,571,337
Consumer, Non-cyclical - 19.6%
Eli Lilly & Co.		2,475		800,291
Regeneron Pharmaceuticals, Inc.*		1,033		711,603
Dexcom, Inc.*		6,822		549,444
Gartner, Inc.*		1,788		494,721
Moderna, Inc.*		4,089		483,524
PerkinElmer, Inc.		3,732		449,072
Thermo Fisher Scientific, Inc.		797		404,230
West Pharmaceutical Services, Inc.		1,397		343,774
Equifax, Inc.		1,707		292,631
Charles River Laboratories International, Inc.*		1,476		290,477
Bio-Techne Corp.		927		263,268
Align Technology, Inc.*		855		177,079
Total Consumer, Non-cyclical				5,260,114
Consumer, Cyclical - 12.5%
Tesla, Inc.*		2,952		783,018
AutoZone, Inc.*		302		646,863
Tractor Supply Co.		3,014		560,242
O’Reilly Automotive, Inc.*		773		543,690
Lowe’s Companies, Inc.		2,271		426,516
Pool Corp.		1,292		411,128
Total Consumer, Cyclical				3,371,457
Financial - 11.6%
Goldman Sachs Group, Inc.		2,543		745,226
Discover Financial Services		6,487		589,798
SVB Financial Group*		1,534		515,087
Extra Space Storage, Inc. REIT		2,242		387,216
Signature Bank		2,543		383,993
First Republic Bank		2,653		346,349
Camden Property Trust REIT		1,388		165,796
Total Financial				3,133,465
Energy - 10.8%
Enphase Energy, Inc.*		4,491		1,246,118
Diamondback Energy, Inc.		6,930		834,788
Devon Energy Corp.		13,481		810,612
Total Energy				2,891,518
Communications - 8.3%
Arista Networks, Inc.*		4,810		543,001
Etsy, Inc.*		3,771		377,590
Alphabet, Inc. — Class A*		3,092		295,750
Amazon.com, Inc.*		2,551		288,263
Alphabet, Inc. — Class C*		2,875		276,431
Netflix, Inc.*		979		230,496
Meta Platforms, Inc. — Class A*		1,588		215,460
Total Communications				2,226,991
Industrial - 4.8%
Expeditors International of Washington, Inc.		5,310		468,926
Generac Holdings, Inc.*		2,563		456,573
Old Dominion Freight Line, Inc.		1,479		367,931
Total Industrial				1,293,430
Utilities - 3.9%
NRG Energy, Inc.		27,522		1,053,267
Total Common Stocks
(Cost $22,577,297)				26,801,579

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
S&P 500® PURE GROWTH FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.7%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	110,153	$	110,153
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		42,366		42,366
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		41,112		41,112
Total Repurchase Agreements
(Cost $193,631)				193,631
Total Investments - 100.3%
(Cost $22,770,928)			$	26,995,210
Other Assets & Liabilities, net - (0.3)%				(87,086	)
Total Net Assets - 100.0%			$	26,908,124

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	26,801,579	$	—	$	—	$	26,801,579
Repurchase Agreements		—		193,631		—		193,631
Total Assets	$	26,801,579	$	193,631	$	—	$	26,995,210

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

S&P 500^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $22,577,297)	$	26,801,579
Repurchase agreements, at value (cost $193,631)		193,631
Receivables:
Dividends		4,464
Fund shares sold		527
Interest		16
Total assets		27,000,217
Liabilities:
Payable for:
Management fees		20,697
Transfer agent and administrative fees		13,679
Distribution and service fees		9,468
Fund shares redeemed		7,023
Portfolio accounting/administration fees		4,209
Trustees’ fees*		603
Miscellaneous		36,414
Total liabilities		92,093
Net assets	$	26,908,124
Net assets consist of:
Paid in capital	$	28,105,256
Total distributable earnings (loss)		(1,197,132	)
Net assets	$	26,908,124
A-Class:
Net assets	$	7,922,907
Capital shares outstanding		110,948
Net asset value per share	$	71.41
Maximum offering price per share (Net asset value divided by 95.25%)	$	74.97
C-Class:
Net assets	$	3,487,953
Capital shares outstanding		58,369
Net asset value per share	$	59.76
H-Class:
Net assets	$	15,497,264
Capital shares outstanding		217,070
Net asset value per share	$	71.39

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends	$	241,076
Interest		1,787
Total investment income		242,863
Expenses:
Management fees		156,515
Distribution and service fees:
A-Class		11,369
C-Class		23,157
H-Class		35,013
Transfer agent and administrative fees		48,893
Portfolio accounting/administration fees		26,746
Professional fees		5,769
Trustees’ fees*		4,051
Custodian fees		3,105
Miscellaneous		25,454
Total expenses		340,072
Net investment loss		(97,209	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2,993,051	)
Net realized loss		(2,993,051	)
Net change in unrealized appreciation (depreciation) on:
Investments		(5,067,042	)
Net change in unrealized appreciation (depreciation)		(5,067,042	)
Net realized and unrealized loss		(8,060,093	)
Net decrease in net assets resulting from operations	$	(8,157,302	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 13

S&P 500^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(97,209	)	$	(1,004,729	)
Net realized gain (loss) on investments		(2,993,051	)		5,835,053
Net change in unrealized appreciation (depreciation) on investments		(5,067,042	)		(869,365	)
Net increase (decrease) in net assets resulting from operations		(8,157,302	)		3,960,959
Distributions to shareholders:
A-Class		—			(437,487	)
C-Class		—			(216,675	)
H-Class		—			(1,874,420	)
Total distributions to shareholders		—			(2,528,582	)
Capital share transactions:
Proceeds from sale of shares
A-Class		989,707			13,714,083
C-Class		782,291			2,618,215
H-Class		100,075,275			615,409,962
Distributions reinvested
A-Class		—			433,712
C-Class		—			210,233
H-Class		—			1,859,579
Cost of shares redeemed
A-Class		(994,819	)		(13,936,591	)
C-Class		(1,552,781	)		(5,303,780	)
H-Class		(107,427,909	)		(612,422,244	)
Net increase (decrease) from capital share transactions		(8,128,236	)		2,583,169
Net increase (decrease) in net assets		(16,285,538	)		4,015,546
Net assets:
Beginning of period		43,193,662			39,178,116
End of period	$	26,908,124		$	43,193,662
Capital share activity:
Shares sold
A-Class		12,631			137,027
C-Class		11,924			31,870
H-Class		1,302,669			6,148,120
Shares issued from reinvestment of distributions
A-Class		—			4,172
C-Class		—			2,402
H-Class		—			17,891
Shares redeemed
A-Class		(13,041	)		(145,556	)
C-Class		(23,613	)		(66,615	)
H-Class		(1,391,561	)		(6,123,635	)
Net increase (decrease) in shares		(100,991	)		5,676

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

S&P 500^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	90.73		$	84.03		$	53.91		$	65.86		$	66.50		$	57.84
Income (loss) from investment operations:
Net investment income (loss)b		(.12	)		(1.11	)		(.80	)		(.29	)		(.50	)		(.36	)
Net gain (loss) on investments (realized and unrealized)		(19.20	)		10.27			34.07			(8.09	)		3.42			12.57
Total from investment operations		(19.32	)		9.16			33.27			(8.38	)		2.92			12.21
Less distributions from:
Net realized gains		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)		(3.55	)
Total distributions		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)		(3.55	)
Net asset value, end of period	$	71.41		$	90.73		$	84.03		$	53.91		$	65.86		$	66.50
Total Returnc		(21.29	%)		10.53	%		61.92	%		(13.76	%)		4.88	%		21.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,923		$	10,104		$	9,724		$	7,656		$	15,456		$	17,254
Ratios to average net assets:
Net investment income (loss)		(0.31	%)		(1.15	%)		(1.06	%)		(0.43	%)		(0.75	%)		(0.56	%)
Total expenses		1.55	%		1.51	%		1.60	%		1.63	%		1.61	%		1.53	%
Portfolio turnover rate		234	%		727	%		240	%		282	%		177	%		215	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	76.21		$	71.42		$	46.47		$	57.65		$	59.10		$	52.13
Income (loss) from investment operations:
Net investment income (loss)b		(.36	)		(1.55	)		(1.16	)		(.69	)		(.90	)		(.75	)
Net gain (loss) on investments (realized and unrealized)		(16.09	)		8.80			29.26			(6.92	)		3.01			11.27
Total from investment operations		(16.45	)		7.25			28.10			(7.61	)		2.11			10.52
Less distributions from:
Net realized gains		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)		(3.55	)
Total distributions		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)		(3.55	)
Net asset value, end of period	$	59.76		$	76.21		$	71.42		$	46.47		$	57.65		$	59.10
Total Returnc		(21.59	%)		9.71	%		60.69	%		(14.40	%)		4.09	%		20.50	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,488		$	5,339		$	7,314		$	6,050		$	10,329		$	13,442
Ratios to average net assets:
Net investment income (loss)		(1.06	%)		(1.91	%)		(1.80	%)		(1.18	%)		(1.52	%)		(1.32	%)
Total expenses		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%		2.28	%
Portfolio turnover rate		234	%		727	%		240	%		282	%		177	%		215	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 15

S&P 500^® PURE GROWTH 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	90.70		$	84.00		$	53.89		$	65.84		$	66.49		$	57.83
Income (loss) from investment operations:
Net investment income (loss)b		(.17	)		(1.19	)		(.77	)		(.29	)		(.53	)		(.38	)
Net gain (loss) on investments (realized and unrealized)		(19.14	)		10.35			34.03			(8.09	)		3.44			12.59
Total from investment operations		(19.31	)		9.16			33.26			(8.38	)		2.91			12.21
Less distributions from:
Net realized gains		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)		(3.55	)
Total distributions		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)		(3.55	)
Net asset value, end of period	$	71.39		$	90.70		$	84.00		$	53.89		$	65.84		$	66.49
Total Return		(21.29	%)		10.53	%		61.92	%		(13.77	%)		4.86	%		21.40	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	15,497		$	27,751		$	22,141		$	25,981		$	82,570		$	109,644
Ratios to average net assets:
Net investment income (loss)		(0.42	%)		(1.21	%)		(1.03	%)		(0.44	%)		(0.79	%)		(0.59	%)
Total expenses		1.55	%		1.51	%		1.61	%		1.63	%		1.61	%		1.53	%
Portfolio turnover rate		234	%		727	%		240	%		282	%		177	%		215	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

S&P 500^® PURE VALUE FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a benchmark for large-cap value securities on a daily basis. The Fund’s current benchmark is the S&P 500^® Pure Value Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	September 1, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

Ten Largest Holdings (% of Total Net Assets)
Cigna Corp.	2.6%
Marathon Petroleum Corp.	2.5%
Berkshire Hathaway, Inc. — Class B	2.2%
Valero Energy Corp.	2.1%
Archer-Daniels-Midland Co.	2.1%
Allstate Corp.	2.0%
MetLife, Inc.	1.9%
Prudential Financial, Inc.	1.8%
CVS Health Corp.	1.7%
Mosaic Co.	1.6%
Top Ten Total	20.5%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(17.87%)	(7.21%)	3.47%	8.87%
A-Class Shares with sales charge‡	(21.77%)	(11.62%)	2.47%	8.34%
C-Class Shares	(18.18%)	(7.91%)	2.70%	8.05%
C-Class Shares with CDSC§	(19.00%)	(8.80%)	2.70%	8.05%
H-Class Shares	(17.89%)	(7.22%)	3.47%	8.87%
S&P 500 Pure Value Index	(17.25%)	(5.49%)	5.28%	10.76%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Pure Value 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
S&P 500® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Financial - 31.2%
Berkshire Hathaway, Inc. — Class B*		2,444	$	652,597
Allstate Corp.		4,691		584,170
MetLife, Inc.		9,237		561,425
Prudential Financial, Inc.		6,192		531,150
Everest Re Group Ltd.		1,759		461,632
Loews Corp.		8,811		439,140
American International Group, Inc.		9,132		433,587
Lincoln National Corp.		8,644		379,558
Globe Life, Inc.		3,762		375,072
Aflac, Inc.		6,375		358,275
Travelers Companies, Inc.		2,316		354,811
Principal Financial Group, Inc.		4,876		351,803
Hartford Financial Services Group, Inc.		5,070		314,036
Assurant, Inc.		2,033		295,334
M&T Bank Corp.		1,600		282,112
Citigroup, Inc.		6,441		268,396
Chubb Ltd.		1,421		258,452
Citizens Financial Group, Inc.		7,233		248,526
Invesco Ltd.		17,720		242,764
Wells Fargo & Co.		5,562		223,704
W R Berkley Corp.		2,929		189,155
Huntington Bancshares, Inc.		12,853		169,402
Progressive Corp.		1,457		169,318
Bank of New York Mellon Corp.		4,193		161,514
KeyCorp		10,035		160,761
State Street Corp.		2,348		142,782
Truist Financial Corp.		3,276		142,637
Fifth Third Bancorp		3,936		125,795
Kimco Realty Corp. REIT		6,286		115,725
U.S. Bancorp		2,274		91,688
PNC Financial Services Group, Inc.		544		81,284
Total Financial				9,166,605
Consumer, Non-cyclical - 23.4%
Cigna Corp.		2,739		759,990
Archer-Daniels-Midland Co.		7,623		613,270
CVS Health Corp.		5,155		491,632
Centene Corp.*		5,943		462,425
Cardinal Health, Inc.		5,979		398,680
Molson Coors Beverage Co. — Class B		7,697		369,379
Kraft Heinz Co.		10,938		364,782
Tyson Foods, Inc. — Class A		5,350		352,726
Kroger Co.		7,538		329,787
AmerisourceBergen Corp. — Class A		2,076		280,945
Humana, Inc.		555		269,280
Elevance Health, Inc.		573		260,280
Universal Health Services, Inc. — Class B		2,930		258,367
Corteva, Inc.		4,204		240,259
Conagra Brands, Inc.		7,042		229,780
Viatris, Inc.		25,462		216,936
Nielsen Holdings plc		7,272		201,580
Henry Schein, Inc.*		2,828		185,998
J M Smucker Co.		1,300		178,633
Sysco Corp.		1,760		124,450
Global Payments, Inc.		1,017		109,887
DaVita, Inc.*		1,262		104,456
Organon & Co.		3,724		87,142
Total Consumer, Non-cyclical				6,890,664
Energy - 10.3%
Marathon Petroleum Corp.		7,472		742,194
Valero Energy Corp.		5,797		619,409
Phillips 66		5,480		442,346
Exxon Mobil Corp.		3,046		265,946
Marathon Oil Corp.		11,569		261,228
Kinder Morgan, Inc.		14,872		247,470
Baker Hughes Co.		11,434		239,656
Chevron Corp.		1,513		217,373
Total Energy				3,035,622
Consumer, Cyclical - 7.4%
Walgreens Boots Alliance, Inc.		9,424		295,913
BorgWarner, Inc.		8,496		266,774
General Motors Co.		7,269		233,263
Whirlpool Corp.		1,542		207,877
Ford Motor Co.		17,936		200,883
PulteGroup, Inc.		5,229		196,088
Best Buy Company, Inc.		3,017		191,097
Lennar Corp. — Class A		2,435		181,529
Walmart, Inc.		1,221		158,364
Alaska Air Group, Inc.*		3,279		128,373
PACCAR, Inc.		1,477		123,610
Total Consumer, Cyclical				2,183,771
Utilities - 7.2%
Pinnacle West Capital Corp.		3,968		255,976
PG&E Corp.*		16,922		211,525
Consolidated Edison, Inc.		2,349		201,450
Entergy Corp.		1,471		148,027
Atmos Energy Corp.		1,408		143,405
Exelon Corp.		3,578		134,032
Evergy, Inc.		2,223		132,046
PPL Corp.		4,982		126,294
Sempra Energy		797		119,502
American Electric Power Company, Inc.		1,348		116,534
Edison International		1,936		109,539
DTE Energy Co.		930		106,996
Duke Energy Corp.		1,145		106,508
Constellation Energy Corp.		1,193		99,246
NiSource, Inc.		3,903		98,316
Total Utilities				2,109,396
Communications - 5.9%
Paramount Global — Class B		17,847		339,807
AT&T, Inc.		16,752		256,975
Lumen Technologies, Inc.		31,007		225,731
DISH Network Corp. — Class A*		14,036		194,118
Omnicom Group, Inc.		2,044		128,956
T-Mobile US, Inc.*		913		122,497
Fox Corp. — Class A		3,621		111,092
News Corp. — Class A		7,200		108,792

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
S&P 500® PURE VALUE FUND

	Shares		Value
Verizon Communications, Inc.		2,706	$	102,747
Warner Bros Discovery, Inc.*		5,651		64,987
Fox Corp. — Class B		1,677		47,794
News Corp. — Class B		2,204		33,986
Total Communications				1,737,482
Industrial - 5.4%
Westrock Co.		12,861		397,276
Huntington Ingalls Industries, Inc.		1,337		296,146
CH Robinson Worldwide, Inc.		2,281		219,683
FedEx Corp.		1,194		177,273
Mohawk Industries, Inc.*		1,939		176,818
Raytheon Technologies Corp.		1,474		120,662
Westinghouse Air Brake Technologies Corp.		1,358		110,473
Textron, Inc.		1,639		95,488
Total Industrial				1,593,819
Basic Materials - 4.7%
Mosaic Co.		9,992		482,913
LyondellBasell Industries N.V. — Class A		3,581		269,578
Dow, Inc.		5,257		230,940
International Paper Co.		7,044		223,295
DuPont de Nemours, Inc.		2,181		109,922
Eastman Chemical Co.		966		68,634
Total Basic Materials				1,385,282
Technology - 4.1%
Hewlett Packard Enterprise Co.		30,940		370,661
DXC Technology Co.*		14,936		365,633
Leidos Holdings, Inc.		1,963		171,704
Western Digital Corp.*		5,093		165,777
Fidelity National Information Services, Inc.		916		69,222
Intel Corp.		2,210		56,952
Total Technology				1,199,949
Total Common Stocks
(Cost $32,215,067)				29,302,590

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	108,297		108,297
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		41,653		41,653
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		40,420		40,420
Total Repurchase Agreements
(Cost $190,370)				190,370
Total Investments - 100.2%
(Cost $32,405,437)			$	29,492,960
Other Assets & Liabilities, net - (0.2)%				(46,507	)
Total Net Assets - 100.0%			$	29,446,453

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
S&P 500® PURE VALUE FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	29,302,590	$	—	$	—	$	29,302,590
Repurchase Agreements		—		190,370		—		190,370
Total Assets	$	29,302,590	$	190,370	$	—	$	29,492,960

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

S&P 500^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $32,215,067)	$	29,302,590
Repurchase agreements, at value (cost $190,370)		190,370
Receivables:
Securities sold		224,770
Dividends		40,192
Fund shares sold		5,834
Interest		16
Total assets		29,763,772
Liabilities:
Payable for:
Securities purchased		211,652
Management fees		20,726
Fund shares redeemed		19,412
Transfer agent and administrative fees		9,583
Distribution and service fees		7,595
Portfolio accounting/administration fees		4,214
Trustees’ fees*		727
Miscellaneous		43,410
Total liabilities		317,319
Net assets	$	29,446,453
Net assets consist of:
Paid in capital	$	46,910,751
Total distributable earnings (loss)		(17,464,298	)
Net assets	$	29,446,453
A-Class:
Net assets	$	2,945,455
Capital shares outstanding		35,414
Net asset value per share	$	83.17
Maximum offering price per share (Net asset value divided by 95.25%)	$	87.32
C-Class:
Net assets	$	996,099
Capital shares outstanding		14,541
Net asset value per share	$	68.50
H-Class:
Net assets	$	25,504,899
Capital shares outstanding		305,260
Net asset value per share	$	83.55

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends	$	919,791
Interest		1,631
Income from securities lending, net		36
Total investment income		921,458
Expenses:
Management fees		260,968
Distribution and service fees:
A-Class		4,286
C-Class		7,141
H-Class		80,918
Transfer agent and administrative fees		90,483
Portfolio accounting/administration fees		38,521
Registration fees		27,714
Professional fees		20,703
Trustees’ fees*		5,776
Custodian fees		5,157
Line of credit fees		89
Miscellaneous		4,044
Total expenses		545,800
Net investment income		375,658
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2,605,132	)
Net realized loss		(2,605,132	)
Net change in unrealized appreciation (depreciation) on:
Investments		(16,316,451	)
Net change in unrealized appreciation (depreciation)		(16,316,451	)
Net realized and unrealized loss		(18,921,583	)
Net decrease in net assets resulting from operations	$	(18,545,925	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 21

S&P 500^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	375,658		$	606,905
Net realized loss on investments		(2,605,132	)		(3,314,399	)
Net change in unrealized appreciation (depreciation) on investments		(16,316,451	)		7,225,634
Net increase (decrease) in net assets resulting from operations		(18,545,925	)		4,518,140
Distributions to shareholders:
A-Class		—			(75,017	)
C-Class		—			(36,672	)
H-Class		—			(281,574	)
Total distributions to shareholders		—			(393,263	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,085,284			2,808,594
C-Class		1,340,444			897,489
H-Class		265,556,837			712,562,466
Distributions reinvested
A-Class		—			74,923
C-Class		—			36,338
H-Class		—			265,822
Cost of shares redeemed
A-Class		(1,080,474	)		(2,656,107	)
C-Class		(1,533,902	)		(1,405,694	)
H-Class		(387,075,069	)		(604,536,533	)
Net increase (decrease) from capital share transactions		(121,706,880	)		108,047,298
Net increase (decrease) in net assets		(140,252,805	)		112,172,175
Net assets:
Beginning of period		169,699,258			57,527,083
End of period	$	29,446,453		$	169,699,258
Capital share activity:
Shares sold
A-Class		11,160			29,283
C-Class		16,700			11,019
H-Class		2,680,497			7,287,372
Shares issued from reinvestment of distributions
A-Class		—			803
C-Class		—			470
H-Class		—			2,835
Shares redeemed
A-Class		(11,297	)		(27,316	)
C-Class		(19,887	)		(17,930	)
H-Class		(3,993,140	)		(6,261,287	)
Net increase (decrease) in shares		(1,315,967	)		1,025,249

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

S&P 500^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	101.27		$	89.23		$	48.65		$	76.07		$	83.46		$	76.42
Income (loss) from investment operations:
Net investment income (loss)b		.54			.89			.70			1.02			.85			.60
Net gain (loss) on investments (realized and unrealized)		(18.64	)		13.43			40.58			(27.62	)		(2.17	)		7.41
Total from investment operations		(18.10	)		14.32			41.28			(26.60	)		(1.32	)		8.01
Less distributions from:
Net investment income		—			(2.28	)		(.70	)		(.82	)		(1.14	)		(.27	)
Net realized gains		—			—			—			—			(4.93	)		(.70	)
Total distributions		—			(2.28	)		(.70	)		(.82	)		(6.07	)		(.97	)
Net asset value, end of period	$	83.17		$	101.27		$	89.23		$	48.65		$	76.07		$	83.46
Total Returnc		(17.87	%)		16.26	%		85.10	%		(35.38	%)		(1.26	%)		10.48	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,945		$	3,600		$	2,925		$	1,716		$	3,518		$	6,108
Ratios to average net assets:
Net investment income (loss)		1.14	%		0.94	%		1.06	%		1.32	%		1.01	%		0.74	%
Total expenses		1.55	%		1.51	%		1.60	%		1.63	%		1.61	%		1.53	%
Portfolio turnover rate		298	%		823	%		1,207	%		254	%		190	%		252	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	83.72		$	74.69		$	41.11		$	64.87		$	72.64		$	67.13
Income (loss) from investment operations:
Net investment income (loss)b		.17			.14			.18			.17			.12			(.03	)
Net gain (loss) on investments (realized and unrealized)		(15.39	)		11.17			34.10			(23.11	)		(1.82	)		6.51
Total from investment operations		(15.22	)		11.31			34.28			(22.94	)		(1.70	)		6.48
Less distributions from:
Net investment income		—			(2.28	)		(.70	)		(.82	)		(1.14	)		(.27	)
Net realized gains		—			—			—			—			(4.93	)		(.70	)
Total distributions		—			(2.28	)		(.70	)		(.82	)		(6.07	)		(.97	)
Net asset value, end of period	$	68.50		$	83.72		$	74.69		$	41.11		$	64.87		$	72.64
Total Returnc		(18.18	%)		15.40	%		83.72	%		(35.87	%)		(2.00	%)		9.66	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	996		$	1,484		$	1,805		$	1,321		$	2,340		$	4,058
Ratios to average net assets:
Net investment income (loss)		0.43	%		0.17	%		0.32	%		0.26	%		0.17	%		(0.05	%)
Total expenses		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%		2.28	%
Portfolio turnover rate		298	%		823	%		1,207	%		254	%		190	%		252	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 23

S&P 500^® PURE VALUE 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	101.75		$	89.64		$	48.87		$	76.39		$	83.78		$	76.71
Income (loss) from investment operations:
Net investment income (loss)b		.53			.98			.84			.96			.81			.57
Net gain (loss) on investments (realized and unrealized)		(18.73	)		13.41			40.63			(27.66	)		(2.13	)		7.47
Total from investment operations		(18.20	)		14.39			41.47			(26.70	)		(1.32	)		8.04
Less distributions from:
Net investment income		—			(2.28	)		(.70	)		(.82	)		(1.14	)		(.27	)
Net realized gains		—			—			—			—			(4.93	)		(.70	)
Total distributions		—			(2.28	)		(.70	)		(.82	)		(6.07	)		(.97	)
Net asset value, end of period	$	83.55		$	101.75		$	89.64		$	48.87		$	76.39		$	83.78
Total Return		(17.89	%)		16.26	%		85.15	%		(35.38	%)		(1.25	%)		10.48	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	25,505		$	164,615		$	52,797		$	5,422		$	43,352		$	59,536
Ratios to average net assets:
Net investment income (loss)		1.09	%		1.01	%		1.17	%		1.22	%		0.97	%		0.70	%
Total expenses		1.55	%		1.52	%		1.58	%		1.63	%		1.61	%		1.53	%
Portfolio turnover rate		298	%		823	%		1,207	%		254	%		190	%		252	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

S&P MIDCAP 400^® PURE GROWTH FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a benchmark for mid-cap growth securities on a daily basis. The Fund’s current benchmark is the S&P MidCap 400^® Pure Growth Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	September 1, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

Ten Largest Holdings (% of Total Net Assets)
Shockwave Medical, Inc.	7.6%
Dick’s Sporting Goods, Inc.	2.5%
Navient Corp.	2.5%
Steel Dynamics, Inc.	2.3%
Louisiana-Pacific Corp.	2.3%
SLM Corp.	2.2%
Jefferies Financial Group, Inc.	2.1%
Matador Resources Co.	2.1%
Celsius Holdings, Inc.	1.9%
Cleveland-Cliffs, Inc.	1.8%
Top Ten Total	27.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(18.08%)	(24.71%)	2.20%	5.87%
A-Class Shares with sales charge‡	(21.97%)	(28.28%)	1.21%	5.35%
C-Class Shares	(18.40%)	(25.28%)	1.44%	5.08%
C-Class Shares with CDSC§	(19.22%)	(25.93%)	1.44%	5.08%
H-Class Shares	(18.10%)	(24.73%)	2.20%	5.87%
S&P MidCap 400 Pure Growth Index	(17.56%)	(23.56%)	3.74%	7.34%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 Pure Growth 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 25

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
S&P MIDCAP 400® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Consumer, Non-cyclical - 27.5%
Shockwave Medical, Inc.*		8,139	$	2,263,212
Celsius Holdings, Inc.*		6,146		557,319
Option Care Health, Inc.*		15,031		473,026
Medpace Holdings, Inc.*		2,722		427,817
Repligen Corp.*		2,104		393,680
Neurocrine Biosciences, Inc.*		3,074		326,489
FTI Consulting, Inc.*		1,958		324,460
Tenet Healthcare Corp.*		6,283		324,077
Inari Medical, Inc.*		4,394		319,180
Paylocity Holding Corp.*		1,181		285,306
Coca-Cola Consolidated, Inc.		566		233,039
STAAR Surgical Co.*		3,288		231,968
Omnicell, Inc.*		2,599		226,191
ASGN, Inc.*		2,223		200,893
Avis Budget Group, Inc.*		1,331		197,600
Darling Ingredients, Inc.*		2,927		193,621
Service Corporation International		3,265		188,521
Bruker Corp.		3,532		187,408
Azenta, Inc.		4,348		186,355
Tandem Diabetes Care, Inc.*		3,665		175,370
QuidelOrtho Corp.*		2,097		149,894
Arrowhead Pharmaceuticals, Inc.*		4,211		139,174
GXO Logistics, Inc.*		3,608		126,497
Syneos Health, Inc.*		2,029		95,667
Total Consumer, Non-cyclical				8,226,764
Financial - 17.8%
Navient Corp.		50,987		748,999
SLM Corp.		46,497		650,493
Jefferies Financial Group, Inc.		21,512		634,604
Pinnacle Financial Partners, Inc.		5,383		436,561
Evercore, Inc. — Class A		4,412		362,887
East West Bancorp, Inc.		4,756		319,318
Stifel Financial Corp.		5,788		300,455
Life Storage, Inc. REIT		2,565		284,099
UMB Financial Corp.		3,140		264,671
Kinsale Capital Group, Inc.		964		246,225
Affiliated Managers Group, Inc.		2,149		240,366
PacWest Bancorp		10,602		239,605
First Financial Bankshares, Inc.		5,169		216,219
National Storage Affiliates Trust REIT		4,851		201,704
Independence Realty Trust, Inc. REIT		10,894		182,257
Total Financial				5,328,463
Consumer, Cyclical - 15.6%
Dick’s Sporting Goods, Inc.		7,196		752,990
Williams-Sonoma, Inc.		3,384		398,804
Tempur Sealy International, Inc.		16,007		386,409
Deckers Outdoor Corp.*		1,185		370,443
Crocs, Inc.*		5,171		355,041
Fox Factory Holding Corp.*		4,271		337,751
Mattel, Inc.*		15,814		299,517
Wingstop, Inc.		2,118		265,640
Five Below, Inc.*		1,817		250,146
Churchill Downs, Inc.		1,268		233,502
Boyd Gaming Corp.		4,314		205,562
GameStop Corp. — Class A*,1		7,320		183,952
Brunswick Corp.		2,541		166,308
Light & Wonder, Inc. — Class A*		3,874		166,117
YETI Holdings, Inc.*		4,726		134,786
RH*		416		102,365
Scotts Miracle-Gro Co. — Class A		1,367		58,439
Total Consumer, Cyclical				4,667,772
Industrial - 12.1%
Louisiana-Pacific Corp.		13,260		678,780
Builders FirstSource, Inc.*		8,267		487,092
Axon Enterprise, Inc.*		2,828		327,341
Eagle Materials, Inc.		2,479		265,699
Saia, Inc.*		1,374		261,060
Carlisle Companies, Inc.		870		243,957
Valmont Industries, Inc.		839		225,372
TopBuild Corp.*		1,337		220,311
Trex Company, Inc.*		4,385		192,677
Chart Industries, Inc.*		953		175,686
Watts Water Technologies, Inc. — Class A		1,144		143,835
Vicor Corp.*		2,310		136,613
Tetra Tech, Inc.		1,040		133,671
Simpson Manufacturing Company, Inc.		1,456		114,150
Total Industrial				3,606,244
Energy - 8.3%
Matador Resources Co.		12,598		616,294
Murphy Oil Corp.		15,139		532,439
Antero Midstream Corp.		57,576		528,547
Targa Resources Corp.		8,102		488,875
PDC Energy, Inc.		5,756		332,639
Total Energy				2,498,794
Technology - 8.3%
Concentrix Corp.		4,590		512,382
Dynatrace, Inc.*		11,311		393,736
Qualys, Inc.*		1,824		254,247
Power Integrations, Inc.		3,504		225,377
Maximus, Inc.		3,827		221,469
Teradata Corp.*		6,784		210,711
ExlService Holdings, Inc.*		1,308		192,747
Lattice Semiconductor Corp.*		3,801		187,047
Silicon Laboratories, Inc.*		1,204		148,622
Synaptics, Inc.*		684		67,723
SiTime Corp.*		798		62,826
Total Technology				2,476,887
Basic Materials - 8.0%
Steel Dynamics, Inc.		9,593		680,624
Cleveland-Cliffs, Inc.*		40,132		540,578
MP Materials Corp.*		16,944		462,571
Olin Corp.		7,470		320,313
Valvoline, Inc.		9,411		238,475
Avient Corp.		5,010		151,803
Total Basic Materials				2,394,364

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
S&P MIDCAP 400® PURE GROWTH FUND

	Shares		Value
Communications - 1.9%
Calix, Inc.*		6,704	$	409,882
Ziff Davis, Inc.*		2,218		151,889
Total Communications				561,771
Total Common Stocks
(Cost $28,686,504)				29,761,059
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.3%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	43,284		43,284
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		16,647		16,647
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		16,155		16,155
Total Repurchase Agreements
(Cost $76,086)				76,086

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		144,352		144,352
Total Securities Lending Collateral
(Cost $144,352)				144,352
Total Investments - 100.3%
(Cost $28,906,942)			$	29,981,497
Other Assets & Liabilities, net - (0.3)%				(77,799	)
Total Net Assets - 100.0%			$	29,903,698

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	29,761,059	$	—	$	—	$	29,761,059
Repurchase Agreements		—		76,086		—		76,086
Securities Lending Collateral		144,352		—		—		144,352
Total Assets	$	29,905,411	$	76,086	$	—	$	29,981,497

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 27

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $139,522 of securities loaned (cost $28,830,856)	$	29,905,411
Repurchase agreements, at value (cost $76,086)		76,086
Receivables:
Securities sold		327,848
Dividends		10,159
Fund shares sold		2,483
Securities lending income		806
Interest		6
Total assets		30,322,799
Liabilities:
Payable for:
Securities purchased		192,757
Return of securities lending collateral		144,352
Management fees		20,839
Transfer agent and administrative fees		12,752
Distribution and service fees		8,020
Portfolio accounting/administration fees		4,237
Fund shares redeemed		2,398
Trustees’ fees*		550
Miscellaneous		33,196
Total liabilities		419,101
Net assets	$	29,903,698
Net assets consist of:
Paid in capital	$	31,354,614
Total distributable earnings (loss)		(1,450,916	)
Net assets	$	29,903,698
A-Class:
Net assets	$	6,193,505
Capital shares outstanding		141,417
Net asset value per share	$	43.80
Maximum offering price per share (Net asset value divided by 95.25%)	$	45.97
C-Class:
Net assets	$	1,389,646
Capital shares outstanding		39,808
Net asset value per share	$	34.91
H-Class:
Net assets	$	22,320,547
Capital shares outstanding		508,977
Net asset value per share	$	43.85

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends	$	220,535
Interest		1,422
Income from securities lending, net		13,934
Total investment income		235,891
Expenses:
Management fees		140,613
Distribution and service fees:
A-Class		9,026
C-Class		8,865
H-Class		35,629
Transfer agent and administrative fees		43,685
Portfolio accounting/administration fees		24,130
Professional fees		6,887
Trustees’ fees*		3,371
Custodian fees		2,750
Miscellaneous		21,574
Total expenses		296,530
Net investment loss		(60,639	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(3,976,566	)
Net realized loss		(3,976,566	)
Net change in unrealized appreciation (depreciation) on:
Investments		(3,193,212	)
Net change in unrealized appreciation (depreciation)		(3,193,212	)
Net realized and unrealized loss		(7,169,778	)
Net decrease in net assets resulting from operations	$	(7,230,417	)

* 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 REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(60,639	)	$	(674,248	)
Net realized gain (loss) on investments		(3,976,566	)		9,101,534
Net change in unrealized appreciation (depreciation) on investments		(3,193,212	)		(12,682,247	)
Net decrease in net assets resulting from operations		(7,230,417	)		(4,254,961	)
Distributions to shareholders:
A-Class		—			(1,107,287	)
C-Class		—			(353,420	)
H-Class		—			(4,816,461	)
Total distributions to shareholders		—			(6,277,168	)
Capital share transactions:
Proceeds from sale of shares
A-Class		711,188			1,342,069
C-Class		582,286			359,455
H-Class		46,212,529			28,660,742
Distributions reinvested
A-Class		—			1,084,346
C-Class		—			340,900
H-Class		—			4,776,710
Cost of shares redeemed
A-Class		(992,750	)		(3,884,349	)
C-Class		(864,604	)		(2,119,462	)
H-Class		(47,658,199	)		(46,760,566	)
Net decrease from capital share transactions		(2,009,550	)		(16,200,155	)
Net decrease in net assets		(9,239,967	)		(26,732,284	)
Net assets:
Beginning of period		39,143,665			65,875,949
End of period	$	29,903,698		$	39,143,665
Capital share activity:
Shares sold
A-Class		15,302			20,907
C-Class		15,660			6,579
H-Class		924,505			500,527
Shares issued from reinvestment of distributions
A-Class		—			18,230
C-Class		—			7,147
H-Class		—			80,186
Shares redeemed
A-Class		(21,559	)		(65,813	)
C-Class		(23,149	)		(41,414	)
H-Class		(961,347	)		(816,439	)
Net decrease in shares		(50,588	)		(290,090	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 29

S&P MIDCAP 400^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	53.47		$	64.65		$	33.77		$	45.88		$	54.96		$	50.84
Income (loss) from investment operations:
Net investment income (loss)b		(.08	)		(.69	)		(.57	)		(.32	)		(.30	)		(.41	)
Net gain (loss) on investments (realized and unrealized)		(9.59	)		(3.86	)		32.09			(11.79	)		(2.39	)		8.09
Total from investment operations		(9.67	)		(4.55	)		31.52			(12.11	)		(2.69	)		7.68
Less distributions from:
Net realized gains		—			(6.63	)		(.64	)		—			(6.39	)		(3.56	)
Total distributions		—			(6.63	)		(.64	)		—			(6.39	)		(3.56	)
Net asset value, end of period	$	43.80		$	53.47		$	64.65		$	33.77		$	45.88		$	54.96
Total Returnc		(18.08	%)		(8.07	%)		93.55	%		(26.39	%)		(4.19	%)		15.33	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,194		$	7,895		$	11,272		$	4,556		$	10,681		$	11,327
Ratios to average net assets:
Net investment income (loss)		(0.32	%)		(1.09	%)		(1.08	%)		(0.72	%)		(0.59	%)		(0.77	%)
Total expenses		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%		1.53	%
Portfolio turnover rate		155	%		125	%		407	%		190	%		165	%		160	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	42.78		$	53.41		$	28.17		$	38.56		$	47.66		$	44.83
Income (loss) from investment operations:
Net investment income (loss)b		(.21	)		(.96	)		(.78	)		(.54	)		(.62	)		(.71	)
Net gain (loss) on investments (realized and unrealized)		(7.66	)		(3.04	)		26.66			(9.85	)		(2.09	)		7.10
Total from investment operations		(7.87	)		(4.00	)		25.88			(10.39	)		(2.71	)		6.39
Less distributions from:
Net realized gains		—			(6.63	)		(.64	)		—			(6.39	)		(3.56	)
Total distributions		—			(6.63	)		(.64	)		—			(6.39	)		(3.56	)
Net asset value, end of period	$	34.91		$	42.78		$	53.41		$	28.17		$	38.56		$	47.66
Total Returnc		(18.40	%)		(8.76	%)		92.12	%		(26.95	%)		(4.90	%)		14.47	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,390		$	2,023		$	4,005		$	3,956		$	8,609		$	14,046
Ratios to average net assets:
Net investment income (loss)		(1.07	%)		(1.85	%)		(1.82	%)		(1.47	%)		(1.37	%)		(1.49	%)
Total expenses		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%		2.28	%
Portfolio turnover rate		155	%		125	%		407	%		190	%		165	%		160	%

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

S&P MIDCAP 400^® PURE GROWTH 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	53.54		$	64.74		$	33.82		$	45.94		$	55.03		$	50.89
Income (loss) from investment operations:
Net investment income (loss)b		(.07	)		(.70	)		(.56	)		(.31	)		(.34	)		(.40	)
Net gain (loss) on investments (realized and unrealized)		(9.62	)		(3.87	)		32.12			(11.81	)		(2.36	)		8.10
Total from investment operations		(9.69	)		(4.57	)		31.56			(12.12	)		(2.70	)		7.70
Less distributions from:
Net realized gains		—			(6.63	)		(.64	)		—			(6.39	)		(3.56	)
Total distributions		—			(6.63	)		(.64	)		—			(6.39	)		(3.56	)
Net asset value, end of period	$	43.85		$	53.54		$	64.74		$	33.82		$	45.94		$	55.03
Total Return		(18.10	%)		(8.09	%)		93.53	%		(26.38	%)		(4.19	%)		15.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	22,321		$	29,225		$	50,599		$	27,848		$	47,929		$	73,714
Ratios to average net assets:
Net investment income (loss)		(0.28	%)		(1.10	%)		(1.06	%)		(0.71	%)		(0.64	%)		(0.74	%)
Total expenses		1.55	%		1.51	%		1.59	%		1.63	%		1.61	%		1.53	%
Portfolio turnover rate		155	%		125	%		407	%		190	%		165	%		160	%

a	Unaudited figures for the period ended September 30, 2022. 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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

S&P MIDCAP 400^® PURE VALUE FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a benchmark for mid-cap value securities on a daily basis. The Fund’s current benchmark is the S&P MidCap 400^® Pure Value Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	September 1, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

Ten Largest Holdings (% of Total Net Assets)
Unum Group	4.3%
HF Sinclair Corp.	4.2%
Reinsurance Group of America, Inc. — Class A	3.1%
Avnet, Inc.	2.4%
Alleghany Corp.	2.2%
United States Steel Corp.	2.0%
Commercial Metals Co.	1.9%
Graham Holdings Co. — Class B	1.7%
CNO Financial Group, Inc.	1.6%
Ryder System, Inc.	1.6%
Top Ten Total	25.0%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(16.45%)	(12.00%)	4.26%	8.35%
A-Class Shares with sales charge‡	(20.43%)	(16.17%)	3.25%	7.83%
C-Class Shares	(16.77%)	(12.67%)	3.48%	7.54%
C-Class Shares with CDSC§	(17.60%)	(13.49%)	3.48%	7.54%
H-Class Shares	(16.46%)	(12.00%)	4.25%	8.34%
S&P MidCap 400 Pure Value Index	(15.63%)	(10.19%)	6.48%	10.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 Pure Value 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

32 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
S&P MIDCAP 400® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.9%
Financial - 32.9%
Unum Group		8,928	$	346,406
Reinsurance Group of America, Inc. — Class A		2,000		251,620
Alleghany Corp.*		216		181,304
CNO Financial Group, Inc.		7,238		130,067
Kemper Corp.		2,944		121,470
Voya Financial, Inc.		1,995		120,698
Old Republic International Corp.		5,672		118,715
First Horizon Corp.		4,517		103,439
Hanover Insurance Group, Inc.		799		102,384
FNB Corp.		7,482		86,791
Fulton Financial Corp.		5,153		81,417
Associated Banc-Corp.		4,045		81,224
MGIC Investment Corp.		6,172		79,125
Texas Capital Bancshares, Inc.*		1,323		78,097
Annaly Capital Management, Inc. REIT		3,981		68,314
United Bankshares, Inc.		1,817		64,958
Cadence Bank		2,423		61,568
New York Community Bancorp, Inc.		7,031		59,974
Selective Insurance Group, Inc.		691		56,247
Prosperity Bancshares, Inc.		831		55,411
Old National Bancorp		3,339		54,993
International Bancshares Corp.		1,246		52,955
Essent Group Ltd.		1,512		52,723
Bread Financial Holdings, Inc.		1,507		47,395
RenaissanceRe Holdings Ltd.		333		46,750
Washington Federal, Inc.		1,502		45,030
SL Green Realty Corp. REIT		1,070		42,971
Sabra Health Care REIT, Inc.		2,970		38,967
Valley National Bancorp		3,517		37,984
Total Financial				2,668,997
Consumer, Cyclical - 20.3%
Taylor Morrison Home Corp. — Class A*		5,262		122,710
Murphy USA, Inc.		440		120,960
Foot Locker, Inc.		3,595		111,912
Lithia Motors, Inc. — Class A		485		104,057
Univar Solutions, Inc.*		4,275		97,213
Thor Industries, Inc.		1,315		92,024
Adient plc*		3,227		89,549
KB Home		3,250		84,240
Kohl’s Corp.		3,145		79,097
PVH Corp.		1,703		76,294
Lear Corp.		607		72,652
Goodyear Tire & Rubber Co.*		6,994		70,569
Dana, Inc.		5,892		67,346
Gap, Inc.		8,178		67,141
Macy’s, Inc.		4,089		64,075
Nu Skin Enterprises, Inc. — Class A		1,591		53,092
BJ’s Wholesale Club Holdings, Inc.*		712		51,841
Toll Brothers, Inc.		1,140		47,880
Topgolf Callaway Brands Corp.*		2,410		46,417
Nordstrom, Inc.		2,295		38,395
Harley-Davidson, Inc.		992		34,601
JetBlue Airways Corp.*		4,981		33,024
MillerKnoll, Inc.		1,242		19,375
Total Consumer, Cyclical				1,644,464
Industrial - 17.3%
Avnet, Inc.		5,298		191,364
Ryder System, Inc.		1,672		126,219
Greif, Inc. — Class A		1,933		115,149
Arrow Electronics, Inc.*		1,197		110,351
TD SYNNEX Corp.		1,171		95,073
Worthington Industries, Inc.		2,104		80,247
Fluor Corp.*		2,812		69,990
MDU Resources Group, Inc.		2,504		68,484
Vishay Intertechnology, Inc.		3,702		65,859
EMCOR Group, Inc.		483		55,777
AGCO Corp.		558		53,663
Owens Corning		639		50,232
Kirby Corp.*		749		45,517
Silgan Holdings, Inc.		1,073		45,109
XPO Logistics, Inc.*		819		36,462
Knight-Swift Transportation Holdings, Inc.		739		36,159
EnerSys		597		34,727
Terex Corp.		1,082		32,179
Werner Enterprises, Inc.		806		30,306
Oshkosh Corp.		431		30,295
Timken Co.		505		29,815
Total Industrial				1,402,977
Consumer, Non-cyclical - 8.7%
Graham Holdings Co. — Class B		264		142,027
Sprouts Farmers Market, Inc.*		4,067		112,859
Performance Food Group Co.*		2,291		98,399
ManpowerGroup, Inc.		1,323		85,585
Perrigo Company plc		2,258		80,520
Patterson Companies, Inc.		3,194		76,720
Pilgrim’s Pride Corp.*		3,056		70,349
Ingredion, Inc.		477		38,408
Total Consumer, Non-cyclical				704,867
Basic Materials - 6.3%
United States Steel Corp.		9,095		164,802
Commercial Metals Co.		4,336		153,841
Reliance Steel & Aluminum Co.		690		120,343
Cabot Corp.		789		50,409
Chemours Co.		1,092		26,918
Total Basic Materials				516,313
Energy - 5.8%
HF Sinclair Corp.		6,276		337,900
NOV, Inc.		6,246		101,060
Equitrans Midstream Corp.		4,058		30,354
Total Energy				469,314
Utilities - 4.8%
Southwest Gas Holdings, Inc.		1,109		77,353
Spire, Inc.		1,212		75,544
UGI Corp.		1,661		53,700

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 33

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
S&P MIDCAP 400® PURE VALUE FUND

	Shares		Value
NorthWestern Corp.		926	$	45,633
Portland General Electric Co.		866		37,636
ONE Gas, Inc.		518		36,462
ALLETE, Inc.		681		34,084
Hawaiian Electric Industries, Inc.		890		30,848
Total Utilities				391,260
Technology - 3.3%
Xerox Holdings Corp.		9,642		126,117
Science Applications International Corp.		754		66,676
CACI International, Inc. — Class A*		175		45,686
Kyndryl Holdings, Inc.*		3,626		29,987
Total Technology				268,466
Communications - 0.5%
Viasat, Inc.*		1,369		41,385
Total Common Stocks
(Cost $8,284,760)				8,108,043

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.5%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	23,618		23,618
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		9,084		9,084
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		8,815		8,815
Total Repurchase Agreements
(Cost $41,517)				41,517
Total Investments - 100.4%
(Cost $8,326,277)			$	8,149,560
Other Assets & Liabilities, net - (0.4)%				(34,554	)
Total Net Assets - 100.0%			$	8,115,006

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	8,108,043	$	—	$	—	$	8,108,043
Repurchase Agreements		—		41,517		—		41,517
Total Assets	$	8,108,043	$	41,517	$	—	$	8,149,560

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

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $8,284,760)	$	8,108,043
Repurchase agreements, at value (cost $41,517)		41,517
Cash		123
Receivables:
Dividends		14,544
Fund shares sold		6,194
Total assets		8,170,421
Liabilities:
Payable for:
Fund shares redeemed		19,282
Management fees		6,777
Transfer agent and administrative fees		4,363
Licensing fees		3,018
Distribution and service fees		2,558
Portfolio accounting/administration fees		1,378
Trustees’ fees*		327
Miscellaneous		17,712
Total liabilities		55,415
Net assets	$	8,115,006
Net assets consist of:
Paid in capital	$	8,665,838
Total distributable earnings (loss)		(550,832	)
Net assets	$	8,115,006
A-Class:
Net assets	$	1,006,999
Capital shares outstanding		17,060
Net asset value per share	$	59.03
Maximum offering price per share (Net asset value divided by 95.25%)	$	61.96
C-Class:
Net assets	$	412,760
Capital shares outstanding		8,260
Net asset value per share	$	49.97
H-Class:
Net assets	$	6,695,247
Capital shares outstanding		113,616
Net asset value per share	$	58.93

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends	$	246,506
Interest		606
Income from securities lending, net		27
Total investment income		247,139
Expenses:
Management fees		67,649
Distribution and service fees:
A-Class		1,419
C-Class		2,409
H-Class		20,529
Transfer agent and administrative fees		22,844
Portfolio accounting/administration fees		10,883
Trustees’ fees*		3,522
Professional fees		2,752
Custodian fees		1,539
Miscellaneous		7,998
Total expenses		141,544
Net investment income		105,595
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,150,865	)
Net realized loss		(1,150,865	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,859,717	)
Net change in unrealized appreciation (depreciation)		(1,859,717	)
Net realized and unrealized loss		(3,010,582	)
Net decrease in net assets resulting from operations	$	(2,904,987	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 35

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	105,595		$	356,229
Net realized gain (loss) on investments		(1,150,865	)		21,578,814
Net change in unrealized appreciation (depreciation) on investments		(1,859,717	)		(21,123,480	)
Net increase (decrease) in net assets resulting from operations		(2,904,987	)		811,563
Distributions to shareholders:
A-Class		—			(93,147	)
C-Class		—			(51,807	)
H-Class		—			(2,191,285	)
Total distributions to shareholders		—			(2,336,239	)
Capital share transactions:
Proceeds from sale of shares
A-Class		184,674			1,769,648
C-Class		260,662			1,327,108
H-Class		142,287,423			185,241,615
Distributions reinvested
A-Class		—			93,147
C-Class		—			51,420
H-Class		—			2,183,880
Cost of shares redeemed
A-Class		(363,626	)		(2,296,828	)
C-Class		(246,510	)		(2,546,887	)
H-Class		(161,135,390	)		(312,091,871	)
Net decrease from capital share transactions		(19,012,767	)		(126,268,768	)
Net decrease in net assets		(21,917,754	)		(127,793,444	)
Net assets:
Beginning of period		30,032,760			157,826,204
End of period	$	8,115,006		$	30,032,760
Capital share activity:
Shares sold
A-Class		2,759			23,825
C-Class		4,637			20,517
H-Class		2,174,368			2,540,885
Shares issued from reinvestment of distributions
A-Class		—			1,336
C-Class		—			866
H-Class		—			31,387
Shares redeemed
A-Class		(5,520	)		(31,957	)
C-Class		(4,590	)		(41,033	)
H-Class		(2,459,668	)		(4,375,648	)
Net decrease in shares		(288,014	)		(1,829,822	)

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

S&P MIDCAP 400^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	70.65		$	70.16		$	30.53		$	51.62		$	53.32		$	51.39
Income (loss) from investment operations:
Net investment income (loss)b		.30			.40			.20			.34			(.04	)		.02
Net gain (loss) on investments (realized and unrealized)		(11.92	)		4.22			39.45			(21.43	)		(.17	)		2.89
Total from investment operations		(11.62	)		4.62			39.65			(21.09	)		(.21	)		2.91
Less distributions from:
Net investment income		—			(.86	)		(.02	)		—			(.02	)		—
Net realized gains		—			(3.27	)		—			—			(1.47	)		(.98	)
Total distributions		—			(4.13	)		(.02	)		—			(1.49	)		(.98	)
Net asset value, end of period	$	59.03		$	70.65		$	70.16		$	30.53		$	51.62		$	53.32
Total Returnc		(16.45	%)		6.67	%		129.91	%		(40.86	%)		(0.16	%)		5.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,007		$	1,400		$	1,868		$	749		$	1,203		$	1,084
Ratios to average net assets:
Net investment income (loss)		0.91	%		0.55	%		0.41	%		0.68	%		(0.07	%)		0.03	%
Total expenses		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%		1.54	%
Portfolio turnover rate		603	%		252	%		454	%		993	%		558	%		506	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	60.04		$	60.66		$	26.59		$	45.31		$	47.35		$	46.08
Income (loss) from investment operations:
Net investment income (loss)b		.05			(.13	)		(.13	)		(.05	)		(.41	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		(10.12	)		3.64			34.22			(18.67	)		(.14	)		2.54
Total from investment operations		(10.07	)		3.51			34.09			(18.72	)		(.55	)		2.25
Less distributions from:
Net investment income		—			(.86	)		(.02	)		—			(.02	)		—
Net realized gains		—			(3.27	)		—			—			(1.47	)		(.98	)
Total distributions		—			(4.13	)		(.02	)		—			(1.49	)		(.98	)
Net asset value, end of period	$	49.97		$	60.04		$	60.66		$	26.59		$	45.31		$	47.35
Total Returnc		(16.77	%)		5.86	%		128.24	%		(41.32	%)		(0.88	%)		4.82	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	413		$	493		$	1,690		$	708		$	1,842		$	1,859
Ratios to average net assets:
Net investment income (loss)		0.19	%		(0.21	%)		(0.30	%)		(0.12	%)		(0.85	%)		(0.62	%)
Total expenses		2.30	%		2.26	%		2.34	%		2.37	%		2.37	%		2.28	%
Portfolio turnover rate		603	%		252	%		454	%		993	%		558	%		506	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 37

S&P MIDCAP 400^® PURE VALUE 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	70.54		$	70.05		$	30.48		$	51.54		$	53.25		$	51.33
Income (loss) from investment operations:
Net investment income (loss)b		.40			.35			.31			.20			(.07	)		.04
Net gain (loss) on investments (realized and unrealized)		(12.01	)		4.27			39.28			(21.26	)		(.15	)		2.86
Total from investment operations		(11.61	)		4.62			39.59			(21.06	)		(.22	)		2.90
Less distributions from:
Net investment income		—			(.86	)		(.02	)		—			(.02	)		—
Net realized gains		—			(3.27	)		—			—			(1.47	)		(.98	)
Total distributions		—			(4.13	)		(.02	)		—			(1.49	)		(.98	)
Net asset value, end of period	$	58.93		$	70.54		$	70.05		$	30.48		$	51.54		$	53.25
Total Return		(16.46	%)		6.68	%		129.92	%		(40.86	%)		(0.16	%)		5.58	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,695		$	28,139		$	154,269		$	1,618		$	10,928		$	7,888
Ratios to average net assets:
Net investment income (loss)		1.22	%		0.48	%		0.51	%		0.39	%		(0.13	%)		0.08	%
Total expenses		1.55	%		1.51	%		1.54	%		1.63	%		1.62	%		1.53	%
Portfolio turnover rate		603	%		252	%		454	%		993	%		558	%		506	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

S&P SMALLCAP 600^® PURE GROWTH FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a benchmark for small-cap growth securities on a daily basis. The Fund’s current benchmark is the S&P SmallCap 600^® Pure Growth Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	September 1, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

Ten Largest Holdings (% of Total Net Assets)
Dynavax Technologies Corp.	2.1%
Vir Biotechnology, Inc.	2.1%
Encore Wire Corp.	1.9%
XPEL, Inc.	1.8%
Dorian LPG Ltd.	1.7%
First BanCorp	1.7%
Cross Country Healthcare, Inc.	1.6%
B Riley Financial, Inc.	1.6%
Hibbett, Inc.	1.6%
ServisFirst Bancshares, Inc.	1.4%
Top Ten Total	17.5%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(22.23%)	(31.26%)	(0.80%)	6.01%
A-Class Shares with sales charge‡	(25.93%)	(34.52%)	(1.76%)	5.49%
C-Class Shares	(22.50%)	(31.78%)	(1.54%)	5.21%
C-Class Shares with CDSC§	(23.28%)	(32.20%)	(1.54%)	5.21%
H-Class Shares	(22.30%)	(31.32%)	(0.81%)	5.99%
S&P SmallCap 600 Pure Growth Index	(21.70%)	(30.27%)	0.96%	7.95%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P SmallCap 600 Pure Growth 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 39

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Consumer, Non-cyclical - 28.8%
Dynavax Technologies Corp.*		7,159	$	74,740
Vir Biotechnology, Inc.*		3,874		74,691
Cross Country Healthcare, Inc.*		2,054		58,272
Avid Bioservices, Inc.*		2,534		48,450
MGP Ingredients, Inc.		455		48,303
Catalyst Pharmaceuticals, Inc.*		3,621		46,457
United Natural Foods, Inc.*		1,255		43,134
AMN Healthcare Services, Inc.*		405		42,914
Fulgent Genetics, Inc.*		1,107		42,199
Simply Good Foods Co.*		1,291		41,299
Innoviva, Inc.*		3,386		39,311
Cara Therapeutics, Inc.*		3,242		30,345
uniQure N.V.*		1,512		28,365
Collegium Pharmaceutical, Inc.*		1,736		27,811
AngioDynamics, Inc.*		1,290		26,393
Ligand Pharmaceuticals, Inc. — Class B*		283		24,369
Arcus Biosciences, Inc.*		913		23,884
Organogenesis Holdings, Inc.*		7,353		23,824
Supernus Pharmaceuticals, Inc.*		697		23,593
Inter Parfums, Inc.		301		22,714
iTeos Therapeutics, Inc.*		1,156		22,022
CorVel Corp.*		150		20,765
Korn Ferry		434		20,376
Heidrick & Struggles International, Inc.		760		19,752
Vericel Corp.*		758		17,586
BioLife Solutions, Inc.*		745		16,949
Zynex, Inc.		1,754		15,909
Alarm.com Holdings, Inc.*		241		15,631
Vector Group Ltd.		1,769		15,585
Medifast, Inc.		143		15,496
Joint Corp.*		939		14,751
Xencor, Inc.*		546		14,185
RadNet, Inc.*		657		13,370
Community Health Systems, Inc.*		4,432		9,529
Heska Corp.*		92		6,709
Total Consumer, Non-cyclical				1,029,683
Financial - 22.1%
First BanCorp		4,375		59,850
B Riley Financial, Inc.		1,268		56,451
ServisFirst Bancshares, Inc.		635		50,800
Flagstar Bancorp, Inc.		1,371		45,791
Piper Sandler Cos.		433		45,352
Customers Bancorp, Inc.*		1,439		42,422
Palomar Holdings, Inc.*		459		38,427
Preferred Bank/Los Angeles CA		584		38,094
Enova International, Inc.*		1,226		35,885
Pathward Financial, Inc.		1,027		33,850
Veritex Holdings, Inc.		1,095		29,116
Walker & Dunlop, Inc.		347		29,054
St. Joe Co.		904		28,955
Triumph Bancorp, Inc.*		524		28,479
Axos Financial, Inc.*		822		28,137
Bancorp, Inc.*		1,274		28,003
HomeStreet, Inc.		929		26,765
Virtus Investment Partners, Inc.		154		24,566
World Acceptance Corp.*		228		22,075
Innovative Industrial Properties, Inc. REIT		223		19,736
Redwood Trust, Inc. REIT		3,272		18,781
HCI Group, Inc.		464		18,189
NexPoint Residential Trust, Inc. REIT		323		14,926
Brightsphere Investment Group, Inc.		882		13,151
Trupanion, Inc.*		186		11,054
Douglas Elliman, Inc.		866		3,551
Total Financial				791,460
Industrial - 14.0%
Encore Wire Corp.		597		68,977
Dorian LPG Ltd.		4,501		61,079
Comfort Systems USA, Inc.		497		48,373
Mueller Industries, Inc.		806		47,908
MYR Group, Inc.*		521		44,144
UFP Industries, Inc.		593		42,791
NV5 Global, Inc.*		286		35,413
Fabrinet*		299		28,540
Matson, Inc.		453		27,868
Insteel Industries, Inc.		1,016		26,955
ArcBest Corp.		363		26,401
Advanced Energy Industries, Inc.		226		17,495
Sturm Ruger & Company, Inc.		332		16,862
Triumph Group, Inc.*		934		8,023
Total Industrial				500,829
Consumer, Cyclical - 12.9%
XPEL, Inc.*		1,023		65,922
Hibbett, Inc.		1,130		56,285
MarineMax, Inc.*		1,101		32,799
Century Communities, Inc.		753		32,213
Signet Jewelers Ltd.		562		32,141
Vista Outdoor, Inc.*		1,319		32,078
Shoe Carnival, Inc.		1,363		29,223
Movado Group, Inc.		958		26,996
Buckle, Inc.		851		26,943
LGI Homes, Inc.*		319		25,957
Boot Barn Holdings, Inc.*		414		24,203
Cavco Industries, Inc.*		97		19,959
Sleep Number Corp.*		519		17,547
Installed Building Products, Inc.		189		15,307
Children’s Place, Inc.*		406		12,541
Gentherm, Inc.*		186		9,250
Total Consumer, Cyclical				459,364
Technology - 9.5%
Kulicke & Soffa Industries, Inc.		1,169		45,041
Onto Innovation, Inc.*		621		39,775
MaxLinear, Inc. — Class A*		894		29,162
Axcelis Technologies, Inc.*		471		28,524
Rambus, Inc.*		1,014		25,776
Veeco Instruments, Inc.*		1,326		24,292
Diodes, Inc.*		357		23,173
Donnelley Financial Solutions, Inc.*		573		21,184

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
Digital Turbine, Inc.*		1,334	$	19,223
SPS Commerce, Inc.*		154		19,131
Ultra Clean Holdings, Inc.*		733		18,875
Apollo Medical Holdings, Inc.*		385		15,015
3D Systems Corp.*		1,445		11,531
TTEC Holdings, Inc.		227		10,059
Diebold Nixdorf, Inc.*		2,991		7,298
Total Technology				338,059
Communications - 8.0%
Clearfield, Inc.*		463		48,448
TechTarget, Inc.*		689		40,789
A10 Networks, Inc.		2,122		28,159
Extreme Networks, Inc.*		2,114		27,630
Harmonic, Inc.*		1,960		25,617
Thryv Holdings, Inc.*		1,076		24,565
Liquidity Services, Inc.*		1,506		24,487
Perficient, Inc.*		350		22,757
OptimizeRx Corp.*		1,128		16,717
ADTRAN Holdings, Inc.		782		15,312
Shutterstock, Inc.		206		10,335
Total Communications				284,816
Energy - 3.2%
Civitas Resources, Inc.		833		47,806
SM Energy Co.		694		26,101
Callon Petroleum Co.*		669		23,422
Ranger Oil Corp. — Class A		534		16,794
Total Energy				114,123
Basic Materials - 1.0%
Rogers Corp.*		96		23,221
Balchem Corp.		99		12,036
Total Basic Materials				35,257
Total Common Stocks
(Cost $3,200,115)				3,553,591

	Face Amount
REPURCHASE AGREEMENTS††,1 - 1.9%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	38,817		38,817
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		14,930		14,930
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		14,488		14,488
Total Repurchase Agreements
(Cost $68,235)				68,235
Total Investments - 101.4%
(Cost $3,268,350)			$	3,621,826
Other Assets & Liabilities, net - (1.4)%				(49,438	)
Total Net Assets - 100.0%			$	3,572,388

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 41

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
S&P SMALLCAP 600® PURE GROWTH FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	3,553,591	$	—	$	—	$	3,553,591
Repurchase Agreements		—		68,235		—		68,235
Total Assets	$	3,553,591	$	68,235	$	—	$	3,621,826

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

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $3,200,115)	$	3,553,591
Repurchase agreements, at value (cost $68,235)		68,235
Receivables:
Securities sold		27,407
Dividends		3,271
Fund shares sold		700
Securities lending income		17
Interest		6
Total assets		3,653,227
Liabilities:
Payable for:
Securities purchased		34,057
Management fees		10,239
Transfer agent and administrative fees		8,541
Fund shares redeemed		5,605
Distribution and service fees		3,794
Portfolio accounting/administration fees		2,082
Trustees’ fees*		278
Miscellaneous		16,243
Total liabilities		80,839
Net assets	$	3,572,388
Net assets consist of:
Paid in capital	$	3,117,660
Total distributable earnings (loss)		454,728
Net assets	$	3,572,388
A-Class:
Net assets	$	1,046,274
Capital shares outstanding		25,310
Net asset value per share	$	41.34
Maximum offering price per share (Net asset value divided by 95.25%)	$	43.40
C-Class:
Net assets	$	325,976
Capital shares outstanding		9,933
Net asset value per share	$	32.82
H-Class:
Net assets	$	2,200,138
Capital shares outstanding		53,273
Net asset value per share	$	41.30

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $329)	$	138,917
Interest		952
Income from securities lending, net		137
Total investment income		140,006
Expenses:
Management fees		65,728
Distribution and service fees:
A-Class		1,766
C-Class		3,009
H-Class		19,391
Transfer agent and administrative fees		18,162
Portfolio accounting/administration fees		12,602
Professional fees		3,584
Custodian fees		1,201
Trustees’ fees*		936
Miscellaneous		10,983
Total expenses		137,362
Net investment income		2,644
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		310,535
Net realized gain		310,535
Net change in unrealized appreciation (depreciation) on:
Investments		(18,025	)
Net change in unrealized appreciation (depreciation)		(18,025	)
Net realized and unrealized gain		292,510
Net increase in net assets resulting from operations	$	295,154

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 43

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	2,644		$	(111,248	)
Net realized gain on investments		310,535			5,969,879
Net change in unrealized appreciation (depreciation) on investments		(18,025	)		(6,844,889	)
Net increase (decrease) in net assets resulting from operations		295,154			(986,258	)
Distributions to shareholders:
A-Class		—			(706,703	)
C-Class		—			(332,554	)
H-Class		—			(1,437,234	)
Total distributions to shareholders		—			(2,476,491	)
Capital share transactions:
Proceeds from sale of shares
A-Class		508,725			454,336
C-Class		384,796			282,551
H-Class		99,745,454			74,459,393
Distributions reinvested
A-Class		—			688,403
C-Class		—			307,513
H-Class		—			1,413,171
Cost of shares redeemed
A-Class		(521,992	)		(2,264,411	)
C-Class		(403,342	)		(2,016,862	)
H-Class		(101,638,135	)		(95,507,267	)
Net decrease from capital share transactions		(1,924,494	)		(22,183,173	)
Net decrease in net assets		(1,629,340	)		(25,645,922	)
Net assets:
Beginning of period		5,201,728			30,847,650
End of period	$	3,572,388		$	5,201,728
Capital share activity:
Shares sold
A-Class		11,085			6,045
C-Class		10,502			3,513
H-Class		2,181,693			824,847
Shares issued from reinvestment of distributions
A-Class		—			11,319
C-Class		—			6,331
H-Class		—			23,239
Shares redeemed
A-Class		(12,229	)		(29,551	)
C-Class		(11,984	)		(28,440	)
H-Class		(2,190,735	)		(1,066,823	)
Net decrease in shares		(11,668	)		(249,520	)

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

S&P SMALLCAP 600^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	53.16		$	89.23		$	43.85		$	65.22		$	71.79		$	65.58
Income (loss) from investment operations:
Net investment income (loss)b		.04			(.70	)		(.62	)		(.44	)		(.70	)		(.63	)
Net gain (loss) on investments (realized and unrealized)		(11.86	)d		(5.41	)		46.00			(20.93	)		(.94	)		9.35
Total from investment operations		(11.82	)		(6.11	)		45.38			(21.37	)		(1.64	)		8.72
Less distributions from:
Net realized gains		—			(29.96	)		—			—			(4.93	)		(2.51	)
Total distributions		—			(29.96	)		—			—			(4.93	)		(2.51	)
Net asset value, end of period	$	41.34		$	53.16		$	89.23		$	43.85		$	65.22		$	71.79
Total Returnc		(22.23	%)		(11.08	%)		103.49	%		(32.77	%)		(2.34	%)		13.41	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,046		$	1,406		$	3,448		$	1,169		$	2,397		$	1,857
Ratios to average net assets:
Net investment income (loss)		0.18	%		(0.88	%)		(0.86	%)		(0.69	%)		(0.93	%)		(0.91	%)
Total expenses		1.55	%		1.51	%		1.58	%		1.63	%		1.62	%		1.53	%
Portfolio turnover rate		452	%		707	%		752	%		628	%		421	%		643	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	42.35		$	77.59		$	38.41		$	57.57		$	64.43		$	59.55
Income (loss) from investment operations:
Net investment income (loss)b		(.12	)		(1.17	)		(.96	)		(.79	)		(1.16	)		(.96	)
Net gain (loss) on investments (realized and unrealized)		(9.41	)d		(4.11	)		40.14			(18.37	)		(.77	)		8.35
Total from investment operations		(9.53	)		(5.28	)		39.18			(19.16	)		(1.93	)		7.39
Less distributions from:
Net realized gains		—			(29.96	)		—			—			(4.93	)		(2.51	)
Total distributions		—			(29.96	)		—			—			(4.93	)		(2.51	)
Net asset value, end of period	$	32.82		$	42.35		$	77.59		$	38.41		$	57.57		$	64.43
Total Returnc		(22.50	%)		(11.75	%)		102.00	%		(33.28	%)		(3.06	%)		12.52	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	326		$	483		$	2,329		$	678		$	1,252		$	2,354
Ratios to average net assets:
Net investment income (loss)		(0.64	%)		(1.69	%)		(1.59	%)		(1.43	%)		(1.70	%)		(1.52	%)
Total expenses		2.30	%		2.26	%		2.33	%		2.38	%		2.36	%		2.28	%
Portfolio turnover rate		452	%		707	%		752	%		628	%		421	%		643	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 45

S&P SMALLCAP 600^® PURE GROWTH 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	53.15		$	89.21		$	43.84		$	65.21		$	71.78		$	65.58
Income (loss) from investment operations:
Net investment income (loss)b		.01			(.81	)		(.86	)		(.40	)		(.77	)		(.55	)
Net gain (loss) on investments (realized and unrealized)		(11.86	)d		(5.29	)		46.23			(20.97	)		(.87	)		9.26
Total from investment operations		(11.85	)		(6.10	)		45.37			(21.37	)		(1.64	)		8.71
Less distributions from:
Net realized gains		—			(29.96	)		—			—			(4.93	)		(2.51	)
Total distributions		—			(29.96	)		—			—			(4.93	)		(2.51	)
Net asset value, end of period	$	41.30		$	53.15		$	89.21		$	43.84		$	65.21		$	71.78
Total Return		(22.30	%)		(11.06	%)		103.49	%		(32.77	%)		(2.33	%)		13.38	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,200		$	3,312		$	25,071		$	2,430		$	7,525		$	15,523
Ratios to average net assets:
Net investment income (loss)		0.04	%		(0.97	%)		(1.05	%)		(0.63	%)		(0.99	%)		(0.80	%)
Total expenses		1.54	%		1.51	%		1.54	%		1.63	%		1.61	%		1.53	%
Portfolio turnover rate		452	%		707	%		752	%		628	%		421	%		643	%

a	Unaudited figures for the period ended September 30, 2022. 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	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

S&P SMALLCAP 600^® PURE VALUE FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a benchmark for small-cap value securities on a daily basis. The Fund’s current benchmark is the S&P SmallCap 600^® Pure Value Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	September 1, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

Ten Largest Holdings (% of Total Net Assets)
PBF Energy, Inc. — Class A	2.3%
Seneca Foods Corp. — Class A	1.6%
United Fire Group, Inc.	1.6%
StoneX Group, Inc.	1.6%
Olympic Steel, Inc.	1.5%
GEO Group, Inc.	1.5%
SpartanNash Co.	1.5%
Sanmina Corp.	1.4%
Mercer International, Inc.	1.4%
Atlas Air Worldwide Holdings, Inc.	1.3%
Top Ten Total	15.7%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(21.14%)	(18.38%)	0.82%	5.33%
A-Class Shares with sales charge‡	(24.88%)	(22.26%)	(0.15%)	4.82%
C-Class Shares	(21.38%)	(19.00%)	0.08%	4.55%
C-Class Shares with CDSC§	(22.17%)	(19.81%)	0.08%	4.55%
H-Class Shares	(21.14%)	(18.38%)	0.82%	5.35%
S&P SmallCap 600 Pure Value Index	(20.36%)	(16.53%)	3.24%	7.69%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P SmallCap 600 Pure Value 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 47

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Financial - 22.2%
United Fire Group, Inc.		3,041	$	87,368
StoneX Group, Inc.*		1,044		86,589
Genworth Financial, Inc. — Class A*		20,227		70,794
EZCORP, Inc. — Class A*		8,831		68,087
American Equity Investment Life Holding Co.		1,551		57,837
Mr Cooper Group, Inc.*		1,326		53,703
SiriusPoint Ltd.*		10,202		50,500
Universal Insurance Holdings, Inc.		5,030		49,546
Mercury General Corp.		1,596		45,358
Horace Mann Educators Corp.		1,174		41,430
Anywhere Real Estate, Inc.*		5,051		40,964
ProAssurance Corp.		1,886		36,796
Employers Holdings, Inc.		1,004		34,628
Heritage Financial Corp.		1,261		33,379
Safety Insurance Group, Inc.		381		31,074
Hope Bancorp, Inc.		1,920		24,269
S&T Bancorp, Inc.		788		23,096
First Financial Bancorp		1,062		22,387
Renasant Corp.		713		22,303
Northwest Bancshares, Inc.		1,492		20,157
Ready Capital Corp. REIT		1,964		19,915
Trustmark Corp.		641		19,634
NMI Holdings, Inc. — Class A*		956		19,474
Columbia Banking System, Inc.		668		19,298
PennyMac Mortgage Investment Trust REIT		1,638		19,296
Berkshire Hills Bancorp, Inc.		690		18,837
TrustCo Bank Corporation NY		593		18,632
Franklin BSP Realty Trust, Inc. REIT1		1,641		17,674
Two Harbors Investment Corp. REIT		4,901		16,271
New York Mortgage Trust, Inc. REIT		6,948		16,258
Apollo Commercial Real Estate Finance, Inc. REIT		1,804		14,973
Simmons First National Corp. — Class A		676		14,730
Granite Point Mortgage Trust, Inc. REIT		2,111		13,595
BankUnited, Inc.		384		13,121
ARMOUR Residential REIT, Inc.		2,626		12,789
PRA Group, Inc.*		379		12,454
Franklin Street Properties Corp. REIT		4,224		11,109
Office Properties Income Trust REIT		721		10,130
RE/MAX Holdings, Inc. — Class A		506		9,568
Diversified Healthcare Trust REIT		8,565		8,480
Orion Office REIT, Inc.		950		8,313
Invesco Mortgage Capital, Inc. REIT		643		7,137
Total Financial				1,221,953
Consumer, Cyclical - 20.9%
World Fuel Services Corp.		2,647		62,046
Motorcar Parts of America, Inc.*		3,660		55,705
ScanSource, Inc.*		2,081		54,959
ODP Corp.*		1,423		50,019
Chico’s FAS, Inc.*		10,277		49,741
PC Connection, Inc.		1,025		46,217
Sonic Automotive, Inc. — Class A		1,053		45,595
Titan International, Inc.*		3,718		45,137
Tri Pointe Homes, Inc.*		2,883		43,562
M/I Homes, Inc.*		1,192		43,186
Haverty Furniture Companies, Inc.		1,523		37,923
Group 1 Automotive, Inc.		261		37,289
Cato Corp. — Class A		3,647		34,792
G-III Apparel Group Ltd.*		2,132		31,873
Wabash National Corp.		1,991		30,980
Ethan Allen Interiors, Inc.		1,344		28,412
Caleres, Inc.		1,170		28,337
American Axle & Manufacturing Holdings, Inc.*		4,137		28,256
America’s Car-Mart, Inc.*		462		28,191
Conn’s, Inc.*		3,830		27,116
Resideo Technologies, Inc.*		1,338		25,502
Urban Outfitters, Inc.*		1,297		25,486
MDC Holdings, Inc.		898		24,623
Big Lots, Inc.		1,521		23,743
Veritiv Corp.*		233		22,781
Guess?, Inc.		1,492		21,888
LL Flooring Holdings, Inc.*		3,123		21,642
PriceSmart, Inc.		353		20,329
Bloomin’ Brands, Inc.		1,108		20,310
KAR Auction Services, Inc.*		1,763		19,693
SkyWest, Inc.*		1,175		19,106
La-Z-Boy, Inc.		807		18,214
Standard Motor Products, Inc.		441		14,332
El Pollo Loco Holdings, Inc.*		1,574		14,040
Universal Electronics, Inc.*		633		12,451
Brinker International, Inc.*		498		12,440
Tupperware Brands Corp.*		1,416		9,275
Zumiez, Inc.*		388		8,354
Bed Bath & Beyond, Inc.*,1		1,124		6,845
Total Consumer, Cyclical				1,150,390
Consumer, Non-cyclical - 19.2%
Seneca Foods Corp. — Class A*		1,770		89,279
GEO Group, Inc.*		10,665		82,120
SpartanNash Co.		2,755		79,950
Universal Corp.		1,493		68,738
Fresh Del Monte Produce, Inc.		2,925		67,977
TreeHouse Foods, Inc.*		1,578		66,939
Kelly Services, Inc. — Class A		4,713		64,050
Andersons, Inc.		1,972		61,191
Perdoceo Education Corp.*		4,044		41,653
Strategic Education, Inc.		658		40,408
Covetrus, Inc.*		1,806		37,709
ABM Industries, Inc.		899		34,369
CoreCivic, Inc.*		3,823		33,795
Aaron’s Company, Inc.		3,248		31,571
AdaptHealth Corp.*		1,610		30,236
TrueBlue, Inc.*		1,569		29,936
Hostess Brands, Inc.*		1,250		29,050
Quanex Building Products Corp.		1,450		26,332
Resources Connection, Inc.		1,397		25,244
Adtalem Global Education, Inc.*		675		24,604
Select Medical Holdings Corp.		1,060		23,426

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
Owens & Minor, Inc.		775	$	18,678
Edgewell Personal Care Co.		421		15,745
Central Garden & Pet Co. — Class A*		446		15,235
Emergent BioSolutions, Inc.*		377		7,913
Deluxe Corp.		436		7,259
Central Garden & Pet Co.*		109		3,929
Total Consumer, Non-cyclical				1,057,336
Industrial - 15.3%
Olympic Steel, Inc.		3,625		82,686
Sanmina Corp.*		1,714		78,981
Atlas Air Worldwide Holdings, Inc.*		770		73,589
TimkenSteel Corp.*		4,711		70,618
Benchmark Electronics, Inc.		2,763		68,467
TTM Technologies, Inc.*		3,966		52,272
AAR Corp.*		1,393		49,897
Powell Industries, Inc.		1,987		41,886
Griffon Corp.		1,311		38,701
Tredegar Corp.		3,590		33,890
DXP Enterprises, Inc.*		1,392		32,962
American Woodmark Corp.*		651		28,553
O-I Glass, Inc.*		2,201		28,503
Moog, Inc. — Class A		403		28,351
Greenbrier Companies, Inc.		1,128		27,377
Granite Construction, Inc.		968		24,577
Hub Group, Inc. — Class A*		290		20,004
Plexus Corp.*		219		19,176
Arcosa, Inc.		321		18,355
Matthews International Corp. — Class A		690		15,463
Harsco Corp.*		2,418		9,043
Total Industrial				843,351
Energy - 9.5%
PBF Energy, Inc. — Class A*		3,519		123,728
CONSOL Energy, Inc.		954		61,361
SunCoke Energy, Inc.		10,417		60,523
Helix Energy Solutions Group, Inc.*		12,725		49,119
US Silica Holdings, Inc.*		3,801		41,621
NOW, Inc.*		3,725		37,436
Oil States International, Inc.*		6,391		24,861
REX American Resources Corp.*		833		23,258
Nabors Industries Ltd.*		194		19,681
Bristow Group, Inc.*		827		19,426
ProPetro Holding Corp.*		2,105		16,945
FutureFuel Corp.		2,505		15,130
Oceaneering International, Inc.*		1,827		14,543
Archrock, Inc.		1,948		12,506
Total Energy				520,138
Basic Materials - 7.4%
Mercer International, Inc.		6,105		75,092
American Vanguard Corp.		2,521		47,143
Clearwater Paper Corp.*		1,049		39,442
Koppers Holdings, Inc.		1,728		35,908
Sylvamo Corp.		985		33,392
Rayonier Advanced Materials, Inc.*		10,237		32,246
Unifi, Inc.*		3,137		29,833
Mativ Holdings, Inc.		1,287		28,417
Minerals Technologies, Inc.		458		22,630
Carpenter Technology Corp.		673		20,957
Trinseo plc		951		17,422
Kaiser Aluminum Corp.		188		11,534
Arconic Corp.*		580		9,883
Total Basic Materials				403,899
Communications - 3.1%
Telephone & Data Systems, Inc.		3,802		52,848
NETGEAR, Inc.*		2,015		40,380
ATN International, Inc.		725		27,963
AMC Networks, Inc. — Class A*		1,173		23,812
Scholastic Corp.		734		22,578
Total Communications				167,581
Technology - 1.8%
Insight Enterprises, Inc.*		363		29,915
Photronics, Inc.*		1,894		27,690
Consensus Cloud Solutions, Inc.*		520		24,596
Ebix, Inc.1		803		15,233
Total Technology				97,434
Total Common Stocks
(Cost $5,688,145)				5,462,082
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	20,058		20,058
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		7,714		7,714
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		7,486		7,486
Total Repurchase Agreements
(Cost $35,258)				35,258
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.6%
Money Market Fund
First American Government Obligations Fund— Class X, 2.78%4		30,297		30,297
Total Securities Lending Collateral
(Cost $30,297)				30,297
Total Investments - 100.6%
(Cost $5,753,700)			$	5,527,637
Other Assets & Liabilities, net - (0.6)%				(33,004	)
Total Net Assets - 100.0%			$	5,494,633

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 49

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
S&P SMALLCAP 600® PURE VALUE FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,462,082	$	—	$	—	$	5,462,082
Repurchase Agreements		—		35,258		—		35,258
Securities Lending Collateral		30,297		—		—		30,297
Total Assets	$	5,492,379	$	35,258	$	—	$	5,527,637

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

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $29,801 of securities loaned (cost $5,718,442)	$	5,492,379
Repurchase agreements, at value (cost $35,258)		35,258
Receivables:
Securities sold		22,019
Dividends		8,411
Fund shares sold		746
Securities lending income		74
Interest		3
Total assets		5,558,890
Liabilities:
Payable for:
Return of securities lending collateral		30,297
Fund shares redeemed		7,517
Management fees		4,906
Transfer agent and administrative fees		4,031
Distribution and service fees		1,818
Portfolio accounting/administration fees		998
Trustees’ fees*		241
Miscellaneous		14,449
Total liabilities		64,257
Net assets	$	5,494,633
Net assets consist of:
Paid in capital	$	27,088,615
Total distributable earnings (loss)		(21,593,982	)
Net assets	$	5,494,633
A-Class:
Net assets	$	1,179,453
Capital shares outstanding		8,196
Net asset value per share	$	143.91
Maximum offering price per share (Net asset value divided by 95.25%)	$	151.07
C-Class:
Net assets	$	89,601
Capital shares outstanding		746
Net asset value per share	$	120.11
H-Class:
Net assets	$	4,225,579
Capital shares outstanding		29,437
Net asset value per share	$	143.55

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $11)	$	125,804
Interest		575
Income from securities lending, net		418
Total investment income		126,797
Expenses:
Management fees		53,593
Distribution and service fees:
A-Class		4,728
C-Class		857
H-Class		12,922
Transfer agent and administrative fees		17,322
Portfolio accounting/administration fees		8,953
Professional fees		7,598
Trustees’ fees*		2,081
Custodian fees		1,129
Miscellaneous		2,183
Total expenses		111,366
Net investment income		15,431
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2,782,149	)
Net realized loss		(2,782,149	)
Net change in unrealized appreciation (depreciation) on:
Investments		(3,137,926	)
Net change in unrealized appreciation (depreciation)		(3,137,926	)
Net realized and unrealized loss		(5,920,075	)
Net decrease in net assets resulting from operations	$	(5,904,644	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 51

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	15,431		$	(110,693	)
Net realized loss on investments		(2,782,149	)		(4,306,876	)
Net change in unrealized appreciation (depreciation) on investments		(3,137,926	)		(1,363,990	)
Net decrease in net assets resulting from operations		(5,904,644	)		(5,781,559	)
Capital share transactions:
Proceeds from sale of shares
A-Class		3,505,913			4,381,306
C-Class		432,882			1,136,324
H-Class		104,057,372			285,628,661
Cost of shares redeemed
A-Class		(6,251,278	)		(3,042,008	)
C-Class		(396,966	)		(2,532,690	)
H-Class		(112,821,964	)		(297,130,146	)
Net decrease from capital share transactions		(11,474,041	)		(11,558,553	)
Net decrease in net assets		(17,378,685	)		(17,340,112	)
Net assets:
Beginning of period		22,873,318			40,213,430
End of period	$	5,494,633		$	22,873,318
Capital share activity:
Shares sold
A-Class		19,946			23,898
C-Class		2,946			7,635
H-Class		606,247			1,567,541
Shares redeemed
A-Class		(37,681	)		(17,268	)
C-Class		(3,117	)		(17,106	)
H-Class		(675,695	)		(1,680,517	)
Net decrease in shares		(87,354	)		(115,817	)

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

S&P SMALLCAP 600^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	182.48		$	167.98		$	67.45		$	129.32		$	138.22		$	136.22
Income (loss) from investment operations:
Net investment income (loss)b		.10			(.34	)		(.14	)		(.50	)		.30			(.40	)
Net gain (loss) on investments (realized and unrealized)		(38.67	)		14.84	e		100.67	e		(61.37	)		(9.20	)		2.40
Total from investment operations		(38.57	)		14.50			100.53			(61.87	)		(8.90	)		2.00
Net asset value, end of period	$	143.91		$	182.48		$	167.98		$	67.45		$	129.32		$	138.22
Total Returnc		(21.14	%)		8.63	%		149.04	%		(47.83	%)		(6.44	%)		1.47	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,179		$	4,732		$	3,242		$	936		$	1,329		$	762
Ratios to average net assets:
Net investment income (loss)		0.12	%		(0.19	%)		(0.31	%)		(0.42	%)		0.21	%		(0.30	%)
Total expenses		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%		1.53	%
Portfolio turnover rate		745	%		892	%		1,503	%		1,104	%		534	%		1,832	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	152.77		$	141.75		$	57.31		$	110.69		$	119.22		$	118.40
Income (loss) from investment operations:
Net investment income (loss)b		(.47	)		(1.65	)		(.40	)		(1.25	)		(.65	)		(1.05	)
Net gain (loss) on investments (realized and unrealized)		(32.19	)		12.67	e		84.84	e		(52.13	)		(7.88	)		1.87
Total from investment operations		(32.66	)		11.02			84.44			(53.38	)		(8.53	)		.82
Net asset value, end of period	$	120.11		$	152.77		$	141.75		$	57.31		$	110.69		$	119.22
Total Returnc		(21.38	%)		7.82	%		147.34	%		(48.24	%)		(7.13	%)		0.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	90		$	140		$	1,472		$	571		$	1,055		$	1,532
Ratios to average net assets:
Net investment income (loss)		(0.67	%)		(1.11	%)		(1.07	%)		(1.20	%)		(0.53	%)		(0.90	%)
Total expenses		2.29	%		2.26	%		2.34	%		2.38	%		2.36	%		2.28	%
Portfolio turnover rate		745	%		892	%		1,503	%		1,104	%		534	%		1,832	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 53

S&P SMALLCAP 600^® PURE VALUE 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	182.04		$	167.56		$	67.25		$	129.01		$	137.86		$	135.65
Income (loss) from investment operations:
Net investment income (loss)b		.23			(.53	)		(.13	)		(.55	)		.10			(.45	)
Net gain (loss) on investments (realized and unrealized)		(38.72	)		15.01	e		100.44	e		(61.21	)		(8.95	)		2.66
Total from investment operations		(38.49	)		14.48			100.31			(61.76	)		(8.85	)		2.21
Net asset value, end of period	$	143.55		$	182.04		$	167.56		$	67.25		$	129.01		$	137.86
Total Return		(21.14	%)		8.64	%		149.16	%		(47.87	%)		(6.42	%)		1.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,226		$	18,001		$	35,499		$	1,507		$	9,062		$	7,595
Ratios to average net assets:
Net investment income (loss)		0.27	%		(0.29	%)		(0.18	%)		(0.44	%)		0.06	%		(0.32	%)
Total expenses		1.55	%		1.51	%		1.55	%		1.64	%		1.62	%		1.53	%
Portfolio turnover rate		745	%		892	%		1,503	%		1,104	%		534	%		1,832	%

a	Unaudited figures for the period ended September 30, 2022. 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	Reverse share split — Per share amounts for the years presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.
e	The amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

EUROPE 1.25x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark. The Fund’s current benchmark is 125% of the fair value of the STOXX^® Europe 50 Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	March 31, 2004
C-Class	May 10, 2001
H-Class	May 8, 2000

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Ultra Short Duration Fund — Institutional Class	6.9%
Guggenheim Strategy Fund II	6.7%
Nestle S.A. ADR	1.9%
Roche Holding AG ADR	1.4%
Shell plc ADR	1.1%
Novartis AG ADR	1.1%
AstraZeneca plc ADR	1.1%
ASML Holding N.V. — Class G	1.0%
Novo Nordisk A/S ADR	1.0%
LVMH Moet Hennessy Louis Vuitton SE ADR	1.0%
Top Ten Total	23.2%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Country Diversification

Country	% of Long-Term Investments
United Kingdom		24.2	%
Switzerland		22.1	%
France		21.4	%
Germany		10.7	%
Netherlands		9.5	%
Denmark		4.0	%
Spain		2.3	%
Other		5.8	%
Total Long-Term Investments		100.0	%

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 55

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(25.87%)	(24.93%)	(2.52%)	1.37%
A-Class Shares with sales charge‡	(29.39%)	(28.49%)	(3.46%)	0.88%
C-Class Shares	(26.50%)	(25.81%)	(3.36%)	0.45%
C-Class Shares with CDSC§	(27.23%)	(26.55%)	(3.36%)	0.45%
H-Class Shares	(26.20%)	(25.24%)	(2.65%)	1.20%
STOXX Europe 50 Index	(19.62%)	(17.31%)	0.14%	3.23%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The STOXX Europe 50 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

56 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
EUROPE 1.25x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 25.5%
Consumer, Non-cyclical - 11.3%
Nestle S.A. ADR		170	$	18,294
Roche Holding AG ADR		349		14,176
Novartis AG ADR		141		10,717
AstraZeneca plc ADR		192		10,529
Novo Nordisk A/S ADR		101		10,063
Unilever plc ADR		163		7,146
Diageo plc ADR		35		5,943
Sanofi ADR		143		5,437
L’Oreal S.A. ADR		76		4,843
British American Tobacco plc ADR		128		4,544
GSK plc ADR		124		3,649
Reckitt Benckiser Group plc ADR		228		3,030
RELX plc ADR		122		2,966
Bayer AG ADR		244		2,821
EssilorLuxottica S.A. ADR		38		2,579
Anheuser-Busch InBev S.A. ADR		55		2,484
Adyen N.V. ADR*		177		2,216
Total Consumer, Non-cyclical				111,437
Financial - 2.5%
HSBC Holdings plc ADR		250		6,517
Allianz SE ADR		254		3,965
Zurich Insurance Group AG ADR		93		3,700
BNP Paribas S.A. ADR		141		2,978
UBS Group AG		199		2,887
AXA S.A. ADR		122		2,657
Banco Santander S.A. ADR		1,046		2,427
Total Financial				25,131
Energy - 2.5%
Shell plc ADR		226		11,246
TotalEnergies SE ADR		162		7,536
BP plc ADR		195		5,567
Total Energy				24,349
Basic Materials - 2.2%
Linde plc		31		8,357
Air Liquide S.A. ADR		162		3,681
Rio Tinto plc ADR		66		3,634
Glencore plc ADR		337		3,532
BASF SE ADR		227		2,179
Total Basic Materials				21,383
Consumer, Cyclical - 2.0%
LVMH Moet Hennessy Louis Vuitton SE ADR		81		9,518
Cie Financiere Richemont S.A. ADR		325		3,043
Hermes International ADR		22		2,589
Mercedes-Benz Group AG ADR		196		2,468
Kering S.A. ADR		45		1,987
Total Consumer, Cyclical				19,605
Industrial - 1.9%
Siemens AG ADR		92		4,504
Schneider Electric SE ADR		177		3,983
Airbus SE ADR		145		3,113
Vinci S.A. ADR		141		2,833
ABB Ltd. ADR1		99		2,540
Deutsche Post AG ADR		61		1,834
Total Industrial				18,807
Technology - 1.6%
ASML Holding N.V. — Class G		25		10,384
SAP SE ADR		67		5,444
Total Technology				15,828
Utilities - 0.8%
Iberdrola S.A. ADR		90		3,349
National Grid plc ADR		45		2,319
Enel SpA ADR		486		1,973
Total Utilities				7,641
Communications - 0.7%
Deutsche Telekom AG ADR		215		3,668
Prosus N.V. ADR		270		2,816
Total Communications				6,484
Total Common Stocks
(Cost $219,889)				250,665
MUTUAL FUNDS† - 13.6%
Guggenheim Ultra Short Duration Fund — Institutional Class2		7,027		67,390
Guggenheim Strategy Fund II2		2,760		66,168
Total Mutual Funds
(Cost $138,225)				133,558
	Face Amount
U.S. TREASURY BILLS†† - 13.3%
U.S. Treasury Bills
2.70% due 11/08/223,4	$	131,000		130,645
Total U.S. Treasury Bills
(Cost $130,620)				130,645
REPURCHASE AGREEMENTS††,5 - 25.3%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22		141,386		141,386
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		54,379		54,379
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		52,770		52,770
Total Repurchase Agreements
(Cost $248,535)				248,535

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 57

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
EUROPE 1.25x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,6 - 0.2%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%7		1,670	$	1,670
Total Securities Lending Collateral
(Cost $1,670)				1,670
Total Investments - 77.9%
(Cost $738,939)			$	765,073
Other Assets & Liabilities, net - 22.1%				217,192
Total Net Assets - 100.0%			$	982,265

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Purchased†
Euro FX Futures Contracts		8		Dec 2022	$	985,450	$	(15,215	)
Equity Futures Contracts Purchased†
STOXX 50 Index Futures Contracts		30		Dec 2022		968,245		(50,671	)

*	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 on loan at September 30, 2022 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at September 30, 2022.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 6.
6	Securities lending collateral — See Note 7.
7	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
EUROPE 1.25x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	250,665	$	—	$	—	$	250,665
Mutual Funds		133,558		—		—		133,558
U.S. Treasury Bills		—		130,645		—		130,645
Repurchase Agreements		—		248,535		—		248,535
Securities Lending Collateral		1,670		—		—		1,670
Total Assets	$	385,893	$	379,180	$	—	$	765,073

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	50,671	$	—	$	—	$	50,671
Currency Futures Contracts**		15,215		—		—		15,215
Total Liabilities	$	65,886	$	—	$	—	$	65,886

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	271,082	$	—	$	(200,001	)	$	(5,943	)	$	1,030	$	66,168		2,760	$	1,960
Guggenheim Ultra Short Duration Fund — Institutional Class		271,487		—		(200,000	)		(5,797	)		1,700		67,390		7,027		1,429
	$	542,569	$	—	$	(400,001	)	$	(11,740	)	$	2,730	$	133,558			$	3,389

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 59

EUROPE 1.25x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value - including $1,617 of securities loaned (cost $352,179)	$	382,980
Investments in affiliated issuers, at value (cost $138,225)		133,558
Repurchase agreements, at value (cost $248,535)		248,535
Receivables:
Fund shares sold		208,300
Foreign tax reclaims		15,699
Dividends		887
Securities lending income		53
Interest		20
Total assets		990,032
Liabilities:
Overdraft due to custodian bank		111
Payable for:
Return of securities lending collateral		1,670
Variation margin on futures contracts		1,441
Licensing fees		1,183
Management fees		808
Transfer agent and administrative fees		430
Distribution and service fees		237
Fund shares redeemed		124
Portfolio accounting/administration fees		39
Trustees’ fees*		31
Miscellaneous		1,693
Total liabilities		7,767
Net assets	$	982,265
Net assets consist of:
Paid in capital	$	2,629,346
Total distributable earnings (loss)		(1,647,081	)
Net assets	$	982,265
A-Class:
Net assets	$	69,316
Capital shares outstanding		924
Net asset value per share	$	75.02
Maximum offering price per share (Net asset value divided by 95.25%)	$	78.76
C-Class:
Net assets	$	12,391
Capital shares outstanding		204
Net asset value per share	$	60.80
H-Class:
Net assets	$	900,558
Capital shares outstanding		12,189
Net asset value per share	$	73.88

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $1,902)	$	12,965
Dividends from securities of affiliated issuers		3,389
Interest		7,009
Income from securities lending, net		585
Total investment income		23,948
Expenses:
Management fees		10,869
Distribution and service fees:
A-Class		257
C-Class		220
H-Class		2,708
Transfer agent and administrative fees		3,082
Portfolio accounting/administration fees		1,390
Professional fees		499
Trustees’ fees*		268
Custodian fees		184
Miscellaneous		1,596
Total expenses		21,073
Less:
Expenses reimbursed by Adviser		(101	)
Expenses waived by Adviser		(218	)
Total waived expenses		(319	)
Net expenses		20,754
Net investment income		3,194
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(120,368	)
Investments in affiliated issuers		(11,740	)
Futures contracts		(213,279	)
Foreign currency transactions		2,930
Net realized loss		(342,457	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(38,022	)
Investments in affiliated issuers		2,730
Futures contracts		(330,763	)
Foreign currency translations		(265	)
Net change in unrealized appreciation (depreciation)		(366,320	)
Net realized and unrealized loss		(708,777	)
Net decrease in net assets resulting from operations	$	(705,583	)

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

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

EUROPE 1.25x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	3,194		$	(39,762	)
Net realized loss on investments		(342,457	)		(1,176,147	)
Net change in unrealized appreciation (depreciation) on investments		(366,320	)		255,198
Net decrease in net assets resulting from operations		(705,583	)		(960,711	)
Capital share transactions:
Proceeds from sale of shares
A-Class		7,746,827			32,230,106
C-Class		9,184			1,637,119
H-Class		13,550,551			51,058,459
Cost of shares redeemed
A-Class		(8,159,851	)		(31,654,971	)
C-Class		(474,070	)		(1,310,271	)
H-Class		(16,132,001	)		(47,533,568	)
Net increase (decrease) from capital share transactions		(3,459,360	)		4,426,874
Net increase (decrease) in net assets		(4,164,943	)		3,466,163
Net assets:
Beginning of period		5,147,208			1,681,045
End of period	$	982,265		$	5,147,208
Capital share activity:
Shares sold
A-Class		86,142			310,146
C-Class		122			19,410
H-Class		151,838			490,409
Shares redeemed
A-Class		(89,979	)		(306,756	)
C-Class		(5,756	)		(15,390	)
H-Class		(181,426	)		(463,701	)
Net increase (decrease) in shares		(39,059	)		34,118

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 61

EUROPE 1.25x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	101.20		$	94.56		$	69.30		$	85.18		$	94.56		$	84.99
Income (loss) from investment operations:
Net investment income (loss)b		.21			(.96	)		(.93	)		.63			1.70			.82
Net gain (loss) on investments (realized and unrealized)		(26.39	)		7.60	f		30.74			(16.07	)f		(4.78	)		8.99
Total from investment operations		(26.18	)		6.64			29.81			(15.44	)		(3.08	)		9.81
Less distributions from:
Net investment income		—			—			(4.55	)		(.44	)		(6.30	)		(.24	)
Total distributions		—			—			(4.55	)		(.44	)		(6.30	)		(.24	)
Net asset value, end of period	$	75.02		$	101.20		$	94.56		$	69.30		$	85.18		$	94.56
Total Returnc		(25.87	%)		7.02	%		43.39	%		(18.25	%)		(2.32	%)		11.53	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	69		$	482		$	130		$	217		$	184		$	401
Ratios to average net assets:
Net investment income (loss)		0.46	%		(0.93	%)		(1.10	%)		0.72	%		1.89	%		0.88	%
Total expensesd		1.74	%		1.72	%		1.75	%		1.77	%		1.76	%		1.71	%
Net expensese		1.71	%		1.70	%		1.73	%		1.73	%		1.76	%		1.71	%
Portfolio turnover rate		85	%		517	%		534	%		1,787	%		1,411	%		422	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	82.72		$	77.88		$	58.24		$	72.13		$	81.77		$	74.07
Income (loss) from investment operations:
Net investment income (loss)b		(.16	)		(1.18	)		(.96	)		(.18	)		.96			(.09	)
Net gain (loss) on investments (realized and unrealized)		(21.76	)		6.02	f		25.15			(13.27	)f		(4.30	)		8.03
Total from investment operations		(21.92	)		4.84			24.19			(13.45	)		(3.34	)		7.94
Less distributions from:
Net investment income		—			—			(4.55	)		(.44	)		(6.30	)		(.24	)
Total distributions		—			—			(4.55	)		(.44	)		(6.30	)		(.24	)
Net asset value, end of period	$	60.80		$	82.72		$	77.88		$	58.24		$	72.13		$	81.77
Total Returnc		(26.50	%)		6.21	%		41.93	%		(18.79	%)		(3.04	%)		10.70	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12		$	483		$	142		$	296		$	24		$	187
Ratios to average net assets:
Net investment income (loss)		(0.41	%)		(1.41	%)		(1.50	%)		(0.25	%)		1.22	%		(0.11	%)
Total expensesd		2.50	%		2.48	%		2.58	%		2.49	%		2.50	%		2.46	%
Net expensese		2.47	%		2.46	%		2.55	%		2.45	%		2.50	%		2.46	%
Portfolio turnover rate		85	%		517	%		534	%		1,787	%		1,411	%		422	%

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

EUROPE 1.25x 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	100.11		$	93.56		$	68.79		$	84.58		$	93.89		$	84.38
Income (loss) from investment operations:
Net investment income (loss)b		.12			(.93	)		(.74	)		.58			1.26			1.02
Net gain (loss) on investments (realized and unrealized)		(26.35	)		7.48	f		30.06			(15.93	)f		(4.27	)		8.73
Total from investment operations		(26.23	)		6.55			29.32			(15.35	)		(3.01	)		9.75
Less distributions from:
Net investment income		—			—			(4.55	)		(.44	)		(6.30	)		(.24	)
Total distributions		—			—			(4.55	)		(.44	)		(6.30	)		(.24	)
Net asset value, end of period	$	73.88		$	100.11		$	93.56		$	68.79		$	84.58		$	93.89
Total Return		(26.20	%)		7.00	%		42.96	%		(18.28	%)		(2.28	%)		11.55	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	901		$	4,182		$	1,410		$	1,344		$	37,240		$	3,967
Ratios to average net assets:
Net investment income (loss)		0.26	%		(0.90	%)		(0.88	%)		0.66	%		1.42	%		1.09	%
Total expensesd		1.73	%		1.71	%		1.77	%		1.80	%		1.76	%		1.71	%
Net expensese		1.70	%		1.69	%		1.74	%		1.76	%		1.76	%		1.71	%
Portfolio turnover rate		85	%		517	%		534	%		1,787	%		1,411	%		422	%

a	Unaudited figures for the period ended September 30, 2022. 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.
f	The amount shown for a share outstanding throughout the year does not agree with the aggregate net gain (loss) on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

JAPAN 2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark. The Fund’s current benchmark is 200% of the fair value of the Nikkei-225 Stock Average Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	February 22, 2008
C-Class	February 22, 2008
H-Class	February 22, 2008

The Fund invests principally in derivative investments such as swap agreements and futures contracts.

64 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(39.48%)	(56.08%)	(4.64%)	5.67%
A-Class Shares with sales charge‡	(42.35%)	(58.17%)	(5.56%)	5.16%
C-Class Shares	(39.74%)	(56.43%)	(5.36%)	4.94%
C-Class Shares with CDSC§	(40.34%)	(56.86%)	(5.36%)	4.94%
H-Class Shares	(39.51%)	(56.09%)	(4.64%)	5.73%
Nikkei-225 Stock Average Index	(21.69%)	(32.19%)	(0.17%)	4.64%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Nikkei-225 Stock Average 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 65

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
JAPAN 2x STRATEGY FUND

	Face Amount		Value
U.S. Treasury bills†† - 21.8%
U.S. Treasury Bills
2.70% due 11/08/221,2	$	163,000	$	162,558
Total U.S. Treasury Bills
(Cost $162,527)				162,558
REPURCHASE AGREEMENTS††,3 - 81.0%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22		342,868		342,868
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		131,872		131,872
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		127,969		127,969
Total Repurchase Agreements
(Cost $602,709)				602,709
Total Investments - 102.8%
(Cost $765,236)			$	765,267
Other Assets & Liabilities, net - (2.8)%				(21,161	)
Total Net Assets - 100.0%			$	744,106

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Purchased†
Japanese Yen Futures Contracts		17		Dec 2022	$	1,480,275	$	(20,861	)
Equity Futures Contracts Purchased†
Nikkei - 225 (CME) Index Futures Contracts		11		Dec 2022		1,426,425		(80,886	)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as futures collateral at September 30, 2022.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 6.
	CME — Chicago Mercantile Exchange
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
JAPAN 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	—	$	162,558	$	—	$	162,558
Repurchase Agreements		—		602,709		—		602,709
Total Assets	$	—	$	765,267	$	—	$	765,267

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	80,886	$	—	$	—	$	80,886
Currency Futures Contracts**		20,861		—		—		20,861
Total Liabilities	$	101,747	$	—	$	—	$	101,747

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	138,359	$	—	$	(136,161	)	$	(3,935	)	$	1,737	$	—		—	$	912
Guggenheim Ultra Short Duration Fund — Institutional Class		141,446		—		(139,423	)		(4,142	)		2,119		—		—		634
	$	279,805	$	—	$	(275,584	)	$	(8,077	)	$	3,856	$	—			$	1,546

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 67

JAPAN 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $162,527)	$	162,558
Repurchase agreements, at value (cost $602,709)		602,709
Receivables:
Interest		49
Total assets		765,316
Liabilities:
Payable for:
Variation margin on futures contracts		18,906
Management fees		582
Transfer agent and administrative fees		328
Fund shares redeemed		224
Distribution and service fees		196
Portfolio accounting/administration fees		118
Trustees’ fees*		15
Miscellaneous		841
Total liabilities		21,210
Net assets	$	744,106
Net assets consist of:
Paid in capital	$	3,612,663
Total distributable earnings (loss)		(2,868,557	)
Net assets	$	744,106
A-Class:
Net assets	$	125,176
Capital shares outstanding		1,448
Net asset value per share	$	86.45
Maximum offering price per share (Net asset value divided by 95.25%)	$	90.76
C-Class:
Net assets	$	2,958
Capital shares outstanding		38
Net asset value per share	$	77.64
H-Class:
Net assets	$	615,972
Capital shares outstanding		7,072
Net asset value per share	$	87.10

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	1,546
Interest		6,545
Total investment income		8,091
Expenses:
Management fees		4,070
Distribution and service fees:
A-Class		207
C-Class		20
H-Class		1,144
Transfer agent and administrative fees		1,298
Portfolio accounting/administration fees		678
Professional fees		221
Trustees’ fees*		107
Custodian fees		81
Miscellaneous		561
Total expenses		8,387
Less:
Expenses waived by Adviser		(109	)
Net expenses		8,278
Net investment loss		(187	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in affiliated issuers		(8,077	)
Futures contracts		(333,412	)
Net realized loss		(341,489	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		24
Investments in affiliated issuers		3,856
Futures contracts		(258,927	)
Net change in unrealized appreciation (depreciation)		(255,047	)
Net realized and unrealized loss		(596,536	)
Net decrease in net assets resulting from operations	$	(596,723	)

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

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

JAPAN 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(187	)	$	(21,678	)
Net realized loss on investments		(341,489	)		(726,679	)
Net change in unrealized appreciation (depreciation) on investments		(255,047	)		131,986
Net decrease in net assets resulting from operations		(596,723	)		(616,371	)
Capital share transactions:
Proceeds from sale of shares
A-Class		8,246			108,889
C-Class		2,736			6,835
H-Class		5,242,897			13,658,853
Cost of shares redeemed
A-Class		(8,391	)		(71,975	)
C-Class		(2,386	)		(51,236	)
H-Class		(5,163,098	)		(13,641,857	)
Net increase from capital share transactions		80,004			9,509
Net decrease in net assets		(516,719	)		(606,862	)
Net assets:
Beginning of period		1,260,825			1,867,687
End of period	$	744,106		$	1,260,825
Capital share activity:
Shares sold
A-Class		73			560
C-Class		26			37
H-Class		44,925			72,686
Shares redeemed
A-Class		(75	)		(376	)
C-Class		(23	)		(294	)
H-Class		(45,140	)		(73,096	)
Net decrease in shares		(214	)		(483	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 69

JAPAN 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	142.84		$	201.08		$	94.96		$	119.96		$	136.57		$	102.24
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(2.21	)		(1.95	)		.91			1.22			(.03	)
Net gain (loss) on investments (realized and unrealized)		(56.37	)		(56.03	)		109.13			(24.67	)		(17.32	)		38.80	f
Total from investment operations		(56.39	)		(58.24	)		107.18			(23.76	)		(16.10	)		38.77
Less distributions from:
Net investment income		—			—			(1.06	)		(1.24	)		(.51	)		—
Net realized gains		—			—			—			—			—			(4.44	)
Total distributions		—			—			(1.06	)		(1.24	)		(.51	)		(4.44	)
Net asset value, end of period	$	86.45		$	142.84		$	201.08		$	94.96		$	119.96		$	136.57
Total Returnc		(39.48	%)		(28.96	%)		112.92	%		(20.15	%)		(11.79	%)		37.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	125		$	207		$	255		$	141		$	211		$	404
Ratios to average net assets:
Net investment income (loss)		(0.03	%)		(1.22	%)		(1.26	%)		0.70	%		0.93	%		(0.02	%)
Total expensesd		1.54	%		1.51	%		1.58	%		1.63	%		1.58	%		1.51	%
Net expensese		1.52	%		1.49	%		1.56	%		1.57	%		1.56	%		1.51	%
Portfolio turnover rate		—			—			15	%		—			—			17	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	128.84		$	182.53		$	87.00		$	110.80		$	127.14		$	96.17
Income (loss) from investment operations:
Net investment income (loss)b		(.42	)		(3.48	)		(2.98	)		(.06	)		.19			(.80	)
Net gain (loss) on investments (realized and unrealized)		(50.78	)		(50.21	)		99.57			(22.50	)		(16.02	)		36.21	f
Total from investment operations		(51.20	)		(53.69	)		96.59			(22.56	)		(15.83	)		35.41
Less distributions from:
Net investment income		—			—			(1.06	)		(1.24	)		(.51	)		—
Net realized gains		—			—			—			—			—			(4.44	)
Total distributions		—			—			(1.06	)		(1.24	)		(.51	)		(4.44	)
Net asset value, end of period	$	77.64		$	128.84		$	182.53		$	87.00		$	110.80		$	127.14
Total Returnc		(39.74	%)		(29.41	%)		111.34	%		(20.75	%)		(12.43	%)		36.90	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3		$	5		$	53		$	21		$	30		$	69
Ratios to average net assets:
Net investment income (loss)		(0.81	%)		(2.00	%)		(2.02	%)		(0.05	%)		0.16	%		(0.68	%)
Total expensesd		2.28	%		2.25	%		2.32	%		2.38	%		2.33	%		2.26	%
Net expensese		2.28	%		2.24	%		2.30	%		2.32	%		2.31	%		2.26	%
Portfolio turnover rate		—			—			15	%		—			—			17	%

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

JAPAN 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	143.98		$	202.65		$	95.70		$	120.89		$	137.58		$	102.97
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(2.25	)		(2.07	)		.90			1.09			(.12	)
Net gain (loss) on investments (realized and unrealized)		(56.86	)		(56.42	)		110.08			(24.85	)		(17.27	)		39.17	f
Total from investment operations		(56.88	)		(58.67	)		108.01			(23.95	)		(16.18	)		39.05
Less distributions from:
Net investment income		—			—			(1.06	)		(1.24	)		(.51	)		—
Net realized gains		—			—			—			—			—			(4.44	)
Total distributions		—			—			(1.06	)		(1.24	)		(.51	)		(4.44	)
Net asset value, end of period	$	87.10		$	143.98		$	202.65		$	95.70		$	120.89		$	137.58
Total Return		(39.51	%)		(28.95	%)		112.94	%		(20.17	%)		(11.76	%)		37.95	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	616		$	1,049		$	1,560		$	817		$	1,898		$	4,946
Ratios to average net assets:
Net investment income (loss)		(0.03	%)		(1.22	%)		(1.27	%)		0.69	%		0.83	%		(0.10	%)
Total expensesd		1.54	%		1.51	%		1.58	%		1.63	%		1.58	%		1.50	%
Net expensese		1.52	%		1.49	%		1.56	%		1.58	%		1.57	%		1.50	%
Portfolio turnover rate		—			—			15	%		—			—			17	%

a	Unaudited figures for the period ended September 30, 2022. 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.
f	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 repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 71

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

STRENGTHENING DOLLAR 2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the performance of the U.S. Dollar Index^® (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	May 25, 2005
C-Class	May 25, 2005
H-Class	May 25, 2005

The Fund invests principally in derivative investments such as swap agreements and futures contracts.

72 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	29.68%	38.94%	8.55%	5.99%
A-Class Shares with sales charge‡	23.52%	32.34%	7.50%	5.47%
C-Class Shares	29.12%	37.92%	7.75%	5.20%
C-Class Shares with CDSC§	28.12%	36.92%	7.75%	5.20%
H-Class Shares	29.69%	38.94%	8.56%	5.99%
U.S. Dollar Index	14.05%	18.99%	3.79%	3.44%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The U.S. Dollar 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 73

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
STRENGTHENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES†† - 56.7%
Freddie Mac
2.28% due 10/03/221	$	18,000,000	$	17,997,720
Total Federal Agency Discount Notes
(Cost $17,997,720)				17,997,720
U.S. TREASURY BILLS†† - 0.8%
U.S. Treasury Bills
2.70% due 11/08/221,2	$	248,000	$	247,328
Total U.S. Treasury Bills
(Cost $247,280)				247,328
REPURCHASE AGREEMENTS††,3 - 40.7%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224		7,350,069		7,350,069
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224		2,826,949		2,826,949
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224		2,743,274		2,743,274
Total Repurchase Agreements
(Cost $12,920,292)				12,920,292
Total Investments - 98.2%
(Cost $31,165,292)			$	31,165,340
Other Assets & Liabilities, net - 1.8%				555,479
Total Net Assets - 100.0%			$	31,720,819

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Currency Futures Contracts Purchased†
U.S. Dollar Index Futures Contracts		451		Dec 2022	$	50,581,905	$	667,006

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Currency Index Swap Agreements††

Goldman Sachs International

ICE U.S. Dollar Index

Receive

Federal Funds Rate + 0.10%

At Maturity

12/23/22

114,333

$

12,814,384

$

131,749

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Rate indicated is the effective yield at the time of purchase.
2	All or a portion of this security is pledged as futures collateral at September 30, 2022.
3	Repurchase Agreements — See Note 6.
4	All or a portion of this security is pledged as currency index swap collateral at September 30, 2022.
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
STRENGTHENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	—	$	17,997,720	$	—	$	17,997,720
U.S. Treasury Bills		—		247,328		—		247,328
Repurchase Agreements		—		12,920,292		—		12,920,292
Currency Futures Contracts**		667,006		—		—		667,006
Currency Index Swap Agreements**		—		131,749		—		131,749
Total Assets	$	667,006	$	31,297,089	$	—	$	31,964,095

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	670,883	$	—	$	(660,226	)	$	(16,479	)	$	5,822	$	—		—	$	4,423
Guggenheim Ultra Short Duration Fund — Institutional Class		569,935		—		(561,784	)		(16,573	)		8,422		—		—		2,552
	$	1,240,818	$	—	$	(1,222,010	)	$	(33,052	)	$	14,244	$	—			$	6,975

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 75

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $18,245,000)	$	18,245,048
Repurchase agreements, at value (cost $12,920,292)		12,920,292
Segregated cash with broker		608,958
Unrealized appreciation on OTC swap agreements		131,749
Receivables:
Fund shares sold		106,946
Interest		1,057
Swap settlement		707
Investment Adviser		210
Total assets		32,014,967
Liabilities:
Segregated cash due to broker		200,000
Payable for:
Fund shares redeemed		36,421
Variation margin on futures contracts		21,160
Management fees		9,773
Transfer agent and administrative fees		3,806
Distribution and service fees		2,746
Portfolio accounting/administration fees		801
Trustees’ fees*		113
Miscellaneous		19,328
Total liabilities		294,148
Net assets	$	31,720,819
Net assets consist of:
Paid in capital	$	49,048,423
Total distributable earnings (loss)		(17,327,604	)
Net assets	$	31,720,819
A-Class:
Net assets	$	962,355
Capital shares outstanding		14,100
Net asset value per share	$	68.25
Maximum offering price per share (Net asset value divided by 95.25%)	$	71.65
C-Class:
Net assets	$	35,352
Capital shares outstanding		596
Net asset value per share	$	59.32
H-Class:
Net assets	$	30,723,112
Capital shares outstanding		451,769
Net asset value per share	$	68.01

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	6,975
Interest		68,441
Total investment income		75,416
Expenses:
Management fees		41,162
Distribution and service fees:
A-Class		1,250
C-Class		203
H-Class		10,133
Transfer agent and administrative fees		10,210
Licensing fees		6,481
Portfolio accounting/administration fees		6,058
Professional fees		2,050
Custodian fees		627
Trustees’ fees*		362
Interest expense		154
Line of credit fees		79
Miscellaneous		5,128
Total expenses		83,897
Less:
Expenses reimbursed by Adviser		(855	)
Expenses waived by Adviser		(438	)
Total waived expenses		(1,293	)
Net expenses		82,604
Net investment loss		(7,188	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in affiliated issuers		(33,052	)
Swap agreements		125,032
Futures contracts		567,276
Net realized gain		659,256
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(39	)
Investments in affiliated issuers		14,244
Swap agreements		137,643
Futures contracts		759,250
Net change in unrealized appreciation (depreciation)		911,098
Net realized and unrealized gain		1,570,354
Net increase in net assets resulting from operations	$	1,563,166

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

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

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(7,188	)	$	(53,463	)
Net realized gain on investments		659,256			561,338
Net change in unrealized appreciation (depreciation) on investments		911,098			(219,156	)
Net increase in net assets resulting from operations		1,563,166			288,719
Capital share transactions:
Proceeds from sale of shares
A-Class		2,053,160			681,385
C-Class		73,182			264,595
H-Class		68,047,708			37,331,615
Cost of shares redeemed
A-Class		(2,336,527	)		(1,185,208	)
C-Class		(81,489	)		(266,056	)
H-Class		(42,844,962	)		(35,803,702	)
Net increase from capital share transactions		24,911,072			1,022,629
Net increase in net assets		26,474,238			1,311,348
Net assets:
Beginning of period		5,246,581			3,935,233
End of period	$	31,720,819		$	5,246,581
Capital share activity:
Shares sold
A-Class		34,467			13,950
C-Class		1,413			6,238
H-Class		1,079,607			764,506
Shares redeemed
A-Class		(39,808	)		(24,708	)
C-Class		(1,547	)		(6,325	)
H-Class		(707,734	)		(735,074	)
Net increase in shares		366,398			18,587

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 77

STRENGTHENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	52.63		$	48.47		$	55.34		$	52.46		$	43.45		$	53.23
Income (loss) from investment operations:
Net investment income (loss)b		(.14	)		(.64	)		(.64	)		.16			.19			(.16	)
Net gain (loss) on investments (realized and unrealized)		15.76			4.80			(5.95	)		3.17			8.82			(9.62	)
Total from investment operations		15.62			4.16			(6.59	)		3.33			9.01			(9.78	)
Less distributions from:
Net investment income		—			—			(.28	)		(.45	)		—			—
Total distributions		—			—			(.28	)		(.45	)		—			—
Net asset value, end of period	$	68.25		$	52.63		$	48.47		$	55.34		$	52.46		$	43.45
Total Returnc		29.68	%		8.58	%		(11.88	%)		6.38	%		20.74	%		(18.37	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	962		$	1,023		$	1,464		$	2,535		$	1,782		$	1,517
Ratios to average net assets:
Net investment income (loss)		(0.46	%)		(1.32	%)		(1.26	%)		0.29	%		0.40	%		(0.34	%)
Total expensesd		1.84	%		1.89	%		1.91	%		2.00	%		1.83	%		1.72	%
Net expensese		1.82	%		1.86	%		1.87	%		1.96	%		1.82	%		1.72	%
Portfolio turnover rate		—			—			—			—			9	%		—

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	45.94		$	42.62		$	49.08		$	46.91		$	39.14		$	48.32
Income (loss) from investment operations:
Net investment income (loss)b		(.24	)		(.87	)		(.90	)		(.16	)		(.15	)		(.48	)
Net gain (loss) on investments (realized and unrealized)		13.62			4.19			(5.28	)		2.78			7.92			(8.70	)
Total from investment operations		13.38			3.32			(6.18	)		2.62			7.77			(9.18	)
Less distributions from:
Net investment income		—			—			(.28	)		(.45	)		—			—
Total distributions		—			—			(.28	)		(.45	)		—			—
Net asset value, end of period	$	59.32		$	45.94		$	42.62		$	49.08		$	46.91		$	39.14
Total Returnc		29.12	%		7.79	%		(12.56	%)		5.62	%		19.85	%		(18.98	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	35		$	34		$	35		$	96		$	791		$	795
Ratios to average net assets:
Net investment income (loss)		(0.92	%)		(2.07	%)		(2.00	%)		(0.33	%)		(0.33	%)		(1.14	%)
Total expensesd		2.58	%		2.66	%		2.67	%		2.77	%		2.59	%		2.47	%
Net expensese		2.55	%		2.62	%		2.63	%		2.72	%		2.58	%		2.47	%
Portfolio turnover rate		—			—			—			—			9	%		—

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

STRENGTHENING DOLLAR 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	52.44		$	48.29		$	55.12		$	52.25		$	43.27		$	53.03
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		(.66	)		(.70	)		.12			.18			(.17	)
Net gain (loss) on investments (realized and unrealized)		15.61			4.81			(5.85	)		3.20			8.80			(9.59	)
Total from investment operations		15.57			4.15			(6.55	)		3.32			8.98			(9.76	)
Less distributions from:
Net investment income		—			—			(.28	)		(.45	)		—			—
Total distributions		—			—			(.28	)		(.45	)		—			—
Net asset value, end of period	$	68.01		$	52.44		$	48.29		$	55.12		$	52.25		$	43.27
Total Return		29.69	%		8.59	%		(11.86	%)		6.39	%		20.75	%		(18.39	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	30,723		$	4,190		$	2,437		$	10,549		$	5,017		$	6,301
Ratios to average net assets:
Net investment income (loss)		(0.12	%)		(1.36	%)		(1.36	%)		0.22	%		0.36	%		(0.36	%)
Total expensesd		1.83	%		1.89	%		1.94	%		2.00	%		1.83	%		1.72	%
Net expensese		1.80	%		1.85	%		1.90	%		1.96	%		1.82	%		1.72	%
Portfolio turnover rate		—			—			—			—			9	%		—

a	Unaudited figures for the period ended September 30, 2022. 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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 79

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

WEAKENING DOLLAR 2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the U.S. Dollar Index^® (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	May 25, 2005
C-Class	May 25, 2005
H-Class	May 25, 2005

The Fund invests principally in derivative investments such as swap agreements and futures contracts.

80 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(25.05%)	(32.54%)	(10.87%)	(9.28%)
A-Class Shares with sales charge‡	(28.61%)	(35.74%)	(11.73%)	(9.72%)
C-Class Shares	(25.32%)	(33.04%)	(11.54%)	(9.97%)
C-Class Shares with CDSC§	(26.06%)	(33.71%)	(11.54%)	(9.97%)
H-Class Shares	(25.05%)	(32.54%)	(10.89%)	(9.28%)
U.S. Dollar Index	14.05%	18.99%	3.79%	3.44%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The U.S. Dollar 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 81

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
WEAKENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 3.7%
U.S. Treasury Bills
2.70% due 11/08/221,2	$	47,000	$	46,873
Total U.S. Treasury Bills
(Cost $46,863)				46,873
REPURCHASE AGREEMENTS††,3 - 123.4%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224		896,216		896,216
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224		344,698		344,698
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224		334,496		334,496
Total Repurchase Agreements
(Cost $1,575,410)				1,575,410
Total Investments - 127.1%
(Cost $1,622,273)			$	1,622,283
Other Assets & Liabilities, net - (27.1)%				(345,600	)
Total Net Assets - 100.0%			$	1,276,683

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Sold Short†
U.S. Dollar Index Futures Contracts		16		Dec 2022	$	1,794,480	$	(55,539	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Currency Index Swap Agreements Sold Short††

Goldman Sachs International

ICE U.S. Dollar Index

Pay

Federal Funds Rate + 0.10%

At Maturity

12/23/22

6,706

$

751,618

$

2,043

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as futures collateral at September 30, 2022.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 6.
4	All or a portion of this security is pledged as currency index swap collateral at September 30, 2022.
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
WEAKENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	—	$	46,873	$	—	$	46,873
Repurchase Agreements		—		1,575,410		—		1,575,410
Currency Index Swap Agreements**		—		2,043		—		2,043
Total Assets	$	—	$	1,624,326	$	—	$	1,624,326

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	55,539	$	—	$	—	$	55,539

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	307,657	$	—	$	(303,616	)	$	(5,840	)	$	1,799	$	—		—	$	1,682
Guggenheim Ultra Short Duration Fund — Institutional Class		308,689		—		(305,050	)		(7,601	)		3,962		—		—		1,149
	$	616,346	$	—	$	(608,666	)	$	(13,441	)	$	5,761	$	—			$	2,831

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 83

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $46,863)	$	46,873
Repurchase agreements, at value (cost $1,575,410)		1,575,410
Unrealized appreciation on OTC swap agreements		2,043
Receivables:
Fund shares sold		5,020
Variation margin on futures contracts		863
Interest		129
Total assets		1,630,338
Liabilities:
Payable for:
Fund shares redeemed		338,705
Swap settlement		9,001
Management fees		941
Transfer agent and administrative fees		420
Distribution and service fees		287
Portfolio accounting/administration fees		52
Trustees’ fees*		17
Miscellaneous		4,232
Total liabilities		353,655
Net assets	$	1,276,683
Net assets consist of:
Paid in capital	$	11,614,519
Total distributable earnings (loss)		(10,337,836	)
Net assets	$	1,276,683
A-Class:
Net assets	$	166,121
Capital shares outstanding		3,996
Net asset value per share	$	41.57
Maximum offering price per share (Net asset value divided by 95.25%)	$	43.64
C-Class:
Net assets	$	52,261
Capital shares outstanding		1,451
Net asset value per share	$	36.02
H-Class:
Net assets	$	1,058,301
Capital shares outstanding		25,502
Net asset value per share	$	41.50

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	2,831
Interest		7,551
Total investment income		10,382
Expenses:
Management fees		5,499
Distribution and service fees:
A-Class		259
C-Class		80
H-Class		1,248
Transfer agent and administrative fees		1,435
Licensing fees		875
Portfolio accounting/administration fees		775
Professional fees		251
Trustees’ fees*		95
Custodian fees		89
Miscellaneous		661
Total expenses		11,267
Less:
Expenses reimbursed by Adviser		(107	)
Expenses waived by Adviser		(198	)
Total waived expenses		(305	)
Net expenses		10,962
Net investment loss		(580	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in affiliated issuers		(13,441	)
Swap agreements		(53,652	)
Futures contracts		(151,498	)
Net realized loss		(218,591	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(19	)
Investments in affiliated issuers		5,761
Swap agreements		(828	)
Futures contracts		(73,202	)
Net change in unrealized appreciation (depreciation)		(68,288	)
Net realized and unrealized loss		(286,879	)
Net decrease in net assets resulting from operations	$	(287,459	)

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

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

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(580	)	$	(17,764	)
Net realized loss on investments		(218,591	)		(251,186	)
Net change in unrealized appreciation (depreciation) on investments		(68,288	)		49,245
Net decrease in net assets resulting from operations		(287,459	)		(219,705	)
Capital share transactions:
Proceeds from sale of shares
A-Class		3,733,340			24,029
C-Class		53,611			—
H-Class		5,239,457			14,847,548
Cost of shares redeemed
A-Class		(3,713,237	)		(190,723	)
C-Class		(9,451	)		(18,380	)
H-Class		(4,950,530	)		(14,718,598	)
Net increase (decrease) from capital share transactions		353,190			(56,124	)
Net increase (decrease) in net assets		65,731			(275,829	)
Net assets:
Beginning of period		1,210,952			1,486,781
End of period	$	1,276,683		$	1,210,952
Capital share activity:
Shares sold
A-Class		74,036			376
C-Class		1,369			—
H-Class		112,146			242,520
Shares redeemed
A-Class		(73,496	)		(2,996	)
C-Class		(223	)		(360	)
H-Class		(104,787	)		(241,086	)
Net increase (decrease) in shares		9,045			(1,546	)

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WEAKENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	55.46		$	63.71		$	57.85		$	63.74		$	77.67		$	64.99
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		(.74	)		(.84	)		.16			.23			(.35	)
Net gain (loss) on investments (realized and unrealized)		(13.85	)		(7.51	)		6.82			(5.84	)		(14.16	)		13.03
Total from investment operations		(13.89	)		(8.25	)		5.98			(5.68	)		(13.93	)		12.68
Less distributions from:
Net investment income		—			—			(.12	)		(.21	)		—			—
Total distributions		—			—			(.12	)		(.21	)		—			—
Net asset value, end of period	$	41.57		$	55.46		$	63.71		$	57.85		$	63.74		$	77.67
Total Returnc		(25.05	%)		(12.95	%)		10.32	%		(8.94	%)		(17.93	%)		19.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	166		$	192		$	387		$	237		$	296		$	3,306
Ratios to average net assets:
Net investment income (loss)		(0.18	%)		(1.18	%)		(1.30	%)		0.26	%		0.32	%		(0.48	%)
Total expensesd		1.84	%		1.90	%		1.90	%		2.01	%		1.80	%		1.72	%
Net expensese		1.79	%		1.84	%		1.86	%		2.00	%		1.80	%		1.72	%
Portfolio turnover rate		—			—			48	%		—			—			28	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	48.23		$	55.80		$	51.07		$	56.74		$	69.66		$	58.72
Income (loss) from investment operations:
Net investment income (loss)b		(.10	)		(1.06	)		(1.17	)		(.29	)		(.27	)		(.80	)
Net gain (loss) on investments (realized and unrealized)		(12.11	)		(6.51	)		6.02			(5.17	)		(12.65	)		11.74
Total from investment operations		(12.21	)		(7.57	)		4.85			(5.46	)		(12.92	)		10.94
Less distributions from:
Net investment income		—			—			(.12	)		(.21	)		—			—
Total distributions		—			—			(.12	)		(.21	)		—			—
Net asset value, end of period	$	36.02		$	48.23		$	55.80		$	51.07		$	56.74		$	69.66
Total Returnc		(25.32	%)		(13.57	%)		9.50	%		(9.65	%)		(18.55	%)		18.65	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	52		$	15		$	37		$	21		$	36		$	388
Ratios to average net assets:
Net investment income (loss)		(0.48	%)		(1.93	%)		(2.04	%)		(0.53	%)		(0.42	%)		(1.23	%)
Total expensesd		2.56	%		2.66	%		2.66	%		2.75	%		2.53	%		2.47	%
Net expensese		2.51	%		2.59	%		2.62	%		2.73	%		2.53	%		2.47	%
Portfolio turnover rate		—			—			48	%		—			—			28	%

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

WEAKENING DOLLAR 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	55.37		$	63.59		$	57.76		$	63.67		$	77.60		$	64.92
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(.73	)		(.93	)		.07			.28			(.36	)
Net gain (loss) on investments (realized and unrealized)		(13.85	)		(7.49	)		6.88			(5.77	)		(14.21	)		13.04
Total from investment operations		(13.87	)		(8.22	)		5.95			(5.70	)		(13.93	)		12.68
Less distributions from:
Net investment income		—			—			(.12	)		(.21	)		—			—
Total distributions		—			—			(.12	)		(.21	)		—			—
Net asset value, end of period	$	41.50		$	55.37		$	63.59		$	57.76		$	63.67		$	77.60
Total Return		(25.05	%)		(12.93	%)		10.29	%		(8.98	%)		(17.95	%)		19.55	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,058		$	1,005		$	1,063		$	1,308		$	1,678		$	3,267
Ratios to average net assets:
Net investment income (loss)		(0.07	%)		(1.17	%)		(1.47	%)		0.12	%		0.41	%		(0.49	%)
Total expensesd		1.83	%		1.90	%		1.88	%		1.99	%		1.83	%		1.72	%
Net expensese		1.78	%		1.84	%		1.86	%		1.97	%		1.83	%		1.72	%
Portfolio turnover rate		—			—			48	%		—			—			28	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (”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 seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class 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%. A-Class 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. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class 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 A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2022, the Trust consisted of fifty-two funds.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
S&P 500® Pure Growth Fund	Non-diversified
S&P 500® Pure Value Fund	Non-diversified
S&P MidCap 400® Pure Growth Fund	Non-diversified
S&P MidCap 400® Pure Value Fund	Non-diversified
S&P SmallCap 600® Pure Growth Fund	Non-diversified
S&P SmallCap 600® Pure Value Fund	Non-diversified
Europe 1.25x Strategy Fund	Non-diversified
Japan 2x Strategy Fund	Non-diversified
Strengthening Dollar 2x Strategy Fund	Non-diversified
Weakening Dollar 2x Strategy Fund	Non-diversified

At September 30, 2022, A-Class, C-Class and H-Class shares have been issued by the Funds.

The Funds are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

Security Investors (the “Adviser”), LLC, which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. 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 Class of a fund is calculated by dividing the market value of a fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

Valuations of the Funds’ securities and other assets are supplied primarily by 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 for reasonableness. The Adviser consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly review the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.

If the 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 National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall 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 pricing services, the last traded fill price, or at the reported bid price at the close of business.

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 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 pricing service.

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

The value of futures contracts are valued on the basis of the last sale price at the 4:00 p.m. price 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 would provide a more accurate valuation.

The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(b) U.S. Government and Agency Obligations

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

(c) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

(d) Swap Agreements

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

(e) Currency Translations

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

(f) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(g) Security Transactions

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

(h) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. 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.

(i) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific 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.

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 3.08% at September 30, 2022.

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(k) Indemnifications

Under the Funds’ organizational documents, the Trustees and Officers 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 Funds enter 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 strategy, 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 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 to increase investment flexibility (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 mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

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

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

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

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they 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 Statements of Assets and Liabilities; securities held as collateral are noted on the Schedules of Investments.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following table represents the Funds’ use and volume of futures on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Europe 1.25x Strategy Fund	Index exposure, Leverage, Liquidity	$	6,256,208	$	—
Japan 2x Strategy Fund	Index exposure, Leverage, Liquidity		4,122,792		—
Strengthening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		18,661,983		—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		1,664,549

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter (“OTC”) swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty’s inability to perform.

The following table represents the Funds’ use and volume of currency swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Strengthening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity	$	3,984,525	$	—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		748,890

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, 2022:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Currency futures contracts	Variation margin on futures contracts	Variation margin on futures contracts
Currency swap contracts	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, 2022:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Total Value at September 30, 2022
Strengthening Dollar 2x Strategy Fund	$	—	$	667,006	$	131,749	$	798,755
Weakening Dollar 2x Strategy Fund		—		—		2,043		2,043

92 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Total Value at September 30, 2022
Europe 1.25x Strategy Fund	$	50,671	$	15,215	$	—	$	65,886
Japan 2x Strategy Fund		80,886		20,861		—		101,747
Weakening Dollar 2x Strategy Fund		—		55,539		—		55,539

* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Schedules of Investments. For exchange-traded and centrally-cleared derivatives, variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended September 30, 2022:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity/Currency futures contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Currency swaps contracts	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 Statements of Operations categorized by primary risk exposure for the period ended September 30, 2022:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Futures Foreign Currency Exchange Risk			Swaps Currency Risk			Total
Europe 1.25x Strategy Fund	$	28,100	$	(241,379	)	$	—		$	(213,279	)
Japan 2x Strategy Fund		101,068		(434,480	)		—			(333,412	)
Strengthening Dollar 2x Strategy Fund		—		567,276			125,032			692,308
Weakening Dollar 2x Strategy Fund		—		(151,498	)		(53,652	)		(205,150	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Futures Foreign Currency Exchange Risk			Swaps Currency Risk			Total
Europe 1.25x Strategy Fund	$	(258,181	)	$	(72,582	)	$	—		$	(330,763	)
Japan 2x Strategy Fund		(290,938	)		32,011			—			(258,927	)
Strengthening Dollar 2x Strategy Fund		—			759,250			137,643			896,893
Weakening Dollar 2x Strategy Fund		—			(73,202	)		(828	)		(74,030	)

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 3 – Offsetting

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the 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 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
Strengthening Dollar 2x Strategy Fund	Swap currency contracts	$	131,749	$	—	$	131,749	$	—	$	—	$	131,749
Weakening Dollar 2x Strategy Fund	Swap currency contracts		2,043		—		2,043		—		—		2,043

¹ Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

94 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2022.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Strengthening Dollar 2x Strategy Fund	Goldman Sachs International	Futures contracts	$	608,958	$	—
	Goldman Sachs International	Total return swap agreements		—		200,000
			$	608,958	$	200,000

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 95

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees calculated at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
S&P 500® Pure Growth Fund		0.75	%
S&P 500® Pure Value Fund		0.75	%
S&P MidCap 400® Pure Growth Fund		0.75	%
S&P MidCap 400® Pure Value Fund		0.75	%
S&P SmallCap 600® Pure Growth Fund		0.75	%
S&P SmallCap 600® Pure Value Fund		0.75	%
Europe 1.25x Strategy Fund		0.90	%
Japan 2x Strategy Fund		0.75	%
Strengthening Dollar 2x Strategy Fund		0.90	%
Weakening Dollar 2x Strategy Fund		0.90	%

When the aggregate assets of each series of the Trust (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Long Short Equity Fund, 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 a Distribution Plan applicable to A-Class shares and H-Class 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 Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ C-Class 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, 3022, GFD retained sales charges of $55,036 relating to sales of A-Class shares of the Trust.

96 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended September 30, 2022, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Europe 1.25x Strategy Fund	$	218
Japan 2x Strategy Fund		109
Strengthening Dollar 2x Strategy Fund		438
Weakening Dollar 2x Strategy Fund		198

The Board has adopted a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for Europe 1.25x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This was effective on August 1, 2022 and the end of the initial term is August 1, 2023. 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.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

MUFG Investor Services (US), LLC (“MUIS”) acts as the Funds’ administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Funds’ securities and cash. U.S. Bank, N.A. (“U.S. Bank”) acts as the Funds’ custodian. As custodian, U.S. Bank is responsible for the custody of the Funds’ assets. For providing the aforementioned services, MUIS and U.S. Bank are entitled to receive a monthly fee equal to an annual percentage of each Fund’s average daily net assets and out of pocket expenses.

Note 6 – Repurchase Agreements

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2022, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
2.97%					0.75%
Due 10/03/22	$	135,693,328	$	135,726,912	Due 08/31/26	$	157,165,800	$	138,407,205
BofA Securities, Inc.					U.S. Treasury Note
2.91%					0.88%
Due 10/03/22		52,189,742		52,202,398	Due 11/15/30		66,285,100		53,233,580
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
2.92%					1.00%
Due 10/03/22		50,644,966		50,657,290	Due 02/15/46		32,719,353		26,831,244
					U.S. Treasury Inflation Indexed Bond
					0.13%
					Due 10/15/25		26,181,251		24,826,653
							58,900,604		51,657,897

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. Security lending income shown on the 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, 2022, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

	Gross Amounts Not Offset in the Statements of Assets and Liabilities							Securities Lending Collateral
Fund	Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested		Cash Collateral Uninvested		Total Collateral
S&P MidCap 400® Pure Growth Fund	$	139,522	$	(139,522	)	$	—	$	144,352	$	—	$	144,352
S&P SmallCap 600® Pure Value Fund		29,801		(29,801	)		—		30,297		—		30,297
Europe 1.25x Strategy Fund		1,617		(1,617	)		—		1,670		—		1,670

^(a) Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

98 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 8 – Federal Income Tax Information

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

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

At September 30, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
S&P 500® Pure Growth Fund	$	28,756,737	$	—	$	(1,761,527	)	$	(1,761,527	)
S&P 500® Pure Value Fund		38,812,484		—		(9,319,524	)		(9,319,524	)
S&P MidCap 400® Pure Growth Fund		35,481,382		—		(5,499,885	)		(5,499,885	)
S&P MidCap 400® Pure Value Fund		9,847,241		—		(1,697,681	)		(1,697,681	)
S&P SmallCap 600® Pure Growth Fund		3,761,708		127,005		(266,887	)		(139,882	)
S&P SmallCap 600® Pure Value Fund		7,136,042		—		(1,608,405	)		(1,608,405	)
Europe 1.25x Strategy Fund		769,996		11,560		(82,369	)		(70,809	)
Japan 2x Strategy Fund		765,236		31		(101,747	)		(101,716	)
Strengthening Dollar 2x Strategy Fund		31,165,292		798,803		—			798,803
Weakening Dollar 2x Strategy Fund		1,622,273		2,053		(55,539	)		(53,486	)

Note 9 – Securities Transactions

For the period ended September 30, 2022, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
S&P 500® Pure Growth Fund	$	96,916,563	$	105,263,944
S&P 500® Pure Value Fund		246,046,336		367,377,955
S&P MidCap 400® Pure Growth Fund		52,296,994		54,246,616
S&P MidCap 400® Pure Value Fund		137,805,857		156,558,321
S&P SmallCap 600® Pure Growth Fund		86,758,063		88,666,687
S&P SmallCap 600® Pure Value Fund		105,389,797		116,675,584
Europe 1.25x Strategy Fund		976,933		2,088,736
Japan 2x Strategy Fund		–		275,584
Strengthening Dollar 2x Strategy Fund		–		1,222,010
Weakening Dollar 2x Strategy Fund		–		608,667

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

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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 to save costs, where permissible. For the period ended September 30, 2022, the Funds engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Gain (Loss)
S&P 500® Pure Growth Fund	$	3,679,100	$	15,671,417	$	35,781
S&P 500® Pure Value Fund		5,775,033		21,239,223		251,753
S&P MidCap 400® Pure Growth Fund		1,719,891		1,157,993		11,183
S&P MidCap 400® Pure Value Fund		1,561,698		2,568,171		53,054
S&P SmallCap 600® Pure Growth Fund		510,167		1,529,636		197,335
S&P SmallCap 600® Pure Value Fund		655,528		1,320,594		82,669
Europe 1.25x Strategy Fund		158,574		88,146		(6,181	)

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 6, 2022, the line of credit agreement was renewed and expires on June 5, 2023. 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 2.57% for the period ended September 30, 2022. The Funds did not have any borrowings outstanding under this agreement at September 30, 2022.

The average daily balances borrowed for the period ended September 30, 2022, were as follows:

Fund	Average Daily Balance
S&P 500® Pure Value Fund	$	3,342
S&P MidCap 400® Pure Growth Fund		68
S&P MidCap 400® Pure Value Fund		189
S&P SmallCap 600® Pure Value Fund		148
Strengthening Dollar 2x Strategy Fund		2,227

Note 11 – Other Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and 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 were available for issue and determined there were no material events that would require adjustment to or disclosure in the Funds’ financial statements.

100 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Funds’ annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Funds’ voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

Report of the Rydex Series Funds Contracts Review Committee

Rydex Series Funds (the “Trust”) was organized as a Delaware statutory trust on February 10, 1993, and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust includes the following series (each, a “Fund” and collectively, the “Funds”):

Tradable Funds (Including Sector Funds*)

●	Banking Fund*	●	Basic Materials Fund*
●	Biotechnology Fund*	●	Commodities Strategy Fund
●	Consumer Products Fund*	●	Dow Jones Industrial Average Fund
●	Electronics Fund*	●	Emerging Markets 2x Strategy Fund
●	Emerging Markets Bond Strategy Fund	●	Energy Fund*
●	Energy Services Fund*	●	Europe 1.25x Strategy Fund
●	Financial Services Fund*	●	Government Long Bond 1.2x Strategy Fund
●	Health Care Fund*	●	High Yield Strategy Fund
●	Internet Fund*	●	Inverse Emerging Markets 2x Strategy Fund
●	Inverse Government Long Bond Strategy Fund	●	Inverse High Yield Strategy Fund
●	Inverse Mid-Cap Strategy Fund	●	Inverse NASDAQ-100 Strategy Fund

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●	Inverse Russell 2000 Strategy Fund	●	Inverse S&P 500 Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100 2x Strategy Fund
●	NASDAQ-100 Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000 1.5x Strategy Fund
●	Russell 2000 Fund	●	S&P 500 Fund
●	S&P 500 Pure Growth Fund	●	S&P 500 Pure Value Fund
●	S&P MidCap 400 Pure Growth Fund	●	S&P MidCap 400 Pure Value Fund
●	S&P SmallCap 600 Pure Growth Fund	●	S&P SmallCap 600 Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund

Alternative Funds** (i.e., Non-Tradable Funds)

●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

*	Each, a “Sector Fund” and collectively, the “Sector Funds.”
**	Each, an “Alternative Fund” and collectively, the “Alternative Funds.” Each Fund other than the Alternative Funds, a “Tradable Fund” and collectively, the “Tradable Funds.”

Security Investors, LLC (“Security Investors” or the “Adviser”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as investment adviser to each of the Funds pursuant to an investment advisory agreement between the Trust, with respect to the Funds, and Security Investors (the “Advisory Agreement”). (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 and other affiliated investment management businesses of Guggenheim Partners.)

Under the supervision of the Board of Trustees of the Trust (the “Board,” with the members of the Board referred to individually as the “Trustees”), the Adviser regularly provides investment research, advice and supervision, along with a continuous investment program for the Funds, and directs the purchase and sale of securities and other investments for each Fund’s portfolio.

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) casting votes in person at a meeting called for such purpose. At meetings held in person on April 19, 2022 (the “April Meeting”) and on May 24-25, 2022 (the “May Meeting”), the members of 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 in connection with the Committee’s annual contract review schedule.

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.

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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 reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Tradable Fund is designed to provide such tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds and the Real Estate Fund, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds and the Real Estate Fund. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Independent Trustees. 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 Guggenheim funds 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 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.

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, the funds in the Guggenheim fund complex, including the Funds. The Committee also noted that as of March 31, 2022, Security Investors had entered into a Macroeconomic Services Agreement, at no fee, with another Guggenheim affiliate, Guggenheim Partners Advisors, LLC, to receive certain global and sector macroeconomic analysis and insight along with other guidance.

The Committee’s review of the services provided by Guggenheim to the Funds included consideration of Guggenheim’s investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, and the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the

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Adviser to provide the Funds’ unique features. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2021, 2020 and 2019. 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 also 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. With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector or market, and corporate actions such as spin-offs, among other adjustments.

In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), established to oversee the fund administration, accounting and transfer agency services provided to the Funds and other Guggenheim funds, 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.

The Committee also considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, including the Committee’s knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2021, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2021, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. For the Tradable Funds (other than U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2021, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain updated performance information as of March 31, 2022 and April 30, 2022.

With respect to the Tradable Funds (other than U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances in which 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, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity

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are the primary drivers of performance differences. In this connection, the Committee considered the tracking error of each Fund’s Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points), as applicable, of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2021, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund outperformed the comparable peer fund over the five-year period ended December 31, 2021, although its performance ranked in the fourth quartile of the broader peer group over the one-, three- and five-year time periods.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining the underperformance, as applicable, of such Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2021, relative to their respective peer groups, attributing such underperformance to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that each Funds’ returns ranked in the third quartile or better of its performance universe for each of the relevant periods considered.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that each Fund’s performance was acceptable.

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, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. 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.

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.

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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 and certain other clients with respect to Long Short Equity Fund, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds’ advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund’s Class H shares, except for the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund. The Committee also noted management’s agreement as a part of the annual contract renewal process to (1) apply a 0.05% contractual advisory fee waiver for 13 Funds² in the Trust from August 1, 2022 through August 1, 2023; and (2) to implement a 0.05% breakpoint at $500 million in assets for the NASDAQ-100 Fund. The Committee further considered that based on these changes, management represented that all Fund advisory fees would be below those of the directly comparable peers and its belief that these Funds would continue to provide a strong value proposition for advisers and their clients.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee and total net expense ratio are higher than those of the comparable peer fund, but noted management’s statement that it believes that the peer fund’s unique structural arrangement of investing in a master portfolio managed by an unaffiliated investment adviser may result in the peer fund’s stated advisory fees being understated.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds’ structure and the portfolio management needed to meet client requirements.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of each Fund’s peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2021, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of 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. 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.

² Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund, and Weakening Dollar 2x Strategy Fund.

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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 representation 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 Meeting, as well as other considerations, the Committee concluded that that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds were appropriate 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 overall expenses increased in 2021, which was primarily due to increased expenses in many key areas, including compensation of portfolio managers, key analysts and support staff, as well as for infrastructure needs, with respect to risk management oversight, valuation processes and disaster recovery systems, among other things.

With respect to the Tradable Funds, the Committee noted that, with the exception of the new breakpoint adopted for the NASDAQ-100 Fund, the applicable breakpoint level for the Funds is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds exceed $10 billion.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for an Alternative Fund (i.e., a non-Tradable Fund), with consideration given to, among other things: (i) the Fund’s size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profit level margins; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund’s investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee also 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 the May Meeting, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation 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 his or her informed business judgment, may afford different weights to different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended, and the Board approved, the renewal of the Advisory Agreement for an additional annual term.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Member, Board of Directors, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - continued
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2005-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

110 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INTERESTED TRUSTEE
Amy J. Lee**** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2019	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022);Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Adviser and/or the parent of the Adviser.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 111

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2019	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and President of Mutual Funds Boards, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since August 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (August 2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-August 2022); Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2017	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2018	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).

112 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2016	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2019	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. (“HGINA”), (2017); Senior Analyst of US Fund Administration, HGINA (2014–2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 113

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

114 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 115

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

116 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

In compliance with SEC Rule 22e-4 under the U.S. Investment Company Act of 1940 (the “Liquidity Rule”), the Rydex Series Funds (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund” and, collectively, the “Funds”). The Trust’s Board of Trustees (the “Board”) has also designated a Program administrator (the “Administrator”).

The Liquidity Rule requires that the Program be reasonably designed to assess and manage each Fund’s liquidity risk. A Fund’s “liquidity risk” (as defined in the Liquidity Rule) is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Program includes a number of elements that support the assessment, management and periodic review of liquidity risk. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, short-term and long-term cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. There is no guarantee that the Program will achieve its objective under all circumstances.

Under the Program, each Fund portfolio investment is classified into one of four liquidity categories. The classification is based on a determination of the number of days a Fund reasonably expects to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Program is reasonably designed to meet Liquidity Rule requirements relating to “highly liquid investment minimums” (i.e., the minimum amount of a Fund’s net assets to be invested in highly liquid investments that are assets) and to monitor compliance with the Liquidity Rule’s limitations on a Fund’s investments in “illiquid investments” (as defined in the Liquidity Rule). Under the Liquidity Rule, a Fund is prohibited from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

During the period covered by this shareholder report, the Board received a written report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from March 31, 2021 to March 31, 2022. The Report summarized the Administrator’s assessment of the Program’s implementation and concluded that the Program operated effectively, the Program had been and continued to be reasonably designed to assess and manage each Fund’s liquidity risk, and the Program has been adequately and effectively implemented to monitor and respond to the Funds’ liquidity developments, as applicable.

Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 117

9.30.2022

Rydex Funds Semi-Annual Report

Domestic Equity Funds

Nova Fund

S&P 500^® Fund

Inverse S&P 500^® Strategy Fund

Monthly Rebalance NASDAQ-100^® 2x Strategy Fund

Inverse NASDAQ-100^® Strategy Fund

Mid-Cap 1.5x Strategy Fund

Inverse Mid-Cap Strategy Fund

Russell 2000^® 1.5x Strategy Fund

Russell 2000^® Fund

Inverse Russell 2000^® Strategy Fund

Dow Jones Industrial Average^® Fund

Fixed Income Funds

Government Long Bond 1.2x Strategy Fund

Inverse Government Long Bond Strategy Fund

High Yield Strategy Fund

Inverse High Yield Strategy Fund

Money Market Fund

U.S. Government Money Market Fund

GuggenheimInvestments.com RBENF-SEMI-0922x0323

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS	6
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
NOVA FUND	12
S&P 500® FUND	27
INVERSE S&P 500® STRATEGY FUND	39
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND	49
INVERSE NASDAQ-100® STRATEGY FUND	59
MID-CAP 1.5x STRATEGY FUND	69
INVERSE MID-CAP STRATEGY FUND	81
RUSSELL 2000® 1.5x STRATEGY FUND	89
RUSSELL 2000® FUND	116
INVERSE RUSSELL 2000® STRATEGY FUND	142
DOW JONES INDUSTRIAL AVERAGE® FUND	150
GOVERNMENT LONG BOND 1.2x STRATEGY FUND	159
INVERSE GOVERNMENT LONG BOND STRATEGY FUND	168
HIGH YIELD STRATEGY FUND	178
INVERSE HIGH YIELD STRATEGY FUND	187
U.S. GOVERNMENT MONEY MARKET FUND	195
NOTES TO FINANCIAL STATEMENTS	201
OTHER INFORMATION	218
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	226
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	232
LIQUIDITY RISK MANAGEMENT PROGRAM	235

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2022

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for a selection of our funds (the “Fund” or “Funds”). This report covers performance for the six-month period ended September 30, 2022.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Security Investors, LLC

October 31, 2022

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

Inverse and leveraged Funds are not suitable for all investors. ● These Funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risk of shorting, and (d) intend to actively monitor and manage their investments. ● The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● Inverse Funds involve certain risks, which include increased volatility due to the Funds’ possible use of short sales of securities and derivatives, such as options and futures. ● The Funds’ use of derivatives, such as futures, options and swap agreements, may expose the Funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Short-selling involves increased risks and costs. You risk paying more for a security than you received from its sale. ● Leveraged and inverse Funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the 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. 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. The Funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse Funds’ holdings consistent with their strategies, as frequently as daily. ● For more on these and other risks, please read the prospectus.

Certain of these funds are considered non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund.

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 2022

The Government Long Bond 1.2x Strategy and Inverse Government Long Bond Strategy funds are not suitable for all investors. ● These Funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. ● The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● The Funds’ use of derivatives, such as futures, options and swap agreements, may expose the Funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Leveraged and inverse Funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the 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 Funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. 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. The Funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged Funds’ holdings consistent with their strategies, as frequently as daily. ● In general, bond prices rise when interest rates fall, and vice versa. Moreover, while securities with longer maturities tend to produce higher yields, the price of longer maturity securities is also subject to greater fluctuations as a result of changes in interest rates. ● It is important to note that the Funds are not guaranteed by the U.S. government. ● There are no assurances that any Guggenheim fund will achieve its objective and/or strategy. These Funds are subject to active trading and tracking error risks, which may increase volatility, impact the Fund’s ability to achieve its investment objective, and may decrease the Fund’s performance. ● For more on these and other risks, please read the prospectus.

The High Yield Strategy Fund and Inverse High Yield Strategy Fund may not be suitable for all investors. ● The Fund’s use of derivatives such as futures, options, and swap agreements will expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. ● A highly liquid secondary market may not exist for the credit default swaps the Fund invests in, and there can be no assurance that a highly liquid secondary market will develop. ● The Fund’s market value will change in response to interest rate changes and market conditions among other factors. ● You may have a gain or loss when you sell your shares. ● In general, bond prices rise when interest rates fall, and vice versa. ● The Fund’s exposure to the high yield bond market may subject the Fund to greater volatility because (i) it will be affected by the ability of high yield security issuers’ ability to make principal and interest payments and (ii) the prices of derivatives linked to high yield bonds may fluctuate unpredictably and not necessarily in relation to interest rates. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● The Fund is subject to active trading risks that may increase volatility and impact its ability to achieve its investment objective. ● For more on these and other risks, please read the prospectus.

Monthly leveraged funds are not suitable for all investors. ● These funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking monthly leveraged investment results, and (c) intend to actively monitor and manage their investments. ● The more a fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● The funds’ use of derivatives, such as futures, options, and swap agreements, may expose the funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Monthly leveraged funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a monthly basis. Because monthly leveraged funds seek to track the performance of their benchmark on a monthly 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 quarterly, annual or other period performance of its benchmark. Due to the compounding of monthly returns, leveraged funds’ returns over periods other than one calendar month will likely differ in amount and possibly direction from the benchmark return for the same period. For those funds that consistently apply leverage, the value of the funds’ shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. Monthly leveraged funds rebalance their portfolios on a monthly basis on the last day of each calendar month, increasing exposure in response to that month’s gains or reducing exposure in response to that month’s losses. ● Throughout the month, the amount of leverage that a monthly leveraged fund provides is allowed to float. Purchasing monthly leveraged funds on any day other than the last day of each calendar month will likely mean that the monthly leveraged fund’s actual leverage is different from its monthly leverage target. Investors should monitor their monthly leveraged funds’ holdings consistent with their strategies, as frequently as daily. ● For more on these and other risks, please read the monthly leveraged funds’ prospectus.

The U.S. Government Money Market Fund may not be suitable for all investors. ● You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. ● For more on these and other risks, please read the prospectus.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2022

Equity and fixed income markets declined during the six-month period ended September 30, 2022, amid continued market volatility, Federal Reserve policy, and global economic headwinds.

The Federal Reserve (the “Fed”) has abandoned talk of a soft or even “softish” landing, with the latest Summary of Economic Projections pointing to a 90-basis-point rise in the unemployment rate, an increase never before experienced without a recession. One basis point equals 0.01%. The seemingly endless string of upside inflation surprises has cemented the Fed’s view that the labor market needs to soften and economic activity needs to weaken further, which could require interest rates heading even higher.

Signs are indicating that the economy is heading in the direction the Fed wants. While gross domestic product (“GDP”) rebounded in the third quarter of 2022 to an inflation-adjusted 2.6%, private domestic demand (consumption and fixed investment) continued to slow, growing just 0.1%. The slowdown was led by a significant contraction in housing activity, historically the first sector to be hit by rising rates, cutting about 1.4 percentage points from GDP’s growth rate. The sharp tightening in financial conditions indicates a broader economic slowdown is ahead, which may help to loosen up the labor market. Signs of a labor market slowdown are already evident, with monthly job growth at less than half the pace of early 2022, wage growth cooling, and job openings falling sharply.

Inflation remains high, but a variety of factors point to a substantial moderation in 2023. Goods prices have stopped rising, and supply chain improvement and input and import costs suggest outright deflation could lie ahead. Services inflation is now the main price stability concern, but even the Bureau of Labor Statistics and several Fed speakers have acknowledged that the lagged data on home rental prices doesn’t reflect the sharp slowdown in market rents that has taken place (and that would start to show up in the data next year).

With the economy cooling and inflation likely to fall, it is fair to expect that rate hikes are nearly coming to an end, particularly with rising strains in financial markets and overseas. But having been repeatedly burned by expectations that inflation would cool and fearing a replay of the “stop-start” rate hike campaigns of the 1970s, the Fed will likely err on the side of overdoing it with rate hikes, viewing a recession as the “least bad” outcome for the economy.

For the six-month period ended September 30, 2022, the S&P 500^® Index* returned -20.20%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -22.51%. The return of the MSCI Emerging Markets Index* was -21.70%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -9.22% return for the six-month period, while the Bloomberg U.S. Corporate High Yield Index* returned -10.41%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 0.60% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg U.S. Long Treasury Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and nonconvertible. The U.S. Long Treasury Index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 2022

Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

Bloomberg U.S. Treasury Bellwethers 30 Yr. Index is an unmanaged index representing the on-the-run (most recently auctioned) U.S. Treasury bond with 30 years’ maturity.

Dow Jones Industrial Average^® is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq.

ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

NASDAQ-100^® Index includes 100 of the largest domestic and international non-financial securities listed on The Nasdaq Stock Market based on market capitalization. The Index reflects companies across major industry groups including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain securities of financial companies including investment companies.

Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

S&P MidCap 400^® Index provides investors with a benchmark for mid-sized companies. The index covers approximately 7% of the U.S. equity market, and seeks to remain an accurate measure of mid-sized companies, reflecting the risk and return characteristics of the broader mid-cap universe on an on-going basis.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

Many of the Funds described in this report are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in-line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period on a cumulative basis. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

An Example of Compounding

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund’s net asset value per share (“NAV”) increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

	Index Level	Index Performance	Fund Expectation	Fund NAV	Fund Performance	Assessment
Start	100			$10.00
Day 1	106	6.0%	9.0%	$10.90	9.0%	In line
Day 2	99	-6.6%	-9.9%	$ 9.82	-9.9%	In line
Cumulative		-1.0%	-1.5%		-1.8%	-0.3%

As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.

Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings to ensure that they are consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2022 and ending September 30, 2022.

The following tables illustrate the Funds’ costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Funds’ expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Nova Fund
Investor Class	1.28%	(30.87%)	$ 1,000.00	$ 691.30	$ 5.43
A-Class	1.52%	(30.96%)	1,000.00	690.40	6.44
C-Class	2.26%	(31.23%)	1,000.00	687.70	9.56
H-Class	1.53%	(30.95%)	1,000.00	690.50	6.48
S&P 500® Fund
A-Class	1.60%	(20.88%)	1,000.00	791.20	7.18
C-Class	2.35%	(21.18%)	1,000.00	788.20	10.53
H-Class	1.60%	(20.89%)	1,000.00	791.10	7.18
Inverse S&P 500® Strategy Fund
Investor Class	1.46%	22.26%	1,000.00	1,222.60	8.13
A-Class	1.70%	22.12%	1,000.00	1,221.20	9.47
C-Class	2.46%	21.65%	1,000.00	1,216.50	13.67
H-Class	1.72%	22.11%	1,000.00	1,221.10	9.58
Monthly Rebalance NASDAQ-100® 2x Strategy Fund
A-Class	1.30%	(49.26%)	1,000.00	507.40	4.91
C-Class	2.05%	(49.49%)	1,000.00	505.10	7.73
H-Class	1.30%	(49.29%)	1,000.00	507.10	4.91
Inverse NASDAQ-100® Strategy Fund
Investor Class	1.49%	28.49%	1,000.00	1,284.90	8.53
A-Class	1.74%	28.35%	1,000.00	1,283.50	9.96
C-Class	2.52%	27.90%	1,000.00	1,279.00	14.40
H-Class	1.74%	28.34%	1,000.00	1,283.40	9.96
Mid-Cap 1.5x Strategy Fund
A-Class	1.66%	(27.19%)	1,000.00	728.10	7.19
C-Class	2.42%	(27.47%)	1,000.00	725.30	10.47
H-Class	1.67%	(27.19%)	1,000.00	728.10	7.23
Inverse Mid-Cap Strategy Fund
A-Class	1.66%	17.75%	1,000.00	1,177.50	9.06
C-Class	2.42%	17.58%	1,000.00	1,175.80	13.20
H-Class	1.67%	17.70%	1,000.00	1,177.00	9.11
Russell 2000® 1.5x Strategy Fund
A-Class	1.71%	(29.36%)	1,000.00	706.40	7.31
C-Class	2.46%	(29.58%)	1,000.00	704.20	10.51
H-Class	1.70%	(29.36%)	1,000.00	706.40	7.27
Russell 2000® Fund
A-Class	1.64%	(19.68%)	1,000.00	803.20	7.41
C-Class	2.40%	(19.98%)	1,000.00	800.20	10.83
H-Class	1.65%	(19.67%)	1,000.00	803.30	7.46
Inverse Russell 2000® Strategy Fund
A-Class	1.75%	18.72%	1,000.00	1,187.20	9.60
C-Class	2.50%	18.20%	1,000.00	1,182.00	13.67
H-Class	1.75%	18.72%	1,000.00	1,187.20	9.60

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Dow Jones Industrial Average® Fund
A-Class	1.54%	(17.27%)	$ 1,000.00	$ 827.30	$ 7.05
C-Class	2.29%	(17.58%)	1,000.00	824.20	10.47
H-Class	1.54%	(17.25%)	1,000.00	827.50	7.06
Government Long Bond 1.2x Strategy Fund
Investor Class	0.99%	(28.02%)	1,000.00	719.80	4.27
A-Class	1.24%	(28.13%)	1,000.00	718.70	5.34
C-Class	1.99%	(28.41%)	1,000.00	715.90	8.56
H-Class	1.24%	(28.15%)	1,000.00	718.50	5.34
Inverse Government Long Bond Strategy Fund
Investor Class	4.09%	27.55%	1,000.00	1,275.50	23.33
A-Class	4.33%	27.39%	1,000.00	1,273.90	24.68
C-Class	5.12%	26.91%	1,000.00	1,269.10	29.12
H-Class	4.35%	27.41%	1,000.00	1,274.10	24.80
High Yield Strategy Fund
A-Class	1.52%	(11.45%)	1,000.00	885.50	7.18
C-Class	2.27%	(11.77%)	1,000.00	882.30	10.71
H-Class	1.53%	(11.43%)	1,000.00	885.70	7.23
Inverse High Yield Strategy Fund
A-Class	1.54%	9.94%	1,000.00	1,099.40	8.10
C-Class	2.29%	9.55%	1,000.00	1,095.50	12.03
H-Class	1.53%	10.01%	1,000.00	1,100.10	8.05
U.S. Government Money Market Fund	0.73%	0.29%	1,000.00	1,002.90	3.67

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Nova Fund
Investor Class	1.28%	5.00%	$ 1,000.00	$ 1,018.65	$ 6.48
A-Class	1.52%	5.00%	1,000.00	1,017.45	7.69
C-Class	2.26%	5.00%	1,000.00	1,013.74	11.41
H-Class	1.53%	5.00%	1,000.00	1,017.40	7.74
S&P 500® Fund
A-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Inverse S&P 500® Strategy Fund
Investor Class	1.46%	5.00%	1,000.00	1,017.75	7.38
A-Class	1.7%	5.00%	1,000.00	1,016.55	8.59
C-Class	2.46%	5.00%	1,000.00	1,012.73	12.41
H-Class	1.72%	5.00%	1,000.00	1,016.44	8.69
Monthly Rebalance NASDAQ-100® 2x Strategy Fund
A-Class	1.30%	5.00%	1,000.00	1,018.55	6.58
C-Class	2.05%	5.00%	1,000.00	1,014.79	10.35
H-Class	1.30%	5.00%	1,000.00	1,018.55	6.58
Inverse NASDAQ-100® Strategy Fund
Investor Class	1.49%	5.00%	1,000.00	1,017.60	7.54
A-Class	1.74%	5.00%	1,000.00	1,016.34	8.80
C-Class	2.52%	5.00%	1,000.00	1,012.43	12.71
H-Class	1.74%	5.00%	1,000.00	1,016.34	8.80
Mid-Cap 1.5x Strategy Fund
A-Class	1.66%	5.00%	1,000.00	1,016.75	8.39
C-Class	2.42%	5.00%	1,000.00	1,012.94	12.21
H-Class	1.67%	5.00%	1,000.00	1,016.70	8.44
Inverse Mid-Cap Strategy Fund
A-Class	1.66%	5.00%	1,000.00	1,016.75	8.39
C-Class	2.42%	5.00%	1,000.00	1,012.94	12.21
H-Class	1.67%	5.00%	1,000.00	1,016.70	8.44
Russell 2000® 1.5x Strategy Fund
A-Class	1.71%	5.00%	1,000.00	1,016.50	8.64
C-Class	2.46%	5.00%	1,000.00	1,012.73	12.41
H-Class	1.70%	5.00%	1,000.00	1,016.55	8.59
Russell 2000® Fund
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.40%	5.00%	1,000.00	1,013.04	12.11
H-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
Inverse Russell 2000® Strategy Fund
A-Class	1.75%	5.00%	1,000.00	1,016.29	8.85
C-Class	2.50%	5.00%	1,000.00	1,012.53	12.61
H-Class	1.75%	5.00%	1,000.00	1,016.29	8.85

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Dow Jones Industrial Average® Fund
A-Class	1.54%	5.00%	$ 1,000.00	$ 1,017.35	$ 7.79
C-Class	2.29%	5.00%	1,000.00	1,013.59	11.56
H-Class	1.54%	5.00%	1,000.00	1,017.35	7.79
Government Long Bond 1.2x Strategy Fund
Investor Class	0.99%	5.00%	1,000.00	1,020.10	5.01
A-Class	1.24%	5.00%	1,000.00	1,018.85	6.28
C-Class	1.99%	5.00%	1,000.00	1,015.09	10.05
H-Class	1.24%	5.00%	1,000.00	1,018.85	6.28
Inverse Government Long Bond Strategy Fund
Investor Class	4.09%	5.00%	1,000.00	1,004.56	20.55
A-Class	4.33%	5.00%	1,000.00	1,003.36	21.75
C-Class	5.12%	5.00%	1,000.00	999.40	25.66
H-Class	4.35%	5.00%	1,000.00	1,003.26	21.85
High Yield Strategy Fund
A-Class	1.52%	5.00%	1,000.00	1,017.45	7.69
C-Class	2.27%	5.00%	1,000.00	1,013.69	11.46
H-Class	1.53%	5.00%	1,000.00	1,017.40	7.74
Inverse High Yield Strategy Fund
A-Class	1.54%	5.00%	1,000.00	1,017.35	7.79
C-Class	2.29%	5.00%	1,000.00	1,013.59	11.56
H-Class	1.53%	5.00%	1,000.00	1,017.40	7.74
U.S. Government Money Market Fund	0.73%	5.00%	1,000.00	1,021.41	3.70

1	This ratio represents annualized Net Expense, which includes interest expense related to securities sold short. Excluding short interest expense, the operating ratio of the Inverse Government Long Bond Strategy Fund would be 1.42%, 1.67%, 2.41% and 1.67% for Investor Class, A-Class, C-Class and H-Class, respectively. Excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2022 to September 30, 2022.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 11

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

NOVA FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 150% of the performance of the S&P 500^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
Investor Class	July 12, 1993
A-Class	March 31, 2004
C-Class	March 14, 2001
H-Class	September 18, 2014

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Ultra Short Duration Fund — Institutional Class	14.5%
Guggenheim Strategy Fund II	9.4%
Guggenheim Strategy Fund III	7.1%
Apple, Inc.	3.2%
Microsoft Corp.	2.7%
Amazon.com, Inc.	1.6%
Tesla, Inc.	1.1%
Alphabet, Inc. — Class A	0.9%
Alphabet, Inc. — Class C	0.8%
Berkshire Hathaway, Inc. — Class B	0.8%
Top Ten Total	42.1%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

12 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(30.87%)	(26.01%)	9.22%	14.12%
A-Class Shares	(30.96%)	(26.21%)	8.97%	13.84%
A-Class Shares with sales charge‡	(34.24%)	(29.71%)	7.91%	13.29%
C-Class Shares	(31.23%)	(26.75%)	8.15%	13.00%
C-Class Shares with CDSC§	(31.92%)	(27.41%)	8.15%	13.00%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(30.95%)	(26.21%)	8.96%	10.17%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	9.52%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 13

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
NOVA FUND

	Shares		Value
COMMON STOCKS† - 46.7%
Technology - 10.5%
Apple, Inc.		14,613	$	2,019,517
Microsoft Corp.		7,214		1,680,141
NVIDIA Corp.		2,422		294,007
Broadcom, Inc.		391		173,608
Accenture plc — Class A		611		157,210
Salesforce, Inc.*		962		138,374
Texas Instruments, Inc.		884		136,825
Adobe, Inc.*		453		124,666
QUALCOMM, Inc.		1,085		122,583
Intuit, Inc.		273		105,738
International Business Machines Corp.		874		103,840
Intel Corp.		3,972		102,358
Advanced Micro Devices, Inc.*		1,562		98,968
Oracle Corp.		1,469		89,712
ServiceNow, Inc.*		195		73,634
Analog Devices, Inc.		502		69,949
Applied Materials, Inc.		841		68,903
Fiserv, Inc.*		619		57,920
Micron Technology, Inc.		1,067		53,457
Activision Blizzard, Inc.		689		51,220
Lam Research Corp.		131		47,946
Synopsys, Inc.*		148		45,215
Fidelity National Information Services, Inc.		588		44,435
Cadence Design Systems, Inc.*		265		43,309
KLA Corp.		136		41,158
Autodesk, Inc.*		210		39,228
NXP Semiconductor N.V.		254		37,467
Roper Technologies, Inc.		102		36,683
Paychex, Inc.		310		34,785
Microchip Technology, Inc.		534		32,590
MSCI, Inc. — Class A		77		32,478
Fortinet, Inc.*		633		31,099
Electronic Arts, Inc.		255		29,506
Cognizant Technology Solutions Corp. — Class A		501		28,777
ON Semiconductor Corp.*		418		26,054
HP, Inc.		880		21,930
EPAM Systems, Inc.*		55		19,920
ANSYS, Inc.*		84		18,623
Take-Two Interactive Software, Inc.*		152		16,568
Broadridge Financial Solutions, Inc.		113		16,308
Monolithic Power Systems, Inc.		43		15,626
Paycom Software, Inc.*		47		15,510
Hewlett Packard Enterprise Co.		1,257		15,059
Tyler Technologies, Inc.*		40		13,900
Skyworks Solutions, Inc.		155		13,217
NetApp, Inc.		212		13,112
Zebra Technologies Corp. — Class A*		50		13,101
Jack Henry & Associates, Inc.		70		12,759
Citrix Systems, Inc.*,††		121		12,584
Akamai Technologies, Inc.*		154		12,369
Leidos Holdings, Inc.		132		11,546
Teradyne, Inc.		151		11,348
PTC, Inc.*		101		10,565
Seagate Technology Holdings plc		189		10,060
Western Digital Corp.*		303		9,863
Ceridian HCM Holding, Inc.*		148		8,270
Qorvo, Inc.*		100		7,941
DXC Technology Co.*		222		5,435
Total Technology				6,578,974
Consumer, Non-cyclical - 10.5%
UnitedHealth Group, Inc.		905		457,061
Johnson & Johnson		2,543		415,425
Procter & Gamble Co.		2,311		291,764
Eli Lilly & Co.		763		246,716
Pfizer, Inc.		5,429		237,573
AbbVie, Inc.		1,710		229,499
PepsiCo, Inc.		1,335		217,952
Merck & Company, Inc.		2,450		210,994
Coca-Cola Co.		3,765		210,915
Thermo Fisher Scientific, Inc.		379		192,225
Abbott Laboratories		1,694		163,911
Danaher Corp.		632		163,239
Bristol-Myers Squibb Co.		2,065		146,801
Philip Morris International, Inc.		1,499		124,432
CVS Health Corp.		1,270		121,120
Amgen, Inc.		517		116,532
Elevance Health, Inc.		231		104,930
Medtronic plc		1,285		103,764
S&P Global, Inc.		329		100,460
PayPal Holdings, Inc.*		1,119		96,312
Automatic Data Processing, Inc.		401		90,702
Cigna Corp.		294		81,576
Gilead Sciences, Inc.		1,212		74,768
Mondelez International, Inc. — Class A		1,326		72,705
Vertex Pharmaceuticals, Inc.*		248		71,806
Regeneron Pharmaceuticals, Inc.*		103		70,954
Altria Group, Inc.		1,742		70,342
Zoetis, Inc.		453		67,175
Stryker Corp.		326		66,028
Intuitive Surgical, Inc.*		345		64,667
Becton Dickinson and Co.		276		61,501
Humana, Inc.		122		59,193
Colgate-Palmolive Co.		807		56,692
Boston Scientific Corp.*		1,385		53,641
Edwards Lifesciences Corp.*		600		49,578
Estee Lauder Companies, Inc. — Class A		223		48,145
McKesson Corp.		139		47,242
General Mills, Inc.		576		44,127
Archer-Daniels-Midland Co.		542		43,604
Centene Corp.*		553		43,029
Corteva, Inc.		695		39,719
Moderna, Inc.*		325		38,431
HCA Healthcare, Inc.		208		38,228
Biogen, Inc.*		139		37,113
Moody’s Corp.		152		36,953
Kimberly-Clark Corp.		326		36,688
Constellation Brands, Inc. — Class A		154		35,371
Sysco Corp.		492		34,789
IQVIA Holdings, Inc.*		180		32,605

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
NOVA FUND

	Shares		Value
Monster Beverage Corp.*		372	$	32,349
Cintas Corp.		83		32,220
Hershey Co.		142		31,307
ResMed, Inc.		142		30,998
Dexcom, Inc.*		380		30,605
Keurig Dr Pepper, Inc.		822		29,444
Illumina, Inc.*		152		29,000
Global Payments, Inc.		268		28,957
Kroger Co.		630		27,563
CoStar Group, Inc.*		383		26,676
IDEXX Laboratories, Inc.*		81		26,390
Baxter International, Inc.		487		26,230
Verisk Analytics, Inc. — Class A		152		25,920
Kraft Heinz Co.		770		25,680
Zimmer Biomet Holdings, Inc.		203		21,224
Gartner, Inc.*		76		21,028
AmerisourceBergen Corp. — Class A		150		20,300
Equifax, Inc.		118		20,229
Tyson Foods, Inc. — Class A		280		18,460
Molina Healthcare, Inc.*		55		18,141
United Rentals, Inc.*		67		18,098
Laboratory Corporation of America Holdings		87		17,819
Quanta Services, Inc.		138		17,580
Cardinal Health, Inc.		263		17,537
West Pharmaceutical Services, Inc.		71		17,472
McCormick & Company, Inc.		242		17,247
Kellogg Co.		247		17,206
Church & Dwight Company, Inc.		234		16,717
STERIS plc		97		16,129
Waters Corp.*		58		15,633
Hologic, Inc.*		241		15,549
Clorox Co.		119		15,279
Conagra Brands, Inc.		464		15,140
PerkinElmer, Inc.		122		14,680
Align Technology, Inc.*		70		14,498
J M Smucker Co.		103		14,153
Quest Diagnostics, Inc.		113		13,864
FleetCor Technologies, Inc.*		73		12,860
Avery Dennison Corp.		79		12,853
Hormel Foods Corp.		280		12,723
Catalent, Inc.*		173		12,518
Cooper Companies, Inc.		47		12,403
Incyte Corp.*		179		11,928
Brown-Forman Corp. — Class B		177		11,783
ABIOMED, Inc.*		44		10,809
Lamb Weston Holdings, Inc.		139		10,756
Bio-Techne Corp.		37		10,508
Viatris, Inc.		1,173		9,994
Nielsen Holdings plc		348		9,647
Charles River Laboratories International, Inc.*		49		9,643
Campbell Soup Co.		195		9,189
Teleflex, Inc.		45		9,066
Molson Coors Beverage Co. — Class B		182		8,734
Henry Schein, Inc.*		131		8,616
Bio-Rad Laboratories, Inc. — Class A*		20		8,343
Robert Half International, Inc.		106		8,109
MarketAxess Holdings, Inc.		36		8,010
Rollins, Inc.		223		7,734
Dentsply Sirona, Inc.		208		5,897
Organon & Co.		246		5,756
Universal Health Services, Inc. — Class B		64		5,644
DaVita, Inc.*		53		4,387
Total Consumer, Non-cyclical				6,554,229
Financial - 7.0%
Berkshire Hathaway, Inc. — Class B*		1,746		466,217
JPMorgan Chase & Co.		2,837		296,467
Visa, Inc. — Class A		1,582		281,042
Mastercard, Inc. — Class A		825		234,580
Bank of America Corp.		6,762		204,212
Wells Fargo & Co.		3,669		147,567
Charles Schwab Corp.		1,477		106,152
Morgan Stanley		1,295		102,318
Goldman Sachs Group, Inc.		329		96,413
American Tower Corp. — Class A REIT		449		96,400
BlackRock, Inc. — Class A		146		80,341
American Express Co.		580		78,248
Citigroup, Inc.		1,873		78,048
Chubb Ltd.		404		73,479
Prologis, Inc. REIT		716		72,746
Marsh & McLennan Companies, Inc.		483		72,107
Progressive Corp.		565		65,659
CME Group, Inc. — Class A		347		61,464
Crown Castle, Inc. REIT		419		60,567
PNC Financial Services Group, Inc.		397		59,320
Truist Financial Corp.		1,283		55,862
Aon plc — Class A		204		54,645
U.S. Bancorp		1,308		52,739
Equinix, Inc. REIT		87		49,489
Intercontinental Exchange, Inc.		540		48,789
Public Storage REIT		153		44,800
MetLife, Inc.		648		39,385
Travelers Companies, Inc.		229		35,083
American International Group, Inc.		735		34,898
Arthur J Gallagher & Co.		203		34,758
Realty Income Corp. REIT		597		34,745
Capital One Financial Corp.		371		34,195
Allstate Corp.		261		32,502
Aflac, Inc.		556		31,247
Prudential Financial, Inc.		360		30,881
M&T Bank Corp.		170		29,974
SBA Communications Corp. REIT		104		29,604
Welltower, Inc. REIT		448		28,815
Simon Property Group, Inc. REIT		317		28,451
VICI Properties, Inc. REIT		931		27,790
Digital Realty Trust, Inc. REIT		278		27,572
Bank of New York Mellon Corp.		711		27,388
Ameriprise Financial, Inc.		105		26,455
AvalonBay Communities, Inc. REIT		135		24,866
Discover Financial Services		264		24,003
First Republic Bank		177		23,107

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 15

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
NOVA FUND

	Shares		Value
T. Rowe Price Group, Inc.		218	$	22,892
Extra Space Storage, Inc. REIT		129		22,280
Equity Residential REIT		327		21,981
State Street Corp.		355		21,588
Willis Towers Watson plc		106		21,300
Fifth Third Bancorp		664		21,221
CBRE Group, Inc. — Class A*		310		20,928
Weyerhaeuser Co. REIT		716		20,449
Alexandria Real Estate Equities, Inc. REIT		143		20,047
Hartford Financial Services Group, Inc.		312		19,325
SVB Financial Group*		57		19,139
Invitation Homes, Inc. REIT		561		18,945
Raymond James Financial, Inc.		188		18,578
Nasdaq, Inc.		327		18,534
Huntington Bancshares, Inc.		1,395		18,386
Regions Financial Corp.		904		18,143
Duke Realty Corp. REIT		372		17,930
Mid-America Apartment Communities, Inc. REIT		112		17,368
Northern Trust Corp.		201		17,198
Citizens Financial Group, Inc.		479		16,458
Principal Financial Group, Inc.		224		16,162
Ventas, Inc. REIT		387		15,546
Essex Property Trust, Inc. REIT		63		15,261
KeyCorp		902		14,450
Cincinnati Financial Corp.		154		13,794
Brown & Brown, Inc.		227		13,729
Synchrony Financial		466		13,137
W R Berkley Corp.		197		12,722
Iron Mountain, Inc. REIT		281		12,356
UDR, Inc. REIT		295		12,304
Camden Property Trust REIT		103		12,303
Cboe Global Markets, Inc.		102		11,972
Healthpeak Properties, Inc. REIT		522		11,964
Kimco Realty Corp. REIT		598		11,009
Host Hotels & Resorts, Inc. REIT		692		10,989
Boston Properties, Inc. REIT		138		10,346
Everest Re Group Ltd.		38		9,973
Loews Corp.		193		9,619
Signature Bank		61		9,211
Comerica, Inc.		126		8,959
Globe Life, Inc.		88		8,774
Regency Centers Corp. REIT		149		8,024
Zions Bancorp North America		146		7,426
Assurant, Inc.		51		7,409
Lincoln National Corp.		150		6,586
Federal Realty Investment Trust REIT		70		6,308
Invesco Ltd.		440		6,028
Franklin Resources, Inc.		275		5,918
Vornado Realty Trust REIT		156		3,613
Total Financial				4,343,972
Communications - 5.8%
Amazon.com, Inc.*		8,573		968,749
Alphabet, Inc. — Class A*		5,800		554,770
Alphabet, Inc. — Class C*		5,186		498,634
Meta Platforms, Inc. — Class A*		2,206		299,310
Walt Disney Co.*		1,763		166,304
Cisco Systems, Inc.		4,006		160,240
Verizon Communications, Inc.		4,062		154,234
Comcast Corp. — Class A		4,260		124,946
AT&T, Inc.		6,893		105,739
Netflix, Inc.*		430		101,239
T-Mobile US, Inc.*		582		78,087
Booking Holdings, Inc.*		38		62,442
Motorola Solutions, Inc.		160		35,835
Charter Communications, Inc. — Class A*		107		32,458
Twitter, Inc.*		650		28,496
Arista Networks, Inc.*		237		26,755
Warner Bros Discovery, Inc.*		2,137		24,575
Corning, Inc.		735		21,330
CDW Corp.		130		20,290
eBay, Inc.		531		19,546
VeriSign, Inc.*		90		15,633
FactSet Research Systems, Inc.		37		14,804
Expedia Group, Inc.*		146		13,679
Match Group, Inc.*		274		13,084
Omnicom Group, Inc.		198		12,492
Etsy, Inc.*		122		12,216
NortonLifeLock, Inc.		573		11,540
Interpublic Group of Companies, Inc.		378		9,677
Paramount Global — Class B		488		9,292
Fox Corp. — Class A		296		9,081
F5, Inc.*		58		8,394
Juniper Networks, Inc.		312		8,149
Lumen Technologies, Inc.		921		6,705
News Corp. — Class A		373		5,636
Fox Corp. — Class B		136		3,876
DISH Network Corp. — Class A*		242		3,347
News Corp. — Class B		116		1,789
Total Communications				3,643,373
Consumer, Cyclical - 4.7%
Tesla, Inc.*		2,576		683,284
Home Depot, Inc.		994		274,284
Costco Wholesale Corp.		428		202,132
Walmart, Inc.		1,379		178,856
McDonald’s Corp.		712		164,287
Lowe’s Companies, Inc.		618		116,067
NIKE, Inc. — Class B		1,222		101,573
Starbucks Corp.		1,110		93,529
TJX Companies, Inc.		1,133		70,382
Target Corp.		449		66,627
Dollar General Corp.		220		52,769
General Motors Co.		1,410		45,247
O’Reilly Automotive, Inc.*		62		43,608
Ford Motor Co.		3,820		42,784
Chipotle Mexican Grill, Inc. — Class A*		27		40,574
AutoZone, Inc.*		18		38,555
Marriott International, Inc. — Class A		267		37,418
Hilton Worldwide Holdings, Inc.		265		31,964
Yum! Brands, Inc.		274		29,137
Ross Stores, Inc.		338		28,483
PACCAR, Inc.		336		28,120

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
NOVA FUND

	Shares				Value
Dollar Tree, Inc.*		204			$	27,764
Cummins, Inc.		136				27,677
Fastenal Co.		555				25,552
Copart, Inc.*		207				22,025
Walgreens Boots Alliance, Inc.		694				21,792
WW Grainger, Inc.		44				21,524
DR Horton, Inc.		306				20,609
Aptiv plc*		261				20,413
Genuine Parts Co.		136				20,308
Ulta Beauty, Inc.*		50				20,059
Tractor Supply Co.		107				19,889
Lennar Corp. — Class A		246				18,339
Southwest Airlines Co.*		574				17,702
Delta Air Lines, Inc.*		620				17,397
Darden Restaurants, Inc.		119				15,032
Best Buy Company, Inc.		194				12,288
Pool Corp.		38				12,092
NVR, Inc.*		3				11,961
Las Vegas Sands Corp.*		318				11,931
LKQ Corp.		252				11,882
Domino’s Pizza, Inc.		34				10,547
Live Nation Entertainment, Inc.*		136				10,341
United Airlines Holdings, Inc.*		316				10,280
CarMax, Inc.*		153				10,101
VF Corp.		319				9,541
MGM Resorts International		315				9,362
Advance Auto Parts, Inc.		59				9,224
Hasbro, Inc.		125				8,428
PulteGroup, Inc.		223				8,363
Royal Caribbean Cruises Ltd.*		211				7,997
American Airlines Group, Inc.*		629				7,573
Bath & Body Works, Inc.		221				7,205
BorgWarner, Inc.		228				7,159
Whirlpool Corp.		53		��		7,145
Tapestry, Inc.		243				6,909
Carnival Corp.*		955				6,714
Caesars Entertainment, Inc.*		207				6,678
Wynn Resorts Ltd.*		100				6,303
Newell Brands, Inc.		363				5,042
Alaska Air Group, Inc.*		122				4,776
Norwegian Cruise Line Holdings Ltd.*		407				4,623
Ralph Lauren Corp. — Class A		41				3,482
Total Consumer, Cyclical						2,913,709
Industrial - 3.6%
Union Pacific Corp.		604				117,671
Raytheon Technologies Corp.		1,428				116,896
United Parcel Service, Inc. — Class B		708				114,370
Honeywell International, Inc.		652				108,864
Deere & Co.		268				89,482
Lockheed Martin Corp.		228				88,074
Caterpillar, Inc.		511				83,845
Northrop Grumman Corp.		140				65,845
General Electric Co.		1,061				65,687
Boeing Co.*		540				65,383
3M Co.		536				59,228
Waste Management, Inc.		364				58,317
CSX Corp.		2,071				55,171
Eaton Corporation plc		385				51,344
Illinois Tool Works, Inc.		273				49,318
Norfolk Southern Corp.		227				47,591
General Dynamics Corp.		217				46,041
Emerson Electric Co.		572				41,882
L3Harris Technologies, Inc.		185				38,449
Amphenol Corp. — Class A		574				38,435
Agilent Technologies, Inc.		289				35,128
FedEx Corp.		231				34,297
TE Connectivity Ltd.		309				34,101
Johnson Controls International plc		666				32,781
Trane Technologies plc		224				32,437
Parker-Hannifin Corp.		124				30,046
Carrier Global Corp.		814				28,946
Keysight Technologies, Inc.*		174				27,381
Republic Services, Inc. — Class A		199				27,072
TransDigm Group, Inc.		50				26,241
Otis Worldwide Corp.		406				25,903
AMETEK, Inc.		222				25,177
Rockwell Automation, Inc.		112				24,092
Mettler-Toledo International, Inc.*		21				22,767
Old Dominion Freight Line, Inc.		89	��			22,140
Vulcan Materials Co.		128				20,187
Fortive Corp.		344				20,055
Martin Marietta Materials, Inc.		60				19,325
Ingersoll Rand, Inc.		390				16,871
Dover Corp.		139				16,205
Amcor plc		1,454				15,602
Xylem, Inc.		174				15,201
Teledyne Technologies, Inc.*		45				15,186
Ball Corp.		303				14,641
IDEX Corp.		73				14,589
Westinghouse Air Brake Technologies Corp.		176				14,318
Expeditors International of Washington, Inc.		158				13,953
Jacobs Solutions, Inc.		123				13,344
Trimble, Inc.*		240				13,025
J.B. Hunt Transport Services, Inc.		80				12,514
Textron, Inc.		205				11,943
Garmin Ltd.		148				11,886
CH Robinson Worldwide, Inc.		120				11,557
Howmet Aerospace, Inc.		358				11,073
Generac Holdings, Inc.*		62				11,045
Nordson Corp.		52				11,038
Stanley Black & Decker, Inc.		142				10,680
Snap-on, Inc.		52				10,470
Packaging Corporation of America		91				10,218
Masco Corp.		218				10,178
Huntington Ingalls Industries, Inc.		39				8,638
Westrock Co.		246				7,599
Allegion plc		84				7,533
Fortune Brands Home & Security, Inc.		125				6,711
Pentair plc		159				6,460
Sealed Air Corp.		140				6,231
A O Smith Corp.		123				5,975

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
NOVA FUND

	Shares		Value
Mohawk Industries, Inc.*		50	$	4,560
Total Industrial				2,229,213
Energy - 2.2%
Exxon Mobil Corp.		4,031		351,947
Chevron Corp.		1,742		250,273
ConocoPhillips		1,231		125,981
EOG Resources, Inc.		567		63,351
Pioneer Natural Resources Co.		231		50,018
Schlumberger N.V.		1,368		49,111
Marathon Petroleum Corp.		482		47,877
Occidental Petroleum Corp.		721		44,305
Valero Energy Corp.		381		40,710
Devon Energy Corp.		633		38,062
Phillips 66		465		37,535
Enphase Energy, Inc.*		131		36,349
Williams Companies, Inc.		1,179		33,755
Kinder Morgan, Inc.		1,917		31,899
Hess Corp.		270		29,427
ONEOK, Inc.		432		22,135
Halliburton Co.		877		21,592
Diamondback Energy, Inc.		171		20,599
Baker Hughes Co.		979		20,520
Coterra Energy, Inc. — Class A		770		20,112
Marathon Oil Corp.		655		14,790
Equities Corp.		357		14,548
SolarEdge Technologies, Inc.*		53		12,267
APA Corp.		316		10,804
Total Energy				1,387,967
Utilities - 1.5%
NextEra Energy, Inc.		1,900		148,979
Southern Co.		1,028		69,904
Duke Energy Corp.		745		69,300
Dominion Energy, Inc.		805		55,633
Sempra Energy		304		45,582
American Electric Power Company, Inc.		496		42,879
Exelon Corp.		958		35,887
Xcel Energy, Inc.		529		33,856
Consolidated Edison, Inc.		343		29,416
WEC Energy Group, Inc.		305		27,276
Public Service Enterprise Group, Inc.		483		27,159
Constellation Energy Corp.		316		26,288
Eversource Energy		335		26,117
American Water Works Company, Inc.		176		22,908
DTE Energy Co.		187		21,514
Edison International		369		20,878
Ameren Corp.		250		20,137
Entergy Corp.		197		19,824
PG&E Corp.*		1,555		19,437
FirstEnergy Corp.		525		19,425
PPL Corp.		711		18,024
CenterPoint Energy, Inc.		609		17,162
CMS Energy Corp.		280		16,307
AES Corp.		646		14,600
Atmos Energy Corp.		135		13,750
Evergy, Inc.		222		13,187
Alliant Energy Corp.		243		12,877
NiSource, Inc.		393		9,899
NRG Energy, Inc.		227		8,687
Pinnacle West Capital Corp.		109		7,032
Total Utilities				913,924
Basic Materials - 0.9%
Linde plc		482		129,942
Air Products and Chemicals, Inc.		214		49,804
Sherwin-Williams Co.		228		46,683
Freeport-McMoRan, Inc.		1,383		37,797
Ecolab, Inc.		240		34,661
Newmont Corp.		768		32,279
Dow, Inc.		695		30,531
Albemarle Corp.		113		29,882
Nucor Corp.		253		27,069
PPG Industries, Inc.		227		25,127
DuPont de Nemours, Inc.		484		24,394
International Flavors & Fragrances, Inc.		246		22,344
LyondellBasell Industries N.V. — Class A		246		18,519
CF Industries Holdings, Inc.		192		18,480
Mosaic Co.		334		16,142
FMC Corp.		122		12,895
International Paper Co.		350		11,095
Celanese Corp. — Class A		96		8,673
Eastman Chemical Co.		119		8,455
Total Basic Materials				584,772
Total Common Stocks
(Cost $29,933,836)				29,150,133
MUTUAL FUNDS† - 31.0%
Guggenheim Ultra Short Duration Fund — Institutional Class1		940,688		9,021,198
Guggenheim Strategy Fund II1		245,779		5,891,333
Guggenheim Strategy Fund III1		184,563		4,433,195
Total Mutual Funds
(Cost $19,986,442)				19,345,726
	Face Amount
U.S. TREASURY BILLS†† - 22.0%
U.S. Treasury Bills
1.34% due 10/04/222,3	$	8,079,000		8,078,458
2.35% due 10/04/222,3		3,000,000		2,999,798
1.78% due 10/04/222,3		2,000,000		1,999,866
2.70% due 11/08/222,4		697,000		695,112
Total U.S. Treasury Bills
(Cost $13,772,155)				13,773,234
FEDERAL AGENCY DISCOUNT NOTES†† - 9.6%
Freddie Mac
2.28% due 10/03/222		6,000,000		5,999,240
Total Federal Agency Discount Notes
(Cost $5,999,240)				5,999,240

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
NOVA FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,5 - 42.2%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/223	$	14,994,402	$	14,994,402
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/223		5,767,078		5,767,078
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/223		5,596,377		5,596,377
Total Repurchase Agreements
(Cost $26,357,857)				26,357,857
Total Investments - 151.5%
(Cost $96,049,530)			$	94,626,190
Other Assets & Liabilities, net - (51.5)%				(32,148,822	)
Total Net Assets - 100.0%			$	62,477,368

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		5		Dec 2022	$	899,313	$	(84,510	)

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††

BNP Paribas

S&P 500 Index

Pay

3.68% (Federal Funds Rate + 0.60%)

At Maturity

11/17/22

866

$

3,105,093

$

(615,282

)

Goldman Sachs International

S&P 500 Index

Pay

3.53% (Federal Funds Rate + 0.45%)

At Maturity

11/17/22

8,322

29,839,510

(1,514,102

)

Barclays Bank plc

S&P 500 Index

Pay

3.41% (SOFR + 0.45%)

At Maturity

11/16/22

8,573

30,738,609

(3,003,982

)

$

63,683,212

$

(5,133,366

)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
4	All or a portion of this security is pledged as futures collateral at September 30, 2022.
5	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
NOVA FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	29,137,549	$	12,584	$	—	$	29,150,133
Mutual Funds		19,345,726		—		—		19,345,726
U.S. Treasury Bills		—		13,773,234		—		13,773,234
Federal Agency Discount Notes		—		5,999,240		—		5,999,240
Repurchase Agreements		—		26,357,857		—		26,357,857
Total Assets	$	48,483,275	$	46,142,915	$	—	$	94,626,190

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	84,510	$	—	$	—	$	84,510
Equity Index Swap Agreements**		—		5,133,366		—		5,133,366
Total Liabilities	$	84,510	$	5,133,366	$	—	$	5,217,876

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	7,051,713	$	—	$	(1,000,000	)	$	(28,493	)	$	(131,887	)	$	5,891,333		245,779	$	83,779
Guggenheim Strategy Fund III		4,547,624		—		—			—			(114,429	)		4,433,195		184,563		58,963
Guggenheim Ultra Short Duration Fund — Institutional Class		23,837,568		—		(14,500,000	)		(366,145	)		49,775			9,021,198		940,688		138,728
	$	35,436,905	$	—	$	(15,500,000	)	$	(394,638	)	$	(196,541	)	$	19,345,726			$	281,470

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

NOVA FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $49,705,231)	$	48,922,607
Investments in affiliated issuers, at value (cost $19,986,442)		19,345,726
Repurchase agreements, at value (cost $26,357,857)		26,357,857
Cash		1,058
Segregated cash with broker		1,200,371
Receivables:
Fund shares sold		1,286,148
Dividends		141,176
Interest		2,157
Securities lending income		5
Total assets		97,257,105
Liabilities:
Unrealized depreciation on OTC swap agreements		5,133,366
Payable for:
Swap settlement		22,843,522
Fund shares redeemed		6,376,157
Management fees		71,364
Transfer agent and administrative fees		65,550
Variation margin on futures contracts		53,648
Securities purchased		33,999
Portfolio accounting/administration fees		14,735
Distribution and service fees		4,724
Trustees’ fees*		2,981
Miscellaneous		179,691
Total liabilities		34,779,737
Net assets	$	62,477,368
Net assets consist of:
Paid in capital	$	187,683,900
Total distributable earnings (loss)		(125,206,532	)
Net assets	$	62,477,368
Investor Class:
Net assets	$	51,186,515
Capital shares outstanding		556,051
Net asset value per share	$	92.05
A-Class:
Net assets	$	8,046,817
Capital shares outstanding		95,832
Net asset value per share	$	83.97
Maximum offering price per share (Net asset value divided by 95.25%)	$	88.16
C-Class:
Net assets	$	859,000
Capital shares outstanding		12,057
Net asset value per share	$	71.24
H-Class:
Net assets	$	2,385,036
Capital shares outstanding		28,377
Net asset value per share	$	84.05

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 21

NOVA FUND

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $289)	$	1,219,108
Dividends from securities of affiliated issuers		281,470
Interest		226,604
Income from securities lending, net		426
Total investment income		1,727,608
Expenses:
Management fees		765,444
Distribution and service fees:
A-Class		17,675
C-Class		6,302
H-Class		20,923
Transfer agent and administrative fees		237,738
Portfolio accounting/administration fees		125,873
Professional fees		34,688
Trustees’ fees*		18,689
Custodian fees		14,825
Interest expense		1,357
Line of credit fees		80
Miscellaneous		122,818
Total expenses		1,366,412
Less:
Expenses waived by Adviser		(19,207	)
Net expenses		1,347,205
Net investment income		380,403
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(53,292,355	)
Investments in affiliated issuers		(394,638	)
Swap agreements		(27,646,143	)
Futures contracts		(8,669,752	)
Net realized loss		(90,002,888	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		3,006,999
Investments in affiliated issuers		(196,541	)
Swap agreements		(5,532,720	)
Futures contracts		(1,230,845	)
Net change in unrealized appreciation (depreciation)		(3,953,107	)
Net realized and unrealized loss		(93,955,995	)
Net decrease in net assets resulting from operations	$	(93,575,592	)

* 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 REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOVA FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	380,403		$	(629,251	)
Net realized gain (loss) on investments		(90,002,888	)		84,279,146
Net change in unrealized appreciation (depreciation) on investments		(3,953,107	)		(38,692,907	)
Net increase (decrease) in net assets resulting from operations		(93,575,592	)		44,956,988
Distributions to shareholders:
Investor Class		—			(16,129,299	)
A-Class		—			(2,007,645	)
C-Class		—			(359,771	)
H-Class		—			(1,804,671	)
Total distributions to shareholders		—			(20,301,386	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		941,860,055			3,662,606,295
A-Class		35,501,368			160,211,360
C-Class		133,565			203,281
H-Class		100,625,467			578,940,049
Distributions reinvested
Investor Class		—			13,036,966
A-Class		—			1,944,061
C-Class		—			350,819
H-Class		—			1,804,671
Cost of shares redeemed
Investor Class		(1,192,133,989	)		(3,642,219,061	)
A-Class		(42,708,163	)		(159,461,992	)
C-Class		(700,241	)		(2,524,068	)
H-Class		(130,729,434	)		(597,412,425	)
Net increase (decrease) from capital share transactions		(288,151,372	)		17,479,956
Net increase (decrease) in net assets		(381,726,964	)		42,135,558
Net assets:
Beginning of period		444,204,332			402,068,774
End of period	$	62,477,368		$	444,204,332
Capital share activity:
Shares sold
Investor Class		8,539,818			26,990,584
A-Class		351,740			1,276,479
C-Class		1,558			1,925
H-Class		1,010,930			4,583,468
Shares issued from reinvestment of distributions
Investor Class		—			92,962
A-Class		—			15,167
C-Class		—			3,206
H-Class		—			14,065
Shares redeemed
Investor Class		(10,838,651	)		(26,935,753	)
A-Class		(431,880	)		(1,282,864	)
C-Class		(8,123	)		(23,392	)
H-Class		(1,316,920	)		(4,745,096	)
Net decrease in shares		(2,691,528	)		(9,249	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 23

NOVA FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	133.16		$	120.51		$	63.62		$	76.83		$	69.63		$	60.14
Income (loss) from investment operations:
Net investment income (loss)b		.24			(.16	)		.05			.61			.48			.40
Net gain (loss) on investments (realized and unrealized)		(41.35	)		25.92			57.43			(13.82	)		6.72			10.50
Total from investment operations		(41.11	)		25.76			57.48			(13.21	)		7.20			10.90
Less distributions from:
Net investment income		—			—			(.59	)		—			—			(.02	)
Net realized gains		—			(13.11	)		—			—			—			(1.39	)
Total distributions		—			(13.11	)		(.59	)		—			—			(1.41	)
Net asset value, end of period	$	92.05		$	133.16		$	120.51		$	63.62		$	76.83		$	69.63
Total Return		(30.87	%)		20.83	%		90.46	%		(17.19	%)		10.34	%		18.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	51,187		$	380,170		$	326,237		$	37,874		$	242,831		$	451,764
Ratios to average net assets:
Net investment income (loss)		0.41	%		(0.12	%)		0.05	%		0.71	%		0.65	%		0.58	%
Total expensesc		1.29	%		1.25	%		1.33	%		1.37	%		1.35	%		1.26	%
Net expensesd		1.28	%		1.23	%		1.32	%		1.36	%		1.35	%		1.26	%
Portfolio turnover rate		572	%		1,027	%		785	%		690	%		1,078	%		2,067	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	121.63		$	111.23		$	58.89		$	71.28		$	64.72		$	56.18
Income (loss) from investment operations:
Net investment income (loss)b		.15			(.45	)		(.18	)		.40			.28			.25
Net gain (loss) on investments (realized and unrealized)		(37.81	)		23.96			53.11			(12.79	)		6.28			9.70
Total from investment operations		(37.66	)		23.51			52.93			(12.39	)		6.56			9.95
Less distributions from:
Net investment income		—			—			(.59	)		—			—			(.02	)
Net realized gains		—			(13.11	)		—			—			—			(1.39	)
Total distributions		—			(13.11	)		(.59	)		—			—			(1.41	)
Net asset value, end of period	$	83.97		$	121.63		$	111.23		$	58.89		$	71.28		$	64.72
Total Returne		(30.96	%)		20.54	%		90.00	%		(17.38	%)		10.14	%		17.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,047		$	21,403		$	18,596		$	7,435		$	26,022		$	35,094
Ratios to average net assets:
Net investment income (loss)		0.30	%		(0.35	%)		(0.20	%)		0.52	%		0.41	%		0.39	%
Total expensesc		1.54	%		1.50	%		1.59	%		1.62	%		1.60	%		1.51	%
Net expensesd		1.52	%		1.48	%		1.58	%		1.61	%		1.60	%		1.51	%
Portfolio turnover rate		572	%		1,027	%		785	%		690	%		1,078	%		2,067	%

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

NOVA FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	103.59		$	96.96		$	51.77		$	63.15		$	57.77		$	50.57
Income (loss) from investment operations:
Net investment income (loss)b		(.22	)		(1.19	)		(.74	)		(.22	)		(.20	)		(.27	)
Net gain (loss) on investments (realized and unrealized)		(32.13	)		20.93			46.52			(11.16	)		5.58			8.88
Total from investment operations		(32.35	)		19.74			45.78			(11.38	)		5.38			8.61
Less distributions from:
Net investment income		—			—			(.59	)		—			—			(.02	)
Net realized gains		—			(13.11	)		—			—			—			(1.39	)
Total distributions		—			(13.11	)		(.59	)		—			—			(1.41	)
Net asset value, end of period	$	71.24		$	103.59		$	96.96		$	51.77		$	63.15		$	57.77
Total Returne		(31.23	%)		19.64	%		88.56	%		(18.02	%)		9.31	%		17.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	859		$	1,929		$	3,576		$	3,333		$	4,165		$	9,952
Ratios to average net assets:
Net investment income (loss)		(0.51	%)		(1.09	%)		(0.97	%)		(0.32	%)		(0.33	%)		(0.48	%)
Total expensesc		2.30	%		2.25	%		2.35	%		2.38	%		2.35	%		2.28	%
Net expensesd		2.26	%		2.23	%		2.33	%		2.37	%		2.35	%		2.28	%
Portfolio turnover rate		572	%		1,027	%		785	%		690	%		1,078	%		2,067	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 25

NOVA 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	121.73		$	111.34		$	58.94		$	71.35		$	64.80		$	56.15
Income (loss) from investment operations:
Net investment income (loss)b		.07			(.48	)		(.18	)		.36			.30			.19
Net gain (loss) on investments (realized and unrealized)		(37.75	)		23.98			53.17			(12.77	)		6.25			9.87
Total from investment operations		(37.68	)		23.50			52.99			(12.41	)		6.55			10.06
Less distributions from:
Net investment income		—			—			(.59	)		—			—			(.02	)
Net realized gains		—			(13.11	)		—			—			—			(1.39	)
Total distributions		—			(13.11	)		(.59	)		—			—			(1.41	)
Net asset value, end of period	$	84.05		$	121.73		$	111.34		$	58.94		$	71.35		$	64.80
Total Return		(30.95	%)		20.51	%		90.03	%		(17.39	%)		10.11	%		17.88	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,385		$	40,702		$	53,660		$	4,057		$	49,090		$	28,985
Ratios to average net assets:
Net investment income (loss)		0.12	%		(0.37	%)		(0.20	%)		0.46	%		0.44	%		0.30	%
Total expensesc		1.54	%		1.50	%		1.59	%		1.62	%		1.61	%		1.52	%
Net expensesd		1.53	%		1.48	%		1.58	%		1.61	%		1.61	%		1.52	%
Portfolio turnover rate		572	%		1,027	%		785	%		690	%		1,078	%		2,067	%

a	Unaudited figures for the period ended September 30, 2022. 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	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

S&P 500^® FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the S&P 500^® Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	May 31, 2006
C-Class	May 31, 2006
H-Class	May 31, 2006

Ten Largest Holdings (% of Total Net Assets)
Apple, Inc.	6.5%
Microsoft Corp.	5.4%
Amazon.com, Inc.	3.1%
Tesla, Inc.	2.2%
Alphabet, Inc. — Class A	1.8%
Alphabet, Inc. — Class C	1.6%
Berkshire Hathaway, Inc. — Class B	1.5%
UnitedHealth Group, Inc.	1.5%
Johnson & Johnson	1.3%
Exxon Mobil Corp.	1.1%
Top Ten Total	26.0%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(20.88%)	(16.85%)	7.37%	9.83%
A-Class Shares with sales charge‡	(24.64%)	(20.81%)	6.33%	9.29%
C-Class Shares	(21.18%)	(17.48%)	6.57%	9.00%
C-Class Shares with CDSC§	(21.97%)	(18.30%)	6.57%	9.00%
H-Class Shares	(20.89%)	(16.85%)	7.38%	9.83%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 27

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
S&P 500® FUND

	Shares		Value
COMMON STOCKS† - 93.8%
Technology - 21.2%
Apple, Inc.		47,311	$	6,538,380
Microsoft Corp.		23,357		5,439,845
NVIDIA Corp.		7,842		951,940
Broadcom, Inc.		1,265		561,673
Accenture plc — Class A		1,981		509,711
Salesforce, Inc.*		3,116		448,205
Texas Instruments, Inc.		2,862		442,980
Adobe, Inc.*		1,466		403,443
QUALCOMM, Inc.		3,517		397,351
Intuit, Inc.		883		342,004
International Business Machines Corp.		2,829		336,113
Intel Corp.		12,859		331,376
Advanced Micro Devices, Inc.*		5,056		320,348
Oracle Corp.		4,757		290,510
ServiceNow, Inc.*		633		239,027
Analog Devices, Inc.		1,628		226,846
Applied Materials, Inc.		2,725		223,259
Fiserv, Inc.*		2,003		187,421
Micron Technology, Inc.		3,455		173,095
Activision Blizzard, Inc.		2,230		165,778
Lam Research Corp.		429		157,014
Synopsys, Inc.*		479		146,339
Fidelity National Information Services, Inc.		1,904		143,885
Cadence Design Systems, Inc.*		858		140,223
KLA Corp.		444		134,368
Autodesk, Inc.*		680		127,024
NXP Semiconductor N.V.		822		121,253
Roper Technologies, Inc.		332		119,400
Paychex, Inc.		1,003		112,547
MSCI, Inc. — Class A		252		106,291
Microchip Technology, Inc.		1,730		105,582
Fortinet, Inc.*		2,050		100,716
Electronic Arts, Inc.		827		95,692
Cognizant Technology Solutions Corp. — Class A		1,622		93,168
ON Semiconductor Corp.*		1,357		84,582
HP, Inc.		2,850		71,022
EPAM Systems, Inc.*		180		65,194
ANSYS, Inc.*		273		60,524
Take-Two Interactive Software, Inc.*		491		53,519
Broadridge Financial Solutions, Inc.		367		52,965
Monolithic Power Systems, Inc.		139		50,513
Paycom Software, Inc.*		152		50,159
Hewlett Packard Enterprise Co.		4,069		48,747
Tyler Technologies, Inc.*		130		45,175
Citrix Systems, Inc.*,††		432		44,928
Skyworks Solutions, Inc.		502		42,806
NetApp, Inc.		688		42,553
Zebra Technologies Corp. — Class A*		162		42,446
Jack Henry & Associates, Inc.		228		41,558
Akamai Technologies, Inc.*		498		39,999
Leidos Holdings, Inc.		428		37,437
Teradyne, Inc.		491		36,899
PTC, Inc.*		331		34,623
Seagate Technology Holdings plc		612		32,577
Western Digital Corp.*		981		31,932
Ceridian HCM Holding, Inc.*		479		26,767
Qorvo, Inc.*		323		25,649
DXC Technology Co.*		720		17,626
Total Technology				21,313,007
Consumer, Non-cyclical - 21.1%
UnitedHealth Group, Inc.		2,929		1,479,262
Johnson & Johnson		8,234		1,345,106
Procter & Gamble Co.		7,484		944,855
Eli Lilly & Co.		2,470		798,674
Pfizer, Inc.		17,577		769,170
AbbVie, Inc.		5,537		743,121
PepsiCo, Inc.		4,322		705,610
Merck & Company, Inc.		7,934		683,276
Coca-Cola Co.		12,190		682,884
Thermo Fisher Scientific, Inc.		1,227		622,322
Abbott Laboratories		5,485		530,729
Danaher Corp.		2,050		529,494
Bristol-Myers Squibb Co.		6,687		475,379
Philip Morris International, Inc.		4,855		403,014
CVS Health Corp.		4,112		392,161
Amgen, Inc.		1,675		377,545
Elevance Health, Inc.		752		341,589
Medtronic plc		4,161		336,001
S&P Global, Inc.		1,067		325,808
PayPal Holdings, Inc.*		3,622		311,746
Automatic Data Processing, Inc.		1,301		294,273
Cigna Corp.		956		265,261
Gilead Sciences, Inc.		3,925		242,133
Mondelez International, Inc. — Class A		4,292		235,330
Vertex Pharmaceuticals, Inc.*		803		232,501
Regeneron Pharmaceuticals, Inc.*		336		231,460
Altria Group, Inc.		5,640		227,743
Zoetis, Inc.		1,466		217,393
Stryker Corp.		1,055		213,680
Intuitive Surgical, Inc.*		1,118		209,558
Becton Dickinson and Co.		893		198,987
Humana, Inc.		396		192,135
Colgate-Palmolive Co.		2,612		183,493
Boston Scientific Corp.*		4,484		173,665
Edwards Lifesciences Corp.*		1,942		160,467
Estee Lauder Companies, Inc. — Class A		726		156,744
McKesson Corp.		450		152,942
General Mills, Inc.		1,866		142,954
Archer-Daniels-Midland Co.		1,756		141,270
Centene Corp.*		1,790		139,280
Corteva, Inc.		2,251		128,645
Moderna, Inc.*		1,054		124,635
HCA Healthcare, Inc.		674		123,874
Biogen, Inc.*		454		121,218
Moody’s Corp.		494		120,096
Kimberly-Clark Corp.		1,057		118,955
Constellation Brands, Inc. — Class A		499		114,610

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
S&P 500® FUND

	Shares		Value
Sysco Corp.		1,596	$	112,853
IQVIA Holdings, Inc.*		584		105,786
Monster Beverage Corp.*		1,205		104,787
Cintas Corp.		269		104,423
Hershey Co.		460		101,416
ResMed, Inc.		459		100,200
Dexcom, Inc.*		1,230		99,064
Keurig Dr Pepper, Inc.		2,661		95,317
Illumina, Inc.*		492		93,869
Global Payments, Inc.		868		93,787
Kroger Co.		2,039		89,206
CoStar Group, Inc.*		1,240		86,366
IDEXX Laboratories, Inc.*		261		85,034
Baxter International, Inc.		1,577		84,937
Verisk Analytics, Inc. — Class A		492		83,901
Kraft Heinz Co.		2,495		83,208
Zimmer Biomet Holdings, Inc.		657		68,689
Gartner, Inc.*		248		68,619
AmerisourceBergen Corp. — Class A		487		65,906
Equifax, Inc.		383		65,658
Molina Healthcare, Inc.*		182		60,031
Tyson Foods, Inc. — Class A		907		59,799
United Rentals, Inc.*		219		59,156
Laboratory Corporation of America Holdings		283		57,961
West Pharmaceutical Services, Inc.		232		57,090
Quanta Services, Inc.		448		57,071
Cardinal Health, Inc.		853		56,878
McCormick & Company, Inc.		784		55,876
Kellogg Co.		799		55,658
Church & Dwight Company, Inc.		761		54,366
STERIS plc		313		52,046
Waters Corp.*		188		50,672
Hologic, Inc.*		782		50,455
Clorox Co.		386		49,558
Conagra Brands, Inc.		1,504		49,076
PerkinElmer, Inc.		395		47,530
Align Technology, Inc.*		227		47,014
J M Smucker Co.		334		45,895
Quest Diagnostics, Inc.		365		44,782
FleetCor Technologies, Inc.*		235		41,400
Avery Dennison Corp.		254		41,326
Hormel Foods Corp.		906		41,169
Cooper Companies, Inc.		155		40,904
Catalent, Inc.*		561		40,594
Incyte Corp.*		578		38,518
Brown-Forman Corp. — Class B		573		38,144
Bio-Techne Corp.		123		34,932
ABIOMED, Inc.*		142		34,884
Lamb Weston Holdings, Inc.		450		34,821
Viatris, Inc.		3,798		32,359
Charles River Laboratories International, Inc.*		159		31,291
Nielsen Holdings plc		1,126		31,213
Campbell Soup Co.		631		29,733
Teleflex, Inc.		147		29,615
Molson Coors Beverage Co. — Class B		589		28,266
Henry Schein, Inc.*		426		28,018
Bio-Rad Laboratories, Inc. — Class A*		67		27,948
MarketAxess Holdings, Inc.		118		26,254
Robert Half International, Inc.		343		26,240
Rollins, Inc.		725		25,143
Dentsply Sirona, Inc.		675		19,136
Organon & Co.		797		18,650
Universal Health Services, Inc. — Class B		206		18,165
DaVita, Inc.*		174		14,402
Total Consumer, Non-cyclical				21,238,113
Financial - 14.0%
Berkshire Hathaway, Inc. — Class B*		5,652		1,509,197
JPMorgan Chase & Co.		9,184		959,728
Visa, Inc. — Class A		5,121		909,746
Mastercard, Inc. — Class A		2,672		759,756
Bank of America Corp.		21,894		661,199
Wells Fargo & Co.		11,879		477,773
Charles Schwab Corp.		4,782		343,682
Morgan Stanley		4,194		331,368
Goldman Sachs Group, Inc.		1,069		313,270
American Tower Corp. — Class A REIT		1,458		313,033
BlackRock, Inc. — Class A		472		259,732
American Express Co.		1,878		253,361
Citigroup, Inc.		6,065		252,729
Chubb Ltd.		1,308		237,899
Prologis, Inc. REIT		2,319		235,610
Marsh & McLennan Companies, Inc.		1,563		233,340
Progressive Corp.		1,832		212,897
CME Group, Inc. — Class A		1,126		199,448
Crown Castle, Inc. REIT		1,356		196,010
PNC Financial Services Group, Inc.		1,284		191,855
Truist Financial Corp.		4,154		180,865
Aon plc — Class A		661		177,062
U.S. Bancorp		4,234		170,715
Equinix, Inc. REIT		285		162,119
Intercontinental Exchange, Inc.		1,749		158,022
Public Storage REIT		495		144,941
MetLife, Inc.		2,098		127,517
Travelers Companies, Inc.		743		113,828
American International Group, Inc.		2,381		113,050
Arthur J Gallagher & Co.		659		112,834
Realty Income Corp. REIT		1,934		112,559
Capital One Financial Corp.		1,202		110,788
Allstate Corp.		847		105,477
Aflac, Inc.		1,801		101,216
Prudential Financial, Inc.		1,165		99,934
M&T Bank Corp.		550		96,976
SBA Communications Corp. REIT		338		96,212
Welltower, Inc. REIT		1,451		93,328
Simon Property Group, Inc. REIT		1,025		91,994
VICI Properties, Inc. REIT		3,016		90,028
Digital Realty Trust, Inc. REIT		900		89,262
Bank of New York Mellon Corp.		2,303		88,712
Ameriprise Financial, Inc.		339		85,411

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 29

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
S&P 500® FUND

	Shares		Value
AvalonBay Communities, Inc. REIT		438	$	80,675
Discover Financial Services		856		77,828
First Republic Bank		572		74,675
T. Rowe Price Group, Inc.		707		74,242
Extra Space Storage, Inc. REIT		419		72,366
Equity Residential REIT		1,060		71,253
State Street Corp.		1,151		69,992
Willis Towers Watson plc		344		69,123
Fifth Third Bancorp		2,149		68,682
CBRE Group, Inc. — Class A*		1,006		67,915
Weyerhaeuser Co. REIT		2,319		66,231
Alexandria Real Estate Equities, Inc. REIT		465		65,188
Hartford Financial Services Group, Inc.		1,012		62,683
SVB Financial Group*		185		62,119
Invitation Homes, Inc. REIT		1,816		61,326
Nasdaq, Inc.		1,062		60,194
Raymond James Financial, Inc.		608		60,083
Huntington Bancshares, Inc.		4,517		59,534
Regions Financial Corp.		2,926		58,725
Duke Realty Corp. REIT		1,206		58,129
Mid-America Apartment Communities, Inc. REIT		362		56,135
Northern Trust Corp.		653		55,871
Citizens Financial Group, Inc.		1,552		53,327
Principal Financial Group, Inc.		726		52,381
Ventas, Inc. REIT		1,252		50,293
Essex Property Trust, Inc. REIT		204		49,415
KeyCorp		2,921		46,794
Cincinnati Financial Corp.		499		44,696
Brown & Brown, Inc.		734		44,392
Synchrony Financial		1,509		42,539
W R Berkley Corp.		640		41,331
Iron Mountain, Inc. REIT		910		40,013
UDR, Inc. REIT		957		39,916
Camden Property Trust REIT		334		39,896
Cboe Global Markets, Inc.		332		38,967
Healthpeak Properties, Inc. REIT		1,690		38,735
Kimco Realty Corp. REIT		1,937		35,660
Host Hotels & Resorts, Inc. REIT		2,239		35,555
Boston Properties, Inc. REIT		447		33,512
Everest Re Group Ltd.		123		32,280
Loews Corp.		626		31,200
Signature Bank		197		29,747
Comerica, Inc.		410		29,151
Globe Life, Inc.		284		28,315
Regency Centers Corp. REIT		482		25,956
Assurant, Inc.		167		24,260
Zions Bancorp North America		471		23,955
Lincoln National Corp.		485		21,296
Federal Realty Investment Trust REIT		228		20,547
Invesco Ltd.		1,425		19,523
Franklin Resources, Inc.		890		19,153
Vornado Realty Trust REIT		505		11,696
Total Financial				14,071,953
Communications - 11.7%
Amazon.com, Inc.*		27,758		3,136,654
Alphabet, Inc. — Class A*		18,778		1,796,116
Alphabet, Inc. — Class C*		16,792		1,614,551
Meta Platforms, Inc. — Class A*		7,143		969,162
Walt Disney Co.*		5,710		538,624
Cisco Systems, Inc.		12,969		518,760
Verizon Communications, Inc.		13,153		499,419
Comcast Corp. — Class A		13,792		404,519
AT&T, Inc.		22,317		342,343
Netflix, Inc.*		1,393		327,968
T-Mobile US, Inc.*		1,885		252,911
Booking Holdings, Inc.*		124		203,758
Motorola Solutions, Inc.		523		117,136
Charter Communications, Inc. — Class A*		347		105,262
Twitter, Inc.*		2,106		92,327
Arista Networks, Inc.*		772		87,151
Warner Bros Discovery, Inc.*		6,919		79,569
Corning, Inc.		2,383		69,155
CDW Corp.		424		66,178
eBay, Inc.		1,721		63,350
VeriSign, Inc.*		292		50,720
FactSet Research Systems, Inc.		119		47,613
Expedia Group, Inc.*		476		44,596
Match Group, Inc.*		886		42,306
Omnicom Group, Inc.		642		40,504
Etsy, Inc.*		397		39,752
NortonLifeLock, Inc.		1,854		37,340
Interpublic Group of Companies, Inc.		1,225		31,360
Paramount Global — Class B		1,581		30,102
Fox Corp. — Class A		960		29,453
F5, Inc.*		187		27,065
Juniper Networks, Inc.		1,010		26,381
Lumen Technologies, Inc.		2,983		21,716
News Corp. — Class A		1,208		18,253
Fox Corp. — Class B		441		12,569
DISH Network Corp. — Class A*		786		10,870
News Corp. — Class B		374		5,767
Total Communications				11,801,280
Consumer, Cyclical - 9.4%
Tesla, Inc.*		8,341		2,212,450
Home Depot, Inc.		3,219		888,251
Costco Wholesale Corp.		1,387		655,038
Walmart, Inc.		4,464		578,981
McDonald’s Corp.		2,304		531,625
Lowe’s Companies, Inc.		2,002		375,996
NIKE, Inc. — Class B		3,958		328,989
Starbucks Corp.		3,593		302,746
TJX Companies, Inc.		3,669		227,918
Target Corp.		1,452		215,462
Dollar General Corp.		711		170,540
General Motors Co.		4,566		146,523
O’Reilly Automotive, Inc.*		200		140,670
Ford Motor Co.		12,369		138,533
Chipotle Mexican Grill, Inc. — Class A*		87		130,740
AutoZone, Inc.*		61		130,658

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
S&P 500® FUND

	Shares		Value
Marriott International, Inc. — Class A		864	$	121,081
Hilton Worldwide Holdings, Inc.		859		103,612
Yum! Brands, Inc.		891		94,749
Ross Stores, Inc.		1,096		92,360
PACCAR, Inc.		1,089		91,138
Dollar Tree, Inc.*		661		89,962
Cummins, Inc.		442		89,952
Fastenal Co.		1,800		82,872
Copart, Inc.*		670		71,288
Walgreens Boots Alliance, Inc.		2,247		70,556
WW Grainger, Inc.		142		69,465
DR Horton, Inc.		990		66,676
Aptiv plc*		849		66,400
Genuine Parts Co.		443		66,149
Ulta Beauty, Inc.*		162		64,993
Tractor Supply Co.		348		64,686
Lennar Corp. — Class A		799		59,565
Southwest Airlines Co.*		1,858		57,301
Delta Air Lines, Inc.*		2,008		56,344
Darden Restaurants, Inc.		384		48,507
NVR, Inc.*		10		39,871
Best Buy Company, Inc.		628		39,778
Pool Corp.		124		39,458
Las Vegas Sands Corp.*		1,029		38,608
LKQ Corp.		816		38,474
Domino’s Pizza, Inc.		112		34,742
Live Nation Entertainment, Inc.*		445		33,838
United Airlines Holdings, Inc.*		1,023		33,278
CarMax, Inc.*		498		32,878
VF Corp.		1,034		30,927
MGM Resorts International		1,022		30,374
Advance Auto Parts, Inc.		190		29,705
Hasbro, Inc.		407		27,440
PulteGroup, Inc.		725		27,188
Royal Caribbean Cruises Ltd.*		687		26,037
American Airlines Group, Inc.*		2,035		24,501
Bath & Body Works, Inc.		715		23,309
BorgWarner, Inc.		742		23,299
Whirlpool Corp.		171		23,053
Tapestry, Inc.		789		22,431
Carnival Corp.*		3,091		21,730
Caesars Entertainment, Inc.*		672		21,679
Wynn Resorts Ltd.*		324		20,422
Newell Brands, Inc.		1,179		16,376
Alaska Air Group, Inc.*		397		15,543
Norwegian Cruise Line Holdings Ltd.*		1,320		14,995
Ralph Lauren Corp. — Class A		134		11,381
Total Consumer, Cyclical				9,444,091
Industrial - 7.2%
Union Pacific Corp.		1,956		381,068
Raytheon Technologies Corp.		4,624		378,521
United Parcel Service, Inc. — Class B		2,292		370,250
Honeywell International, Inc.		2,110		352,307
Deere & Co.		871		290,818
Lockheed Martin Corp.		739		285,468
Caterpillar, Inc.		1,653		271,224
Northrop Grumman Corp.		455		213,995
General Electric Co.		3,434		212,599
Boeing Co.*		1,748		211,648
3M Co.		1,734		191,607
Waste Management, Inc.		1,178		188,727
CSX Corp.		6,706		178,648
Eaton Corporation plc		1,247		166,300
Illinois Tool Works, Inc.		882		159,333
Norfolk Southern Corp.		736		154,302
General Dynamics Corp.		704		149,368
Emerson Electric Co.		1,852		135,603
Amphenol Corp. — Class A		1,863		124,746
L3Harris Technologies, Inc.		599		124,490
Agilent Technologies, Inc.		936		113,771
FedEx Corp.		749		111,204
TE Connectivity Ltd.		1,002		110,581
Johnson Controls International plc		2,157		106,168
Trane Technologies plc		726		105,132
Parker-Hannifin Corp.		402		97,409
Carrier Global Corp.		2,636		93,736
Keysight Technologies, Inc.*		564		88,751
Republic Services, Inc. — Class A		643		87,474
TransDigm Group, Inc.		161		84,496
Otis Worldwide Corp.		1,316		83,961
AMETEK, Inc.		719		81,542
Rockwell Automation, Inc.		362		77,870
Mettler-Toledo International, Inc.*		70		75,888
Old Dominion Freight Line, Inc.		287		71,397
Vulcan Materials Co.		416		65,607
Fortive Corp.		1,114		64,946
Martin Marietta Materials, Inc.		195		62,808
Ingersoll Rand, Inc.		1,263		54,637
Dover Corp.		450		52,461
Amcor plc		4,706		50,495
Teledyne Technologies, Inc.*		147		49,608
Xylem, Inc.		564		49,271
Ball Corp.		984		47,547
IDEX Corp.		236		47,165
Westinghouse Air Brake Technologies Corp.		570		46,369
Expeditors International of Washington, Inc.		512		45,215
Jacobs Solutions, Inc.		400		43,396
Trimble, Inc.*		776		42,114
J.B. Hunt Transport Services, Inc.		260		40,669
Garmin Ltd.		483		38,790
Textron, Inc.		662		38,568
CH Robinson Worldwide, Inc.		388		37,368
Nordson Corp.		169		35,874
Howmet Aerospace, Inc.		1,158		35,817
Generac Holdings, Inc.*		200		35,628
Stanley Black & Decker, Inc.		463		34,822
Snap-on, Inc.		167		33,626
Packaging Corporation of America		294		33,013
Masco Corp.		706		32,963
Huntington Ingalls Industries, Inc.		125		27,687
Allegion plc		275		24,662

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
S&P 500® FUND

	Shares		Value
Westrock Co.		796	$	24,589
Fortune Brands Home & Security, Inc.		405		21,745
Pentair plc		515		20,925
Sealed Air Corp.		455		20,252
A O Smith Corp.		402		19,529
Mohawk Industries, Inc.*		165		15,046
Total Industrial				7,223,614
Energy - 4.4%
Exxon Mobil Corp.		13,052		1,139,570
Chevron Corp.		5,640		810,299
ConocoPhillips		3,987		408,030
EOG Resources, Inc.		1,835		205,025
Pioneer Natural Resources Co.		747		161,748
Schlumberger N.V.		4,430		159,037
Marathon Petroleum Corp.		1,562		155,153
Occidental Petroleum Corp.		2,334		143,424
Valero Energy Corp.		1,234		131,853
Devon Energy Corp.		2,051		123,327
Phillips 66		1,507		121,645
Enphase Energy, Inc.*		424		117,647
Williams Companies, Inc.		3,816		109,252
Kinder Morgan, Inc.		6,209		103,318
Hess Corp.		873		95,148
ONEOK, Inc.		1,399		71,685
Halliburton Co.		2,840		69,921
Diamondback Energy, Inc.		557		67,096
Baker Hughes Co.		3,169		66,422
Coterra Energy, Inc. — Class A		2,492		65,091
Marathon Oil Corp.		2,122		47,915
Equities Corp.		1,159		47,229
SolarEdge Technologies, Inc.*		174		40,274
APA Corp.		1,023		34,976
Total Energy				4,495,085
Utilities - 2.9%
NextEra Energy, Inc.		6,153		482,457
Southern Co.		3,329		226,372
Duke Energy Corp.		2,411		224,271
Dominion Energy, Inc.		2,607		180,170
Sempra Energy		984		147,541
American Electric Power Company, Inc.		1,609		139,098
Exelon Corp.		3,106		116,351
Xcel Energy, Inc.		1,713		109,632
Consolidated Edison, Inc.		1,110		95,194
WEC Energy Group, Inc.		988		88,357
Public Service Enterprise Group, Inc.		1,562		87,831
Constellation Energy Corp.		1,024		85,186
Eversource Energy		1,085		84,587
American Water Works Company, Inc.		569		74,061
DTE Energy Co.		607		69,835
Edison International		1,195		67,613
Ameren Corp.		809		65,165
Entergy Corp.		637		64,101
PG&E Corp.*		5,042		63,025
FirstEnergy Corp.		1,700		62,900
PPL Corp.		2,306		58,457
CenterPoint Energy, Inc.		1,971		55,543
CMS Energy Corp.		909		52,940
AES Corp.		2,092		47,279
Atmos Energy Corp.		438		44,610
Evergy, Inc.		719		42,709
Alliant Energy Corp.		786		41,650
NiSource, Inc.		1,271		32,017
NRG Energy, Inc.		736		28,167
Pinnacle West Capital Corp.		354		22,836
Total Utilities				2,959,955
Basic Materials - 1.9%
Linde plc		1,561		420,830
Air Products and Chemicals, Inc.		695		161,747
Sherwin-Williams Co.		739		151,310
Freeport-McMoRan, Inc.		4,479		122,411
Ecolab, Inc.		777		112,214
Newmont Corp.		2,486		104,486
Dow, Inc.		2,249		98,799
Albemarle Corp.		367		97,050
Nucor Corp.		820		87,732
PPG Industries, Inc.		736		81,468
DuPont de Nemours, Inc.		1,569		79,078
International Flavors & Fragrances, Inc.		798		72,482
CF Industries Holdings, Inc.		624		60,060
LyondellBasell Industries N.V. — Class A		797		59,998
Mosaic Co.		1,081		52,245
FMC Corp.		394		41,646
International Paper Co.		1,134		35,948
Celanese Corp. — Class A		312		28,186
Eastman Chemical Co.		385		27,354
Total Basic Materials				1,895,044
Total Common Stocks
(Cost $77,561,364)				94,442,142
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 4.0%
Freddie Mac
2.28% due 10/03/221	$	4,000,000		3,999,493
Total Federal Agency Discount Notes
(Cost $3,999,493)				3,999,493

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
S&P 500® FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 3.0%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/223	$	1,739,222	$	1,739,222
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/223		668,931		668,931
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/223		649,132		649,132
Total Repurchase Agreements
(Cost $3,057,285)				3,057,285
Total Investments - 100.8%
(Cost $84,618,142)			$	101,498,920
Other Assets & Liabilities, net - (0.8)%				(853,209	)
Total Net Assets - 100.0%			$	100,645,711

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		4		Dec 2022	$	719,450	$	(47,573	)

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††

BNP Paribas

S&P 500 Index

Pay

3.68% (Federal Funds Rate + 0.60%)

At Maturity

11/17/22

80

$

288,281

$

(30,164

)

Barclays Bank plc

S&P 500 Index

Pay

3.41% (SOFR + 0.45%)

At Maturity

11/16/22

147

528,138

(44,797

)

Goldman Sachs International

S&P 500 Index

Pay

3.53% (Federal Funds Rate + 0.45%)

At Maturity

11/17/22

1,323

4,744,118

(91,988

)

$

5,560,537

$

(166,949

)

*	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, unless otherwise noted — 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	Repurchase Agreements — See Note 6.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
	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 REPORT | 33

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
S&P 500® FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	94,397,214	$	44,928	$	—	$	94,442,142
Federal Agency Discount Notes		—		3,999,493		—		3,999,493
Repurchase Agreements		—		3,057,285		—		3,057,285
Total Assets	$	94,397,214	$	7,101,706	$	—	$	101,498,920

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	47,573	$	—	$	—	$	47,573
Equity Index Swap Agreements**		—		166,949		—		166,949
Total Liabilities	$	47,573	$	166,949	$	—	$	214,522

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

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

S&P 500^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $81,560,857)	$	98,441,635
Repurchase agreements, at value (cost $3,057,285)		3,057,285
Cash		654
Segregated cash with broker		520,000
Receivables:
Securities sold		10,012,784
Fund shares sold		208,588
Dividends		61,369
Interest		250
Securities lending income		14
Total assets		112,302,579
Liabilities:
Unrealized depreciation on OTC swap agreements		166,949
Payable for:
Fund shares redeemed		10,355,964
Swap settlement		799,478
Securities purchased		121,912
Management fees		49,090
Transfer agent and administrative fees		30,075
Distribution and service fees		20,328
Portfolio accounting and administration fees		13,418
Variation margin on futures contracts		11,400
Trustees’ fees*		1,423
Miscellaneous		86,831
Total liabilities		11,656,868
Net assets	$	100,645,711
Net assets consist of:
Paid in capital	$	92,607,763
Total distributable earnings (loss)		8,037,948
Net assets	$	100,645,711
A-Class:
Net assets	$	45,243,726
Capital shares outstanding		806,683
Net asset value per share	$	56.09
Maximum offering price per share (Net asset value divided by 95.25%)	$	58.89
C-Class:
Net assets	$	5,884,116
Capital shares outstanding		122,969
Net asset value per share	$	47.85
H-Class:
Net assets	$	49,517,869
Capital shares outstanding		882,752
Net asset value per share	$	56.09

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $148)	$	721,489
Interest		44,190
Income from securities lending, net		624
Total investment income		766,303
Expenses:
Management fees		367,241
Distribution and service fees:
A-Class		20,778
C-Class		37,176
H-Class		92,344
Transfer agent and administrative fees		119,090
Portfolio accounting/administration fees		86,480
Professional fees		18,776
Trustees’ fees*		10,530
Custodian fees		7,379
Interest expense		6
Miscellaneous		52,526
Total expenses		812,326
Net investment loss		(46,023	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		14,682,425
Swap agreements		(752,860	)
Futures contracts		261,329
Net realized gain		14,190,894
Net change in unrealized appreciation (depreciation) on:
Investments		(37,356,778	)
Swap agreements		(259,906	)
Futures contracts		(122,707	)
Net change in unrealized appreciation (depreciation)		(37,739,391	)
Net realized and unrealized loss		(23,548,497	)
Net decrease in net assets resulting from operations	$	(23,594,520	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 35

S&P 500^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(46,023	)	$	(558,870	)
Net realized gain on investments		14,190,894			1,249,795
Net change in unrealized appreciation (depreciation) on investments		(37,739,391	)		16,193,390
Net increase (decrease) in net assets resulting from operations		(23,594,520	)		16,884,315
Distributions to shareholders:
A-Class		—			(331,339	)
C-Class		—			(163,855	)
H-Class		—			(2,286,541	)
Total distributions to shareholders		—			(2,781,735	)
Capital share transactions:
Proceeds from sale of shares
A-Class		37,877,800			52,642,627
C-Class		2,594,149			12,658,121
H-Class		543,170,735			919,080,240
Distributions reinvested
A-Class		—			312,707
C-Class		—			145,929
H-Class		—			2,276,597
Cost of shares redeemed
A-Class		(7,168,571	)		(55,161,701	)
C-Class		(5,073,124	)		(15,655,773	)
H-Class		(606,344,923	)		(925,522,755	)
Net decrease from capital share transactions		(34,943,934	)		(9,224,008	)
Net increase (decrease) in net assets		(58,538,454	)		4,878,572
Net assets:
Beginning of period		159,184,165			154,305,593
End of period	$	100,645,711		$	159,184,165
Capital share activity:
Shares sold
A-Class		654,966			756,957
C-Class		47,996			206,893
H-Class		8,650,379			13,170,805
Shares issued from reinvestment of distributions
A-Class		—			4,242
C-Class		—			2,306
H-Class		—			30,877
Shares redeemed
A-Class		(114,253	)		(791,006	)
C-Class		(94,241	)		(260,813	)
H-Class		(9,601,910	)		(13,327,429	)
Net decrease in shares		(456,779	)		(207,168	)

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

S&P 500^® 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.

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	70.89		$	63.06		$	46.64		$	51.55		$	48.72		$	45.52
Income (loss) from investment operations:
Net investment income (loss)b		.02			(.18	)		(.08	)		.17			.15			.13
Net gain (loss) on investments (realized and unrealized)		(14.82	)		8.94			24.50			(4.54	)		3.45			5.44
Total from investment operations		(14.80	)		8.76			24.42			(4.37	)		3.60			5.57
Less distributions from:
Net investment income		—			—			(.02	)		(.12	)		(.05	)		(.12	)
Net realized gains		—			(.93	)		(7.98	)		(.42	)		(.72	)		(2.25	)
Total distributions		—			(.93	)		(8.00	)		(.54	)		(.77	)		(2.37	)
Net asset value, end of period	$	56.09		$	70.89		$	63.06		$	46.64		$	51.55		$	48.72
Total Returnc		(20.88	%)		13.82	%		53.64	%		(8.67	%)		7.59	%		12.16	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	45,244		$	18,856		$	18,653		$	12,798		$	20,307		$	21,041
Ratios to average net assets:
Net investment income (loss)		0.06	%		(0.25	%)		(0.13	%)		0.31	%		0.30	%		0.27	%
Total expenses		1.60	%		1.56	%		1.65	%		1.68	%		1.67	%		1.58	%
Portfolio turnover rate		363	%		268	%		284	%		227	%		157	%		151	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	60.71		$	54.52		$	41.37		$	46.12		$	44.00		$	41.62
Income (loss) from investment operations:
Net investment income (loss)b		(.21	)		(.60	)		(.46	)		(.24	)		(.20	)		(.19	)
Net gain (loss) on investments (realized and unrealized)		(12.65	)		7.72			21.61			(3.97	)		3.09			4.94
Total from investment operations		(12.86	)		7.12			21.15			(4.21	)		2.89			4.75
Less distributions from:
Net investment income		—			—			(.02	)		(.12	)		(.05	)		(.12	)
Net realized gains		—			(.93	)		(7.98	)		(.42	)		(.72	)		(2.25	)
Total distributions		—			(.93	)		(8.00	)		(.54	)		(.77	)		(2.37	)
Net asset value, end of period	$	47.85		$	60.71		$	54.52		$	41.37		$	46.12		$	44.00
Total Returnc		(21.18	%)		12.99	%		52.49	%		(9.35	%)		6.78	%		11.29	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,884		$	10,273		$	12,040		$	8,981		$	14,599		$	20,484
Ratios to average net assets:
Net investment income (loss)		(0.77	%)		(1.00	%)		(0.88	%)		(0.50	%)		(0.45	%)		(0.44	%)
Total expenses		2.35	%		2.31	%		2.39	%		2.43	%		2.41	%		2.33	%
Portfolio turnover rate		363	%		268	%		284	%		227	%		157	%		151	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 37

S&P 500^® 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	70.90		$	63.07		$	46.64		$	51.54		$	48.71		$	45.51
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(.18	)		(.08	)		.15			.16			.15
Net gain (loss) on investments (realized and unrealized)		(14.79	)		8.94			24.51			(4.51	)		3.44			5.42
Total from investment operations		(14.81	)		8.76			24.43			(4.36	)		3.60			5.57
Less distributions from:
Net investment income		—			—			(.02	)		(.12	)		(.05	)		(.12	)
Net realized gains		—			(.93	)		(7.98	)		(.42	)		(.72	)		(2.25	)
Total distributions		—			(.93	)		(8.00	)		(.54	)		(.77	)		(2.37	)
Net asset value, end of period	$	56.09		$	70.90		$	63.07		$	46.64		$	51.54		$	48.71
Total Return		(20.89	%)		13.84	%		53.64	%		(8.65	%)		7.59	%		12.14	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	49,518		$	130,055		$	123,613		$	112,799		$	120,014		$	178,533
Ratios to average net assets:
Net investment income (loss)		(0.06	%)		(0.25	%)		(0.13	%)		0.28	%		0.32	%		0.31	%
Total expenses		1.60	%		1.56	%		1.65	%		1.68	%		1.66	%		1.58	%
Portfolio turnover rate		363	%		268	%		284	%		227	%		157	%		151	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

INVERSE S&P 500^® STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the S&P 500^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
Investor Class	January 7, 1994
A-Class	March 31, 2004
C-Class	March 15, 2001
H-Class	September 18, 2014

The Fund invests principally in derivative investments such as swap agreements and futures contracts.

Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund II	5.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.6%
Total	9.2%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 39

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	22.26%	12.92%	(11.41%)	(12.81%)
A-Class Shares	22.12%	12.61%	(11.64%)	(13.03%)
A-Class Shares with sales charge‡	16.31%	7.25%	(12.50%)	(13.45%)
C-Class Shares	21.65%	11.77%	(12.30%)	(13.68%)
C-Class Shares with CDSC§	20.65%	10.77%	(12.30%)	(13.68%)
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	22.11%	12.64%	(11.63%)	(11.36%)
S&P 500 Index	(20.20%)	(15.47%)	9.24%	9.52%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

40 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
INVERSE S&P 500® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 9.2%
Guggenheim Strategy Fund II1		262,625	$	6,295,124
Guggenheim Ultra Short Duration Fund — Institutional Class1		426,990		4,094,836
Total Mutual Funds
(Cost $10,738,043)				10,389,960
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 66.7%
Federal Home Loan Bank
3.14% due 11/14/222	$	9,400,000		9,363,925
2.84% due 11/15/222		8,800,000		8,767,907
3.06% due 11/14/222		8,500,000		8,468,210
3.22% due 12/01/222		8,500,000		8,455,630
2.85% due 11/10/222		8,200,000		8,174,033
3.37% due 12/16/222		5,900,000		5,860,140
2.84% due 11/04/222		5,400,000		5,385,516
3.22% due 12/05/222		5,000,000		4,971,955
Freddie Mac
2.28% due 10/03/222		16,000,000		15,997,973
Total Federal Agency Discount Notes
(Cost $75,440,995)				75,445,289
FEDERAL AGENCY NOTES†† - 5.3%
Federal Home Loan Bank
3.00% (SOFR + 0.04%, Rate Floor: 0.00%) due 12/02/22◊		5,000,000		5,000,190
Federal Farm Credit Bank
3.07% (Commercial Prime Lending Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22◊		1,000,000		1,000,006
Total Federal Agency Notes
(Cost $6,000,000)				6,000,196
U.S. TREASURY BILLS†† - 0.4%
U.S. Treasury Bills
1.34% due 10/04/222,3		310,000		309,979
2.70% due 11/08/222,4		172,000		171,534
Total U.S. Treasury Bills
(Cost $481,465)				481,513
REPURCHASE AGREEMENTS††,5 - 16.3%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/223		10,456,556		10,456,556
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/223		4,021,752		4,021,752
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/223		3,902,712		3,902,712
Total Repurchase Agreements
(Cost $18,381,020)				18,381,020
Total Investments - 97.9%
(Cost $111,041,523)			$	110,697,978
Other Assets & Liabilities, net - 2.1%				2,355,893
Total Net Assets - 100.0%			$	113,053,871

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Sold Short†
S&P 500 Index Mini Futures Contracts		20		Dec 2022	$	3,597,250	$	378,917

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 Sold Short††

Goldman Sachs International

S&P 500 Index

Receive

3.43% (Federal Funds Rate + 0.35%)

At Maturity

11/17/22

26,834

$

96,214,922

$

14,588,163

Barclays Bank plc

S&P 500 Index

Receive

3.26% (SOFR + 0.30%)

At Maturity

11/16/22

2,949

10,572,474

1,632,289

BNP Paribas

S&P 500 Index

Receive

3.28% (Federal Funds Rate + 0.20%)

At Maturity

11/17/22

730

2,618,637

472,298

$

109,406,033

$

16,692,750

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 41

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
INVERSE S&P 500® STRATEGY FUND

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2022. 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	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
4	All or a portion of this security is pledged as futures collateral at September 30, 2022.
5	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, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	10,389,960	$	—	$	—	$	10,389,960
Federal Agency Discount Notes		—		75,445,289		—		75,445,289
Federal Agency Notes		—		6,000,196		—		6,000,196
U.S. Treasury Bills		—		481,513		—		481,513
Repurchase Agreements		—		18,381,020		—		18,381,020
Equity Futures Contracts**		378,917		—		—		378,917
Equity Index Swap Agreements**		—		16,692,750		—		16,692,750
Total Assets	$	10,768,877	$	117,000,768	$	—	$	127,769,645

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
INVERSE S&P 500® STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	6,447,447	$	—	$	—	$	—	$	(152,323	)	$	6,295,124		262,625	$	82,915
Guggenheim Ultra Short Duration Fund — Institutional Class		4,180,234		—		—		—		(85,398	)		4,094,836		426,990		42,366
	$	10,627,681	$	—	$	—	$	—	$	(237,721	)	$	10,389,960			$	125,281

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 43

INVERSE S&P 500^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $81,922,460)	$	81,926,998
Investments in affiliated issuers, at value (cost $10,738,043)		10,389,960
Repurchase agreements, at value (cost $18,381,020)		18,381,020
Segregated cash with broker		970,807
Unrealized appreciation on OTC swap agreements		16,692,750
Receivables:
Fund shares sold		3,024,542
Variation margin on futures contracts		57,000
Dividends		32,305
Interest		16,011
Total assets		131,491,393
Liabilities:
Segregated cash due to broker		11,130,000
Payable for:
Swap settlement		3,784,073
Fund shares redeemed		3,345,161
Management fees		67,045
Transfer agent and administrative fees		29,403
Portfolio accounting/administration fees		4,484
Distribution and service fees		2,303
Trustees’ fees*		1,038
Miscellaneous		74,015
Total liabilities		18,437,522
Net assets	$	113,053,871
Net assets consist of:
Paid in capital	$	365,995,198
Total distributable earnings (loss)		(252,941,327	)
Net assets	$	113,053,871
Investor Class:
Net assets	$	105,082,315
Capital shares outstanding		2,976,210
Net asset value per share	$	35.31
A-Class:
Net assets	$	5,262,218
Capital shares outstanding		163,213
Net asset value per share	$	32.24
Maximum offering price per share (Net asset value divided by 95.25%)	$	33.85
C-Class:
Net assets	$	849,451
Capital shares outstanding		30,231
Net asset value per share	$	28.10
H-Class:
Net assets	$	1,859,887
Capital shares outstanding		57,668
Net asset value per share	$	32.25

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	125,281
Interest		534,957
Total investment income		660,238
Expenses:
Management fees		377,898
Distribution and service fees:
A-Class		3,494
C-Class		4,058
H-Class		4,300
Transfer agent and administrative fees		96,689
Portfolio accounting/administration fees		53,860
Interest expense		36,829
Professional fees		19,040
Custodian fees		5,893
Trustees’ fees*		4,172
Miscellaneous		48,831
Total expenses		655,064
Less:
Expenses reimbursed by Adviser		(7,019	)
Expenses waived by Adviser		(5,192	)
Total waived/reimbursed expenses		(12,211	)
Net expenses		642,853
Net investment income		17,385
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		150
Swap agreements		(4,370,177	)
Futures contracts		161,198
Net realized loss		(4,208,829	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		3,788
Investments in affiliated issuers		(237,721	)
Swap agreements		18,245,334
Futures contracts		378,917
Net change in unrealized appreciation (depreciation)		18,390,318
Net realized and unrealized gain		14,181,489
Net increase in net assets resulting from operations	$	14,198,874

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

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

INVERSE S&P 500^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	17,385		$	(437,361	)
Net realized loss on investments		(4,208,829	)		(7,798,713	)
Net change in unrealized appreciation (depreciation) on investments		18,390,318			(1,268,053	)
Net increase (decrease) in net assets resulting from operations		14,198,874			(9,504,127	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		162,098,763			68,440,551
A-Class		5,598,204			3,806,708
C-Class		629,814			3,987,812
H-Class		25,805,474			26,613,905
Cost of shares redeemed
Investor Class		(117,786,498	)		(66,318,411	)
A-Class		(2,838,620	)		(3,196,902	)
C-Class		(679,075	)		(3,447,814	)
H-Class		(26,737,338	)		(24,476,613	)
Net increase from capital share transactions		46,090,724			5,409,236
Net increase (decrease) in net assets		60,289,598			(4,094,891	)
Net assets:
Beginning of period		52,764,273			56,859,164
End of period	$	113,053,871		$	52,764,273
Capital share activity:
Shares sold
Investor Class		5,061,670			2,252,560
A-Class		189,838			136,807
C-Class		23,179			163,439
H-Class		873,191			949,204
Shares redeemed
Investor Class		(3,732,255	)		(2,170,879	)
A-Class		(95,909	)		(116,290	)
C-Class		(25,932	)		(146,568	)
H-Class		(914,652	)		(879,621	)
Net increase in shares		1,379,130			188,652

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 45

INVERSE S&P 500^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	28.88		$	34.46		$	56.92		$	56.77		$	61.76		$	70.35
Income (loss) from investment operations:
Net investment income (loss)b		.01			(.28	)		(.47	)		.31			.46			(.07	)
Net gain (loss) on investments (realized and unrealized)		6.42			(5.30	)		(21.84	)		.26			(5.45	)		(8.52	)
Total from investment operations		6.43			(5.58	)		(22.31	)		.57			(4.99	)		(8.59	)
Less distributions from:
Net investment income		—			—			(.15	)		(.42	)		—			—
Total distributions		—			—			(.15	)		(.42	)		—			—
Net asset value, end of period	$	35.31		$	28.88		$	34.46		$	56.92		$	56.77		$	61.76
Total Return		22.26	%		(16.19	%)		(39.21	%)		1.10	%		(8.08	%)		(12.21	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	105,082		$	47,555		$	53,937		$	85,839		$	46,105		$	57,342
Ratios to average net assets:
Net investment income (loss)		0.11	%		(0.91	%)		(1.12	%)		0.58	%		0.78	%		(0.10	%)
Total expensesc		1.49	%		1.41	%		1.51	%		1.53	%		1.52	%		1.43	%
Net expensesd		1.46	%		1.39	%		1.50	%		1.51	%		1.51	%		1.43	%
Portfolio turnover rate		—			—			—			—			—			56	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	26.40		$	31.58		$	52.33		$	52.36		$	57.11		$	65.22
Income (loss) from investment operations:
Net investment income (loss)b		—			(.32	)		(.56	)		.21			.27			(.22	)
Net gain (loss) on investments (realized and unrealized)		5.84			(4.86	)		(20.04	)		.18			(5.02	)		(7.89	)
Total from investment operations		5.84			(5.18	)		(20.60	)		.39			(4.75	)		(8.11	)
Less distributions from:
Net investment income		—			—			(.15	)		(.42	)		—			—
Total distributions		—			—			(.15	)		(.42	)		—			—
Net asset value, end of period	$	32.24		$	26.40		$	31.58		$	52.33		$	52.36		$	57.11
Total Returne		22.12	%		(16.40	%)		(39.38	%)		0.85	%		(8.32	%)		(12.43	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,262		$	1,829		$	1,540		$	7,575		$	3,306		$	4,637
Ratios to average net assets:
Net investment income (loss)		0.06	%		(1.15	%)		(1.39	%)		0.43	%		0.50	%		(0.37	%)
Total expensesc		1.74	%		1.66	%		1.78	%		1.78	%		1.76	%		1.68	%
Net expensesd		1.70	%		1.64	%		1.77	%		1.76	%		1.76	%		1.68	%
Portfolio turnover rate		—			—			—			—			—			56	%

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

INVERSE S&P 500^® STRATEGY FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	23.10		$	27.84		$	46.49		$	46.92		$	51.56		$	59.34
Income (loss) from investment operations:
Net investment income (loss)b		(.13	)		(.46	)		(.80	)		(.22	)		(.13	)		(.63	)
Net gain (loss) on investments (realized and unrealized)		5.13			(4.28	)		(17.70	)		.21			(4.51	)		(7.15	)
Total from investment operations		5.00			(4.74	)		(18.50	)		(.01	)		(4.64	)		(7.78	)
Less distributions from:
Net investment income		—			—			(.15	)		(.42	)		—			—
Total distributions		—			—			(.15	)		(.42	)		—			—
Net asset value, end of period	$	28.10		$	23.10		$	27.84		$	46.49		$	46.92		$	51.56
Total Returne		21.65	%		(17.03	%)		(39.82	%)		0.09	%		(9.00	%)		(13.11	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	849		$	762		$	449		$	6,376		$	2,681		$	4,203
Ratios to average net assets:
Net investment income (loss)		(0.99	%)		(1.92	%)		(2.16	%)		(0.51	%)		(0.27	%)		(1.14	%)
Total expensesc		2.49	%		2.41	%		2.54	%		2.53	%		2.51	%		2.43	%
Net expensesd		2.46	%		2.39	%		2.53	%		2.51	%		2.51	%		2.43	%
Portfolio turnover rate		—			—			—			—			—			56	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 47

INVERSE S&P 500^® 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	26.41		$	31.58		$	52.32		$	52.35		$	57.11		$	65.22
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		(.32	)		(.56	)		.17			.29			(.27	)
Net gain (loss) on investments (realized and unrealized)		5.87			(4.85	)		(20.03	)		.22			(5.05	)		(7.84	)
Total from investment operations		5.84			(5.17	)		(20.59	)		.39			(4.76	)		(8.11	)
Less distributions from:
Net investment income		—			—			(.15	)		(.42	)		—			—
Total distributions		—			—			(.15	)		(.42	)		—			—
Net asset value, end of period	$	32.25		$	26.41		$	31.58		$	52.32		$	52.35		$	57.11
Total Return		22.11	%		(16.37	%)		(39.37	%)		0.85	%		(8.33	%)		(12.43	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,860		$	2,618		$	933		$	8,890		$	6,772		$	4,672
Ratios to average net assets:
Net investment income (loss)		(0.18	%)		(1.15	%)		(1.38	%)		0.34	%		0.52	%		(0.45	%)
Total expensesc		1.74	%		1.66	%		1.78	%		1.78	%		1.77	%		1.69	%
Net expensesd		1.72	%		1.64	%		1.76	%		1.76	%		1.76	%		1.69	%
Portfolio turnover rate		—			—			—			—			—			56	%

a	Unaudited figures for the period ended September 30, 2022. 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	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a calendar month basis. The Fund’s current benchmark is 200% of the performance of the NASDAQ-100 Index^® (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time different than a full calendar month.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	November 28, 2014
C-Class	November 28, 2014
H-Class	November 28, 2014

Ten Largest Holdings (% of Total Net Assets)
Apple, Inc.	9.8%
Microsoft Corp.	7.7%
Amazon.com, Inc.	5.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.3%
Tesla, Inc.	3.7%
Guggenheim Strategy Fund II	3.4%
Alphabet, Inc. — Class C	2.6%
Alphabet, Inc. — Class A	2.5%
Meta Platforms, Inc. — Class A	2.1%
NVIDIA Corp.	1.9%
Top Ten Total	43.1%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 49

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	Since Inception (11/28/14)
A-Class Shares	(49.26%)	(49.47%)	19.89%	21.87%
A-Class Shares with sales charge‡	(51.67%)	(51.87%)	18.73%	21.11%
C-Class Shares	(49.49%)	(49.88%)	18.98%	20.92%
C-Class Shares with CDSC§	(50.00%)	(50.37%)	18.98%	20.92%
H-Class Shares	(49.29%)	(49.51%)	19.86%	22.22%
NASDAQ-100 Index	(25.74%)	(24.72%)	13.95%	13.72%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The NASDAQ-100 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

50 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 74.0%
Technology - 33.8%
Apple, Inc.		225,045	$	31,101,219
Microsoft Corp.		104,435		24,322,911
NVIDIA Corp.		49,071		5,956,729
Broadcom, Inc.		9,409		4,177,690
Texas Instruments, Inc.		21,228		3,285,670
Adobe, Inc.*		10,873		2,992,250
QUALCOMM, Inc.		26,090		2,947,648
Intuit, Inc.		6,553		2,538,108
Intel Corp.		95,393		2,458,278
Advanced Micro Devices, Inc.*		37,505		2,376,317
Analog Devices, Inc.		11,949		1,664,974
Applied Materials, Inc.		19,987		1,637,535
Fiserv, Inc.*		14,859		1,390,357
Activision Blizzard, Inc.		18,175		1,351,129
Micron Technology, Inc.		25,629		1,284,013
Lam Research Corp.		3,183		1,164,978
Synopsys, Inc.*		3,553		1,085,477
Cadence Design Systems, Inc.*		6,363		1,039,905
KLA Corp.		3,294		996,863
Paychex, Inc.		8,362		938,300
Autodesk, Inc.*		5,015		936,802
Fortinet, Inc.*		18,319		900,012
NXP Semiconductor N.V.		6,101		899,958
Marvell Technology, Inc.		19,808		849,961
ASML Holding N.V. — Class G		2,000		830,700
Crowdstrike Holdings, Inc. — Class A*		4,991		822,567
Microchip Technology, Inc.		12,836		783,381
Electronic Arts, Inc.		6,460		747,487
Workday, Inc. — Class A*		4,670		710,867
Atlassian Corporation plc — Class A*		3,366		708,846
Cognizant Technology Solutions Corp. — Class A		12,029		690,946
Datadog, Inc. — Class A*		6,756		599,798
Zscaler, Inc.*		3,296		541,764
ANSYS, Inc.*		2,023		448,499
Zoom Video Communications, Inc. — Class A*		5,831		429,103
Skyworks Solutions, Inc.		3,728		317,886
NetEase, Inc. ADR		3,773		285,239
Splunk, Inc.*		3,780		284,256
DocuSign, Inc.*		4,645		248,368
Total Technology				106,746,791
Communications - 19.5%
Amazon.com, Inc.*		142,661		16,120,693
Alphabet, Inc. — Class C*		86,302		8,297,937
Alphabet, Inc. — Class A*		83,964		8,031,157
Meta Platforms, Inc. — Class A*		47,822		6,488,489
T-Mobile US, Inc.*		29,135		3,909,043
Cisco Systems, Inc.		96,205		3,848,200
Comcast Corp. — Class A		102,311		3,000,782
Netflix, Inc.*		10,332		2,432,566
Booking Holdings, Inc.*		922		1,515,040
Palo Alto Networks, Inc.*		6,944		1,137,358
Charter Communications, Inc. — Class A*		3,732		1,132,102
Airbnb, Inc. — Class A*		9,274		974,141
MercadoLibre, Inc.*		1,169		967,675
Pinduoduo, Inc. ADR*		10,875		680,558
JD.com, Inc. ADR		11,724		589,717
Sirius XM Holdings, Inc.1		90,472		516,595
Baidu, Inc. ADR*		4,229		496,865
eBay, Inc.		12,763		469,806
VeriSign, Inc.*		2,492		432,860
Match Group, Inc.*		6,574		313,908
Okta, Inc.*		3,504		199,272
Total Communications				61,554,764
Consumer, Non-cyclical - 10.0%
PepsiCo, Inc.		32,059		5,233,952
Amgen, Inc.		12,428		2,801,271
PayPal Holdings, Inc.*		26,868		2,312,529
Automatic Data Processing, Inc.		9,653		2,183,412
Gilead Sciences, Inc.		29,119		1,796,351
Mondelez International, Inc. — Class A		31,842		1,745,897
Vertex Pharmaceuticals, Inc.*		5,958		1,725,080
Regeneron Pharmaceuticals, Inc.*		2,490		1,715,286
Intuitive Surgical, Inc.*		8,297		1,555,190
Keurig Dr Pepper, Inc.		32,900		1,178,478
Moderna, Inc.*		9,089		1,074,774
Monster Beverage Corp.*		12,241		1,064,478
Kraft Heinz Co.		28,470		949,474
Cintas Corp.		2,371		920,398
Biogen, Inc.*		3,371		900,057
AstraZeneca plc ADR		13,750		754,050
Dexcom, Inc.*		9,121		734,605
Illumina, Inc.*		3,654		697,147
IDEXX Laboratories, Inc.*		1,934		630,097
Verisk Analytics, Inc. — Class A		3,647		621,923
Seagen, Inc.*		4,285		586,317
Align Technology, Inc.*		1,815		375,905
Total Consumer, Non-cyclical				31,556,671
Consumer, Cyclical - 8.2%
Tesla, Inc.*		43,523		11,544,476
Costco Wholesale Corp.		10,291		4,860,131
Starbucks Corp.		26,657		2,246,119
Marriott International, Inc. — Class A		7,540		1,056,655
O’Reilly Automotive, Inc.*		1,471		1,034,628
Lululemon Athletica, Inc.*		2,842		794,509
Dollar Tree, Inc.*		5,203		708,128
Ross Stores, Inc.		8,130		685,115
PACCAR, Inc.		8,078		676,048
Walgreens Boots Alliance, Inc.		20,079		630,481
Fastenal Co.		13,351		614,680
Copart, Inc.*		5,522		587,541
Lucid Group, Inc.*		38,980		544,550
Total Consumer, Cyclical				25,983,061
Industrial - 1.4%
Honeywell International, Inc.		15,652		2,613,415
CSX Corp.		49,746		1,325,233

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 51

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
Old Dominion Freight Line, Inc.		2,597	$	646,056
Total Industrial				4,584,704
Utilities - 1.1%
American Electric Power Company, Inc.		11,935		1,031,781
Exelon Corp.		23,080		864,577
Xcel Energy, Inc.		12,708		813,312
Constellation Energy Corp.		7,588		631,245
Total Utilities				3,340,915
Total Common Stocks
(Cost $253,617,663)				233,766,906
MUTUAL FUNDS† - 7.7%
Guggenheim Ultra Short Duration Fund — Institutional Class2		1,434,715		13,758,920
Guggenheim Strategy Fund II2		444,159		10,646,499
Total Mutual Funds
(Cost $25,056,216)				24,405,419
	Face Amount
U.S. TREASURY BILLS†† - 16.7%
U.S. Treasury Bills
2.35% due 10/04/223	$	25,500,000		25,498,289
2.70% due 11/08/223,4		18,167,000		18,117,790
1.78% due 10/04/223		8,925,000		8,924,401
Total U.S. Treasury Bills
(Cost $52,532,949)				52,540,480
REPURCHASE AGREEMENTS††,5 - 11.2%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/226		20,120,998		20,120,998
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/226		7,738,846		7,738,846
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/226		7,509,782		7,509,782
Total Repurchase Agreements
(Cost $35,369,626)				35,369,626
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.1%
Money Market Fund
First American Government Obligations Fund - Class X, 2.78%8		374,472		374,472
Total Securities Lending Collateral
(Cost $374,472)				374,472
Total Investments - 109.7%
(Cost $366,950,926)			$	346,456,903
Other Assets & Liabilities, net - (9.7)%				(30,582,757	)
Total Net Assets - 100.0%			$	315,874,146

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		744		Dec 2022	$	164,133,840	$	(17,371,327	)

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††

BNP Paribas

NASDAQ-100 Index

Pay

3.73% (Federal Funds Rate + 0.65%)

At Maturity

11/17/22

1,203

$

13,198,550

$

(951,548

)

Goldman Sachs International

NASDAQ-100 Index

Pay

3.63% (Federal Funds Rate + 0.55%)

At Maturity

11/17/22

6,909

75,797,860

(5,695,496

)

Barclays Bank plc

NASDAQ-100 Index

Pay

3.46% (SOFR + 0.50%)

At Maturity

11/16/22

13,229

145,134,003

(12,196,450

)

$

234,130,413

$

(18,843,494

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

*	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 on loan at September 30, 2022 — See Note 7.
2	Affiliated issuer.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at September 30, 2022.
5	Repurchase Agreements — See Note 6.
6	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of September 30, 2022.
	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, 2022 (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	$	233,766,906	$	—	$	—	$	233,766,906
Mutual Funds		24,405,419		—		—		24,405,419
U.S. Treasury Bills		—		52,540,480		—		52,540,480
Repurchase Agreements		—		35,369,626		—		35,369,626
Securities Lending Collateral		374,472		—		—		374,472
Total Assets	$	258,546,797	$	87,910,106	$	—	$	346,456,903

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	17,371,327	$	—	$	—	$	17,371,327
Equity Index Swap Agreements**		—		18,843,494		—		18,843,494
Total Liabilities	$	17,371,327	$	18,843,494	$	—	$	36,214,821

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 53

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	10,904,111	$	—	$	—		$	—		$	(257,612	)	$	10,646,499		444,159	$	140,228
Guggenheim Ultra Short Duration Fund — Institutional Class		21,389,957		—		(7,300,000	)		(160,912	)		(170,125	)		13,758,920		1,434,715		154,678
	$	32,294,068	$	—	$	(7,300,000	)	$	(160,912	)	$	(427,737	)	$	24,405,419			$	294,906

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

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value - including $356,373 of securities loaned (cost $306,525,084)	$	286,681,858
Investments in affiliated issuers, at value (cost $25,056,216)		24,405,419
Repurchase agreements, at value (cost $35,369,626)		35,369,626
Segregated cash with broker		10,151,652
Receivables:
Fund shares sold		9,038,139
Dividends		119,580
Investment Adviser		109,578
Securities lending income		4,290
Interest		2,895
Total assets		365,883,037
Liabilities:
Unrealized depreciation on OTC swap agreements		18,843,494
Payable for:
Swap settlement		23,970,450
Fund shares redeemed		3,043,743
Variation margin on futures contracts		3,015,767
Return of securities lending collateral		374,472
Management fees		261,975
Transfer agent and administrative fees		119,704
Distribution and service fees		74,107
Portfolio accounting/administration fees		10,605
Trustees’ fees*		4,213
Miscellaneous		290,361
Total liabilities		50,008,891
Net assets	$	315,874,146
Net assets consist of:
Paid in capital	$	466,359,851
Total distributable earnings (loss)		(150,485,705	)
Net assets	$	315,874,146
A-Class:
Net assets	$	4,823,443
Capital shares outstanding		22,142
Net asset value per share	$	217.84
Maximum offering price per share (Net asset value divided by 95.25%)	$	228.70
C-Class:
Net assets	$	760,929
Capital shares outstanding		3,729
Net asset value per share	$	204.03
H-Class:
Net assets	$	310,289,774
Capital shares outstanding		1,389,843
Net asset value per share	$	223.26

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $1,512)	$	947,806
Dividends from securities of affiliated issuers		294,906
Interest		404,133
Income from securities lending, net		27,310
Total investment income		1,674,155
Expenses:
Management fees		1,335,906
Distribution and service fees:
A-Class		6,812
C-Class		4,893
H-Class		363,050
Transfer agent and administrative fees		333,908
Portfolio accounting/administration fees		186,951
Professional fees		52,443
Custodian fees		21,182
Trustees’ fees*		20,462
Interest expense		10,978
Line of credit fees		4,071
Miscellaneous		232,802
Total expenses		2,573,458
Less:
Expenses reimbursed by Adviser		(32,167	)
Expenses waived by Adviser		(607,540	)
Total waived expenses		(639,707	)
Net expenses		1,933,751
Net investment loss		(259,596	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(15,222,204	)
Investments in affiliated issuers		(160,912	)
Swap agreements		(37,364,435	)
Futures contracts		1,377,489
Net realized loss		(51,370,062	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(21,893,673	)
Investments in affiliated issuers		(427,737	)
Swap agreements		(27,766,168	)
Futures contracts		(18,691,405	)
Net change in unrealized appreciation (depreciation)		(68,778,983	)
Net realized and unrealized loss		(120,149,045	)
Net decrease in net assets resulting from operations	$	(120,408,641	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 55

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(259,596	)	$	(2,700,011	)
Net realized gain (loss) on investments		(51,370,062	)		22,777,914
Net change in unrealized appreciation (depreciation) on investments		(68,778,983	)		2,309,125
Net increase (decrease) in net assets resulting from operations		(120,408,641	)		22,387,028
Distributions to shareholders:
A-Class		—			(193,566	)
C-Class		—			(52,927	)
H-Class		—			(12,143,000	)
Total distributions to shareholders		—			(12,389,493	)
Capital share transactions:
Proceeds from sale of shares
A-Class		5,473,741			11,112,055
C-Class		195,910			984,013
H-Class		2,203,693,001			3,520,837,476
Distributions reinvested
A-Class		—			178,884
C-Class		—			47,659
H-Class		—			12,085,255
Cost of shares redeemed
A-Class		(5,302,906	)		(9,230,951	)
C-Class		(166,064	)		(1,549,695	)
H-Class		(1,890,957,268	)		(3,519,147,202	)
Net increase from capital share transactions		312,936,414			15,317,494
Net increase in net assets		192,527,773			25,315,029
Net assets:
Beginning of period		123,346,373			98,031,344
End of period	$	315,874,146		$	123,346,373
Capital share activity:
Shares sold
A-Class		18,788			24,788
C-Class		738			2,325
H-Class		6,830,481			8,244,418
Shares issued from reinvestment of distributions
A-Class		—			346
C-Class		—			98
H-Class		—			22,788
Shares redeemed
A-Class		(16,156	)		(21,111	)
C-Class		(556	)		(4,065	)
H-Class		(5,698,530	)		(8,258,466	)
Net increase in shares		1,134,765			11,121

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

MONTHLY REBALANCE 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.

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	429.31		$	355.42		$	141.86		$	134.54		$	113.31		$	79.32
Income (loss) from investment operations:
Net investment income (loss)b		(.24	)		(3.11	)		(1.74	)		.23			.25			(.23	)
Net gain (loss) on investments (realized and unrealized)		(211.23	)		88.53			233.57			7.28			20.98			34.22
Total from investment operations		(211.47	)		85.42			231.83			7.51			21.23			33.99
Less distributions from:
Net investment income		—			—			—			(.19	)		—			—
Net realized gains		—			(11.53	)		(18.27	)		—			—			—
Total distributions		—			(11.53	)		(18.27	)		(.19	)		—			—
Net asset value, end of period	$	217.84		$	429.31		$	355.42		$	141.86		$	134.54		$	113.31
Total Returnc		(49.26	%)		23.48	%		164.83	%		5.56	%		18.74	%		42.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,823		$	8,376		$	5,504		$	2,434		$	3,077		$	1,990
Ratios to average net assets:
Net investment income (loss)		(0.16	%)		(0.70	%)		(0.60	%)		0.15	%		0.19	%		(0.23	%)
Total expensesd		1.74	%		1.69	%		1.77	%		1.83	%		1.81	%		1.71	%
Net expensese,f		1.30	%		1.32	%		1.33	%		1.34	%		1.35	%		1.35	%
Portfolio turnover rate		715	%		922	%		509	%		990	%		467	%		385	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	403.95		$	337.38		$	136.06		$	130.01		$	110.32		$	77.79
Income (loss) from investment operations:
Net investment income (loss)b		(1.31	)		(6.08	)		(3.70	)		(.83	)		(.64	)		(1.00	)
Net gain (loss) on investments (realized and unrealized)		(198.61	)		84.18			223.29			7.07			20.33			33.53
Total from investment operations		(199.92	)		78.10			219.59			6.24			19.69			32.53
Less distributions from:
Net investment income		—			—			—			(.19	)		—			—
Net realized gains		—			(11.53	)		(18.27	)		—			—			—
Total distributions		—			(11.53	)		(18.27	)		(.19	)		—			—
Net asset value, end of period	$	204.03		$	403.95		$	337.38		$	136.06		$	130.01		$	110.32
Total Returnc		(49.49	%)		22.55	%		162.86	%		4.77	%		17.85	%		41.82	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	761		$	1,433		$	1,751		$	552		$	476		$	170
Ratios to average net assets:
Net investment income (loss)		(0.92	%)		(1.44	%)		(1.34	%)		(0.55	%)		(0.52	%)		(1.02	%)
Total expensesd		2.49	%		2.44	%		2.52	%		2.58	%		2.57	%		2.46	%
Net expensese,f		2.05	%		2.07	%		2.08	%		2.09	%		2.11	%		2.10	%
Portfolio turnover rate		715	%		922	%		509	%		990	%		467	%		385	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 57

MONTHLY REBALANCE 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	440.25		$	364.34		$	145.23		$	137.80		$	116.07		$	81.25
Income (loss) from investment operations:
Net investment income (loss)b		(.26	)		(3.35	)		(1.81	)		.12			.19			(.25	)
Net gain (loss) on investments (realized and unrealized)		(216.73	)		90.79			239.19			7.50			21.54			35.07
Total from investment operations		(216.99	)		87.44			237.38			7.62			21.73			34.82
Less distributions from:
Net investment income		—			—			—			(.19	)		—			—
Net realized gains		—			(11.53	)		(18.27	)		—			—			—
Return of capital		—			—			—			—			—			—
Total distributions		—			(11.53	)		(18.27	)		(.19	)		—			—
Net asset value, end of period	$	223.26		$	440.25		$	364.34		$	145.23		$	137.80		$	116.07
Total Return		(49.29	%)		23.46	%		164.81	%		5.51	%		18.72	%		42.86	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	310,290		$	113,538		$	90,776		$	22,586		$	128,354		$	25,304
Ratios to average net assets:
Net investment income (loss)		(0.17	%)		(0.71	%)		(0.60	%)		0.08	%		0.15	%		(0.24	%)
Total expensesd		1.73	%		1.69	%		1.77	%		1.82	%		1.81	%		1.71	%
Net expensese,f		1.30	%		1.33	%		1.33	%		1.34	%		1.35	%		1.35	%
Portfolio turnover rate		715	%		922	%		509	%		990	%		467	%		385	%

a	Unaudited figures for the period ended September 30, 2022. 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.
f	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	09/30/22a	03/31/22	03/31/21	03/31/20	03/31/19	03/29/18
A-Class	1.29%	1.32%	1.33%	1.33%	1.35%	1.35%
C-Class	2.04%	2.06%	2.08%	2.08%	2.10%	2.10%
H-Class	1.29%	1.33%	1.33%	1.34%	1.35%	1.35%

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

INVERSE NASDAQ-100^® STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the NASDAQ-100^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
Investor Class	September 3, 1998
A-Class	March 31, 2004
C-Class	March 7, 2001
H-Class	September 18, 2014

The Fund invests principally in derivative investments such as swap agreements and futures contracts.

Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund II	1.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.8%
Total	2.0%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 59

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	28.49%	21.87%	(16.74%)	(16.95%)
A-Class Shares	28.35%	21.54%	(16.95%)	(17.07%)
A-Class Shares with sales charge‡	22.26%	15.77%	(17.76%)	(17.47%)
C-Class Shares	27.90%	20.65%	(17.58%)	(17.81%)
C-Class Shares with CDSC§	26.90%	19.65%	(17.58%)	(17.81%)
NASDAQ-100 Index	(25.74%)	(24.72%)	13.95%	15.91%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	28.34%	21.65%	(16.95%)	(16.19%)
NASDAQ-100 Index	(25.74%)	(24.72%)	13.95%	14.20%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The NASDAQ-100 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

60 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
INVERSE NASDAQ-100® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 2.0%
Guggenheim Strategy Fund II1		49,399	$	1,184,103
Guggenheim Ultra Short Duration Fund — Institutional Class1		87,169		835,947
Total Mutual Funds
(Cost $2,033,556)				2,020,050
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 82.3%
Federal Home Loan Bank
3.00% due 11/01/222	$	10,000,000		9,974,167
3.14% due 11/14/222		8,300,000		8,268,146
2.84% due 11/15/222		5,700,000		5,679,212
3.06% due 11/14/222		5,600,000		5,579,056
3.22% due 12/01/222		5,200,000		5,172,856
3.37% due 12/16/222		5,200,000		5,164,869
2.85% due 11/10/222		5,000,000		4,984,167
3.22% due 12/05/222		5,000,000		4,971,955
2.84% due 11/04/222		3,450,000		3,440,746
Freddie Mac
2.28% due 10/03/222		29,000,000		28,996,327
Total Federal Agency Discount Notes
(Cost $82,227,938)				82,231,501
U.S. TREASURY BILLS†† - 0.5%
U.S. Treasury Bills
2.70% due 11/08/222,3		349,000		348,055
1.34% due 10/04/222,4		160,000		159,989
Total U.S. Treasury Bills
(Cost $507,968)				508,044
REPURCHASE AGREEMENTS††,5 - 11.2%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224		6,381,252		6,381,252
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224		2,454,328		2,454,328
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224		2,381,682		2,381,682
Total Repurchase Agreements
(Cost $11,217,262)				11,217,262
Total Investments - 96.0%
(Cost $95,986,724)			$	95,976,857
Other Assets & Liabilities, net - 4.0%				4,029,617
Total Net Assets - 100.0%			$	100,006,474

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Sold Short†
NASDAQ-100 Index Mini Futures Contracts		23		Dec 2022	$	5,074,030	$	754,620

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 Sold Short††

BNP Paribas

NASDAQ-100 Index

Receive

3.33% (Federal Funds Rate + 0.25%)

At Maturity

11/17/22

5,644

$

61,922,745

$

6,111,122

Goldman Sachs International

NASDAQ-100 Index

Receive

3.33% (Federal Funds Rate + 0.25%)

At Maturity

11/17/22

2,187

23,997,028

2,854,121

Barclays Bank plc

NASDAQ-100 Index

Receive

3.31% (SOFR + 0.35%)

At Maturity

11/16/22

816

8,949,344

914,601

$

94,869,117

$

9,879,844

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 61

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
INVERSE NASDAQ-100® STRATEGY FUND

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at September 30, 2022.
4	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
5	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, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	2,020,050	$	—	$	—	$	2,020,050
Federal Agency Discount Notes		—		82,231,501		—		82,231,501
U.S. Treasury Bills		—		508,044		—		508,044
Repurchase Agreements		—		11,217,262		—		11,217,262
Equity Futures Contracts**		754,620		—		—		754,620
Equity Index Swap Agreements**		—		9,879,844		—		9,879,844
Total Assets	$	2,774,670	$	103,836,651	$	—	$	106,611,321

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
INVERSE NASDAQ-100® STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,212,754	$	—	$	—	$	—	$	(28,651	)	$	1,184,103		49,399	$	15,597
Guggenheim Ultra Short Duration Fund — Institutional Class		853,381		—		—		—		(17,434	)		835,947		87,169		8,649
	$	2,066,135	$	—	$	—	$	—	$	(46,085	)	$	2,020,050			$	24,246

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $82,735,906)	$	82,739,545
Investments in affiliated issuers, at value (cost $2,033,556)		2,020,050
Repurchase agreements, at value (cost $11,217,262)		11,217,262
Segregated cash with broker		832,000
Unrealized appreciation on OTC swap agreements		9,879,844
Receivables:
Fund shares sold		4,442,709
Variation margin on futures contracts		90,965
Dividends		6,290
Interest		918
Total assets		111,229,583
Liabilities:
Segregated cash due to broker		6,920,000
Payable for:
Fund shares redeemed		2,785,780
Swap settlement		1,402,074
Management fees		48,941
Transfer agent and administrative fees		17,251
Portfolio accounting/administration fees		4,222
Distribution and service fees		1,501
Trustees’ fees*		520
Miscellaneous		42,820
Total liabilities		11,223,109
Net assets	$	100,006,474
Net assets consist of:
Paid in capital	$	159,594,815
Total distributable earnings (loss)		(59,588,341	)
Net assets	$	100,006,474
Investor Class:
Net assets	$	94,438,281
Capital shares outstanding		3,383,020
Net asset value per share	$	27.92
A-Class:
Net assets	$	1,557,613
Capital shares outstanding		58,122
Net asset value per share	$	26.80
Maximum offering price per share (Net asset value divided by 95.25%)	$	28.14
C-Class:
Net assets	$	122,972
Capital shares outstanding		5,554
Net asset value per share	$	22.14
H-Class:
Net assets	$	3,887,608
Capital shares outstanding		147,276
Net asset value per share	$	26.40

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	24,246
Interest		306,729
Total investment income		330,975
Expenses:
Management fees		177,960
Distribution and service fees:
A-Class		1,625
C-Class		2,173
H-Class		4,841
Transfer agent and administrative fees		44,246
Portfolio accounting/administration fees		26,251
Interest expense		16,369
Professional fees		9,798
Custodian fees		2,838
Trustees’ fees*		2,077
Line of credit fees		196
Miscellaneous		28,497
Total expenses		316,871
Less:
Expenses reimbursed by Adviser		(4,100	)
Expenses waived by Adviser		(1,060	)
Total waived/reimbursed expenses		(5,160	)
Net expenses		311,711
Net investment income		19,264
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		9
Swap agreements		(993,885	)
Futures contracts		(699,462	)
Net realized loss		(1,693,338	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		7,854
Investments in affiliated issuers		(46,085	)
Swap agreements		10,549,221
Futures contracts		777,407
Net change in unrealized appreciation (depreciation)		11,288,397
Net realized and unrealized gain		9,595,059
Net increase in net assets resulting from operations	$	9,614,323

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

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

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	19,264		$	(281,270	)
Net realized loss on investments		(1,693,338	)		(12,065,512	)
Net change in unrealized appreciation (depreciation) on investments		11,288,397			(1,820,653	)
Net increase (decrease) in net assets resulting from operations		9,614,323			(14,167,435	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		251,441,689			256,389,834
A-Class		2,197,436			4,856,561
C-Class		143,183			940,381
H-Class		8,362,661			4,811,372
Cost of shares redeemed
Investor Class		(180,219,574	)		(253,810,120	)
A-Class		(2,889,447	)		(4,197,327	)
C-Class		(893,645	)		(265,042	)
H-Class		(7,810,661	)		(2,415,101	)
Net increase from capital share transactions		70,331,642			6,310,558
Net increase (decrease) in net assets		79,945,965			(7,856,877	)
Net assets:
Beginning of period		20,060,509			27,917,386
End of period	$	100,006,474		$	20,060,509
Capital share activity:
Shares sold
Investor Class		9,874,284			11,021,776
A-Class		92,835			221,643
C-Class		6,966			52,144
H-Class		346,500			225,001
Shares redeemed
Investor Class		(7,177,144	)		(11,330,224	)
A-Class		(124,991	)		(190,427	)
C-Class		(42,244	)		(14,793	)
H-Class		(324,016	)		(113,775	)
Net increase (decrease) in shares		2,652,190			(128,655	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 65

INVERSE NASDAQ-100^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	21.73		$	26.17		$	47.65		$	54.72		$	63.05		$	77.68
Income (loss) from investment operations:
Net investment income (loss)b		.02			(.28	)		(.40	)		.09			.56			.11
Net gain (loss) on investments (realized and unrealized)		6.17			(4.16	)		(21.05	)		(6.83	)		(8.89	)		(14.74	)
Total from investment operations		6.19			(4.44	)		(21.45	)		(6.74	)		(8.33	)		(14.63	)
Less distributions from:
Net investment income		—			—			(.03	)		(.33	)		—			—
Total distributions		—			—			(.03	)		(.33	)		—			—
Net asset value, end of period	$	27.92		$	21.73		$	26.17		$	47.65		$	54.72		$	63.05
Total Return		28.49	%		(16.97	%)		(45.03	%)		(12.32	%)		(13.21	%)		(18.83	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	94,438		$	14,902		$	26,018		$	59,321		$	6,473		$	5,474
Ratios to average net assets:
Net investment income (loss)		0.21	%		(1.22	%)		(1.28	%)		0.17	%		0.93	%		0.16	%
Total expensesc		1.52	%		1.46	%		1.54	%		1.57	%		1.56	%		1.46	%
Net expensesd		1.49	%		1.44	%		1.52	%		1.54	%		1.54	%		1.46	%
Portfolio turnover rate		—			23	%		37	%		37	%		38	%		—

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	20.88		$	25.22		$	46.04		$	53.01		$	61.24		$	75.63
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		(.31	)		(.45	)		.19			.41			(.08	)
Net gain (loss) on investments (realized and unrealized)		5.95			(4.03	)		(20.34	)		(6.83	)		(8.64	)		(14.31	)
Total from investment operations		5.92			(4.34	)		(20.79	)		(6.64	)		(8.23	)		(14.39	)
Less distributions from:
Net investment income		—			—			(.03	)		(.33	)		—			—
Total distributions		—			—			(.03	)		(.33	)		—			—
Net asset value, end of period	$	26.80		$	20.88		$	25.22		$	46.04		$	53.01		$	61.24
Total Returne		28.35	%		(17.21	%)		(45.17	%)		(12.53	%)		(13.44	%)		(19.03	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,558		$	1,885		$	1,489		$	523		$	835		$	1,037
Ratios to average net assets:
Net investment income (loss)		(0.18	%)		(1.41	%)		(1.51	%)		0.39	%		0.72	%		(0.12	%)
Total expensesc		1.76	%		1.70	%		1.78	%		1.81	%		1.81	%		1.72	%
Net expensesd		1.74	%		1.68	%		1.76	%		1.76	%		1.79	%		1.72	%
Portfolio turnover rate		—			23	%		37	%		37	%		38	%		—

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

INVERSE NASDAQ-100^® STRATEGY FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	17.31		$	21.07		$	38.76		$	45.03		$	52.43		$	65.23
Income (loss) from investment operations:
Net investment income (loss)b		(.17	)		(.38	)		(.60	)		(.17	)		(.06	)		(.48	)
Net gain (loss) on investments (realized and unrealized)		5.00			(3.38	)		(17.06	)		(5.77	)		(7.34	)		(12.32	)
Total from investment operations		4.83			(3.76	)		(17.66	)		(5.94	)		(7.40	)		(12.80	)
Less distributions from:
Net investment income		—			—			(.03	)		(.33	)		—			—
Total distributions		—			—			(.03	)		(.33	)		—			—
Net asset value, end of period	$	22.14		$	17.31		$	21.07		$	38.76		$	45.03		$	52.43
Total Returne		27.90	%		(17.85	%)		(45.58	%)		(13.19	%)		(14.11	%)		(19.62	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	123		$	707		$	73		$	234		$	128		$	881
Ratios to average net assets:
Net investment income (loss)		(1.66	%)		(2.16	%)		(2.26	%)		(0.41	%)		(0.13	%)		(0.84	%)
Total expensesc		2.53	%		2.45	%		2.55	%		2.57	%		2.53	%		2.46	%
Net expensesd		2.52	%		2.43	%		2.54	%		2.53	%		2.53	%		2.46	%
Portfolio turnover rate		—			23	%		37	%		37	%		38	%		—

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 67

INVERSE NASDAQ-100^® 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	20.57		$	24.83		$	45.36		$	52.24		$	60.37		$	74.56
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		(.32	)		(.46	)		(.02	)		.37			.07
Net gain (loss) on investments (realized and unrealized)		5.86			(3.94	)		(20.04	)		(6.53	)		(8.50	)		(14.26	)
Total from investment operations		5.83			(4.26	)		(20.50	)		(6.55	)		(8.13	)		(14.19	)
Less distributions from:
Net investment income		—			—			(.03	)		(.33	)		—			—
Total distributions		—			—			(.03	)		(.33	)		—			—
Net asset value, end of period	$	26.40		$	20.57		$	24.83		$	45.36		$	52.24		$	60.37
Total Return		28.34	%		(17.16	%)		(45.21	%)		(12.54	%)		(13.47	%)		(19.03	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,888		$	2,567		$	337		$	583		$	341		$	2,403
Ratios to average net assets:
Net investment income (loss)		(0.21	%)		(1.49	%)		(1.51	%)		(0.05	%)		0.63	%		0.11	%
Total expensesc		1.76	%		1.72	%		1.79	%		1.82	%		1.81	%		1.71	%
Net expensesd		1.74	%		1.71	%		1.78	%		1.79	%		1.79	%		1.71	%
Portfolio turnover rate		—			23	%		37	%		37	%		38	%		—

a	Unaudited figures for the period ended September 30, 2022. 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	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

MID-CAP 1.5x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark for mid-cap securities on a daily basis. The Fund’s current benchmark is 150% of the performance of the S&P MidCap 400^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	March 31, 2004
C-Class	August 20, 2001
H-Class	August 16, 2001

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Ultra Short Duration Fund — Institutional Class	8.4%
Guggenheim Strategy Fund II	2.3%
Carlisle Companies, Inc.	0.6%
Targa Resources Corp.	0.6%
First Solar, Inc.	0.5%
Wolfspeed, Inc.	0.5%
Steel Dynamics, Inc.	0.5%
First Horizon Corp.	0.5%
Hubbell, Inc.	0.5%
Alleghany Corp.	0.5%
Top Ten Total	14.9%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 69

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(27.19%)	(25.69%)	3.45%	11.06%
A-Class Shares with sales charge‡	(30.65%)	(29.22%)	2.44%	10.52%
C-Class Shares	(27.47%)	(26.25%)	2.67%	10.23%
C-Class Shares with CDSC§	(28.20%)	(26.85%)	2.67%	10.23%
H-Class Shares	(27.19%)	(25.69%)	3.44%	11.09%
S&P MidCap 400 Index	(17.50%)	(15.25%)	5.82%	10.04%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

70 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 78.3%
Financial - 18.8%
First Horizon Corp.		2,257	$	51,685
Alleghany Corp.*		57		47,844
East West Bancorp, Inc.		593		39,814
Life Storage, Inc. REIT		355		39,320
Rexford Industrial Realty, Inc. REIT		719		37,388
American Financial Group, Inc.		294		36,141
Cullen/Frost Bankers, Inc.		270		35,699
Reinsurance Group of America, Inc. — Class A		282		35,478
STORE Capital Corp. REIT		1,118		35,027
Webster Financial Corp.		740		33,448
Healthcare Realty Trust, Inc. REIT		1,600		33,360
Annaly Capital Management, Inc. REIT		1,799		30,871
Unum Group		791		30,691
Jones Lang LaSalle, Inc.*		202		30,516
Commerce Bancshares, Inc.		459		30,367
Lamar Advertising Co. — Class A REIT		366		30,191
Medical Properties Trust, Inc. REIT		2,519		29,875
National Retail Properties, Inc. REIT		745		29,696
Omega Healthcare Investors, Inc. REIT		985		29,048
Interactive Brokers Group, Inc. — Class A		433		27,673
EastGroup Properties, Inc. REIT		183		26,414
Pinnacle Financial Partners, Inc.		321		26,033
RenaissanceRe Holdings Ltd.		184		25,832
Prosperity Bancshares, Inc.		384		25,605
Old Republic International Corp.		1,208		25,283
Apartment Income REIT Corp.		648		25,026
Voya Financial, Inc.		412		24,926
First Industrial Realty Trust, Inc. REIT		555		24,870
Brixmor Property Group, Inc. REIT		1,260		23,272
Kinsale Capital Group, Inc.		91		23,243
Stifel Financial Corp.		446		23,152
Jefferies Financial Group, Inc.		782		23,069
Synovus Financial Corp.		611		22,919
Glacier Bancorp, Inc.		466		22,895
First Financial Bankshares, Inc.		546		22,839
Western Union Co.		1,622		21,897
SEI Investments Co.		433		21,238
Wintrust Financial Corp.		255		20,795
Spirit Realty Capital, Inc. REIT		573		20,720
Selective Insurance Group, Inc.		254		20,676
Old National Bancorp		1,232		20,291
United Bankshares, Inc.		566		20,235
First American Financial Corp.		438		20,192
Primerica, Inc.		158		19,505
Cadence Bank		767		19,490
Hanover Insurance Group, Inc.		150		19,221
Valley National Bancorp		1,767		19,084
Kilroy Realty Corp. REIT		442		18,613
Bank OZK		468		18,514
Rayonier, Inc. REIT		616		18,461
Home BancShares, Inc.		802		18,053
Affiliated Managers Group, Inc.		161		18,008
RLI Corp.		170		17,405
FNB Corp.		1,475		17,110
New York Community Bancorp, Inc.		1,961		16,727
Hancock Whitney Corp.		361		16,537
MGIC Investment Corp.		1,276		16,358
Kite Realty Group Trust REIT		922		15,877
Essent Group Ltd.		453		15,796
Independence Realty Trust, Inc. REIT		933		15,609
Umpqua Holdings Corp.		913		15,603
UMB Financial Corp.		183		15,425
National Storage Affiliates Trust REIT		359		14,927
Cousins Properties, Inc. REIT		637		14,874
SLM Corp.		1,057		14,787
Physicians Realty Trust REIT		952		14,318
PotlatchDeltic Corp. REIT		339		13,913
Douglas Emmett, Inc. REIT		739		13,250
Brighthouse Financial, Inc.*		302		13,113
Bank of Hawaii Corp.		169		12,864
Sabra Health Care REIT, Inc.		971		12,739
Associated Banc-Corp.		632		12,691
Evercore, Inc. — Class A		151		12,420
Texas Capital Bancshares, Inc.*		210		12,396
Cathay General Bancorp		313		12,038
Highwoods Properties, Inc. REIT		442		11,916
Federated Hermes, Inc. — Class B		356		11,791
Janus Henderson Group plc		557		11,313
EPR Properties REIT		315		11,296
PacWest Bancorp		495		11,187
Fulton Financial Corp.		704		11,123
Kemper Corp.		269		11,099
Corporate Office Properties Trust REIT		473		10,988
SL Green Realty Corp. REIT		270		10,843
Park Hotels & Resorts, Inc. REIT		946		10,652
International Bancshares Corp.		223		9,478
CNO Financial Group, Inc.		481		8,644
Washington Federal, Inc.		275		8,245
Pebblebrook Hotel Trust REIT		553		8,024
JBG SMITH Properties REIT		419		7,785
Macerich Co. REIT		903		7,170
Navient Corp.		465		6,831
Bread Financial Holdings, Inc.		210		6,604
Total Financial				1,906,269
Industrial - 15.6%
Carlisle Companies, Inc.		218		61,130
Hubbell, Inc.		226		50,398
Graco, Inc.		711		42,624
AECOM		587		40,133
Regal Rexnord Corp.		280		39,301
Builders FirstSource, Inc.*		656		38,652
Toro Co.		440		38,051
Jabil, Inc.		579		33,414
Knight-Swift Transportation Holdings, Inc.		676		33,077
Axon Enterprise, Inc.*		284		32,873
Owens Corning		405		31,837
Lincoln Electric Holdings, Inc.		244		30,676
Lennox International, Inc.		136		30,283
Cognex Corp.		729		30,217

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 71

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Middleby Corp.*		227	$	29,095
Tetra Tech, Inc.		224		28,791
Chart Industries, Inc.*		151		27,837
AptarGroup, Inc.		275		26,133
Donaldson Company, Inc.		520		25,485
AGCO Corp.		260		25,004
Arrow Electronics, Inc.*		270		24,891
Valmont Industries, Inc.		90		24,176
EMCOR Group, Inc.		208		24,020
MDU Resources Group, Inc.		855		23,384
Clean Harbors, Inc.*		212		23,316
Sonoco Products Co.		410		23,260
ITT, Inc.		348		22,738
TopBuild Corp.*		136		22,410
Curtiss-Wright Corp.		161		22,405
nVent Electric plc		700		22,127
Landstar System, Inc.		153		22,088
Acuity Brands, Inc.		138		21,731
XPO Logistics, Inc.*		484		21,548
Saia, Inc.*		111		21,090
National Instruments Corp.		556		20,983
Littelfuse, Inc.		104		20,664
Trex Company, Inc.*		464		20,388
Woodward, Inc.		253		20,306
Oshkosh Corp.		275		19,330
Coherent Corp.*		545		18,993
Hexcel Corp.		354		18,309
Crane Holdings Co.		201		17,596
Novanta, Inc.*		150		17,347
Universal Display Corp.		183		17,266
MSA Safety, Inc.		155		16,938
Eagle Materials, Inc.		158		16,934
Timken Co.		281		16,590
Stericycle, Inc.*		388		16,338
Ryder System, Inc.		215		16,230
Louisiana-Pacific Corp.		311		15,920
Kirby Corp.*		252		15,314
MasTec, Inc.*		240		15,240
Fluor Corp.*		598		14,884
Silgan Holdings, Inc.		352		14,798
Watts Water Technologies, Inc. — Class A		115		14,459
Avnet, Inc.		398		14,376
TD SYNNEX Corp.		177		14,371
Simpson Manufacturing Company, Inc.		182		14,269
Flowserve Corp.		550		13,365
GATX Corp.		148		12,602
Dycom Industries, Inc.*		124		11,846
Vontier Corp.		664		11,095
Belden, Inc.		183		10,984
EnerSys		171		9,947
Mercury Systems, Inc.*		243		9,866
Vishay Intertechnology, Inc.		550		9,785
Werner Enterprises, Inc.		248		9,325
Enovis Corp.*		200		9,214
Terex Corp.		285		8,476
Kennametal, Inc.		342		7,038
Energizer Holdings, Inc.		279		7,014
Greif, Inc. — Class A		112		6,672
Esab Corp.		192		6,405
Vicor Corp.*		94		5,559
Worthington Industries, Inc.		127		4,844
Total Industrial				1,576,075
Consumer, Non-cyclical - 13.4%
Darling Ingredients, Inc.*		674		44,585
Neurocrine Biosciences, Inc.*		402		42,696
Shockwave Medical, Inc.*		151		41,989
Paylocity Holding Corp.*		172		41,552
Repligen Corp.*		217		40,603
United Therapeutics Corp.*		191		39,991
Service Corporation International		663		38,282
Jazz Pharmaceuticals plc*		264		35,189
Penumbra, Inc.*		159		30,146
Acadia Healthcare Company, Inc.*		382		29,865
Masimo Corp.*		203		28,656
H&R Block, Inc.		671		28,544
Performance Food Group Co.*		652		28,003
Chemed Corp.		63		27,503
FTI Consulting, Inc.*		145		24,028
HealthEquity, Inc.*		355		23,845
WEX, Inc.*		186		23,611
Tenet Healthcare Corp.*		454		23,417
Halozyme Therapeutics, Inc.*		579		22,894
Envista Holdings Corp.*		687		22,540
Bruker Corp.		424		22,497
Ingredion, Inc.		276		22,224
LHC Group, Inc.*		130		21,276
Exelixis, Inc.*		1,354		21,231
Option Care Health, Inc.*		650		20,455
Syneos Health, Inc.*		432		20,369
Perrigo Company plc		566		20,184
Flowers Foods, Inc.		812		20,048
Globus Medical, Inc. — Class A*		324		19,301
ASGN, Inc.*		211		19,068
Encompass Health Corp.		420		18,997
Post Holdings, Inc.*		229		18,757
Avis Budget Group, Inc.*		121		17,964
GXO Logistics, Inc.*		498		17,460
Medpace Holdings, Inc.*		106		16,660
QuidelOrtho Corp.*		228		16,297
Omnicell, Inc.*		186		16,188
Haemonetics Corp.*		216		15,991
Celsius Holdings, Inc.*		169		15,325
Insperity, Inc.		150		15,314
Euronet Worldwide, Inc.*		198		15,000
Arrowhead Pharmaceuticals, Inc.*		445		14,707
Inari Medical, Inc.*		202		14,673
STAAR Surgical Co.*		202		14,251
ManpowerGroup, Inc.		218		14,102
Azenta, Inc.		316		13,544
Amedisys, Inc.*		136		13,163
Integra LifeSciences Holdings Corp.*		306		12,962
Boston Beer Company, Inc. — Class A*		40		12,946

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Tandem Diabetes Care, Inc.*		270	$	12,920
Neogen Corp.*		909		12,699
ICU Medical, Inc.*		84		12,650
Sprouts Farmers Market, Inc.*		452		12,543
Lancaster Colony Corp.		83		12,473
Grocery Outlet Holding Corp.*		371		12,351
BellRing Brands, Inc.*		570		11,748
Progyny, Inc.*		314		11,637
LivaNova plc*		225		11,423
Grand Canyon Education, Inc.*		134		11,021
R1 RCM, Inc.*		577		10,692
Helen of Troy Ltd.*		101		9,740
Brink’s Co.		199		9,640
NuVasive, Inc.*		219		9,594
Coty, Inc. — Class A*		1,518		9,594
Patterson Companies, Inc.		364		8,743
Graham Holdings Co. — Class B		16		8,608
Coca-Cola Consolidated, Inc.		19		7,823
Sabre Corp.*		1,380		7,107
John Wiley & Sons, Inc. — Class A		181		6,798
Pilgrim’s Pride Corp.*		191		4,397
Sotera Health Co.*		416		2,837
Total Consumer, Non-cyclical				1,355,931
Consumer, Cyclical - 11.4%
BJ’s Wholesale Club Holdings, Inc.*		569		41,429
Watsco, Inc.		140		36,044
Deckers Outdoor Corp.*		112		35,012
Williams-Sonoma, Inc.		289		34,059
Five Below, Inc.*		233		32,077
Casey’s General Stores, Inc.		157		31,796
Lear Corp.		250		29,923
Mattel, Inc.*		1,486		28,145
GameStop Corp. — Class A*,1		1,063		26,713
Churchill Downs, Inc.		140		25,781
Dick’s Sporting Goods, Inc.		239		25,009
Lithia Motors, Inc. — Class A		116		24,888
Murphy USA, Inc.		90		24,742
Texas Roadhouse, Inc. — Class A		281		24,520
Gentex Corp.		989		23,578
Wyndham Hotels & Resorts, Inc.		380		23,313
Polaris, Inc.		235		22,478
Capri Holdings Ltd.*		581		22,334
RH*		84		20,670
Brunswick Corp.		313		20,486
Marriott Vacations Worldwide Corp.		165		20,107
Harley-Davidson, Inc.		559		19,498
Toll Brothers, Inc.		450		18,900
Leggett & Platt, Inc.		558		18,537
Penn Entertainment, Inc.*		662		18,212
Skechers USA, Inc. — Class A*		567		17,985
IAA, Inc.*		563		17,932
Crocs, Inc.*		259		17,783
Macy’s, Inc.		1,134		17,770
Tempur Sealy International, Inc.		724		17,477
Light & Wonder, Inc. — Class A*		397		17,023
AutoNation, Inc.*		162		16,503
Boyd Gaming Corp.		342		16,296
Thor Industries, Inc.		229		16,025
Univar Solutions, Inc.*		701		15,941
Wingstop, Inc.		126		15,803
MSC Industrial Direct Company, Inc. — Class A		199		14,489
Fox Factory Holding Corp.*		178		14,076
Kohl’s Corp.		540		13,581
Wendy’s Co.		716		13,382
Choice Hotels International, Inc.		122		13,362
Ollie’s Bargain Outlet Holdings, Inc.*		244		12,590
PVH Corp.		280		12,544
Visteon Corp.*		118		12,515
Travel + Leisure Co.		353		12,044
Goodyear Tire & Rubber Co.*		1,189		11,997
FirstCash Holdings, Inc.		160		11,736
Topgolf Callaway Brands Corp.*		582		11,209
Taylor Morrison Home Corp. — Class A*		478		11,147
Adient plc*		399		11,072
Carter’s, Inc.		164		10,747
Foot Locker, Inc.		338		10,522
YETI Holdings, Inc.*		362		10,324
Hanesbrands, Inc.		1,468		10,217
Victoria’s Secret & Co.*		349		10,163
Columbia Sportswear Co.		149		10,028
Papa John’s International, Inc.		135		9,451
KB Home		355		9,202
JetBlue Airways Corp.*		1,362		9,030
Cracker Barrel Old Country Store, Inc.		96		8,888
Nordstrom, Inc.		473		7,913
Gap, Inc.		898		7,372
Scotts Miracle-Gro Co. — Class A		170		7,267
Nu Skin Enterprises, Inc. — Class A		212		7,074
Dana, Inc.		537		6,138
Under Armour, Inc. — Class A*		794		5,280
Under Armour, Inc. — Class C*		839		5,001
MillerKnoll, Inc.		319		4,976
Total Consumer, Cyclical				1,160,126
Technology - 6.1%
Wolfspeed, Inc.*		520		53,747
Fair Isaac Corp.*		106		43,673
Manhattan Associates, Inc.*		264		35,120
Genpact Ltd.		710		31,077
Dynatrace, Inc.*		840		29,240
Aspen Technology, Inc.*		122		29,060
Lattice Semiconductor Corp.*		578		28,443
CACI International, Inc. — Class A*		98		25,584
KBR, Inc.		585		25,284
Science Applications International Corp.		234		20,693
ExlService Holdings, Inc.*		140		20,630
Qualys, Inc.*		147		20,490
Concentrix Corp.		179		19,982
Lumentum Holdings, Inc.*		290		19,885
MKS Instruments, Inc.		240		19,834
Silicon Laboratories, Inc.*		144		17,775
Synaptics, Inc.*		167		16,535

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 73

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Cirrus Logic, Inc.*		235	$	16,168
Power Integrations, Inc.		240		15,437
Maximus, Inc.		255		14,757
Teradata Corp.*		432		13,418
IPG Photonics Corp.*		139		11,725
MACOM Technology Solutions Holdings, Inc.*		215		11,135
NCR Corp.*		576		10,950
Envestnet, Inc.*		232		10,301
ACI Worldwide, Inc.*		480		10,032
CommVault Systems, Inc.*		188		9,972
Blackbaud, Inc.*		187		8,239
Semtech Corp.*		267		7,852
Amkor Technology, Inc.		422		7,195
Kyndryl Holdings, Inc.*		857		7,087
Xerox Holdings Corp.		471		6,161
SiTime Corp.*		67		5,275
Total Technology				622,756
Energy - 4.0%
Targa Resources Corp.		953		57,504
First Solar, Inc.*		417		55,157
HF Sinclair Corp.		611		32,896
Southwestern Energy Co.*		4,686		28,678
NOV, Inc.		1,652		26,729
Range Resources Corp.		1,042		26,321
Sunrun, Inc.*		892		24,610
PDC Energy, Inc.		405		23,405
Matador Resources Co.		472		23,090
Murphy Oil Corp.		615		21,630
DT Midstream, Inc.		407		21,119
ChampionX Corp.		853		16,693
Equitrans Midstream Corp.		1,819		13,606
Antero Midstream Corp.		1,409		12,935
CNX Resources Corp.*		797		12,378
SunPower Corp. — Class A*		359		8,271
Total Energy				405,022
Basic Materials - 4.0%
Steel Dynamics, Inc.		730		51,794
RPM International, Inc.		543		45,237
Reliance Steel & Aluminum Co.		254		44,300
Cleveland-Cliffs, Inc.*		2,175		29,297
Royal Gold, Inc.		276		25,894
Alcoa Corp.		757		25,481
Olin Corp.		568		24,356
Ashland, Inc.		209		19,849
Valvoline, Inc.		745		18,878
United States Steel Corp.		998		18,084
Commercial Metals Co.		507		17,988
Chemours Co.		652		16,072
Cabot Corp.		237		15,142
Sensient Technologies Corp.		177		12,273
Avient Corp.		360		10,908
MP Materials Corp.*		387		10,565
Ingevity Corp.*		150		9,095
NewMarket Corp.		29		8,724
Total Basic Materials				403,937
Utilities - 3.1%
Essential Utilities, Inc.		1,003		41,504
OGE Energy Corp.		842		30,699
UGI Corp.		881		28,483
National Fuel Gas Co.		385		23,697
IDACORP, Inc.		213		21,089
Black Hills Corp.		274		18,558
Southwest Gas Holdings, Inc.		259		18,065
PNM Resources, Inc.		361		16,509
Portland General Electric Co.		375		16,297
Ormat Technologies, Inc.		188		16,206
ONE Gas, Inc.		228		16,049
Hawaiian Electric Industries, Inc.		460		15,944
New Jersey Resources Corp.		405		15,673
Spire, Inc.		221		13,775
ALLETE, Inc.		240		12,012
NorthWestern Corp.		236		11,630
Total Utilities				316,190
Communications - 1.9%
Ciena Corp.*		630		25,471
Iridium Communications, Inc.*		534		23,694
Frontier Communications Parent, Inc.*		941		22,048
New York Times Co. — Class A		696		20,010
TEGNA, Inc.		938		19,398
Cable One, Inc.		21		17,914
Calix, Inc.*		239		14,612
Ziff Davis, Inc.*		198		13,559
World Wrestling Entertainment, Inc. — Class A		182		12,771
TripAdvisor, Inc.*		438		9,671
Viasat, Inc.*		318		9,613
Total Communications				188,761
Total Common Stocks
(Cost $8,641,760)				7,935,067
MUTUAL FUNDS† - 10.8%
Guggenheim Ultra Short Duration Fund — Institutional Class2		88,750		851,117
Guggenheim Strategy Fund II2		9,844		235,951
Total Mutual Funds
(Cost $1,123,598)				1,087,068
	Face Amount
U.S. TREASURY BILLS†† - 8.2%
U.S. Treasury Bills
1.34% due 10/04/223	$	750,000		749,950
2.70% due 11/08/223,4		82,000		81,778
Total U.S. Treasury Bills
(Cost $831,675)				831,728

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
MID-CAP 1.5x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,5 - 13.4%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/226	$	773,780	$	773,780
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/226		297,607		297,607
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/226		288,799		288,799
Total Repurchase Agreements
(Cost $1,360,186)			$	1,360,186

	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.2%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%8		20,722		20,722
Total Securities Lending Collateral
(Cost $20,722)				20,722
Total Investments - 110.9%
(Cost $11,977,941)			$	11,234,771
Other Assets & Liabilities, net - (10.9)%				(1,100,389	)
Total Net Assets - 100.0%			$	10,134,382

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P MidCap 400 Index Mini Futures Contracts		5		Dec 2022	$	1,103,900	$	(148,907	)

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††

Goldman Sachs International

S&P MidCap 400 Index

Pay

3.48% (Federal Funds Rate + 0.40%)

At Maturity

11/17/22

1,079

$

2,377,325

$

(58,678

)

BNP Paribas

S&P MidCap 400 Index

Pay

3.53% (Federal Funds Rate + 0.45%)

At Maturity

11/17/22

263

580,584

(116,016

)

Barclays Bank plc

S&P MidCap 400 Index

Pay

3.31% (SOFR + 0.35%)

At Maturity

11/16/22

1,448

3,190,566

(577,320

)

$

6,148,475

$

(752,014

)

*	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 on loan at September 30, 2022 — See Note 7.
2	Affiliated issuer.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at September 30, 2022.
5	Repurchase Agreements — See Note 6.
6	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of September 30, 2022.
	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 REPORT | 75

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
MID-CAP 1.5x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,935,067	$	—	$	—	$	7,935,067
Mutual Funds		1,087,068		—		—		1,087,068
U.S. Treasury Bills		—		831,728		—		831,728
Repurchase Agreements		—		1,360,186		—		1,360,186
Securities Lending Collateral		20,722		—		—		20,722
Total Assets	$	9,042,857	$	2,191,914	$	—	$	11,234,771

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	148,907	$	—	$	—	$	148,907
Equity Index Swap Agreements**		—		752,014		—		752,014
Total Liabilities	$	148,907	$	752,014	$	—	$	900,921

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	241,661	$	—	$	—	$	—	$	(5,710	)	$	235,951		9,844	$	3,108
Guggenheim Ultra Short Duration Fund — Institutional Class		868,866		—		—		—		(17,749	)		851,117		88,750		8,806
	$	1,110,527	$	—	$	—	$	—	$	(23,459	)	$	1,087,068			$	11,914

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

MID-CAP 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value - including $20,029 of securities loaned (cost $9,494,157)	$	8,787,517
Investments in affiliated issuers, at value (cost $1,123,598)		1,087,068
Repurchase agreements, at value (cost $1,360,186)		1,360,186
Cash		69
Segregated cash with broker		424,000
Receivables:
Fund shares sold		105,459
Securities sold		69,694
Dividends		13,451
Interest		111
Securities lending income		104
Total assets		11,847,659
Liabilities:
Unrealized depreciation on OTC swap agreements		752,014
Payable for:
Swap settlement		860,630
Securities purchased		42,686
Return of securities lending collateral		20,722
Variation margin on futures contracts		8,700
Management fees		8,516
Transfer agent and administrative fees		3,932
Distribution and service fees		2,522
Fund shares redeemed		2,353
Portfolio accounting/administration fees		427
Trustees’ fees*		175
Miscellaneous		10,600
Total liabilities		1,713,277
Net assets	$	10,134,382
Net assets consist of:
Paid in capital	$	13,762,243
Total distributable earnings (loss)		(3,627,861	)
Net assets	$	10,134,382
A-Class:
Net assets	$	2,698,455
Capital shares outstanding		32,075
Net asset value per share	$	84.13
Maximum offering price per share (Net asset value divided by 95.25%)	$	88.33
C-Class:
Net assets	$	154,706
Capital shares outstanding		2,253
Net asset value per share	$	68.67
H-Class:
Net assets	$	7,281,221
Capital shares outstanding		86,156
Net asset value per share	$	84.51

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of unaffiliated issuers	$	79,741
Dividends from securities of affiliated issuers		11,914
Interest		19,652
Income from securities lending, net		1,755
Total investment income		113,062
Expenses:
Management fees		59,034
Distribution and service fees:
A-Class		4,430
C-Class		934
H-Class		11,735
Transfer agent and administrative fees		15,656
Portfolio accounting/administration fees		8,167
Professional fees		2,724
Trustees’ fees*		1,080
Custodian fees		958
Interest expense		150
Miscellaneous		7,284
Total expenses		112,152
Less:
Expenses reimbursed by Adviser:		(1,046	)
Expenses waived by Adviser		(1,079	)
Total waived expenses		(2,125	)
Net expenses		110,027
Net investment income		3,035
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(415,430	)
Swap agreements		(1,045,577	)
Futures contracts		(39,833	)
Net realized loss		(1,500,840	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(1,559,999	)
Investments in affiliated issuers		(23,459	)
Swap agreements		(866,043	)
Futures contracts		(208,418	)
Net change in unrealized appreciation (depreciation)		(2,657,919	)
Net realized and unrealized loss		(4,158,759	)
Net decrease in net assets resulting from operations	$	(4,155,724	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 77

MID-CAP 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	3,035		$	(96,969	)
Net realized gain (loss) on investments		(1,500,840	)		2,368,791
Net change in unrealized appreciation (depreciation) on investments		(2,657,919	)		(2,327,154	)
Net decrease in net assets resulting from operations		(4,155,724	)		(55,332	)
Distributions to shareholders:
A-Class		—			(726,986	)
C-Class		—			(50,174	)
H-Class		—			(1,524,994	)
Total distributions to shareholders		—			(2,302,154	)
Capital share transactions:
Proceeds from sale of shares
A-Class		525,966			1,340,606
C-Class		1,950			27,769
H-Class		12,069,093			54,280,706
Distributions reinvested
A-Class		—			721,957
C-Class		—			46,932
H-Class		—			1,493,574
Cost of shares redeemed
A-Class		(757,691	)		(1,758,868	)
C-Class		(16,976	)		(469,086	)
H-Class		(12,106,354	)		(55,830,752	)
Net decrease from capital share transactions		(284,012	)		(147,162	)
Net decrease in net assets		(4,439,736	)		(2,504,648	)
Net assets:
Beginning of period		14,574,118			17,078,766
End of period	$	10,134,382		$	14,574,118
Capital share activity:
Shares sold
A-Class		5,671			9,355
C-Class		24			234
H-Class		119,506			416,343
Shares issued from reinvestment of distributions
A-Class		—			5,927
C-Class		—			469
H-Class		—			12,206
Shares redeemed
A-Class		(8,361	)		(13,390	)
C-Class		(207	)		(4,067	)
H-Class		(122,319	)		(430,872	)
Net decrease in shares		(5,686	)		(3,795	)

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

MID-CAP 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	115.54		$	131.92		$	56.02		$	89.82		$	90.38		$	79.90
Income (loss) from investment operations:
Net investment income (loss)b		.03			(.72	)		(.68	)		.37			.58			.15
Net gain (loss) on investments (realized and unrealized)		(31.44	)		6.46			77.00			(33.98	)		(.73	)		10.83
Total from investment operations		(31.41	)		5.74			76.32			(33.61	)		(.15	)		10.98
Less distributions from:
Net investment income		—			—			(.42	)		(.19	)		(.11	)		—
Net realized gains		—			(22.12	)		—			—			(.30	)		(.50	)
Total distributions		—			(22.12	)		(.42	)		(.19	)		(.41	)		(.50	)
Net asset value, end of period	$	84.13		$	115.54		$	131.92		$	56.02		$	89.82		$	90.38
Total Returnc		(27.19	%)		3.49	%		136.41	%		(37.52	%)		(0.11	%)		13.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,698		$	4,017		$	4,337		$	1,950		$	3,469		$	2,382
Ratios to average net assets:
Net investment income (loss)		0.06	%		(0.54	%)		(0.75	%)		0.40	%		0.64	%		0.17	%
Total expensesd		1.70	%		1.66	%		1.75	%		1.77	%		1.77	%		1.67	%
Net expensese		1.66	%		1.65	%		1.72	%		1.72	%		1.75	%		1.67	%
Portfolio turnover rate		11	%		159	%		501	%		617	%		721	%		722	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	94.68		$	112.55		$	48.18		$	77.86		$	78.99		$	70.42
Income (loss) from investment operations:
Net investment income (loss)b		(.29	)		(1.48	)		(1.12	)		(.27	)		(.09	)		(.51	)
Net gain (loss) on investments (realized and unrealized)		(25.72	)		5.73			65.91			(29.22	)		(.63	)		9.58
Total from investment operations		(26.01	)		4.25			64.79			(29.49	)		(.72	)		9.07
Less distributions from:
Net investment income		—			—			(.42	)		(.19	)		(.11	)		—
Net realized gains		—			(22.12	)		—			—			(.30	)		(.50	)
Total distributions		—			(22.12	)		(.42	)		(.19	)		(.41	)		(.50	)
Net asset value, end of period	$	68.67		$	94.68		$	112.55		$	48.18		$	77.86		$	78.99
Total Returnc		(27.47	%)		2.71	%		134.67	%		(37.98	%)		(0.86	%)		12.89	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	155		$	231		$	653		$	1,933		$	3,722		$	5,875
Ratios to average net assets:
Net investment income (loss)		(0.71	%)		(1.31	%)		(1.59	%)		(0.34	%)		(0.12	%)		(0.68	%)
Total expensesd		2.45	%		2.41	%		2.52	%		2.52	%		2.51	%		2.43	%
Net expensese		2.42	%		2.39	%		2.50	%		2.47	%		2.50	%		2.43	%
Portfolio turnover rate		11	%		159	%		501	%		617	%		721	%		722	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 79

MID-CAP 1.5x 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	116.07		$	132.43		$	56.24		$	90.18		$	90.82		$	80.23
Income (loss) from investment operations:
Net investment income (loss)b		.03			(.76	)		(.60	)		.27			.42			.35
Net gain (loss) on investments (realized and unrealized)		(31.59	)		6.52			77.21			(34.02	)		(.65	)		10.74
Total from investment operations		(31.56	)		5.76			76.61			(33.75	)		(.23	)		11.09
Less distributions from:
Net investment income		—			—			(.42	)		(.19	)		(.11	)		—
Net realized gains		—			(22.12	)		—			—			(.30	)		(.50	)
Total distributions		—			(22.12	)		(.42	)		(.19	)		(.41	)		(.50	)
Net asset value, end of period	$	84.51		$	116.07		$	132.43		$	56.24		$	90.18		$	90.82
Total Return		(27.19	%)		3.49	%		136.39	%		(37.52	%)		(0.21	%)		13.82	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,281		$	10,327		$	12,089		$	4,054		$	14,017		$	13,956
Ratios to average net assets:
Net investment income (loss)		0.06	%		(0.57	%)		(0.64	%)		0.28	%		0.49	%		0.39	%
Total expensesd		1.70	%		1.66	%		1.74	%		1.79	%		1.78	%		1.66	%
Net expensese		1.67	%		1.65	%		1.72	%		1.77	%		1.77	%		1.66	%
Portfolio turnover rate		11	%		159	%		501	%		617	%		721	%		722	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

INVERSE MID-CAP STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the S&P MidCap 400^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	March 31, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

The Fund invests principally in derivative investments such as swap agreements and futures contracts.

Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund II	6.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.7%
Total	11.9%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 81

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	17.75%	10.46%	(10.27%)	(12.67%)
A-Class Shares with sales charge‡	12.16%	5.21%	(11.14%)	(13.10%)
C-Class Shares	17.58%	10.06%	(10.82%)	(13.28%)
C-Class Shares with CDSC§	16.58%	9.06%	(10.82%)	(13.28%)
H-Class Shares	17.70%	10.47%	(10.25%)	(12.66%)
S&P MidCap 400 Index	(17.50%)	(15.25%)	5.82%	10.04%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

82 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
INVERSE MID-CAP STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 11.9%
Guggenheim Strategy Fund II1		2,020	$	48,419
Guggenheim Ultra Short Duration Fund — Institutional Class1		4,630		44,402
Total Mutual Funds
(Cost $95,671)				92,821
	Face Amount
U.S. TREASURY BILLS†† - 1.8%
U.S. Treasury Bills
2.70% due 11/08/222,3	$	14,000		13,962
Total U.S. Treasury Bills
(Cost $13,959)				13,962
REPURCHASE AGREEMENTS††,4 - 162.3%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/225		720,142		720,142
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/225		276,978		276,978
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/225		268,780		268,780
Total Repurchase Agreements
(Cost $1,265,900)				1,265,900
Total Investments - 176.0%
(Cost $1,375,530)			$	1,372,683
Other Assets & Liabilities, net - (76.0)%				(592,620	)
Total Net Assets - 100.0%			$	780,063

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Sold Short†
S&P MidCap 400 Index Mini Futures Contracts		1		Dec 2022	$	220,780	$	29,779

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 Sold Short††

Goldman Sachs International

S&P MidCap 400 Index

Receive

3.18% (Federal Funds Rate + 0.10%)

At Maturity

11/17/22

188

$

414,366

$

62,339

Barclays Bank plc

S&P MidCap 400 Index

Receive

3.16% (SOFR + 0.20%)

At Maturity

11/16/22

41

89,372

16,171

BNP Paribas

S&P MidCap 400 Index

Receive

3.13% (Federal Funds Rate + 0.05%)

At Maturity

11/17/22

23

51,599

10,312

$

555,337

$

88,822

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	All or a portion of this security is pledged as futures collateral at September 30, 2022.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
	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 REPORT | 83

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
INVERSE MID-CAP STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	92,821	$	—	$	—	$	92,821
U.S. Treasury Bills		—		13,962		—		13,962
Repurchase Agreements		—		1,265,900		—		1,265,900
Equity Futures Contracts**		29,779		—		—		29,779
Equity Index Swap Agreements**		—		88,822		—		88,822
Total Assets	$	122,600	$	1,368,684	$	—	$	1,491,284

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	49,591	$	—	$	—	$	—	$	(1,172	)	$	48,419		2,020	$	638
Guggenheim Ultra Short Duration Fund — Institutional Class		45,328		—		—		—		(926	)		44,402		4,630		459
	$	94,919	$	—	$	—	$	—	$	(2,098	)	$	92,821			$	1,097

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

INVERSE MID-CAP STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $13,959)	$	13,962
Investments in affiliated issuers, at value (cost $95,671)		92,821
Repurchase agreements, at value (cost $1,265,900)		1,265,900
Segregated cash with broker		20,000
Unrealized appreciation on OTC swap agreements		88,822
Receivables:
Fund shares sold		20,000
Variation margin on futures contracts		1,740
Dividends		290
Interest		104
Total assets		1,503,639
Liabilities:
Payable for:
Swap settlement		454,106
Fund shares redeemed		266,855
Management fees		678
Transfer agent and administrative fees		654
Distribution and service fees		191
Trustees’ fees*		19
Miscellaneous		1,073
Total liabilities		723,576
Net assets	$	780,063
Net assets consist of:
Paid in capital	$	6,959,117
Total distributable earnings (loss)		(6,179,054	)
Net assets	$	780,063
A-Class:
Net assets	$	83,762
Capital shares outstanding		1,236
Net asset value per share	$	67.79
Maximum offering price per share (Net asset value divided by 95.25%)	$	71.17
C-Class:
Net assets	$	146
Capital shares outstanding		2
Net asset value per share	$	58.86
H-Class:
Net assets	$	696,155
Capital shares outstanding		10,265
Net asset value per share	$	67.82

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	1,097
Interest		13,210
Total investment income		14,307
Expenses:
Management fees		6,337
Distribution and service fees:
A-Class		91
C-Class		22
H-Class		1,664
Transfer agent and administrative fees		1,446
Portfolio accounting/administration fees		1,011
Professional fees		257
Custodian fees		94
Trustees’ fees*		37
Miscellaneous		969
Total expenses		11,928
Less:
Expenses reimbursed by Adviser:		(131	)
Expenses waived by Adviser		(56	)
Total waived expenses		(187	)
Net expenses		11,741
Net investment income		2,566
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(450,479	)
Futures contracts		(19,063	)
Net realized loss		(469,542	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		3
Investments in affiliated issuers		(2,098	)
Swap agreements		94,395
Futures contracts		29,779
Net change in unrealized appreciation (depreciation)		122,079
Net realized and unrealized loss		(347,463	)
Net decrease in net assets resulting from operations	$	(344,897	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 85

INVERSE MID-CAP STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	2,566		$	(9,129	)
Net realized loss on investments		(469,542	)		(76,715	)
Net change in unrealized appreciation (depreciation) on investments		122,079			1,104
Net decrease in net assets resulting from operations		(344,897	)		(84,740	)
Capital share transactions:
Proceeds from sale of shares
A-Class		16,619			57,437
C-Class		34,650			200
H-Class		5,296,156			3,103,693
Cost of shares redeemed
A-Class		(5,100	)		(86,400	)
C-Class		(32,762	)		(3,081	)
H-Class		(4,536,698	)		(3,516,728	)
Net increase (decrease) from capital share transactions		772,865			(444,879	)
Net increase (decrease) in net assets		427,968			(529,619	)
Net assets:
Beginning of period		352,095			881,714
End of period	$	780,063		$	352,095
Capital share activity:
Shares sold
A-Class		263			947
C-Class		581			4
H-Class		82,306			52,122
Shares redeemed
A-Class		(87	)		(1,454	)
C-Class		(581	)		(64	)
H-Class		(77,091	)		(59,304	)
Net increase (decrease) in shares		5,391			(7,749	)

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

INVERSE MID-CAP STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020j			Year Ended March 31, 2019j			Year Ended March 29, 2018j
Per Share Data
Net asset value, beginning of period	$	57.57		$	63.60		$	127.90		$	109.10		$	111.55		$	124.57
Income (loss) from investment operations:
Net investment income (loss)b		.07			(.75	)		(.45	)		.75			.65			(.55	)
Net gain (loss) on investments (realized and unrealized)		10.15	f		(5.28	)		(63.36	)		18.85	f		(3.10	)		(12.47	)
Total from investment operations		10.22			(6.03	)		(63.81	)		19.60			(2.45	)		(13.02	)
Less distributions from:
Net investment income		—			—			(.49	)		(.80	)		—			—
Total distributions		—			—			(.49	)		(.80	)		—			—
Net asset value, end of period	$	67.79		$	57.57		$	63.60		$	127.90		$	109.10		$	111.55
Total Returnc		17.75	%		(9.48	%)		(49.94	%)		18.13	%		(2.20	%)		(10.47	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	84		$	61		$	100		$	60		$	133		$	156
Ratios to average net assets:
Net investment income (loss)		0.22	%		(1.25	%)		(1.29	%)		0.68	%		0.60	%		(0.49	%)
Total expensesd		1.69	%		1.66	%		1.76	%		1.77	%		1.77	%		1.68	%
Net expensese		1.66	%		1.63	%		1.73	%		1.70	%		1.75	%		1.68	%
Portfolio turnover rate		—			24	%		42	%		—			48	%		37	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020j			Year Ended March 31, 2019j			Year Ended March 29, 2018j
Per Share Data
Net asset value, beginning of period	$	50.06		$	55.65		$	112.07		$	97.04		$	99.70		$	112.28
Income (loss) from investment operations:
Net investment income (loss)b		(.29	)		(1.10	)		(.83	)		—	g		(.30	)		(1.40	)
Net gain (loss) on investments (realized and unrealized)		9.09	f		(4.49	)		(55.10	)		15.83	f		(2.36	)		(11.18	)
Total from investment operations		8.80			(5.59	)		(55.93	)		15.83			(2.66	)		(12.58	)
Less distributions from:
Net investment income		—			—			(.49	)		(.80	)		—			—
Total distributions		—			—			(.49	)		(.80	)		—			—
Net asset value, end of period	$	58.86		$	50.06		$	55.65		$	112.07		$	97.04		$	99.70
Total Returnc		17.58	%		(10.04	%)		(50.08	%)		16.78	%		(2.71	%)		(11.22	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	—	h	$	—	h	$	3		$	—	h	$	—	h	$	2
Ratios to average net assets:
Net investment income (loss)		(1.01	%)		(2.11	%)		(1.95	%)		0.00%	%i		(0.33	%)		(1.30	%)
Total expensesd		2.42	%		2.39	%		2.49	%		2.63	%		2.47	%		2.44	%
Net expensese		2.42	%		2.39	%		2.46	%		2.63	%		2.47	%		2.44	%
Portfolio turnover rate		—			24	%		42	%		—			48	%		37	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 87

INVERSE MID-CAP 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020j			Year Ended March 31, 2019j			Year Ended March 29, 2018j
Per Share Data
Net asset value, beginning of period	$	57.62		$	63.65		$	128.00		$	109.20		$	111.46		$	124.52
Income (loss) from investment operations:
Net investment income (loss)b		.12			(.84	)		(.42	)		.70			.65			(.45	)
Net gain (loss) on investments (realized and unrealized)		10.08	f		(5.19	)		(63.44	)		18.90	f		(2.91	)		(12.61	)
Total from investment operations		10.20			(6.03	)		(63.86	)		19.60			(2.26	)		(13.06	)
Less distributions from:
Net investment income		—			—			(.49	)		(.80	)		—			—
Total distributions		—			—			(.49	)		(.80	)		—			—
Net asset value, end of period	$	67.82		$	57.62		$	63.65		$	128.00		$	109.20		$	111.46
Total Return		17.70	%		(9.47	%)		(49.94	%)		18.11	%		(2.02	%)		(10.48	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	696		$	291		$	779		$	1,488		$	769		$	509
Ratios to average net assets:
Net investment income (loss)		0.38	%		(1.40	%)		(1.38	%)		0.65	%		0.61	%		(0.39	%)
Total expensesd		1.69	%		1.66	%		1.77	%		1.78	%		1.77	%		1.68	%
Net expensese		1.67	%		1.64	%		1.75	%		1.70	%		1.75	%		1.68	%
Portfolio turnover rate		—			24	%		42	%		—			48	%		37	%

a	Unaudited figures for the period ended September 30, 2022. 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.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
g	Less than $0.01 per share.
h	Less than $1,000 in Net Assets.
i	Less than 0.01%
j	Reverse share split — Per share amounts for the years presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

RUSSELL 2000^® 1.5x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark for small-cap securities on a daily basis. The Fund’s current benchmark is 150% of the performance of the Russell 2000^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	March 31, 2004
C-Class	January 23, 2001
H-Class	November 1, 2000

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Ultra Short Duration Fund — Institutional Class	10.7%
Guggenheim Strategy Fund II	8.9%
Shockwave Medical, Inc.	0.3%
Biohaven Pharmaceutical Holding Company Ltd.	0.3%
Chart Industries, Inc.	0.2%
Karuna Therapeutics, Inc.	0.2%
Apellis Pharmaceuticals, Inc.	0.2%
SouthState Corp.	0.2%
RBC Bearings, Inc.	0.2%
Murphy USA, Inc.	0.2%
Top Ten Total	21.4%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 89

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(29.36%)	(36.60%)	0.24%	8.78%
A-Class Shares with sales charge‡	(32.72%)	(39.61%)	(0.73%)	8.26%
C-Class Shares	(29.58%)	(37.08%)	(0.51%)	7.97%
C-Class Shares with CDSC§	(30.28%)	(37.43%)	(0.51%)	7.97%
H-Class Shares	(29.36%)	(36.60%)	0.21%	8.76%
Russell 2000 Index	(19.01%)	(23.50%)	3.55%	10.11%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

90 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 67.7%
Consumer, Non-cyclical - 17.3%
Shockwave Medical, Inc.*		76	$	21,133
Biohaven Pharmaceutical Holding Company Ltd.*		134		20,257
Karuna Therapeutics, Inc.*		63		14,171
Apellis Pharmaceuticals, Inc.*		200		13,660
HealthEquity, Inc.*		178		11,956
Halozyme Therapeutics, Inc.*		291		11,506
Inspire Medical Systems, Inc.*		60		10,642
Celsius Holdings, Inc.*		117		10,610
LHC Group, Inc.*		64		10,474
Option Care Health, Inc.*		332		10,448
Lantheus Holdings, Inc.*		146		10,268
AMN Healthcare Services, Inc.*		92		9,748
ASGN, Inc.*		105		9,489
Global Blood Therapeutics, Inc.*		138		9,398
Ensign Group, Inc.		115		9,143
Intra-Cellular Therapies, Inc.*		196		9,120
Intellia Therapeutics, Inc.*		162		9,066
Cytokinetics, Inc.*		176		8,527
Medpace Holdings, Inc.*		54		8,487
Blueprint Medicines Corp.*		128		8,434
Omnicell, Inc.*		94		8,181
Haemonetics Corp.*		109		8,069
iRhythm Technologies, Inc.*		64		8,018
Insperity, Inc.		78		7,963
Alkermes plc*		350		7,816
PTC Therapeutics, Inc.*		151		7,580
Inari Medical, Inc.*		103		7,482
Axonics, Inc.*		105		7,396
Arrowhead Pharmaceuticals, Inc.*		221		7,304
STAAR Surgical Co.*		103		7,267
Triton International Ltd.		131		7,170
ChemoCentryx, Inc.*		135		6,974
Merit Medical Systems, Inc.*		120		6,781
Hostess Brands, Inc.*		291		6,763
Alarm.com Holdings, Inc.*		103		6,681
Beam Therapeutics, Inc.*		136		6,479
Denali Therapeutics, Inc.*		211		6,476
Sprouts Farmers Market, Inc.*		230		6,382
Lancaster Colony Corp.		42		6,312
Simply Good Foods Co.*		193		6,174
Amicus Therapeutics, Inc.*		591		6,170
R1 RCM, Inc.*		321		5,948
Progyny, Inc.*		160		5,930
API Group Corp.*		444		5,892
LivaNova plc*		115		5,839
BellRing Brands, Inc.*		283		5,833
Herc Holdings, Inc.		55		5,713
TriNet Group, Inc.*		80		5,698
StoneCo Ltd. — Class A*		594		5,661
Chegg, Inc.*		267		5,626
Insmed, Inc.*		256		5,514
ABM Industries, Inc.		144		5,505
Korn Ferry		115		5,399
Alight, Inc. — Class A*		728		5,336
Prestige Consumer Healthcare, Inc.*		106		5,282
Glaukos Corp.*		98		5,218
Pacira BioSciences, Inc.*		96		5,106
WD-40 Co.		29		5,097
BioCryst Pharmaceuticals, Inc.*		398		5,015
Select Medical Holdings Corp.		223		4,928
Helen of Troy Ltd.*		51		4,918
NuVasive, Inc.*		112		4,907
Brink’s Co.		100		4,844
CONMED Corp.		60		4,810
Covetrus, Inc.*		227		4,740
Corcept Therapeutics, Inc.*		183		4,692
Arvinas, Inc.*		104		4,627
TreeHouse Foods, Inc.*		109		4,624
Prothena Corporation plc*		76		4,608
IVERIC bio, Inc.*		251		4,503
Cal-Maine Foods, Inc.		81		4,503
CBIZ, Inc.*		105		4,492
Patterson Companies, Inc.		187		4,492
Integer Holdings Corp.*		71		4,418
AbCellera Biologics, Inc.*		444		4,391
Sage Therapeutics, Inc.*		112		4,386
ICF International, Inc.		40		4,361
Graham Holdings Co. — Class B		8		4,304
United Natural Foods, Inc.*		125		4,296
Primo Water Corp.		338		4,242
Twist Bioscience Corp.*		120		4,229
ACADIA Pharmaceuticals, Inc.*		258		4,221
Herbalife Nutrition Ltd.*		212		4,217
J & J Snack Foods Corp.		32		4,143
Coca-Cola Consolidated, Inc.		10		4,117
Edgewell Personal Care Co.		110		4,114
Revance Therapeutics, Inc.*		150		4,050
EVERTEC, Inc.		129		4,044
Fate Therapeutics, Inc.*		178		3,989
elf Beauty, Inc.*		104		3,912
AtriCure, Inc.*		98		3,832
Owens & Minor, Inc.		158		3,808
Prometheus Biosciences, Inc.*		63		3,718
Relay Therapeutics, Inc.*		164		3,669
Stride, Inc.*		87		3,657
Cytek Biosciences, Inc.*		245		3,606
Sabre Corp.*		699		3,600
Supernus Pharmaceuticals, Inc.*		105		3,554
Embecta Corp.		123		3,541
Adtalem Global Education, Inc.*		96		3,499
Nevro Corp.*		75		3,495
John Wiley & Sons, Inc. — Class A		92		3,456
Cassava Sciences, Inc.*		82		3,429
Evo Payments, Inc. — Class A*		101		3,363
Verve Therapeutics, Inc.*		97		3,332
Silk Road Medical, Inc.*		74		3,330
Agios Pharmaceuticals, Inc.*		117		3,309
Cerevel Therapeutics Holdings, Inc.*		117		3,306
Myriad Genetics, Inc.*		170		3,244

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 91

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Neogen Corp.*		232	$	3,241
Travere Therapeutics, Inc.*		131		3,228
Xencor, Inc.*		123		3,196
MGP Ingredients, Inc.		30		3,185
Addus HomeCare Corp.*		33		3,143
Krystal Biotech, Inc.*		45		3,136
REVOLUTION Medicines, Inc.*		159		3,135
Iovance Biotherapeutics, Inc.*		323		3,094
Recursion Pharmaceuticals, Inc. — Class A*		290		3,086
Ironwood Pharmaceuticals, Inc. — Class A*		293		3,035
Strategic Education, Inc.		49		3,009
Cano Health, Inc.*		347		3,009
Vir Biotechnology, Inc.*		155		2,988
Central Garden & Pet Co. — Class A*		87		2,972
Monro, Inc.		68		2,955
Pediatrix Medical Group, Inc.*		177		2,922
Huron Consulting Group, Inc.*		44		2,915
AdaptHealth Corp.*		155		2,911
Meridian Bioscience, Inc.*		92		2,901
Arcus Biosciences, Inc.*		110		2,878
Inter Parfums, Inc.		38		2,867
ZipRecruiter, Inc. — Class A*		171		2,821
Pacific Biosciences of California, Inc.*		484		2,810
Payoneer Global, Inc.*		464		2,807
Axsome Therapeutics, Inc.*		62		2,766
Ligand Pharmaceuticals, Inc. — Class B*		32		2,756
Celldex Therapeutics, Inc.*		98		2,755
Lyell Immunopharma, Inc.*		371		2,719
Hain Celestial Group, Inc.*		161		2,718
Vector Group Ltd.		308		2,713
TransMedics Group, Inc.*		65		2,713
Vaxcyte, Inc.*		113		2,712
ModivCare, Inc.*		27		2,691
Syndax Pharmaceuticals, Inc.*		111		2,667
Dynavax Technologies Corp.*		254		2,652
CorVel Corp.*		19		2,630
Catalyst Pharmaceuticals, Inc.*		205		2,630
LiveRamp Holdings, Inc.*		144		2,615
Coursera, Inc.*		242		2,609
Kforce, Inc.		44		2,581
Textainer Group Holdings Ltd.		96		2,579
Veracyte, Inc.*		154		2,556
Beauty Health Co.*		214		2,523
Avid Bioservices, Inc.*		131		2,505
Weis Markets, Inc.		35		2,493
Medifast, Inc.		23		2,492
Harmony Biosciences Holdings, Inc.*		56		2,480
Laureate Education, Inc. — Class A		231		2,437
FibroGen, Inc.*		187		2,433
B&G Foods, Inc.1		146		2,407
Universal Corp.		52		2,394
Ingles Markets, Inc. — Class A		30		2,376
Remitly Global, Inc.*		211		2,346
Vericel Corp.*		101		2,343
Marathon Digital Holdings, Inc.*,1		217		2,324
Multiplan Corp.*		810		2,317
Amphastar Pharmaceuticals, Inc.*		82		2,304
NeoGenomics, Inc.*		266		2,290
PROCEPT BioRobotics Corp.*		55		2,280
REGENXBIO, Inc.*		86		2,273
Emergent BioSolutions, Inc.*		108		2,267
SpartanNash Co.		77		2,235
Bridgebio Pharma, Inc.*		224		2,227
Crinetics Pharmaceuticals, Inc.*		113		2,219
Cross Country Healthcare, Inc.*		78		2,213
CoreCivic, Inc.*		250		2,210
Avanos Medical, Inc.*		101		2,200
ImmunoGen, Inc.*		460		2,199
Relmada Therapeutics, Inc.*		59		2,184
Enanta Pharmaceuticals, Inc.*		42		2,179
Zentalis Pharmaceuticals, Inc.*		100		2,166
Aurinia Pharmaceuticals, Inc.*		288		2,166
Andersons, Inc.		69		2,141
RadNet, Inc.*		105		2,137
Utz Brands, Inc.		141		2,129
LeMaitre Vascular, Inc.		42		2,129
US Physical Therapy, Inc.		28		2,129
EQRx, Inc.*		430		2,128
Chefs’ Warehouse, Inc.*		73		2,115
Amylyx Pharmaceuticals, Inc.*		75		2,111
SpringWorks Therapeutics, Inc.*		74		2,111
Chinook Therapeutics, Inc.*		107		2,104
MoneyGram International, Inc.*		201		2,090
Cogent Biosciences, Inc.*		137		2,044
Akero Therapeutics, Inc.*		60		2,043
Riot Blockchain, Inc.*,1		289		2,026
Aclaris Therapeutics, Inc.*		128		2,015
Rent-A-Center, Inc.		114		1,996
Surgery Partners, Inc.*		85		1,989
Green Dot Corp. — Class A*		104		1,974
National Beverage Corp.		51		1,966
GEO Group, Inc.*		254		1,956
SunOpta, Inc.*		209		1,902
Udemy, Inc.*		155		1,874
Beyond Meat, Inc.*,1		132		1,870
Kura Oncology, Inc.*		136		1,858
CareDx, Inc.*		109		1,855
Allogene Therapeutics, Inc.*		171		1,847
Editas Medicine, Inc.*		148		1,812
Geron Corp.*		770		1,802
Legalzoom.com, Inc.*		210		1,800
Deciphera Pharmaceuticals, Inc.*		97		1,794
Krispy Kreme, Inc.		154		1,776
American Well Corp. — Class A*		492		1,766
Paragon 28, Inc.*		99		1,764
Kymera Therapeutics, Inc.*		81		1,763
Madrigal Pharmaceuticals, Inc.*		27		1,755
Varex Imaging Corp.*		83		1,755
Fulgent Genetics, Inc.*		46		1,754
DocGo, Inc.*		173		1,716

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Avidity Biosciences, Inc.*		105	$	1,715
National Healthcare Corp.		27		1,710
Brookdale Senior Living, Inc. — Class A*		399		1,704
Adaptive Biotechnologies Corp.*		239		1,702
Atrion Corp.		3		1,695
TG Therapeutics, Inc.*		286		1,693
Ventyx Biosciences, Inc.*		48		1,676
MannKind Corp.*		534		1,650
Cutera, Inc.*		36		1,642
BioLife Solutions, Inc.*		72		1,638
AngioDynamics, Inc.*		80		1,637
OPKO Health, Inc.*		866		1,637
Gossamer Bio, Inc.*		135		1,617
First Advantage Corp.*		126		1,617
PROG Holdings, Inc.*		107		1,603
Veru, Inc.*		139		1,601
Treace Medical Concepts, Inc.*		72		1,589
Innoviva, Inc.*		136		1,579
23andMe Holding Co. — Class A*		552		1,579
SP Plus Corp.*		50		1,566
Morphic Holding, Inc.*		55		1,556
Forma Therapeutics Holdings, Inc.*		78		1,556
Deluxe Corp.		93		1,548
Heska Corp.*		21		1,531
Coherus Biosciences, Inc.*		158		1,518
Hanger, Inc.*		81		1,516
Aerie Pharmaceuticals, Inc.*		100		1,513
Fresh Del Monte Produce, Inc.		65		1,511
Anavex Life Sciences Corp.*		146		1,507
Perdoceo Education Corp.*		146		1,504
Replimune Group, Inc.*		87		1,502
Rocket Pharmaceuticals, Inc.*		94		1,500
Reata Pharmaceuticals, Inc. — Class A*		59		1,483
John B Sanfilippo & Son, Inc.		19		1,439
Arcutis Biotherapeutics, Inc.*		75		1,433
OrthoPediatrics Corp.*		31		1,430
Accolade, Inc.*		125		1,428
CinCor Pharma, Inc.*		43		1,411
Theravance Biopharma, Inc.*		138		1,399
Clover Health Investments Corp.*		818		1,391
Viad Corp.*		44		1,390
Keros Therapeutics, Inc.*		36		1,354
RAPT Therapeutics, Inc.*		56		1,347
USANA Health Sciences, Inc.*		24		1,345
Vivint Smart Home, Inc.*		204		1,342
Butterfly Network, Inc.*		285		1,339
TrueBlue, Inc.*		70		1,336
Cerus Corp.*		370		1,332
CRA International, Inc.		15		1,331
Castle Biosciences, Inc.*		51		1,330
Repay Holdings Corp.*		188		1,327
Alphatec Holdings, Inc.*		151		1,320
Senseonics Holdings, Inc.*		982		1,296
Quanex Building Products Corp.		71		1,289
Sorrento Therapeutics, Inc.*		815		1,280
NanoString Technologies, Inc.*		100		1,277
Mersana Therapeutics, Inc.*		188		1,271
Oscar Health, Inc. — Class A*		253		1,262
Sangamo Therapeutics, Inc.*		257		1,259
Alector, Inc.*		133		1,258
SI-BONE, Inc.*		72		1,257
Nektar Therapeutics*		389		1,245
Mission Produce, Inc.*		86		1,244
Nurix Therapeutics, Inc.*		95		1,238
DICE Therapeutics, Inc.*		61		1,237
National Research Corp. — Class A		31		1,234
Point Biopharma Global, Inc.*		159		1,229
Resources Connection, Inc.		68		1,229
Franklin Covey Co.*		27		1,226
Caribou Biosciences, Inc.*		116		1,224
Design Therapeutics, Inc.*		73		1,221
Pulmonx Corp.*		73		1,216
MaxCyte, Inc.*		187		1,215
Invitae Corp.*		494		1,215
Inogen, Inc.*		49		1,190
Agenus, Inc.*		579		1,187
Arcellx, Inc.*		63		1,183
Cardiovascular Systems, Inc.*		85		1,178
Vanda Pharmaceuticals, Inc.*		119		1,176
Calavo Growers, Inc.		37		1,175
Barrett Business Services, Inc.		15		1,170
Collegium Pharmaceutical, Inc.*		73		1,169
2seventy bio, Inc.*		80		1,164
CTI BioPharma Corp.*		199		1,158
ViewRay, Inc.*		317		1,154
Artivion, Inc.*		83		1,149
Paya Holdings, Inc.*		188		1,149
Sana Biotechnology, Inc.*		191		1,146
Bionano Genomics, Inc.*		626		1,146
Duckhorn Portfolio, Inc.*		79		1,140
Y-mAbs Therapeutics, Inc.*		79		1,139
Transcat, Inc.*		15		1,135
Ideaya Biosciences, Inc.*		76		1,134
Inhibrx, Inc.*		63		1,131
Viridian Therapeutics, Inc.*		55		1,128
NGM Biopharmaceuticals, Inc.*		84		1,099
Tootsie Roll Industries, Inc.		33		1,098
AnaptysBio, Inc.*		43		1,097
Heidrick & Struggles International, Inc.		42		1,092
Ennis, Inc.		54		1,087
Erasca, Inc.*		139		1,084
SIGA Technologies, Inc.		101		1,040
Axogen, Inc.*		87		1,037
Nano-X Imaging Ltd.*		90		1,032
Hackett Group, Inc.		58		1,028
LifeStance Health Group, Inc.*		155		1,026
Kelly Services, Inc. — Class A		75		1,019
Cass Information Systems, Inc.		29		1,006
Benson Hill, Inc.*		367		1,005
Day One Biopharmaceuticals, Inc.*		50		1,001
Paysafe Ltd.*		725		1,000
2U, Inc.*		160		1,000

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 93

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
ACCO Brands Corp.		203	$	995
Seres Therapeutics, Inc.*		151		969
Bluebird Bio, Inc.*		153		968
ADMA Biologics, Inc.*		398		967
iTeos Therapeutics, Inc.*		50		952
I3 Verticals, Inc. — Class A*		47		941
PMV Pharmaceuticals, Inc.*		79		940
Atea Pharmaceuticals, Inc.*		164		933
Carriage Services, Inc. — Class A		29		933
Heron Therapeutics, Inc.*		221		933
SomaLogic, Inc.*		321		931
Cimpress plc*		38		930
Nkarta, Inc.*		70		921
CareMax, Inc.*		128		908
Esperion Therapeutics, Inc.*		135		904
Sterling Check Corp.*		51		900
Cara Therapeutics, Inc.*		96		899
Karyopharm Therapeutics, Inc.*		163		890
V2X, Inc.*		25		885
Surmodics, Inc.*		29		882
ImmunityBio, Inc.*,1		175		870
ANI Pharmaceuticals, Inc.*		27		868
Adicet Bio, Inc.*		61		867
Forrester Research, Inc.*		24		864
Dyne Therapeutics, Inc.*		68		864
Kezar Life Sciences, Inc.*		100		861
Kiniksa Pharmaceuticals Ltd. — Class A*		67		860
Seer, Inc.*		111		859
Arlo Technologies, Inc.*		182		844
Agiliti, Inc.*		59		844
Imago Biosciences, Inc.*		56		843
Protagonist Therapeutics, Inc.*		99		835
European Wax Center, Inc. — Class A		45		830
Cullinan Oncology, Inc.*		64		820
Ocugen, Inc.*		459		817
Inovio Pharmaceuticals, Inc.*		471		812
Quanterix Corp.*		73		804
Orthofix Medical, Inc.*		42		803
C4 Therapeutics, Inc.*		90		789
Vital Farms, Inc.*		64		766
Central Garden & Pet Co.*		21		757
KalVista Pharmaceuticals, Inc.*		52		755
BrightView Holdings, Inc.*		95		754
Kinnate Biopharma, Inc.*		63		753
Custom Truck One Source, Inc.*		128		746
Atara Biotherapeutics, Inc.*		197		745
Tricida, Inc.*		71		744
Arcturus Therapeutics Holdings, Inc.*		50		741
Anika Therapeutics, Inc.*		31		738
Intercept Pharmaceuticals, Inc.*		52		725
Instil Bio, Inc.*		149		721
Albireo Pharma, Inc.*		37		716
Mirum Pharmaceuticals, Inc.*		34		714
Aura Biosciences, Inc.*		39		707
Turning Point Brands, Inc.		33		701
Nuvalent, Inc. — Class A*		36		700
Cue Health, Inc.*		231		695
MiMedx Group, Inc.*		242		695
Ocular Therapeutix, Inc.*		165		685
Vita Coco Company, Inc.*		60		683
Tarsus Pharmaceuticals, Inc.*		39		668
Eiger BioPharmaceuticals, Inc.*		88		663
Tejon Ranch Co.*		45		648
Vera Therapeutics, Inc.*		30		639
Aaron’s Company, Inc.		65		632
Edgewise Therapeutics, Inc.*		64		630
Affimed N.V.*		305		628
Inotiv, Inc.*		37		623
Stoke Therapeutics, Inc.*		48		616
Evolus, Inc.*		76		612
Core Scientific, Inc.*		469		610
Seneca Foods Corp. — Class A*		12		605
Utah Medical Products, Inc.		7		597
OraSure Technologies, Inc.*		157		595
Fulcrum Therapeutics, Inc.*		73		591
Phibro Animal Health Corp. — Class A		44		585
Pennant Group, Inc.*		56		583
Eagle Pharmaceuticals, Inc.*		22		581
Vaxart, Inc.*		265		578
Community Health Systems, Inc.*		268		576
Nuvation Bio, Inc.*		250		560
Liquidia Corp.*		102		555
Kodiak Sciences, Inc.*		71		550
MeiraGTx Holdings plc*		65		547
ShotSpotter, Inc.*		19		546
Phathom Pharmaceuticals, Inc.*		49		543
Provention Bio, Inc.*		120		540
Quantum-Si, Inc.*		196		539
Generation Bio Co.*		100		531
Allovir, Inc.*		67		529
RxSight, Inc.*		44		528
Tattooed Chef, Inc.*		105		523
Sutro Biopharma, Inc.*		94		522
4D Molecular Therapeutics, Inc.*		64		515
Janux Therapeutics, Inc.*		37		501
Monte Rosa Therapeutics, Inc.*		61		498
Landec Corp.*		56		498
Alta Equipment Group, Inc.		45		495
Rallybio Corp.*		34		492
Honest Company, Inc.*		139		487
Organogenesis Holdings, Inc.*		150		486
Bioxcel Therapeutics, Inc.*		41		485
Immunovant, Inc.*		86		480
HilleVax, Inc.*		28		479
IGM Biosciences, Inc.*		21		478
Bioventus, Inc. — Class A*		68		476
Joint Corp.*		30		471
Precigen, Inc.*		216		458
WW International, Inc.*		116		456
iRadimed Corp.		15		451
Amneal Pharmaceuticals, Inc.*		221		446
MacroGenics, Inc.*		129		446

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Zimvie, Inc.*		45	$	444
Arbutus Biopharma Corp.*		232		443
Xeris Biopharma Holdings, Inc.*		284		443
EyePoint Pharmaceuticals, Inc.*		56		443
ALX Oncology Holdings, Inc.*		46		440
Aadi Bioscience, Inc.*		31		438
Rigel Pharmaceuticals, Inc.*		370		437
Zynex, Inc.		48		435
Bright Health Group, Inc.*		414		435
SeaSpine Holdings Corp.*		76		432
Century Therapeutics, Inc.*		43		425
BRC, Inc. — Class A*		55		425
PetIQ, Inc.*		59		407
Akoya Biosciences, Inc.*		34		399
Vicarious Surgical, Inc.*,1		117		392
Universal Technical Institute, Inc.*		69		375
Lexicon Pharmaceuticals, Inc.*		156		374
Willdan Group, Inc.*		25		370
Foghorn Therapeutics, Inc.*		43		369
Alico, Inc.		13		367
American Public Education, Inc.*		40		366
Tango Therapeutics, Inc.*		100		362
Information Services Group, Inc.		76		362
Absci Corp.*		113		354
Chimerix, Inc.*		181		349
Village Super Market, Inc. — Class A		18		348
Invivyd, Inc.*		110		344
Berkeley Lights, Inc.*		120		343
Whole Earth Brands, Inc.*		87		334
Aerovate Therapeutics, Inc.*		20		332
Tactile Systems Technology, Inc.*		42		327
PFSweb, Inc.*		35		326
22nd Century Group, Inc.*		347		322
Outlook Therapeutics, Inc.*		254		310
Distribution Solutions Group, Inc.*		11		310
HF Foods Group, Inc.*		78		302
AppHarvest, Inc.*		153		301
Singular Genomics Systems, Inc.*		120		300
Sema4 Holdings Corp.*		339		297
VBI Vaccines, Inc.*		413		291
Kronos Bio, Inc.*		87		291
Spire Global, Inc.*		268		289
Bakkt Holdings, Inc.*		122		278
Moneylion, Inc.*		310		277
P3 Health Partners, Inc.*		55		254
Tyra Biosciences, Inc.*		28		246
Innovage Holding Corp.*		41		241
Nature’s Sunshine Products, Inc.*		29		239
Alpine Immune Sciences, Inc.*		33		238
Beachbody Company, Inc.*		224		226
Rent the Runway, Inc. — Class A*		100		220
Athira Pharma, Inc.*		73		217
Nautilus Biotechnology, Inc.*		102		216
Natural Grocers by Vitamin Cottage, Inc.		20		216
Science 37 Holdings, Inc.*		133		214
Jounce Therapeutics, Inc.*		90		211
Theseus Pharmaceuticals, Inc.*		36		209
StoneMor, Inc.*		59		202
Quad/Graphics, Inc.*		75		192
Vintage Wine Estates, Inc.*		69		191
Oncology Institute, Inc.*		40		185
Praxis Precision Medicines, Inc.*		81		184
Tenaya Therapeutics, Inc.*		60		174
AN2 Therapeutics, Inc.*		10		174
AirSculpt Technologies, Inc.		27		174
Priority Technology Holdings, Inc.*		38		171
PepGen, Inc.*		18		163
ATI Physical Therapy, Inc.*		160		160
Icosavax, Inc.*		48		152
Aveanna Healthcare Holdings, Inc.*		95		143
Thorne HealthTech, Inc.*		29		137
Bird Global, Inc. — Class A*		368		130
Talaris Therapeutics, Inc.*		48		126
Humacyte, Inc.*		38		124
Local Bounti Corp.*		40		114
Pardes Biosciences, Inc.*		61		113
Babylon Holdings Ltd. — Class A*		233		110
Cipher Mining, Inc.*		84		106
CompoSecure, Inc.*		17		85
MarketWise, Inc.*		36		82
Celularity, Inc.*		33		76
Enochian Biosciences, Inc.*		42		76
GreenLight Biosciences Holdings PBC*		30		70
VistaGen Therapeutics, Inc.*		417		63
Greenidge Generation Holdings, Inc.*		27		54
Wejo Group Ltd.*		49		53
Alpha Teknova, Inc.*		13		43
Owlet, Inc.*		35		37
Boxed, Inc.*		25		23
Gelesis Holdings, Inc.*		21		23
Tenon Medical, Inc.*		7		9
Leafly Holdings, Inc.*		9		6
Total Consumer, Non-cyclical				1,192,161
Financial - 15.8%
SouthState Corp.		161		12,738
Kinsale Capital Group, Inc.		46		11,749
Glacier Bancorp, Inc.		238		11,693
First Financial Bankshares, Inc.		279		11,671
Agree Realty Corp. REIT		169		11,421
STAG Industrial, Inc. REIT		387		11,002
Selective Insurance Group, Inc.		128		10,419
Old National Bancorp		629		10,360
Valley National Bancorp		924		9,979
United Bankshares, Inc.		279		9,974
Cadence Bank		388		9,859
Home BancShares, Inc.		408		9,184
ServisFirst Bancshares, Inc.		108		8,640
RLI Corp.		84		8,600
Blackstone Mortgage Trust, Inc. — Class A REIT		365		8,519
Hancock Whitney Corp.		185		8,475
Ryman Hospitality Properties, Inc. REIT		115		8,463

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 95

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Terreno Realty Corp. REIT		159	$	8,425
Houlihan Lokey, Inc.		107		8,066
Kite Realty Group Trust REIT		467		8,042
Independence Realty Trust, Inc. REIT		475		7,947
UMB Financial Corp.		94		7,923
Essent Group Ltd.		226		7,881
First Interstate BancSystem, Inc. — Class A		195		7,868
United Community Banks, Inc.		228		7,547
Independent Bank Corp.		98		7,304
Physicians Realty Trust REIT		482		7,249
CVB Financial Corp.		285		7,216
PotlatchDeltic Corp. REIT		170		6,977
Phillips Edison & Company, Inc. REIT		245		6,872
Community Bank System, Inc.		114		6,849
Radian Group, Inc.		346		6,674
Eastern Bankshares, Inc.		333		6,540
Sabra Health Care REIT, Inc.		495		6,494
Apple Hospitality REIT, Inc.		461		6,482
Associated Banc-Corp.		320		6,426
Ameris Bancorp		142		6,349
Texas Capital Bancshares, Inc.*		107		6,316
WSFS Financial Corp.		135		6,272
Pacific Premier Bancorp, Inc.		201		6,223
Mr Cooper Group, Inc.*		150		6,075
Federated Hermes, Inc. — Class B		182		6,028
Cathay General Bancorp		154		5,923
Essential Properties Realty Trust, Inc. REIT		300		5,835
American Equity Investment Life Holding Co.		155		5,780
Simmons First National Corp. — Class A		263		5,731
BankUnited, Inc.		166		5,672
Corporate Office Properties Trust REIT		242		5,622
Equity Commonwealth REIT		228		5,554
Broadstone Net Lease, Inc. REIT		357		5,544
Walker & Dunlop, Inc.		66		5,526
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		183		5,477
First BanCorp		396		5,417
LXP Industrial Trust REIT		590		5,404
Innovative Industrial Properties, Inc. REIT		60		5,310
Fulton Financial Corp.		336		5,309
National Health Investors, Inc. REIT		92		5,201
Silvergate Capital Corp. — Class A*		67		5,048
Trupanion, Inc.*		84		4,992
Atlantic Union Bankshares Corp.		161		4,891
International Bancshares Corp.		115		4,887
Columbia Banking System, Inc.		169		4,882
Outfront Media, Inc. REIT		314		4,770
First Merchants Corp.		123		4,758
Independent Bank Group, Inc.		76		4,666
Moelis & Co. — Class A		136		4,598
Hamilton Lane, Inc. — Class A		76		4,530
Jackson Financial, Inc. — Class A		162		4,495
SITE Centers Corp. REIT		418		4,477
CNO Financial Group, Inc.		243		4,367
McGrath RentCorp		52		4,361
Palomar Holdings, Inc.*		52		4,353
Banner Corp.		73		4,313
Sunstone Hotel Investors, Inc. REIT		453		4,267
First Financial Bancorp		200		4,216
Axos Financial, Inc.*		123		4,210
WesBanco, Inc.		125		4,171
Washington Federal, Inc.		139		4,167
Four Corners Property Trust, Inc. REIT		172		4,161
Stock Yards Bancorp, Inc.		61		4,149
Enstar Group Ltd.*		24		4,070
Arbor Realty Trust, Inc. REIT		353		4,059
Pebblebrook Hotel Trust REIT		279		4,048
Trustmark Corp.		131		4,012
Seacoast Banking Corporation of Florida		130		3,930
Kennedy-Wilson Holdings, Inc.		253		3,911
Focus Financial Partners, Inc. — Class A*		124		3,907
Cushman & Wakefield plc*		341		3,905
TowneBank		144		3,863
Lakeland Financial Corp.		53		3,859
Park National Corp.		31		3,859
Heartland Financial USA, Inc.		88		3,816
Piper Sandler Cos.		36		3,771
BancFirst Corp.		42		3,758
Genworth Financial, Inc. — Class A*		1,073		3,755
CareTrust REIT, Inc.		207		3,749
Flagstar Bancorp, Inc.		112		3,741
NMI Holdings, Inc. — Class A*		181		3,687
Macerich Co. REIT		462		3,668
Renasant Corp.		117		3,660
Retail Opportunity Investments Corp. REIT		259		3,564
Uniti Group, Inc. REIT		509		3,537
Northwest Bancshares, Inc.		261		3,526
Navient Corp.		238		3,496
Artisan Partners Asset Management, Inc. — Class A		129		3,474
Bank of NT Butterfield & Son Ltd.		107		3,473
RLJ Lodging Trust REIT		343		3,471
NBT Bancorp, Inc.		90		3,415
PJT Partners, Inc. — Class A		51		3,408
Cohen & Steers, Inc.		54		3,382
DiamondRock Hospitality Co. REIT		450		3,379
Xenia Hotels & Resorts, Inc. REIT		245		3,378
Bread Financial Holdings, Inc.		107		3,365
Sandy Spring Bancorp, Inc.		95		3,350
Enterprise Financial Services Corp.		76		3,347
BRP Group, Inc. — Class A*		125		3,294
Washington Real Estate Investment Trust REIT		187		3,284
Urban Edge Properties REIT		245		3,268
Hope Bancorp, Inc.		249		3,147
Horace Mann Educators Corp.		89		3,141
Cannae Holdings, Inc.*		152		3,140
LTC Properties, Inc. REIT		83		3,108
InvenTrust Properties Corp. REIT		145		3,093
Easterly Government Properties, Inc. REIT		195		3,075
StoneX Group, Inc.*		37		3,069

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Eagle Bancorp, Inc.		68	$	3,048
Provident Financial Services, Inc.		156		3,042
TriCo Bancshares		68		3,036
Veritex Holdings, Inc.		113		3,005
FB Financial Corp.		78		2,980
Tanger Factory Outlet Centers, Inc. REIT		217		2,969
Westamerica BanCorp		56		2,928
City Holding Co.		32		2,838
Piedmont Office Realty Trust, Inc. — Class A REIT		264		2,788
First Bancorp		76		2,780
Triumph Bancorp, Inc.*		51		2,772
StepStone Group, Inc. — Class A		113		2,770
Flywire Corp.*		119		2,732
American Assets Trust, Inc. REIT		106		2,726
PRA Group, Inc.*		82		2,695
Hilltop Holdings, Inc.		107		2,659
Bancorp, Inc.*		119		2,616
Chimera Investment Corp. REIT		497		2,594
PennyMac Financial Services, Inc.		60		2,574
Alexander & Baldwin, Inc. REIT		155		2,570
First Commonwealth Financial Corp.		200		2,568
Berkshire Hills Bancorp, Inc.		94		2,566
OFG Bancorp		102		2,563
Stewart Information Services Corp.		58		2,531
Safety Insurance Group, Inc.		31		2,528
Acadia Realty Trust REIT		200		2,524
Apollo Commercial Real Estate Finance, Inc. REIT		302		2,507
Paramount Group, Inc. REIT		400		2,492
S&T Bancorp, Inc.		84		2,462
Two Harbors Investment Corp. REIT		741		2,460
Brandywine Realty Trust REIT		364		2,457
Nelnet, Inc. — Class A		31		2,455
Newmark Group, Inc. — Class A		303		2,442
First Busey Corp.		111		2,440
Getty Realty Corp. REIT		90		2,420
LendingClub Corp.*		217		2,398
Virtus Investment Partners, Inc.		15		2,393
Global Net Lease, Inc. REIT		223		2,375
St. Joe Co.		74		2,370
Compass Diversified Holdings		130		2,348
Apartment Investment and Management Co. — Class A REIT		321		2,343
Southside Bancshares, Inc.		66		2,334
National Bank Holdings Corp. — Class A		63		2,330
PennyMac Mortgage Investment Trust REIT		197		2,321
Encore Capital Group, Inc.*		51		2,319
Capitol Federal Financial, Inc.		279		2,316
NETSTREIT Corp. REIT		130		2,315
Claros Mortgage Trust, Inc.		197		2,313
OceanFirst Financial Corp.		124		2,311
NexPoint Residential Trust, Inc. REIT		49		2,264
ProAssurance Corp.		116		2,263
Centerspace REIT		33		2,222
Ladder Capital Corp. — Class A REIT		244		2,186
Tompkins Financial Corp.		30		2,179
Cowen, Inc. — Class A		56		2,164
BGC Partners, Inc. — Class A		685		2,151
Live Oak Bancshares, Inc.		70		2,142
Lakeland Bancorp, Inc.		133		2,129
Lemonade, Inc.*		100		2,118
German American Bancorp, Inc.		59		2,107
Veris Residential, Inc. REIT*		185		2,103
Dime Community Bancshares, Inc.		70		2,050
Pathward Financial, Inc.		62		2,043
Employers Holdings, Inc.		59		2,035
First Foundation, Inc.		110		1,995
Enova International, Inc.*		68		1,990
Farmer Mac — Class C		20		1,983
B Riley Financial, Inc.		44		1,959
Heritage Financial Corp.		74		1,959
Blucora, Inc.*		101		1,953
Premier Financial Corp.		76		1,953
Franklin BSP Realty Trust, Inc. REIT1		181		1,949
Anywhere Real Estate, Inc.*		240		1,946
Customers Bancorp, Inc.*		66		1,946
Empire State Realty Trust, Inc. — Class A REIT		296		1,942
AMERISAFE, Inc.		41		1,916
New York Mortgage Trust, Inc. REIT		815		1,907
Brookline Bancorp, Inc.		163		1,899
Preferred Bank/Los Angeles CA		29		1,892
Origin Bancorp, Inc.		48		1,847
ConnectOne Bancorp, Inc.		80		1,845
Nicolet Bankshares, Inc.*		26		1,831
Service Properties Trust REIT		352		1,827
Banc of California, Inc.		113		1,805
KKR Real Estate Finance Trust, Inc. REIT		111		1,804
James River Group Holdings Ltd.		79		1,802
Allegiance Bancshares, Inc.		42		1,748
Marcus & Millichap, Inc.		53		1,737
Peoples Bancorp, Inc.		60		1,736
QCR Holdings, Inc.		34		1,732
Washington Trust Bancorp, Inc.		37		1,720
UMH Properties, Inc. REIT		106		1,712
MFA Financial, Inc. REIT		220		1,712
Necessity Retail REIT, Inc.		287		1,688
Community Healthcare Trust, Inc. REIT		51		1,670
eXp World Holdings, Inc.		147		1,648
Bluerock Residential Growth REIT, Inc.		61		1,632
1st Source Corp.		35		1,620
Mercury General Corp.		57		1,620
Ready Capital Corp. REIT		159		1,612
International Money Express, Inc.*		70		1,595
Columbia Financial, Inc.*		74		1,564
Horizon Bancorp, Inc.		86		1,545
Hanmi Financial Corp.		65		1,539
Summit Hotel Properties, Inc. REIT		225		1,512
Radius Global Infrastructure, Inc. — Class A*		160		1,507
Armada Hoffler Properties, Inc. REIT		144		1,495

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 97

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Amerant Bancorp, Inc.		60	$	1,490
Redwood Trust, Inc. REIT		258		1,481
Univest Financial Corp.		63		1,479
Goosehead Insurance, Inc. — Class A*		41		1,461
CBL & Associates Properties, Inc. REIT		57		1,460
Office Properties Income Trust REIT		103		1,447
Heritage Commerce Corp.		126		1,429
Broadmark Realty Capital, Inc. REIT		279		1,426
Enact Holdings, Inc.		64		1,419
Metropolitan Bank Holding Corp.*		22		1,416
Kearny Financial Corp.		133		1,412
Ellington Financial, Inc. REIT		122		1,387
Community Trust Bancorp, Inc.		34		1,379
WisdomTree Investments, Inc.		292		1,367
Plymouth Industrial REIT, Inc.		81		1,362
RPT Realty REIT		179		1,353
Northfield Bancorp, Inc.		94		1,345
United Fire Group, Inc.		46		1,322
Camden National Corp.		31		1,321
HarborOne Bancorp, Inc.		98		1,315
iStar, Inc. REIT		142		1,315
Redfin Corp.*		225		1,314
Argo Group International Holdings Ltd.		68		1,310
Compass, Inc. — Class A*		559		1,297
BrightSpire Capital, Inc. REIT		204		1,287
CrossFirst Bankshares, Inc.*		98		1,279
First Mid Bancshares, Inc.		40		1,279
Gladstone Commercial Corp. REIT		82		1,271
TrustCo Bank Corporation NY		40		1,257
First Bancshares, Inc.		42		1,255
Ambac Financial Group, Inc.*		98		1,249
Gladstone Land Corp. REIT		69		1,249
Peapack-Gladstone Financial Corp.		37		1,245
Safehold, Inc. REIT		47		1,244
Farmland Partners, Inc. REIT		98		1,242
Brookfield Business Corp. — Class A		56		1,238
Flushing Financial Corp.		62		1,201
Central Pacific Financial Corp.		58		1,200
Great Southern Bancorp, Inc.		21		1,198
Cambridge Bancorp		15		1,196
Old Second Bancorp, Inc.		91		1,188
Universal Health Realty Income Trust REIT		27		1,167
Stellar Bancorp, Inc.		39		1,141
First Financial Corp.		25		1,130
First Community Bankshares, Inc.		35		1,121
Global Medical REIT, Inc.		131		1,116
HomeStreet, Inc.		38		1,095
Byline Bancorp, Inc.		53		1,073
ARMOUR Residential REIT, Inc.		220		1,071
Bank First Corp.		14		1,071
Orion Office REIT, Inc.		122		1,067
Midland States Bancorp, Inc.		45		1,061
Alexander’s, Inc. REIT		5		1,045
TPG RE Finance Trust, Inc. REIT		148		1,036
Brightsphere Investment Group, Inc.		69		1,029
Bank of Marin Bancorp		34		1,018
Chatham Lodging Trust REIT*		103		1,017
Ares Commercial Real Estate Corp. REIT		96		1,003
Urstadt Biddle Properties, Inc. — Class A REIT		64		993
Diamond Hill Investment Group, Inc.		6		990
Mercantile Bank Corp.		33		980
SiriusPoint Ltd.*		198		980
Equity Bancshares, Inc. — Class A		33		978
Business First Bancshares, Inc.		45		969
MBIA, Inc.*		103		948
Saul Centers, Inc. REIT		25		937
City Office REIT, Inc.		92		917
Dynex Capital, Inc. REIT		78		909
Capital City Bank Group, Inc.		29		902
Mid Penn Bancorp, Inc.		31		891
Farmers National Banc Corp.		67		877
Coastal Financial Corp.*		22		874
Southern Missouri Bancorp, Inc.		17		868
Arrow Financial Corp.		30		861
National Western Life Group, Inc. — Class A		5		854
Bar Harbor Bankshares		32		849
Whitestone REIT — Class B		100		846
AssetMark Financial Holdings, Inc.*		46		841
Carter Bankshares, Inc.*		52		837
First of Long Island Corp.		48		827
EZCORP, Inc. — Class A*		107		825
CNB Financial Corp.		35		825
Independent Bank Corp.		43		821
MidWestOne Financial Group, Inc.		30		819
Victory Capital Holdings, Inc. — Class A		35		816
SmartFinancial, Inc.		33		815
Capstar Financial Holdings, Inc.		44		815
Invesco Mortgage Capital, Inc. REIT		71		788
Metrocity Bankshares, Inc.		40		786
Merchants Bancorp		34		784
RMR Group, Inc. — Class A		33		782
World Acceptance Corp.*		8		775
Citizens & Northern Corp.		32		774
Financial Institutions, Inc.		32		770
Seritage Growth Properties REIT*		85		767
Five Star Bancorp		27		766
Industrial Logistics Properties Trust REIT		139		764
FRP Holdings, Inc.*		14		761
RE/MAX Holdings, Inc. — Class A		40		756
Hingham Institution For Savings The		3		753
Granite Point Mortgage Trust, Inc. REIT		115		741
One Liberty Properties, Inc. REIT		35		736
West BanCorp, Inc.		35		728
Republic Bancorp, Inc. — Class A		19		728
GCM Grosvenor, Inc. — Class A		92		726
Bridgewater Bancshares, Inc.*		44		725
Alerus Financial Corp.		32		707
American National Bankshares, Inc.		22		703
Peoples Financial Services Corp.		15		703

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Farmers & Merchants Bancorp Incorporated/Archbold OH		26	$	699
Waterstone Financial, Inc.		43		695
HomeTrust Bancshares, Inc.		31		685
Amalgamated Financial Corp.		30		676
CTO Realty Growth, Inc. REIT		36		675
Southern First Bancshares, Inc.*		16		667
RBB Bancorp		32		665
Douglas Elliman, Inc.		162		664
Shore Bancshares, Inc.		38		658
Summit Financial Group, Inc.		24		647
Civista Bancshares, Inc.		31		644
First Internet Bancorp		19		643
Braemar Hotels & Resorts, Inc. REIT		147		632
Hippo Holdings, Inc.*		34		629
Blue Foundry Bancorp*		56		624
Home Bancorp, Inc.		16		624
Orchid Island Capital, Inc. REIT		76		623
Guaranty Bancshares, Inc.		18		623
MVB Financial Corp.		22		612
South Plains Financial, Inc.		22		606
Enterprise Bancorp, Inc.		20		598
John Marshall Bancorp, Inc.		24		589
Oppenheimer Holdings, Inc. — Class A		19		589
HCI Group, Inc.		15		588
Primis Financial Corp.		48		582
First Bancorp, Inc.		21		579
Indus Realty Trust, Inc. REIT		11		576
Sierra Bancorp		29		573
Esquire Financial Holdings, Inc.		15		563
Franklin Street Properties Corp. REIT		212		558
Postal Realty Trust, Inc. — Class A REIT		38		557
Perella Weinberg Partners		88		557
Universal Insurance Holdings, Inc.		56		552
Orrstown Financial Services, Inc.		23		550
First Business Financial Services, Inc.		17		549
Tiptree, Inc. — Class A		51		549
ACNB Corp.		18		541
Hersha Hospitality Trust — Class A REIT		67		535
LendingTree, Inc.*		22		525
BCB Bancorp, Inc.		31		522
AFC Gamma, Inc. REIT		34		520
Macatawa Bank Corp.		56		519
Northeast Bank		14		513
BRT Apartments Corp. REIT		25		508
Diversified Healthcare Trust REIT		510		505
Ashford Hospitality Trust, Inc. REIT*		74		504
FVCBankcorp, Inc.*		26		498
Sculptor Capital Management, Inc.		56		495
BayCom Corp.		28		492
NerdWallet, Inc. — Class A*		55		488
PCSB Financial Corp.		27		484
Third Coast Bancshares, Inc.*		27		462
Parke Bancorp, Inc.		22		461
Blue Ridge Bankshares, Inc.		36		458
Colony Bankcorp, Inc.		35		456
PCB Bancorp		25		452
First Bank/Hamilton NJ		33		451
Regional Management Corp.		16		449
Red River Bancshares, Inc.		9		445
Provident Bancorp, Inc.		31		444
Capital Bancorp, Inc.		19		439
Donegal Group, Inc. — Class A		32		432
Investors Title Co.		3		423
First Western Financial, Inc.*		17		419
Manning & Napier, Inc. — Class A		34		417
Greenlight Capital Re Ltd. — Class A*		56		417
Greene County Bancorp, Inc.		7		401
HBT Financial, Inc.		22		399
Unity Bancorp, Inc.		15		377
Luther Burbank Corp.		32		372
Bankwell Financial Group, Inc.		12		349
Silvercrest Asset Management Group, Inc. — Class A		21		343
Pzena Investment Management, Inc. — Class A		36		341
Legacy Housing Corp.*		19		326
Angel Oak Mortgage, Inc. REIT		26		312
Stratus Properties, Inc.		13		303
USCB Financial Holdings, Inc.*		23		302
Republic First Bancorp, Inc.*		104		294
First Guaranty Bancshares, Inc.		13		284
Oportun Financial Corp.*		60		262
Nexpoint Real Estate Finance, Inc. REIT		17		255
NI Holdings, Inc.*		18		240
Pioneer Bancorp, Inc.*		25		238
Atlanticus Holdings Corp.*		9		236
Sterling Bancorp, Inc.*		37		223
Chicago Atlantic Real Estate Finance, Inc.		15		216
Selectquote, Inc.*		287		210
Crawford & Co. — Class A		36		207
eHealth, Inc.*		52		203
Velocity Financial, Inc.*		18		195
Curo Group Holdings Corp.		47		188
Clipper Realty, Inc. REIT		26		181
Offerpad Solutions, Inc.*		146		177
GAMCO Investors, Inc. — Class A		10		171
Trean Insurance Group, Inc.*		48		163
Associated Capital Group, Inc. — Class A		4		147
Consumer Portfolio Services, Inc.*		20		145
SWK Holdings Corp.*		8		136
Doma Holdings, Inc.*		294		129
Root, Inc. — Class A*		16		126
Finance of America Companies, Inc. — Class A*		83		123
Transcontinental Realty Investors, Inc.*		3		121
OppFi, Inc.*		29		67
Sunlight Financial Holdings, Inc.*		52		64
American Realty Investors, Inc.*		3		48
Applied Blockchain, Inc.*		17		29
Cryptyde, Inc.*		39		27

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 99

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Home Point Capital, Inc.		17	$	26
Total Financial				1,090,973
Industrial - 8.9%
Chart Industries, Inc.*		78		14,379
RBC Bearings, Inc.*		61		12,676
EMCOR Group, Inc.		105		12,125
Saia, Inc.*		57		10,830
Exponent, Inc.		109		9,556
UFP Industries, Inc.		128		9,236
Novanta, Inc.*		76		8,789
Applied Industrial Technologies, Inc.		82		8,428
Evoqua Water Technologies Corp.*		252		8,334
Casella Waste Systems, Inc. — Class A*		107		8,174
Franklin Electric Company, Inc.		99		8,089
Fluor Corp.*		305		7,591
Fabrinet*		79		7,540
Bloom Energy Corp. — Class A*		377		7,536
Watts Water Technologies, Inc. — Class A		59		7,418
Comfort Systems USA, Inc.		76		7,397
Simpson Manufacturing Company, Inc.		93		7,291
Mueller Industries, Inc.		120		7,133
Atkore International Group, Inc.*		88		6,847
Aerojet Rocketdyne Holdings, Inc.*		170		6,798
Zurn Elkay Water Solutions Corp.		266		6,517
GATX Corp.		76		6,472
Advanced Energy Industries, Inc.		81		6,270
Summit Materials, Inc. — Class A*		254		6,086
Arcosa, Inc.		104		5,947
Dycom Industries, Inc.*		62		5,923
John Bean Technologies Corp.		68		5,848
Badger Meter, Inc.		63		5,821
Atlas Air Worldwide Holdings, Inc.*		60		5,734
Sanmina Corp.*		122		5,622
Belden, Inc.		92		5,522
Hillenbrand, Inc.		148		5,435
Golar LNG Ltd.*		216		5,383
Albany International Corp. — Class A		67		5,282
Forward Air Corp.		58		5,235
SPX Technologies, Inc.*		94		5,191
Plexus Corp.*		59		5,166
Werner Enterprises, Inc.		135		5,076
AAON, Inc.		94		5,065
EnerSys		87		5,061
Boise Cascade Co.		85		5,054
Vishay Intertechnology, Inc.		284		5,052
Matson, Inc.		82		5,045
Hub Group, Inc. — Class A*		72		4,967
Cactus, Inc. — Class A		126		4,842
Federal Signal Corp.		128		4,777
Altra Industrial Motion Corp.		139		4,673
Encore Wire Corp.		39		4,506
AeroVironment, Inc.*		53		4,418
Scorpio Tankers, Inc.		104		4,372
O-I Glass, Inc.*		334		4,325
Moog, Inc. — Class A		61		4,291
Enovix Corp.*		233		4,272
Terex Corp.		143		4,253
Kadant, Inc.		25		4,170
Brady Corp. — Class A		98		4,090
Xometry, Inc. — Class A*		72		4,089
Itron, Inc.*		97		4,085
ESCO Technologies, Inc.		55		4,039
EnPro Industries, Inc.		45		3,824
ArcBest Corp.		52		3,782
Trinity Industries, Inc.		176		3,758
International Seaways, Inc.		106		3,724
CSW Industrials, Inc.		31		3,714
Kennametal, Inc.		177		3,643
Frontdoor, Inc.*		177		3,609
Energizer Holdings, Inc.		143		3,595
NV5 Global, Inc.*		29		3,591
Helios Technologies, Inc.		70		3,542
Materion Corp.		44		3,520
Lindsay Corp.		24		3,439
Mueller Water Products, Inc. — Class A		334		3,430
Masonite International Corp.*		48		3,422
Greif, Inc. — Class A		55		3,276
Air Transport Services Group, Inc.*		127		3,059
Barnes Group, Inc.		105		3,032
MYR Group, Inc.*		35		2,966
Griffon Corp.		99		2,922
Frontline Ltd.		267		2,918
TTM Technologies, Inc.*		217		2,860
CTS Corp.		68		2,832
Gibraltar Industries, Inc.*		68		2,783
Vicor Corp.*		47		2,780
Kratos Defense & Security Solutions, Inc.*		265		2,692
Alamo Group, Inc.		22		2,690
PGT Innovations, Inc.*		126		2,641
AAR Corp.*		73		2,615
Energy Recovery, Inc.*		120		2,609
Worthington Industries, Inc.		68		2,594
OSI Systems, Inc.*		35		2,522
Marten Transport Ltd.		126		2,414
Granite Construction, Inc.		95		2,412
Knowles Corp.*		192		2,337
Joby Aviation, Inc.*,1		538		2,330
CryoPort, Inc.*		95		2,314
TriMas Corp.		91		2,281
Tennant Co.		40		2,262
Construction Partners, Inc. — Class A*		86		2,256
SFL Corporation Ltd.		246		2,241
Enerpac Tool Group Corp.		125		2,229
DHT Holdings, Inc.		293		2,215
Mirion Technologies, Inc.*		294		2,196
Hillman Solutions Corp.*		289		2,179
Proto Labs, Inc.*		59		2,149
Standex International Corp.		26		2,123
Montrose Environmental Group, Inc.*		59		1,985
Golden Ocean Group Ltd.		263		1,965
AZZ, Inc.		53		1,935
FLEX LNG Ltd.		61		1,932

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Sturm Ruger & Company, Inc.		37	$	1,879
Rocket Lab USA, Inc.*		457		1,860
Benchmark Electronics, Inc.		75		1,858
Primoris Services Corp.		114		1,852
PureCycle Technologies, Inc.*		228		1,840
Apogee Enterprises, Inc.		48		1,834
Napco Security Technologies, Inc.*		63		1,832
GrafTech International Ltd.		421		1,814
Kaman Corp.		60		1,676
Greenbrier Companies, Inc.		68		1,650
JELD-WEN Holding, Inc.*		185		1,619
Columbus McKinnon Corp.		60		1,570
Janus International Group, Inc.*		175		1,561
Mesa Laboratories, Inc.		11		1,549
American Woodmark Corp.*		35		1,535
Astec Industries, Inc.		49		1,528
Li-Cycle Holdings Corp.*		284		1,511
TimkenSteel Corp.*		99		1,484
Matthews International Corp. — Class A		66		1,479
Ichor Holdings Ltd.*		60		1,453
Heartland Express, Inc.		100		1,431
Blink Charging Co.*		79		1,400
Modine Manufacturing Co.*		107		1,385
GoPro, Inc. — Class A*		280		1,380
Sterling Infrastructure, Inc.*		63		1,353
Teekay Tankers Ltd. — Class A*		49		1,349
Chase Corp.		16		1,337
UFP Technologies, Inc.*		15		1,288
Myers Industries, Inc.		78		1,285
MicroVision, Inc.*		355		1,282
Eagle Bulk Shipping, Inc.		29		1,252
Triumph Group, Inc.*		137		1,177
Gorman-Rupp Co.		49		1,166
Thermon Group Holdings, Inc.*		71		1,094
Nordic American Tankers Ltd.		408		1,089
FARO Technologies, Inc.*		39		1,070
Great Lakes Dredge & Dock Corp.*		140		1,061
Insteel Industries, Inc.		40		1,061
Costamare, Inc.		115		1,029
Smith & Wesson Brands, Inc.		97		1,006
Heritage-Crystal Clean, Inc.*		34		1,005
Genco Shipping & Trading Ltd.		79		990
LSB Industries, Inc.*		68		969
Argan, Inc.		30		965
Ducommun, Inc.*		24		952
Stoneridge, Inc.*		56		949
Centrus Energy Corp. — Class A*		23		942
Ryerson Holding Corp.		36		927
Haynes International, Inc.		26		913
Dorian LPG Ltd.		66		896
nLight, Inc.*		94		888
Kimball Electronics, Inc.*		51		875
Luxfer Holdings plc		60		870
Cadre Holdings, Inc.		35		842
Babcock & Wilcox Enterprises, Inc.*		128		817
Pactiv Evergreen, Inc.		93		812
CyberOptics Corp.*		15		807
Allied Motion Technologies, Inc.		28		801
Vishay Precision Group, Inc.*		27		799
NuScale Power Corp.*		67		783
DXP Enterprises, Inc.*		33		781
908 Devices, Inc.*		47		773
Greif, Inc. — Class B		12		730
National Presto Industries, Inc.		11		716
ESS Tech, Inc.*		173		708
Archer Aviation, Inc. — Class A*		267		697
Ardmore Shipping Corp.*		75		685
CIRCOR International, Inc.*		40		660
Omega Flex, Inc.		7		648
Covenant Logistics Group, Inc. — Class A		22		631
AerSale Corp.*		34		630
Harsco Corp.*		168		628
Northwest Pipe Co.*		21		590
Identiv, Inc.*		47		589
SmartRent, Inc.*		255		579
Manitowoc Company, Inc.*		74		573
Eastman Kodak Co.*		123		565
Comtech Telecommunications Corp.		55		551
AMMO, Inc.*		187		548
Tredegar Corp.		58		547
Teekay Corp.*		150		539
IES Holdings, Inc.*		19		525
Universal Logistics Holdings, Inc.		16		508
Tutor Perini Corp.*		90		497
Hyster-Yale Materials Handling, Inc.		23		495
Olympic Steel, Inc.		21		479
Daseke, Inc.*		87		471
Park Aerospace Corp.		42		464
Radiant Logistics, Inc.*		81		461
Caesarstone Ltd.		49		456
PAM Transportation Services, Inc.*		14		433
Astronics Corp.*		54		425
Powell Industries, Inc.		20		422
Charge Enterprises, Inc.*		232		408
Safe Bulkers, Inc.		157		388
Evolv Technologies Holdings, Inc.*		180		382
Sarcos Technology and Robotics Corp.*		163		362
Concrete Pumping Holdings, Inc.*		56		361
Pure Cycle Corp.*		42		351
Latham Group, Inc.*		94		337
Akoustis Technologies, Inc.*		111		330
View, Inc.*		240		322
Ranpak Holdings Corp.*		93		318
Sight Sciences, Inc.*		46		292
Atlas Technical Consultants, Inc.*		38		253
Transphorm, Inc.*		46		231
Turtle Beach Corp.*		33		225
Karat Packaging, Inc.*		12		192
Astra Space, Inc.*		308		188
Hydrofarm Holdings Group, Inc.*		94		182
Berkshire Grey, Inc.*		105		178
Momentus, Inc.*		117		160

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 101

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
NL Industries, Inc.		18	$	139
Redwire Corp.*,1		41		98
AEye, Inc.*		57		63
Fathom Digital Manufacturing C*		22		45
Total Industrial				614,772
Consumer, Cyclical - 7.5%
Murphy USA, Inc.		46		12,646
Texas Roadhouse, Inc. — Class A		143		12,478
Crocs, Inc.*		130		8,926
Light & Wonder, Inc. — Class A*		202		8,662
Wingstop, Inc.		64		8,027
Academy Sports & Outdoors, Inc.		177		7,466
Fox Factory Holding Corp.*		91		7,196
Asbury Automotive Group, Inc.*		47		7,102
Visteon Corp.*		59		6,258
Hilton Grand Vacations, Inc.*		188		6,183
FirstCash Holdings, Inc.		83		6,088
Goodyear Tire & Rubber Co.*		602		6,074
Skyline Champion Corp.*		114		6,027
Beacon Roofing Supply, Inc.*		110		6,019
Resideo Technologies, Inc.*		310		5,909
Topgolf Callaway Brands Corp.*		300		5,778
Adient plc*		204		5,661
Signet Jewelers Ltd.		98		5,605
National Vision Holdings, Inc.*		168		5,485
Meritage Homes Corp.*		78		5,481
Taylor Morrison Home Corp. — Class A*		235		5,480
Foot Locker, Inc.		175		5,448
UniFirst Corp.		32		5,383
LCI Industries		53		5,377
Papa John’s International, Inc.		70		4,901
Group 1 Automotive, Inc.		33		4,715
Dorman Products, Inc.*		57		4,681
Cracker Barrel Old Country Store, Inc.		49		4,536
Steven Madden Ltd.		169		4,507
Spirit Airlines, Inc.*		234		4,404
KB Home		168		4,355
Installed Building Products, Inc.		51		4,130
SeaWorld Entertainment, Inc.*		90		4,096
Kontoor Brands, Inc.		119		4,000
Rush Enterprises, Inc. — Class A		91		3,991
Cavco Industries, Inc.*		19		3,909
Sonos, Inc.*		274		3,809
Luminar Technologies, Inc.*,1		512		3,730
GMS, Inc.*		93		3,721
Red Rock Resorts, Inc. — Class A		108		3,700
Boot Barn Holdings, Inc.*		63		3,683
Shake Shack, Inc. — Class A*		80		3,598
LGI Homes, Inc.*		44		3,580
Nu Skin Enterprises, Inc. — Class A		107		3,571
Gentherm, Inc.*		71		3,531
Winnebago Industries, Inc.		66		3,512
Bloomin’ Brands, Inc.		189		3,464
Sweetgreen, Inc. — Class A*		187		3,459
MDC Holdings, Inc.		123		3,373
Jack in the Box, Inc.		45		3,333
International Game Technology plc		210		3,318
iRobot Corp.*		58		3,267
Tri Pointe Homes, Inc.*		216		3,264
ODP Corp.*		92		3,234
American Eagle Outfitters, Inc.*		331		3,221
Acushnet Holdings Corp.		73		3,175
Dana, Inc.		277		3,166
Cheesecake Factory, Inc.		107		3,133
Tenneco, Inc. — Class A*		177		3,078
World Fuel Services Corp.		131		3,071
PriceSmart, Inc.		53		3,052
Everi Holdings, Inc.*		188		3,049
XPEL, Inc.*		46		2,964
Oxford Industries, Inc.		33		2,963
Vista Outdoor, Inc.*		120		2,918
Sally Beauty Holdings, Inc.*		230		2,898
Methode Electronics, Inc.		78		2,898
Dave & Buster’s Entertainment, Inc.*		92		2,855
Veritiv Corp.*		29		2,835
Cinemark Holdings, Inc.*		234		2,834
KAR Auction Services, Inc.*		246		2,748
Urban Outfitters, Inc.*		136		2,672
Fisker, Inc.*,1		349		2,635
Century Communities, Inc.		61		2,610
MillerKnoll, Inc.		163		2,543
Wolverine World Wide, Inc.		165		2,539
Dillard’s, Inc. — Class A		9		2,455
Madison Square Garden Entertainment Corp.*		55		2,425
Allegiant Travel Co. — Class A*		33		2,408
Warby Parker, Inc. — Class A*		179		2,388
Proterra, Inc.*		474		2,361
HNI Corp.		88		2,333
Brinker International, Inc.*		93		2,323
Virgin Galactic Holdings, Inc.*		489		2,303
TuSimple Holdings, Inc. — Class A*		300		2,280
Liberty Media Corporation-Liberty Braves — Class C*		81		2,228
Nikola Corp.*,1		626		2,204
M/I Homes, Inc.*		59		2,138
Malibu Boats, Inc. — Class A*		44		2,112
Camping World Holdings, Inc. — Class A		83		2,102
La-Z-Boy, Inc.		92		2,076
Patrick Industries, Inc.		47		2,060
Buckle, Inc.		65		2,058
Dine Brands Global, Inc.		32		2,034
Clean Energy Fuels Corp.*		363		1,938
H&E Equipment Services, Inc.		68		1,927
Healthcare Services Group, Inc.		159		1,922
Caleres, Inc.		78		1,889
Sonic Automotive, Inc. — Class A		43		1,862
Designer Brands, Inc. — Class A		120		1,837
SkyWest, Inc.*		107		1,740
Lions Gate Entertainment Corp. — Class B*		250		1,738
Arko Corp.		182		1,709

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
American Axle & Manufacturing Holdings, Inc.*		242	$	1,653
Abercrombie & Fitch Co. — Class A*		106		1,648
Monarch Casino & Resort, Inc.*		29		1,628
Wabash National Corp.		104		1,618
indie Semiconductor, Inc. — Class A*		214		1,566
Sleep Number Corp.*		46		1,555
Bally’s Corp.*		78		1,541
Golden Entertainment, Inc.*		44		1,535
Shyft Group, Inc.		74		1,512
Qurate Retail, Inc. — Class A		751		1,509
Solid Power, Inc.*		280		1,473
TravelCenters of America, Inc.*		27		1,456
ScanSource, Inc.*		55		1,453
Franchise Group, Inc.		59		1,434
Hawaiian Holdings, Inc.*		109		1,434
Standard Motor Products, Inc.		44		1,430
IMAX Corp.*		101		1,426
G-III Apparel Group Ltd.*		94		1,405
Hibbett, Inc.		28		1,395
Funko, Inc. — Class A*		68		1,375
Douglas Dynamics, Inc.		48		1,345
MarineMax, Inc.*		45		1,340
Titan International, Inc.*		110		1,335
Winmark Corp.		6		1,298
MRC Global, Inc.*		178		1,280
Chico’s FAS, Inc.*		263		1,273
Vizio Holding Corp. — Class A*		145		1,267
BlueLinx Holdings, Inc.*		20		1,242
RCI Hospitality Holdings, Inc.		19		1,241
Green Brick Partners, Inc.*		58		1,240
Titan Machinery, Inc.*		43		1,215
Steelcase, Inc. — Class A		185		1,206
OneSpaWorld Holdings Ltd.*		142		1,193
Ruth’s Hospitality Group, Inc.		70		1,180
BJ’s Restaurants, Inc.*		49		1,169
Sovos Brands, Inc.*		82		1,168
EVgo, Inc.*,1		146		1,155
Interface, Inc. — Class A		126		1,133
Denny’s Corp.*		120		1,129
A-Mark Precious Metals, Inc.		39		1,107
Genesco, Inc.*		28		1,101
Ermenegildo Zegna N.V.		101		1,086
PC Connection, Inc.		24		1,082
Guess?, Inc.		73		1,071
Bed Bath & Beyond, Inc.*,1		171		1,041
Ethan Allen Interiors, Inc.		49		1,036
Bowlero Corp.*		83		1,022
Accel Entertainment, Inc.*		126		984
Sun Country Airlines Holdings, Inc.*		71		966
Movado Group, Inc.		34		958
Big Lots, Inc.		60		937
Lions Gate Entertainment Corp. — Class A*		125		929
Chuy’s Holdings, Inc.*		40		927
Workhorse Group, Inc.*		314		901
Life Time Group Holdings, Inc.*		90		878
Children’s Place, Inc.*		28		865
Portillo’s, Inc. — Class A*		43		847
PetMed Express, Inc.		43		839
Clarus Corp.		62		835
REV Group, Inc.		75		827
Target Hospitality Corp.*		65		820
Hyliion Holdings Corp.*		285		818
Shoe Carnival, Inc.		38		815
VSE Corp.		23		814
Haverty Furniture Companies, Inc.		32		797
America’s Car-Mart, Inc.*		13		793
Frontier Group Holdings, Inc.*		80		776
Sportsman’s Warehouse Holdings, Inc.*		93		772
Global Industrial Co.		28		751
Kura Sushi USA, Inc. — Class A*		10		736
MasterCraft Boat Holdings, Inc.*		39		735
Zumiez, Inc.*		34		732
OneWater Marine, Inc. — Class A*		24		723
Rush Enterprises, Inc. — Class B		15		719
Marcus Corp.		51		708
Destination XL Group, Inc.*		128		694
Hudson Technologies, Inc.*		92		676
Sonder Holdings, Inc.*		405		672
Microvast Holdings, Inc.*		366		662
Xponential Fitness, Inc. — Class A*		36		657
Tupperware Brands Corp.*		98		642
Lordstown Motors Corp. — Class A*		342		626
Beazer Homes USA, Inc.*		64		619
Lovesac Co.*		30		611
Motorcar Parts of America, Inc.*		40		609
Liberty Media Corporation-Liberty Braves — Class A*		21		591
Rite Aid Corp.*		117		579
Johnson Outdoors, Inc. — Class A		11		564
Aspen Aerogels, Inc.*		59		544
Universal Electronics, Inc.*		26		511
Miller Industries, Inc.		24		511
Big 5 Sporting Goods Corp.		46		494
Kimball International, Inc. — Class B		78		491
Rush Street Interactive, Inc.*		130		478
Purple Innovation, Inc.*		118		478
Dream Finders Homes, Inc. — Class A*		45		477
Lindblad Expeditions Holdings, Inc.*		69		466
Canoo, Inc.*		247		463
Bluegreen Vacations Holding Corp.		27		446
Holley, Inc.*		110		446
LL Flooring Holdings, Inc.*		63		437
Forestar Group, Inc.*		39		436
GrowGeneration Corp.*		123		430
Noodles & Co.*		88		414
Cenntro Electric Group Ltd.*		395		407
Build-A-Bear Workshop, Inc. — Class A		30		400
Snap One Holdings Corp.*		39		396
Full House Resorts, Inc.*		70		394
Hovnanian Enterprises, Inc. — Class A*		11		393

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 103

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Wheels Up Experience, Inc.*		341	$	392
Velodyne Lidar, Inc.*		414		392
Aeva Technologies, Inc.*		208		389
Weber, Inc. — Class A*		58		381
Century Casinos, Inc.*		58		381
El Pollo Loco Holdings, Inc.*		42		375
Cato Corp. — Class A		39		372
Party City Holdco, Inc.*		234		370
Vinco Ventures, Inc.*		394		367
NEOGAMES S.A.*		28		361
Container Store Group, Inc.*		70		343
Fossil Group, Inc.*		100		342
Tilly’s, Inc. — Class A		49		339
Hyzon Motors, Inc.*		188		320
ONE Group Hospitality, Inc.*		48		319
Volta, Inc.*		262		317
Blue Bird Corp.*		37		309
First Watch Restaurant Group, Inc.*		21		304
Rocky Brands, Inc.		15		301
Citi Trends, Inc.*		18		279
Tile Shop Holdings, Inc.		78		275
PLBY Group, Inc.*		67		270
Weyco Group, Inc.		13		264
F45 Training Holdings, Inc.*		78		241
ThredUp, Inc. — Class A*		126		232
Mullen Automotive, Inc.*		706		231
Biglari Holdings, Inc. — Class B*		2		231
Superior Group of Companies, Inc.		25		222
Reservoir Media, Inc.*		44		215
Conn’s, Inc.*		28		198
Duluth Holdings, Inc. — Class B*		28		197
Traeger, Inc.*		69		195
Lifetime Brands, Inc.		27		183
Aterian, Inc.*,1		131		162
JOANN, Inc.		24		159
Marine Products Corp.		18		152
Express, Inc.*		138		150
Xos, Inc.*		117		140
Torrid Holdings, Inc.*,1		32		134
Lightning eMotors, Inc.*		84		130
Landsea Homes Corp.*		22		105
CompX International, Inc.		3		49
Cepton, Inc.*		17		33
Total Consumer, Cyclical				514,876
Technology - 6.5%
Qualys, Inc.*		82		11,430
ExlService Holdings, Inc.*		69		10,168
SPS Commerce, Inc.*		78		9,690
Silicon Laboratories, Inc.*		73		9,011
Synaptics, Inc.*		85		8,416
Tenable Holdings, Inc.*		236		8,213
Workiva, Inc.*		102		7,936
Power Integrations, Inc.		121		7,783
Maximus, Inc.		129		7,465
Box, Inc. — Class A*		299		7,293
Blackline, Inc.*		118		7,068
Onto Innovation, Inc.*		106		6,789
1Life Healthcare, Inc.*		387		6,637
Evolent Health, Inc. — Class A*		176		6,324
Varonis Systems, Inc.*		234		6,206
Diodes, Inc.*		95		6,166
Sprout Social, Inc. — Class A*		99		6,007
Rambus, Inc.*		235		5,974
MACOM Technology Solutions Holdings, Inc.*		108		5,593
Insight Enterprises, Inc.*		67		5,521
DigitalOcean Holdings, Inc.*		149		5,389
Rapid7, Inc.*		125		5,362
Super Micro Computer, Inc.*		97		5,342
Envestnet, Inc.*		118		5,239
ACI Worldwide, Inc.*		246		5,141
CommVault Systems, Inc.*		95		5,039
MaxLinear, Inc. — Class A*		154		5,024
Altair Engineering, Inc. — Class A*		111		4,908
Duolingo, Inc.*		50		4,762
Verra Mobility Corp.*		306		4,703
Kulicke & Soffa Industries, Inc.		122		4,701
Ping Identity Holding Corp.*		166		4,660
NetScout Systems, Inc.*		146		4,573
Verint Systems, Inc.*		136		4,567
Blackbaud, Inc.*		100		4,406
Ambarella, Inc.*		78		4,382
Appfolio, Inc. — Class A*		41		4,294
MicroStrategy, Inc. — Class A*,1		20		4,245
Axcelis Technologies, Inc.*		70		4,239
PagerDuty, Inc.*		182		4,199
FormFactor, Inc.*		167		4,183
Semtech Corp.*		136		4,000
Progress Software Corp.		94		4,000
Amkor Technology, Inc.		218		3,717
Impinj, Inc.*		45		3,601
CSG Systems International, Inc.		68		3,596
Allscripts Healthcare Solutions, Inc.*		233		3,549
Asana, Inc. — Class A*		158		3,512
Appian Corp. — Class A*		86		3,511
KnowBe4, Inc. — Class A*		156		3,246
Apollo Medical Holdings, Inc.*		83		3,237
Xerox Holdings Corp.		245		3,205
Privia Health Group, Inc.*		93		3,168
Xperi Holding Corp.		223		3,153
Clear Secure, Inc. — Class A*		133		3,040
Schrodinger Incorporated/United States*		116		2,898
Digital Turbine, Inc.*		197		2,839
Parsons Corp.*		72		2,822
SiTime Corp.*		34		2,677
Phreesia, Inc.*		105		2,675
Cohu, Inc.*		103		2,655
AvidXchange Holdings, Inc.*		314		2,644
Model N, Inc.*		77		2,636
Everbridge, Inc.*		85		2,625
E2open Parent Holdings, Inc.*		427		2,592
Digi International, Inc.*		73		2,524

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Ultra Clean Holdings, Inc.*		97	$	2,498
Agilysys, Inc.*		42		2,325
Fastly, Inc. — Class A*		239		2,189
PROS Holdings, Inc.*		88		2,174
3D Systems Corp.*		272		2,171
Alignment Healthcare, Inc.*		181		2,143
NextGen Healthcare, Inc.*		119		2,106
BigCommerce Holdings, Inc.*		138		2,042
Donnelley Financial Solutions, Inc.*		55		2,033
BTRS Holdings, Inc. — Class 1*		215		1,991
Duck Creek Technologies, Inc.*		166		1,967
Veeco Instruments, Inc.*		107		1,960
Grid Dynamics Holdings, Inc.*		104		1,948
Photronics, Inc.*		129		1,886
Amplitude, Inc. — Class A*		120		1,856
C3.ai, Inc. — Class A*		148		1,850
Sumo Logic, Inc.*		242		1,815
Avid Technology, Inc.*		77		1,791
Zuora, Inc. — Class A*		242		1,786
Matterport, Inc.*		469		1,778
TTEC Holdings, Inc.		40		1,772
ACV Auctions, Inc. — Class A*		242		1,740
PAR Technology Corp.*		57		1,683
SMART Global Holdings, Inc.*		105		1,666
Momentive Global, Inc.*		284		1,650
Outset Medical, Inc.*		103		1,641
PowerSchool Holdings, Inc. — Class A*		98		1,636
Consensus Cloud Solutions, Inc.*		34		1,608
Simulations Plus, Inc.		33		1,602
PDF Solutions, Inc.*		65		1,594
EngageSmart, Inc.*		75		1,552
Zeta Global Holdings Corp. — Class A*		234		1,547
Olo, Inc. — Class A*		193		1,525
PubMatic, Inc. — Class A*		89		1,480
Desktop Metal, Inc. — Class A*		567		1,469
Hims & Hers Health, Inc.*		260		1,451
Alpha & Omega Semiconductor Ltd.*		47		1,446
LivePerson, Inc.*		151		1,422
N-able, Inc.*		146		1,348
Cerence, Inc.*		84		1,323
IonQ, Inc.*		255		1,293
CEVA, Inc.*		49		1,285
ACM Research, Inc. — Class A*		103		1,283
Sapiens International Corporation N.V.		66		1,266
Vimeo, Inc.*		307		1,228
Conduent, Inc.*		364		1,216
Sharecare, Inc.*		629		1,195
Domo, Inc. — Class B*		65		1,169
Alkami Technology, Inc.*		77		1,159
Health Catalyst, Inc.*		116		1,125
AvePoint, Inc.*		276		1,107
Yext, Inc.*		243		1,084
Ebix, Inc.1		57		1,081
Unisys Corp.*		142		1,072
American Software, Inc. — Class A		67		1,026
Telos Corp.*		115		1,022
Corsair Gaming, Inc.*		82		931
Blend Labs, Inc. — Class A*		397		877
ForgeRock, Inc. — Class A*		60		872
Pitney Bowes, Inc.		371		864
Computer Programs and Systems, Inc.*		31		864
Mitek Systems, Inc.*		91		834
Instructure Holdings, Inc.*		37		824
8x8, Inc.*		236		814
SolarWinds Corp.*		104		806
MeridianLink, Inc.*		49		798
ON24, Inc.*		89		783
Daily Journal Corp.*		3		769
OneSpan, Inc.*		86		740
Vuzix Corp.*		127		735
HireRight Holdings Corp.*		45		687
Enfusion, Inc. — Class A*		55		679
Skillz, Inc.*		655		668
Cardlytics, Inc.*		71		667
Bandwidth, Inc. — Class A*		50		595
Integral Ad Science Holding Corp.*		82		594
Playstudios, Inc.*		170		593
AXT, Inc.*		87		583
EverCommerce, Inc.*		52		568
Intapp, Inc.*		30		560
Brightcove, Inc.*		88		554
Cvent Holding Corp.*		97		509
Upland Software, Inc.*		62		504
Rackspace Technology, Inc.*		123		502
Rimini Street, Inc.*		104		485
CS Disco, Inc.*		48		480
Velo3D, Inc.*		121		477
Markforged Holding Corp.*		236		467
Atomera, Inc.*		44		446
Cantaloupe, Inc.*		125		435
Inspired Entertainment, Inc.*		47		415
UserTesting, Inc.*		101		396
Digimarc Corp.*		29		393
Porch Group, Inc.*		173		389
Diebold Nixdorf, Inc.*		157		383
Inseego Corp.*		185		383
Veritone, Inc.*		67		377
Convey Health Solutions Holdings, Inc.*		35		368
Benefitfocus, Inc.*		55		349
Red Violet, Inc.*		20		346
Weave Communications, Inc.*		67		338
eGain Corp.*		45		331
Skillsoft Corp.*		174		318
Outbrain, Inc.*		86		314
Pear Therapeutics, Inc.*		146		298
Cerberus Cyber Sentinel Corp.*		98		289
Avaya Holdings Corp.*		179		285
NextNav, Inc.*		105		282
Ouster, Inc.*		293		282
WM Technology, Inc.*		154		248
Arteris, Inc.*		36		240
IBEX Holdings Ltd.*		12		223

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 105

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
SkyWater Technology, Inc.*		23	$	176
SecureWorks Corp. — Class A*		21		169
Rockley Photonics Holdings Ltd.*		219		156
Latch, Inc.*		151		144
LiveVox Holdings, Inc.*		48		142
Faraday Future Intelligent Electric, Inc.*		213		136
Rigetti Computing, Inc.*		69		130
Viant Technology, Inc. — Class A*		30		126
Nutex Health, Inc.*		83		125
IronNet, Inc.*		139		96
Kaleyra, Inc.*		63		61
Loyalty Ventures, Inc.*		43		52
Total Technology				448,569
Energy - 4.2%
Chord Energy Corp.		89		12,172
Matador Resources Co.		241		11,790
Murphy Oil Corp.		316		11,114
SM Energy Co.		260		9,779
Denbury, Inc.*		107		9,230
Civitas Resources, Inc.		158		9,068
ChampionX Corp.		438		8,572
Helmerich & Payne, Inc.		220		8,133
PBF Energy, Inc. — Class A*		208		7,313
Magnolia Oil & Gas Corp. — Class A		358		7,092
Equitrans Midstream Corp.		882		6,597
Valaris Ltd.*		131		6,411
Peabody Energy Corp.*		252		6,255
California Resources Corp.		162		6,226
CNX Resources Corp.*		400		6,212
Patterson-UTI Energy, Inc.		460		5,373
Array Technologies, Inc.*		323		5,355
Shoals Technologies Group, Inc. — Class A*		240		5,172
Kosmos Energy Ltd.*		968		5,005
Weatherford International plc*		152		4,908
Alpha Metallurgical Resources, Inc.		35		4,789
CONSOL Energy, Inc.		74		4,760
Sunnova Energy International, Inc.*		213		4,703
Noble Corporation plc*		158		4,674
Stem, Inc.*		309		4,122
Delek US Holdings, Inc.		151		4,098
SunPower Corp. — Class A*		175		4,032
Arch Resources, Inc.		33		3,914
Liberty Energy, Inc. — Class A*		306		3,880
Northern Oil and Gas, Inc.		141		3,865
Callon Petroleum Co.*		106		3,711
Comstock Resources, Inc.*		197		3,406
Green Plains, Inc.*		113		3,285
Warrior Met Coal, Inc.		110		3,128
Permian Resources Corp.*		441		2,999
NexTier Oilfield Solutions, Inc.*		377		2,790
FuelCell Energy, Inc.*		792		2,701
Brigham Minerals, Inc. — Class A		109		2,689
Tellurian, Inc.*		1,094		2,615
Montauk Renewables, Inc.*		138		2,407
NOW, Inc.*		236		2,372
Talos Energy, Inc.*		142		2,364
Laredo Petroleum, Inc.*		37		2,325
Archaea Energy, Inc.*		128		2,305
Gulfport Energy Corp.*		24		2,119
Expro Group Holdings N.V.*		166		2,115
Nabors Industries Ltd.*		19		1,927
Archrock, Inc.		290		1,862
CVR Energy, Inc.		63		1,826
Tidewater, Inc.*		82		1,779
US Silica Holdings, Inc.*		159		1,741
Par Pacific Holdings, Inc.*		105		1,723
Oceaneering International, Inc.*		214		1,703
ProPetro Holding Corp.*		187		1,505
Dril-Quip, Inc.*		73		1,425
Diamond Offshore Drilling, Inc.*		214		1,419
Borr Drilling Ltd.*		417		1,384
Ranger Oil Corp. — Class A		43		1,352
Berry Corp.		172		1,290
Bristow Group, Inc.*		51		1,198
W&T Offshore, Inc.*		203		1,190
Helix Energy Solutions Group, Inc.*		307		1,185
Kinetik Holdings, Inc. — Class A		36		1,173
Earthstone Energy, Inc. — Class A*		93		1,146
Fluence Energy, Inc.*		77		1,123
SandRidge Energy, Inc.*		68		1,109
RPC, Inc.		159		1,102
Select Energy Services, Inc. — Class A*		153		1,066
SunCoke Energy, Inc.		179		1,040
Gevo, Inc.*		422		962
TETRA Technologies, Inc.*		267		959
Crescent Energy Co. — Class A		70		943
Excelerate Energy, Inc. — Class A		40		936
REX American Resources Corp.*		33		921
Infrastructure and Energy Alternatives, Inc.*		65		880
TPI Composites, Inc.*		78		880
Vertex Energy, Inc.*		116		723
Energy Vault Holdings, Inc.*		136		718
SilverBow Resources, Inc.*		25		672
DMC Global, Inc.*		40		639
Solaris Oilfield Infrastructure, Inc. — Class A		68		636
Aris Water Solution, Inc. — Class A		47		600
Alto Ingredients, Inc.*		155		564
Sitio Royalties Corp.		25		553
VAALCO Energy, Inc.		125		545
Oil States International, Inc.*		131		510
Amplify Energy Corp.*		76		499
National Energy Services Reunited Corp.*		82		487
Newpark Resources, Inc.*		182		459
Ramaco Resources, Inc.		48		442
ProFrac Holding Corp. — Class A*		29		441
Ring Energy, Inc.*		185		429
NACCO Industries, Inc. — Class A		9		423
Riley Exploration Permian, Inc.		22		418
NextDecade Corp.*		66		397

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Aemetis, Inc.*		62	$	380
Heliogen, Inc.*		194		361
FutureFuel Corp.		55		332
Eneti, Inc.		49		327
HighPeak Energy, Inc.		14		303
Cleanspark, Inc.*		86		274
Empire Petroleum Corp.*		15		197
Battalion Oil Corp.*		5		59
Total Energy				289,082
Communications - 2.9%
Iridium Communications, Inc.*		273		12,113
TEGNA, Inc.		478		9,885
Calix, Inc.*		122		7,459
Ziff Davis, Inc.*		98		6,711
Marqeta, Inc. — Class A*		931		6,629
Viavi Solutions, Inc.*		488		6,368
Yelp, Inc. — Class A*		147		4,985
Cogent Communications Holdings, Inc.		92		4,799
Perficient, Inc.*		73		4,746
DigitalBridge Group, Inc.		346		4,329
CommScope Holding Company, Inc.*		440		4,052
Bumble, Inc. — Class A*		185		3,976
Q2 Holdings, Inc.*		120		3,864
Extreme Networks, Inc.*		274		3,581
Upwork, Inc.*		257		3,500
TechTarget, Inc.*		59		3,493
Cargurus, Inc.*		219		3,103
Telephone & Data Systems, Inc.		216		3,002
ADTRAN Holdings, Inc.		151		2,957
Maxar Technologies, Inc.		156		2,920
Clearfield, Inc.*		25		2,616
Shutterstock, Inc.		52		2,609
Harmonic, Inc.*		197		2,575
InterDigital, Inc.		63		2,547
Gray Television, Inc.		175		2,506
ePlus, Inc.*		57		2,368
Globalstar, Inc.*		1,467		2,333
Credo Technology Group Holding Ltd.*		206		2,266
Figs, Inc. — Class A*		273		2,252
Overstock.com, Inc.*		91		2,216
Liberty Latin America Ltd. — Class C*		328		2,017
Infinera Corp.*		406		1,965
Revolve Group, Inc.*		88		1,909
iHeartMedia, Inc. — Class A*		258		1,891
A10 Networks, Inc.		141		1,871
Magnite, Inc.*		281		1,846
Open Lending Corp. — Class A*		226		1,817
Scholastic Corp.		59		1,815
Planet Labs PBC*		333		1,808
Shenandoah Telecommunications Co.		104		1,770
Cars.com, Inc.*		149		1,713
Sinclair Broadcast Group, Inc. — Class A		86		1,556
Poshmark, Inc. — Class A*		99		1,551
Squarespace, Inc. — Class A*		67		1,431
WideOpenWest, Inc.*		115		1,411
EW Scripps Co. — Class A*		125		1,409
Anterix, Inc.*		39		1,393
ChannelAdvisor Corp.*		61		1,382
fuboTV, Inc.*		382		1,356
AMC Networks, Inc. — Class A*		65		1,319
Gogo, Inc.*		107		1,297
Thryv Holdings, Inc.*		54		1,233
NETGEAR, Inc.*		61		1,222
EchoStar Corp. — Class A*		72		1,186
QuinStreet, Inc.*		111		1,166
Stagwell, Inc.*		167		1,161
HealthStream, Inc.*		52		1,106
Clear Channel Outdoor Holdings, Inc.*		783		1,073
Boston Omaha Corp. — Class A*		44		1,014
Eventbrite, Inc. — Class A*		165		1,003
ContextLogic, Inc. — Class A*		1,220		895
ATN International, Inc.		23		887
Liquidity Services, Inc.*		53		862
United States Cellular Corp.*		32		833
Edgio, Inc.*		294		817
Couchbase, Inc.*		57		813
Tucows, Inc. — Class A*		21		786
IDT Corp. — Class B*		31		770
Vacasa, Inc. — Class A*		239		734
Stitch Fix, Inc. — Class A*		174		687
Rover Group, Inc.*		199		665
Consolidated Communications Holdings, Inc.*		159		662
Aviat Networks, Inc.*		24		657
Allbirds, Inc. — Class A*		202		614
Ooma, Inc.*		49		603
CarParts.com, Inc.*		109		564
OptimizeRx Corp.*		38		563
Liberty Latin America Ltd. — Class A*		83		514
Entravision Communications Corp. — Class A		127		504
DHI Group, Inc.*		92		495
Blade Air Mobility, Inc.*		120		484
Gannett Company, Inc.*		309		473
BARK, Inc.*		255		464
MediaAlpha, Inc. — Class A*		51		446
Quotient Technology, Inc.*		192		443
Innovid Corp.*		163		442
Cambium Networks Corp.*		25		423
DZS, Inc.*		37		418
Vivid Seats, Inc. — Class A		53		406
Advantage Solutions, Inc.*		177		377
1-800-Flowers.com, Inc. — Class A*		58		376
RumbleON, Inc. — Class B*		22		372
Cyxtera Technologies, Inc.*		91		371
Groupon, Inc.*		46		366
Focus Universal, Inc.*		38		356
Preformed Line Products Co.		5		356
Ribbon Communications, Inc.*		155		344
1stdibs.com, Inc.*		50		315
Arena Group Holdings, Inc.*		24		314
EverQuote, Inc. — Class A*		42		286

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 107

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Cumulus Media, Inc. — Class A*		40	$	281
RealReal, Inc.*		182		273
Ondas Holdings, Inc.*		73		270
Lands’ End, Inc.*		33		255
Nerdy, Inc.*		116		245
Casa Systems, Inc.*		76		238
Solo Brands, Inc. — Class A*		47		179
Gambling.com Group Ltd.*		19		144
KORE Group Holdings, Inc.*		75		143
Urban One, Inc.*		26		110
Audacy, Inc.*		256		99
Urban One, Inc.*		18		95
Terran Orbital Corp.*		51		90
Value Line, Inc.		2		88
Starry Group Holdings, Inc. — Class A*		51		76
AdTheorent Holding Company, Inc.*		34		73
Lulu’s Fashion Lounge Holdings, Inc.*		13		61
Inspirato, Inc.*		22		52
aka Brands Holding Corp.*		24		35
Total Communications				196,015
Basic Materials - 2.3%
Livent Corp.*		348		10,666
Rogers Corp.*		40		9,675
Commercial Metals Co.		259		9,190
Balchem Corp.		68		8,267
Cabot Corp.		119		7,603
ATI, Inc.*		266		7,078
HB Fuller Co.		114		6,851
Sensient Technologies Corp.		90		6,241
Avient Corp.		195		5,908
Ingevity Corp.*		82		4,972
Innospec, Inc.		53		4,541
Hecla Mining Co.		1,147		4,519
Stepan Co.		46		4,309
Quaker Chemical Corp.		29		4,187
Arconic Corp.*		219		3,732
Minerals Technologies, Inc.		70		3,459
Carpenter Technology Corp.		102		3,176
Tronox Holdings plc — Class A		251		3,075
Compass Minerals International, Inc.		74		2,851
Constellium SE*		266		2,697
Sylvamo Corp.		76		2,576
Mativ Holdings, Inc.		116		2,561
Uranium Energy Corp.*		688		2,408
Novagold Resources, Inc.*		513		2,406
Perimeter Solutions S.A.*		261		2,091
Kaiser Aluminum Corp.		34		2,086
Energy Fuels, Inc.*		335		2,050
Coeur Mining, Inc.*		597		2,042
Resolute Forest Products, Inc.*		99		1,980
Piedmont Lithium, Inc.*		37		1,979
AdvanSix, Inc.		58		1,862
Lightwave Logic, Inc.*		240		1,762
Orion Engineered Carbons S.A.		130		1,736
Hawkins, Inc.		42		1,638
Schnitzer Steel Industries, Inc. — Class A		56		1,594
Trinseo plc		75		1,374
Clearwater Paper Corp.*		36		1,354
Amyris, Inc.*		422		1,232
American Vanguard Corp.		63		1,178
Origin Materials, Inc.*		228		1,176
Ecovyst, Inc.*		137		1,156
Intrepid Potash, Inc.*		24		950
Koppers Holdings, Inc.		44		914
Diversey Holdings Ltd.*		168		816
Codexis, Inc.*		131		794
5E Advanced Materials, Inc.*		69		701
Century Aluminum Co.*		111		586
Danimer Scientific, Inc.*		194		572
Ur-Energy, Inc.*		449		489
Kronos Worldwide, Inc.		47		439
Rayonier Advanced Materials, Inc.*		132		416
United States Lime & Minerals, Inc.		4		409
Dakota Gold Corp.*		109		333
Glatfelter Corp.*		94		292
Unifi, Inc.*		30		285
Ivanhoe Electric Incorporated / US*		31		256
Hycroft Mining Holding Corp.*		324		196
PolyMet Mining Corp.*		63		181
Valhi, Inc.		5		126
Terawulf, Inc.*		46		58
Total Basic Materials				160,051
Utilities - 2.3%
Southwest Gas Holdings, Inc.		142		9,905
Black Hills Corp.		139		9,414
South Jersey Industries, Inc.		263		8,789
Brookfield Infrastructure Corp. — Class A		210		8,547
PNM Resources, Inc.		183		8,369
Ormat Technologies, Inc.		97		8,361
Portland General Electric Co.		192		8,344
ONE Gas, Inc.		115		8,095
New Jersey Resources Corp.		206		7,972
Spire, Inc.		109		6,794
American States Water Co.		79		6,158
ALLETE, Inc.		123		6,156
California Water Service Group		115		6,059
NorthWestern Corp.		117		5,766
Avista Corp.		155		5,743
Clearway Energy, Inc. — Class C		176		5,606
Otter Tail Corp.		88		5,414
MGE Energy, Inc.		78		5,119
Ameresco, Inc. — Class A*		68		4,521
Chesapeake Utilities Corp.		37		4,269
SJW Group		58		3,341
Northwest Natural Holding Co.		73		3,167
Middlesex Water Co.		37		2,856
Clearway Energy, Inc. — Class A		75		2,183
Unitil Corp.		34		1,579
York Water Co.		30		1,153
Altus Power, Inc.*		90		991
Artesian Resources Corp. — Class A		18		866
Global Water Resources, Inc.		28		329

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
FTC Solar, Inc.*		89	$	263
Via Renewables, Inc.		26		180
Total Utilities				156,309
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		59		770
Diversified - 0.0%
Professional Holding Corp. — Class A*		28		726
Total Common Stocks
(Cost $5,593,366)				4,664,304
RIGHTS††† - 0.0%
Consumer, Non-cyclical - 0.0%
Tobira Therapeutics, Inc.*,		14		—
UCB*		140		—
Total Consumer, Non-cyclical				—
Total Rights
(Cost $—)				—
MUTUAL FUNDS† - 19.5%
Guggenheim Ultra Short Duration Fund — Institutional Class2		76,553		734,145
Guggenheim Strategy Fund II2		25,618		614,057
Total Mutual Funds
(Cost $1,387,675)				1,348,202

	Face Amount
U.S. TREASURY BILLS†† - 5.8%
U.S. Treasury Bills
1.34% due 10/04/223	$	381,000		380,975
2.70% due 11/08/223,4		17,000		16,954
Total U.S. Treasury Bills
(Cost $397,907)				397,929
REPURCHASE AGREEMENTS††,5 - 26.3%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/226		1,030,865		1,030,865
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/226		396,486		396,486
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/226		384,751		384,751
Total Repurchase Agreements
(Cost $1,812,102)				1,812,102
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.3%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%8		21,546		21,546
Total Securities Lending Collateral
(Cost $21,546)				21,546
Total Investments - 119.6%
(Cost $9,212,596)			$	8,244,083
Other Assets & Liabilities, net - (19.6)%				(1,351,719	)
Total Net Assets - 100.0%			$	6,892,364

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		6		Dec 2022	$	500,760	$	(40,116	)

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††

Goldman Sachs International

Russell 2000 Index

Pay

3.33% (Federal Funds Rate + 0.25%)

At Maturity

11/17/22

1,252

$

2,084,619

$

(93,102

)

BNP Paribas

Russell 2000 Index

Pay

3.28% (Federal Funds Rate + 0.20%)

At Maturity

11/17/22

617

1,027,541

(222,447

)

Barclays Bank plc

Russell 2000 Index

Pay

2.96% (SOFR)

At Maturity

11/16/22

1,241

2,065,881

(399,869

)

$

5,178,041

$

(715,418

)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 109

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

*	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.
†††	Value determined based on Level 3 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Affiliated issuer.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at September 30, 2022.
5	Repurchase Agreements — See Note 6.
6	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of September 30, 2022.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	4,664,304	$	—	$	—		$	4,664,304
Rights		—		—		—	*		—
Mutual Funds		1,348,202		—		—			1,348,202
U.S. Treasury Bills		—		397,929		—			397,929
Repurchase Agreements		—		1,812,102		—			1,812,102
Securities Lending Collateral		21,546		—		—			21,546
Total Assets	$	6,034,052	$	2,210,031	$	—		$	8,244,083

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	40,116	$	—	$	—	$	40,116
Equity Index Swap Agreements**		—		715,418		—		715,418
Total Liabilities	$	40,116	$	715,418	$	—	$	755,534

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
RUSSELL 2000® 1.5x STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	905,308	$	—	$	(275,000	)	$	(6,008	)	$	(10,243	)	$	614,057		25,618	$	8,628
Guggenheim Ultra Short Duration Fund — Institutional Class		899,762		—		(150,000	)		(3,071	)		(12,546	)		734,145		76,553		7,774
	$	1,805,070	$	—	$	(425,000	)	$	(9,079	)	$	(22,789	)	$	1,348,202			$	16,402

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 111

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value - including $20,508 of securities loaned (cost $6,012,819)	$	5,083,779
Investments in affiliated issuers, at value (cost $1,387,675)		1,348,202
Repurchase agreements, at value (cost $1,812,102)		1,812,102
Cash		12
Segregated cash with broker		159,134
Receivables:
Dividends		9,627
Fund shares sold		1,864
Securities lending income		231
Interest		148
Total assets		8,415,099
Liabilities:
Unrealized depreciation on OTC swap agreements		715,418
Payable for:
Swap settlement		575,526
Fund shares redeemed		185,834
Return of securities lending collateral		21,546
Management fees		6,059
Variation margin on futures contracts		3,870
Transfer agent and administrative fees		2,738
Distribution and service fees		1,740
Portfolio accounting/administration fees		313
Trustees’ fees*		114
Miscellaneous		9,577
Total liabilities		1,522,735
Commitments and contingent liabilities (Note 11)		—
Net assets	$	6,892,364
Net assets consist of:
Paid in capital	$	11,498,850
Total distributable earnings (loss)		(4,606,486	)
Net assets	$	6,892,364
A-Class:
Net assets	$	855,504
Capital shares outstanding		21,408
Net asset value per share	$	39.96
Maximum offering price per share (Net asset value divided by 95.25%)	$	41.95
C-Class:
Net assets	$	20,998
Capital shares outstanding		720
Net asset value per share	$	29.16
H-Class:
Net assets	$	6,015,862
Capital shares outstanding		151,514
Net asset value per share	$	39.70

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $63)	$	36,646
Dividends from securities of affiliated issuers		16,402
Interest		14,088
Income from securities lending, net		1,521
Total investment income		68,657
Expenses:
Management fees		37,642
Distribution and service fees:
A-Class		1,316
C-Class		127
H-Class		9,108
Transfer agent and administrative fees		9,857
Portfolio accounting/administration fees		5,294
Professional fees		1,780
Trustees’ fees*		689
Custodian fees		609
Interest expense		150
Line of credit fees		12
Miscellaneous		6,528
Total expenses		73,112
Less:
Expenses reimbursed by Adviser		(740	)
Expenses waived by Adviser		(968	)
Total waived/reimbursed expenses		(1,708	)
Net expenses		71,404
Net investment loss		(2,747	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(259,636	)
Investments in affiliated issuers		(9,079	)
Swap agreements		(579,107	)
Futures contracts		(183,819	)
Net realized loss		(1,031,641	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(1,039,292	)
Investments in affiliated issuers		(22,789	)
Swap agreements		(890,738	)
Futures contracts		(104,822	)
Net change in unrealized appreciation (depreciation)		(2,057,641	)
Net realized and unrealized loss		(3,089,282	)
Net decrease in net assets resulting from operations	$	(3,092,029	)

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

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

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(2,747	)	$	(127,445	)
Net realized loss on investments		(1,031,641	)		(1,852,892	)
Net change in unrealized appreciation (depreciation) on investments		(2,057,641	)		379,162
Net decrease in net assets resulting from operations		(3,092,029	)		(1,601,175	)
Distributions to shareholders:
A-Class		—			(553,693	)
C-Class		—			(31,348	)
H-Class		—			(3,371,767	)
Total distributions to shareholders		—			(3,956,808	)
Capital share transactions:
Proceeds from sale of shares
A-Class		26,317			115,319
C-Class		—			55,620
H-Class		1,524,017			19,064,386
Distributions reinvested
A-Class		—			530,048
C-Class		—			22,970
H-Class		—			3,360,182
Cost of shares redeemed
A-Class		(70,008	)		(385,781	)
C-Class		(4,781	)		(77,930	)
H-Class		(1,477,139	)		(18,446,500	)
Net increase (decrease) from capital share transactions		(1,594	)		4,238,314
Net decrease in net assets		(3,093,623	)		(1,319,669	)
Net assets:
Beginning of period		9,985,987			11,305,656
End of period	$	6,892,364		$	9,985,987
Capital share activity:
Shares sold
A-Class		554			1,197
C-Class		—			859
H-Class		30,490			218,200
Shares issued from reinvestment of distributions
A-Class		—			8,359
C-Class		—			494
H-Class		—			53,336
Shares redeemed
A-Class		(1,555	)		(4,423	)
C-Class		(124	)		(1,391	)
H-Class		(33,472	)		(211,098	)
Net increase (decrease) in shares		(4,107	)		65,533

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 113

RUSSELL 2000^® 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	56.57		$	101.22		$	39.16		$	63.62		$	64.49		$	55.99
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(1.02	)		(.94	)		.32			.34			.02
Net gain (loss) on investments (realized and unrealized)		(16.59	)		(7.02	)		63.25			(24.78	)		(1.21	)f		8.48
Total from investment operations		(16.61	)		(8.04	)		62.31			(24.46	)		(.87	)		8.50
Less distributions from:
Net investment income		—			—			(.25	)		—			—			—
Net realized gains		—			(36.61	)		—			—			—			—
Total distributions		—			(36.61	)		(.25	)		—			—			—
Net asset value, end of period	$	39.96		$	56.57		$	101.22		$	39.16		$	63.62		$	64.49
Total Returnc		(29.36	%)		(11.85	%)		159.26	%		(38.45	%)		(1.35	%)		15.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	856		$	1,268		$	1,749		$	948		$	2,064		$	1,400
Ratios to average net assets:
Net investment income (loss)		(0.08	%)		(1.18	%)		(1.40	%)		0.50	%		0.52	%		0.03	%
Total expensesd		1.75	%		1.71	%		1.79	%		1.82	%		1.80	%		1.72	%
Net expensese		1.71	%		1.68	%		1.77	%		1.76	%		1.78	%		1.72	%
Portfolio turnover rate		8	%		62	%		—			93	%		258	%		580	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	41.41		$	84.58		$	32.98		$	54.00		$	55.14		$	48.24
Income (loss) from investment operations:
Net investment income (loss)b		(.15	)		(1.28	)		(1.27	)		(.12	)		(.30	)		(.40	)
Net gain (loss) on investments (realized and unrealized)		(12.10	)		(5.28	)		53.12			(20.90	)		(.84	)f		7.30
Total from investment operations		(12.25	)		(6.56	)		51.85			(21.02	)		(1.14	)		6.90
Less distributions from:
Net investment income		—			—			(.25	)		—			—			—
Net realized gains		—			(36.61	)		—			—			—			—
Total distributions		—			(36.61	)		(.25	)		—			—			—
Net asset value, end of period	$	29.16		$	41.41		$	84.58		$	32.98		$	54.00		$	55.14
Total Returnc		(29.58	%)		(12.52	%)		157.38	%		(38.93	%)		(2.07	%)		14.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21		$	35		$	75		$	22		$	78		$	1,017
Ratios to average net assets:
Net investment income (loss)		(0.84	%)		(1.93	%)		(2.16	%)		(0.22	%)		(0.50	%)		(0.78	%)
Total expensesd		2.50	%		2.46	%		2.52	%		2.57	%		2.54	%		2.48	%
Net expensese		2.46	%		2.43	%		2.50	%		2.51	%		2.53	%		2.48	%
Portfolio turnover rate		8	%		62	%		—			93	%		258	%		580	%

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

RUSSELL 2000^® 1.5x 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	56.20		$	100.81		$	39.00		$	63.37		$	64.22		$	55.86
Income (loss) from investment operations:
Net investment income (loss)b		(.01	)		(.98	)		(.98	)		.09			.29			(.11	)
Net gain (loss) on investments (realized and unrealized)		(16.49	)		(7.02	)		63.04			(24.46	)		(1.14	)f		8.47
Total from investment operations		(16.50	)		(8.00	)		62.06			(24.37	)		(.85	)		8.36
Less distributions from:
Net investment income		—			—			(.25	)		—			—			—
Net realized gains		—			(36.61	)		—			—			—			—
Total distributions		—			(36.61	)		(.25	)		—			—			—
Net asset value, end of period	$	39.70		$	56.20		$	100.81		$	39.00		$	63.37		$	64.22
Total Return		(29.36	%)		(11.86	%)		159.27	%		(38.46	%)		(1.32	%)		14.97	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,016		$	8,683		$	9,482		$	3,347		$	6,676		$	7,178
Ratios to average net assets:
Net investment income (loss)		(0.06	%)		(1.17	%)		(1.42	%)		0.14	%		0.46	%		(0.18	%)
Total expensesd		1.75	%		1.71	%		1.78	%		1.84	%		1.81	%		1.72	%
Net expensese		1.70	%		1.68	%		1.76	%		1.80	%		1.80	%		1.72	%
Portfolio turnover rate		8	%		62	%		—			93	%		258	%		580	%

a	Unaudited figures for the period ended September 30, 2022. 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.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 115

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

RUSSELL 2000^® FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the Russell 2000^® Index (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	May 31, 2006
C-Class	May 31, 2006
H-Class	May 31, 2006

Ten Largest Holdings (% of Total Net Assets)
Vanguard Russell 2000 ETF	4.2%
iShares Russell 2000 Index ETF	4.1%
Shockwave Medical, Inc.	0.3%
Biohaven Pharmaceutical Holding Company Ltd.	0.3%
Chart Industries, Inc.	0.2%
Karuna Therapeutics, Inc.	0.2%
Apellis Pharmaceuticals, Inc.	0.2%
Murphy USA, Inc.	0.2%
SouthState Corp.	0.2%
RBC Bearings, Inc.	0.2%
Top Ten Total	10.1%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(19.68%)	(24.74%)	1.83%	6.72%
A-Class Shares with sales charge‡	(23.50%)	(28.32%)	0.84%	6.20%
C-Class Shares	(19.98%)	(25.32%)	1.06%	5.91%
C-Class Shares with CDSC§	(20.78%)	(25.97%)	1.06%	5.91%
H-Class Shares	(19.67%)	(24.73%)	1.84%	6.71%
Russell 2000 Index	(19.01%)	(23.50%)	3.55%	10.11%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

116 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
COMMON STOCKS† - 61.0%
Consumer, Non-cyclical - 15.6%
Shockwave Medical, Inc.*		252	$	70,074
Biohaven Pharmaceutical Holding Company Ltd.*		441		66,666
Karuna Therapeutics, Inc.*		208		46,785
Apellis Pharmaceuticals, Inc.*		662		45,215
HealthEquity, Inc.*		587		39,429
Halozyme Therapeutics, Inc.*		961		37,998
Inspire Medical Systems, Inc.*		199		35,297
Celsius Holdings, Inc.*		387		35,093
LHC Group, Inc.*		211		34,532
Option Care Health, Inc.*		1,095		34,460
Lantheus Holdings, Inc.*		484		34,040
AMN Healthcare Services, Inc.*		305		32,318
ASGN, Inc.*		346		31,268
Global Blood Therapeutics, Inc.*		456		31,054
Ensign Group, Inc.		381		30,289
Intra-Cellular Therapies, Inc.*		648		30,151
Intellia Therapeutics, Inc.*		534		29,883
Cytokinetics, Inc.*		581		28,149
Medpace Holdings, Inc.*		179		28,133
Blueprint Medicines Corp.*		423		27,871
Omnicell, Inc.*		311		27,066
Haemonetics Corp.*		360		26,651
iRhythm Technologies, Inc.*		211		26,434
Insperity, Inc.		257		26,237
Alkermes plc*		1,154		25,769
PTC Therapeutics, Inc.*		497		24,949
Inari Medical, Inc.*		341		24,770
Axonics, Inc.*		346		24,372
Arrowhead Pharmaceuticals, Inc.*		728		24,060
STAAR Surgical Co.*		339		23,916
Triton International Ltd.		434		23,753
ChemoCentryx, Inc.*		448		23,144
Merit Medical Systems, Inc.*		396		22,378
Hostess Brands, Inc.*		960		22,310
Alarm.com Holdings, Inc.*		340		22,052
Beam Therapeutics, Inc.*		450		21,438
Denali Therapeutics, Inc.*		697		21,391
Sprouts Farmers Market, Inc.*		759		21,062
Lancaster Colony Corp.		138		20,739
Simply Good Foods Co.*		638		20,410
Amicus Therapeutics, Inc.*		1,951		20,368
R1 RCM, Inc.*		1,060		19,642
Progyny, Inc.*		529		19,605
API Group Corp.*		1,464		19,427
LivaNova plc*		380		19,293
BellRing Brands, Inc.*		933		19,229
Herc Holdings, Inc.		182		18,906
TriNet Group, Inc.*		265		18,873
StoneCo Ltd. — Class A*		1,961		18,688
Chegg, Inc.*		880		18,542
Insmed, Inc.*		844		18,180
ABM Industries, Inc.		474		18,121
Korn Ferry		380		17,841
Alight, Inc. — Class A*		2,403		17,614
Prestige Consumer Healthcare, Inc.*		351		17,490
Glaukos Corp.*		324		17,250
WD-40 Co.		97		17,047
Pacira BioSciences, Inc.*		318		16,914
BioCryst Pharmaceuticals, Inc.*		1,312		16,531
Helen of Troy Ltd.*		169		16,298
NuVasive, Inc.*		371		16,254
Select Medical Holdings Corp.		735		16,244
CONMED Corp.		200		16,034
Brink’s Co.		329		15,937
Covetrus, Inc.*		749		15,639
Corcept Therapeutics, Inc.*		603		15,461
Arvinas, Inc.*		345		15,349
TreeHouse Foods, Inc.*		360		15,271
Prothena Corporation plc*		251		15,218
Cal-Maine Foods, Inc.		269		14,954
IVERIC bio, Inc.*		827		14,836
Patterson Companies, Inc.		617		14,820
CBIZ, Inc.*		342		14,631
Integer Holdings Corp.*		234		14,562
AbCellera Biologics, Inc.*		1,465		14,489
Sage Therapeutics, Inc.*		369		14,450
ICF International, Inc.		131		14,282
United Natural Foods, Inc.*		411		14,126
Primo Water Corp.		1,115		13,993
Twist Bioscience Corp.*		397		13,990
Graham Holdings Co. — Class B		26		13,987
J & J Snack Foods Corp.		108		13,983
ACADIA Pharmaceuticals, Inc.*		851		13,922
Herbalife Nutrition Ltd.*		691		13,744
Edgewell Personal Care Co.		364		13,613
Coca-Cola Consolidated, Inc.		33		13,587
Revance Therapeutics, Inc.*		496		13,392
EVERTEC, Inc.		425		13,324
Fate Therapeutics, Inc.*		589		13,200
elf Beauty, Inc.*		343		12,904
AtriCure, Inc.*		323		12,629
Owens & Minor, Inc.		522		12,580
Prometheus Biosciences, Inc.*		207		12,215
Relay Therapeutics, Inc.*		541		12,102
Stride, Inc.*		287		12,063
Cytek Biosciences, Inc.*		808		11,894
Sabre Corp.*		2,308		11,886
Supernus Pharmaceuticals, Inc.*		347		11,746
Embecta Corp.		406		11,689
Adtalem Global Education, Inc.*		318		11,591
Nevro Corp.*		247		11,510
John Wiley & Sons, Inc. — Class A		304		11,418
Cassava Sciences, Inc.*		271		11,333
Evo Payments, Inc. — Class A*		335		11,155
Verve Therapeutics, Inc.*		321		11,026
Silk Road Medical, Inc.*		245		11,025
Agios Pharmaceuticals, Inc.*		386		10,916
Cerevel Therapeutics Holdings, Inc.*		385		10,880
Myriad Genetics, Inc.*		563		10,742

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 117

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Neogen Corp.*		766	$	10,701
Travere Therapeutics, Inc.*		431		10,620
Xencor, Inc.*		406		10,548
MGP Ingredients, Inc.		99		10,510
Addus HomeCare Corp.*		109		10,381
REVOLUTION Medicines, Inc.*		525		10,353
Krystal Biotech, Inc.*		148		10,316
Iovance Biotherapeutics, Inc.*		1,067		10,222
Recursion Pharmaceuticals, Inc. — Class A*		957		10,182
Ironwood Pharmaceuticals, Inc. — Class A*		967		10,018
Strategic Education, Inc.		163		10,010
Cano Health, Inc.*		1,146		9,936
Vir Biotechnology, Inc.*		513		9,891
Monro, Inc.		225		9,778
Pediatrix Medical Group, Inc.*		586		9,675
Central Garden & Pet Co. — Class A*		283		9,667
Huron Consulting Group, Inc.*		145		9,606
AdaptHealth Corp.*		511		9,597
Meridian Bioscience, Inc.*		304		9,585
Inter Parfums, Inc.		127		9,583
Arcus Biosciences, Inc.*		364		9,522
ZipRecruiter, Inc. — Class A*		565		9,322
Pacific Biosciences of California, Inc.*		1,598		9,276
Payoneer Global, Inc.*		1,532		9,269
Ligand Pharmaceuticals, Inc. — Class B*		107		9,214
Celldex Therapeutics, Inc.*		324		9,108
Axsome Therapeutics, Inc.*		204		9,102
Hain Celestial Group, Inc.*		532		8,980
TransMedics Group, Inc.*		215		8,974
Lyell Immunopharma, Inc.*		1,224		8,972
ModivCare, Inc.*		90		8,971
Vector Group Ltd.		1,017		8,960
Vaxcyte, Inc.*		373		8,952
Syndax Pharmaceuticals, Inc.*		366		8,795
Dynavax Technologies Corp.*		837		8,738
CorVel Corp.*		63		8,721
Catalyst Pharmaceuticals, Inc.*		678		8,699
LiveRamp Holdings, Inc.*		475		8,626
Coursera, Inc.*		798		8,602
Textainer Group Holdings Ltd.		318		8,541
Kforce, Inc.		144		8,446
Veracyte, Inc.*		507		8,416
Marathon Digital Holdings, Inc.*,1		783		8,386
Medifast, Inc.		77		8,344
Weis Markets, Inc.		117		8,335
Beauty Health Co.*		706		8,324
Avid Bioservices, Inc.*		432		8,260
Harmony Biosciences Holdings, Inc.*		186		8,238
FibroGen, Inc.*		619		8,053
Laureate Education, Inc. — Class A		763		8,050
Ingles Markets, Inc. — Class A		101		8,000
B&G Foods, Inc.1		481		7,932
Universal Corp.		171		7,873
Vericel Corp.*		334		7,749
Remitly Global, Inc.*		696		7,739
Multiplan Corp.*		2,674		7,648
Amphastar Pharmaceuticals, Inc.*		271		7,615
NeoGenomics, Inc.*		879		7,568
REGENXBIO, Inc.*		285		7,533
PROCEPT BioRobotics Corp.*		181		7,504
Emergent BioSolutions, Inc.*		356		7,472
Bridgebio Pharma, Inc.*		740		7,356
Cross Country Healthcare, Inc.*		259		7,348
SpartanNash Co.		253		7,342
Crinetics Pharmaceuticals, Inc.*		372		7,306
CoreCivic, Inc.*		824		7,284
ImmunoGen, Inc.*		1,519		7,261
Avanos Medical, Inc.*		333		7,253
Enanta Pharmaceuticals, Inc.*		139		7,210
Relmada Therapeutics, Inc.*		194		7,182
Zentalis Pharmaceuticals, Inc.*		331		7,169
Aurinia Pharmaceuticals, Inc.*		949		7,136
Andersons, Inc.		227		7,044
RadNet, Inc.*		346		7,041
EQRx, Inc.*		1,419		7,024
Utz Brands, Inc.		465		7,021
SpringWorks Therapeutics, Inc.*		246		7,018
Amylyx Pharmaceuticals, Inc.*		249		7,009
LeMaitre Vascular, Inc.		138		6,994
US Physical Therapy, Inc.		92		6,994
Chefs’ Warehouse, Inc.*		241		6,982
Chinook Therapeutics, Inc.*		352		6,920
MoneyGram International, Inc.*		664		6,906
Cogent Biosciences, Inc.*		452		6,744
Akero Therapeutics, Inc.*		198		6,742
Riot Blockchain, Inc.*		953		6,680
Aclaris Therapeutics, Inc.*		424		6,674
Rent-A-Center, Inc.		376		6,584
Surgery Partners, Inc.*		281		6,575
Green Dot Corp. — Class A*		344		6,529
GEO Group, Inc.*		838		6,453
National Beverage Corp.		167		6,436
SunOpta, Inc.*		691		6,288
Udemy, Inc.*		511		6,178
Beyond Meat, Inc.*,1		434		6,150
Kura Oncology, Inc.*		450		6,147
CareDx, Inc.*		361		6,144
Allogene Therapeutics, Inc.*		564		6,091
Editas Medicine, Inc.*		489		5,985
Geron Corp.*		2,542		5,948
Legalzoom.com, Inc.*		693		5,939
Deciphera Pharmaceuticals, Inc.*		319		5,902
Krispy Kreme, Inc.		508		5,857
Madrigal Pharmaceuticals, Inc.*		90		5,849
Kymera Therapeutics, Inc.*		268		5,834
Fulgent Genetics, Inc.*		153		5,832
American Well Corp. — Class A*		1,623		5,827
Paragon 28, Inc.*		326		5,809
Varex Imaging Corp.*		273		5,771
National Healthcare Corp.		90		5,701

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
DocGo, Inc.*		570	$	5,654
Avidity Biosciences, Inc.*		346		5,650
Atrion Corp.		10		5,650
Brookdale Senior Living, Inc. — Class A*		1,316		5,619
Adaptive Biotechnologies Corp.*		789		5,618
TG Therapeutics, Inc.*		943		5,583
Ventyx Biosciences, Inc.*		159		5,551
MannKind Corp.*		1,761		5,441
BioLife Solutions, Inc.*		239		5,437
AngioDynamics, Inc.*		264		5,401
OPKO Health, Inc.*		2,857		5,400
Cutera, Inc.*		118		5,381
Gossamer Bio, Inc.*		446		5,343
First Advantage Corp.*		415		5,324
Veru, Inc.*		460		5,299
PROG Holdings, Inc.*		353		5,288
23andMe Holding Co. — Class A*		1,822		5,211
Treace Medical Concepts, Inc.*		236		5,209
Innoviva, Inc.*		448		5,201
Morphic Holding, Inc.*		182		5,151
SP Plus Corp.*		164		5,136
Forma Therapeutics Holdings, Inc.*		256		5,107
Deluxe Corp.		306		5,095
Heska Corp.*		69		5,031
Aerie Pharmaceuticals, Inc.*		332		5,023
Fresh Del Monte Produce, Inc.		216		5,020
Hanger, Inc.*		268		5,017
Coherus Biosciences, Inc.*		521		5,007
Anavex Life Sciences Corp.*		483		4,985
Perdoceo Education Corp.*		483		4,975
Replimune Group, Inc.*		287		4,957
Rocket Pharmaceuticals, Inc.*		310		4,948
Reata Pharmaceuticals, Inc. — Class A*		196		4,925
John B Sanfilippo & Son, Inc.		63		4,771
Arcutis Biotherapeutics, Inc.*		248		4,739
Accolade, Inc.*		413		4,716
OrthoPediatrics Corp.*		102		4,706
CinCor Pharma, Inc.*		141		4,628
Theravance Biopharma, Inc.*		456		4,624
Clover Health Investments Corp.*		2,700		4,590
Viad Corp.*		144		4,547
CRA International, Inc.		51		4,526
Keros Therapeutics, Inc.*		119		4,477
USANA Health Sciences, Inc.*		79		4,428
RAPT Therapeutics, Inc.*		184		4,427
TrueBlue, Inc.*		232		4,427
Vivint Smart Home, Inc.*		672		4,422
Butterfly Network, Inc.*		940		4,418
Castle Biosciences, Inc.*		169		4,408
Cerus Corp.*		1,221		4,396
Repay Holdings Corp.*		620		4,377
Alphatec Holdings, Inc.*		499		4,361
Senseonics Holdings, Inc.*		3,241		4,278
Quanex Building Products Corp.		234		4,249
Sorrento Therapeutics, Inc.*		2,690		4,223
NanoString Technologies, Inc.*		329		4,201
Mersana Therapeutics, Inc.*		620		4,191
Oscar Health, Inc. — Class A*		836		4,172
Alector, Inc.*		440		4,162
Sangamo Therapeutics, Inc.*		848		4,155
SI-BONE, Inc.*		237		4,138
Nektar Therapeutics*		1,284		4,109
Mission Produce, Inc.*		284		4,107
Nurix Therapeutics, Inc.*		314		4,091
DICE Therapeutics, Inc.*		201		4,076
Resources Connection, Inc.		225		4,066
National Research Corp. — Class A		102		4,060
Point Biopharma Global, Inc.*		524		4,051
Pulmonx Corp.*		242		4,032
Caribou Biosciences, Inc.*		382		4,030
Design Therapeutics, Inc.*		240		4,013
Invitae Corp.*		1,629		4,007
MaxCyte, Inc.*		616		4,004
Barrett Business Services, Inc.		51		3,978
Inogen, Inc.*		163		3,958
Arcellx, Inc.*		209		3,923
Agenus, Inc.*		1,911		3,918
Franklin Covey Co.*		86		3,904
Cardiovascular Systems, Inc.*		281		3,895
Vanda Pharmaceuticals, Inc.*		393		3,883
Calavo Growers, Inc.		122		3,873
Transcat, Inc.*		51		3,860
2seventy bio, Inc.*		265		3,856
Collegium Pharmaceutical, Inc.*		240		3,845
Artivion, Inc.*		276		3,820
ViewRay, Inc.*		1,048		3,815
CTI BioPharma Corp.*		655		3,812
Paya Holdings, Inc.*		619		3,782
Bionano Genomics, Inc.*		2,066		3,781
Duckhorn Portfolio, Inc.*		262		3,781
Sana Biotechnology, Inc.*		630		3,780
Ideaya Biosciences, Inc.*		252		3,760
Viridian Therapeutics, Inc.*		183		3,753
Y-mAbs Therapeutics, Inc.*		260		3,749
Inhibrx, Inc.*		207		3,716
AnaptysBio, Inc.*		143		3,648
NGM Biopharmaceuticals, Inc.*		278		3,636
Ennis, Inc.		180		3,623
Heidrick & Struggles International, Inc.		139		3,613
Tootsie Roll Industries, Inc.		108		3,594
Erasca, Inc.*		459		3,580
SIGA Technologies, Inc.		334		3,440
Axogen, Inc.*		287		3,421
Nano-X Imaging Ltd.*		297		3,407
Hackett Group, Inc.		192		3,402
Kelly Services, Inc. — Class A		249		3,384
LifeStance Health Group, Inc.*		511		3,383
Benson Hill, Inc.*		1,211		3,318
Day One Biopharmaceuticals, Inc.*		165		3,305
Paysafe Ltd.*		2,393		3,302
2U, Inc.*		528		3,300
Cass Information Systems, Inc.		95		3,296

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 119

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
ACCO Brands Corp.		670	$	3,283
Seres Therapeutics, Inc.*		499		3,204
Bluebird Bio, Inc.*		506		3,203
ADMA Biologics, Inc.*		1,315		3,196
iTeos Therapeutics, Inc.*		167		3,181
I3 Verticals, Inc. — Class A*		157		3,145
PMV Pharmaceuticals, Inc.*		261		3,106
Atea Pharmaceuticals, Inc.*		540		3,073
Heron Therapeutics, Inc.*		728		3,072
SomaLogic, Inc.*		1,059		3,071
Cimpress plc*		125		3,060
Carriage Services, Inc. — Class A		95		3,055
Nkarta, Inc.*		230		3,027
CareMax, Inc.*		422		2,992
Esperion Therapeutics, Inc.*		446		2,988
Cara Therapeutics, Inc.*		317		2,967
Sterling Check Corp.*		168		2,963
Karyopharm Therapeutics, Inc.*		539		2,943
Surmodics, Inc.*		96		2,918
V2X, Inc.*		82		2,903
ANI Pharmaceuticals, Inc.*		90		2,893
Forrester Research, Inc.*		80		2,881
ImmunityBio, Inc.*,1		579		2,878
Adicet Bio, Inc.*		201		2,858
Dyne Therapeutics, Inc.*		224		2,845
Seer, Inc.*		366		2,833
Kezar Life Sciences, Inc.*		329		2,833
Kiniksa Pharmaceuticals Ltd. — Class A*		220		2,825
Imago Biosciences, Inc.*		186		2,799
Arlo Technologies, Inc.*		602		2,793
Agiliti, Inc.*		194		2,776
European Wax Center, Inc. — Class A		150		2,767
Protagonist Therapeutics, Inc.*		326		2,748
Cullinan Oncology, Inc.*		211		2,705
Ocugen, Inc.*		1,515		2,697
Inovio Pharmaceuticals, Inc.*		1,555		2,682
Quanterix Corp.*		240		2,645
Orthofix Medical, Inc.*		137		2,618
C4 Therapeutics, Inc.*		298		2,613
Vital Farms, Inc.*		211		2,525
KalVista Pharmaceuticals, Inc.*		174		2,525
Central Garden & Pet Co.*		70		2,523
BrightView Holdings, Inc.*		315		2,501
Anika Therapeutics, Inc.*		104		2,475
Kinnate Biopharma, Inc.*		207		2,474
Tricida, Inc.*		236		2,473
Custom Truck One Source, Inc.*		422		2,460
Atara Biotherapeutics, Inc.*		650		2,457
Arcturus Therapeutics Holdings, Inc.*		164		2,431
Intercept Pharmaceuticals, Inc.*		173		2,413
Instil Bio, Inc.*		492		2,381
Albireo Pharma, Inc.*		122		2,362
Aura Biosciences, Inc.*		130		2,356
Mirum Pharmaceuticals, Inc.*		112		2,353
Nuvalent, Inc. — Class A*		120		2,333
Turning Point Brands, Inc.		109		2,314
Cue Health, Inc.*,1		763		2,297
MiMedx Group, Inc.*		798		2,290
Ocular Therapeutix, Inc.*		545		2,262
Vita Coco Company, Inc.*		197		2,244
Tarsus Pharmaceuticals, Inc.*		128		2,191
Eiger BioPharmaceuticals, Inc.*		290		2,184
Utah Medical Products, Inc.		25		2,133
Tejon Ranch Co.*		147		2,117
Aaron’s Company, Inc.		215		2,090
Vera Therapeutics, Inc.*		98		2,088
Affimed N.V.*		1,007		2,074
Inotiv, Inc.*		123		2,073
Edgewise Therapeutics, Inc.*		210		2,066
Stoke Therapeutics, Inc.*		159		2,042
Evolus, Inc.*		251		2,021
Core Scientific, Inc.*,1		1,548		2,012
OraSure Technologies, Inc.*		517		1,959
Fulcrum Therapeutics, Inc.*		242		1,958
Eagle Pharmaceuticals, Inc.*		74		1,955
Pennant Group, Inc.*		185		1,926
Seneca Foods Corp. — Class A*		38		1,917
Phibro Animal Health Corp. — Class A		144		1,914
Vaxart, Inc.*		877		1,912
Community Health Systems, Inc.*		885		1,903
Nuvation Bio, Inc.*		824		1,846
Liquidia Corp.*		338		1,839
Kodiak Sciences, Inc.*		236		1,827
ShotSpotter, Inc.*		63		1,812
Phathom Pharmaceuticals, Inc.*		163		1,806
MeiraGTx Holdings plc*		214		1,800
Provention Bio, Inc.*		396		1,782
Quantum-Si, Inc.*		646		1,777
RxSight, Inc.*		146		1,752
Generation Bio Co.*		329		1,747
Allovir, Inc.*		220		1,736
Sutro Biopharma, Inc.*		311		1,726
Tattooed Chef, Inc.*		346		1,723
4D Molecular Therapeutics, Inc.*		212		1,704
Monte Rosa Therapeutics, Inc.*		203		1,659
Landec Corp.*		186		1,654
Janux Therapeutics, Inc.*		121		1,638
Rallybio Corp.*		113		1,635
Alta Equipment Group, Inc.		148		1,629
IGM Biosciences, Inc.*		71		1,615
Honest Company, Inc.*		460		1,610
Bioxcel Therapeutics, Inc.*		136		1,607
Organogenesis Holdings, Inc.*		495		1,604
Immunovant, Inc.*		283		1,579
HilleVax, Inc.*		92		1,572
Joint Corp.*		100		1,571
Bioventus, Inc. — Class A*		224		1,568
iRadimed Corp.		51		1,533
Precigen, Inc.*		714		1,514
WW International, Inc.*		384		1,509
MacroGenics, Inc.*		427		1,477
Amneal Pharmaceuticals, Inc.*		729		1,473

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
EyePoint Pharmaceuticals, Inc.*		185	$	1,463
Xeris Biopharma Holdings, Inc.*		937		1,462
Arbutus Biopharma Corp.*		764		1,459
ALX Oncology Holdings, Inc.*		152		1,455
Zynex, Inc.		160		1,451
Zimvie, Inc.*		147		1,451
Aadi Bioscience, Inc.*		102		1,441
Rigel Pharmaceuticals, Inc.*		1,221		1,441
Bright Health Group, Inc.*		1,366		1,434
SeaSpine Holdings Corp.*		251		1,426
BRC, Inc. — Class A*		182		1,407
Century Therapeutics, Inc.*		142		1,404
PetIQ, Inc.*		194		1,339
Akoya Biosciences, Inc.*		112		1,316
Vicarious Surgical, Inc.*,1		386		1,293
Universal Technical Institute, Inc.*		229		1,246
Alico, Inc.		44		1,242
Lexicon Pharmaceuticals, Inc.*		515		1,236
Foghorn Therapeutics, Inc.*		142		1,218
American Public Education, Inc.*		133		1,216
Willdan Group, Inc.*		82		1,214
Information Services Group, Inc.		251		1,195
Tango Therapeutics, Inc.*		330		1,195
Absci Corp.*		373		1,168
Village Super Market, Inc. — Class A		60		1,160
Chimerix, Inc.*		596		1,150
Invivyd, Inc.*		364		1,139
Berkeley Lights, Inc.*		395		1,130
Whole Earth Brands, Inc.*		288		1,106
Celularity, Inc.*		475		1,097
PFSweb, Inc.*		117		1,090
Aerovate Therapeutics, Inc.*		65		1,078
Tactile Systems Technology, Inc.*		137		1,067
22nd Century Group, Inc.*		1,145		1,062
Outlook Therapeutics, Inc.*		838		1,022
AppHarvest, Inc.*		506		997
HF Foods Group, Inc.*		256		991
Singular Genomics Systems, Inc.*		395		988
Distribution Solutions Group, Inc.*		35		986
Sema4 Holdings Corp.*		1,119		982
Kronos Bio, Inc.*		288		965
VBI Vaccines, Inc.*		1,364		963
Spire Global, Inc.*		885		956
Bakkt Holdings, Inc.*		402		917
P3 Health Partners, Inc.*		180		832
Tyra Biosciences, Inc.*		93		817
Innovage Holding Corp.*		136		800
Alpine Immune Sciences, Inc.*		111		799
Nature’s Sunshine Products, Inc.*		96		791
Moneylion, Inc.*		882		787
Beachbody Company, Inc.*		741		748
Rent the Runway, Inc. — Class A*		331		728
Athira Pharma, Inc.*		241		716
Nautilus Biotechnology, Inc.*		337		714
Natural Grocers by Vitamin Cottage, Inc.		66		712
Science 37 Holdings, Inc.*		441		710
Jounce Therapeutics, Inc.*		299		700
Theseus Pharmaceuticals, Inc.*		120		696
StoneMor, Inc.*		194		665
Vintage Wine Estates, Inc.*		229		634
Quad/Graphics, Inc.*		246		630
Oncology Institute, Inc.*		133		616
Praxis Precision Medicines, Inc.*		268		608
Tenaya Therapeutics, Inc.*		198		574
AN2 Therapeutics, Inc.*		33		574
Priority Technology Holdings, Inc.*		127		573
AirSculpt Technologies, Inc.		88		566
PepGen, Inc.*		60		545
ATI Physical Therapy, Inc.*		529		529
Icosavax, Inc.*		158		499
Aveanna Healthcare Holdings, Inc.*		315		472
Thorne HealthTech, Inc.*		97		459
Bird Global, Inc. — Class A*		1,213		428
Talaris Therapeutics, Inc.*		159		418
Humacyte, Inc.*		125		408
Local Bounti Corp.*		133		378
Pardes Biosciences, Inc.*		200		370
Babylon Holdings Ltd. — Class A*		771		364
Cipher Mining, Inc.*		276		348
MarketWise, Inc.*		121		276
CompoSecure, Inc.*		55		276
Enochian Biosciences, Inc.*		140		253
GreenLight Biosciences Holdings PBC*,1		100		232
VistaGen Therapeutics, Inc.*		1,378		210
Greenidge Generation Holdings, Inc.*		91		182
Wejo Group Ltd.*		162		177
Alpha Teknova, Inc.*		44		147
Owlet, Inc.*		117		125
Boxed, Inc.*		82		76
Gelesis Holdings, Inc.*		70		76
Tenon Medical, Inc.*		23		30
Leafly Holdings, Inc.*		32		22
Total Consumer, Non-cyclical				3,939,327
Financial - 14.3%
SouthState Corp.		531		42,013
Kinsale Capital Group, Inc.		153		39,079
Glacier Bancorp, Inc.		787		38,665
First Financial Bankshares, Inc.		920		38,484
Agree Realty Corp. REIT		557		37,642
STAG Industrial, Inc. REIT		1,277		36,305
Selective Insurance Group, Inc.		422		34,351
Old National Bancorp		2,076		34,192
Valley National Bancorp		3,049		32,929
United Bankshares, Inc.		921		32,926
Cadence Bank		1,280		32,525
Home BancShares, Inc.		1,346		30,298
ServisFirst Bancshares, Inc.		355		28,400
RLI Corp.		276		28,257
Blackstone Mortgage Trust, Inc. — Class A REIT		1,205		28,125
Ryman Hospitality Properties, Inc. REIT		381		28,038
Hancock Whitney Corp.		610		27,944

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 121

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Terreno Realty Corp. REIT		526	$	27,873
Houlihan Lokey, Inc.		353		26,609
Kite Realty Group Trust REIT		1,542		26,553
UMB Financial Corp.		312		26,298
Independence Realty Trust, Inc. REIT		1,569		26,249
First Interstate BancSystem, Inc. — Class A		645		26,026
Essent Group Ltd.		746		26,013
United Community Banks, Inc.		752		24,891
Independent Bank Corp.		323		24,073
Physicians Realty Trust REIT		1,592		23,944
CVB Financial Corp.		941		23,826
PotlatchDeltic Corp. REIT		562		23,064
Community Bank System, Inc.		378		22,710
Phillips Edison & Company, Inc. REIT		809		22,692
Radian Group, Inc.		1,144		22,068
Eastern Bankshares, Inc.		1,101		21,624
Sabra Health Care REIT, Inc.		1,634		21,438
Apple Hospitality REIT, Inc.		1,523		21,413
Associated Banc-Corp.		1,056		21,204
Ameris Bancorp		468		20,924
Texas Capital Bancshares, Inc.*		353		20,838
WSFS Financial Corp.		446		20,721
Pacific Premier Bancorp, Inc.		664		20,557
Mr Cooper Group, Inc.*		497		20,129
Federated Hermes, Inc. — Class B		602		19,938
Cathay General Bancorp		510		19,615
Essential Properties Realty Trust, Inc. REIT		992		19,294
American Equity Investment Life Holding Co.		511		19,055
Simmons First National Corp. — Class A		867		18,892
BankUnited, Inc.		549		18,759
Corporate Office Properties Trust REIT		798		18,538
Equity Commonwealth REIT		752		18,319
Broadstone Net Lease, Inc. REIT		1,177		18,279
Walker & Dunlop, Inc.		218		18,253
Fulton Financial Corp.		1,148		18,138
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		603		18,048
First BanCorp		1,309		17,907
LXP Industrial Trust REIT		1,950		17,862
Innovative Industrial Properties, Inc. REIT		197		17,434
National Health Investors, Inc. REIT		303		17,129
Silvergate Capital Corp. — Class A*		222		16,728
Trupanion, Inc.*		276		16,403
Columbia Banking System, Inc.		558		16,121
Atlantic Union Bankshares Corp.		530		16,101
International Bancshares Corp.		378		16,065
Outfront Media, Inc. REIT		1,036		15,737
First Merchants Corp.		405		15,665
Independent Bank Group, Inc.		253		15,532
Moelis & Co. — Class A		450		15,215
Hamilton Lane, Inc. — Class A		250		14,902
Jackson Financial, Inc. — Class A		535		14,846
SITE Centers Corp. REIT		1,379		14,769
McGrath RentCorp		172		14,424
Palomar Holdings, Inc.*		172		14,400
CNO Financial Group, Inc.		801		14,394
Banner Corp.		242		14,297
Sunstone Hotel Investors, Inc. REIT		1,497		14,102
First Financial Bancorp		660		13,913
Axos Financial, Inc.*		406		13,897
Stock Yards Bancorp, Inc.		203		13,806
WesBanco, Inc.		413		13,782
Washington Federal, Inc.		459		13,761
Four Corners Property Trust, Inc. REIT		567		13,716
Enstar Group Ltd.*		79		13,398
Arbor Realty Trust, Inc. REIT		1,165		13,397
Pebblebrook Hotel Trust REIT		919		13,335
Trustmark Corp.		434		13,293
Seacoast Banking Corporation of Florida		429		12,969
Focus Financial Partners, Inc. — Class A*		411		12,951
Kennedy-Wilson Holdings, Inc.		836		12,925
Cushman & Wakefield plc*		1,125		12,881
TowneBank		477		12,798
Park National Corp.		102		12,697
Lakeland Financial Corp.		174		12,669
Heartland Financial USA, Inc.		291		12,618
Piper Sandler Cos.		120		12,569
BancFirst Corp.		139		12,436
Genworth Financial, Inc. — Class A*		3,545		12,407
CareTrust REIT, Inc.		683		12,369
Flagstar Bancorp, Inc.		370		12,358
Renasant Corp.		387		12,105
Macerich Co. REIT		1,524		12,101
NMI Holdings, Inc. — Class A*		587		11,957
Retail Opportunity Investments Corp. REIT		853		11,737
Uniti Group, Inc. REIT		1,679		11,669
Northwest Bancshares, Inc.		860		11,619
Navient Corp.		786		11,546
RLJ Lodging Trust REIT		1,132		11,456
Artisan Partners Asset Management, Inc. — Class A		425		11,445
Bank of NT Butterfield & Son Ltd.		352		11,426
Cohen & Steers, Inc.		180		11,273
NBT Bancorp, Inc.		296		11,233
Xenia Hotels & Resorts, Inc. REIT		810		11,170
PJT Partners, Inc. — Class A		167		11,159
DiamondRock Hospitality Co. REIT		1,484		11,145
Bread Financial Holdings, Inc.		354		11,133
Sandy Spring Bancorp, Inc.		313		11,036
Enterprise Financial Services Corp.		250		11,010
BRP Group, Inc. — Class A*		414		10,909
Washington Real Estate Investment Trust REIT		619		10,870
Urban Edge Properties REIT		810		10,805
Horace Mann Educators Corp.		295		10,411
Cannae Holdings, Inc.*		503		10,392
Hope Bancorp, Inc.		820		10,365
LTC Properties, Inc. REIT		276		10,336
InvenTrust Properties Corp. REIT		480		10,238
Easterly Government Properties, Inc. REIT		645		10,172
StoneX Group, Inc.*		122		10,119

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Provident Financial Services, Inc.		516	$	10,062
Eagle Bancorp, Inc.		224		10,040
TriCo Bancshares		224		10,002
Veritex Holdings, Inc.		372		9,891
Tanger Factory Outlet Centers, Inc. REIT		718		9,822
FB Financial Corp.		257		9,820
Westamerica BanCorp		185		9,674
City Holding Co.		104		9,224
Piedmont Office Realty Trust, Inc. — Class A REIT		870		9,187
First Bancorp		250		9,145
StepStone Group, Inc. — Class A		373		9,142
Flywire Corp.*		391		8,977
American Assets Trust, Inc. REIT		349		8,976
Triumph Bancorp, Inc.*		165		8,968
PRA Group, Inc.*		272		8,938
Hilltop Holdings, Inc.		352		8,747
Bancorp, Inc.*		394		8,660
Chimera Investment Corp. REIT		1,641		8,566
Alexander & Baldwin, Inc. REIT		513		8,506
PennyMac Financial Services, Inc.		198		8,494
Berkshire Hills Bancorp, Inc.		311		8,490
First Commonwealth Financial Corp.		661		8,487
Acadia Realty Trust REIT		659		8,317
Stewart Information Services Corp.		190		8,292
OFG Bancorp		329		8,268
Apollo Commercial Real Estate Finance, Inc. REIT		996		8,267
Safety Insurance Group, Inc.		101		8,238
Paramount Group, Inc. REIT		1,321		8,230
Nelnet, Inc. — Class A		103		8,157
Two Harbors Investment Corp. REIT		2,445		8,117
Brandywine Realty Trust REIT		1,202		8,113
S&T Bancorp, Inc.		276		8,090
Newmark Group, Inc. — Class A		1,000		8,060
Getty Realty Corp. REIT		299		8,040
First Busey Corp.		365		8,023
LendingClub Corp.*		717		7,923
Global Net Lease, Inc. REIT		737		7,849
Virtus Investment Partners, Inc.		49		7,816
St. Joe Co.		244		7,815
Compass Diversified Holdings		429		7,748
Apartment Investment and Management Co. — Class A REIT		1,060		7,738
PennyMac Mortgage Investment Trust REIT		651		7,669
OceanFirst Financial Corp.		411		7,661
NETSTREIT Corp. REIT		430		7,658
National Bank Holdings Corp. — Class A		207		7,657
Claros Mortgage Trust, Inc.		651		7,643
Southside Bancshares, Inc.		216		7,638
Capitol Federal Financial, Inc.		920		7,636
Encore Capital Group, Inc.*		167		7,595
ProAssurance Corp.		382		7,453
NexPoint Residential Trust, Inc. REIT		160		7,394
Centerspace REIT		109		7,338
Tompkins Financial Corp.		100		7,262
Ladder Capital Corp. — Class A REIT		804		7,204
Cowen, Inc. — Class A		186		7,187
BGC Partners, Inc. — Class A		2,261		7,100
Live Oak Bancshares, Inc.		232		7,099
Lakeland Bancorp, Inc.		441		7,060
German American Bancorp, Inc.		196		6,999
Lemonade, Inc.*		329		6,968
Veris Residential, Inc. REIT*		610		6,936
Dime Community Bancshares, Inc.		236		6,910
Pathward Financial, Inc.		205		6,757
Employers Holdings, Inc.		195		6,726
Enova International, Inc.*		225		6,586
First Foundation, Inc.		362		6,567
Heritage Financial Corp.		245		6,485
Customers Bancorp, Inc.*		219		6,456
Premier Financial Corp.		251		6,451
Blucora, Inc.*		333		6,440
Franklin BSP Realty Trust, Inc. REIT1		596		6,419
Empire State Realty Trust, Inc. — Class A REIT		978		6,416
Anywhere Real Estate, Inc.*		791		6,415
B Riley Financial, Inc.		144		6,411
AMERISAFE, Inc.		136		6,355
Farmer Mac — Class C		64		6,345
New York Mortgage Trust, Inc. REIT		2,690		6,295
Brookline Bancorp, Inc.		537		6,256
Preferred Bank/Los Angeles CA		94		6,132
Nicolet Bankshares, Inc.*		87		6,128
Origin Bancorp, Inc.		159		6,117
ConnectOne Bancorp, Inc.		263		6,065
Service Properties Trust REIT		1,162		6,031
KKR Real Estate Finance Trust, Inc. REIT		366		5,947
Banc of California, Inc.		372		5,941
James River Group Holdings Ltd.		260		5,931
Marcus & Millichap, Inc.		176		5,769
QCR Holdings, Inc.		113		5,756
Washington Trust Bancorp, Inc.		123		5,717
Allegiance Bancshares, Inc.		137		5,703
Peoples Bancorp, Inc.		197		5,699
UMH Properties, Inc. REIT		350		5,653
MFA Financial, Inc. REIT		726		5,648
Necessity Retail REIT, Inc.		946		5,562
Community Healthcare Trust, Inc. REIT		168		5,502
eXp World Holdings, Inc.		485		5,437
Bluerock Residential Growth REIT, Inc.		203		5,430
Mercury General Corp.		189		5,371
Ready Capital Corp. REIT		524		5,313
1st Source Corp.		114		5,278
International Money Express, Inc.*		230		5,242
Columbia Financial, Inc.*		245		5,177
Horizon Bancorp, Inc.		285		5,119
Hanmi Financial Corp.		214		5,068
Radius Global Infrastructure, Inc. — Class A*		529		4,983
Summit Hotel Properties, Inc. REIT		741		4,980
Amerant Bancorp, Inc.		199		4,943

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 123

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Armada Hoffler Properties, Inc. REIT		475	$	4,930
Univest Financial Corp.		206		4,837
CBL & Associates Properties, Inc. REIT1		188		4,815
Goosehead Insurance, Inc. — Class A*		135		4,811
Office Properties Income Trust REIT		339		4,763
Redwood Trust, Inc. REIT		824		4,730
Enact Holdings, Inc.		213		4,722
Heritage Commerce Corp.		416		4,717
Broadmark Realty Capital, Inc. REIT		921		4,706
Metropolitan Bank Holding Corp.*		73		4,698
Kearny Financial Corp.		439		4,662
Ellington Financial, Inc. REIT		402		4,571
WisdomTree Investments, Inc.		964		4,512
Community Trust Bancorp, Inc.		111		4,501
Plymouth Industrial REIT, Inc.		267		4,488
RPT Realty REIT		591		4,468
Northfield Bancorp, Inc.		310		4,436
Camden National Corp.		102		4,345
iStar, Inc. REIT		469		4,343
Redfin Corp.*		743		4,339
United Fire Group, Inc.		151		4,338
HarborOne Bancorp, Inc.		323		4,335
Argo Group International Holdings Ltd.		225		4,333
Compass, Inc. — Class A*		1,844		4,278
BrightSpire Capital, Inc. REIT		674		4,253
First Mid Bancshares, Inc.		132		4,220
CrossFirst Bankshares, Inc.*		322		4,202
Gladstone Commercial Corp. REIT		271		4,200
TrustCo Bank Corporation NY		133		4,179
First Bancshares, Inc.		139		4,152
Peapack-Gladstone Financial Corp.		123		4,139
Ambac Financial Group, Inc.*		324		4,131
Gladstone Land Corp. REIT		228		4,127
Farmland Partners, Inc. REIT		324		4,105
Safehold, Inc. REIT		154		4,075
Brookfield Business Corp. — Class A		184		4,066
Central Pacific Financial Corp.		191		3,952
Flushing Financial Corp.		204		3,952
Universal Health Realty Income Trust REIT		91		3,932
Old Second Bancorp, Inc.		300		3,915
Great Southern Bancorp, Inc.		68		3,881
Cambridge Bancorp		48		3,828
Stellar Bancorp, Inc.		130		3,803
First Community Bankshares, Inc.		116		3,715
Global Medical REIT, Inc.		432		3,681
First Financial Corp.		81		3,660
HomeStreet, Inc.		127		3,659
Dynex Capital, Inc. REIT		309		3,600
ARMOUR Residential REIT, Inc.		727		3,540
Midland States Bancorp, Inc.		150		3,536
Orion Office REIT, Inc.		404		3,535
Byline Bancorp, Inc.		174		3,524
Bank First Corp.		46		3,518
Diamond Hill Investment Group, Inc.		21		3,465
TPG RE Finance Trust, Inc. REIT		488		3,416
Brightsphere Investment Group, Inc.		229		3,414
Chatham Lodging Trust REIT*		339		3,346
Bank of Marin Bancorp		111		3,324
Ares Commercial Real Estate Corp. REIT		317		3,313
Urstadt Biddle Properties, Inc. — Class A REIT		210		3,257
Mercantile Bank Corp.		109		3,238
Equity Bancshares, Inc. — Class A		109		3,230
Business First Bancshares, Inc.		150		3,229
SiriusPoint Ltd.*		652		3,227
Saul Centers, Inc. REIT		84		3,150
Alexander’s, Inc. REIT		15		3,134
MBIA, Inc.*		340		3,128
City Office REIT, Inc.		302		3,011
Capital City Bank Group, Inc.		96		2,987
Coastal Financial Corp.*		74		2,941
Mid Penn Bancorp, Inc.		102		2,930
Farmers National Banc Corp.		223		2,919
Arrow Financial Corp.		100		2,879
Southern Missouri Bancorp, Inc.		56		2,858
World Acceptance Corp.*		29		2,808
Whitestone REIT — Class B		331		2,800
AssetMark Financial Holdings, Inc.*		153		2,798
Bar Harbor Bankshares		105		2,785
Carter Bankshares, Inc.*		172		2,769
National Western Life Group, Inc. — Class A		16		2,733
EZCORP, Inc. — Class A*		354		2,729
MidWestOne Financial Group, Inc.		100		2,729
Victory Capital Holdings, Inc. — Class A		117		2,727
First of Long Island Corp.		158		2,724
SmartFinancial, Inc.		110		2,718
Independent Bank Corp.		142		2,712
CNB Financial Corp.		114		2,687
Capstar Financial Holdings, Inc.		144		2,668
Invesco Mortgage Capital, Inc. REIT		236		2,620
Financial Institutions, Inc.		108		2,600
Metrocity Bankshares, Inc.		132		2,592
Citizens & Northern Corp.		107		2,587
RMR Group, Inc. — Class A		109		2,582
Merchants Bancorp		111		2,561
FRP Holdings, Inc.*		47		2,555
Five Star Bancorp		90		2,552
Seritage Growth Properties REIT*		282		2,544
Industrial Logistics Properties Trust REIT		460		2,530
RE/MAX Holdings, Inc. — Class A		133		2,515
Hingham Institution For Savings The		10		2,511
One Liberty Properties, Inc. REIT		116		2,438
Granite Point Mortgage Trust, Inc. REIT		378		2,434
Republic Bancorp, Inc. — Class A		63		2,413
Bridgewater Bancshares, Inc.*		146		2,405
West BanCorp, Inc.		115		2,393
GCM Grosvenor, Inc. — Class A		303		2,391
Alerus Financial Corp.		107		2,365
American National Bankshares, Inc.		74		2,364
Peoples Financial Services Corp.		50		2,342

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Farmers & Merchants Bancorp Incorporated/Archbold OH		86	$	2,311
CTO Realty Growth, Inc. REIT		123		2,305
HomeTrust Bancshares, Inc.		104		2,298
Waterstone Financial, Inc.		142		2,295
Amalgamated Financial Corp.		100		2,255
Southern First Bancshares, Inc.*		54		2,250
RBB Bancorp		106		2,203
Douglas Elliman, Inc.		535		2,194
Shore Bancshares, Inc.		126		2,182
First Internet Bancorp		64		2,167
Civista Bancshares, Inc.		104		2,159
Summit Financial Group, Inc.		79		2,128
Braemar Hotels & Resorts, Inc. REIT		484		2,081
Hippo Holdings, Inc.*		112		2,075
Blue Foundry Bancorp*		186		2,074
Orchid Island Capital, Inc. REIT		251		2,058
Home Bancorp, Inc.		52		2,027
Guaranty Bancshares, Inc.		58		2,006
MVB Financial Corp.		72		2,004
Indus Realty Trust, Inc. REIT		38		1,990
John Marshall Bancorp, Inc.		81		1,989
South Plains Financial, Inc.		72		1,984
Enterprise Bancorp, Inc.		66		1,974
Oppenheimer Holdings, Inc. — Class A		62		1,921
Sierra Bancorp		97		1,916
Primis Financial Corp.		157		1,904
First Bancorp, Inc.		69		1,901
First Business Financial Services, Inc.		57		1,842
Esquire Financial Holdings, Inc.		49		1,840
Franklin Street Properties Corp. REIT		699		1,838
Postal Realty Trust, Inc. — Class A REIT		125		1,834
Perella Weinberg Partners		289		1,829
Universal Insurance Holdings, Inc.		185		1,822
Tiptree, Inc. — Class A		169		1,818
Orrstown Financial Services, Inc.		76		1,818
HCI Group, Inc.		46		1,803
ACNB Corp.		60		1,802
Hersha Hospitality Trust — Class A REIT		222		1,772
LendingTree, Inc.*		74		1,766
Northeast Bank		48		1,760
Macatawa Bank Corp.		186		1,722
BCB Bancorp, Inc.		102		1,717
AFC Gamma, Inc. REIT		112		1,714
BRT Apartments Corp. REIT		84		1,706
Diversified Healthcare Trust REIT		1,683		1,666
Ashford Hospitality Trust, Inc. REIT*		243		1,655
Sculptor Capital Management, Inc.		186		1,644
FVCBankcorp, Inc.*		85		1,629
BayCom Corp.		92		1,617
NerdWallet, Inc. — Class A*		182		1,614
Red River Bancshares, Inc.		32		1,582
PCSB Financial Corp.		88		1,578
Regional Management Corp.		55		1,542
Third Coast Bancshares, Inc.*		90		1,540
Blue Ridge Bankshares, Inc.		121		1,538
Colony Bankcorp, Inc.		116		1,511
Parke Bancorp, Inc.		72		1,509
First Bank/Hamilton NJ		110		1,504
PCB Bancorp		82		1,482
Capital Bancorp, Inc.		64		1,478
Provident Bancorp, Inc.		102		1,460
Donegal Group, Inc. — Class A		107		1,443
First Western Financial, Inc.*		56		1,380
Greenlight Capital Re Ltd. — Class A*		185		1,376
Greene County Bancorp, Inc.		24		1,375
Manning & Napier, Inc. — Class A		112		1,374
HBT Financial, Inc.		72		1,307
Investors Title Co.		9		1,269
Unity Bancorp, Inc.		50		1,256
Luther Burbank Corp.		106		1,232
Bankwell Financial Group, Inc.		40		1,164
Silvercrest Asset Management Group, Inc. — Class A		71		1,161
Pzena Investment Management, Inc. — Class A		118		1,119
Legacy Housing Corp.*		62		1,063
Angel Oak Mortgage, Inc. REIT		85		1,018
USCB Financial Holdings, Inc.*		76		996
Stratus Properties, Inc.		42		979
Republic First Bancorp, Inc.*		342		968
First Guaranty Bancshares, Inc.		43		941
Oportun Financial Corp.*		197		861
Nexpoint Real Estate Finance, Inc. REIT		56		839
NI Holdings, Inc.*		60		802
Atlanticus Holdings Corp.*		30		787
Pioneer Bancorp, Inc.*		82		781
Sterling Bancorp, Inc.*		121		730
Chicago Atlantic Real Estate Finance, Inc.		49		706
Selectquote, Inc.*		946		691
Crawford & Co. — Class A		119		683
eHealth, Inc.*		172		673
Velocity Financial, Inc.*		62		672
Curo Group Holdings Corp.		155		622
Clipper Realty, Inc. REIT		85		592
Offerpad Solutions, Inc.*		483		585
GAMCO Investors, Inc. — Class A		34		580
Trean Insurance Group, Inc.*		160		544
Consumer Portfolio Services, Inc.*		67		487
Associated Capital Group, Inc. — Class A		12		441
Doma Holdings, Inc.*		969		426
Root, Inc. — Class A*		54		426
SWK Holdings Corp.*		25		425
Finance of America Companies, Inc. — Class A*		275		407
Transcontinental Realty Investors, Inc.*		9		363
OppFi, Inc.*		95		219
Sunlight Financial Holdings, Inc.*		172		213
American Realty Investors, Inc.*		11		175
Applied Blockchain, Inc.*		57		97
Cryptyde, Inc.*		130		90

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 125

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Home Point Capital, Inc.		57	$	88
Total Financial				3,602,725
Industrial - 8.0%
Chart Industries, Inc.*		260		47,931
RBC Bearings, Inc.*		202		41,978
EMCOR Group, Inc.		345		39,841
Saia, Inc.*		188		35,720
Exponent, Inc.		359		31,473
UFP Industries, Inc.		422		30,451
Novanta, Inc.*		251		29,028
Applied Industrial Technologies, Inc.		271		27,853
Evoqua Water Technologies Corp.*		833		27,547
Casella Waste Systems, Inc. — Class A*		353		26,966
Franklin Electric Company, Inc.		326		26,637
Fluor Corp.*		1,007		25,064
Fabrinet*		262		25,008
Bloom Energy Corp. — Class A*		1,245		24,888
Comfort Systems USA, Inc.		251		24,430
Watts Water Technologies, Inc. — Class A		194		24,392
Simpson Manufacturing Company, Inc.		307		24,069
Mueller Industries, Inc.		396		23,538
Atkore International Group, Inc.*		291		22,643
Aerojet Rocketdyne Holdings, Inc.*		562		22,474
Zurn Elkay Water Solutions Corp.		879		21,536
GATX Corp.		251		21,373
Advanced Energy Industries, Inc.		266		20,591
Summit Materials, Inc. — Class A*		839		20,102
Arcosa, Inc.		343		19,613
Dycom Industries, Inc.*		204		19,488
John Bean Technologies Corp.		224		19,264
Badger Meter, Inc.		207		19,125
Atlas Air Worldwide Holdings, Inc.*		198		18,923
Sanmina Corp.*		402		18,524
Belden, Inc.		305		18,306
Hillenbrand, Inc.		489		17,956
Golar LNG Ltd.*		715		17,818
Albany International Corp. — Class A		220		17,343
Forward Air Corp.		190		17,149
SPX Technologies, Inc.*		309		17,063
Plexus Corp.*		194		16,987
Werner Enterprises, Inc.		447		16,807
AAON, Inc.		311		16,757
EnerSys		288		16,753
Matson, Inc.		272		16,734
Vishay Intertechnology, Inc.		936		16,651
Boise Cascade Co.		280		16,649
Hub Group, Inc. — Class A*		238		16,417
Cactus, Inc. — Class A		417		16,025
Federal Signal Corp.		423		15,786
Altra Industrial Motion Corp.		461		15,499
Encore Wire Corp.		130		15,020
AeroVironment, Inc.*		174		14,505
Scorpio Tankers, Inc.		344		14,462
Moog, Inc. — Class A		203		14,281
O-I Glass, Inc.*		1,101		14,258
Enovix Corp.*		770		14,118
Terex Corp.		471		14,008
Kadant, Inc.		82		13,678
Xometry, Inc. — Class A*		239		13,573
ESCO Technologies, Inc.		183		13,439
Brady Corp. — Class A		322		13,437
Itron, Inc.*		319		13,433
ArcBest Corp.		173		12,582
EnPro Industries, Inc.		147		12,492
Trinity Industries, Inc.		580		12,383
CSW Industrials, Inc.		103		12,339
International Seaways, Inc.		349		12,260
Frontdoor, Inc.*		586		11,948
NV5 Global, Inc.*		96		11,887
Energizer Holdings, Inc.		472		11,866
Kennametal, Inc.		574		11,813
Helios Technologies, Inc.		231		11,689
Materion Corp.		144		11,520
Mueller Water Products, Inc. — Class A		1,104		11,338
Masonite International Corp.*		157		11,193
Lindsay Corp.		78		11,176
Greif, Inc. — Class A		183		10,901
Air Transport Services Group, Inc.*		418		10,070
Barnes Group, Inc.		346		9,992
MYR Group, Inc.*		116		9,829
Frontline Ltd.		882		9,640
Griffon Corp.		326		9,623
TTM Technologies, Inc.*		717		9,450
CTS Corp.		224		9,330
Vicor Corp.*		156		9,226
Gibraltar Industries, Inc.*		224		9,168
Kratos Defense & Security Solutions, Inc.*		875		8,890
Alamo Group, Inc.		72		8,804
PGT Innovations, Inc.*		417		8,740
Energy Recovery, Inc.*		395		8,587
Worthington Industries, Inc.		225		8,581
AAR Corp.*		239		8,561
OSI Systems, Inc.*		115		8,287
Marten Transport Ltd.		417		7,990
Granite Construction, Inc.		312		7,922
Knowles Corp.*		634		7,716
Joby Aviation, Inc.*,1		1,777		7,694
CryoPort, Inc.*		315		7,673
TriMas Corp.		300		7,521
Construction Partners, Inc. — Class A*		283		7,423
Tennant Co.		131		7,409
SFL Corporation Ltd.		813		7,406
Enerpac Tool Group Corp.		413		7,364
DHT Holdings, Inc.		968		7,318
Mirion Technologies, Inc.*		969		7,238
Hillman Solutions Corp.*		952		7,178
Proto Labs, Inc.*		195		7,104
Standex International Corp.		85		6,940
Montrose Environmental Group, Inc.*		194		6,528
Golden Ocean Group Ltd.		869		6,491
FLEX LNG Ltd.		202		6,397
AZZ, Inc.		174		6,353

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Sturm Ruger & Company, Inc.		122	$	6,196
Rocket Lab USA, Inc.*		1,509		6,142
Benchmark Electronics, Inc.		247		6,121
Primoris Services Corp.		376		6,110
PureCycle Technologies, Inc.*		752		6,069
Napco Security Technologies, Inc.*		208		6,049
Apogee Enterprises, Inc.		157		6,001
GrafTech International Ltd.		1,391		5,995
Kaman Corp.		199		5,558
Greenbrier Companies, Inc.		225		5,461
Columbus McKinnon Corp.		199		5,206
Janus International Group, Inc.*		578		5,156
JELD-WEN Holding, Inc.*		589		5,154
American Woodmark Corp.*		117		5,132
Mesa Laboratories, Inc.		36		5,070
Astec Industries, Inc.		162		5,053
Li-Cycle Holdings Corp.*		936		4,980
TimkenSteel Corp.*		329		4,932
Matthews International Corp. — Class A		216		4,841
Ichor Holdings Ltd.*		199		4,818
Heartland Express, Inc.		331		4,737
GoPro, Inc. — Class A*		926		4,565
Modine Manufacturing Co.*		352		4,555
Blink Charging Co.*		253		4,483
Teekay Tankers Ltd. — Class A*		162		4,462
Sterling Infrastructure, Inc.*		207		4,444
Chase Corp.		53		4,429
Myers Industries, Inc.		257		4,233
MicroVision, Inc.*		1,172		4,231
UFP Technologies, Inc.*		48		4,120
Eagle Bulk Shipping, Inc.		95		4,102
Triumph Group, Inc.*		453		3,891
Gorman-Rupp Co.		161		3,830
Thermon Group Holdings, Inc.*		234		3,606
Nordic American Tankers Ltd.		1,346		3,594
FARO Technologies, Inc.*		129		3,540
Great Lakes Dredge & Dock Corp.*		462		3,502
Insteel Industries, Inc.		132		3,502
Costamare, Inc.		381		3,410
Smith & Wesson Brands, Inc.		321		3,329
Heritage-Crystal Clean, Inc.*		111		3,282
Genco Shipping & Trading Ltd.		260		3,258
LSB Industries, Inc.*		224		3,192
Argan, Inc.		99		3,185
Stoneridge, Inc.*		186		3,153
Ducommun, Inc.*		79		3,133
Centrus Energy Corp. — Class A*		75		3,074
Haynes International, Inc.		87		3,055
Ryerson Holding Corp.		118		3,037
Dorian LPG Ltd.		218		2,958
nLight, Inc.*		311		2,939
Kimball Electronics, Inc.*		170		2,915
Luxfer Holdings plc		198		2,871
Cadre Holdings, Inc.		117		2,815
CyberOptics Corp.*		51		2,743
Babcock & Wilcox Enterprises, Inc.*		422		2,692
Pactiv Evergreen, Inc.		306		2,671
Allied Motion Technologies, Inc.		92		2,633
Vishay Precision Group, Inc.*		88		2,604
NuScale Power Corp.*		221		2,581
DXP Enterprises, Inc.*		108		2,557
908 Devices, Inc.*		155		2,550
National Presto Industries, Inc.		37		2,407
ESS Tech, Inc.*		571		2,336
Greif, Inc. — Class B		38		2,311
Archer Aviation, Inc. — Class A*		881		2,299
Ardmore Shipping Corp.*		247		2,255
CIRCOR International, Inc.*		131		2,160
Omega Flex, Inc.		23		2,130
Harsco Corp.*		556		2,079
AerSale Corp.*		112		2,077
Covenant Logistics Group, Inc. — Class A		71		2,038
Identiv, Inc.*		156		1,956
Northwest Pipe Co.*		69		1,939
SmartRent, Inc.*		842		1,911
Manitowoc Company, Inc.*		246		1,906
Eastman Kodak Co.*		404		1,854
Comtech Telecommunications Corp.		183		1,832
AMMO, Inc.*		619		1,814
Tredegar Corp.		192		1,812
Teekay Corp.*		494		1,774
IES Holdings, Inc.*		62		1,712
Hyster-Yale Materials Handling, Inc.		77		1,656
Universal Logistics Holdings, Inc.		52		1,649
Tutor Perini Corp.*		298		1,645
Daseke, Inc.*		288		1,558
Olympic Steel, Inc.		68		1,551
Park Aerospace Corp.		139		1,535
Radiant Logistics, Inc.*		269		1,531
Caesarstone Ltd.		160		1,490
PAM Transportation Services, Inc.*		48		1,486
Astronics Corp.*		179		1,407
Powell Industries, Inc.		65		1,370
Charge Enterprises, Inc.*		765		1,346
Safe Bulkers, Inc.		519		1,282
Evolv Technologies Holdings, Inc.*		595		1,261
Concrete Pumping Holdings, Inc.*		186		1,200
Sarcos Technology and Robotics Corp.*		537		1,192
Pure Cycle Corp.*		138		1,152
Latham Group, Inc.*		311		1,116
Akoustis Technologies, Inc.*		368		1,093
View, Inc.*,1		791		1,060
Ranpak Holdings Corp.*		308		1,053
Sight Sciences, Inc.*		153		972
Atlas Technical Consultants, Inc.*		126		838
Transphorm, Inc.*		152		765
Turtle Beach Corp.*		110		750
Karat Packaging, Inc.*		41		656
Astra Space, Inc.*		1,018		622
Hydrofarm Holdings Group, Inc.*		309		600
Berkshire Grey, Inc.*		346		588
Momentus, Inc.*		386		529

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 127

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
NL Industries, Inc.		60	$	464
Redwire Corp.*,1		137		326
AEye, Inc.*		187		208
Fathom Digital Manufacturing C*		72		146
Total Industrial				2,028,418
Consumer, Cyclical - 6.7%
Murphy USA, Inc.		153		42,061
Texas Roadhouse, Inc. — Class A		473		41,274
Crocs, Inc.*		429		29,455
Light & Wonder, Inc. — Class A*		667		28,601
Wingstop, Inc.		212		26,589
Academy Sports & Outdoors, Inc.		584		24,633
Fox Factory Holding Corp.*		300		23,724
Asbury Automotive Group, Inc.*		157		23,723
Visteon Corp.*		197		20,894
Hilton Grand Vacations, Inc.*		620		20,392
Goodyear Tire & Rubber Co.*		1,986		20,039
FirstCash Holdings, Inc.		273		20,025
Skyline Champion Corp.*		378		19,985
Beacon Roofing Supply, Inc.*		363		19,863
Resideo Technologies, Inc.*		1,023		19,498
Topgolf Callaway Brands Corp.*		990		19,067
Adient plc*		672		18,648
Signet Jewelers Ltd.		323		18,472
National Vision Holdings, Inc.*		554		18,088
Taylor Morrison Home Corp. — Class A*		775		18,073
Meritage Homes Corp.*		257		18,059
Foot Locker, Inc.		577		17,962
LCI Industries		176		17,857
UniFirst Corp.		106		17,832
Papa John’s International, Inc.		230		16,102
Group 1 Automotive, Inc.		108		15,430
Dorman Products, Inc.*		186		15,274
Cracker Barrel Old Country Store, Inc.		161		14,905
Steven Madden Ltd.		551		14,695
Spirit Airlines, Inc.*		772		14,529
KB Home		556		14,412
Installed Building Products, Inc.		168		13,606
SeaWorld Entertainment, Inc.*		297		13,516
Kontoor Brands, Inc.		392		13,175
Rush Enterprises, Inc. — Class A		300		13,158
Cavco Industries, Inc.*		63		12,963
Sonos, Inc.*		903		12,552
Luminar Technologies, Inc.*,1		1,689		12,304
Red Rock Resorts, Inc. — Class A		358		12,265
GMS, Inc.*		306		12,243
Boot Barn Holdings, Inc.*		209		12,218
Shake Shack, Inc. — Class A*		265		11,920
LGI Homes, Inc.*		145		11,799
Nu Skin Enterprises, Inc. — Class A		353		11,780
Winnebago Industries, Inc.		219		11,653
Gentherm, Inc.*		234		11,637
Bloomin’ Brands, Inc.		625		11,456
Sweetgreen, Inc. — Class A*		618		11,433
Jack in the Box, Inc.		150		11,110
MDC Holdings, Inc.		405		11,105
International Game Technology plc		693		10,949
Tri Pointe Homes, Inc.*		712		10,758
iRobot Corp.*		190		10,703
ODP Corp.*		304		10,686
American Eagle Outfitters, Inc.*		1,091		10,615
Acushnet Holdings Corp.		242		10,525
Dana, Inc.		914		10,447
Cheesecake Factory, Inc.		352		10,307
Tenneco, Inc. — Class A*		584		10,156
World Fuel Services Corp.		433		10,150
PriceSmart, Inc.		174		10,021
Everi Holdings, Inc.*		609		9,878
XPEL, Inc.*		153		9,859
Oxford Industries, Inc.		107		9,607
Vista Outdoor, Inc.*		395		9,606
Sally Beauty Holdings, Inc.*		758		9,551
Methode Electronics, Inc.		257		9,547
Dave & Buster’s Entertainment, Inc.*		304		9,433
Veritiv Corp.*		96		9,386
Cinemark Holdings, Inc.*		771		9,337
KAR Auction Services, Inc.*		811		9,059
Urban Outfitters, Inc.*		451		8,862
Fisker, Inc.*,1		1,151		8,690
Century Communities, Inc.		202		8,642
Wolverine World Wide, Inc.		546		8,403
MillerKnoll, Inc.		538		8,393
Madison Square Garden Entertainment Corp.*		183		8,068
Allegiant Travel Co. — Class A*		110		8,028
Dillard’s, Inc. — Class A		29		7,910
Warby Parker, Inc. — Class A*		591		7,884
Proterra, Inc.*		1,565		7,794
HNI Corp.		291		7,715
Brinker International, Inc.*		307		7,669
Virgin Galactic Holdings, Inc.*		1,615		7,607
TuSimple Holdings, Inc. — Class A*		990		7,524
Liberty Media Corporation-Liberty Braves — Class C*		267		7,342
Nikola Corp.*,1		2,066		7,272
Malibu Boats, Inc. — Class A*		147		7,055
M/I Homes, Inc.*		194		7,029
Camping World Holdings, Inc. — Class A		272		6,887
La-Z-Boy, Inc.		304		6,861
Patrick Industries, Inc.		155		6,795
Buckle, Inc.		214		6,775
Dine Brands Global, Inc.		104		6,610
Clean Energy Fuels Corp.*		1,200		6,408
H&E Equipment Services, Inc.		226		6,405
Healthcare Services Group, Inc.		525		6,347
Sonic Automotive, Inc. — Class A		143		6,192
Designer Brands, Inc. — Class A		396		6,063
Caleres, Inc.		249		6,031
Lions Gate Entertainment Corp. — Class B*		826		5,741
SkyWest, Inc.*		353		5,740
Arko Corp.		601		5,643

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
American Axle & Manufacturing Holdings, Inc.*		800	$	5,464
Abercrombie & Fitch Co. — Class A*		351		5,458
Wabash National Corp.		344		5,353
Monarch Casino & Resort, Inc.*		95		5,333
Sleep Number Corp.*		153		5,173
indie Semiconductor, Inc. — Class A*		706		5,168
Golden Entertainment, Inc.*		145		5,059
Bally’s Corp.*		256		5,059
Shyft Group, Inc.		244		4,985
Qurate Retail, Inc. — Class A		2,478		4,981
Solid Power, Inc.*		925		4,865
TravelCenters of America, Inc.*		90		4,854
ScanSource, Inc.*		182		4,807
Standard Motor Products, Inc.		146		4,745
Franchise Group, Inc.		195		4,738
Hawaiian Holdings, Inc.*		359		4,721
IMAX Corp.*		332		4,688
G-III Apparel Group Ltd.*		309		4,619
Hibbett, Inc.		92		4,583
Funko, Inc. — Class A*		225		4,549
Douglas Dynamics, Inc.		160		4,483
MarineMax, Inc.*		150		4,468
Titan International, Inc.*		362		4,395
Winmark Corp.		20		4,327
MRC Global, Inc.*		588		4,228
Vizio Holding Corp. — Class A*		480		4,195
Chico’s FAS, Inc.*		866		4,191
RCI Hospitality Holdings, Inc.		63		4,116
Green Brick Partners, Inc.*		192		4,105
BlueLinx Holdings, Inc.*		66		4,099
Titan Machinery, Inc.*		144		4,069
Steelcase, Inc. — Class A		610		3,977
OneSpaWorld Holdings Ltd.*		470		3,948
Ruth’s Hospitality Group, Inc.		231		3,895
Sovos Brands, Inc.*		270		3,845
BJ’s Restaurants, Inc.*		160		3,816
EVgo, Inc.*,1		481		3,805
Denny’s Corp.*		398		3,745
Interface, Inc. — Class A		414		3,722
Genesco, Inc.*		93		3,657
A-Mark Precious Metals, Inc.		128		3,634
PC Connection, Inc.		80		3,607
Ermenegildo Zegna N.V.		335		3,601
Guess?, Inc.		241		3,535
Bed Bath & Beyond, Inc.*,1		564		3,435
Bowlero Corp.*		275		3,385
Ethan Allen Interiors, Inc.		160		3,382
Accel Entertainment, Inc.*		416		3,249
Sun Country Airlines Holdings, Inc.*		234		3,184
Movado Group, Inc.		111		3,128
Big Lots, Inc.		199		3,106
Chuy’s Holdings, Inc.*		134		3,106
Lions Gate Entertainment Corp. — Class A*		413		3,069
Workhorse Group, Inc.*		1,038		2,979
Life Time Group Holdings, Inc.*		298		2,905
Children’s Place, Inc.*		93		2,873
PetMed Express, Inc.		143		2,791
Portillo’s, Inc. — Class A*		141		2,776
Clarus Corp.		204		2,748
Target Hospitality Corp.*		217		2,739
REV Group, Inc.		246		2,713
Hyliion Holdings Corp.*		939		2,695
VSE Corp.		76		2,690
Shoe Carnival, Inc.		125		2,680
Haverty Furniture Companies, Inc.		107		2,664
America’s Car-Mart, Inc.*		42		2,563
Frontier Group Holdings, Inc.*		264		2,561
Sportsman’s Warehouse Holdings, Inc.*		308		2,556
Global Industrial Co.		92		2,468
MasterCraft Boat Holdings, Inc.*		129		2,432
Kura Sushi USA, Inc. — Class A*		33		2,428
Zumiez, Inc.*		111		2,390
OneWater Marine, Inc. — Class A*		79		2,379
Marcus Corp.		169		2,347
Rush Enterprises, Inc. — Class B		48		2,300
Destination XL Group, Inc.*		423		2,293
Hudson Technologies, Inc.*		305		2,242
Sonder Holdings, Inc.*		1,336		2,218
Xponential Fitness, Inc. — Class A*		120		2,191
Microvast Holdings, Inc.*		1,207		2,185
Tupperware Brands Corp.*		322		2,109
Lordstown Motors Corp. — Class A*		1,130		2,068
Beazer Homes USA, Inc.*		211		2,040
Lovesac Co.*		99		2,018
Motorcar Parts of America, Inc.*		132		2,009
Liberty Media Corporation-Liberty Braves — Class A*		71		1,999
Johnson Outdoors, Inc. — Class A		38		1,950
Rite Aid Corp.*		386		1,911
Aspen Aerogels, Inc.*		194		1,789
Universal Electronics, Inc.*		86		1,692
Miller Industries, Inc.		78		1,661
Big 5 Sporting Goods Corp.1		152		1,632
Kimball International, Inc. — Class B		256		1,610
Rush Street Interactive, Inc.*		430		1,582
Purple Innovation, Inc.*		388		1,571
Dream Finders Homes, Inc. — Class A*		148		1,569
Lindblad Expeditions Holdings, Inc.*		228		1,541
Canoo, Inc.*		816		1,530
Bluegreen Vacations Holding Corp.		91		1,503
Holley, Inc.*		364		1,474
Forestar Group, Inc.*		129		1,443
LL Flooring Holdings, Inc.*		207		1,435
GrowGeneration Corp.*		406		1,421
Noodles & Co.*		289		1,358
Build-A-Bear Workshop, Inc. — Class A		101		1,346
Cenntro Electric Group Ltd.*		1,302		1,341
Hovnanian Enterprises, Inc. — Class A*		37		1,321
Full House Resorts, Inc.*		233		1,309
Snap One Holdings Corp.*		128		1,298

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 129

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Wheels Up Experience, Inc.*		1,126	$	1,295
Velodyne Lidar, Inc.*		1,366		1,294
Aeva Technologies, Inc.*		686		1,283
Century Casinos, Inc.*		193		1,266
Weber, Inc. — Class A*		191		1,255
Cato Corp. — Class A		130		1,240
El Pollo Loco Holdings, Inc.*		139		1,240
Party City Holdco, Inc.*		772		1,220
Vinco Ventures, Inc.*		1,299		1,210
NEOGAMES S.A.*		93		1,200
Fossil Group, Inc.*		330		1,129
Tilly’s, Inc. — Class A		163		1,128
Container Store Group, Inc.*		230		1,127
ONE Group Hospitality, Inc.*		160		1,062
Hyzon Motors, Inc.*		622		1,057
Volta, Inc.*		865		1,047
Blue Bird Corp.*		124		1,036
First Watch Restaurant Group, Inc.*		71		1,028
Rocky Brands, Inc.		49		983
Citi Trends, Inc.*		60		931
Tile Shop Holdings, Inc.		257		905
PLBY Group, Inc.*		220		887
Weyco Group, Inc.		42		854
F45 Training Holdings, Inc.*		256		791
Mullen Automotive, Inc.*		2,332		765
ThredUp, Inc. — Class A*		415		764
Superior Group of Companies, Inc.		83		737
Reservoir Media, Inc.*		145		708
Biglari Holdings, Inc. — Class B*		6		694
Conn’s, Inc.*		93		658
Duluth Holdings, Inc. — Class B*		93		655
Traeger, Inc.*		227		640
Lifetime Brands, Inc.		91		616
Aterian, Inc.*		431		534
JOANN, Inc.1		78		516
Marine Products Corp.		59		499
Express, Inc.*		455		496
Xos, Inc.*		387		464
Torrid Holdings, Inc.*,1		106		442
Lightning eMotors, Inc.*		277		429
Landsea Homes Corp.*		74		353
CompX International, Inc.		11		179
Cepton, Inc.*		55		108
Total Consumer, Cyclical				1,699,789
Technology - 5.9%
Qualys, Inc.*		272		37,914
ExlService Holdings, Inc.*		229		33,745
SPS Commerce, Inc.*		257		31,927
Silicon Laboratories, Inc.*		240		29,626
Synaptics, Inc.*		281		27,822
Tenable Holdings, Inc.*		778		27,074
Workiva, Inc.*		337		26,219
Power Integrations, Inc.		400		25,728
Maximus, Inc.		427		24,711
Box, Inc. — Class A*		987		24,073
Blackline, Inc.*		391		23,421
Onto Innovation, Inc.*		351		22,481
1Life Healthcare, Inc.*		1,276		21,883
Evolent Health, Inc. — Class A*		580		20,839
Varonis Systems, Inc.*		771		20,447
Diodes, Inc.*		315		20,447
Rambus, Inc.*		776		19,726
Sprout Social, Inc. — Class A*		325		19,721
MACOM Technology Solutions Holdings, Inc.*		358		18,541
Insight Enterprises, Inc.*		222		18,295
DigitalOcean Holdings, Inc.*		492		17,796
Super Micro Computer, Inc.*		321		17,677
Rapid7, Inc.*		411		17,632
Envestnet, Inc.*		389		17,272
ACI Worldwide, Inc.*		811		16,950
CommVault Systems, Inc.*		315		16,708
MaxLinear, Inc. — Class A*		508		16,571
Altair Engineering, Inc. — Class A*		368		16,273
Duolingo, Inc.*		167		15,903
Verra Mobility Corp.*		1,011		15,539
Kulicke & Soffa Industries, Inc.		403		15,528
Ping Identity Holding Corp.*		547		15,354
Verint Systems, Inc.*		450		15,111
NetScout Systems, Inc.*		482		15,096
Blackbaud, Inc.*		329		14,496
Ambarella, Inc.*		258		14,494
MicroStrategy, Inc. — Class A*,1		67		14,221
Appfolio, Inc. — Class A*		135		14,137
Axcelis Technologies, Inc.*		232		14,050
PagerDuty, Inc.*		602		13,888
FormFactor, Inc.*		544		13,627
Progress Software Corp.		310		13,191
Semtech Corp.*		448		13,176
Amkor Technology, Inc.		719		12,259
CSG Systems International, Inc.		227		12,004
Impinj, Inc.*		149		11,924
Allscripts Healthcare Solutions, Inc.*		771		11,742
Asana, Inc. — Class A*		521		11,582
Appian Corp. — Class A*		283		11,555
Apollo Medical Holdings, Inc.*		276		10,764
KnowBe4, Inc. — Class A*		515		10,717
Xerox Holdings Corp.		809		10,582
Privia Health Group, Inc.*		307		10,456
Xperi Holding Corp.		737		10,421
Clear Secure, Inc. — Class A*		441		10,081
Schrodinger Incorporated/United States*		382		9,542
Digital Turbine, Inc.*		652		9,395
Parsons Corp.*		239		9,369
SiTime Corp.*		113		8,896
Phreesia, Inc.*		348		8,867
Cohu, Inc.*		340		8,765
AvidXchange Holdings, Inc.*		1,037		8,732
Model N, Inc.*		255		8,729
Everbridge, Inc.*		280		8,646
E2open Parent Holdings, Inc.*		1,410		8,559
Digi International, Inc.*		242		8,366

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Ultra Clean Holdings, Inc.*		320	$	8,240
Agilysys, Inc.*		139		7,694
Fastly, Inc. — Class A*		790		7,236
PROS Holdings, Inc.*		290		7,163
3D Systems Corp.*		897		7,158
Alignment Healthcare, Inc.*		597		7,068
NextGen Healthcare, Inc.*		394		6,974
Donnelley Financial Solutions, Inc.*		183		6,766
BigCommerce Holdings, Inc.*		454		6,719
BTRS Holdings, Inc. — Class 1*		710		6,575
Duck Creek Technologies, Inc.*		547		6,482
Veeco Instruments, Inc.*		353		6,467
Grid Dynamics Holdings, Inc.*		344		6,443
Photronics, Inc.*		424		6,199
Amplitude, Inc. — Class A*		396		6,126
C3.ai, Inc. — Class A*		487		6,087
Sumo Logic, Inc.*		800		6,000
TTEC Holdings, Inc.		134		5,938
Zuora, Inc. — Class A*		799		5,897
Avid Technology, Inc.*		253		5,885
Matterport, Inc.*		1,549		5,871
ACV Auctions, Inc. — Class A*		798		5,738
PAR Technology Corp.*		188		5,552
SMART Global Holdings, Inc.*		348		5,523
Momentive Global, Inc.*		937		5,444
Outset Medical, Inc.*		339		5,400
PowerSchool Holdings, Inc. — Class A*		323		5,391
Simulations Plus, Inc.		111		5,388
Consensus Cloud Solutions, Inc.*		113		5,345
PDF Solutions, Inc.*		214		5,249
EngageSmart, Inc.*		247		5,110
Zeta Global Holdings Corp. — Class A*		771		5,096
Olo, Inc. — Class A*		636		5,024
PubMatic, Inc. — Class A*		296		4,922
Desktop Metal, Inc. — Class A*		1,871		4,846
Alpha & Omega Semiconductor Ltd.*		156		4,798
Hims & Hers Health, Inc.*		859		4,793
LivePerson, Inc.*		498		4,691
N-able, Inc.*		482		4,449
Cerence, Inc.*		278		4,379
IonQ, Inc.*		841		4,264
CEVA, Inc.*		162		4,249
ACM Research, Inc. — Class A*		339		4,224
Sapiens International Corporation N.V.		218		4,181
Vimeo, Inc.*		1,013		4,052
Conduent, Inc.*		1,201		4,011
Sharecare, Inc.*		2,077		3,946
Domo, Inc. — Class B*		215		3,868
Alkami Technology, Inc.*		254		3,823
Health Catalyst, Inc.*		383		3,715
AvePoint, Inc.*		912		3,657
Yext, Inc.*		805		3,590
Ebix, Inc.1		187		3,547
Unisys Corp.*		469		3,541
Telos Corp.*		381		3,387
American Software, Inc. — Class A		221		3,386
Corsair Gaming, Inc.*		271		3,076
Blend Labs, Inc. — Class A*		1,309		2,893
ForgeRock, Inc. — Class A*		197		2,862
Pitney Bowes, Inc.		1,225		2,854
Computer Programs and Systems, Inc.*		101		2,816
Instructure Holdings, Inc.*		123		2,740
Mitek Systems, Inc.*		299		2,739
8x8, Inc.*		778		2,684
MeridianLink, Inc.*		163		2,654
SolarWinds Corp.*		342		2,651
ON24, Inc.*		295		2,596
OneSpan, Inc.*		283		2,437
Vuzix Corp.*		420		2,432
Daily Journal Corp.*		9		2,308
HireRight Holdings Corp.*		150		2,289
Enfusion, Inc. — Class A*		180		2,221
Skillz, Inc.*		2,163		2,206
Cardlytics, Inc.*		234		2,200
Playstudios, Inc.*		561		1,958
Integral Ad Science Holding Corp.*		270		1,955
Bandwidth, Inc. — Class A*		164		1,952
AXT, Inc.*		287		1,923
EverCommerce, Inc.*		171		1,869
Intapp, Inc.*		100		1,867
Brightcove, Inc.*		291		1,833
Upland Software, Inc.*		206		1,675
Cvent Holding Corp.*		319		1,675
Rackspace Technology, Inc.*		408		1,665
Rimini Street, Inc.*		345		1,608
CS Disco, Inc.*		158		1,580
Velo3D, Inc.*		399		1,572
Markforged Holding Corp.*		779		1,542
Atomera, Inc.*		144		1,459
Cantaloupe, Inc.*		413		1,437
Inspired Entertainment, Inc.*		157		1,386
UserTesting, Inc.*		336		1,317
Digimarc Corp.*		97		1,314
Porch Group, Inc.*		571		1,285
Inseego Corp.*		610		1,263
Diebold Nixdorf, Inc.*		517		1,261
Veritone, Inc.*		221		1,244
Convey Health Solutions Holdings, Inc.*		114		1,198
Benefitfocus, Inc.*		183		1,162
Red Violet, Inc.*		67		1,160
Weave Communications, Inc.*		221		1,116
eGain Corp.*		148		1,088
Skillsoft Corp.*		574		1,050
Outbrain, Inc.*		283		1,033
Pear Therapeutics, Inc.*		484		987
Cerberus Cyber Sentinel Corp.*		323		953
Avaya Holdings Corp.*		591		940
Ouster, Inc.*		966		931
NextNav, Inc.*		345		928
WM Technology, Inc.*		508		818
Arteris, Inc.*		120		799
IBEX Holdings Ltd.*		40		743

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 131

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
SkyWater Technology, Inc.*		77	$	589
SecureWorks Corp. — Class A*		70		564
Rockley Photonics Holdings Ltd.*		722		513
Latch, Inc.*		498		475
LiveVox Holdings, Inc.*		158		466
Faraday Future Intelligent Electric, Inc.*		703		447
Rigetti Computing, Inc.*		227		427
Viant Technology, Inc. — Class A*		99		417
Nutex Health, Inc.*		274		411
IronNet, Inc.*		459		316
Kaleyra, Inc.*		209		203
Loyalty Ventures, Inc.*		142		172
Total Technology				1,482,054
Energy - 3.8%
Chord Energy Corp.		293		40,074
Matador Resources Co.		797		38,989
Murphy Oil Corp.		1,043		36,682
SM Energy Co.		857		32,232
Denbury, Inc.*		354		30,536
Civitas Resources, Inc.		522		29,958
ChampionX Corp.		1,446		28,298
Helmerich & Payne, Inc.		728		26,914
PBF Energy, Inc. — Class A*		685		24,085
Magnolia Oil & Gas Corp. — Class A		1,181		23,396
Equitrans Midstream Corp.		2,910		21,767
Valaris Ltd.*		431		21,093
Peabody Energy Corp.*		833		20,675
California Resources Corp.		536		20,599
CNX Resources Corp.*		1,321		20,515
Patterson-UTI Energy, Inc.		1,518		17,730
Array Technologies, Inc.*		1,067		17,691
Shoals Technologies Group, Inc. — Class A*		792		17,068
Kosmos Energy Ltd.*		3,195		16,518
Weatherford International plc*		500		16,145
Alpha Metallurgical Resources, Inc.		117		16,010
CONSOL Energy, Inc.		243		15,630
Sunnova Energy International, Inc.*		703		15,522
Noble Corporation plc*		521		15,411
Stem, Inc.*		1,020		13,607
Delek US Holdings, Inc.		499		13,543
SunPower Corp. — Class A*		579		13,340
Arch Resources, Inc.		108		12,809
Liberty Energy, Inc. — Class A*		1,010		12,807
Northern Oil and Gas, Inc.		464		12,718
Callon Petroleum Co.*		348		12,184
Comstock Resources, Inc.*		649		11,221
Green Plains, Inc.*		373		10,843
Warrior Met Coal, Inc.		364		10,352
Permian Resources Corp.*		1,456		9,901
NexTier Oilfield Solutions, Inc.*		1,243		9,198
FuelCell Energy, Inc.*		2,614		8,914
Brigham Minerals, Inc. — Class A		361		8,906
Tellurian, Inc.*		3,611		8,630
Montauk Renewables, Inc.*		456		7,953
NOW, Inc.*		781		7,849
Talos Energy, Inc.*		468		7,792
Laredo Petroleum, Inc.*		121		7,605
Archaea Energy, Inc.*		422		7,600
Expro Group Holdings N.V.*		549		6,994
Gulfport Energy Corp.*		79		6,975
Nabors Industries Ltd.*		65		6,594
Tidewater, Inc.*		301		6,532
Archrock, Inc.		958		6,150
CVR Energy, Inc.		209		6,057
US Silica Holdings, Inc.*		524		5,738
Par Pacific Holdings, Inc.*		346		5,678
Oceaneering International, Inc.*		708		5,636
ProPetro Holding Corp.*		618		4,975
Dril-Quip, Inc.*		241		4,704
Diamond Offshore Drilling, Inc.*		707		4,687
Borr Drilling Ltd.*		1,376		4,568
Ranger Oil Corp. — Class A		141		4,434
Berry Corp.		567		4,253
Bristow Group, Inc.*		167		3,923
W&T Offshore, Inc.*		669		3,920
Helix Energy Solutions Group, Inc.*		1,012		3,906
Kinetik Holdings, Inc. — Class A		117		3,812
Earthstone Energy, Inc. — Class A*		306		3,770
Fluence Energy, Inc.*		254		3,706
SandRidge Energy, Inc.*		225		3,670
RPC, Inc.		526		3,645
Select Energy Services, Inc. — Class A*		506		3,527
SunCoke Energy, Inc.		590		3,428
Gevo, Inc.*		1,393		3,176
TETRA Technologies, Inc.*		881		3,163
REX American Resources Corp.*		111		3,099
Crescent Energy Co. — Class A		230		3,098
Excelerate Energy, Inc. — Class A		131		3,065
TPI Composites, Inc.*		259		2,921
Infrastructure and Energy Alternatives, Inc.*		215		2,911
Vertex Energy, Inc.*		383		2,386
Energy Vault Holdings, Inc.*		448		2,365
SilverBow Resources, Inc.*		83		2,231
DMC Global, Inc.*		133		2,125
Solaris Oilfield Infrastructure, Inc. — Class A		223		2,087
Aris Water Solution, Inc. — Class A		156		1,991
Alto Ingredients, Inc.*		511		1,860
Sitio Royalties Corp.1		83		1,835
VAALCO Energy, Inc.		414		1,805
Oil States International, Inc.*		432		1,681
Amplify Energy Corp.*		253		1,662
National Energy Services Reunited Corp.*		271		1,610
Newpark Resources, Inc.*		600		1,512
ProFrac Holding Corp. — Class A*		97		1,475
Ramaco Resources, Inc.		159		1,463
Ring Energy, Inc.*		612		1,420
Riley Exploration Permian, Inc.		74		1,405
NACCO Industries, Inc. — Class A		29		1,364
NextDecade Corp.*		219		1,318

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Aemetis, Inc.*		206	$	1,261
Heliogen, Inc.*		641		1,192
FutureFuel Corp.		183		1,105
Eneti, Inc.		162		1,081
HighPeak Energy, Inc.		45		975
Cleanspark, Inc.*		284		903
Empire Petroleum Corp.*		48		631
Battalion Oil Corp.*		18		214
Total Energy				954,982
Communications - 2.6%
Iridium Communications, Inc.*		901		39,977
TEGNA, Inc.		1,577		32,612
Calix, Inc.*		402		24,578
Ziff Davis, Inc.*		323		22,119
Marqeta, Inc. — Class A*		3,072		21,873
Viavi Solutions, Inc.*		1,611		21,024
Yelp, Inc. — Class A*		487		16,514
Cogent Communications Holdings, Inc.		304		15,857
Perficient, Inc.*		242		15,735
DigitalBridge Group, Inc.		1,144		14,311
CommScope Holding Company, Inc.*		1,451		13,364
Bumble, Inc. — Class A*		610		13,109
Q2 Holdings, Inc.*		395		12,719
Extreme Networks, Inc.*		905		11,828
Upwork, Inc.*		848		11,550
TechTarget, Inc.*		194		11,485
Cargurus, Inc.*		722		10,231
Telephone & Data Systems, Inc.		714		9,925
ADTRAN Holdings, Inc.		498		9,751
Maxar Technologies, Inc.		515		9,641
Shutterstock, Inc.		172		8,629
Clearfield, Inc.*		82		8,580
Harmonic, Inc.*		652		8,522
InterDigital, Inc.		210		8,488
Gray Television, Inc.		579		8,291
ePlus, Inc.*		188		7,810
Globalstar, Inc.*		4,842		7,699
Credo Technology Group Holding Ltd.*		680		7,480
Figs, Inc. — Class A*		902		7,441
Overstock.com, Inc.*		302		7,354
Infinera Corp.*		1,340		6,486
Liberty Latin America Ltd. — Class C*		1,053		6,476
Revolve Group, Inc.*		289		6,268
iHeartMedia, Inc. — Class A*		853		6,253
A10 Networks, Inc.		466		6,184
Magnite, Inc.*		926		6,084
Scholastic Corp.		196		6,029
Open Lending Corp. — Class A*		747		6,006
Planet Labs PBC*		1,100		5,973
Shenandoah Telecommunications Co.		343		5,838
Cars.com, Inc.*		490		5,635
Sinclair Broadcast Group, Inc. — Class A		283		5,120
Poshmark, Inc. — Class A*		325		5,093
Squarespace, Inc. — Class A*		222		4,742
EW Scripps Co. — Class A*		414		4,666
WideOpenWest, Inc.*		379		4,650
Anterix, Inc.*		130		4,644
ChannelAdvisor Corp.*		200		4,532
fuboTV, Inc.*		1,261		4,477
AMC Networks, Inc. — Class A*		214		4,344
Gogo, Inc.*		354		4,290
Thryv Holdings, Inc.*		180		4,110
NETGEAR, Inc.*		200		4,008
EchoStar Corp. — Class A*		237		3,903
QuinStreet, Inc.*		367		3,853
Stagwell, Inc.*		553		3,843
HealthStream, Inc.*		171		3,635
Clear Channel Outdoor Holdings, Inc.*		2,583		3,539
Boston Omaha Corp. — Class A*		145		3,341
Eventbrite, Inc. — Class A*		546		3,320
ATN International, Inc.		77		2,970
ContextLogic, Inc. — Class A*		4,027		2,955
Liquidity Services, Inc.*		176		2,862
United States Cellular Corp.*		106		2,759
Edgio, Inc.*		972		2,702
Couchbase, Inc.*		188		2,683
Tucows, Inc. — Class A*		70		2,619
IDT Corp. — Class B*		103		2,557
Vacasa, Inc. — Class A*		789		2,422
Stitch Fix, Inc. — Class A*		575		2,271
Rover Group, Inc.*		656		2,191
Consolidated Communications Holdings, Inc.*		526		2,188
Aviat Networks, Inc.*		78		2,136
Allbirds, Inc. — Class A*		668		2,031
Ooma, Inc.*		162		1,993
CarParts.com, Inc.*		360		1,861
OptimizeRx Corp.*		125		1,852
Liberty Latin America Ltd. — Class A*		274		1,696
Entravision Communications Corp. — Class A		420		1,667
DHI Group, Inc.*		303		1,630
Blade Air Mobility, Inc.*		397		1,600
Gannett Company, Inc.*		1,019		1,559
BARK, Inc.*		842		1,532
MediaAlpha, Inc. — Class A*		169		1,479
Innovid Corp.*		540		1,463
Quotient Technology, Inc.*		633		1,462
DZS, Inc.*		123		1,390
Cambium Networks Corp.*		81		1,370
Vivid Seats, Inc. — Class A		175		1,341
Preformed Line Products Co.		18		1,281
RumbleON, Inc. — Class B*		74		1,252
Advantage Solutions, Inc.*		584		1,244
1-800-Flowers.com, Inc. — Class A*		190		1,233
Groupon, Inc.*		153		1,218
Focus Universal, Inc.*		125		1,172
Ribbon Communications, Inc.*		512		1,137
Cyxtera Technologies, Inc.*		261		1,065
Arena Group Holdings, Inc.*		80		1,048
1stdibs.com, Inc.*		165		1,038
EverQuote, Inc. — Class A*		137		934

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 133

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
Cumulus Media, Inc. — Class A*		131	$	921
RealReal, Inc.*		603		904
Ondas Holdings, Inc.*		242		895
Lands’ End, Inc.*		108		834
Nerdy, Inc.*		383		808
Casa Systems, Inc.*		250		782
Solo Brands, Inc. — Class A*		156		593
KORE Group Holdings, Inc.*		248		474
Gambling.com Group Ltd.*		61		464
Urban One, Inc.*		85		361
Audacy, Inc.*		845		326
Urban One, Inc.*		59		312
Value Line, Inc.		7		307
Terran Orbital Corp.*		169		299
Starry Group Holdings, Inc. — Class A*		169		252
AdTheorent Holding Company, Inc.*		113		243
Lulu’s Fashion Lounge Holdings, Inc.*		42		196
Inspirato, Inc.*		73		172
aka Brands Holding Corp.*		79		115
Total Communications				646,960
Basic Materials - 2.1%
Livent Corp.*		1,147		35,156
Rogers Corp.*		133		32,170
Commercial Metals Co.		856		30,371
Balchem Corp.		225		27,355
Cabot Corp.		394		25,173
ATI, Inc.*		878		23,364
HB Fuller Co.		376		22,598
Sensient Technologies Corp.		297		20,594
Avient Corp.		644		19,513
Ingevity Corp.*		270		16,370
Innospec, Inc.		175		14,992
Hecla Mining Co.		3,785		14,913
Stepan Co.		152		14,238
Quaker Chemical Corp.		96		13,860
Arconic Corp.*		725		12,354
Minerals Technologies, Inc.		232		11,463
Carpenter Technology Corp.		338		10,525
Tronox Holdings plc — Class A		828		10,143
Compass Minerals International, Inc.		243		9,363
Constellium SE*		878		8,903
Sylvamo Corp.		251		8,509
Mativ Holdings, Inc.		384		8,479
Uranium Energy Corp.*		2,272		7,952
Novagold Resources, Inc.*		1,692		7,935
Perimeter Solutions S.A.*		863		6,913
Kaiser Aluminum Corp.		112		6,871
Energy Fuels, Inc.*		1,104		6,756
Coeur Mining, Inc.*		1,971		6,741
Piedmont Lithium, Inc.*		123		6,579
Resolute Forest Products, Inc.*		325		6,500
AdvanSix, Inc.		193		6,195
Lightwave Logic, Inc.*		791		5,806
Orion Engineered Carbons S.A.		429		5,727
Hawkins, Inc.		137		5,342
Schnitzer Steel Industries, Inc. — Class A		183		5,208
Trinseo plc		247		4,525
Clearwater Paper Corp.*		118		4,437
Amyris, Inc.*		1,393		4,068
Origin Materials, Inc.*		753		3,885
American Vanguard Corp.		207		3,871
Ecovyst, Inc.*		453		3,823
Intrepid Potash, Inc.*		79		3,126
Koppers Holdings, Inc.		145		3,013
Diversey Holdings Ltd.*		553		2,688
Codexis, Inc.*		433		2,624
5E Advanced Materials, Inc.*		229		2,327
Century Aluminum Co.*		368		1,943
Danimer Scientific, Inc.*		641		1,891
Ur-Energy, Inc.*		1,482		1,615
Kronos Worldwide, Inc.		157		1,466
United States Lime & Minerals, Inc.		14		1,431
Rayonier Advanced Materials, Inc.*		437		1,377
Dakota Gold Corp.*		360		1,098
Glatfelter Corp.*		311		967
Unifi, Inc.*		99		941
Ivanhoe Electric Incorporated / US*		102		842
Hycroft Mining Holding Corp.*		1,068		646
PolyMet Mining Corp.*		207		596
Valhi, Inc.		17		428
Terawulf, Inc.*		151		190
Total Basic Materials				528,749
Utilities - 2.0%
Southwest Gas Holdings, Inc.		467		32,573
Black Hills Corp.		460		31,156
South Jersey Industries, Inc.		869		29,042
Brookfield Infrastructure Corp. — Class A		693		28,205
Ormat Technologies, Inc.		321		27,670
PNM Resources, Inc.		605		27,667
Portland General Electric Co.		633		27,510
ONE Gas, Inc.		381		26,819
New Jersey Resources Corp.		682		26,393
Spire, Inc.		361		22,501
American States Water Co.		261		20,345
ALLETE, Inc.		406		20,320
California Water Service Group		380		20,022
Avista Corp.		513		19,007
NorthWestern Corp.		385		18,973
Clearway Energy, Inc. — Class C		580		18,473
Otter Tail Corp.		291		17,902
MGE Energy, Inc.		258		16,933
Ameresco, Inc. — Class A*		225		14,958
Chesapeake Utilities Corp.		123		14,193
SJW Group		191		11,002
Northwest Natural Holding Co.		241		10,455
Middlesex Water Co.		123		9,496
Clearway Energy, Inc. — Class A		246		7,159
Unitil Corp.		112		5,202
York Water Co.		101		3,881
Altus Power, Inc.*		297		3,270
Artesian Resources Corp. — Class A		58		2,791
Global Water Resources, Inc.		91		1,067

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

	Shares		Value
FTC Solar, Inc.*		293	$	867
Via Renewables, Inc.		86		594
Total Utilities				516,446
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		195		2,547
Diversified - 0.0%
Professional Holding Corp. — Class A*		91		2,360
Total Common Stocks
(Cost $19,565,528)				15,404,357
RIGHTS-††† 0.0%
Consumer, Non-cyclical - 0.0%
Oncternal Therapeutics, Inc*.		7		—
Tobira Therapeutics, Inc.*		141		—
UCB*		385		—
Total Consumer, Non-cyclical				—
Total Rights
(Cost $104)				—
EXCHANGE-TRADED FUNDS† - 8.3%
Vanguard Russell 2000 ETF		15,743		1,048,956
iShares Russell 2000 Index ETF1		6,356		1,048,231
Total Exchange-Traded Funds
(Cost $2,799,130)				2,097,187

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 23.7%
Farmer Mac
2.60% due 10/03/222	$	3,500,000		3,499,720
Federal Home Loan Bank
3.00% due 11/01/222		2,500,000		2,493,542
Total Federal Agency Discount Notes
(Cost $5,993,036)				5,993,262
U.S. TREASURY BILLS†† - 0.4%
U.S. Treasury Bills
1.34% due 10/04/222,3		71,000		70,995
2.70% due 11/08/222,4		28,000		27,924
Total U.S. Treasury Bills
(Cost $98,910)				98,919
REPURCHASE AGREEMENTS††,5 - 11.8%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/223		1,689,549		1,689,549
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/223		649,826		649,826
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/223		630,592		630,592
Total Repurchase Agreements
(Cost $2,969,967)				2,969,967
	Shares
SECURITIES LENDING COLLATERAL†,6 - 3.5%
Money Market Fund
First American Government Obligations Fund, 2.78%7		889,477		889,477
Total Securities Lending Collateral
(Cost $889,477)				889,477
Total Investments - 108.7%
(Cost $32,316,152)			$	27,453,169
Other Assets & Liabilities, net - (8.7)%				(2,189,061	)
Total Net Assets - 100.0%			$	25,264,108

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		10		Dec 2022	$	834,600	$	(66,860	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 135

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
RUSSELL 2000® FUND

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††

Barclays Bank plc

Russell 2000 Index

Pay

2.96% (SOFR)

At Maturity

11/16/22

592

$

986,273

$

(108,933

)

BNP Paribas

Russell 2000 Index

Pay

3.28% (Federal Funds Rate + 0.20%)

At Maturity

11/17/22

318

529,280

(114,582

)

Goldman Sachs International

Russell 2000 Index

Pay

3.33% (Federal Funds Rate + 0.25%)

At Maturity

11/17/22

3,257

5,421,937

(369,242

)

$

6,937,490

$

(592,757

)

*	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.
†††	Value determined based on Level 3 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
4	All or a portion of this security is pledged as futures collateral at September 30, 2022.
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, 2022.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
RUSSELL 2000® FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	15,404,357	$	—	$	—		$	15,404,357
Rights		—		—		—	*		—
Exchange-Traded Funds		2,097,187		—		—			2,097,187
Federal Agency Discount Notes		—		5,993,262		—			5,993,262
U.S. Treasury Bills		—		98,919		—			98,919
Repurchase Agreements		—		2,969,967		—			2,969,967
Securities Lending Collateral		889,477		—		—			889,477
Total Assets	$	18,391,021	$	9,062,148	$	—		$	27,453,169

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	66,860	$	—	$	—	$	66,860
Equity Index Swap Agreements**		—		592,757		—		592,757
Total Liabilities	$	66,860	$	592,757	$	—	$	659,617

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 137

RUSSELL 2000^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $863,926 of securities loaned (cost $29,346,185)	$	24,483,202
Repurchase agreements, at value (cost $2,969,967)		2,969,967
Cash		39
Segregated cash with broker		67,553
Receivables:
Dividends		27,793
Fund shares sold		6,864
Securities lending income		1,093
Interest		243
Total assets		27,556,754
Liabilities:
Unrealized depreciation on OTC swap agreements		592,757
Payable for:
Return of securities lending collateral		889,477
Swap settlement		723,114
Fund shares redeemed		16,507
Management fees		16,212
Transfer agent and administrative fees		8,398
Variation margin on futures contracts		6,450
Distribution and service fees		6,375
Portfolio accounting/administration fees		4,431
Trustees’ fees*		351
Miscellaneous		28,574
Total liabilities		2,292,646
Net assets	$	25,264,108
Net assets consist of:
Paid in capital	$	33,350,772
Total distributable earnings (loss)		(8,086,664	)
Net assets	$	25,264,108
A-Class:
Net assets	$	9,236,637
Capital shares outstanding		227,014
Net asset value per share	$	40.69
Maximum offering price per share (Net asset value divided by 95.25%)	$	42.72
C-Class:
Net assets	$	1,467,469
Capital shares outstanding		42,413
Net asset value per share	$	34.60
H-Class:
Net assets	$	14,560,002
Capital shares outstanding		358,753
Net asset value per share	$	40.59

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $210)	$	137,658
Interest		40,862
Income from securities lending, net		8,368
Total investment income		186,888
Expenses:
Management fees		92,075
Distribution and service fees:
A-Class		7,783
C-Class		8,255
H-Class		20,847
Transfer agent and administrative fees		29,453
Portfolio accounting/administration fees		21,876
Professional fees		5,772
Trustees’ fees*		2,311
Custodian fees		1,817
Interest expense		63
Miscellaneous		18,148
Total expenses		208,400
Net investment loss		(21,512	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(853,095	)
Swap agreements		(733,930	)
Futures contracts		(255,372	)
Net realized loss		(1,842,397	)
Net change in unrealized appreciation (depreciation) on:
Investments		(3,441,429	)
Swap agreements		(693,178	)
Futures contracts		(71,232	)
Net change in unrealized appreciation (depreciation)		(4,205,839	)
Net realized and unrealized loss		(6,048,236	)
Net decrease in net assets resulting from operations	$	(6,069,748	)

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

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

RUSSELL 2000^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(21,512	)	$	(408,854	)
Net realized loss on investments		(1,842,397	)		(836,810	)
Net change in unrealized appreciation (depreciation) on investments		(4,205,839	)		(1,231,604	)
Net decrease in net assets resulting from operations		(6,069,748	)		(2,477,268	)
Distributions to shareholders:
A-Class		—			(1,380,296	)
C-Class		—			(292,995	)
H-Class		—			(2,471,695	)
Total distributions to shareholders		—			(4,144,986	)
Capital share transactions:
Proceeds from sale of shares
A-Class		8,196,671			17,520,237
C-Class		158,798			1,581,608
H-Class		10,118,501			37,692,434
Distributions reinvested
A-Class		—			1,363,190
C-Class		—			220,999
H-Class		—			2,449,855
Cost of shares redeemed
A-Class		(3,037,588	)		(23,403,707	)
C-Class		(217,581	)		(3,123,918	)
H-Class		(10,002,431	)		(47,441,374	)
Net increase (decrease) from capital share transactions		5,216,370			(13,140,676	)
Net decrease in net assets		(853,378	)		(19,762,930	)
Net assets:
Beginning of period		26,117,486			45,880,416
End of period	$	25,264,108		$	26,117,486
Capital share activity:
Shares sold
A-Class		183,012			293,769
C-Class		4,191			29,850
H-Class		219,700			631,536
Shares issued from reinvestment of distributions
A-Class		—			25,352
C-Class		—			4,804
H-Class		—			45,681
Shares redeemed
A-Class		(70,119	)		(405,915	)
C-Class		(5,816	)		(59,133	)
H-Class		(225,740	)		(794,616	)
Net increase (decrease) in shares		105,228			(228,672	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 139

RUSSELL 2000^® 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.

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	50.66		$	61.82		$	32.24		$	43.81		$	43.67		$	41.61
Income (loss) from investment operations:
Net investment income (loss)b		—	c		(.69	)		(.77	)		—	c		(.05	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		(9.97	)		(3.41	)		30.35			(10.89	)		.19	e		4.34
Total from investment operations		(9.97	)		(4.10	)		29.58			(10.89	)		.14			4.17
Less distributions from:
Net investment income		—			—			—			(.01	)		—			—
Net realized gains		—			(7.06	)		—			(.67	)		—			(2.11	)
Total distributions		—			(7.06	)		—			(.68	)		—			(2.11	)
Net asset value, end of period	$	40.69		$	50.66		$	61.82		$	32.24		$	43.81		$	43.67
Total Returnd		(19.68	%)		(7.29	%)		91.75	%		(25.32	%)		0.32	%		10.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,237		$	5,781		$	12,421		$	10,712		$	18,569		$	17,163
Ratios to average net assets:
Net investment income (loss)		(0.02	%)		(1.14	%)		(1.53	%)		—	f		(0.11	%)		(0.40	%)
Total expenses		1.64	%		1.60	%		1.67	%		1.73	%		1.71	%		1.63	%
Portfolio turnover rate		17	%		76	%		—			35	%		112	%		167	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	43.24		$	54.24		$	28.50		$	39.09		$	39.26		$	37.87
Income (loss) from investment operations:
Net investment income (loss)b		(.18	)		(.98	)		(.95	)		(.29	)		(.37	)		(.45	)
Net gain (loss) on investments (realized and unrealized)		(8.46	)		(2.96	)		26.69			(9.62	)		.20	e		3.95
Total from investment operations		(8.64	)		(3.94	)		25.74			(9.91	)		(.17	)		3.50
Less distributions from:
Net investment income		—			—			—			(.01	)		—			—
Net realized gains		—			(7.06	)		—			(.67	)		—			(2.11	)
Total distributions		—			(7.06	)		—			(.68	)		—			(2.11	)
Net asset value, end of period	$	34.60		$	43.24		$	54.24		$	28.50		$	39.09		$	39.26
Total Returnd		(19.98	%)		(8.05	%)		90.32	%		(25.88	%)		(0.43	%)		9.21	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,467		$	1,904		$	3,717		$	1,590		$	3,264		$	5,277
Ratios to average net assets:
Net investment income (loss)		(0.92	%)		(1.89	%)		(2.28	%)		(0.74	%)		(0.91	%)		(1.16	%)
Total expenses		2.40	%		2.36	%		2.43	%		2.48	%		2.46	%		2.38	%
Portfolio turnover rate		17	%		76	%		—			35	%		112	%		167	%

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

RUSSELL 2000^® 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	50.53		$	61.68		$	32.17		$	43.70		$	43.57		$	41.51
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		(.66	)		(.75	)		.01			(.06	)		(.19	)
Net gain (loss) on investments (realized and unrealized)		(9.90	)		(3.43	)		30.26			(10.86	)		.19	e		4.36
Total from investment operations		(9.94	)		(4.09	)		29.51			(10.85	)		.13			4.17
Less distributions from:
Net investment income		—			—			—			(.01	)		—			—
Net realized gains		—			(7.06	)		—			(.67	)		—			(2.11	)
Total distributions		—			(7.06	)		—			(.68	)		—			(2.11	)
Net asset value, end of period	$	40.59		$	50.53		$	61.68		$	32.17		$	43.70		$	43.57
Total Return		(19.67	%)		(7.29	%)		91.73	%		(25.30	%)		0.30	%		10.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,560		$	18,432		$	29,743		$	6,731		$	19,384		$	24,713
Ratios to average net assets:
Net investment income (loss)		(0.16	%)		(1.12	%)		(1.52	%)		0.01	%		(0.14	%)		(0.43	%)
Total expenses		1.65	%		1.61	%		1.67	%		1.73	%		1.71	%		1.63	%
Portfolio turnover rate		17	%		76	%		—			35	%		112	%		167	%

a	Unaudited figures for the period ended September 30, 2022. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
f	Less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 141

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

INVERSE RUSSELL 2000^® STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the Russell 2000^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	March 31, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

The Fund invests principally in derivative investments such as swap agreements and futures contracts.

Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund II	5.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.4%
Total	10.9%
“Largest Holdings” excludes any temporary cash or derivative investments.

142 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	18.72%	20.65%	(9.49%)	(12.52%)
A-Class Shares with sales charge‡	13.08%	14.91%	(10.36%)	(12.94%)
C-Class Shares	18.20%	19.75%	(10.16%)	(13.17%)
C-Class Shares with CDSC§	17.20%	18.75%	(10.16%)	(13.17%)
H-Class Shares	18.72%	20.64%	(9.45%)	(12.50%)
Russell 2000 Index	(19.01%)	(23.50%)	3.55%	10.11%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 143

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
INVERSE RUSSELL 2000® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 10.9%
Guggenheim Strategy Fund II1		39,100	$	937,233
Guggenheim Ultra Short Duration Fund — Institutional Class1		97,310		933,202
Total Mutual Funds
(Cost $1,914,222)				1,870,435
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 55.4%
Freddie Mac
2.28% due 10/03/222	$	6,000,000		5,999,240
Federal Home Loan Bank
3.00% due 11/01/222		2,000,000		1,994,833
3.22% due 12/01/222		1,500,000		1,492,170
Total Federal Agency Discount Notes
(Cost $9,485,888)				9,486,243
U.S. TREASURY BILLS†† - 0.3%
U.S. Treasury Bills
1.34% due 10/04/222		53,000		52,997
Total U.S. Treasury Bills
(Cost $52,994)				52,997
REPURCHASE AGREEMENTS††,3 - 21.4%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224		2,084,947		2,084,947
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224		801,903		801,903
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224		778,167		778,167
Total Repurchase Agreements
(Cost $3,665,017)				3,665,017
Total Investments - 88.0%
(Cost $15,118,121)			$	15,074,692
Other Assets & Liabilities, net - 12.0%				2,057,350
Total Net Assets - 100.0%			$	17,132,042

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 Sold Short††

Goldman Sachs International

Russell 2000 Index

Receive

3.03% (Federal Funds Rate - 0.05%)

At Maturity

11/17/22

8,931

$

14,868,132

$

1,990,260

Barclays Bank plc

Russell 2000 Index

Receive

2.46% (SOFR - 0.50%)

At Maturity

11/16/22

893

1,486,834

215,341

BNP Paribas

Russell 2000 Index

Receive

2.88% (Federal Funds Rate - 0.20%)

At Maturity

11/17/22

467

777,221

168,256

$

17,132,187

$

2,373,857

†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 6.
4	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
INVERSE RUSSELL 2000® STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	1,870,435	$	—	$	—	$	1,870,435
Federal Agency Discount Notes		—		9,486,243		—		9,486,243
U.S. Treasury Bills		—		52,997		—		52,997
Repurchase Agreements		—		3,665,017		—		3,665,017
Equity Index Swap Agreements**		—		2,373,857		—		2,373,857
Total Assets	$	1,870,435	$	15,578,114	$	—	$	17,448,549

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	959,911	$	—	$	—	$	—	$	(22,678	)	$	937,233		39,100	$	12,345
Guggenheim Ultra Short Duration Fund — Institutional Class		952,665		—		—		—		(19,463	)		933,202		97,310		9,655
	$	1,912,576	$	—	$	—	$	—	$	(42,141	)	$	1,870,435			$	22,000

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 145

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $9,538,882)	$	9,539,240
Investments in affiliated issuers, at value (cost $1,914,222)		1,870,435
Repurchase agreements, at value (cost $3,665,017)		3,665,017
Segregated cash with broker		110,004
Unrealized appreciation on OTC swap agreements		2,373,857
Receivables:
Fund shares sold		1,776,663
Dividends		5,855
Interest		300
Total assets		19,341,371
Liabilities:
Segregated cash due to broker		810,000
Payable for:
Swap settlement		1,100,807
Fund shares redeemed		264,486
Management fees		11,402
Transfer agent and administrative fees		4,843
Distribution and service fees		3,254
Portfolio accounting/administration fees		769
Trustees’ fees*		163
Miscellaneous		13,605
Total liabilities		2,209,329
Net assets	$	17,132,042
Net assets consist of:
Paid in capital	$	56,967,685
Total distributable earnings (loss)		(39,835,643	)
Net assets	$	17,132,042
A-Class:
Net assets	$	542,060
Capital shares outstanding		8,283
Net asset value per share	$	65.45
Maximum offering price per share (Net asset value divided by 95.25%)	$	68.71
C-Class:
Net assets	$	58,473
Capital shares outstanding		1,029
Net asset value per share	$	56.82
H-Class:
Net assets	$	16,531,509
Capital shares outstanding		251,592
Net asset value per share	$	65.71

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	22,000
Interest		85,079
Total investment income		107,079
Expenses:
Management fees		57,065
Distribution and service fees:
A-Class		622
C-Class		211
H-Class		15,177
Transfer agent and administrative fees		14,385
Portfolio accounting/administration fees		8,274
Professional fees		3,123
Interest expense		2,785
Custodian fees		880
Trustees’ fees*		631
Miscellaneous		10,033
Total expenses		113,186
Less:
Expenses reimbursed by Adviser		(1,196	)
Expenses waived by Adviser		(1,183	)
Total waived expenses		(2,379	)
Net expenses		110,807
Net investment loss		(3,728	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		7
Swap agreements		(998,775	)
Futures contracts		(33,767	)
Net realized loss		(1,032,535	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		328
Investments in affiliated issuers		(42,141	)
Swap agreements		2,395,719
Net change in unrealized appreciation (depreciation)		2,353,906
Net realized and unrealized gain		1,321,371
Net increase in net assets resulting from operations	$	1,317,643

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

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

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(3,728	)	$	(70,365	)
Net realized gain (loss) on investments		(1,032,535	)		107,402
Net change in unrealized appreciation (depreciation) on investments		2,353,906			(200,849	)
Net increase (decrease) in net assets resulting from operations		1,317,643			(163,812	)
Capital share transactions:
Proceeds from sale of shares
A-Class		223,527			2,036,187
C-Class		51,784			10,281
H-Class		62,584,193			55,676,842
Cost of shares redeemed
A-Class		(199,969	)		(1,774,903	)
C-Class		(25,224	)		(8,149	)
H-Class		(52,686,584	)		(55,343,428	)
Net increase from capital share transactions		9,947,727			596,830
Net increase in net assets		11,265,370			433,018
Net assets:
Beginning of period		5,866,672			5,433,654
End of period	$	17,132,042		$	5,866,672
Capital share activity:
Shares sold
A-Class		3,588			36,508
C-Class		940			215
H-Class		1,018,931			1,004,972
Shares redeemed
A-Class		(3,337	)		(34,263	)
C-Class		(499	)		(170	)
H-Class		(864,816	)		(999,148	)
Net increase in shares		154,807			8,114

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 147

INVERSE RUSSELL 2000^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f			Year Ended March 31, 2019f			Year Ended March 29, 2018f
Per Share Data
Net asset value, beginning of period	$	55.13		$	55.28		$	120.61		$	102.08		$	104.50		$	118.12
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		(.64	)		(.45	)		.50			.70			(.90	)
Net gain (loss) on investments (realized and unrealized)		10.36			.49			(64.83	)		18.73	g		(3.12	)		(12.72	)
Total from investment operations		10.32			(.15	)		(65.28	)		19.23			(2.42	)		(13.62	)
Less distributions from:
Net investment income		—			—			(.05	)		(.70	)		—			—
Total distributions		—			—			(.05	)		(.70	)		—			—
Net asset value, end of period	$	65.45		$	55.13		$	55.28		$	120.61		$	102.08		$	104.50
Total Returnc		18.72	%		(0.27	%)		(54.13	%)		19.00	%		(2.30	%)		(11.52	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	542		$	443		$	320		$	207		$	746		$	262
Ratios to average net assets:
Net investment income (loss)		(0.15	%)		(1.17	%)		(1.38	%)		0.51	%		0.65	%		(0.76	%)
Total expensesd		1.78	%		1.71	%		1.80	%		1.82	%		1.83	%		1.74	%
Net expensese		1.75	%		1.66	%		1.78	%		1.78	%		1.81	%		1.74	%
Portfolio turnover rate		—	%		—			14	%		7	%		40	%		—

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f			Year Ended March 31, 2019f			Year Ended March 29, 2018f
Per Share Data
Net asset value, beginning of period	$	48.07		$	48.51		$	106.73		$	91.07		$	93.97		$	107.05
Income (loss) from investment operations:
Net investment income (loss)b		(.21	)		(.89	)		(.61	)		(.30	)		(.25	)		(1.25	)
Net gain (loss) on investments (realized and unrealized)		8.96			.45			(57.56	)		16.66	g		(2.65	)		(11.83	)
Total from investment operations		8.75			(.44	)		(58.17	)		16.36			(2.90	)		(13.08	)
Less distributions from:
Net investment income		—			—			(.05	)		(.70	)		—			—
Total distributions		—			—			(.05	)		(.70	)		—			—
Net asset value, end of period	$	56.82		$	48.07		$	48.51		$	106.73		$	91.07		$	93.97
Total Returnc		18.20	%		(0.91	%)		(54.49	%)		18.22	%		(3.09	%)		(12.24	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	58		$	28		$	26		$	94		$	460		$	607
Ratios to average net assets:
Net investment income (loss)		(0.78	%)		(1.88	%)		(2.15	%)		(0.34	%)		(0.26	%)		(1.22	%)
Total expensesd		2.53	%		2.46	%		2.57	%		2.57	%		2.56	%		2.48	%
Net expensese		2.50	%		2.40	%		2.54	%		2.53	%		2.55	%		2.48	%
Portfolio turnover rate		—	%		—			14	%		7	%		40	%		—

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

INVERSE RUSSELL 2000^® 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021f			Year Ended March 31, 2020f			Year Ended March 31, 2019f			Year Ended March 29, 2018f
Per Share Data
Net asset value, beginning of period	$	55.35		$	55.51		$	121.09		$	102.43		$	104.78		$	118.47
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(.64	)		(.44	)		.10			.55			(.45	)
Net gain (loss) on investments (realized and unrealized)		10.38			.48			(65.09	)		19.26	g		(2.90	)		(13.24	)
Total from investment operations		10.36			(.16	)		(65.53	)		19.36			(2.35	)		(13.69	)
Less distributions from:
Net investment income		—			—			(.05	)		(.70	)		—			—
Total distributions		—			—			(.05	)		(.70	)		—			—
Net asset value, end of period	$	65.71		$	55.35		$	55.51		$	121.09		$	102.43		$	104.78
Total Return		18.72	%		(0.29	%)		(54.13	%)		19.08	%		(2.24	%)		(11.52	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,532		$	5,396		$	5,087		$	22,414		$	9,392		$	3,543
Ratios to average net assets:
Net investment income (loss)		(0.05	%)		(1.17	%)		(1.42	%)		0.07	%		0.53	%		(0.39	%)
Total expensesd		1.78	%		1.71	%		1.81	%		1.82	%		1.82	%		1.72	%
Net expensese		1.75	%		1.66	%		1.79	%		1.79	%		1.81	%		1.72	%
Portfolio turnover rate		—	%		—			14	%		7	%		40	%		—

a	Unaudited figures for the period ended September 30, 2022. 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.
f	Reverse share split (Unaudited) — Per share amounts for the periods presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020 — See Note 11.
g	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 149

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

DOW JONES INDUSTRIAL AVERAGE^® FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the Dow Jones Industrials Average^® (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	December 1, 2015
C-Class	December 1, 2015
H-Class	December 1, 2015

Ten Largest Holdings (% of Total Net Assets)
UnitedHealth Group, Inc.	9.9%
Goldman Sachs Group, Inc.	5.8%
Home Depot, Inc.	5.4%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.9%
Guggenheim Strategy Fund II	4.6%
Microsoft Corp.	4.6%
McDonald’s Corp.	4.5%
Amgen, Inc.	4.4%
Visa, Inc. — Class A	3.5%
Honeywell International, Inc.	3.3%
Top Ten Total	50.9%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

150 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	Since Inception (12/01/15)
A-Class Shares	(17.27%)	(15.33%)	5.44%	7.73%
A-Class Shares with sales charge‡	(21.20%)	(19.35%)	4.42%	6.97%
C-Class Shares	(17.58%)	(15.97%)	4.66%	6.93%
C-Class Shares with CDSC§	(18.40%)	(16.80%)	4.66%	6.93%
H-Class Shares	(17.25%)	(15.32%)	5.45%	7.74%
Dow Jones Industrial Average	(16.28%)	(13.40%)	7.42%	9.65%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Dow Jones Industrial Average 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 151

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
DOW JONES INDUSTRIAL AVERAGE® FUND

	Shares		Value
COMMON STOCKS† - 85.7%
Consumer, Non-cyclical - 22.8%
UnitedHealth Group, Inc.		3,788	$	1,913,092
Amgen, Inc.		3,788		853,815
Johnson & Johnson		3,788		618,808
Procter & Gamble Co.		3,788		478,235
Merck & Company, Inc.		3,788		326,222
Coca-Cola Co.		3,788		212,204
Total Consumer, Non-cyclical				4,402,376
Financial - 17.0%
Goldman Sachs Group, Inc.		3,788		1,110,073
Visa, Inc. — Class A		3,788		672,938
Travelers Companies, Inc.		3,788		580,322
American Express Co.		3,788		511,039
JPMorgan Chase & Co.		3,788		395,846
Total Financial				3,270,218
Consumer, Cyclical - 14.8%
Home Depot, Inc.		3,788		1,045,261
McDonald’s Corp.		3,788		874,043
Walmart, Inc.		3,788		491,304
NIKE, Inc. — Class B		3,788		314,858
Walgreens Boots Alliance, Inc.		3,788		118,943
Total Consumer, Cyclical				2,844,409
Technology - 13.0%
Microsoft Corp.		3,788		882,225
Salesforce, Inc.*		3,788		544,866
Apple, Inc.		3,788		523,502
International Business Machines Corp.		3,788		450,052
Intel Corp.		3,788		97,617
Total Technology				2,498,262
Industrial - 11.0%
Honeywell International, Inc.		3,788		632,482
Caterpillar, Inc.		3,788		621,535
Boeing Co.*		3,788		458,651
3M Co.		3,788		418,574
Total Industrial				2,131,242
Communications - 3.4%
Walt Disney Co.*		3,788		357,322
Cisco Systems, Inc.		3,788		151,520
Verizon Communications, Inc.		3,788		143,830
Total Communications				652,672
Energy - 2.8%
Chevron Corp.		3,788		544,222
Basic Materials - 0.9%
Dow, Inc.		3,788		166,407
Total Common Stocks
(Cost $17,441,318)				16,509,808
MUTUAL FUNDS† - 9.5%
Guggenheim Ultra Short Duration Fund — Institutional Class1		98,739		946,905
Guggenheim Strategy Fund II1		37,085		888,923
Total Mutual Funds
(Cost $1,898,269)				1,835,828
	Face Amount
U.S. TREASURY BILLS†† - 0.6%
U.S. Treasury Bills
1.34% due 10/04/222	$	121,000		120,992
Total U.S. Treasury Bills
(Cost $120,986)				120,992
REPURCHASE AGREEMENTS††,3 - 5.9%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/224		642,186		642,186
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/224		246,994		246,994
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/224		239,684		239,684
Total Repurchase Agreements
(Cost $1,128,864)				1,128,864
Total Investments - 101.7%
(Cost $20,589,437)			$	19,595,492
Other Assets & Liabilities, net - (1.7)%				(328,049	)
Total Net Assets - 100.0%			$	19,267,443

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
DOW JONES INDUSTRIAL AVERAGE® FUND

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††

BNP Paribas

Dow Jones Industrial Average

Pay

3.63% (Federal Funds Rate + 0.55%)

At Maturity

11/17/22

26

$

758,638

$

(41,844

)

Barclays Bank plc

Dow Jones Industrial Average

Pay

3.46% (SOFR + 0.50%)

At Maturity

11/16/22

70

2,013,503

(217,351

)

$

2,772,141

$

(259,195

)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 6.
4	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
	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, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	16,509,808	$	—	$	—	$	16,509,808
Mutual Funds		1,835,828		—		—		1,835,828
U.S. Treasury Bills		—		120,992		—		120,992
Repurchase Agreements		—		1,128,864		—		1,128,864
Total Assets	$	18,345,636	$	1,249,856	$	—	$	19,595,492

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	259,195	$	—	$	259,195

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 153

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
DOW JONES INDUSTRIAL AVERAGE® FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	910,432	$	—	$	—		$	—		$	(21,509	)	$	888,923		37,085	$	11,709
Guggenheim Ultra Short Duration Fund — Institutional Class		2,386,129		—		(1,400,001	)		(41,542	)		2,319			946,905		98,739		17,174
	$	3,296,561	$	—	$	(1,400,001	)	$	(41,542	)	$	(19,190	)	$	1,835,828			$	28,883

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

DOW JONES INDUSTRIAL AVERAGE^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $17,562,304)	$	16,630,800
Investments in affiliated issuers, at value (cost $1,898,269)		1,835,828
Repurchase agreements, at value (cost $1,128,864)		1,128,864
Segregated cash with broker		382,000
Receivables:
Dividends		12,594
Fund shares sold		3,763
Interest		93
Securities lending income		32
Total assets		19,993,974
Liabilities:
Unrealized depreciation on OTC swap agreements		259,195
Payable for:
Swap settlement		403,981
Management fees		12,912
Fund shares redeemed		7,481
Transfer agent and administrative fees		7,293
Distribution and service fees		5,959
Portfolio accounting/administration fees		2,684
Trustees’ fees*		315
Miscellaneous		26,711
Total liabilities		726,531
Net assets	$	19,267,443
Net assets consist of:
Paid in capital	$	21,088,291
Total distributable earnings (loss)		(1,820,848	)
Net assets	$	19,267,443
A-Class:
Net assets	$	3,531,662
Capital shares outstanding		49,585
Net asset value per share	$	71.22
Maximum offering price per share (Net asset value divided by 95.25%)	$	74.77
C-Class:
Net assets	$	2,338,249
Capital shares outstanding		34,721
Net asset value per share	$	67.34
H-Class:
Net assets	$	13,397,532
Capital shares outstanding		187,940
Net asset value per share	$	71.29

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of unaffiliated issuers	$	199,210
Dividends from securities of affiliated issuers		28,883
Interest		10,142
Income from securities lending, net		1,867
Total investment income		240,102
Expenses:
Management fees		86,983
Distribution and service fees:
A-Class		5,145
C-Class		13,611
H-Class		20,446
Transfer agent and administrative fees		27,487
Portfolio accounting/administration fees		14,595
Professional fees		5,015
Trustees’ fees*		1,958
Custodian fees		1,694
Line of credit fees		44
Miscellaneous		14,499
Total expenses		191,477
Less:
Expenses waived by Adviser		(2,295	)
Net expenses		189,182
Net investment income		50,920
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		4,124,114
Investments in affiliated issuers		(41,542	)
Swap agreements		(530,635	)
Futures contracts		(117,230	)
Net realized gain		3,434,707
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(7,326,694	)
Investments in affiliated issuers		(19,190	)
Swap agreements		(251,097	)
Futures contracts		4,287
Net change in unrealized appreciation (depreciation)		(7,592,694	)
Net realized and unrealized loss		(4,157,987	)
Net decrease in net assets resulting from operations	$	(4,107,067	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 155

DOW JONES INDUSTRIAL AVERAGE^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	50,920		$	25,847
Net realized gain (loss) on investments		3,434,707			(2,594,628	)
Net change in unrealized appreciation (depreciation) on investments		(7,592,694	)		922,717
Net decrease in net assets resulting from operations		(4,107,067	)		(1,646,064	)
Distributions to shareholders:
A-Class		—			(73,239	)
C-Class		—			(39,310	)
H-Class		—			(328,493	)
Total distributions to shareholders		—			(441,042	)
Capital share transactions:
Proceeds from sale of shares
A-Class		3,644,202			14,137,715
C-Class		284,790			757,554
H-Class		42,970,767			112,056,497
Distributions reinvested
A-Class		—			71,724
C-Class		—			38,732
H-Class		—			327,965
Cost of shares redeemed
A-Class		(4,049,768	)		(12,752,208	)
C-Class		(435,251	)		(723,714	)
H-Class		(49,682,580	)		(104,478,439	)
Net increase (decrease) from capital share transactions		(7,267,840	)		9,435,826
Net increase (decrease) in net assets		(11,374,907	)		7,348,720
Net assets:
Beginning of period		30,642,350			23,293,630
End of period	$	19,267,443		$	30,642,350
Capital share activity:
Shares sold
A-Class		45,788			162,368
C-Class		3,742			9,166
H-Class		534,114			1,271,008
Shares issued from reinvestment of distributions
A-Class		—			807
C-Class		—			458
H-Class		—			3,685
Shares redeemed
A-Class		(50,013	)		(145,006	)
C-Class		(5,758	)		(8,752	)
H-Class		(613,235	)		(1,218,778	)
Net increase (decrease) in shares		(85,362	)		74,956

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

DOW JONES INDUSTRIAL AVERAGE^® 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.

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	86.09		$	82.82		$	57.33		$	70.54		$	66.00		$	58.25
Income (loss) from investment operations:
Net investment income (loss)b		.21			.05			.02			.47			.55			.34
Net gain (loss) on investments (realized and unrealized)		(15.08	)		4.32	f		29.21			(10.67	)		4.78			9.91
Total from investment operations		(14.87	)		4.37			29.23			(10.20	)		5.33			10.25
Less distributions from:
Net investment income		—			—			(.06	)		(.31	)		(.64	)		(.35	)
Net realized gains		—			(1.10	)		(3.68	)		(2.70	)		(.15	)		(2.15	)
Total distributions		—			(1.10	)		(3.74	)		(3.01	)		(.79	)		(2.50	)
Net asset value, end of period	$	71.22		$	86.09		$	82.82		$	57.33		$	70.54		$	66.00
Total Returnc		(17.27	%)		5.23	%		51.61	%		(15.38	%)		8.15	%		17.55	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,532		$	4,632		$	2,952		$	2,652		$	19,022		$	20,953
Ratios to average net assets:
Net investment income (loss)		0.53	%		0.05	%		0.02	%		0.65	%		0.80	%		0.54	%
Total expensesd		1.56	%		1.56	%		1.69	%		1.66	%		1.61	%		1.56	%
Net expensese		1.54	%		1.55	%		1.68	%		1.64	%		1.61	%		1.56	%
Portfolio turnover rate		174	%		240	%		110	%		186	%		465	%		168	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	81.70		$	79.25		$	55.37		$	68.74		$	64.81		$	57.66
Income (loss) from investment operations:
Net investment income (loss)b		(.08	)		(.56	)		(.49	)		(.02	)		.03			(.09	)
Net gain (loss) on investments (realized and unrealized)		(14.28	)		4.11	f		28.11			(10.34	)		4.69			9.74
Total from investment operations		(14.36	)		3.55			27.62			(10.36	)		4.72			9.65
Less distributions from:
Net investment income		—			—			(.06	)		(.31	)		(.64	)		(.35	)
Net realized gains		—			(1.10	)		(3.68	)		(2.70	)		(.15	)		(2.15	)
Total distributions		—			(1.10	)		(3.74	)		(3.01	)		(.79	)		(2.50	)
Net asset value, end of period	$	67.34		$	81.70		$	79.25		$	55.37		$	68.74		$	64.81
Total Returnc		(17.58	%)		4.43	%		50.52	%		(16.03	%)		7.37	%		16.66	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,338		$	3,001		$	2,842		$	1,637		$	1,731		$	3,294
Ratios to average net assets:
Net investment income (loss)		(0.21	%)		(0.68	%)		(0.70	%)		(0.03	%)		0.04	%		(0.14	%)
Total expensesd		2.31	%		2.32	%		2.44	%		2.42	%		2.36	%		2.30	%
Net expensese		2.29	%		2.31	%		2.43	%		2.40	%		2.36	%		2.36	%
Portfolio turnover rate		174	%		240	%		110	%		186	%		465	%		168	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 157

DOW JONES INDUSTRIAL AVERAGE^® 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	86.15		$	82.88		$	57.36		$	70.59		$	66.04		$	58.28
Income (loss) from investment operations:
Net investment income (loss)b		.21			.17			.03			.51			.55			.39
Net gain (loss) on investments (realized and unrealized)		(15.07	)		4.20	f		29.23			(10.73	)		4.79			9.87
Total from investment operations		(14.86	)		4.37			29.26			(10.22	)		5.34			10.26
Less distributions from:
Net investment income		—			—			(.06	)		(.31	)		(.64	)		(.35	)
Net realized gains		—			(1.10	)		(3.68	)		(2.70	)		(.15	)		(2.15	)
Total distributions		—			(1.10	)		(3.74	)		(3.01	)		(.79	)		(2.50	)
Net asset value, end of period	$	71.29		$	86.15		$	82.88		$	57.36		$	70.59		$	66.04
Total Return		(17.25	%)		5.23	%		51.64	%		(15.40	%)		8.16	%		17.54	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,398		$	23,009		$	17,500		$	24,331		$	40,617		$	68,766
Ratios to average net assets:
Net investment income (loss)		0.52	%		0.19	%		0.05	%		0.70	%		0.80	%		0.61	%
Total expensesd		1.56	%		1.57	%		1.70	%		1.66	%		1.62	%		1.55	%
Net expensese		1.54	%		1.55	%		1.69	%		1.64	%		1.62	%		1.55	%
Portfolio turnover rate		174	%		240	%		110	%		186	%		465	%		168	%

a	Unaudited figures for the period ended September 30, 2022. 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.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correspond, before fees and expenses, to a benchmark for U.S. government securities on a daily basis. The Fund’s current benchmark is 120% of the daily price movement of the Long Treasury Bond. The Long Treasury Bond is the most recently issued 30 Year U.S. Treasury Bond. The price movement of the Long Treasury Bond is based on the daily price change of the most recently issued Long Treasury Bond. The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
Investor Class	January 3, 1994
A-Class	March 31, 2004
C-Class	May 2, 2001
H-Class	September 18, 2014

The Fund invests principally in U.S. Government securities and in derivative investments such as futures contracts.

Largest Holdings (% of Total Net Assets)
U.S. Treasury Bonds	86.4%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.3%
Guggenheim Strategy Fund II	4.2%
Total	95.9%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 159

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(28.02%)	(35.38%)	(4.21%)	(0.77%)
A-Class Shares	(28.13%)	(35.56%)	(4.48%)	(0.97%)
A-Class Shares with sales charge‡	(31.54%)	(38.62%)	(5.40%)	(1.45%)
C-Class Shares	(28.41%)	(36.06%)	(5.19%)	(1.74%)
C-Class Shares with CDSC§	(29.12%)	(36.70%)	(5.19%)	(1.74%)
Bloomberg U.S. Long Treasury Index	(20.41%)	(26.65%)	(1.62%)	0.59%
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(19.74%)	(35.39%)	(3.33%)	(0.52%)
Price Movement of Long Treasury Bond	(23.94%)	(30.63%)	(4.22%)	(2.52%)

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(28.15%)	(35.56%)	(4.48%)	(0.82%)
Bloomberg U.S. Long Treasury Index	(20.41%)	(26.65%)	(1.62%)	1.07%
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(19.74%)	(35.39%)	(3.33%)	(0.76%)
Price Movement of Long Treasury Bond	(23.94%)	(30.63%)	(4.22%)	(1.69%)

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Bloomberg U.S. Long Treasury Index and the Price Movement of Long Treasury Bond are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported return.
**	Does not reflect interest.
***	Effective August 1, 2022, the Fund changed its comparative benchmark to the Bloomberg U.S. Treasury Bellwethers 30 Year Index.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

160 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 9.5%
Guggenheim Ultra Short Duration Fund — Institutional Class1		253,606	$	2,432,083
Guggenheim Strategy Fund II1		81,235		1,947,203
Total Mutual Funds
(Cost $4,535,377)				4,379,286
	Face Amount
U.S. GOVERNMENT SECURITIES†† - 86.4%
U.S. Treasury Bonds
3.00% due 08/15/52	$	46,300,000		39,955,453
Total U.S. Government Securities
(Cost $41,789,982)				39,955,453
U.S. TREASURY BILLS†† - 1.4%
U.S. Treasury Bills
2.70% due 11/08/222,3		676,000		674,169
Total U.S. Treasury Bills
(Cost $674,038)				674,169
REPURCHASE AGREEMENTS††,4 - 2.9%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22		753,996		753,996
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		289,998		289,998
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		281,415		281,415
Total Repurchase Agreements
(Cost $1,325,409)				1,325,409
Total Investments - 100.2%
(Cost $48,324,806)			$	46,334,317
Other Assets & Liabilities, net - (0.2)%				(107,726	)
Total Net Assets - 100.0%			$	46,226,591

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury Ultra Long Bond Futures Contracts		125		Dec 2022	$	17,082,031	$	(462,854	)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	All or a portion of this security is pledged as futures collateral at September 30, 2022.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 6.
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 161

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	4,379,286	$	—	$	—	$	4,379,286
U.S. Government Securities		—		39,955,453		—		39,955,453
U.S. Treasury Bills		—		674,169		—		674,169
Repurchase Agreements		—		1,325,409		—		1,325,409
Total Assets	$	4,379,286	$	41,955,031	$	—	$	46,334,317

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	462,854	$	—	$	—	$	462,854

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,728,073	$	—	$	(3,700,000	)	$	(87,149	)	$	6,279	$	1,947,203		81,235	$	38,019
Guggenheim Ultra Short Duration Fund — Institutional Class		5,526,328		—		(3,000,000	)		(96,828	)		2,583		2,432,083		253,606		37,359
	$	11,254,401	$	—	$	(6,700,000	)	$	(183,977	)	$	8,862	$	4,379,286			$	75,378

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

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $42,464,020)	$	40,629,622
Investments in affiliated issuers, at value (cost $4,535,377)		4,379,286
Repurchase agreements, at value (cost $1,325,409)		1,325,409
Segregated cash with broker		323,837
Receivables:
Securities sold		15,533,438
Interest		317,745
Fund shares sold		151,992
Dividends		13,757
Total assets		62,675,086
Liabilities:
Payable for:
Fund shares redeemed		15,966,707
Variation margin on futures contracts		299,560
Management fees		23,212
Transfer agent and administrative fees		17,102
Distribution and service fees		8,901
Portfolio accounting/administration fees		7,233
Trustees’ fees*		978
Miscellaneous		124,802
Total liabilities		16,448,495
Net assets	$	46,226,591
Net assets consist of:
Paid in capital	$	103,899,333
Total distributable earnings (loss)		(57,672,742	)
Net assets	$	46,226,591
Investor Class:
Net assets	$	5,563,092
Capital shares outstanding		211,322
Net asset value per share	$	26.33
A-Class:
Net assets	$	1,938,519
Capital shares outstanding		72,867
Net asset value per share	$	26.60
Maximum offering price per share (Net asset value divided by 95.25%)	$	27.93
C-Class:
Net assets	$	97,144
Capital shares outstanding		3,707
Net asset value per share	$	26.21
H-Class:
Net assets	$	38,627,836
Capital shares outstanding		1,450,685
Net asset value per share	$	26.63

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	75,378
Interest		1,080,839
Total investment income		1,156,217
Expenses:
Management fees		200,863
Distribution and service fees:
A-Class		2,630
C-Class		996
H-Class		58,578
Transfer agent and administrative fees		81,506
Portfolio accounting/administration fees		47,781
Registration fees		29,955
Professional fees		21,863
Trustees’ fees*		6,746
Custodian fees		5,857
Line of credit fees		15
Miscellaneous		7,942
Total expenses		464,732
Less:
Expenses waived by Adviser		(5,237	)
Net expenses		459,495
Net investment income		696,722
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(20,758,959	)
Investments in affiliated issuers		(183,977	)
Futures contracts		(8,142,567	)
Net realized loss		(29,085,503	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(2,673,723	)
Investments in affiliated issuers		8,862
Futures contracts		(537,896	)
Net change in unrealized appreciation (depreciation)		(3,202,757	)
Net realized and unrealized loss		(32,288,260	)
Net decrease in net assets resulting from operations	$	(31,591,538	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 163

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	696,722		$	644,943
Net realized loss on investments		(29,085,503	)		(8,916,731	)
Net change in unrealized appreciation (depreciation) on investments		(3,202,757	)		1,610,186
Net decrease in net assets resulting from operations		(31,591,538	)		(6,661,602	)
Distributions to shareholders:
Investor Class		(284,186	)		(247,228	)
A-Class		(17,828	)		(16,711	)
H-Class		(393,918	)		(380,952	)
Total distributions to shareholders		(695,932	)		(644,891	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		813,281,750			1,284,348,371
A-Class		1,345,800			2,191,417
C-Class		442,137			1,249,077
H-Class		422,888,624			870,390,775
Distributions reinvested
Investor Class		242,141			226,961
A-Class		17,543			15,380
H-Class		393,918			380,769
Cost of shares redeemed
Investor Class		(802,325,015	)		(1,331,286,210	)
A-Class		(993,288	)		(1,404,749	)
C-Class		(455,169	)		(1,223,686	)
H-Class		(419,895,384	)		(910,236,231	)
Net increase (decrease) from capital share transactions		14,943,057			(85,348,126	)
Net decrease in net assets		(17,344,413	)		(92,654,619	)
Net assets:
Beginning of period		63,571,004			156,225,623
End of period	$	46,226,591		$	63,571,004
Capital share activity:
Shares sold
Investor Class		25,760,664			32,025,430
A-Class		44,222			52,021
C-Class		14,355			30,512
H-Class		13,789,932			20,875,218
Shares issued from reinvestment of distributions
Investor Class		7,848			5,560
A-Class		583			371
H-Class		13,258			9,240
Shares redeemed
Investor Class		(25,879,420	)		(33,537,449	)
A-Class		(31,691	)		(34,615	)
C-Class		(14,713	)		(30,946	)
H-Class		(13,671,298	)		(21,782,726	)
Net increase (decrease) in shares		33,740			(2,387,384	)

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

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	36.94		$	37.93		$	74.11		$	53.22		$	51.21		$	50.49
Income (loss) from investment operations:
Net investment income (loss)b		.29			.39			.25			.77			.96			.80
Net gain (loss) on investments (realized and unrealized)		(10.60	)		(1.00	)		(14.59	)		22.86			2.00			.72
Total from investment operations		(10.31	)		(.61	)		(14.34	)		23.63			2.96			1.52
Less distributions from:
Net investment income		(.30	)		(.38	)		(.25	)		(.77	)		(.95	)		(.80	)
Net realized gains		—			—			(21.59	)		(1.97	)		—			—
Total distributions		(.30	)		(.38	)		(21.84	)		(2.74	)		(.95	)		(.80	)
Net asset value, end of period	$	26.33		$	36.94		$	37.93		$	74.11		$	53.22		$	51.21
Total Return		(28.02	%)		(1.71	%)		(24.72	%)		45.84	%		5.93	%		3.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,563		$	11,904		$	69,360		$	37,919		$	67,103		$	37,496
Ratios to average net assets:
Net investment income (loss)		1.82	%		0.95	%		0.40	%		1.28	%		1.94	%		1.52	%
Total expensesc		1.01	%		0.96	%		1.07	%		1.07	%		1.07	%		0.98	%
Net expensese		0.99	%		0.95	%		1.05	%		1.05	%		1.06	%		0.98	%
Portfolio turnover rate		1,438	%		2,153	%		1,938	%		1,130	%		1,182	%		1,468	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	37.34		$	38.34		$	74.70		$	53.63		$	51.62		$	50.87
Income (loss) from investment operations:
Net investment income (loss)b		.26			.28			.11			.72			.83			.69
Net gain (loss) on investments (realized and unrealized)		(10.74	)		(1.00	)		(14.78	)		22.95			2.01			.74
Total from investment operations		(10.48	)		(.72	)		(14.67	)		23.67			2.84			1.43
Less distributions from:
Net investment income		(.26	)		(.28	)		(.10	)		(.63	)		(.83	)		(.68	)
Net realized gains		—			—			(21.59	)		(1.97	)		—			—
Total distributions		(.26	)		(.28	)		(21.69	)		(2.60	)		(.83	)		(.68	)
Net asset value, end of period	$	26.60		$	37.34		$	38.34		$	74.70		$	53.63		$	51.62
Total Returnd		(28.13	%)		(1.96	%)		(24.98	%)		45.48	%		5.63	%		2.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,939		$	2,231		$	1,610		$	2,775		$	24,639		$	6,158
Ratios to average net assets:
Net investment income (loss)		1.69	%		0.66	%		0.18	%		1.24	%		1.65	%		1.31	%
Total expensesc		1.25	%		1.21	%		1.30	%		1.32	%		1.33	%		1.23	%
Net expensese		1.24	%		1.19	%		1.29	%		1.30	%		1.32	%		1.23	%
Portfolio turnover rate		1,438	%		2,153	%		1,938	%		1,130	%		1,182	%		1,468	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 165

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	36.61		$	37.63		$	74.15		$	53.27		$	51.24		$	50.52
Income (loss) from investment operations:
Net investment income (loss)b		.14			(.05	)		(.33	)		.13			.45			.27
Net gain (loss) on investments (realized and unrealized)		(10.54	)		(.97	)		(14.60	)		22.92			2.04			.73
Total from investment operations		(10.40	)		(1.02	)		(14.93	)		23.05			2.49			1.00
Less distributions from:
Net investment income		—			—			—			(.20	)		(.46	)		(.28	)
Net realized gains		—			—			(21.59	)		(1.97	)		—			—
Total distributions		—			—			(21.59	)		(2.17	)		(.46	)		(.28	)
Net asset value, end of period	$	26.21		$	36.61		$	37.63		$	74.15		$	53.27		$	51.24
Total Returnd		(28.41	%)		(2.71	%)		(25.55	%)		44.41	%		4.92	%		1.97	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	97		$	149		$	169		$	1,249		$	607		$	724
Ratios to average net assets:
Net investment income (loss)		0.91	%		(0.12	%)		(0.55	%)		0.21	%		0.91	%		0.52	%
Total expensesc		2.00	%		1.96	%		2.05	%		2.08	%		2.07	%		1.98	%
Net expensese		1.99	%		1.94	%		2.03	%		2.06	%		2.06	%		1.98	%
Portfolio turnover rate		1,438	%		2,153	%		1,938	%		1,130	%		1,182	%		1,468	%

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

GOVERNMENT LONG BOND 1.2x 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	37.37		$	38.38		$	74.75		$	53.65		$	51.64		$	50.91
Income (loss) from investment operations:
Net investment income (loss)b		.26			.28			.13			.61			.84			.69
Net gain (loss) on investments (realized and unrealized)		(10.74	)		(1.01	)		(14.82	)		23.09			2.01			.72
Total from investment operations		(10.48	)		(.73	)		(14.69	)		23.70			2.85			1.41
Less distributions from:
Net investment income		(.26	)		(.28	)		(.09	)		(.63	)		(.84	)		(.68	)
Net realized gains		—			—			(21.59	)		(1.97	)		—			—
Total distributions		(.26	)		(.28	)		(21.68	)		(2.60	)		(.84	)		(.68	)
Net asset value, end of period	$	26.63		$	37.37		$	38.38		$	74.75		$	53.65		$	51.64
Total Return		(28.15	%)		(1.95	%)		(24.98	%)		45.55	%		5.63	%		2.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	38,628		$	49,287		$	85,087		$	78,070		$	42,397		$	76,018
Ratios to average net assets:
Net investment income (loss)		1.68	%		0.69	%		0.23	%		1.02	%		1.67	%		1.31	%
Total expensesc		1.25	%		1.21	%		1.29	%		1.32	%		1.32	%		1.23	%
Net expensese		1.24	%		1.19	%		1.28	%		1.30	%		1.31	%		1.23	%
Portfolio turnover rate		1,438	%		2,153	%		1,938	%		1,130	%		1,182	%		1,468	%

a	Unaudited figures for the period ended September 30, 2022. 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	Does not include expenses of the underlying funds in which the Fund invests.
d	Total return does not reflect the impact of any applicable sales charges.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 167

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

OBJECTIVE: Seeks to provide total returns that inversely correlate, before fees and expenses, to the price movements of a benchmark for U.S. Treasury debt instruments or futures contracts on a specified debt instrument on a daily basis. The Fund’s current benchmark is the daily price movement of the Long Treasury Bond. The Long Treasury Bond is the most recently issued 30 Year U.S. Treasury Bond. The price movement of the Long Treasury Bond is based on the daily price change of the most recently issued Long Treasury Bond. The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
Investor Class	March 3, 1995
A-Class	March 31, 2004
C-Class	March 28, 2001
H-Class	September 18, 2014

The Fund invests principally in short sales and derivative investments such as futures contracts.

Largest Holdings (% of Total Net Assets)
Guggenheim Ultra Short Duration Fund — Institutional Class	3.6%
Guggenheim Strategy Fund II	3.5%
Total	7.1%
“Largest Holdings” excludes any temporary cash or derivative investments.

168 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	27.55%	33.90%	(0.11%)	(2.08%)
A-Class Shares	27.39%	33.56%	(0.35%)	(2.32%)
A-Class Shares with sales charge‡	21.33%	27.21%	(1.32%)	(2.80%)
C-Class Shares	26.91%	32.55%	(1.10%)	(3.06%)
C-Class Shares with CDSC§	25.91%	31.55%	(1.10%)	(3.06%)
Bloomberg U.S. Long Treasury Index	(20.41%)	(26.65%)	(1.62%)	0.59%
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(19.74%)	(35.39%)	(3.33%	(0.52%)
Price Movement of Long Treasury Bond**	(23.94%)	(30.63%)	(4.22%)	(2.52%)

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	27.41%	33.56%	(0.33%)	(3.07%)
Bloomberg U.S. Long Treasury Index	(20.41%)	(26.65%)	(1.62%)	1.07%
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(19.74%)	(35.39%)	(3.33%)	(0.76%)
Price Movement of Long Treasury Bond**	(23.94%)	(30.63%)	(4.22%)	(1.69%)

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Bloomberg U.S. Long Treasury Index and the Price Movement of Long Treasury Bond are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Does not reflect any interest.
***	Effective August 1, 2022, the Fund changed its comparative benchmark to the Bloomberg U.S. Treasury Bellwethers 30 Year Index.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 169

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 7.1%
Guggenheim Ultra Short Duration Fund — Institutional Class1		528,512	$	5,068,428
Guggenheim Strategy Fund II1		210,588		5,047,792
Total Mutual Funds
(Cost $10,470,929)				10,116,220
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 82.8%
Federal Home Loan Bank
2.84% due 11/15/222	$	15,500,000		15,443,471
2.85% due 11/10/222		14,200,000		14,155,033
3.06% due 11/14/222		13,500,000		13,449,510
3.14% due 11/14/222		12,300,000		12,252,795
3.33% due 12/16/222		11,700,000		11,620,955
2.92% due 11/07/222		10,000,000		9,969,167
2.84% due 11/04/222		8,600,000		8,576,933
3.37% due 12/16/222		7,700,000		7,647,979
3.22% due 12/05/222		5,000,000		4,971,955
3.06% due 11/21/222		4,000,000		3,983,100
3.00% due 10/25/222		1,000,000		998,000
Freddie Mac
2.28% due 10/03/222		15,000,000		14,998,100
2.55% due 10/04/222		400,000		399,915
Total Federal Agency Discount Notes
(Cost $118,460,986)				118,466,913
FEDERAL AGENCY NOTES†† - 11.3%
Federal Farm Credit Bank
3.07% (Commercial Prime Lending Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22◊		5,000,000		5,000,030
1.60% due 10/13/22		3,675,000		3,672,982
0.19% due 10/13/22		2,500,000		2,497,733
Federal Home Loan Bank
3.00% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/03/23◊		5,000,000		5,000,135
Total Federal Agency Notes
(Cost $16,170,709)				16,170,880
U.S. TREASURY BILLS†† - 0.9%
U.S. Treasury Bills
2.70% due 11/08/222,3		1,313,000		1,309,444
Total U.S. Treasury Bills
(Cost $1,309,189)				1,309,444
REPURCHASE AGREEMENTS††,4 - 84.8%
Individual Repurchase Agreements5 Mizuho Securities USA LLC issued 09/30/22 at 2.85% due 10/03/22 (secured by a U.S Treasury Bond, at a rate of 3.00% and maturing 8/15/2052 as collateral, with a value of $103,263,359) to be repurchased at $101,246,602		101,238,588		101,238,588
Barclays Capital, Inc. issued 09/30/22 at 2.00% due 10/03/22 (secured by a U.S. Treasury Bond, at the rate of 3.00% and maturing 8/15/2052 as collateral, with a value of $18,096,585 to be repurchased at $17,742,736		17,741,750		17,741,750
Joint Repurchase Agreements5 J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22		1,401,856		1,401,856
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		539,175		539,175
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		523,216		523,216
Total Repurchase Agreements
(Cost $121,444,585)				121,444,585
Total Investments - 186.9%
(Cost $267,856,398)			$	267,508,042
U.S. Government Securities Sold Short† - (85.9)%
U.S. Treasury Bonds
3.00% due 08/15/52††		142,500,000		(122,973,047	)
Total U.S Government Securities Sold Short
(Proceeds $136,189,157)			$	(122,973,047	)
Other Assets & Liabilities, net - (1.0)%				(1,382,927	)
Total Net Assets - 100.0%			$	143,152,068

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury Ultra Long Bond Futures Contracts		164		Dec 2022	$	22,411,625	$	1,894,072

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2022. 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	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at September 30, 2022.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as short security collateral at September 30, 2022.
	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, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	10,116,220	$	—	$	—	$	10,116,220
Federal Agency Discount Notes		—		118,466,913		—		118,466,913
Federal Agency Notes		—		16,170,880		—		16,170,880
U.S. Treasury Bills		—		1,309,444		—		1,309,444
Repurchase Agreements		—		121,444,585		—		121,444,585
Interest Rate Futures Contracts**		1,894,072		—		—		1,894,072
Total Assets	$	12,010,292	$	257,391,822	$	—	$	269,402,114

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Government Securities	$	—	$	122,973,047	$	—	$	122,973,047

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 171

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,169,933	$	—	$	—	$	—	$	(122,141	)	$	5,047,792		210,588	$	66,486
Guggenheim Ultra Short Duration Fund — Institutional Class		5,174,130		—		—		—		(105,702	)		5,068,428		528,512		52,439
	$	10,344,063	$	—	$	—	$	—	$	(227,843	)	$	10,116,220			$	118,925

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

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $135,940,884)	$	135,947,237
Investments in affiliated issuers, at value (cost $10,470,929)		10,116,220
Repurchase agreements, at value (cost $121,444,585)		121,444,585
Receivables:
Securities sold		3,624,469
Fund shares sold		432,193
Variation margin on futures contracts		317,146
Interest		77,651
Dividends		31,669
Total assets		271,991,170
Liabilities:
Securities sold short, at value (proceeds $136,189,157)		122,973,047
Payable for:
Securities purchased		5,000,000
Management fees		100,540
Fund shares redeemed		68,950
Transfer agent and administrative fees		44,550
Distribution and service fees		6,752
Portfolio accounting/administration fees		6,469
Trustees’ fees*		1,656
Miscellaneous		637,138
Total liabilities		128,839,102
Net assets	$	143,152,068
Net assets consist of:
Paid in capital	$	378,700,471
Total distributable earnings (loss)		(235,548,403	)
Net assets	$	143,152,068
Investor Class:
Net assets	$	117,152,609
Capital shares outstanding		689,030
Net asset value per share	$	170.03
A-Class:
Net assets	$	5,669,781
Capital shares outstanding		35,078
Net asset value per share	$	161.63
Maximum offering price per share (Net asset value divided by 95.25%)	$	169.69
C-Class:
Net assets	$	2,477,129
Capital shares outstanding		18,097
Net asset value per share	$	136.88
H-Class:
Net assets	$	17,852,549
Capital shares outstanding		109,973
Net asset value per share	$	162.34

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	118,925
Interest		1,662,321
Total investment income		1,781,246
Expenses:
Management fees		623,475
Distribution and service fees:
A-Class		5,997
C-Class		10,739
H-Class		24,207
Transfer agent and administrative fees		161,880
Interest expense		1,855,629
Portfolio accounting/administration fees		87,329
Professional fees		34,865
Custodian fees		9,650
Trustees’ fees*		6,888
Line of credit fees		191
Miscellaneous		74,521
Total expenses		2,895,371
Less:
Expenses reimbursed by Adviser:		(10,745	)
Expenses waived by Adviser		(6,426	)
Total waived/reimbursed expenses		(17,171	)
Net expenses		2,878,200
Net investment loss		(1,096,954	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		88
Investments sold short		15,761,587
Futures contracts		2,587,698
Net realized gain		18,349,373
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		3,268
Investments in affiliated issuers		(227,843	)
Investments sold short		9,263,107
Futures contracts		1,615,011
Net change in unrealized appreciation (depreciation)		10,653,543
Net realized and unrealized gain		29,002,916
Net increase in net assets resulting from operations	$	27,905,962

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 173

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(1,096,954	)	$	(1,880,439	)
Net realized gain (loss) on investments		18,349,373			(7,482,429	)
Net change in unrealized appreciation (depreciation) on investments		10,653,543			1,235,801
Net increase (decrease) in net assets resulting from operations		27,905,962			(8,127,067	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		202,741,485			1,277,221,857
A-Class		6,117,260			1,744,144
C-Class		1,270,395			228,458
H-Class		166,322,554			130,450,921
Cost of shares redeemed
Investor Class		(185,547,790	)		(1,228,728,871	)
A-Class		(6,040,267	)		(1,898,962	)
C-Class		(268,476	)		(584,995	)
H-Class		(165,139,263	)		(125,148,295	)
Net increase from capital share transactions		19,455,898			53,284,257
Net increase in net assets		47,361,860			45,157,190
Net assets:
Beginning of period		95,790,208			50,633,018
End of period	$	143,152,068		$	95,790,208
Capital share activity:
Shares sold
Investor Class		1,338,598			9,767,235
A-Class		43,429			14,361
C-Class		10,509			2,213
H-Class		1,139,058			1,032,033
Shares redeemed
Investor Class		(1,237,990	)		(9,443,034	)
A-Class		(42,912	)		(15,839	)
C-Class		(2,126	)		(5,651	)
H-Class		(1,122,651	)		(994,354	)
Net increase in shares		125,915			356,964

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

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	133.30		$	139.52		$	114.58		$	165.45		$	173.19		$	180.08
Income (loss) from investment operations:
Net investment income (loss)b		(1.17	)		(3.89	)		(1.30	)		.60			(.65	)		(2.80	)
Net gain (loss) on investments (realized and unrealized)		37.90			(2.33	)		26.68			(51.47	)		(7.09	)		(4.09	)
Total from investment operations		36.73			(6.22	)		25.38			(50.87	)		(7.74	)		(6.89	)
Less distributions from:
Net investment income		—			—			(.44	)		—			—			—
Total distributions		—			—			(.44	)		—			—			—
Net asset value, end of period	$	170.03		$	133.30		$	139.52		$	114.58		$	165.45		$	173.19
Total Return		27.55	%		(4.46	%)		22.19	%		(30.73	%)		(4.47	%)		(3.83	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	117,153		$	78,436		$	36,863		$	20,983		$	43,149		$	78,110
Ratios to average net assets:
Net investment income (loss)		(1.53	%)		(3.02	%)		(2.46	%)		0.40	%		(0.37	%)		(1.63	%)
Total expensesc		4.12	%		3.31	%		2.75	%		2.91	%		4.12	%		3.71	%
Net expensesd,e		4.09	%		3.29	%		2.73	%		2.89	%		4.12	%		3.71	%
Portfolio turnover rate		452	%		2,058	%		2,159	%		864	%		603	%		908	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	126.88		$	133.13		$	109.61		$	158.62		$	166.49		$	173.55
Income (loss) from investment operations:
Net investment income (loss)b		(1.27	)		(3.77	)		(1.09	)		.20			(.95	)		(3.15	)
Net gain (loss) on investments (realized and unrealized)		36.02			(2.48	)		25.05			(49.21	)		(6.92	)		(3.91	)
Total from investment operations		34.75			(6.25	)		23.96			(49.01	)		(7.87	)		(7.06	)
Less distributions from:
Net investment income		—			—			(.44	)		—			—			—
Total distributions		—			—			(.44	)		—			—			—
Net asset value, end of period	$	161.63		$	126.88		$	133.13		$	109.61		$	158.62		$	166.49
Total Returnf		27.39	%		(4.69	%)		21.95	%		(30.90	%)		(4.74	%)		(4.06	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,670		$	4,385		$	4,798		$	4,832		$	11,407		$	14,455
Ratios to average net assets:
Net investment income (loss)		(1.76	%)		(3.11	%)		(2.59	%)		0.15	%		(0.57	%)		(1.90	%)
Total expensesc		4.36	%		3.47	%		2.97	%		3.17	%		4.38	%		3.97	%
Net expensesd,e		4.33	%		3.45	%		2.94	%		3.15	%		4.37	%		3.97	%
Portfolio turnover rate		452	%		2,058	%		2,159	%		864	%		603	%		908	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 175

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	107.86		$	114.03		$	94.64		$	138.00		$	145.93		$	153.27
Income (loss) from investment operations:
Net investment income (loss)b		(1.44	)		(4.01	)		(1.11	)		(.75	)		(2.15	)		(3.85	)
Net gain (loss) on investments (realized and unrealized)		30.46			(2.16	)		20.94			(42.61	)		(5.78	)		(3.49	)
Total from investment operations		29.02			(6.17	)		19.83			(43.36	)		(7.93	)		(7.34	)
Less distributions from:
Net investment income		—			—			(.44	)		—			—			—
Total distributions		—			—			(.44	)		—			—			—
Net asset value, end of period	$	136.88		$	107.86		$	114.03		$	94.64		$	138.00		$	145.93
Total Returnf		26.91	%		(5.41	%)		21.00	%		(31.41	%)		(5.45	%)		(4.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,477		$	1,048		$	1,500		$	2,472		$	6,937		$	18,296
Ratios to average net assets:
Net investment income (loss)		(2.33	%)		(3.85	%)		(3.32	%)		(0.59	%)		(1.44	%)		(2.63	%)
Total expensesc		5.14	%		4.22	%		3.70	%		3.93	%		5.14	%		4.71	%
Net expensesd,e		5.12	%		4.19	%		3.68	%		3.91	%		5.13	%		4.71	%
Portfolio turnover rate		452	%		2,058	%		2,159	%		864	%		603	%		908	%

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

INVERSE GOVERNMENT LONG BOND 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	127.42		$	133.70		$	109.85		$	159.05		$	166.92		$	174.14
Income (loss) from investment operations:
Net investment income (loss)b		(1.29	)		(3.95	)		(.98	)		.25			(1.00	)		(3.25	)
Net gain (loss) on investments (realized and unrealized)		36.21			(2.33	)		25.27			(49.45	)		(6.87	)		(3.97	)
Total from investment operations		34.92			(6.28	)		24.29			(49.20	)		(7.87	)		(7.22	)
Less distributions from:
Net investment income		—			—			(.44	)		—			—			—
Total distributions		—			—			(.44	)		—			—			—
Net asset value, end of period	$	162.34		$	127.42		$	133.70		$	109.85		$	159.05		$	166.92
Total Return		27.41	%		(4.70	%)		22.18	%		(30.93	%)		(4.70	%)		(4.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	17,853		$	11,922		$	7,472		$	5,881		$	9,561		$	4,858
Ratios to average net assets:
Net investment income (loss)		(1.76	%)		(3.20	%)		(2.62	%)		0.16	%		(0.58	%)		(1.94	%)
Total expensesc		4.38	%		3.49	%		2.94	%		3.30	%		4.37	%		4.00	%
Net expensesd,e		4.35	%		3.47	%		2.92	%		3.28	%		4.36	%		4.00	%
Portfolio turnover rate		452	%		2,058	%		2,159	%		872	%		603	%		908	%

a	Unaudited figures for the period ended September 30, 2022. 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	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total expenses may include interest expense related to short sales. Excluding interest expense, the operating expense ratios for the years presented were as follows:

	09/30/22	03/31/22	03/31/21	03/31/20	03/31/19	03/31/18
Investor Class	1.42%	1.39%	1.47%	1.50%	1.50%	1.43%
A-Class	1.67%	1.63%	1.73%	1.75%	1.75%	1.68%
C-Class	2.41%	2.38%	2.48%	2.50%	2.50%	2.43%
H-Class	1.67%	1.64%	1.73%	1.75%	1.75%	1.68%

f	Total return does not reflect the impact of any applicable sales charges.
g	Reverse share split — Per share amounts for the periods presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 177

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

HIGH YIELD STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of the high yield bond market.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	April 16, 2007
C-Class	April 16, 2007
H-Class	April 16, 2007

The Fund invests principally in derivative investments such as high yield credit default swap agreements and futures contracts.

Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund III	22.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	15.1%
Guggenheim Strategy Fund II	15.1%
Total	52.8%
“Largest Holdings” excludes any temporary cash or derivative investments.

178 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(11.45%)	(17.23%)	(0.94%)	2.55%
A-Class Shares with sales charge‡	(15.66%)	(21.16%)	(1.90%)	2.05%
C-Class Shares	(11.77%)	(17.86%)	(1.66%)	1.77%
C-Class Shares with CDSC§	(12.65%)	(18.68%)	(1.66%)	1.77%
H-Class Shares	(11.43%)	(17.22%)	(0.92%)	2.56%
Bloomberg U.S. Corporate High Yield Index	(10.41%)	(14.14%)	1.57%	3.94%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Bloomberg U.S. Corporate High Yield 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 179

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
HIGH YIELD STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 52.8%
Guggenheim Strategy Fund III1		79,841	$	1,917,783
Guggenheim Ultra Short Duration Fund — Institutional Class1		133,249		1,277,858
Guggenheim Strategy Fund II1		53,173		1,274,550
Total Mutual Funds
(Cost $4,578,427)				4,470,191
	Face Amount
U.S. TREASURY BILLS†† - 7.0%
U.S. Treasury Bills
2.70% due 11/08/222,3	$	596,000		594,386
Total U.S. Treasury Bills
(Cost $594,270)				594,386
REPURCHASE AGREEMENTS††,4 - 39.3%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/225		1,892,815		1,892,815
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/225		728,006		728,006
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/225		706,457		706,457
Total Repurchase Agreements
(Cost $3,327,278)				3,327,278
Total Investments - 99.1%
(Cost $8,499,975)			$	8,391,855
Other Assets & Liabilities, net - 0.9%				78,602
Total Net Assets - 100.0%			$	8,470,457

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury 5 Year Note Futures Contracts		53		Dec 2022	$	5,694,602	$	(172,387	)

Centrally Cleared Credit Default Swap Agreements Protection Sold††
Counterparty	Exchange	Index	Protection Premium Rate		Payment Frequency		Maturity Date	Notional Amount		Value			Upfront Premiums Received			Unrealized Appreciation**
Barclays Bank plc	ICE	CDX.NA.HY.39.V1	5.00%	Quarterly		12/20/27		$	1,500,000	$	(62,559	)	$	(63,536	)	$	977
Goldman Sachs International	ICE	CDX.NA.HY.39.V1	5.00%	Quarterly		12/20/27			5,700,000		(237,724	)		(244,453	)		6,729
										$	(300,283	)	$	(307,989	)	$	7,706

Total Return Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Credit Index Swap Agreements††

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

3.48% (Federal Funds Rate + 0.40%)

At Maturity

10/28/22

16,337

$

1,166,298

$

4,248

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

3.48% (Federal Funds Rate + 0.40%)

At Maturity

11/17/22

1,222

87,253

(9,401

)

BNP Paribas

SPDR Bloomberg High Yield Bond ETF

Pay

3.53% (Federal Funds Rate + 0.45%)

At Maturity

11/17/22

1,788

157,084

(14,617

)

$

1,410,635

$

(19,770

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
HIGH YIELD STRATEGY FUND

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	All or a portion of this security is pledged as futures and credit default swap collateral at September 30, 2022.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as equity index swap collateral at September 30, 2022.
	CDX.NA.HY.39.V1 — Credit Default Swap North American High Yield Series 39 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	4,470,191	$	—	$	—	$	4,470,191
U.S. Treasury Bills		—		594,386		—		594,386
Repurchase Agreements		—		3,327,278		—		3,327,278
Credit Default Swap Agreements**		—		7,706		—		7,706
Credit Index Swap Agreements**		—		4,248		—		4,248
Total Assets	$	4,470,191	$	3,933,618	$	—	$	8,403,809

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	172,387	$	—	$	—	$	172,387
Credit Index Swap Agreements**		—		24,018		—		24,018
Total Liabilities	$	172,387	$	24,018	$	—	$	196,405

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 181

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
HIGH YIELD STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,305,391	$	—	$	—		$	—		$	(30,841	)	$	1,274,550		53,173	$	16,788
Guggenheim Strategy Fund III		2,768,259		—		(800,000	)		(6,501	)		(43,975	)		1,917,783		79,841		25,860
Guggenheim Ultra Short Duration Fund — Institutional Class		1,539,748		—		(235,000	)		(721	)		(26,169	)		1,277,858		133,249		13,412
	$	5,613,398	$	—	$	(1,035,000	)	$	(7,222	)	$	(100,985	)	$	4,470,191			$	56,060

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

HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $594,270)	$	594,386
Investments in affiliated issuers, at value (cost $4,578,427)		4,470,191
Repurchase agreements, at value (cost $3,327,278)		3,327,278
Segregated cash with broker		508,935
Unrealized appreciation on OTC swap agreements		4,248
Receivables:
Fund shares sold		22,727
Dividends		13,576
Protection fees on credit default swap agreements		11,000
Interest		272
Total assets		8,952,613
Liabilities:
Unamortized upfront premiums received on credit default swap agreements		307,989
Unrealized depreciation on OTC swap agreements		24,018
Payable for:
Swap settlement		98,563
Variation margin on futures contracts		17,391
Variation margin on credit default swap agreements		5,670
Management fees		5,342
Transfer agent and administrative fees		5,220
Distribution and service fees		2,558
Portfolio accounting/administration fees		1,140
Trustees’ fees*		258
Miscellaneous		14,007
Total liabilities		482,156
Net assets	$	8,470,457
Net assets consist of:
Paid in capital	$	22,989,168
Total distributable earnings (loss)		(14,518,711	)
Net assets	$	8,470,457
A-Class:
Net assets	$	2,494,065
Capital shares outstanding		24,050
Net asset value per share	$	103.70
Maximum offering price per share (Net asset value divided by 95.25%)	$	108.87
C-Class:
Net assets	$	1,085,549
Capital shares outstanding		12,335
Net asset value per share	$	88.01
H-Class:
Net assets	$	4,890,843
Capital shares outstanding		47,187
Net asset value per share	$	103.65

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	56,060
Interest		79,908
Total investment income		135,968
Expenses:
Management fees		64,812
Distribution and service fees:
A-Class		3,379
C-Class		5,934
H-Class		16,742
Transfer agent and administrative fees		20,305
Portfolio accounting/administration fees		11,029
Professional fees		2,959
Trustees’ fees*		1,662
Custodian fees		1,274
Miscellaneous		9,869
Total expenses		137,965
Less:
Expenses waived by Adviser		(1,661	)
Net expenses		136,304
Net investment loss		(336	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(2,165	)
Investments in affiliated issuers		(7,222	)
Swap agreements		(1,807,066	)
Futures contracts		(1,286,338	)
Net realized loss		(3,102,791	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		342
Investments in affiliated issuers		(100,985	)
Swap agreements		(61,198	)
Futures contracts		126,103
Net change in unrealized appreciation (depreciation)		(35,738	)
Net realized and unrealized loss		(3,138,529	)
Net decrease in net assets resulting from operations	$	(3,138,865	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 183

HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(336	)	$	(348,639	)
Net realized loss on investments		(3,102,791	)		(958,848	)
Net change in unrealized appreciation (depreciation) on investments		(35,738	)		(252,879	)
Net decrease in net assets resulting from operations		(3,138,865	)		(1,560,366	)
Capital share transactions:
Proceeds from sale of shares
A-Class		95,099			1,434,143
C-Class		66,240			1,164,664
H-Class		94,151,464			140,079,849
Cost of shares redeemed
A-Class		(231,550	)		(2,343,856	)
C-Class		(142,954	)		(1,901,694	)
H-Class		(103,550,794	)		(141,643,176	)
Net decrease from capital share transactions		(9,612,495	)		(3,210,070	)
Net decrease in net assets		(12,751,360	)		(4,770,436	)
Net assets:
Beginning of period		21,221,817			25,992,253
End of period	$	8,470,457		$	21,221,817
Capital share activity:
Shares sold
A-Class		853			11,628
C-Class		698			10,838
H-Class		849,240			1,131,315
Shares redeemed
A-Class		(2,098	)		(19,128	)
C-Class		(1,521	)		(17,987	)
H-Class		(946,860	)		(1,148,414	)
Net decrease in shares		(99,688	)		(31,748	)

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

HIGH YIELD STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g			Year Ended March 29, 2018g
Per Share Data
Net asset value, beginning of period	$	117.11		$	122.60		$	108.68		$	120.48		$	116.32		$	123.71
Income (loss) from investment operations:
Net investment income (loss)b		.06			(1.36	)		(.55	)		.70			.70			(.40	)
Net gain (loss) on investments (realized and unrealized)		(13.47	)		(4.13	)		14.47	f		(7.05	)		7.41			3.11
Total from investment operations		(13.41	)		(5.49	)		13.92			(6.35	)		(8.11	)		2.71
Less distributions from:
Net investment income		—			—			—			(5.45	)		(3.95	)		(8.30	)
Net realized gains		—			—			—			—			—			(1.80	)
Total distributions		—			—			—			(5.45	)		(3.95	)		(10.10	)
Net asset value, end of period	$	103.70		$	117.11		$	122.60		$	108.68		$	120.48		$	116.32
Total Returnc		(11.45	%)		(4.48	%)		12.81	%		(5.76	%)		7.18	%		2.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,494		$	2,962		$	4,021		$	3,933		$	7,631		$	8,427
Ratios to average net assets:
Net investment income (loss)		0.11	%		(1.10	%)		(1.21	%)		0.58	%		0.59	%		(0.31	%)
Total expensesd		1.54	%		1.51	%		1.60	%		1.63	%		1.61	%		1.52	%
Net expensese		1.52	%		1.49	%		1.57	%		1.61	%		1.60	%		1.52	%
Portfolio turnover rate		—			40	%		134	%		—			21	%		422	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g			Year Ended March 29, 2018g
Per Share Data
Net asset value, beginning of period	$	99.75		$	105.21		$	93.96		$	105.62		$	103.17		$	111.65
Income (loss) from investment operations:
Net investment income (loss)b		(.30	)		(1.97	)		(.81	)		(.20	)		(.20	)		(1.10	)
Net gain (loss) on investments (realized and unrealized)		(11.44	)		(3.49	)		12.06	f		(6.01	)		6.60			2.72
Total from investment operations		(11.74	)		(5.46	)		11.25			(6.21	)		6.40			1.62
Less distributions from:
Net investment income		—			—			—			(5.45	)		(3.95	)		(8.30	)
Net realized gains		—			—			—			—			—			(1.80	)
Total distributions		—			—			—			(5.45	)		(3.95	)		(10.10	)
Net asset value, end of period	$	88.01		$	99.75		$	105.21		$	93.96		$	105.62		$	103.17
Total Returnc		(11.77	%)		(5.19	%)		11.97	%		(6.45	%)		6.39	%		1.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,086		$	1,313		$	2,136		$	866		$	1,480		$	3,994
Ratios to average net assets:
Net investment income (loss)		(0.64	%)		(1.86	%)		(1.96	%)		(0.20	%)		(0.21	%)		(1.00	%)
Total expensesd		2.29	%		2.26	%		2.34	%		2.38	%		2.35	%		2.27	%
Net expensese		2.27	%		2.24	%		2.32	%		2.36	%		2.35	%		2.27	%
Portfolio turnover rate		—			40	%		134	%		—			21	%		422	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 185

HIGH YIELD 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g			Year Ended March 29, 2018g
Per Share Data
Net asset value, beginning of period	$	117.03		$	122.51		$	108.54		$	120.32		$	116.17		$	123.58
Income (loss) from investment operations:
Net investment income (loss)b		.02			(1.41	)		(.47	)		.75			.60			(.50	)
Net gain (loss) on investments (realized and unrealized)		(13.40	)		(4.07	)		14.44	f		(7.08	)		7.50			3.19
Total from investment operations		(13.38	)		(5.48	)		13.97			(6.33	)		8.10			2.69
Less distributions from:
Net investment income		—			—			—			(5.45	)		(3.95	)		(8.30	)
Net realized gains		—			—			—			—			—			(1.80	)
Total distributions		—			—			—			(5.45	)		(3.95	)		(10.10	)
Net asset value, end of period	$	103.65		$	117.03		$	122.51		$	108.54		$	120.32		$	116.17
Total Return		(11.43	%)		(4.47	%)		12.87	%		(5.73	%)		7.15	%		2.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,891		$	16,947		$	19,835		$	23,125		$	101,180		$	23,860
Ratios to average net assets:
Net investment income (loss)		0.03	%		(1.14	%)		(1.23	%)		0.59	%		0.49	%		(0.41	%)
Total expensesd		1.55	%		1.51	%		1.61	%		1.63	%		1.60	%		1.52	%
Net expensese		1.53	%		1.49	%		1.59	%		1.61	%		1.60	%		1.52	%
Portfolio turnover rate		—			40	%		134	%		—			21	%		422	%

a	Unaudited figures for the period ended September 30, 2022. 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.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
g	Reverse share split — Per share amounts for the periods presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

INVERSE HIGH YIELD STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that inversely correlate, before fees and expenses, to the performance of the high yield bond market.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. Investments in those Funds do not provide “market exposure” to meet the Fund’s investment objective, but will significantly increase the portfolio’s exposure to certain other asset categories (and their associated risks), which may cause the Fund to deviate from its principal investment strategy, including: (i) high yield, high risk debt securities rated below the top four long-term rating categories by a nationally recognized statistical rating organization (also known as “junk bonds”); (ii) securities issued by the U.S. government or its agencies and instrumentalities; (iii) CLOs and similar investments; and (iv) other short-term fixed income securities.

Inception Dates:
A-Class	April 16, 2007
C-Class	April 16, 2007
H-Class	April 16, 2007

The Fund invests principally in derivative investments such as high yield credit default swap agreements and futures contracts.

Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund II	1.3%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.6%
Total	1.9%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 187

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2022

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	9.94%	14.43%	(1.33%)	(5.37%)
A-Class Shares with sales charge‡	4.72%	9.00%	(2.28%)	(5.83%)
C-Class Shares	9.55%	14.32%	(2.12%)	(6.05%)
C-Class Shares with CDSC§	8.55%	13.32%	(2.12%)	(6.05%)
H-Class Shares	10.01%	15.25%	(1.36%)	(5.17%)
Bloomberg U.S. Corporate High Yield Index	(10.41%)	(14.14%)	1.57%	3.94%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Bloomberg U.S. Corporate High Yield 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

188 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
INVERSE HIGH YIELD STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 1.9%
Guggenheim Strategy Fund II1		29,310	$	702,550
Guggenheim Ultra Short Duration Fund — Institutional Class1		37,683		361,380
Total Mutual Funds
(Cost $1,096,686)				1,063,930
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 60.3%
Federal Home Loan Bank
2.92% due 10/05/222	$	5,000,000		4,998,378
3.00% due 11/01/222		5,000,000		4,987,083
3.06% due 11/14/222		4,000,000		3,985,040
3.22% due 12/01/222		4,000,000		3,979,120
3.06% due 11/21/222		2,700,000		2,688,592
2.85% due 11/10/222		2,600,000		2,591,767
3.22% due 12/05/222		1,700,000		1,690,465
Freddie Mac
2.28% due 10/03/222		9,000,000		8,998,860
Total Federal Agency Discount Notes
(Cost $33,917,715)				33,919,305
U.S. TREASURY BILLS†† - 0.5%
U.S. Treasury Bills
2.70% due 11/08/222,3		286,000		285,225
Total U.S. Treasury Bills
(Cost $285,170)				285,225
REPURCHASE AGREEMENTS††,4 - 3.9%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22		1,252,322		1,252,322
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		481,662		481,662
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		467,406		467,406
Total Repurchase Agreements
(Cost $2,201,390)				2,201,390
Total Investments - 66.6%
(Cost $37,500,961)			$	37,469,850
Other Assets & Liabilities, net - 33.4%				18,821,280
Total Net Assets - 100.0%			$	56,291,130

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury 5 Year Note Futures Contracts		433		Dec 2022	$	46,523,821	$	685,800

Centrally Cleared Credit Default Swap Agreements Protection Purchased††

Counterparty

Exchange

Index

Protection Premium Rate

Payment Frequency

Maturity Date

Notional Amount

Value

Upfront Premiums Paid (Received)

Unrealized Depreciation**

Barclays Bank plc

ICE

CDX.NA.HY.39.V1

5.00%

Quarterly

12/20/27

$

58,550,000

$

2,441,886

$

2,535,552

$

(93,666

)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at September 30, 2022.
4	Repurchase Agreements — See Note 6.
	CDX.NA.HY.39.V1 — Credit Default Swap North American High Yield Series 39 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 189

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
INVERSE HIGH YIELD STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	1,063,930	$	—	$	—	$	1,063,930
Federal Agency Discount Notes		—		33,919,305		—		33,919,305
U.S. Treasury Bills		—		285,225		—		285,225
Repurchase Agreements		—		2,201,390		—		2,201,390
Interest Rate Futures Contracts**		685,800		—		—		685,800
Total Assets	$	1,749,730	$	36,405,920	$	—	$	38,155,650

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	93,666	$	—	$	93,666

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2021, is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126821000490/gugg83048-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2022, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/22		Shares 09/30/22		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	369,264	$	350,000	$	—	$	—	$	(16,714	)	$	702,550		29,310	$	9,117
Guggenheim Ultra Short Duration Fund — Institutional Class		368,917		—		—		—		(7,537	)		361,380		37,683		3,739
	$	738,181	$	350,000	$	—	$	—	$	(24,251	)	$	1,063,930			$	12,856

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

INVERSE HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments in unaffiliated issuers, at value (cost $34,202,885)	$	34,204,530
Investments in affiliated issuers, at value (cost $1,096,686)		1,063,930
Repurchase agreements, at value (cost $2,201,390)		2,201,390
Segregated cash with broker		1,434,024
Unamortized upfront premiums paid on credit default swap agreements		2,535,552
Receivables:
Fund shares sold		15,578,735
Variation margin on futures contracts		102,227
Variation margin on credit default swap agreements		39,802
Dividends		3,297
Interest		180
Total assets		57,163,667
Liabilities:
Payable for:
Swap settlement		737,061
Fund shares redeemed		77,281
Management fees		22,068
Transfer agent and administrative fees		8,644
Distribution and service fees		7,507
Portfolio accounting/administration fees		4,502
Trustees’ fees*		276
Miscellaneous		15,198
Total liabilities		872,537
Net assets	$	56,291,130
Net assets consist of:
Paid in capital	$	65,612,548
Total distributable earnings (loss)		(9,321,418	)
Net assets	$	56,291,130
A-Class:
Net assets	$	1,122,409
Capital shares outstanding		20,756
Net asset value per share	$	54.08
Maximum offering price per share (Net asset value divided by 95.25%)	$	56.78
C-Class:
Net assets	$	208,188
Capital shares outstanding		4,344
Net asset value per share	$	47.93
H-Class:
Net assets	$	54,960,533
Capital shares outstanding		990,503
Net asset value per share	$	55.49

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends from securities of affiliated issuers	$	12,856
Interest		149,397
Total investment income		162,253
Expenses:
Management fees		88,202
Distribution and service fees:
A-Class		2,579
C-Class		867
H-Class		26,605
Transfer agent and administrative fees		27,317
Portfolio accounting/administration fees		14,903
Professional fees		6,086
Custodian fees		1,631
Trustees’ fees*		1,059
Miscellaneous		12,237
Total expenses		181,486
Less:
Expenses waived by Adviser		(458	)
Net expenses		181,028
Net investment loss		(18,775	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,039	)
Swap agreements		642,996
Futures contracts		114,459
Net realized gain		756,416
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		1,648
Investments in affiliated issuers		(24,251	)
Swap agreements		(40,368	)
Futures contracts		460,624
Net change in unrealized appreciation (depreciation)		397,653
Net realized and unrealized gain		1,154,069
Net increase in net assets resulting from operations	$	1,135,294

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 191

INVERSE HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(18,775	)	$	(102,200	)
Net realized gain (loss) on investments		756,416			(121,956	)
Net change in unrealized appreciation (depreciation) on investments		397,653			161,911
Net increase (decrease) in net assets resulting from operations		1,135,294			(62,245	)
Distributions to shareholders:
A-Class		—			(11,491	)
C-Class		—			(3,058	)
H-Class		—			(96,565	)
Total distributions to shareholders		—			(111,114	)
Capital share transactions:
Proceeds from sale of shares
A-Class		12,503,726			35,242,510
C-Class		146,146			6,544
H-Class		278,002,227			229,708,354
Distributions reinvested
A-Class		—			11,478
C-Class		—			3,058
H-Class		—			95,922
Cost of shares redeemed
A-Class		(11,370,313	)		(40,527,697	)
C-Class		(70,757	)		(50,058	)
H-Class		(231,117,334	)		(226,748,463	)
Net increase (decrease) from capital share transactions		48,093,695			(2,258,352	)
Net increase (decrease) in net assets		49,228,989			(2,431,711	)
Net assets:
Beginning of period		7,062,141			9,493,852
End of period	$	56,291,130		$	7,062,141
Capital share activity:
Shares sold
A-Class		236,097			729,390
C-Class		3,198			150
H-Class		5,214,618			4,619,706
Shares issued from reinvestment of distributions
A-Class		—			243
C-Class		—			73
H-Class		—			1,987
Shares redeemed
A-Class		(220,171	)		(836,699	)
C-Class		(1,568	)		(1,136	)
H-Class		(4,357,049	)		(4,561,710	)
Net increase (decrease) in shares		875,125			(47,996	)

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

INVERSE HIGH YIELD STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	49.19		$	50.15		$	62.01		$	60.47		$	64.28		$	65.78
Income (loss) from investment operations:
Net investment income (loss)b		(.08	)		(.64	)		(.68	)		.24			.42			(.07	)
Net gain (loss) on investments (realized and unrealized)		4.97			.82			(7.31	)		1.30			(4.23	)		(1.43	)
Total from investment operations		4.89			.18			(7.99	)		1.54			(3.81	)		(1.50	)
Less distributions from:
Net investment income		—			(1.14	)		(3.87	)		—			—
Total distributions		—			(1.14	)		(3.87	)		—			—			—
Net asset value, end of period	$	54.08		$	49.19		$	50.15		$	62.01		$	60.47		$	64.28
Total Returnc		9.94	%		0.47	%		(12.88	%)		2.56	%		(5.93	%)		(2.28	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,122		$	238		$	5,612		$	256		$	282		$	8,746
Ratios to average net assets:
Net investment income (loss)		(0.31	%)		(1.31	%)		(1.28	%)		0.40	%		0.66	%		(0.12	%)
Total expensesd		1.54	%		1.50	%		1.56	%		1.62	%		1.60	%		1.52	%
Net expensese		1.54	%		1.49	%		1.54	%		1.61	%		1.60	%		1.52	%
Portfolio turnover rate		—			344	%		438	%		254	%		—			41	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	43.75		$	44.74		$	56.62		$	55.76		$	59.73		$	61.63
Income (loss) from investment operations:
Net investment income (loss)b		(.20	)		(.81	)		(.90	)		(.05	)		.01			(.39	)
Net gain (loss) on investments (realized and unrealized)		4.38			.96			(7.11	)		.91			(3.98	)		(1.51	)
Total from investment operations		4.18			.15			(8.01	)		.86			(3.97	)		(1.90	)
Less distributions from:
Net investment income		—			(1.14	)		(3.87	)		—			—
Total distributions		—			(1.14	)		(3.87	)		—			—			—
Net asset value, end of period	$	47.93		$	43.75		$	44.74		$	56.62		$	55.76		$	59.73
Total Returnc		9.55	%		0.45	%		(14.23	%)		1.54	%		(6.65	%)		(3.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	208		$	119		$	162		$	362		$	738		$	769
Ratios to average net assets:
Net investment income (loss)		(0.88	%)		(1.88	%)		(1.78	%)		(0.09	%)		0.02	%		(0.65	%)
Total expensesd		2.29	%		2.26	%		2.36	%		2.37	%		2.36	%		2.27	%
Net expensese		2.29	%		2.22	%		2.31	%		2.34	%		2.35	%		2.27	%
Portfolio turnover rate		—			344	%		438	%		254	%		—			41	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 193

INVERSE HIGH YIELD 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	50.44		$	50.99		$	63.45		$	61.97		$	65.89		$	67.70
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		(.68	)		(.74	)		.06			.41			(.12	)
Net gain (loss) on investments (realized and unrealized)		5.09			1.27			(7.85	)		1.42			(4.33	)		(1.69	)
Total from investment operations		5.05			.59			(8.59	)		1.48			(3.92	)		(1.81	)
Less distributions from:
Net investment income		—			(1.14	)		(3.87	)		—			—
Total distributions		—			(1.14	)		(3.87	)		—			—			—
Net asset value, end of period	$	55.49		$	50.44		$	50.99		$	63.45		$	61.97		$	65.89
Total Return		10.01	%		1.27	%		(13.58	%)		2.39	%		(5.95	%)		(2.67	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	54,961		$	6,706		$	3,719		$	13,479		$	4,675		$	8,755
Ratios to average net assets:
Net investment income (loss)		(0.14	%)		(1.35	%)		(1.26	%)		0.09	%		0.63	%		(0.18	%)
Total expensesd		1.54	%		1.52	%		1.62	%		1.64	%		1.61	%		1.52	%
Net expensese		1.53	%		1.51	%		1.60	%		1.62	%		1.59	%		1.52	%
Portfolio turnover rate		—			344	%		438	%		254	%		—			41	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

U.S. GOVERNMENT MONEY MARKET FUND

OBJECTIVE: Seeks to provide security of principal, high current income, and liquidity.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

FADN – Federal Agency Discount Note
FAN – Federal Agency Note

Inception Date: June 18, 2012

The Fund invests principally in money market instruments issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities and enters into repurchase agreements fully collateralized by U.S. government securities.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
U.S. Government Money Market Fund	0.29%	0.29%	0.52%	0.27%

*

The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes.

†

6 month returns are not annualized.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 195

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
U.S. GOVERNMENT MONEY MARKET FUND

	Face Amount		Value
FEDERAL AGENCY NOTES†† - 44.1%
Federal Home Loan Bank
2.97% (SOFR + 0.01%, Rate Floor: 0.00%) due 02/21/23◊	$	21,200,000	$	21,200,000
3.00% (SOFR + 0.04%, Rate Floor: 0.00%) due 11/25/22◊		21,000,000		21,000,000
2.99% (SOFR + 0.03%, Rate Floor: 0.00%) due 01/27/23◊		21,000,000		21,000,000
2.99% (SOFR + 0.03%, Rate Floor: 0.00%) due 10/20/22◊		20,000,000		20,000,000
3.00% (SOFR + 0.02%, Rate Floor: 0.00%) due 01/03/23◊		20,000,000		20,000,000
3.00% (SOFR + 0.04%, Rate Floor: 0.00%) due 12/02/22◊		15,000,000		15,000,000
Federal Farm Credit Bank
3.07% (Commercial Prime Lending Rate - 3.18%, Rate Floor: 0.00%) due 10/25/22◊		30,000,000		29,999,901
3.04% (SOFR + 0.08%, Rate Floor: 0.00%) due 10/14/22◊		20,000,000		20,000,621
3.28% (SOFR + 0.32%, Rate Floor: 0.00%) due 12/09/22◊		18,000,000		18,010,310
2.97% (SOFR + 0.01%, Rate Floor: 0.00%) due 11/16/22◊		17,500,000		17,500,223
0.13% due 11/23/22		10,000,000		9,961,536
0.17% due 11/30/22		2,430,000		2,418,113
0.52% due 04/13/23		2,000,000		1,962,412
Farmer Mac
3.30% (Fed Funds Effective Rate + 0.22%, Rate Floor: 0.00%) due 02/14/23◊		15,000,000		15,010,930
Total Federal Agency Notes
(Cost $233,064,046)				233,064,046
FEDERAL AGENCY DISCOUNT NOTES†† - 43.1%
Federal Home Loan Bank
2.92% due 11/07/221		30,000,000		29,907,500
3.00% due 10/25/221		22,400,000		22,355,200
3.06% due 11/14/221		11,200,000		11,158,112
3.06% due 11/21/221		11,200,000		11,151,673
3.22% due 12/01/221		11,200,000		11,138,892
3.22% due 12/05/221		11,200,000		11,134,884
3.33% due 12/16/221		11,200,000		11,120,791
3.37% due 12/16/221		11,200,000		11,120,791
3.03% due 11/21/221		10,000,000		9,956,851
3.00% due 11/01/221		9,400,000		9,375,717
2.95% due 11/01/221		5,500,000		5,486,028
2.80% due 11/04/221		1,300,000		1,296,562
Freddie Mac
2.28% due 10/03/221		40,000,000		39,994,933
Federal Farm Credit Bank
2.60% due 10/03/221		31,000,000		30,995,522
Farmer Mac
2.60% due 10/03/221		10,000,000		9,998,555
3.60% due 01/03/231		2,298,000		2,276,399
Total Federal Agency Discount Notes
(Cost $228,468,410)				228,468,410
U.S. GOVERNMENT SECURITIES†† - 6.8%
U.S. Treasury Notes
3.35% due 10/31/22		36,000,000		36,010,644
Total U.S. Government Securities
(Cost $36,010,644)				36,010,644
U.S. TREASURY BILLS†† - 4.8%
U.S. Treasury Bill
2.27% due 12/15/221		13,000,000		12,937,966
2.61% due 11/22/221		12,500,000		12,450,504
Total U.S. Treasury Bills
(Cost $25,388,470)				25,388,470
REPURCHASE AGREEMENTS††,2 - 3.6%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22		10,778,905		10,778,905
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		4,145,733		4,145,733
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		4,023,022		4,023,022
Total Repurchase Agreements
(Cost $18,947,660)				18,947,660
Total Investments - 102.4%
(Cost $541,879,230)			$	541,879,230
Other Assets & Liabilities, net - (2.4)%				(12,886,501	)
Total Net Assets - 100.0%			$	528,992,729

††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2022. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Rate indicated is the effective yield at the time of purchase.
2	Repurchase Agreements — See Note 6.
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
U.S. GOVERNMENT MONEY MARKET FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Federal Agency Notes	$	—	$	233,064,046	$	—	$	233,064,046
Federal Agency Discount Notes		—		228,468,410		—		228,468,410
U.S. Government Securities		—		36,010,644		—		36,010,644
U.S. Treasury Bills		—		25,388,470		—		25,388,470
Repurchase Agreements		—		18,947,660		—		18,947,660
Total Assets	$	—	$	541,879,230	$	—	$	541,879,230

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 197

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $522,931,570)	$	522,931,570
Repurchase agreements, at value (cost $18,947,660)		18,947,660
Receivables:
Fund shares sold		13,019,156
Interest		800,050
Total assets		555,698,436
Liabilities:
Overdraft due to custodian bank		32,995
Payable for:
Securities purchased		20,000,000
Fund shares redeemed		6,034,189
Management fees		174,791
Transfer agent and administrative fees		112,984
Portfolio accounting/administration fees		49,971
Distributions to shareholders		31,234
Trustees’ fees*		4,828
Miscellaneous		264,715
Total liabilities		26,705,707
Net assets	$	528,992,729
Net assets consist of:
Paid in capital	$	528,981,488
Total distributable earnings (loss)		11,241
Net assets	$	528,992,729
Capital shares outstanding		528,960,340
Net asset value per share	$	1.00

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Interest	$	2,605,653
Total investment income		2,605,653
Expenses:
Management fees		953,356
Transfer agent and administrative fees		367,473
Portfolio accounting/administration fees		224,231
Registration fees		115,795
Professional fees		90,167
Custodian fees		27,195
Trustees’ fees*		24,962
Miscellaneous		84,664
Total expenses		1,887,843
Less:
Expenses reimbursed by Adviser		(164,084	)
Expenses waived by Adviser		(336,883	)
Total waived/reimbursed expenses		(500,967	)
Net expenses		1,386,876
Net investment income		1,218,777
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,713
Net realized gain		3,713
Net increase in net assets resulting from operations	$	1,222,490

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

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

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,218,777		$	(118,562	)
Net realized gain on investments		3,713			7,445
Net change in unrealized appreciation (depreciation) on investments		—			—
Net increase (decrease) in net assets resulting from operations		1,222,490			(111,117	)
Distributions to shareholders		(1,100,090	)		(4,605	)
Capital share transactions:
Proceeds from sale of shares		2,770,152,284			6,335,738,314
Distributions reinvested		1,066,040			4,601
Cost of shares redeemed		(2,598,549,093	)		(6,328,397,172	)
Net increase from capital share transactions		172,669,231			7,345,743
Net increase in net assets		172,791,631			7,230,021
Net assets:
Beginning of period		356,201,098			348,971,077
End of period	$	528,992,729		$	356,201,098
Capital share activity:
Shares sold		2,770,152,257			6,335,738,314
Shares issued from reinvestment of distributions		1,065,883			4,552
Shares redeemed		(2,598,549,092	)		(6,328,397,172	)
Net increase in shares		172,669,048			7,345,694

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 199

U.S. GOVERNMENT MONEY MARKET FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)b		—	c		—	c		—	c		.01			.01			—	c
Net gain (loss) on investments (realized and unrealized)		—	c		—	c		—	c		—	c		—	c		—	c
Total from investment operations		—	c		—	c		—	c		.01			.01			—
Less distributions from:
Net investment income		—	c		—			—			(.01	)		(.01	)		—	c
Net realized gains		—			—			—			—			—			—
Total distributions		—	c		—			—			(.01	)		(.01	)		—	c
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return		0.29	%		0.00	%		0.05	%		0.99	%		1.10	%		0.22	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	528,993		$	356,201		$	348,971		$	390,791		$	413,200		$	544,528
Ratios to average net assets:
Net investment income (loss)		0.64	%		(0.04	%)		0.00	%d		1.01	%		1.10	%		0.22	%
Total expenses		0.99	%		0.95	%		1.04	%		1.06	%		1.05	%		0.96	%
Net expensese		0.73	%		0.12	%		0.16	%		1.03	%		1.05	%		0.94	%

a	Unaudited figures for the period ended September 30, 2022. Percentage amounts for the period, except total return, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Less than $0.01 per share.
d	Less than 0.01%.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (”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 seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class 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%. A-Class 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. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class 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 A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2022, the Trust consisted of fifty-two funds.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
Nova Fund		Non-diversified
S&P 500® Fund		Non-diversified
Inverse S&P 500® Strategy Fund		Non-diversified
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		Non-diversified
Inverse NASDAQ-100® Strategy Fund		Non-diversified
Mid-Cap 1.5x Strategy Fund		Non-diversified
Inverse Mid-Cap Strategy Fund		Non-diversified
Russell 2000® 1.5x Strategy Fund		Non-diversified
Russell 2000® Fund		Non-diversified
Inverse Russell 2000® Strategy Fund		Non-diversified
Dow Jones Industrial Average® Fund		Non-diversified
Government Long Bond 1.2x Strategy Fund		Diversified
Inverse Government Long Bond Strategy Fund		Diversified
High Yield Strategy Fund		Non-diversified
Inverse High Yield Strategy Fund		Non-diversified
U.S. Government Money Market Fund		Diversified

At September 30, 2022, Investor Class, A-Class, C-Class, H-Class, and Money Market Class shares have been issued by the Funds.

The Funds are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

Security Investors, LLC, which operates under the name Guggenheim Investments (“GI” or the “Adviser”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. 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 Class of a fund is calculated by dividing the market value of a fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange (“NYSE”), usually 4:00 p.m. for the Russell 2000^® Fund and the S&P 500^® Fund. All other Funds in this report will price at the afternoon NAV. The NAV is calculated using the current market value of each Fund’s total assets as of the respective time of calculation. These financial statements are based on the September 30, 2022, afternoon NAV.

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022.

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Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by 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 for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.

If the 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 National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

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

The U.S. Government Money Market Fund values debt securities at amortized cost pursuant to Rule 2a-7 of the 1940 Act, which approximates market value.

With the exception of the U.S. Government Money Market Fund, U.S. government securities are valued by either independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

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 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 pricing service.

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

The value of futures contracts are valued on the basis of the last sale price at the 4:00 p.m. price 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 would provide a more accurate valuation.

The value of swap agreements entered into by the Funds is generally valued using an evaluated price provided by a third party pricing vendor.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

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(b) U.S. Government and Agency Obligations

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

(c) Short Sales

When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short sales.”

Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

(d) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

(e) Swap Agreements

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Upfront payments received or made by a Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

(f) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(g) Security Transactions

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

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(h) Distributions

Dividends from net investment income are declared daily in the Government Long Bond 1.2x Strategy Fund and the U.S. Government Money Market Fund. Distributions of net investment income in the remaining Funds and distributions of net realized gains, if any, in all Funds are declared at least annually. 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.

(i) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific 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.

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 3.08% at September 30, 2022.

(k) Indemnifications

Under the Funds’ organizational documents, the Trustees and Officers 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 Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note 2 – Financial Instruments and Derivatives

As part of their investment strategy, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (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 mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

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

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

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

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

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

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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 Statements of Assets and Liabilities; securities held as collateral are noted on the 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
Nova Fund	Index exposure, Leverage, Liquidity	$	31,547,448	$	—
S&P 500® Fund	Index exposure, Liquidity		699,736		—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		929,188
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		164,771,438		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		126,453		2,437,238
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		1,242,870		—
Inverse Mid-Cap Strategy Fund	Index exposure, Liquidity		—		157,005
Russell 2000® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		529,750		—
Russell 2000® Fund	Index exposure, Liquidity		400,421		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		553,650
Dow Jones Industrial Average® Fund	Index exposure, Liquidity		1,108,470		—
Government Long Bond 1.2x Strategy Fund	Duration, Index exposure, Leverage, Liquidity		27,424,115		—
Inverse Government Long Bond Strategy Fund	Duration, Index exposure, Liquidity		—		16,648,349
High Yield Strategy Fund	Duration, Index exposure, Liquidity		12,166,861		—
Inverse High Yield Strategy Fund	Duration, Index exposure, Liquidity		—		24,833,669

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter (“OTC”) swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

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The following table represents the Funds’ use and volume of total return swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Nova Fund	Index exposure, Leverage, Liquidity	$	75,462,753	$	—
S&P 500® Fund	Index exposure, Liquidity		8,135,363		—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		89,411,453
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		236,968,937		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		—		42,371,164
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		8,058,194		—
Inverse Mid-Cap Strategy Fund	Index exposure, Liquidity		—		1,457,120
Russell 2000® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		6,163,776		—
Russell 2000® Fund	Index exposure, Liquidity		4,479,807		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		13,305,170
Dow Jones Industrial Average® Fund	Index exposure, Liquidity		3,646,738		—
High Yield Strategy Fund	Duration, Index exposure, Liquidity		2,524,608		—

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The following table represents the Funds’ use and volume of credit default swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Protection Sold		Protection Purchased
High Yield Strategy Fund	Duration, Index exposure, Liquidity	$	14,585,667	$	–
Inverse High Yield Strategy Fund	Duration, Index exposure, Liquidity		–		30,957,250

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Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of September 30, 2022:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Interest rate futures contracts	Variation margin on futures contracts	Variation margin on futures contracts
Credit default on swap contracts	Unamortized upfront premiums paid on credit default swap agreements	Unamortized upfront premiums received on credit default swap agreements
	Unamortized upfront premiums paid on interest rate swap agreements	Unamortized upfront premiums received on interest rate swap agreements
	Variation margin on credit default swap agreements	Variation margin on credit default swap agreements
Equity/Credit swap contracts	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, 2022:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2022
Inverse S&P 500® Strategy Fund	$	378,917	$	16,692,750	$	—	$	—	$	17,071,667
Inverse NASDAQ-100® Strategy Fund		754,620		9,879,844		—		—		10,634,464
Inverse Mid-Cap Strategy Fund		29,779		88,822		—		—		118,601
Inverse Russell 2000® Strategy Fund		—		2,373,857		—		—		2,373,857
Inverse Government Long Bond Strategy Fund		—		—		1,894,072		—		1,894,072
High Yield Strategy Fund		—		—		—		11,954		11,954
Inverse High Yield Strategy Fund		—		—		685,800		—		685,800

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2022
Nova Fund	$	84,510	$	5,133,366	$	—	$	—	$	5,217,876
S&P 500® Fund		47,573		166,949		—		—		214,522
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		17,371,327		18,843,494		—		—		36,214,821
Mid-Cap 1.5x Strategy Fund		148,907		752,014		—		—		900,921
Russell 2000® 1.5x Strategy Fund		40,116		715,418		—		—		755,534
Russell 2000® Fund		66,860		592,757		—		—		659,617
Dow Jones Industrial Average® Fund		—		259,195		—		—		259,195
Government Long Bond 1.2x Strategy Fund		—		—		462,854		—		462,854
High Yield Strategy Fund		—		—		172,387		24,018		196,405
Inverse High Yield Strategy Fund		—		—		—		93,666		93,666

* Includes cumulative appreciation (depreciation) of futures contracts and centrally-cleared swaps as reported on the Schedules of Investments. Variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended September 30, 2022:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity/Interest rate futures contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Credit/Equity swap contracts	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

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The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statements of Operations categorized by primary risk exposure for the period ended September 30, 2022:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk			Total
Nova Fund	$	(8,669,752	)	$	(27,646,143	)	$	—		$	—		$	(36,315,895	)
S&P 500® Fund		261,329			(752,860	)		—			—			(491,531	)
Inverse S&P 500® Strategy Fund		161,198			(4,370,177	)		—			—			(4,208,979	)
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		1,377,489			(37,364,435	)		—			—			(35,986,946	)
Inverse NASDAQ-100® Strategy Fund		(699,462	)		(993,885	)		—			—			(1,693,347	)
Mid-Cap 1.5x Strategy Fund		(39,833	)		(1,045,577	)		—			—			(1,085,410	)
Inverse Mid-Cap Strategy Fund		(19,063	)		(450,479	)		—			—			(469,542	)
Russell 2000® 1.5x Strategy Fund		(183,819	)		(579,107	)		—			—			(762,926	)
Russell 2000® Fund		(255,372	)		(733,930	)		—			—			(989,302	)
Inverse Russell 2000® Strategy Fund		(33,767	)		(998,775	)		—			—			(1,032,542	)
Dow Jones Industrial Average® Fund		(117,230	)		(530,635	)		—			—			(647,865	)
Government Long Bond 1.2x Strategy Fund		—			—			(8,142,567	)		—			(8,142,567	)
Inverse Government Long Bond Strategy Fund		—			—			2,587,698			—			2,587,698
High Yield Strategy Fund		—			—			(1,286,338	)		(1,807,066	)		(3,093,404	)
Inverse High Yield Strategy Fund		—			—			114,459			642,996			757,455

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk			Total
Nova Fund	$	(1,230,845	)	$	(5,532,720	)	$	—		$	—		$	(6,763,565	)
S&P 500® Fund		(122,707	)		(259,906	)		—			—			(382,613	)
Inverse S&P 500® Strategy Fund		378,917			18,245,334			—			—			18,624,251
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		(18,691,405	)		(27,766,168	)		—			—			(46,457,573	)
Inverse NASDAQ-100® Strategy Fund		777,407			10,549,221			—			—			11,326,628
Mid-Cap 1.5x Strategy Fund		(208,418	)		(866,043	)		—			—			(1,074,461	)
Inverse Mid-Cap Strategy Fund		29,779			94,395			—			—			124,174
Russell 2000® 1.5x Strategy Fund		(104,822	)		(890,738	)		—			—			(995,560	)
Russell 2000® Fund		(71,232	)		(693,178	)		—			—			(764,410	)
Inverse Russell 2000® Strategy Fund		—			2,395,719			—			—			2,395,719
Dow Jones Industrial Average® Fund		4,287			(251,097	)		—			—			(246,810	)
Government Long Bond 1.2x Strategy Fund		—			—			(537,896	)		—			(537,896	)
Inverse Government Long Bond Strategy Fund		—			—			1,615,011			—			1,615,011
High Yield Strategy Fund		—			—			126,103			(61,198	)		64,905
Inverse High Yield Strategy Fund		—			—			460,624			(40,368	)		420,256

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

Note 3 – Offsetting

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

208 | THE RYDEX FUNDS SEMI-ANNUAL 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 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 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
Inverse S&P 500® Strategy Fund	Swap equity contracts	$	16,692,750	$	—	$	16,692,750	$	—	$	(9,032,298	)	$	7,660,452
Inverse NASDAQ-100® Strategy Fund	Swap equity contracts		9,879,844		—		9,879,844		—		(6,060,000	)		3,819,844
Inverse Mid-Cap Strategy Fund	Swap equity contracts		88,822		—		88,822		—		—			88,822
Inverse Russell 2000® Strategy Fund	Swap equity contracts		2,373,857		—		2,373,857		—		(810,000	)		1,563,857
High Yield Strategy Fund	Credit index swap agreements		4,248		—		4,248		—		—			4,248

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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 Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Nova Fund	Swap equity contracts	$	5,133,366	$	—	$	5,133,366	$	(3,932,995	)	$	(1,200,371	)	$	—
S&P 500® Fund	Swap equity contracts		166,949		—		166,949		(122,152	)		(44,797	)		—
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Swap equity contracts		18,843,494		—		18,843,494		(8,691,842	)		(10,151,652	)		—
Russell 2000® Fund	Swap equity contracts		592,757		—		592,757		(470,200	)		(40,332	)		82,225
Dow Jones Industrial Average® Fund	Swap equity contracts		259,195		—		259,195		(41,844	)		(217,351	)		—
High Yield Strategy Fund	Credit index swap agreements		24,018		—		24,018		(24,018	)		—			—
Mid-Cap 1.5x Strategy Fund	Swap equity contracts		752,014		—		752,014		(247,002	)		(424,000	)		81,012
Russell 2000® 1.5x Strategy Fund	Swap equity contracts		715,418		—		715,418		(412,782	)		(143,000	)		159,636

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, 2022.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Nova Fund	Barclays Bank plc	Total return swap agreements	$	1,200,371	$	—
S&P 500® Fund	Barclays Bank plc	Total return swap agreements		480,000		—
	Goldman Sachs International	Futures contracts		40,000		—
S&P 500® Fund Total				520,000		—
Inverse S&P 500® Strategy Fund	Barclays Bank plc	Futures contracts		—		1,550,000
	Barclays Bank plc	Total return swap agreements		941,449		—
	BNP Paribas	Total return swap agreements		—		1,020,000
	Goldman Sachs International	Futures contracts		29,358		—
	Goldman Sachs International	Total return swap agreements		—		8,560,000
Inverse S&P 500® Strategy Fund Total				970,807		11,130,000
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Barclays Bank plc	Total return swap agreements		10,151,652		—
Inverse NASDAQ-100® Strategy Fund	Barclays Bank plc	Futures contracts		—		860,000
	Barclays Bank plc	Total return swap agreements		832,000		—
	BNP Paribas	Total return swap agreements		—		3,870,000
	Goldman Sachs International	Total return swap agreements		—		2,190,000
Inverse NASDAQ-100® Strategy Fund Total				832,000		6,920,000
Mid-Cap 1.5x Strategy Fund	Barclays Bank plc	Total return swap agreements		424,000		—
Inverse Mid-Cap Strategy Fund	Barclays Bank plc	Total return swap agreements		20,000		—
Russell 2000® 1.5x Strategy Fund	Barclays Bank plc	Total return swap agreements		143,000		—
	Goldman Sachs International	Futures contracts		16,134		—
Russell 2000® 1.5x Strategy Fund Total				159,134		—

210 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Russell 2000® Fund	Barclays Bank plc	Total return swap agreements	$	40,332	$	—
	Goldman Sachs International	Futures contracts		27,221		—
Russell 2000® Fund Total				67,553		—
Inverse Russell 2000® Strategy Fund	Barclays Bank plc	Total return swap agreements		110,004		—
	Goldman Sachs International	Total return swap agreements		—		810,000
Dow Jones Industrial Average® Fund	Barclays Bank plc	Total return swap agreements		382,000		—
Government Long Bond 1.2x Strategy Fund	Goldman Sachs International	Futures contracts		323,837		—
High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		508,935		—
Inverse High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		1,279,566		—
	Goldman Sachs International	Futures contracts		154,458		—
Inverse High Yield Strategy Fund Total				1,434,024		—

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees calculated at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
Nova Fund		0.75	%
S&P 500® Fund		0.75	%
Inverse S&P 500® Strategy Fund		0.90	%
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		0.90	%
Inverse NASDAQ-100® Strategy Fund		0.90	%
Mid-Cap 1.5x Strategy Fund		0.90	%
Inverse Mid-Cap Strategy Fund		0.90	%
Russell 2000® 1.5x Strategy Fund		0.90	%
Russell 2000® Fund		0.75	%
Inverse Russell 2000® Strategy Fund		0.90	%
Dow Jones Industrial Average® Fund		0.75	%
Government Long Bond 1.2x Strategy Fund		0.50	%
Inverse Government Long Bond Strategy Fund		0.90	%
High Yield Strategy Fund		0.75	%
Inverse High Yield Strategy Fund		0.75	%
U.S. Government Money Market Fund		0.50	%

When the aggregate assets of each series of the Trust (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Long Short Equity Fund, 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 a Distribution Plan applicable to A-Class shares and H-Class 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 Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ C-Class 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, 2022, GFD retained sales charges of $55,036 relating to sales of A-Class shares of the Trust.

212 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended September 30, 2022, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Nova Fund	$	19,207
Inverse S&P 500® Strategy Fund		5,192
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		19,913
Inverse NASDAQ-100® Strategy Fund		1,060
Mid-Cap 1.5x Strategy Fund		1,079
Inverse Mid-Cap Strategy Fund		56
Russell 2000® 1.5x Strategy Fund		968
Inverse Russell 2000® Strategy Fund		1,183
Dow Jones Industrial Average® Fund		2,295
Government Long Bond 1.2x Strategy Fund		5,237
Inverse Government Long Bond Strategy Fund		6,426
High Yield Strategy Fund		1,661
Inverse High Yield Strategy Fund		458

GI and its affiliates have voluntarily agreed to waive their fees, including but not limited to accounting, shareholder investor services and investment advisory fees, in an attempt to maintain a positive net yield for the U.S. Government Money Market Fund. GI or its affiliates may terminate this voluntary waiver at any time upon notice to the Fund. When shareholder investor services fees are waived, dealer compensation will be reduced to the extent of such waiver.

GI has contractually agreed to reduce fees and/or reimburse expenses for the Monthly Rebalance NASDAQ-100^® 2x Strategy Fund to the extent necessary to keep net operating expenses for A-Class, C-Class and H-Class shares ( including Rule 12b-1 fees if any) (excluding brokerage, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) from exceeding 1.35%, 2.10% and 1.35% of the Fund’s A-Class, C-Class and H-Class shares average daily net assets, respectively. The Total Annual Fund Operating Expenses After Fee Waiver and /or Expense Reimbursement includes Excluded Expenses and, thus, from time to time may be higher than 1.35%, 2.10% and 1.35%, respectively. This agreement may be terminated only with the approval of the Fund’s Board of Trustees.

The Board has adopted a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for Inverse S&P 500^® Strategy Fund, Monthly Rebalance NASDAQ-100^® 2x Strategy Fund, Inverse NASDAQ-100^® Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000^® 1.5x Strategy Fund, Inverse Russell 2000^® Strategy Fund and Inverse Government Long Bond Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This was effective on August 1, 2022 and the end of the initial term is August 1, 2023. 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.

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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 213

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 6 – Repurchase Agreements

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

At September 30, 2022, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
2.97%					0.75%
Due 10/03/22	$	135,693,328	$	135,726,912	Due 08/31/26	$	157,165,800	$	138,407,205
BofA Securities, Inc.					U.S. Treasury Note
2.91%					0.88%
Due 10/03/22		52,189,742		52,202,398	Due 11/15/30		66,285,100		53,233,580
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
2.92%					1.00%
Due 10/03/22		50,644,966		50,657,290	Due 02/15/46		32,719,353		26,831,244
					U.S. Treasury Inflation Indexed Bond
					0.13%
					Due 10/15/25		26,181,251		24,826,653
							58,900,604		51,657,897

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. Security lending income shown on the 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.

214 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2022, the 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
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	$	356,373	$	(356,373	)		—	$	374,472		—	$	374,472
Mid-Cap 1.5x Strategy Fund		20,029		(20,029	)		—		20,722		—		20,722
Russell 2000® 1.5x Strategy Fund		20,508		(20,508	)		—		21,546		—		21,546
Russell 2000® Fund		863,926		(863,926	)		—		889,477		—		889,477

^(a) Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 8 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code 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.

At September 30, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Nova Fund	$	106,990,990	$	—	$	(17,582,676	)	$	(17,582,676	)
S&P 500® Fund		106,588,672		—		(5,304,274	)		(5,304,274	)
Inverse S&P 500® Strategy Fund		111,041,523		17,077,059		(348,937	)		16,728,122
Monthly Rebalance Nasdaq-100 2x Strategy Fund		423,748,175		—		(113,506,093	)		(113,506,093	)
Inverse NASDAQ-100® Strategy Fund		96,008,578		10,633,636		(30,893	)		10,602,743
Mid-Cap 1.5x Strategy Fund		12,425,420		328,598		(2,420,168	)		(2,091,570	)
Inverse Mid-Cap Strategy Fund		1,375,530		118,603		(2,849	)		115,754
Russell 2000® 1.5x Strategy Fund		9,492,545		226,776		(2,230,772	)		(2,003,996	)
Russell 2000® Fund		32,864,563		678,476		(6,749,487	)		(6,071,011	)
Inverse Russell 2000® Strategy Fund		15,118,121		2,374,214		(43,786	)		2,330,428
Dow Jones Industrial Average® Fund		22,384,466		—		(3,048,169	)		(3,048,169	)
Government Long Bond 1.2x Strategy Fund		52,127,263		—		(6,255,800	)		(6,255,800	)
Inverse Government Long Bond Strategy Fund		132,184,847		14,614,235		(370,015	)		14,244,220
High Yield Strategy Fund		8,521,858		12,046		(326,500	)		(314,454	)
Inverse High Yield Strategy Fund		37,502,234		687,384		(127,634	)		559,750
U.S. Government Money Market Fund		541,879,230		—		—			—

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Note 9 – Securities Transactions

For the period ended September 30, 2022, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Nova Fund	$	858,739,984	$	1,136,530,453
S&P 500® Fund		355,457,778		389,857,261
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		1,824,122,557		1,634,550,035
Mid-Cap 1.5x Strategy Fund		1,196,921		2,231,166
Russell 2000® 1.5x Strategy Fund		525,577		1,834,655
Russell 2000® Fund		3,498,826		3,421,018
Dow Jones Industrial Average® Fund		42,192,934		40,638,845
Government Long Bond 1.2x Strategy Fund		—		6,700,000
High Yield Strategy Fund		—		1,035,000
Inverse High Yield Strategy Fund		350,000		—
U.S. Government Money Market Fund		—		5,961,000

For the period ended September 30, 2022, the cost of purchases and proceeds from sales of government securities were as follows:

Fund	Purchases		Sales
Inverse NASDAQ-100® Strategy Fund	$	—	$	2,000,000
Government Long Bond 1.2x Strategy Fund		1,014,902,695		1,001,949,172
Inverse Government Long Bond Strategy Fund		577,492,297		639,653,300
U.S. Government Money Market Fund		—		5,600,000

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended September 30, 2022, the Funds engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Gain (Loss)
Nova Fund	$	229,326,238	$	174,101,876	$	(9,881,938	)
S&P 500® Fund		169,630,891		166,181,831		14,866,015
Monthly Rebalance Nasdaq-100® 2x Strategy Fund		290,326,380		257,816,212		(2,368,195	)
Mid-Cap 1.5x Strategy Fund		574,214		135,080		(31,334	)
Russell 2000® 1.5x Strategy Fund		—		701,460		(223,068	)
Russell 2000® Fund		1,660,139		989,051		(421,362	)
Dow Jones Industrial Average® Fund		9,000,786		9,858,728		2,793,255
		700,518,648		609,784,237		4,733,373

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 6, 2022, the line of credit agreement was renewed and expires on June 5, 2023. 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 1.56% for the period ended September 30, 2022. The Funds did not have any borrowings outstanding under this agreement at September 30, 2022.

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The average daily balances borrowed for the period ended September 30, 2022, were as follows:

Fund	Average Daily Balance
Nova Fund	$	5,268
Inverse S&P 500® Strategy Fund		82
Monthly Rebalance Nasdaq-100® 2x Strategy Fund		251,014
Inverse NASDAQ-100® Strategy Fund		5,532
Russell 2000® 1.5x Strategy Fund		737
Dow Jones Industrial Average® Fund		2,170
Government Long Bond 1.2x Strategy Fund		433
Inverse Government Long Bond Strategy Fund		6,156
Inverse High Yield Strategy Fund		30

Note 11 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and 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 were available for issue and determined there were no material events that would require adjustment to or disclosure in the Funds’ financial statements.

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OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Funds’ annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Funds’ voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

Report of the Rydex Series Funds Contracts Review Committee

Rydex Series Funds (the “Trust”) was organized as a Delaware statutory trust on February 10, 1993, and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust includes the following series (each, a “Fund” and collectively, the “Funds”):

Tradable Funds (Including Sector Funds*)
●	Banking Fund*	●	Basic Materials Fund*
●	Biotechnology Fund*	●	Commodities Strategy Fund
●	Consumer Products Fund*	●	Dow Jones Industrial Average Fund
●	Electronics Fund*	●	Emerging Markets 2x Strategy Fund
●	Emerging Markets Bond Strategy Fund	●	Energy Fund*
●	Energy Services Fund*	●	Europe 1.25x Strategy Fund
●	Financial Services Fund*	●	Government Long Bond 1.2x Strategy Fund
●	Health Care Fund*	●	High Yield Strategy Fund
●	Internet Fund*	●	Inverse Emerging Markets 2x Strategy Fund

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●	Inverse Government Long Bond Strategy Fund	●	Inverse High Yield Strategy Fund
●	Inverse Mid-Cap Strategy Fund	●	Inverse NASDAQ-100® Strategy Fund
●	Inverse Russell 2000® Strategy Fund	●	Inverse S&P 500® Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100® 2x Strategy Fund
●	NASDAQ-100® Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000® 1.5x Strategy Fund
●	Russell 2000® Fund	●	S&P 500® Fund
●	S&P 500® Pure Growth Fund	●	S&P 500® Pure Value Fund
●	S&P MidCap 400® Pure Growth Fund	●	S&P MidCap 400® Pure Value Fund
●	S&P SmallCap 600® Pure Growth Fund	●	S&P SmallCap 600® Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund

Alternative Funds** (i.e., Non-Tradable Funds)
●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

*	Each, a “Sector Fund” and collectively, the “Sector Funds.”
**	Each, an “Alternative Fund” and collectively, the “Alternative Funds.” Each Fund other than the Alternative Funds, a “Tradable Fund” and collectively, the “Tradable Funds.”

Security Investors, LLC (“Security Investors” or the “Adviser”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as investment adviser to each of the Funds pursuant to an investment advisory agreement between the Trust, with respect to the Funds, and Security Investors (the “Advisory Agreement”). (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 and other affiliated investment management businesses of Guggenheim Partners.)

Under the supervision of the Board of Trustees of the Trust (the “Board,” with the members of the Board referred to individually as the “Trustees”), the Adviser regularly provides investment research, advice and supervision, along with a continuous investment program for the Funds, and directs the purchase and sale of securities and other investments for each Fund’s portfolio.

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) casting votes in person at a meeting called for such purpose. At meetings held in person on April 19, 2022 (the “April Meeting”) and on May 24-25, 2022 (the “May Meeting”), the members of 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 in connection with the Committee’s annual contract review schedule.

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

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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 reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Tradable Fund is designed to provide such tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds and the Real Estate Fund, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds and the Real Estate Fund. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Independent Trustees. 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 Guggenheim funds 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 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.

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, the funds in the Guggenheim fund complex, including the Funds. The Committee also noted that as of March 31, 2022, Security Investors had entered into a Macroeconomic Services Agreement, at no fee, with another Guggenheim affiliate, Guggenheim Partners Advisors, LLC, to receive certain global and sector macroeconomic analysis and insight along with other guidance.

The Committee’s review of the services provided by Guggenheim to the Funds included consideration of Guggenheim’s investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

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With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, and 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. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2021, 2020 and 2019. 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 also 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. With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector or market, and corporate actions such as spin-offs, among other adjustments.

In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), established to oversee the fund administration, accounting and transfer agency services provided to the Funds and other Guggenheim funds, 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.

The Committee also considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, including the Committee’s knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2021, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2021, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. For the Tradable Funds (other than U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2021, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain updated performance information as of March 31, 2022 and April 30, 2022.

With respect to the Tradable Funds (other than U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances in which 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

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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, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary drivers of performance differences. In this connection, the Committee considered the tracking error of each Fund’s Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points), as applicable, of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2021, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund outperformed the comparable peer fund over the five-year period ended December 31, 2021, although its performance ranked in the fourth quartile of the broader peer group over the one-, three- and five-year time periods.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining the underperformance, as applicable, of such Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2021, relative to their respective peer groups, attributing such underperformance to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that each Funds’ returns ranked in the third quartile or better of its performance universe for each of the relevant periods considered.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that each Fund’s performance was acceptable.

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, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s

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.

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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 and certain other clients with respect to Long Short Equity Fund, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds’ advisory fees, with the exception of the Monthly Rebalance NASDAQ-100^® 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund’s Class H shares, except for the Monthly Rebalance NASDAQ-100^® 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund. The Committee also noted management’s agreement as a part of the annual contract renewal process to (1) apply a 0.05% contractual advisory fee waiver for 13 Funds² in the Trust from August 1, 2022 through August 1, 2023; and (2) to implement a 0.05% breakpoint at $500 million in assets for the NASDAQ-100^® Fund. The Committee further considered that based on these changes, management represented that all Fund advisory fees would be below those of the directly comparable peers and its belief that these Funds would continue to provide a strong value proposition for advisers and their clients.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee and total net expense ratio are higher than those of the comparable peer fund, but noted management’s statement that it believes that the peer fund’s unique structural arrangement of investing in a master portfolio managed by an unaffiliated investment adviser may result in the peer fund’s stated advisory fees being understated.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds’ structure and the portfolio management needed to meet client requirements.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of each Fund’s peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2021, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, expense

² Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100^® Strategy Fund, Inverse Russell 2000^® Strategy Fund, Inverse S&P 500^® Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100^® 2x Strategy Fund, Russell 2000^® 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund, and Weakening Dollar 2x Strategy Fund.

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OTHER INFORMATION (Unaudited)(continued)

waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of 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. 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 representation 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 Meeting, as well as other considerations, the Committee concluded that that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds were appropriate 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 overall expenses increased in 2021, which was primarily due to increased expenses in many key areas, including compensation of portfolio managers, key analysts and support staff, as well as for infrastructure needs, with respect to risk management oversight, valuation processes and disaster recovery systems, among other things.

With respect to the Tradable Funds, the Committee noted that, with the exception of the new breakpoint adopted for the NASDAQ-100^® Fund, the applicable breakpoint level for the Funds is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds exceed $10 billion.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for an Alternative Fund (i.e., a non-Tradable Fund), with consideration given to, among other things: (i) the Fund’s size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profit level margins; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund’s investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee also 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 the May Meeting, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

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OTHER INFORMATION (Unaudited)(concluded)

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation 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 his or her informed business judgment, may afford different weights to different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended and the Board approved. the renewal of the Advisory Agreement for an additional annual term.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Member, Board of Directors, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - continued
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2005-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INTERESTED TRUSTEE
Amy J. Lee**** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2019	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Adviser and/or the parent of the Adviser.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2019	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and President of Mutual Funds Boards, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since August 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (August 2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-August 2022); Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2017	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2018	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2016	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2019	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. (“HGINA”), (2017); Senior Analyst of US Fund Administration, HGINA (2014–2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

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LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

In compliance with SEC Rule 22e-4 under the U.S. Investment Company Act of 1940 (the “Liquidity Rule”), the Rydex Series Funds (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund” and, collectively, the “Funds”). The Trust’s Board of Trustees (the “Board”) has also designated a Program administrator (the “Administrator”).

The Liquidity Rule requires that the Program be reasonably designed to assess and manage each Fund’s liquidity risk. A Fund���s “liquidity risk” (as defined in the Liquidity Rule) is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Program includes a number of elements that support the assessment, management and periodic review of liquidity risk. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, short-term and long-term cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. There is no guarantee that the Program will achieve its objective under all circumstances.

Under the Program, each Fund portfolio investment is classified into one of four liquidity categories. The classification is based on a determination of the number of days a Fund reasonably expects to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Program is reasonably designed to meet Liquidity Rule requirements relating to “highly liquid investment minimums” (i.e., the minimum amount of Fund’s net assets to be invested in highly liquid investments that are assets) and to monitor compliance with the Liquidity Rule’s limitations on a Fund’s investments in “Illiquid investments” (as defined in the Liquidity Rule). Under the Liquidity Rule, a Fund is prohibited from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

During the period covered by this shareholder report, the Board received a written report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from March 31, 2021 to March 31, 2022. The Report summarized the Administrator’s assessment of the Program’s implementation and concluded that the Program operated effectively, the Program had been and continued to be reasonably designed to assess and manage each Fund’s liquidity risk, and the Program has been adequately and effectively implemented to monitor and respond to the Funds’ liquidity developments, as applicable.

Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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9.30.2022

Rydex Funds Semi-Annual Report

Sector Funds

Banking Fund

Basic Materials Fund

Biotechnology Fund

Consumer Products Fund

Electronics Fund

Energy Fund

Energy Services Fund

Financial Services Fund

Health Care Fund

Internet Fund

Leisure Fund

Precious Metals Fund

Real Estate Fund

Retailing Fund

Technology Fund

Telecommunications Fund

Transportation Fund

Utilities Fund

GuggenheimInvestments.com RSECF-SEMI-0922x0323

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
BANKING FUND	10
BASIC MATERIALS FUND	17
BIOTECHNOLOGY FUND	24
CONSUMER PRODUCTS FUND	31
ELECTRONICS FUND	38
ENERGY FUND	46
ENERGY SERVICES FUND	53
FINANCIAL SERVICES FUND	61
HEALTH CARE FUND	70
INTERNET FUND	77
LEISURE FUND	84
PRECIOUS METALS FUND	91
REAL ESTATE FUND	98
RETAILING FUND	106
TECHNOLOGY FUND	113
TELECOMMUNICATIONS FUND	121
TRANSPORTATION FUND	128
UTILITIES FUND	135
NOTES TO FINANCIAL STATEMENTS	142
OTHER INFORMATION	151
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	158
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	164
LIQUIDITY RISK MANAGEMENT PROGRAM	167

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2022

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for Rydex Sector Funds (the “Fund” or “Funds”). This report covers performance for the six-month period ended September 30, 2022.

The Investment Adviser is part of Guggenheim Investments, which represents the investment management businesses of Guggenheim Partners, LLC (“Guggenheim”), a global, diversified financial services firm.

Guggenheim Funds Distributors, LLC is the distributor of the Funds. Guggenheim Funds Distributors, LLC is affiliated with Guggenheim and the Investment Adviser.

We encourage you to read the Economic and Market Overview section of the report, which follows this letter.

We are committed to providing innovative investment solutions and appreciate the trust you place in us.

Sincerely,

Security Investors, LLC

October 31, 2022

Read a prospectus and summary prospectus (if available) carefully before investing. It contains the investment objectives, risks, charges, expenses and other information, which should be considered carefully before investing. Obtain a prospectus and summary prospectus (if available) at guggenheiminvestments.com or call 800.820.0888.

This material is not intended as a recommendation or as investment advice of any kind, including in connection with rollovers, transfers, and distributions. Such material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. All content has been provided for informational or educational purposes only and is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.

Sector funds may not be suitable for all investors. Investing in sector funds is more volatile than investing in broadly diversified funds, as there is a greater risk due to the concentration of the funds’ holdings in issuers within the same sector or industry. Certain of the sector funds are considered non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund.

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2022

Equity and fixed income markets declined during the six-month period ended September 30, 2022, amid continued market volatility, Federal Reserve policy, and global economic headwinds.

The Federal Reserve (the “Fed”) has abandoned talk of a soft or even “softish” landing, with the latest Summary of Economic Projections pointing to a 90-basis-point rise in the unemployment rate, an increase never before experienced without a recession. One basis point equals 0.01%. The seemingly endless string of upside inflation surprises has cemented the Fed’s view that the labor market needs to soften and economic activity needs to weaken further, which could require interest rates heading even higher.

Signs are indicating that the economy is heading in the direction the Fed wants. While gross domestic product (“GDP”) rebounded in the third quarter of 2022 to an inflation-adjusted 2.6%, private domestic demand (consumption and fixed investment) continued to slow, growing just 0.1%. The slowdown was led by a significant contraction in housing activity, historically the first sector to be hit by rising rates, cutting about 1.4 percentage points from GDP’s growth rate. The sharp tightening in financial conditions indicates a broader economic slowdown is ahead, which may help to loosen up the labor market. Signs of a labor market slowdown are already evident, with monthly job growth at less than half the pace of early 2022, wage growth cooling, and job openings falling sharply.

Inflation remains high, but a variety of factors point to a substantial moderation in 2023. Goods prices have stopped rising, and supply chain improvement and input and import costs suggest outright deflation could lie ahead. Services inflation is now the main price stability concern, but even the Bureau of Labor Statistics and several Fed speakers have acknowledged that the lagged data on home rental prices doesn’t reflect the sharp slowdown in market rents that has taken place (and that would start to show up in the data next year).

With the economy cooling and inflation likely to fall, it is fair to expect that rate hikes are nearly coming to an end, particularly with rising strains in financial markets and overseas. But having been repeatedly burned by expectations that inflation would cool and fearing a replay of the “stop-start” rate hike campaigns of the 1970s, the Fed will likely err on the side of overdoing it with rate hikes, viewing a recession as the “least bad” outcome for the economy.

For the six-month period ended September 30, 2022, the S&P 500^® Index* returned -20.20%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -22.51%. The return of the MSCI Emerging Markets Index* was -21.70%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -9.22% return for the six-month period, while the Bloomberg U.S. Corporate High Yield Index* returned -10.41%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 0.60% for the six-month period.

The opinions and forecasts expressed may not actually come to pass. This information is subject to change at any time, based on market and other conditions, and should not be construed as a recommendation of any specific security or strategy.

*Index Definitions:

The following indices are referenced throughout this report. Indices are unmanaged and not available for direct investment. Index performance does not reflect transaction costs, fees, or expenses.

Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including U.S. Treasuries, government-related and corporate securities, mortgage-backed securities or “MBS” (agency fixed-rate and hybrid adjustable-rate mortgage, or “ARM”, pass-throughs), asset-backed securities (“ABS”), and commercial mortgage-backed securities (“CMBS”) (agency and non-agency).

Bloomberg U.S. Corporate High Yield Index measures the U.S. dollar-denominated, high yield, fixed-rate corporate bond market. Securities are classified as high yield if the middle rating of Moody’s, Fitch, and S&P is Ba1/BB +/BB + or below.

ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged market Index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

MSCI EAFE Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada.

MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market performance in the global emerging markets.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 2022

MSCI U.S. REIT Index is a free float market capitalization weighted index that is comprised of equity real estate investment trust (“REIT”) securities that belong to the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. REIT Index includes only REIT securities that are of reasonable size in terms of full and free float-adjusted market capitalization to ensure that the performance of the equity REIT universe can be captured and replicated in actual institutional and retail portfolios of different sizes.

S&P 500^® is a broad-based index, the performance of which is based on the performance of 500 widely held common stocks chosen for market size, liquidity, and industry group representation.

S&P 500^® Consumer Discretionary Index is a sub-index of the S&P 500^® . The Consumer Discretionary index includes companies in the following industries: automobiles and components, consumer durables, apparel, hotels, restaurants, leisure, media and retailing.

S&P 500^® Consumer Staples Index is a sub-index of the S&P 500^® . The Consumer Staples index comprises companies whose businesses are less sensitive to economic cycles. It includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. It also includes food & drug retailing companies as well as hypermarkets and consumer super centers.

S&P 500^® Energy Index is a sub-index of the S&P 500^® . The Energy index comprises companies whose businesses are dominated by either of the following activities: the construction or provision of oil rigs, drilling equipment and other energy-related equipment and services, including seismic data collection; companies engaged in the exploration, production, marketing, refining and/or transportation of oil and gas products, coal and other consumable fuels.

S&P 500^® Financials Index is a sub-index of the S&P 500^® . The Financials index contains companies involved in activities such as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, and financial investment, and real estate, including REITs.

S&P 500^® Health Care Index is a sub-index of the S&P 500^® . The Health Care index encompasses two main industry groups. The first includes companies which manufacture health care equipment and supplies or provide health care related services, including distributors of health care products, providers of basic health-care services, and owners and operators of health care facilities and organizations. The first group also includes companies operating in the health care technology industry. The second group includes companies primarily involved in the research, development, production and marketing of pharmaceuticals, biotechnology and life sciences products.

S&P 500^® Industrials Index is a sub-index of the S&P 500^® . The Industrials index includes companies whose businesses are dominated by one of the following activities: the manufacture and distribution of capital goods, including aerospace & defense, construction, engineering & building products, electrical equipment and industrial machinery; the provision of commercial services and supplies, including printing, environmental, office and security services; the provision of professional services, including employment and research & consulting services; or the provision of transportation services, including airlines, couriers, marine, road & rail and transportation infrastructure.

S&P 500^® Information Technology Index is a sub-index of the S&P 500^® . The Information Technology index covers the following general areas: technology software & services, including companies that primarily develop software in various fields such as the internet, applications, systems, databases management and/or home entertainment, and companies that provide information technology consulting and services, as well as data processing and outsourced services; secondly, technology hardware & equipment, including manufacturers and distributors of communications equipment, computers & peripherals, electronic equipment and related instruments; and thirdly, semiconductors & semiconductor equipment manufacturers.

S&P 500^® Materials Index is a sub-index of the S&P 500^® . The Materials index encompasses a wide range of commodity-related manufacturing industries. Included in this sector are companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel.

S&P 500^® Telecommunications Services Index is a sub-index of the S&P 500^® . The Telecommunications Services index contains companies that provide communications services primarily through a fixed-line, cellular, wireless, high bandwidth and/or fiber optic cable network.

S&P 500^® Utilities Index is a sub-index of the S&P 500^® . The Utilities index encompasses those companies considered electric, gas or water utilities, or companies that operate as independent producers and/or distributors of power.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

All mutual funds have operating expenses, and it is important for our shareholders to understand the impact of costs on their investments. Shareholders of a fund incur two types of costs: (i) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, other distributions, and exchange fees, and (ii) ongoing costs, including management fees, administrative services, and shareholder reports, among others. These ongoing costs, or operating expenses, are deducted from a fund’s gross income and reduce the investment return of the fund.

A fund’s expenses are expressed as a percentage of its average net assets, which is known as the expense ratio. The following examples are intended to help investors understand the ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2022 and ending September 30, 2022.

The following tables illustrate the Funds’ costs in two ways:

Table 1. Based on actual Fund return: This section helps investors estimate the actual expenses paid over the period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fifth column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. Investors may use the information here, together with the amount invested, to estimate the expenses paid over the period. Simply divide the Fund’s account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number provided under the heading “Expenses Paid During Period.”

Table 2. Based on hypothetical 5% return: This section is intended to help investors compare a fund’s cost with those of other mutual funds. The table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses paid during the period. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on the 5% return. Investors can assess a fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

The calculations illustrated above assume no shares were bought or sold during the period. Actual costs may have been higher or lower, depending on the amount of investment and the timing of any purchases or redemptions.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments, and contingent deferred sales charges (“CDSC”) on redemptions, if any. Therefore, the second table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

More information about the Funds’ expenses, including annual expense ratios for periods up to five years (subject to the Fund’s inception date), can be found in the Financial Highlights section of this report. For additional information on operating expenses and other shareholder costs, please refer to the appropriate Fund prospectus.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Banking Fund
Investor Class	1.40%	(17.57%)	$ 1,000.00	$ 824.30	$ 6.40
A-Class	1.64%	(17.66%)	1,000.00	823.40	7.50
C-Class	2.40%	(17.96%)	1,000.00	820.40	10.95
H-Class	1.65%	(17.66%)	1,000.00	823.40	7.54
Basic Materials Fund
Investor Class	1.40%	(23.94%)	1,000.00	760.60	6.18
A-Class	1.64%	(24.03%)	1,000.00	759.70	7.23
C-Class	2.39%	(24.33%)	1,000.00	756.70	10.53
H-Class	1.65%	(24.04%)	1,000.00	759.60	7.28
Biotechnology Fund
Investor Class	1.39%	(12.16%)	1,000.00	878.40	6.55
A-Class	1.64%	(12.25%)	1,000.00	877.50	7.72
C-Class	2.39%	(12.59%)	1,000.00	874.10	11.23
H-Class	1.64%	(12.26%)	1,000.00	877.40	7.72
Consumer Products Fund
Investor Class	1.39%	(10.72%)	1,000.00	892.80	6.60
A-Class	1.64%	(10.84%)	1,000.00	891.60	7.78
C-Class	2.39%	(11.18%)	1,000.00	888.20	11.31
H-Class	1.64%	(10.84%)	1,000.00	891.60	7.78
Electronics Fund
Investor Class	1.39%	(30.02%)	1,000.00	699.80	5.92
A-Class	1.64%	(30.11%)	1,000.00	698.90	6.98
C-Class	2.39%	(30.37%)	1,000.00	696.30	10.16
H-Class	1.64%	(30.11%)	1,000.00	698.90	6.98
Energy Fund
Investor Class	1.39%	(3.07%)	1,000.00	969.30	6.86
A-Class	1.64%	(3.19%)	1,000.00	968.10	8.09
C-Class	2.39%	(3.55%)	1,000.00	964.50	11.77
H-Class	1.64%	(3.18%)	1,000.00	968.20	8.09
Energy Services Fund
Investor Class	1.39%	(26.59%)	1,000.00	734.10	6.04
A-Class	1.64%	(26.68%)	1,000.00	733.20	7.13
C-Class	2.39%	(26.96%)	1,000.00	730.40	10.37
H-Class	1.65%	(26.68%)	1,000.00	733.20	7.17
Financial Services Fund
Investor Class	1.40%	(21.28%)	1,000.00	787.20	6.27
A-Class	1.64%	(21.39%)	1,000.00	786.10	7.34
C-Class	2.39%	(21.67%)	1,000.00	783.30	10.68
H-Class	1.66%	(21.39%)	1,000.00	786.10	7.43
Health Care Fund
Investor Class	1.39%	(15.86%)	1,000.00	841.40	6.42
A-Class	1.64%	(15.97%)	1,000.00	840.30	7.57
C-Class	2.39%	(16.27%)	1,000.00	837.30	11.01
H-Class	1.65%	(15.97%)	1,000.00	840.30	7.61

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Internet Fund
Investor Class	1.39%	(31.42%)	$ 1,000.00	$ 685.80	$ 5.87
A-Class	1.64%	(31.50%)	1,000.00	685.00	6.93
C-Class	2.39%	(31.76%)	1,000.00	682.40	10.08
H-Class	1.65%	(31.51%)	1,000.00	684.90	6.97
Leisure Fund
Investor Class	1.39%	(26.27%)	1,000.00	737.30	6.05
A-Class	1.64%	(26.37%)	1,000.00	736.30	7.14
C-Class	2.39%	(26.64%)	1,000.00	733.60	10.39
H-Class	1.64%	(26.36%)	1,000.00	736.40	7.14
Precious Metals Fund
Investor Class	1.30%	(37.33%)	1,000.00	626.70	5.30
A-Class	1.54%	(37.41%)	1,000.00	625.90	6.28
C-Class	2.29%	(37.63%)	1,000.00	623.70	9.32
H-Class	1.54%	(37.41%)	1,000.00	625.90	6.28
Real Estate Fund
A-Class	1.65%	(26.47%)	1,000.00	735.30	7.18
C-Class	2.40%	(26.77%)	1,000.00	732.30	10.42
H-Class	1.65%	(26.44%)	1,000.00	735.60	7.18
Retailing Fund
Investor Class	1.39%	(20.49%)	1,000.00	795.10	6.26
A-Class	1.65%	(20.60%)	1,000.00	794.00	7.42
C-Class	2.40%	(20.88%)	1,000.00	791.20	10.78
H-Class	1.65%	(20.60%)	1,000.00	794.00	7.42
Technology Fund
Investor Class	1.39%	(28.24%)	1,000.00	717.60	5.99
A-Class	1.64%	(28.33%)	1,000.00	716.70	7.06
C-Class	2.39%	(28.59%)	1,000.00	714.10	10.27
H-Class	1.65%	(28.33%)	1,000.00	716.70	7.10
Telecommunications Fund
Investor Class	1.39%	(24.88%)	1,000.00	751.20	6.10
A-Class	1.64%	(24.99%)	1,000.00	750.10	7.20
C-Class	2.39%	(25.30%)	1,000.00	747.00	10.47
H-Class	1.64%	(25.02%)	1,000.00	749.80	7.19
Transportation Fund
Investor Class	1.39%	(26.06%)	1,000.00	739.40	6.06
A-Class	1.64%	(26.16%)	1,000.00	738.40	7.15
C-Class	2.39%	(26.43%)	1,000.00	735.70	10.40
H-Class	1.64%	(26.15%)	1,000.00	738.50	7.15
Utilities Fund
Investor Class	1.39%	(11.06%)	1,000.00	889.40	6.58
A-Class	1.64%	(11.19%)	1,000.00	888.10	7.76
C-Class	2.39%	(11.51%)	1,000.00	884.90	11.29
H-Class	1.64%	(11.19%)	1,000.00	888.10	7.76

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Banking Fund
Investor Class	1.40%	5.00%	$ 1,000.00	$ 1,018.05	$ 7.08
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.40%	5.00%	1,000.00	1,013.04	12.11
H-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
Basic Materials Fund
Investor Class	1.40%	5.00%	1,000.00	1,018.05	7.08
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
Biotechnology Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
Consumer Products Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
Electronics Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
Energy Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
Energy Services Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
Financial Services Fund
Investor Class	1.40%	5.00%	1,000.00	1,018.05	7.08
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.66%	5.00%	1,000.00	1,016.75	8.39
Health Care Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.65%	5.00%	1,000.00	1,016.80	8.34

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2022	Ending Account Value September 30, 2022	Expenses Paid During Period2
Internet Fund
Investor Class	1.39%	5.00%	$ 1,000.00	$ 1,018.10	$ 7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
Leisure Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
Precious Metals Fund
Investor Class	1.30%	5.00%	1,000.00	1,018.55	6.58
A-Class	1.54%	5.00%	1,000.00	1,017.35	7.79
C-Class	2.29%	5.00%	1,000.00	1,013.59	11.56
H-Class	1.54%	5.00%	1,000.00	1,017.35	7.79
Real Estate Fund
A-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
C-Class	2.40%	5.00%	1,000.00	1,013.04	12.11
H-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
Retailing Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
C-Class	2.40%	5.00%	1,000.00	1,013.04	12.11
H-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
Technology Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
Telecommunications Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
Transportation Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
Utilities Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.10	7.03
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.64%	5.00%	1,000.00	1,016.85	8.29

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2022 to September 30, 2022.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

BANKING FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the banking sector, including commercial banks (and their holding companies) and savings and loan institutions (“Banking Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	April 1, 1998

Ten Largest Holdings (% of Total Net Assets)
Wells Fargo & Co.	3.9%
JPMorgan Chase & Co.	3.9%
Bank of America Corp.	3.8%
Citigroup, Inc.	3.1%
PNC Financial Services Group, Inc.	2.8%
Truist Financial Corp.	2.7%
U.S. Bancorp	2.7%
Capital One Financial Corp.	2.1%
M&T Bank Corp.	2.0%
Bank of New York Mellon Corp.	2.0%
Top Ten Total	29.0%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(17.57%)	(18.36%)	1.32%	6.83%
A-Class Shares	(17.66%)	(18.55%)	0.98%	6.52%
A-Class Shares with sales charge‡	(21.57%)	(22.42%)	0.00%	6.00%
C-Class Shares	17.96%	(19.15%)	0.22%	5.72%
C-Class Shares with CDSC§	(18.78%)	(19.96%)	0.22%	5.72%
H-Class Shares**	(17.66%)	(18.54%)	0.97%	6.46%
S&P 500 Financials Index	(20.06%)	(17.65%)	5.47%	11.38%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce its reported return.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
BANKING FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Banks - 91.9%
Wells Fargo & Co.		6,455	$	259,620
JPMorgan Chase & Co.		2,447		255,711
Bank of America Corp.		8,375		252,925
Citigroup, Inc.		4,878		203,266
PNC Financial Services Group, Inc.		1,245		186,028
Truist Financial Corp.		4,122		179,472
U.S. Bancorp		4,399		177,368
M&T Bank Corp.		763		134,532
Bank of New York Mellon Corp.		3,365		129,620
First Republic Bank		851		111,098
Fifth Third Bancorp		3,455		110,422
State Street Corp.		1,766		107,390
Huntington Bancshares, Inc.		7,965		104,979
Regions Financial Corp.		5,107		102,497
SVB Financial Group*		294		98,719
Northern Trust Corp.		1,143		97,795
Citizens Financial Group, Inc.		2,835		97,411
KeyCorp		5,572		89,263
First Horizon Corp.		3,781		86,585
First Citizens BancShares, Inc. — Class A		108		86,122
ICICI Bank Ltd. ADR		3,870		81,154
Toronto-Dominion Bank		1,314		80,588
HDFC Bank Ltd. ADR		1,318		76,998
Royal Bank of Canada		837		75,363
East West Bancorp, Inc.		1,077		72,310
Popular, Inc.		991		71,411
Cullen/Frost Bankers, Inc.		530		70,077
Comerica, Inc.		981		69,749
Bank of Montreal		795		69,674
Signature Bank		461		69,611
Bank of Nova Scotia		1,434		68,215
Commerce Bancshares, Inc.		1,025		67,814
Webster Financial Corp.		1,498		67,710
HSBC Holdings plc ADR		2,559		66,713
Canadian Imperial Bank of Commerce		1,522		66,603
UBS Group AG		4,528		65,701
Zions Bancorp North America		1,262		64,185
Pinnacle Financial Partners, Inc.		755		61,230
Western Alliance Bancorporation		927		60,941
BOK Financial Corp.		679		60,336
First Financial Bankshares, Inc.		1,434		59,984
SouthState Corp.		755		59,736
Prosperity Bancshares, Inc.		894		59,612
Glacier Bancorp, Inc.		1,154		56,696
First Interstate BancSystem, Inc. — Class A		1,397		56,369
Valley National Bancorp		5,131		55,415
Synovus Financial Corp.		1,476		55,365
United Bankshares, Inc.		1,508		53,911
Old National Bancorp		3,266		53,791
Wintrust Financial Corp.		656		53,497
Cadence Bank		2,082		52,904
Home BancShares, Inc.		2,323		52,291
Bank OZK		1,316		52,061
ServisFirst Bancshares, Inc.		630		50,400
FNB Corp.		4,242		49,207
UMB Financial Corp.		576		48,551
Hancock Whitney Corp.		1,033		47,322
United Community Banks, Inc.		1,407		46,572
Umpqua Holdings Corp.		2,716		46,416
CVB Financial Corp.		1,833		46,412
Eastern Bankshares, Inc.		2,329		45,742
Independent Bank Corp.		602		44,867
Community Bank System, Inc.		715		42,957
Bank of Hawaii Corp.		561		42,703
First Hawaiian, Inc.		1,732		42,659
Ameris Bancorp		954		42,653
Associated Banc-Corp.		2,124		42,650
Texas Capital Bancshares, Inc.*		714		42,147
Cathay General Bancorp		1,046		40,229
Fulton Financial Corp.		2,517		39,769
Simmons First National Corp. — Class A		1,825		39,767
BankUnited, Inc.		1,133		38,715
PacWest Bancorp		1,645		37,177
Columbia Banking System, Inc.		1,256		36,286
Atlantic Union Bankshares Corp.		1,169		35,514
Silvergate Capital Corp. — Class A*		451		33,983
Hilltop Holdings, Inc.		1,220		30,317
Triumph Bancorp, Inc.*		494		26,849
Customers Bancorp, Inc.*		769		22,670
Total Banks				6,041,372
Diversified Financial Services - 3.8%
Capital One Financial Corp.		1,483		136,688
Apollo Global Management, Inc.		2,468		114,762
Total Diversified Financial Services				251,450
Insurance - 2.5%
Equitable Holdings, Inc.		2,762		72,779
Voya Financial, Inc.		978		59,169
Jackson Financial, Inc. — Class A		1,262		35,020
Total Insurance				166,968
Savings & Loans - 1.3%
New York Community Bancorp, Inc.		5,390		45,977
Pacific Premier Bancorp, Inc.		1,339		41,455
Total Savings & Loans				87,432
Total Common Stocks
(Cost $5,603,256)				6,547,222

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
BANKING FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.7%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	25,809	$	25,809
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		9,927		9,927
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		9,633		9,633
Total Repurchase Agreements
(Cost $45,369)				45,369
Total Investments - 100.2%
(Cost $5,648,625)			$	6,592,591
Other Assets & Liabilities, net - (0.2)%				(15,686	)
Total Net Assets - 100.0%			$	6,576,905

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	6,547,222	$	—	$	—	$	6,547,222
Repurchase Agreements		—		45,369		—		45,369
Total Assets	$	6,547,222	$	45,369	$	—	$	6,592,591

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

BANKING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $5,603,256)	$	6,547,222
Repurchase agreements, at value (cost $45,369)		45,369
Receivables:
Dividends		16,060
Foreign tax reclaims		782
Fund shares sold		600
Securities lending income		7
Interest		4
Total assets		6,610,044
Liabilities:
Payable for:
Fund shares redeemed		13,486
Management fees		5,179
Transfer agent and administrative fees		2,741
Printing fees		2,155
Professional fees		1,929
Distribution and service fees		1,744
Portfolio accounting/administration fees		929
Trustees’ fees*		162
Miscellaneous		4,814
Total liabilities		33,139
Net assets	$	6,576,905
Net assets consist of:
Paid in capital	$	16,661,196
Total distributable earnings (loss)		(10,084,291	)
Net assets	$	6,576,905
Investor Class:
Net assets	$	2,053,666
Capital shares outstanding		24,999
Net asset value per share	$	82.15
A-Class:
Net assets	$	3,248,454
Capital shares outstanding		44,266
Net asset value per share	$	73.38
Maximum offering price per share (Net asset value divided by 95.25%)	$	77.04
C-Class:
Net assets	$	992,063
Capital shares outstanding		15,648
Net asset value per share	$	63.40
H-Class:
Net assets	$	282,722
Capital shares outstanding		3,962
Net asset value per share	$	71.36

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $2,232)	$	143,019
Interest		342
Income from securities lending, net		180
Total investment income		143,541
Expenses:
Management fees		41,597
Distribution and service fees:
A-Class		4,838
C-Class		7,039
H-Class		686
Transfer agent and administrative fees		12,034
Portfolio accounting/administration fees		6,045
Registration fees		2,241
Professional fees		1,607
Trustees’ fees*		1,501
Custodian fees		790
Line of credit fees		56
Miscellaneous		2,396
Total expenses		80,830
Net investment income		62,711
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,615,621
Net realized gain		1,615,621
Net change in unrealized appreciation (depreciation) on:
Investments		(3,790,887	)
Net change in unrealized appreciation (depreciation)		(3,790,887	)
Net realized and unrealized loss		(2,175,266	)
Net decrease in net assets resulting from operations	$	(2,112,555	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 13

BANKING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	62,711		$	300,682
Net realized gain on investments		1,615,621			394,136
Net change in unrealized appreciation (depreciation) on investments		(3,790,887	)		(606,233	)
Net increase (decrease) in net assets resulting from operations		(2,112,555	)		88,585
Distributions to shareholders:
Investor Class		—			(95,987	)
A-Class		—			(22,759	)
C-Class		—			(11,775	)
H-Class		—			(42,522	)
Total distributions to shareholders		—			(173,043	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		23,609,297			183,255,069
A-Class		757,086			3,587,616
C-Class		248,521			2,706,835
H-Class		400,017			20,206,275
Distributions reinvested
Investor Class		—			95,654
A-Class		—			22,623
C-Class		—			11,756
H-Class		—			42,504
Cost of shares redeemed
Investor Class		(24,962,329	)		(187,860,624	)
A-Class		(1,317,262	)		(3,226,427	)
C-Class		(970,330	)		(1,555,949	)
H-Class		(2,230,909	)		(22,615,331	)
Net decrease from capital share transactions		(4,465,909	)		(5,329,999	)
Net decrease in net assets		(6,578,464	)		(5,414,457	)
Net assets:
Beginning of period		13,155,369			18,569,826
End of period	$	6,576,905		$	13,155,369
Capital share activity:
Shares sold
Investor Class		258,136			1,795,247
A-Class		9,355			38,825
C-Class		3,502			33,608
H-Class		5,006			227,308
Shares issued from reinvestment of distributions
Investor Class		—			921
A-Class		—			243
C-Class		—			146
H-Class		—			470
Shares redeemed
Investor Class		(275,671	)		(1,847,955	)
A-Class		(16,603	)		(34,722	)
C-Class		(13,859	)		(19,633	)
H-Class		(27,767	)		(256,166	)
Net decrease in shares		(57,901	)		(61,708	)

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

BANKING FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	99.66		$	95.71		$	51.83		$	74.58		$	86.27		$	76.86
Income (loss) from investment operations:
Net investment income (loss)b		.72			1.03			1.25			1.14			.81			.60
Net gain (loss) on investments (realized and unrealized)		(18.23	)		3.42			44.89			(23.38	)		(10.92	)		9.12
Total from investment operations		(17.51	)		4.45			46.14			(22.24	)		(10.11	)		9.72
Less distributions from:
Net investment income		—			(.50	)		(2.26	)		(.51	)		(1.58	)		(.31	)
Total distributions		—			(.50	)		(2.26	)		(.51	)		(1.58	)		(.31	)
Net asset value, end of period	$	82.15		$	99.66		$	95.71		$	51.83		$	74.58		$	86.27
Total Return		(17.57	%)		4.62	%		90.06	%		(30.08	%)		(11.63	%)		12.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,054		$	4,239		$	9,027		$	17,507		$	5,997		$	26,209
Ratios to average net assets:
Net investment income (loss)		1.59	%		1.02	%		1.79	%		1.47	%		0.97	%		0.73	%
Total expenses		1.40	%		1.36	%		1.43	%		1.48	%		1.46	%		1.38	%
Portfolio turnover rate		216	%		501	%		799	%		360	%		633	%		772	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	89.12		$	85.85		$	46.98		$	67.81		$	78.80		$	70.41
Income (loss) from investment operations:
Net investment income (loss)b		.52			.71			1.02			.87			.57			.37
Net gain (loss) on investments (realized and unrealized)		(16.26	)		3.06			40.11			(21.19	)		(9.98	)		8.33
Total from investment operations		(15.74	)		3.77			41.13			(20.32	)		(9.41	)		8.70
Less distributions from:
Net investment income		—			(.50	)		(2.26	)		(.51	)		(1.58	)		(.31	)
Total distributions		—			(.50	)		(2.26	)		(.51	)		(1.58	)		(.31	)
Net asset value, end of period	$	73.38		$	89.12		$	85.85		$	46.98		$	67.81		$	78.80
Total Returnc		(17.66	%)		4.36	%		88.72	%		(30.25	%)		(11.85	%)		12.37	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,248		$	4,591		$	4,050		$	2,789		$	4,849		$	4,076
Ratios to average net assets:
Net investment income (loss)		1.28	%		0.77	%		1.67	%		1.23	%		0.76	%		0.50	%
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%		1.63	%
Portfolio turnover rate		216	%		501	%		799	%		360	%		633	%		772	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 15

BANKING 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	77.28		$	75.07		$	41.57		$	60.51		$	71.05		$	63.98
Income (loss) from investment operations:
Net investment income (loss)b		.17			.03			.49			.31			(.05	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		(14.05	)		2.68			35.27			(18.74	)		(8.91	)		7.55
Total from investment operations		(13.88	)		2.71			35.76			(18.43	)		(8.96	)		7.38
Less distributions from:
Net investment income		—			(.50	)		(2.26	)		(.51	)		(1.58	)		(.31	)
Total distributions		—			(.50	)		(2.26	)		(.51	)		(1.58	)		(.31	)
Net asset value, end of period	$	63.40		$	77.28		$	75.07		$	41.57		$	60.51		$	71.05
Total Returnc		(17.96	%)		3.58	%		87.34	%		(30.78	%)		(12.51	%)		11.54	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	992		$	2,010		$	892		$	764		$	1,284		$	4,079
Ratios to average net assets:
Net investment income (loss)		0.50	%		0.03	%		0.93	%		0.49	%		(0.07	%)		(0.25	%)
Total expenses		2.40	%		2.36	%		2.45	%		2.48	%		2.46	%		2.38	%
Portfolio turnover rate		216	%		501	%		799	%		360	%		633	%		772	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	86.66		$	83.48		$	45.73		$	66.00		$	76.78		$	68.61
Income (loss) from investment operations:
Net investment income (loss)b		.42			.63			.85			.74			.45			.39
Net gain (loss) on investments (realized and unrealized)		(15.72	)		3.05			39.16			(20.50	)		(9.65	)		8.09
Total from investment operations		(15.30	)		3.68			40.01			(19.76	)		(9.20	)		8.48
Less distributions from:
Net investment income		—			(.50	)		(2.26	)		(.51	)		(1.58	)		(.31	)
Total distributions		—			(.50	)		(2.26	)		(.51	)		(1.58	)		(.31	)
Net asset value, end of period	$	71.36		$	86.66		$	83.48		$	45.73		$	66.00		$	76.78
Total Return		(17.66	%)		4.38	%		88.66	%		(30.24	%)		(11.89	%)		12.38	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	283		$	2,316		$	4,601		$	162		$	1,531		$	14,220
Ratios to average net assets:
Net investment income (loss)		1.05	%		0.71	%		1.15	%		1.02	%		0.60	%		0.52	%
Total expenses		1.65	%		1.60	%		1.63	%		1.74	%		1.70	%		1.62	%
Portfolio turnover rate		216	%		501	%		799	%		360	%		633	%		772	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

BASIC MATERIALS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in the mining, manufacture, or sale of basic materials, such as lumber, steel, iron, aluminum, concrete, chemicals and other basic building and manufacturing materials (“Basic Materials Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	May 3, 2001
H-Class	April 14, 1998

Ten Largest Holdings (% of Total Net Assets)
Air Products and Chemicals, Inc.	3.0%
Sherwin-Williams Co.	3.0%
Corteva, Inc.	2.7%
Ecolab, Inc.	2.6%
Freeport-McMoRan, Inc.	2.5%
Newmont Corp.	2.5%
Dow, Inc.	2.3%
Albemarle Corp.	2.3%
PPG Industries, Inc.	2.1%
LyondellBasell Industries N.V. — Class A	2.1%
Top Ten Total	25.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(23.94%)	(11.31%)	4.85%	4.94%
A-Class Shares	(24.03%)	(11.52%)	4.59%	4.68%
A-Class Shares with sales charge‡	(27.64%)	(15.73%)	3.57%	4.17%
C-Class Shares	(24.33%)	(12.18%)	3.81%	3.90%
C-Class Shares with CDSC§	(25.09%)	(13.04%)	3.81%	3.90%
H-Class Shares**	(24.04%)	(11.52%)	4.59%	4.61%
S&P 500 Materials Index	(21.89%)	(12.15%)	5.89%	8.56%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported return.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
BASIC MATERIALS FUND

	Shares		Value
COMMON STOCKS† - 98.5%
Chemicals - 45.8%
Air Products and Chemicals, Inc.		4,157	$	967,459
Sherwin-Williams Co.		4,657		953,521
Ecolab, Inc.		5,764		832,437
Dow, Inc.		16,912		742,944
Albemarle Corp.		2,783		735,936
PPG Industries, Inc.		6,074		672,331
LyondellBasell Industries N.V. — Class A		8,832		664,873
DuPont de Nemours, Inc.		13,170		663,768
Linde plc		2,287		616,552
International Flavors & Fragrances, Inc.		6,707		609,197
CF Industries Holdings, Inc.		6,214		598,097
Mosaic Co.		11,079		535,448
FMC Corp.		4,738		500,807
Nutrien Ltd.		5,844		487,273
Westlake Corp.		5,071		440,568
RPM International, Inc.		5,196		432,879
Celanese Corp. — Class A		4,346		392,618
Eastman Chemical Co.		5,138		365,055
Olin Corp.		7,270		311,738
Ashland, Inc.		3,268		310,362
Huntsman Corp.		12,188		299,093
Valvoline, Inc.		11,094		281,122
Axalta Coating Systems Ltd.*		13,011		274,012
Balchem Corp.		2,209		268,570
Element Solutions, Inc.		15,990		260,157
Cabot Corp.		3,920		250,449
HB Fuller Co.		3,972		238,717
Chemours Co.		9,327		229,910
Sensient Technologies Corp.		3,249		225,286
Ingevity Corp.*		3,299		200,018
Avient Corp.		6,496		196,829
Trinseo plc		5,081		93,084
Total Chemicals				14,651,110
Mining - 17.4%
Freeport-McMoRan, Inc.		29,778		813,833
Newmont Corp.		19,152		804,959
BHP Group Ltd. ADR		8,882		444,455
Rio Tinto plc ADR1		7,962		438,388
Teck Resources Ltd. — Class B		13,497		410,444
Agnico Eagle Mines Ltd.		9,571		404,183
Wheaton Precious Metals Corp.		11,882		384,501
Royal Gold, Inc.		3,698		346,946
Franco-Nevada Corp.		2,853		340,876
Livent Corp.*		10,250		314,162
Alcoa Corp.		8,298		279,311
MP Materials Corp.*		10,183		277,996
Compass Minerals International, Inc.		4,124		158,898
Arconic Corp.*		8,792		149,816
Total Mining				5,568,768
Packaging & Containers - 11.6%
Ball Corp.		10,328		499,049
Packaging Corporation of America		3,675		412,666
Crown Holdings, Inc.		4,960		401,909
Westrock Co.		11,196		345,844
AptarGroup, Inc.		3,512		333,745
Sealed Air Corp.		7,259		323,098
Graphic Packaging Holding Co.		16,331		322,374
Sonoco Products Co.		5,500		312,015
Berry Global Group, Inc.*		6,580		306,167
Silgan Holdings, Inc.		6,811		286,335
O-I Glass, Inc.*		14,692		190,261
Total Packaging & Containers				3,733,463
Iron & Steel - 9.2%
Nucor Corp.		6,040		646,220
Steel Dynamics, Inc.		6,504		461,459
Reliance Steel & Aluminum Co.		2,476		431,839
Cleveland-Cliffs, Inc.*		23,456		315,952
ArcelorMittal S.A.		15,361		305,837
Commercial Metals Co.		7,591		269,329
United States Steel Corp.		13,728		248,751
ATI, Inc.*		9,144		243,322
Total Iron & Steel				2,922,709
Building Materials - 7.2%
Vulcan Materials Co.		3,946		622,324
Martin Marietta Materials, Inc.		1,883		606,496
MDU Resources Group, Inc.		11,564		316,275
Eagle Materials, Inc.		2,510		269,022
Louisiana-Pacific Corp.		5,149		263,577
Summit Materials, Inc. — Class A*		9,076		217,461
Total Building Materials				2,295,155
Biotechnology - 2.7%
Corteva, Inc.		15,309		874,909
Household Products & Housewares - 1.5%
Avery Dennison Corp.		2,920		475,084
Forest Products & Paper - 1.3%
International Paper Co.		13,222		419,138
Coal - 1.2%
Alpha Metallurgical Resources, Inc.		1,567		214,428
Warrior Met Coal, Inc.		5,760		163,815
Total Coal				378,243
Housewares - 0.6%
Scotts Miracle-Gro Co. — Class A		4,407		188,399
Total Common Stocks
(Cost $22,332,280)				31,506,978
EXCHANGE-TRADED FUNDS† - 1.0%
VanEck Junior Gold Miners ETF		10,328		304,263
Total Exchange-Traded Funds
(Cost $443,979)				304,263

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
BASIC MATERIALS FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	193,948	$	193,948
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		74,595		74,595
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		72,388		72,388
Total Repurchase Agreements
(Cost $340,931)				340,931
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.0%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		319,169		319,169
Total Securities Lending Collateral
(Cost $319,169)				319,169
Total Investments - 101.6%
(Cost $23,436,359)			$	32,471,341
Other Assets & Liabilities, net - (1.6)%				(497,481	)
Total Net Assets - 100.0%			$	31,973,860

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	31,506,978	$	—	$	—	$	31,506,978
Exchange-Traded Funds		304,263		—		—		304,263
Repurchase Agreements		—		340,931		—		340,931
Securities Lending Collateral		319,169		—		—		319,169
Total Assets	$	32,130,410	$	340,931	$	—	$	32,471,341

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 19

BASIC MATERIALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $311,034 of securities loaned (cost $23,095,428)	$	32,130,410
Repurchase agreements, at value (cost $340,931)		340,931
Cash		3,816
Receivables:
Dividends		41,974
Fund shares sold		4,933
Securities lending income		146
Interest		28
Total assets		32,522,238
Liabilities:
Payable for:
Return of securities lending collateral		319,169
Deferred foreign capital gain taxes		130,382
Management fees		24,762
Fund shares redeemed		20,325
Transfer agent and administrative fees		12,060
Portfolio accounting/administration fees		4,443
Distribution and service fees		4,158
Trustees’ fees*		593
Miscellaneous		32,486
Total liabilities		548,378
Net assets	$	31,973,860
Net assets consist of:
Paid in capital	$	28,248,814
Total distributable earnings (loss)		3,725,046
Net assets	$	31,973,860
Investor Class:
Net assets	$	21,588,247
Capital shares outstanding		316,316
Net asset value per share	$	68.25
A-Class:
Net assets	$	6,372,571
Capital shares outstanding		101,398
Net asset value per share	$	62.85
Maximum offering price per share (Net asset value divided by 95.25%)	$	65.97
C-Class:
Net assets	$	2,530,026
Capital shares outstanding		47,678
Net asset value per share	$	53.06
H-Class:
Net assets	$	1,483,016
Capital shares outstanding		24,420
Net asset value per share	$	60.73

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $3,436)	$	609,413
Interest		2,156
Income from securities lending, net		657
Total investment income		612,226
Expenses:
Management fees		201,897
Distribution and service fees:
A-Class		9,204
C-Class		16,409
H-Class		3,783
Transfer agent and administrative fees		58,027
Portfolio accounting/administration fees		28,707
Professional fees		9,681
Trustees’ fees*		3,894
Custodian fees		3,469
Line of credit fees		16
Miscellaneous		25,685
Total expenses		360,772
Net investment income		251,454
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		266,813
Net realized gain		266,813
Net change in unrealized appreciation (depreciation) on:
Investments		(14,423,854	)
Net change in unrealized appreciation (depreciation)		(14,423,854	)
Net realized and unrealized loss		(14,157,041	)
Net decrease in net assets resulting from operations	$	(13,905,587	)

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

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

BASIC MATERIALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	251,454		$	385,263
Net realized gain (loss) on investments		266,813			(2,243,305	)
Net change in unrealized appreciation (depreciation) on investments		(14,423,854	)		5,809,127
Net increase (decrease) in net assets resulting from operations		(13,905,587	)		3,951,085
Distributions to shareholders:
Investor Class		—			(696,616	)
A-Class		—			(157,685	)
C-Class		—			(91,602	)
H-Class		—			(47,177	)
Total distributions to shareholders		—			(993,080	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		28,774,485			98,263,058
A-Class		1,690,637			3,669,874
C-Class		772,298			2,842,962
H-Class		731,542			35,636,504
Distributions reinvested
Investor Class		—			684,258
A-Class		—			150,033
C-Class		—			91,209
H-Class		—			46,331
Cost of shares redeemed
Investor Class		(48,041,503	)		(88,653,849	)
A-Class		(850,377	)		(2,737,559	)
C-Class		(1,170,751	)		(1,982,115	)
H-Class		(8,849,734	)		(26,499,643	)
Net increase (decrease) from capital share transactions		(26,943,403	)		21,511,063
Net increase (decrease) in net assets		(40,848,990	)		24,469,068
Net assets:
Beginning of period		72,822,850			48,353,782
End of period	$	31,973,860		$	72,822,850
Capital share activity:
Shares sold
Investor Class		336,260			1,137,647
A-Class		22,166			47,399
C-Class		12,284			42,753
H-Class		10,486			450,413
Shares issued from reinvestment of distributions
Investor Class		—			8,171
A-Class		—			1,942
C-Class		—			1,390
H-Class		—			620
Shares redeemed
Investor Class		(588,965	)		(1,063,116	)
A-Class		(11,490	)		(35,795	)
C-Class		(19,353	)		(30,147	)
H-Class		(116,405	)		(350,741	)
Net increase (decrease) in shares		(355,017	)		210,536

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 21

BASIC MATERIALS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	89.73		$	78.37		$	42.39		$	58.04		$	60.37		$	55.71
Income (loss) from investment operations:
Net investment income (loss)b		.52			.60			.43			.43			.35			.11
Net gain (loss) on investments (realized and unrealized)		(22.00	)		12.39			37.12			(13.42	)		(1.85	)		4.80
Total from investment operations		(21.48	)		12.99			37.55			(12.99	)		(1.50	)		4.91
Less distributions from:
Net investment income		—			—			(.54	)		(.90	)		(.24	)		(.25	)
Net realized gains		—			(1.63	)		(1.03	)		(1.76	)		(.59	)		—
Total distributions		—			(1.63	)		(1.57	)		(2.66	)		(.83	)		(.25	)
Net asset value, end of period	$	68.25		$	89.73		$	78.37		$	42.39		$	58.04		$	60.37
Total Return		(23.94	%)		16.72	%		89.00	%		(23.61	%)		(2.36	%)		8.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21,588		$	51,058		$	38,112		$	13,313		$	26,704		$	51,589
Ratios to average net assets:
Net investment income (loss)		1.27	%		0.71	%		0.67	%		0.74	%		0.59	%		0.18	%
Total expensesc		1.40	%		1.36	%		1.43	%		1.48	%		1.47	%		1.38	%
Portfolio turnover rate		54	%		169	%		162	%		67	%		247	%		257	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	82.73		$	72.55		$	39.41		$	54.27		$	56.66		$	52.42
Income (loss) from investment operations:
Net investment income (loss)b		.35			.35			.25			.26			.25			(.01	)
Net gain (loss) on investments (realized and unrealized)		(20.23	)		11.46			34.46			(12.46	)		(1.81	)		4.50
Total from investment operations		(19.88	)		11.81			34.71			(12.20	)		(1.56	)		4.49
Less distributions from:
Net investment income		—			—			(.54	)		(.90	)		(.24	)		(.25	)
Net realized gains		—			(1.63	)		(1.03	)		(1.76	)		(.59	)		—
Total distributions		—			(1.63	)		(1.57	)		(2.66	)		(.83	)		(.25	)
Net asset value, end of period	$	62.85		$	82.73		$	72.55		$	39.41		$	54.27		$	56.66
Total Returnd		(24.03	%)		16.43	%		88.52	%		(23.80	%)		(2.60	%)		8.56	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,373		$	7,506		$	5,599		$	2,966		$	6,810		$	9,070
Ratios to average net assets:
Net investment income (loss)		0.93	%		0.45	%		0.44	%		0.48	%		0.45	%		(0.02	%)
Total expensesc		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%		1.63	%
Portfolio turnover rate		54	%		169	%		162	%		67	%		247	%		257	%

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

BASIC MATERIALS 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	70.12		$	62.18		$	34.17		$	47.73		$	50.32		$	46.93
Income (loss) from investment operations:
Net investment income (loss)b		.05			(.18	)		(.17	)		(.11	)		(.21	)		(.38	)
Net gain (loss) on investments (realized and unrealized)		(17.11	)		9.75			29.75			(10.79	)		(1.55	)		4.02
Total from investment operations		(17.06	)		9.57			29.58			(10.90	)		(1.76	)		3.64
Less distributions from:
Net investment income		—			—			(.54	)		(.90	)		(.24	)		(.25	)
Net realized gains		—			(1.63	)		(1.03	)		(1.76	)		(.59	)		—
Total distributions		—			(1.63	)		(1.57	)		(2.66	)		(.83	)		(.25	)
Net asset value, end of period	$	53.06		$	70.12		$	62.18		$	34.17		$	47.73		$	50.32
Total Returnd		(24.33	%)		15.57	%		87.07	%		(24.35	%)		(3.35	%)		7.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,530		$	3,839		$	2,534		$	1,526		$	2,930		$	5,494
Ratios to average net assets:
Net investment income (loss)		0.15	%		(0.27	%)		(0.34	%)		(0.23	%)		(0.42	%)		(0.75	%)
Total expensesc		2.39	%		2.36	%		2.44	%		2.47	%		2.47	%		2.38	%
Portfolio turnover rate		54	%		169	%		162	%		67	%		247	%		257	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	79.95		$	70.17		$	38.15		$	52.62		$	54.95		$	50.84
Income (loss) from investment operations:
Net investment income (loss)b		(.01	)		.56			.19			.27			.12			(.05	)
Net gain (loss) on investments (realized and unrealized)		(19.21	)		10.85			33.40			(12.08	)		(1.62	)		4.41
Total from investment operations		(19.22	)		11.41			33.59			(11.81	)		(1.50	)		4.36
Less distributions from:
Net investment income		—			—			(.54	)		(.90	)		(.24	)		(.25	)
Net realized gains		—			(1.63	)		(1.03	)		(1.76	)		(.59	)		—
Total distributions		—			(1.63	)		(1.57	)		(2.66	)		(.83	)		(.25	)
Net asset value, end of period	$	60.73		$	79.95		$	70.17		$	38.15		$	52.62		$	54.95
Total Return		(24.04	%)		16.42	%		88.51	%		(23.81	%)		(2.59	%)		8.57	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,483		$	10,420		$	2,108		$	825		$	1,424		$	9,220
Ratios to average net assets:
Net investment income (loss)		(0.02	%)		0.73	%		0.33	%		0.51	%		0.21	%		(0.09	%)
Total expensesc		1.65	%		1.60	%		1.68	%		1.72	%		1.71	%		1.62	%
Portfolio turnover rate		54	%		169	%		162	%		67	%		247	%		257	%

a	Unaudited figures for the period ended September 30, 2022. 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	Does not include expenses of the underlying funds in which the Fund invests.
d	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 23

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

BIOTECHNOLOGY FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the biotechnology industry, including companies involved in research and development, genetic or other biological engineering, and in the design, manufacture, or sale of related biotechnology products or services (“Biotechnology Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	April 1, 1998

Ten Largest Holdings (% of Total Net Assets)
AbbVie, Inc.	8.1%
Amgen, Inc.	5.6%
Vertex Pharmaceuticals, Inc.	4.6%
Gilead Sciences, Inc.	4.6%
Regeneron Pharmaceuticals, Inc.	4.5%
Biogen, Inc.	3.8%
Moderna, Inc.	3.3%
Corteva, Inc.	3.3%
AstraZeneca plc ADR	3.0%
Illumina, Inc.	2.8%
Top Ten Total	43.6%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(12.16%)	(23.20%)	2.04%	9.74%
A-Class Shares	(12.25%)	(23.39%)	1.79%	9.46%
A-Class Shares with sales charge‡	(16.42%)	(27.03%)	0.80%	8.93%
C-Class Shares	(12.59%)	(23.97%)	1.03%	8.65%
C-Class Shares with CDSC§	(13.46%)	(24.57%)	1.03%	8.65%
H-Class Shares**	(12.26%)	(23.39%)	1.79%	9.38%
S&P 500 Health Care Index	(10.78%)	(3.37%)	10.18%	13.68%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce its reported return.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

24 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
BIOTECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.7%
Biotechnology - 75.5%
Amgen, Inc.		30,526	$	6,880,561
Vertex Pharmaceuticals, Inc.*		19,420		5,622,867
Gilead Sciences, Inc.		91,059		5,617,430
Regeneron Pharmaceuticals, Inc.*		8,029		5,530,937
Biogen, Inc.*		17,196		4,591,332
Moderna, Inc.*		34,376		4,064,962
Corteva, Inc.		70,979		4,056,450
Illumina, Inc.*		17,908		3,416,667
Royalty Pharma plc — Class A		77,596		3,117,807
Seagen, Inc.*		22,611		3,093,863
Alnylam Pharmaceuticals, Inc.*		15,271		3,056,643
BioMarin Pharmaceutical, Inc.*		29,334		2,486,643
Incyte Corp.*		36,488		2,431,560
Horizon Therapeutics plc*		38,687		2,394,339
Biohaven Pharmaceutical Holding Company Ltd.*		14,318		2,164,452
Sarepta Therapeutics, Inc.*		17,815		1,969,270
United Therapeutics Corp.*		9,387		1,965,450
BioNTech SE ADR		13,818		1,863,772
Apellis Pharmaceuticals, Inc.*		26,729		1,825,591
CRISPR Therapeutics AG*		25,908		1,693,088
Ionis Pharmaceuticals, Inc.*		36,295		1,605,328
Halozyme Therapeutics, Inc.*		37,908		1,498,882
Guardant Health, Inc.*		27,255		1,467,137
Global Blood Therapeutics, Inc.*		20,752		1,413,211
Exelixis, Inc.*		88,121		1,381,737
Cytokinetics, Inc.*		27,268		1,321,135
ChemoCentryx, Inc.*		24,470		1,264,120
Intellia Therapeutics, Inc.*		22,571		1,263,073
Denali Therapeutics, Inc.*		41,100		1,261,359
Blueprint Medicines Corp.*		18,462		1,216,461
Mirati Therapeutics, Inc.*		16,901		1,180,366
Arrowhead Pharmaceuticals, Inc.*		34,490		1,139,895
Beam Therapeutics, Inc.*		22,944		1,093,052
Ultragenyx Pharmaceutical, Inc.*		24,697		1,022,703
BioCryst Pharmaceuticals, Inc.*		77,429		975,605
Fate Therapeutics, Inc.*		38,633		865,766
Twist Bioscience Corp.*		23,472		827,153
Iovance Biotherapeutics, Inc.*		78,008		747,317
Veracyte, Inc.*		39,120		649,392
NeoGenomics, Inc.*		72,438		623,691
Emergent BioSolutions, Inc.*		29,181		612,509
Novavax, Inc.*		32,604		593,393
Editas Medicine, Inc.*		43,164		528,327
Total Biotechnology				92,395,296
Pharmaceuticals - 16.4%
AbbVie, Inc.		73,391		9,849,806
AstraZeneca plc ADR		66,089		3,624,321
Neurocrine Biosciences, Inc.*		19,673		2,089,469
Viatris, Inc.		230,233		1,961,585
Jazz Pharmaceuticals plc*		12,765		1,701,447
Ironwood Pharmaceuticals, Inc. — Class A*		77,515		803,056
Total Pharmaceuticals				20,029,684
Healthcare-Products - 4.3%
Bio-Techne Corp.		6,989		1,984,876
Exact Sciences Corp.*		43,377		1,409,319
Natera, Inc.*		28,141		1,233,138
CareDx, Inc.*		34,657		589,862
Total Healthcare-Products				5,217,195
Healthcare-Services - 3.5%
ICON plc*		8,701		1,599,070
Medpace Holdings, Inc.*		9,101		1,430,404
Syneos Health, Inc.*		26,788		1,263,054
Total Healthcare-Services				4,292,528
Total Common Stocks
(Cost $70,150,002)				121,934,703
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.7%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	488,926		488,926
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		188,048		188,048
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		182,482		182,482
Total Repurchase Agreements
(Cost $859,456)				859,456
Total Investments - 100.4%
(Cost $71,009,458)			$	122,794,159
Other Assets & Liabilities, net - (0.4)%				(457,190	)
Total Net Assets - 100.0%			$	122,336,969

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 25

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
BIOTECHNOLOGY FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	121,934,703	$	—	$	—	$	121,934,703
Repurchase Agreements		—		859,456		—		859,456
Total Assets	$	121,934,703	$	859,456	$	—	$	122,794,159

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

BIOTECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $70,150,002)	$	121,934,703
Repurchase agreements, at value (cost $859,456)		859,456
Receivables:
Securities lending income		5,974
Fund shares sold		4,737
Foreign tax reclaims		4,335
Interest		70
Total assets		122,809,275
Liabilities:
Payable for:
Fund shares redeemed		209,933
Management fees		89,303
Transfer agent and administrative fees		45,003
Professional fees		27,558
Portfolio accounting/administration fees		16,021
Distribution and service fees		6,704
Trustees’ fees*		1,892
Miscellaneous		75,892
Total liabilities		472,306
Net assets	$	122,336,969
Net assets consist of:
Paid in capital	$	80,018,365
Total distributable earnings (loss)		42,318,604
Net assets	$	122,336,969
Investor Class:
Net assets	$	97,767,915
Capital shares outstanding		1,518,416
Net asset value per share	$	64.39
A-Class:
Net assets	$	16,471,064
Capital shares outstanding		293,408
Net asset value per share	$	56.14
Maximum offering price per share (Net asset value divided by 95.25%)	$	58.94
C-Class:
Net assets	$	2,163,296
Capital shares outstanding		48,384
Net asset value per share	$	44.71
H-Class:
Net assets	$	5,934,694
Capital shares outstanding		110,723
Net asset value per share	$	53.60

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $6,074)	$	680,387
Interest		4,780
Income from securities lending, net		52,592
Total investment income		737,759
Expenses:
Management fees		594,427
Distribution and service fees:
A-Class		22,408
C-Class		12,559
H-Class		8,391
Transfer agent and administrative fees		164,615
Portfolio accounting/administration fees		88,593
Professional fees		28,440
Trustees’ fees*		11,346
Custodian fees		10,175
Miscellaneous		76,007
Total expenses		1,016,961
Net investment loss		(279,202	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(5,408,247	)
Net realized loss		(5,408,247	)
Net change in unrealized appreciation (depreciation) on:
Investments		(12,751,621	)
Net change in unrealized appreciation (depreciation)		(12,751,621	)
Net realized and unrealized loss		(18,159,868	)
Net decrease in net assets resulting from operations	$	(18,439,070	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 27

BIOTECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(279,202	)	$	(1,175,713	)
Net realized gain (loss) on investments		(5,408,247	)		12,588,668
Net change in unrealized appreciation (depreciation) on investments		(12,751,621	)		(22,670,440	)
Net decrease in net assets resulting from operations		(18,439,070	)		(11,257,485	)
Distributions to shareholders:
Investor Class		—			(23,744,351	)
A-Class		—			(4,221,623	)
C-Class		—			(1,013,611	)
H-Class		—			(2,107,725	)
Total distributions to shareholders		—			(31,087,310	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		38,136,876			55,644,687
A-Class		3,164,482			4,868,126
C-Class		190,931			994,793
H-Class		718,268			11,528,352
Distributions reinvested
Investor Class		—			22,672,327
A-Class		—			4,154,552
C-Class		—			984,202
H-Class		—			2,103,907
Cost of shares redeemed
Investor Class		(48,189,716	)		(74,858,687	)
A-Class		(3,642,048	)		(6,337,911	)
C-Class		(836,945	)		(5,855,149	)
H-Class		(3,332,493	)		(10,595,896	)
Net increase (decrease) from capital share transactions		(13,790,645	)		5,303,303
Net decrease in net assets		(32,229,715	)		(37,041,492	)
Net assets:
Beginning of period		154,566,684			191,608,176
End of period	$	122,336,969		$	154,566,684
Capital share activity:
Shares sold
Investor Class		552,186			619,547
A-Class		53,494			59,701
C-Class		3,910			14,874
H-Class		12,904			149,625
Shares issued from reinvestment of distributions
Investor Class		—			280,633
A-Class		—			58,863
C-Class		—			17,401
H-Class		—			31,220
Shares redeemed
Investor Class		(708,857	)		(836,763	)
A-Class		(61,156	)		(82,507	)
C-Class		(17,582	)		(86,166	)
H-Class		(55,265	)		(145,705	)
Net increase (decrease) in shares		(220,366	)		80,723

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

BIOTECHNOLOGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	73.30		$	94.01		$	71.72		$	83.02		$	87.17		$	79.72
Income (loss) from investment operations:
Net investment income (loss)b		(.11	)		(.52	)		(.58	)		(.44	)		(.68	)		(.62	)
Net gain (loss) on investments (realized and unrealized)		(8.80	)		(4.42	)		29.82			(7.26	)		6.42			12.77
Total from investment operations		(8.91	)		(4.94	)		29.24			(7.70	)		5.74			12.15
Less distributions from:
Net realized gains		—			(15.77	)		(6.95	)		(3.60	)		(9.89	)		(4.70	)
Total distributions		—			(15.77	)		(6.95	)		(3.60	)		(9.89	)		(4.70	)
Net asset value, end of period	$	64.39		$	73.30		$	94.01		$	71.72		$	83.02		$	87.17
Total Return		(12.16	%)		(6.81	%)		40.80	%		(9.91	%)		7.94	%		15.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	97,768		$	122,777		$	151,506		$	122,194		$	177,344		$	210,564
Ratios to average net assets:
Net investment income (loss)		(0.34	%)		(0.56	%)		(0.62	%)		(0.56	%)		(0.79	%)		(0.70	%)
Total expenses		1.39	%		1.36	%		1.45	%		1.48	%		1.46	%		1.37	%
Portfolio turnover rate		31	%		65	%		115	%		64	%		100	%		105	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	63.98		$	84.21		$	64.92		$	75.66		$	80.55		$	74.16
Income (loss) from investment operations:
Net investment income (loss)b		(.18	)		(.65	)		(.73	)		(.57	)		(.82	)		(.76	)
Net gain (loss) on investments (realized and unrealized)		(7.66	)		(3.81	)		26.97			(6.57	)		5.82			11.85
Total from investment operations		(7.84	)		(4.46	)		26.24			(7.14	)		5.00			11.09
Less distributions from:
Net realized gains		—			(15.77	)		(6.95	)		(3.60	)		(9.89	)		(4.70	)
Total distributions		—			(15.77	)		(6.95	)		(3.60	)		(9.89	)		(4.70	)
Net asset value, end of period	$	56.14		$	63.98		$	84.21		$	64.92		$	75.66		$	80.55
Total Returnc		(12.25	%)		(7.04	%)		40.44	%		(10.14	%)		7.68	%		15.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,471		$	19,263		$	22,317		$	14,565		$	23,199		$	27,370
Ratios to average net assets:
Net investment income (loss)		(0.59	%)		(0.80	%)		(0.87	%)		(0.80	%)		(1.04	%)		(0.93	%)
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.71	%		1.62	%
Portfolio turnover rate		31	%		65	%		115	%		64	%		100	%		105	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 29

BIOTECHNOLOGY 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	51.15		$	70.90		$	55.85		$	66.05		$	72.14		$	67.34
Income (loss) from investment operations:
Net investment income (loss)b		(.32	)		(1.09	)		(1.15	)		(.97	)		(1.27	)		(1.25	)
Net gain (loss) on investments (realized and unrealized)		(6.12	)		(2.89	)		23.15			(5.63	)		5.07			10.75
Total from investment operations		(6.44	)		(3.98	)		22.00			(6.60	)		3.80			9.50
Less distributions from:
Net realized gains		—			(15.77	)		(6.95	)		(3.60	)		(9.89	)		(4.70	)
Total distributions		—			(15.77	)		(6.95	)		(3.60	)		(9.89	)		(4.70	)
Net asset value, end of period	$	44.71		$	51.15		$	70.90		$	55.85		$	66.05		$	72.14
Total Returnc		(12.59	%)		(7.74	%)		39.39	%		(10.80	%)		6.87	%		14.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,163		$	3,174		$	8,221		$	8,692		$	14,248		$	20,104
Ratios to average net assets:
Net investment income (loss)		(1.34	%)		(1.58	%)		(1.61	%)		(1.56	%)		(1.79	%)		(1.70	%)
Total expenses		2.39	%		2.36	%		2.45	%		2.48	%		2.46	%		2.37	%
Portfolio turnover rate		31	%		65	%		115	%		64	%		100	%		105	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	61.09		$	81.10		$	62.70		$	73.18		$	78.26		$	72.16
Income (loss) from investment operations:
Net investment income (loss)b		(.17	)		(.64	)		(.66	)		(.59	)		(.82	)		(.69	)
Net gain (loss) on investments (realized and unrealized)		(7.32	)		(3.60	)		26.01			(6.29	)		5.63			11.49
Total from investment operations		(7.49	)		(4.24	)		25.35			(6.88	)		4.81			10.80
Less distributions from:
Net realized gains		—			(15.77	)		(6.95	)		(3.60	)		(9.89	)		(4.70	)
Total distributions		—			(15.77	)		(6.95	)		(3.60	)		(9.89	)		(4.70	)
Net asset value, end of period	$	53.60		$	61.09		$	81.10		$	62.70		$	73.18		$	78.26
Total Return		(12.26	%)		(7.04	%)		40.45	%		(10.12	%)		7.66	%		15.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,935		$	9,352		$	9,565		$	8,365		$	13,315		$	19,905
Ratios to average net assets:
Net investment income (loss)		(0.59	%)		(0.82	%)		(0.83	%)		(0.85	%)		(1.06	%)		(0.87	%)
Total expenses		1.64	%		1.61	%		1.72	%		1.73	%		1.71	%		1.62	%
Portfolio turnover rate		31	%		65	%		115	%		64	%		100	%		105	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

CONSUMER PRODUCTS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in manufacturing finished goods and services both domestically and internationally (“Consumer Products Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	July 6, 1998
A-Class	September 1, 2004
C-Class	July 24, 2001
H-Class	August 17, 1998

Ten Largest Holdings (% of Total Net Assets)
Procter & Gamble Co.	6.4%
Coca-Cola Co.	5.7%
PepsiCo, Inc.	5.7%
Philip Morris International, Inc.	4.1%
Mondelez International, Inc. — Class A	3.2%
Estee Lauder Companies, Inc. — Class A	3.1%
Altria Group, Inc.	3.1%
Colgate-Palmolive Co.	2.8%
Keurig Dr Pepper, Inc.	2.7%
General Mills, Inc.	2.6%
Top Ten Total	39.4%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(10.72%)	(3.80%)	4.12%	7.89%
A-Class Shares	(10.84%)	(4.04%)	3.86%	7.61%
A-Class Shares with sales charge‡	(15.08%)	(8.61%)	2.86%	7.09%
C-Class Shares	(11.18%)	(4.75%)	3.09%	6.81%
C-Class Shares with CDSC§	(12.07%)	(5.53%)	3.09%	6.81%
H-Class Shares**	(10.84%)	(4.04%)	3.86%	7.53%
S&P 500 Consumer Staples Index	(10.93%)	(0.09%)	7.60%	9.51%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Consumer Staples Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported return.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
CONSUMER PRODUCTS FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Food - 37.7%
Mondelez International, Inc. — Class A		42,903	$	2,352,371
General Mills, Inc.		25,430		1,948,192
Hershey Co.		8,643		1,905,522
Kraft Heinz Co.		52,541		1,752,242
Sysco Corp.		22,312		1,577,682
Kroger Co.		33,534		1,467,113
Hormel Foods Corp.		31,004		1,408,822
Kellogg Co.		19,733		1,374,601
Tyson Foods, Inc. — Class A		19,782		1,304,227
McCormick & Company, Inc.		16,665		1,187,715
Conagra Brands, Inc.		33,950		1,107,788
J M Smucker Co.		7,933		1,090,074
Campbell Soup Co.		22,753		1,072,121
Albertsons Companies, Inc. — Class A		38,381		954,152
Lamb Weston Holdings, Inc.		12,225		945,971
Performance Food Group Co.*		15,645		671,953
US Foods Holding Corp.*		24,263		641,514
Ingredion, Inc.		7,916		637,396
Flowers Foods, Inc.		25,544		630,681
Post Holdings, Inc.*		7,410		606,953
Hostess Brands, Inc.*		21,733		505,075
Grocery Outlet Holding Corp.*		14,478		481,973
Sprouts Farmers Market, Inc.*		16,975		471,056
Cal-Maine Foods, Inc.		8,324		462,731
TreeHouse Foods, Inc.*		10,193		432,387
United Natural Foods, Inc.*		10,324		354,836
Hain Celestial Group, Inc.*		19,032		321,260
Beyond Meat, Inc.*,1		15,171		214,973
Total Food				27,881,381
Beverages - 26.6%
Coca-Cola Co.		75,661		4,238,529
PepsiCo, Inc.		25,634		4,185,007
Keurig Dr Pepper, Inc.		54,875		1,965,623
Monster Beverage Corp.*		21,643		1,882,075
Constellation Brands, Inc. — Class A		7,990		1,835,143
Brown-Forman Corp. — Class B		23,137		1,540,230
Molson Coors Beverage Co. — Class B		18,623		893,718
Celsius Holdings, Inc.*		7,606		689,712
Coca-Cola Europacific Partners plc		16,094		685,926
Anheuser-Busch InBev S.A. ADR1		14,078		635,763
Fomento Economico Mexicano SAB de CV ADR1		9,606		602,777
Boston Beer Company, Inc. — Class A*		1,722		557,325
Total Beverages				19,711,828
Agriculture - 13.0%
Philip Morris International, Inc.		36,292		3,012,599
Altria Group, Inc.		57,037		2,303,154
Archer-Daniels-Midland Co.		22,484		1,808,838
Bunge Ltd.		11,352		937,334
Darling Ingredients, Inc.*		12,952		856,775
British American Tobacco plc ADR		19,382		688,061
Total Agriculture				9,606,761
Cosmetics & Personal Care - 12.8%
Procter & Gamble Co.		37,516		4,736,395
Estee Lauder Companies, Inc. — Class A		10,748		2,320,493
Colgate-Palmolive Co.		29,706		2,086,846
Beauty Health Co.*		31,330		369,381
Total Cosmetics & Personal Care				9,513,115
Household Products & Housewares - 5.6%
Kimberly-Clark Corp.		14,820		1,667,843
Church & Dwight Company, Inc.		15,669		1,119,393
Clorox Co.		8,283		1,063,454
Spectrum Brands Holdings, Inc.		7,386		288,276
Total Household Products & Housewares				4,138,966
Retail - 2.1%
Casey’s General Stores, Inc.		3,721		753,577
Freshpet, Inc.*		9,940		497,894
Nu Skin Enterprises, Inc. — Class A		10,103		337,137
Total Retail				1,588,608
Pharmaceuticals - 1.1%
BellRing Brands, Inc.*		21,170		436,314
Herbalife Nutrition Ltd.*		18,803		373,991
Total Pharmaceuticals				810,305
Electrical Components & Equipment - 0.5%
Energizer Holdings, Inc.		14,355		360,885
Total Common Stocks
(Cost $43,300,327)				73,611,849
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	194,723		194,723
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		74,893		74,893
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		72,677		72,677
Total Repurchase Agreements
(Cost $342,293)				342,293

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
CONSUMER PRODUCTS FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 0.2%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		158,017	$	158,017
Total Securities Lending Collateral
(Cost $158,017)				158,017
Total Investments - 100.1%
(Cost $43,800,637)			$	74,112,159
Other Assets & Liabilities, net - (0.1)%				(93,628	)
Total Net Assets - 100.0%			$	74,018,531

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	73,611,849	$	—	$	—	$	73,611,849
Repurchase Agreements		—		342,293		—		342,293
Securities Lending Collateral		158,017		—		—		158,017
Total Assets	$	73,769,866	$	342,293	$	—	$	74,112,159

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 33

CONSUMER PRODUCTS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $151,803 of securities loaned (cost $43,458,344)	$	73,769,866
Repurchase agreements, at value (cost $342,293)		342,293
Receivables:
Dividends		201,132
Fund shares sold		46,953
Securities lending income		2,924
Foreign tax reclaims		1,389
Interest		28
Total assets		74,364,585
Liabilities:
Payable for:
Return of securities lending collateral		158,017
Management fees		57,256
Transfer agent and administrative fees		27,405
Fund shares redeemed		22,652
Portfolio accounting/administration fees		10,272
Distribution and service fees		6,807
Trustees’ fees*		1,143
Miscellaneous		62,502
Total liabilities		346,054
Net assets	$	74,018,531
Net assets consist of:
Paid in capital	$	40,381,275
Total distributable earnings (loss)		33,637,256
Net assets	$	74,018,531
Investor Class:
Net assets	$	58,153,355
Capital shares outstanding		1,076,133
Net asset value per share	$	54.04
A-Class:
Net assets	$	9,203,088
Capital shares outstanding		194,561
Net asset value per share	$	47.30
Maximum offering price per share (Net asset value divided by 95.25%)	$	49.66
C-Class:
Net assets	$	4,935,322
Capital shares outstanding		135,060
Net asset value per share	$	36.54
H-Class:
Net assets	$	1,726,766
Capital shares outstanding		38,525
Net asset value per share	$	44.82

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends	$	1,000,038
Interest		3,067
Income from securities lending, net		140,094
Total investment income		1,143,199
Expenses:
Management fees		369,163
Distribution and service fees:
A-Class		12,368
C-Class		29,430
H-Class		2,816
Transfer agent and administrative fees		102,611
Portfolio accounting/administration fees		54,635
Professional fees		18,842
Trustees’ fees*		6,549
Custodian fees		6,277
Line of credit fees		51
Miscellaneous		46,572
Total expenses		649,314
Net investment income		493,885
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		4,160,361
Net realized gain		4,160,361
Net change in unrealized appreciation (depreciation) on:
Investments		(14,214,307	)
Net change in unrealized appreciation (depreciation)		(14,214,307	)
Net realized and unrealized loss		(10,053,946	)
Net decrease in net assets resulting from operations	$	(9,560,061	)

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

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

CONSUMER PRODUCTS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	493,885		$	871,947
Net realized gain on investments		4,160,361			14,373,645
Net change in unrealized appreciation (depreciation) on investments		(14,214,307	)		(11,356,625	)
Net increase (decrease) in net assets resulting from operations		(9,560,061	)		3,888,967
Distributions to shareholders:
Investor Class		—			(8,985,729	)
A-Class		—			(1,536,855	)
C-Class		—			(1,275,508	)
H-Class		—			(846,731	)
Total distributions to shareholders		—			(12,644,823	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		36,596,881			73,605,684
A-Class		2,128,741			1,912,283
C-Class		127,071			1,052,146
H-Class		230,123			3,640,736
Distributions reinvested
Investor Class		—			8,768,762
A-Class		—			1,516,110
C-Class		—			1,249,393
H-Class		—			846,351
Cost of shares redeemed
Investor Class		(38,479,453	)		(91,846,100	)
A-Class		(1,597,960	)		(3,272,082	)
C-Class		(1,151,127	)		(3,751,701	)
H-Class		(728,563	)		(6,921,884	)
Net decrease from capital share transactions		(2,874,287	)		(13,200,302	)
Net decrease in net assets		(12,434,348	)		(21,956,158	)
Net assets:
Beginning of period		86,452,879			108,409,037
End of period	$	74,018,531		$	86,452,879
Capital share activity:
Shares sold
Investor Class		607,066			1,163,888
A-Class		40,387			32,676
C-Class		3,080			22,369
H-Class		4,693			69,300
Shares issued from reinvestment of distributions
Investor Class		—			151,551
A-Class		—			29,874
C-Class		—			31,670
H-Class		—			17,599
Shares redeemed
Investor Class		(647,974	)		(1,442,836	)
A-Class		(30,942	)		(57,436	)
C-Class		(27,933	)		(79,717	)
H-Class		(14,759	)		(136,464	)
Net decrease in shares		(66,382	)		(197,526	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 35

CONSUMER PRODUCTS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	60.53		$	66.72		$	52.88		$	59.56		$	61.08		$	66.06
Income (loss) from investment operations:
Net investment income (loss)b		.37			.66			.70			.72			.92			.56
Net gain (loss) on investments (realized and unrealized)		(6.86	)		2.18			18.44			(5.71	)		1.40			(.37	)
Total from investment operations		(6.49	)		2.84			19.14			(4.99	)		2.32			.19
Less distributions from:
Net investment income		—			(.62	)		(.73	)		(.77	)		(.80	)		(.44	)
Net realized gains		—			(8.41	)		(4.57	)		(.92	)		(3.04	)		(4.73	)
Total distributions		—			(9.03	)		(5.30	)		(1.69	)		(3.84	)		(5.17	)
Net asset value, end of period	$	54.04		$	60.53		$	66.72		$	52.88		$	59.56		$	61.08
Total Return		(10.72	%)		4.89	%		36.78	%		(8.81	%)		4.09	%		(0.04	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	58,153		$	67,612		$	83,023		$	79,890		$	142,633		$	152,717
Ratios to average net assets:
Net investment income (loss)		1.24	%		1.01	%		1.12	%		1.17	%		1.56	%		0.86	%
Total expenses		1.39	%		1.36	%		1.45	%		1.47	%		1.46	%		1.38	%
Portfolio turnover rate		34	%		60	%		38	%		59	%		84	%		80	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	53.05		$	59.72		$	47.88		$	54.21		$	56.08		$	61.21
Income (loss) from investment operations:
Net investment income (loss)b		.26			.44			.50			.51			.69			.36
Net gain (loss) on investments (realized and unrealized)		(6.01	)		1.92			16.64			(5.15	)		1.28			(.32	)
Total from investment operations		(5.75	)		2.36			17.14			(4.64	)		1.97			.04
Less distributions from:
Net investment income		—			(.62	)		(.73	)		(.77	)		(.80	)		(.44	)
Net realized gains		—			(8.41	)		(4.57	)		(.92	)		(3.04	)		(4.73	)
Total distributions		—			(9.03	)		(5.30	)		(1.69	)		(3.84	)		(5.17	)
Net asset value, end of period	$	47.30		$	53.05		$	59.72		$	47.88		$	54.21		$	56.08
Total Returnc		(10.84	%)		4.65	%		36.43	%		(9.04	%)		3.82	%		(0.28	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,203		$	9,820		$	10,751		$	8,561		$	13,659		$	25,698
Ratios to average net assets:
Net investment income (loss)		1.00	%		0.76	%		0.89	%		0.92	%		1.28	%		0.60	%
Total expenses		1.64	%		1.61	%		1.69	%		1.72	%		1.71	%		1.63	%
Portfolio turnover rate		34	%		60	%		38	%		59	%		84	%		80	%

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

CONSUMER PRODUCTS 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	41.14		$	48.68		$	40.08		$	45.98		$	48.50		$	54.00
Income (loss) from investment operations:
Net investment income (loss)b		.05			—			.06			.08			.28			(.07	)
Net gain (loss) on investments (realized and unrealized)		(4.65	)		1.49			13.84			(4.29	)		1.04			(.26	)
Total from investment operations		(4.60	)		1.49			13.90			(4.21	)		1.32			(.33	)
Less distributions from:
Net investment income		—			(.62	)		(.73	)		(.77	)		(.80	)		(.44	)
Net realized gains		—			(8.41	)		(4.57	)		(.92	)		(3.04	)		(4.73	)
Total distributions		—			(9.03	)		(5.30	)		(1.69	)		(3.84	)		(5.17	)
Net asset value, end of period	$	36.54		$	41.14		$	48.68		$	40.08		$	45.98		$	48.50
Total Returnc		(11.18	%)		3.87	%		35.40	%		(9.73	%)		3.06	%		(1.02	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,935		$	6,578		$	9,035		$	9,816		$	14,976		$	23,531
Ratios to average net assets:
Net investment income (loss)		0.24	%		—			0.12	%		0.16	%		0.60	%		(0.13	%)
Total expenses		2.39	%		2.36	%		2.45	%		2.47	%		2.46	%		2.38	%
Portfolio turnover rate		34	%		60	%		38	%		59	%		84	%		80	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	50.27		$	57.06		$	45.93		$	52.07		$	54.02		$	59.15
Income (loss) from investment operations:
Net investment income (loss)b		.24			.38			.49			.46			.69			.38
Net gain (loss) on investments (realized and unrealized)		(5.69	)		1.86			15.94			(4.91	)		1.20			(.34	)
Total from investment operations		(5.45	)		2.24			16.43			(4.45	)		1.89			.04
Less distributions from:
Net investment income		—			(.62	)		(.73	)		(.77	)		(.80	)		(.44	)
Net realized gains		—			(8.41	)		(4.57	)		(.92	)		(3.04	)		(4.73	)
Total distributions		—			(9.03	)		(5.30	)		(1.69	)		(3.84	)		(5.17	)
Net asset value, end of period	$	44.82		$	50.27		$	57.06		$	45.93		$	52.07		$	54.02
Total Return		(10.84	%)		4.65	%		36.43	%		(9.05	%)		3.84	%		(0.32	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,727		$	2,443		$	5,601		$	4,284		$	10,118		$	10,788
Ratios to average net assets:
Net investment income (loss)		0.98	%		0.68	%		0.90	%		0.86	%		1.32	%		0.65	%
Total expenses		1.64	%		1.61	%		1.69	%		1.72	%		1.71	%		1.63	%
Portfolio turnover rate		34	%		60	%		38	%		59	%		84	%		80	%

a	Unaudited figures for the period ended September 30, 2022. 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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 37

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

ELECTRONICS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the electronics sector, including semiconductor manufacturers and distributors, and makers and vendors of other electronic components and devices (“Electronics Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 26, 2001
H-Class	April 2, 1998

Ten Largest Holdings (% of Total Net Assets)
NVIDIA Corp.	7.9%
Broadcom, Inc.	6.1%
Texas Instruments, Inc.	5.6%
QUALCOMM, Inc.	5.1%
Intel Corp.	4.6%
Advanced Micro Devices, Inc.	4.3%
Analog Devices, Inc.	4.0%
Applied Materials, Inc.	3.8%
Micron Technology, Inc.	3.4%
Lam Research Corp.	3.1%
Top Ten Total	47.9%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(30.02%)	(25.40%)	14.82%	18.36%
A-Class Shares	(30.11%)	(25.58%)	14.54%	18.07%
A-Class Shares with sales charge‡	(33.43%)	(29.12%)	13.43%	17.49%
C-Class Shares	(30.37%)	(26.15%)	13.68%	17.17%
C-Class Shares with CDSC§	(31.07%)	(26.86%)	13.68%	17.17%
H-Class Shares**	(30.11%)	(25.59%)	14.53%	17.96%
S&P 500 Information Technology Index	(25.19%)	(20.00%)	16.74%	17.09%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

38 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
ELECTRONICS FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Semiconductors - 89.4%
NVIDIA Corp.		18,633	$	2,261,860
Broadcom, Inc.		3,948		1,752,952
Texas Instruments, Inc.		10,367		1,604,604
QUALCOMM, Inc.		13,068		1,476,423
Intel Corp.		51,147		1,318,058
Advanced Micro Devices, Inc.*		19,429		1,231,021
Analog Devices, Inc.		8,189		1,141,055
Applied Materials, Inc.		13,378		1,096,060
Micron Technology, Inc.		19,621		983,012
Lam Research Corp.		2,471		904,386
KLA Corp.		2,815		851,903
Taiwan Semiconductor Manufacturing Company Ltd. ADR		12,221		837,872
Marvell Technology, Inc.		18,539		795,509
Microchip Technology, Inc.		12,879		786,005
NXP Semiconductor N.V.		5,063		746,843
ON Semiconductor Corp.*		10,998		685,505
GLOBALFOUNDRIES, Inc.*,1		13,489		652,193
ASML Holding N.V. — Class G		1,497		621,779
Monolithic Power Systems, Inc.		1,459		530,201
Wolfspeed, Inc.*		4,660		481,658
Skyworks Solutions, Inc.		5,603		477,768
STMicroelectronics N.V. — Class Y1		15,047		465,554
Teradyne, Inc.		5,960		447,894
Entegris, Inc.		5,394		447,810
Qorvo, Inc.*		4,707		373,783
Lattice Semiconductor Corp.*		7,049		346,881
MKS Instruments, Inc.		3,658		302,297
Silicon Laboratories, Inc.*		2,303		284,282
Amkor Technology, Inc.		15,805		269,475
Cirrus Logic, Inc.*		3,861		265,637
Power Integrations, Inc.		4,043		260,046
Synaptics, Inc.*		2,569		254,357
MaxLinear, Inc. — Class A*		6,429		209,714
Ambarella, Inc.*		3,301		185,450
Semtech Corp.*		6,051		177,960
SiTime Corp.*		2,040		160,609
Total Semiconductors				25,688,416
Energy-Alternate Sources - 7.0%
Enphase Energy, Inc.*		2,970		824,086
First Solar, Inc.*		3,965		524,450
SolarEdge Technologies, Inc.*		1,821		421,489
SunPower Corp. — Class A*		11,099		255,721
Total Energy-Alternate Sources				2,025,746
Chemicals - 1.4%
Daqo New Energy Corp. ADR*		7,646		405,850
Electrical Components & Equipment - 1.0%
Universal Display Corp.		2,964		279,653
Healthcare-Products - 0.8%
Azenta, Inc.		5,306		227,415
Total Common Stocks
(Cost $18,327,440)				28,627,080
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.1%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	9,943		9,943
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		3,824		3,824
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		3,711		3,711
Total Repurchase Agreements
(Cost $17,478)				17,478
	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.9%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		829,466		829,466
Total Securities Lending Collateral
(Cost $829,466)				829,466
Total Investments - 102.6%
(Cost $19,174,384)			$	29,474,024
Other Assets & Liabilities, net - (2.6)%				(737,572	)
Total Net Assets - 100.0%			$	28,736,452

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 39

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
ELECTRONICS FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	28,627,080	$	—	$	—	$	28,627,080
Repurchase Agreements		—		17,478		—		17,478
Securities Lending Collateral		829,466		—		—		829,466
Total Assets	$	29,456,546	$	17,478	$	—	$	29,474,024

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

ELECTRONICS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $782,602 of securities loaned (cost $19,156,906)	$	29,456,546
Repurchase agreements, at value (cost $17,478)		17,478
Receivables:
Securities sold		181,571
Fund shares sold		76,413
Dividends		13,440
Securities lending income		951
Total assets		29,746,399
Liabilities:
Payable for:
Return of securities lending collateral		829,466
Fund shares redeemed		108,595
Management fees		22,473
Transfer agent and administrative fees		11,850
Portfolio accounting/administration fees		4,032
Distribution and service fees		2,136
Trustees’ fees*		563
Miscellaneous		30,832
Total liabilities		1,009,947
Net assets	$	28,736,452
Net assets consist of:
Paid in capital	$	25,597,085
Total distributable earnings (loss)		3,139,367
Net assets	$	28,736,452
Investor Class:
Net assets	$	22,752,233
Capital shares outstanding		106,757
Net asset value per share	$	213.12
A-Class:
Net assets	$	3,972,261
Capital shares outstanding		20,415
Net asset value per share	$	194.58
Maximum offering price per share (Net asset value divided by 95.25%)	$	204.28
C-Class:
Net assets	$	1,033,676
Capital shares outstanding		6,202
Net asset value per share	$	166.67
H-Class:
Net assets	$	978,282
Capital shares outstanding		5,189
Net asset value per share	$	188.53

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $1,597)	$	215,385
Interest		1,641
Income from securities lending, net		2,696
Total investment income		219,722
Expenses:
Management fees		162,604
Distribution and service fees:
A-Class		6,300
C-Class		6,754
H-Class		1,648
Transfer agent and administrative fees		45,612
Portfolio accounting/administration fees		24,101
Registration fees		14,364
Professional fees		9,238
Trustees’ fees*		4,072
Custodian fees		2,879
Miscellaneous		3,631
Total expenses		281,203
Net investment loss		(61,481	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(286,746	)
Net realized loss		(286,746	)
Net change in unrealized appreciation (depreciation) on:
Investments		(13,222,806	)
Net change in unrealized appreciation (depreciation)		(13,222,806	)
Net realized and unrealized loss		(13,509,552	)
Net decrease in net assets resulting from operations	$	(13,571,033	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 41

ELECTRONICS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(61,481	)	$	(373,019	)
Net realized loss on investments		(286,746	)		(71,238	)
Net change in unrealized appreciation (depreciation) on investments		(13,222,806	)		(4,976,021	)
Net decrease in net assets resulting from operations		(13,571,033	)		(5,420,278	)
Distributions to shareholders:
Investor Class		—			(2,283,199	)
A-Class		—			(397,140	)
C-Class		—			(114,035	)
H-Class		—			(182,571	)
Total distributions to shareholders		—			(2,976,945	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		31,428,520			182,248,214
A-Class		1,349,267			12,659,571
C-Class		438,626			1,789,573
H-Class		540,939			26,552,857
Distributions reinvested
Investor Class		—			2,241,300
A-Class		—			395,788
C-Class		—			113,652
H-Class		—			182,550
Cost of shares redeemed
Investor Class		(58,824,313	)		(171,070,528	)
A-Class		(4,243,541	)		(8,523,286	)
C-Class		(721,255	)		(3,204,867	)
H-Class		(1,115,257	)		(33,383,135	)
Net increase (decrease) from capital share transactions		(31,147,014	)		10,001,689
Net increase (decrease) in net assets		(44,718,047	)		1,604,466
Net assets:
Beginning of period		73,454,499			71,850,033
End of period	$	28,736,452		$	73,454,499
Capital share activity:
Shares sold
Investor Class		119,524			563,688
A-Class		5,637			41,690
C-Class		2,083			7,357
H-Class		2,316			94,680
Shares issued from reinvestment of distributions
Investor Class		—			6,380
A-Class		—			1,232
C-Class		—			410
H-Class		—			586
Shares redeemed
Investor Class		(212,199	)		(566,974	)
A-Class		(16,930	)		(31,123	)
C-Class		(3,559	)		(13,331	)
H-Class		(4,732	)		(121,028	)
Net decrease in shares		(107,860	)		(16,433	)

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

ELECTRONICS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	304.55		$	281.78		$	137.65		$	126.31		$	136.98		$	110.00
Income (loss) from investment operations:
Net investment income (loss)b		(.32	)		(1.59	)		(.71	)		—	c		.27			(.11	)
Net gain (loss) on investments (realized and unrealized)		(91.11	)		35.88			150.08			11.35			(.29	)		27.15
Total from investment operations		(91.43	)		34.29			149.37			11.35			(.02	)		27.04
Less distributions from:
Net investment income		—			—			—			(.01	)		—			(.06	)
Net realized gains		—			(11.52	)		(5.24	)		—			(10.65	)		—
Total distributions		—			(11.52	)		(5.24	)		(.01	)		(10.65	)		(.06	)
Net asset value, end of period	$	213.12		$	304.55		$	281.78		$	137.65		$	126.31		$	136.98
Total Return		(30.02	%)		11.63	%		109.05	%		8.99	%		1.35	%		24.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	22,752		$	60,738		$	55,324		$	38,634		$	18,642		$	54,505
Ratios to average net assets:
Net investment income (loss)		(0.25	%)		(0.51	%)		(0.33	%)		—	e		0.21	%		(0.08	%)
Total expenses		1.39	%		1.36	%		1.44	%		1.48	%		1.46	%		1.38	%
Portfolio turnover rate		63	%		281	%		163	%		265	%		521	%		457	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	278.40		$	259.00		$	127.06		$	116.88		$	127.98		$	103.03
Income (loss) from investment operations:
Net investment income (loss)b		(.58	)		(2.15	)		(1.15	)		(.31	)		(.03	)		(.33	)
Net gain (loss) on investments (realized and unrealized)		(83.24	)		33.07			138.33			10.50			(.42	)		25.34
Total from investment operations		(83.82	)		30.92			137.18			10.19			(.45	)		25.01
Less distributions from:
Net investment income		—			—			—			(.01	)		—			(.06	)
Net realized gains		—			(11.52	)		(5.24	)		—			(10.65	)		—
Total distributions		—			(11.52	)		(5.24	)		(.01	)		(10.65	)		(.06	)
Net asset value, end of period	$	194.58		$	278.40		$	259.00		$	127.06		$	116.88		$	127.98
Total Returnd		(30.11	%)		11.35	%		108.53	%		8.72	%		1.10	%		24.29	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,972		$	8,827		$	5,156		$	2,120		$	3,908		$	3,122
Ratios to average net assets:
Net investment income (loss)		(0.49	%)		(0.76	%)		(0.58	%)		(0.23	%)		(0.02	%)		(0.29	%)
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%		1.63	%
Portfolio turnover rate		63	%		281	%		163	%		265	%		521	%		457	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 43

ELECTRONICS FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	239.35		$	225.59		$	111.87		$	103.69		$	115.77		$	93.90
Income (loss) from investment operations:
Net investment income (loss)b		(1.24	)		(3.58	)		(2.32	)		(1.14	)		(.91	)		(1.14	)
Net gain (loss) on investments (realized and unrealized)		(71.44	)		28.86			121.28			9.33			(.52	)		23.07
Total from investment operations		(72.68	)		25.28			118.96			8.19			(1.43	)		21.93
Less distributions from:
Net investment income		—			—			—			(.01	)		—			(.06	)
Net realized gains		—			(11.52	)		(5.24	)		—			(10.65	)		—
Total distributions		—			(11.52	)		(5.24	)		(.01	)		(10.65	)		(.06	)
Net asset value, end of period	$	166.67		$	239.35		$	225.59		$	111.87		$	103.69		$	115.77
Total Returnd		(30.37	%)		10.51	%		106.98	%		7.91	%		0.34	%		23.36	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,034		$	1,838		$	2,987		$	1,701		$	1,317		$	2,855
Ratios to average net assets:
Net investment income (loss)		(1.23	%)		(1.48	%)		(1.34	%)		(0.96	%)		(0.83	%)		(1.07	%)
Total expenses		2.39	%		2.36	%		2.44	%		2.48	%		2.45	%		2.38	%
Portfolio turnover rate		63	%		281	%		163	%		265	%		521	%		457	%

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

ELECTRONICS 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	269.75		$	251.22		$	123.34		$	113.47		$	124.62		$	100.33
Income (loss) from investment operations:
Net investment income (loss)b		(.55	)		(2.32	)		(1.23	)		(.30	)		(.54	)		(.41	)
Net gain (loss) on investments (realized and unrealized)		(80.67	)		32.37			134.35			10.18			.04	f		24.76
Total from investment operations		(81.22	)		30.05			133.12			9.88			(.50	)		24.35
Less distributions from:
Net investment income		—			—			—			(.01	)		—			(.06	)
Net realized gains		—			(11.52	)		(5.24	)		—			(10.65	)		—
Total distributions		—			(11.52	)		(5.24	)		(.01	)		(10.65	)		(.06	)
Net asset value, end of period	$	188.53		$	269.75		$	251.22		$	123.34		$	113.47		$	124.62
Total Return		(30.11	%)		11.35	%		108.53	%		8.72	%		1.08	%		24.29	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	978		$	2,051		$	8,383		$	2,142		$	3,686		$	31,109
Ratios to average net assets:
Net investment income (loss)		(0.48	%)		(0.85	%)		(0.60	%)		(0.22	%)		(0.45	%)		(0.36	%)
Total expenses		1.64	%		1.60	%		1.67	%		1.73	%		1.68	%		1.63	%
Portfolio turnover rate		63	%		281	%		163	%		265	%		521	%		457	%

a	Unaudited figures for the period ended September 30, 2022. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
e	Less than 0.01% or (0.01%).
f	The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the year because of the sales and repurchase 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 REPORT | 45

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

ENERGY FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies involved in the energy field, including the exploration, production, and development of oil, gas, coal and alternative sources of energy (“Energy Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 21, 1998
A-Class	September 1, 2004
C-Class	April 19, 2001
H-Class	May 5, 1998

Ten Largest Holdings (% of Total Net Assets)
Exxon Mobil Corp.	6.4%
Chevron Corp.	5.6%
ConocoPhillips	3.8%
EOG Resources, Inc.	2.7%
Occidental Petroleum Corp.	2.6%
Marathon Petroleum Corp.	2.5%
Schlumberger N.V.	2.4%
Pioneer Natural Resources Co.	2.4%
Cheniere Energy, Inc.	2.3%
Valero Energy Corp.	2.2%
Top Ten Total	32.9%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(3.07%)	35.58%	1.90%	(1.29%)
A-Class Shares	(3.19%)	35.23%	1.65%	(1.53%)
A-Class Shares with sales charge‡	(7.80%)	28.81%	0.67%	(2.00%)
C-Class Shares	(3.55%)	34.22%	0.88%	(2.28%)
C-Class Shares with CDSC§	(4.53%)	33.22%	0.88%	(2.28%)
H-Class Shares**	(3.18%)	35.23%	1.62%	(1.63%)
S&P 500 Energy Index	(2.94%)	45.70%	6.09%	3.52%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

46 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
ENERGY FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Oil & Gas - 67.8%
Exxon Mobil Corp.		60,809	$	5,309,234
Chevron Corp.		32,330		4,644,851
ConocoPhillips		31,092		3,181,955
EOG Resources, Inc.		20,082		2,243,762
Occidental Petroleum Corp.		34,758		2,135,879
Marathon Petroleum Corp.		20,614		2,047,589
Pioneer Natural Resources Co.		9,091		1,968,474
Valero Energy Corp.		17,255		1,843,697
Phillips 66		21,554		1,739,839
Devon Energy Corp.		28,505		1,714,006
Hess Corp.		14,648		1,596,485
Continental Resources, Inc.		21,080		1,408,355
Diamondback Energy, Inc.		10,457		1,259,650
Petroleo Brasileiro S.A. ADR		101,393		1,251,190
Coterra Energy, Inc. — Class A		47,789		1,248,249
BP plc ADR		39,283		1,121,530
Texas Pacific Land Corp.		597		1,061,006
Marathon Oil Corp.		46,867		1,058,257
Equities Corp.		25,582		1,042,466
HF Sinclair Corp.		18,669		1,005,139
Ovintiv, Inc.		20,380		937,480
Chesapeake Energy Corp.		9,890		931,737
Shell plc ADR		18,574		924,242
APA Corp.		26,988		922,720
Suncor Energy, Inc.		29,604		833,353
Canadian Natural Resources Ltd.		15,076		702,089
Chord Energy Corp.		4,992		682,756
Range Resources Corp.		26,988		681,717
Equinor ASA ADR		19,554		647,433
Murphy Oil Corp.		18,204		640,235
PDC Energy, Inc.		10,988		634,997
Matador Resources Co.		12,968		634,395
PBF Energy, Inc. — Class A*		17,616		619,379
Civitas Resources, Inc.		10,337		593,240
Denbury, Inc.*		6,805		586,999
SM Energy Co.		15,076		567,008
Comstock Resources, Inc.*		32,581		563,325
Magnolia Oil & Gas Corp. — Class A		28,328		561,178
Valaris Ltd.*		10,699		523,609
Helmerich & Payne, Inc.		14,090		520,907
CNX Resources Corp.*		30,682		476,491
CVR Energy, Inc.		15,952		462,289
California Resources Corp.		11,703		449,746
Patterson-UTI Energy, Inc.		35,037		409,232
Northern Oil and Gas, Inc.		14,574		399,473
Delek US Holdings, Inc.		14,304		388,211
Callon Petroleum Co.*		11,006		385,320
Noble Corporation plc*		12,577		372,028
Talos Energy, Inc.*		18,548		308,824
Laredo Petroleum, Inc.*		4,304		270,506
Total Oil & Gas				56,512,532
Pipelines - 12.3%
Cheniere Energy, Inc.		11,396		1,890,710
Kinder Morgan, Inc.		102,436		1,704,535
Williams Companies, Inc.		56,313		1,612,241
ONEOK, Inc.		24,680		1,264,603
Targa Resources Corp.		16,370		987,766
Enbridge, Inc.		23,256		862,798
New Fortress Energy, Inc.		17,663		772,050
DT Midstream, Inc.		11,824		613,547
TC Energy Corp.		14,927		601,409
Total Pipelines				10,309,659
Energy-Alternate Sources - 7.1%
Enphase Energy, Inc.*		6,032		1,673,699
First Solar, Inc.*		8,060		1,066,096
Plug Power, Inc.*		40,427		849,371
SolarEdge Technologies, Inc.*		3,578		828,164
Sunrun, Inc.*		21,600		595,944
Archaea Energy, Inc.*		22,307		401,749
Green Plains, Inc.*		11,238		326,689
TPI Composites, Inc.*		13,988		157,785
Total Energy-Alternate Sources				5,899,497
Oil & Gas Services - 6.8%
Schlumberger N.V.		55,028		1,975,505
Halliburton Co.		51,055		1,256,974
Baker Hughes Co.		58,500		1,226,160
NOV, Inc.		43,749		707,859
ChampionX Corp.		27,705		542,187
Total Oil & Gas Services				5,708,685
Coal - 1.7%
Peabody Energy Corp.*,1		22,903		568,452
CONSOL Energy, Inc.		6,628		426,313
Arch Resources, Inc.		3,328		394,701
Total Coal				1,389,466
Retail - 1.3%
Murphy USA, Inc.		2,593		712,842
World Fuel Services Corp.		14,334		335,989
Total Retail				1,048,831
Mining - 0.9%
Cameco Corp.		26,858		712,005
Electric - 0.6%
Ameresco, Inc. — Class A*		7,613		506,112
Machinery-Diversified - 0.5%
Cactus, Inc. — Class A		11,926		458,316
Electrical Components & Equipment - 0.5%
EnerSys		7,185		417,952
Total Common Stocks
(Cost $62,008,534)				82,963,055

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 47

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
ENERGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	340,898	$	340,898
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		131,115		131,115
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		127,234		127,234
Total Repurchase Agreements
(Cost $599,247)				599,247
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		416,928		416,928
Total Securities Lending Collateral
(Cost $416,928)				416,928
Total Investments - 100.7%
(Cost $63,024,709)			$	83,979,230
Other Assets & Liabilities, net - (0.7)%				(602,464	)
Total Net Assets - 100.0%			$	83,376,766

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	82,963,055	$	—		$	—	$	82,963,055
Repurchase Agreements		—		599,247			—		599,247
Securities Lending Collateral		416,928		—	��		—		416,928
Total Assets	$	83,379,983	$	599,247		$	—	$	83,979,230

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

ENERGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $409,828 of securities loaned (cost $62,425,462)	$	83,379,983
Repurchase agreements, at value (cost $599,247)		599,247
Receivables:
Dividends		92,193
Fund shares sold		14,878
Securities lending income		51
Interest		49
Total assets		84,086,401
Liabilities:
Payable for:
Return of securities lending collateral		416,928
Management fees		71,109
Securities purchased		65,859
Fund shares redeemed		41,547
Transfer agent and administrative fees		31,090
Portfolio accounting/administration fees		12,758
Distribution and service fees		3,040
Trustees’ fees*		1,207
Miscellaneous		66,097
Total liabilities		709,635
Net assets	$	83,376,766
Net assets consist of:
Paid in capital	$	91,273,401
Total distributable earnings (loss)		(7,896,635	)
Net assets	$	83,376,766
Investor Class:
Net assets	$	76,413,796
Capital shares outstanding		328,530
Net asset value per share	$	232.59
A-Class:
Net assets	$	3,865,253
Capital shares outstanding		18,021
Net asset value per share	$	214.49
Maximum offering price per share (Net asset value divided by 95.25%)	$	225.19
C-Class:
Net assets	$	1,853,200
Capital shares outstanding		10,145
Net asset value per share	$	182.67
H-Class:
Net assets	$	1,244,517
Capital shares outstanding		5,998
Net asset value per share	$	207.49

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $17,197)	$	2,444,896
Interest		2,282
Income from securities lending, net		2,365
Total investment income		2,449,543
Expenses:
Management fees		421,026
Distribution and service fees:
A-Class		5,172
C-Class		11,025
H-Class		2,496
Transfer agent and administrative fees		116,773
Portfolio accounting/administration fees		61,901
Professional fees		22,934
Custodian fees		6,938
Trustees’ fees*		5,441
Line of credit fees		86
Miscellaneous		54,518
Total expenses		708,310
Net investment income		1,741,233
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2,045,558	)
Net realized loss		(2,045,558	)
Net change in unrealized appreciation (depreciation) on:
Investments		(7,433,998	)
Net change in unrealized appreciation (depreciation)		(7,433,998	)
Net realized and unrealized loss		(9,479,556	)
Net decrease in net assets resulting from operations	$	(7,738,323	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 49

ENERGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,741,233		$	1,218,217
Net realized gain (loss) on investments		(2,045,558	)		4,094,283
Net change in unrealized appreciation (depreciation) on investments		(7,433,998	)		20,769,850
Net increase (decrease) in net assets resulting from operations		(7,738,323	)		26,082,350
Distributions to shareholders:
Investor Class		—			(272,328	)
A-Class		—			(17,226	)
C-Class		—			(6,906	)
H-Class		—			(10,363	)
Total distributions to shareholders		—			(306,823	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		249,320,495			271,052,529
A-Class		1,709,397			3,727,225
C-Class		1,242,320			1,587,379
H-Class		3,365,248			12,987,251
Distributions reinvested
Investor Class		—			270,767
A-Class		—			16,329
C-Class		—			6,696
H-Class		—			9,780
Cost of shares redeemed
Investor Class		(223,255,151	)		(255,335,090	)
A-Class		(1,670,081	)		(3,172,125	)
C-Class		(930,201	)		(1,219,353	)
H-Class		(4,012,740	)		(13,119,025	)
Net increase from capital share transactions		25,769,287			16,812,363
Net increase in net assets		18,030,964			42,587,890
Net assets:
Beginning of period		65,345,802			22,757,912
End of period	$	83,376,766		$	65,345,802
Capital share activity:
Shares sold
Investor Class		994,002			1,425,959
A-Class		7,547			20,617
C-Class		6,391			10,787
H-Class		15,345			81,073
Shares issued from reinvestment of distributions
Investor Class		—			1,455
A-Class		—			95
C-Class		—			45
H-Class		—			59
Shares redeemed
Investor Class		(905,568	)		(1,306,447	)
A-Class		(7,647	)		(18,225	)
C-Class		(4,904	)		(8,287	)
H-Class		(19,048	)		(82,948	)
Net increase in shares		86,118			124,183

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

ENERGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	239.96		$	152.94		$	81.74		$	204.01		$	223.24		$	236.20
Income (loss) from investment operations:
Net investment income (loss)b		4.36			3.62			1.44			2.91			1.05			1.83
Net gain (loss) on investments (realized and unrealized)		(11.73	)		84.29			72.59			(123.74	)		(18.87	)		(13.11	)
Total from investment operations		(7.37	)		87.91			74.03			(120.83	)		(17.82	)		(11.28	)
Less distributions from:
Net investment income		—			(.89	)		(2.83	)		(1.44	)		(1.41	)		(1.68	)
Total distributions		—			(.89	)		(2.83	)		(1.44	)		(1.41	)		(1.68	)
Net asset value, end of period	$	232.59		$	239.96		$	152.94		$	81.74		$	204.01		$	223.24
Total Return		(3.07	%)		57.65	%		91.43	%		(59.61	%)		(7.94	%)		(4.78	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	76,414		$	57,612		$	18,220		$	4,216		$	16,172		$	37,253
Ratios to average net assets:
Net investment income (loss)		3.56	%		1.99	%		2.02	%		1.65	%		0.46	%		0.82	%
Total expenses		1.39	%		1.36	%		1.42	%		1.48	%		1.46	%		1.37	%
Portfolio turnover rate		203	%		382	%		939	%		428	%		525	%		954	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	221.55		$	141.62		$	76.01		$	190.30		$	208.85		$	221.57
Income (loss) from investment operations:
Net investment income (loss)b		3.73			2.67			1.00			2.46			.63			1.62
Net gain (loss) on investments (realized and unrealized)		(10.79	)		78.15			67.44			(115.31	)		(17.77	)		(12.66	)
Total from investment operations		(7.06	)		80.82			68.44			(112.85	)		(17.14	)		(11.04	)
Less distributions from:
Net investment income		—			(.89	)		(2.83	)		(1.44	)		(1.41	)		(1.68	)
Total distributions		—			(.89	)		(2.83	)		(1.44	)		(1.41	)		(1.68	)
Net asset value, end of period	$	214.49		$	221.55		$	141.62		$	76.01		$	190.30		$	208.85
Total Returnc		(3.19	%)		57.25	%		90.89	%		(59.69	%)		(8.16	%)		(4.99	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,865		$	4,015		$	2,214		$	985		$	3,369		$	3,111
Ratios to average net assets:
Net investment income (loss)		3.31	%		1.60	%		1.60	%		1.50	%		0.33	%		0.78	%
Total expenses		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%		1.63	%
Portfolio turnover rate		203	%		382	%		939	%		428	%		525	%		954	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 51

ENERGY 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	189.40		$	122.07		$	66.27		$	167.39		$	185.28		$	198.29
Income (loss) from investment operations:
Net investment income (loss)b		2.56			1.32			.56			1.08			(1.08	)		(.03	)
Net gain (loss) on investments (realized and unrealized)		(9.29	)		66.90			58.07			(100.76	)		(15.40	)		(11.30	)
Total from investment operations		(6.73	)		68.22			58.63			(99.68	)		(16.48	)		(11.33	)
Less distributions from:
Net investment income		—			(.89	)		(2.83	)		(1.44	)		(1.41	)		(1.68	)
Total distributions		—			(.89	)		(2.83	)		(1.44	)		(1.41	)		(1.68	)
Net asset value, end of period	$	182.67		$	189.40		$	122.07		$	66.27		$	167.39		$	185.28
Total Returnc		(3.55	%)		56.07	%		89.48	%		(60.01	%)		(8.83	%)		(5.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,853		$	1,640		$	746		$	432		$	1,637		$	3,721
Ratios to average net assets:
Net investment income (loss)		2.67	%		0.91	%		1.05	%		0.76	%		(0.56	%)		(0.02	%)
Total expenses		2.39	%		2.36	%		2.44	%		2.48	%		2.45	%		2.38	%
Portfolio turnover rate		203	%		382	%		939	%		428	%		525	%		954	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	214.30		$	137.02		$	73.61		$	184.50		$	202.54		$	215.03
Income (loss) from investment operations:
Net investment income (loss)b		3.00			2.80			1.06			1.92			1.20			2.97
Net gain (loss) on investments (realized and unrealized)		(9.81	)		75.37			65.18			(111.37	)		(17.83	)		(13.78	)
Total from investment operations		(6.81	)		78.17			66.24			(109.45	)		(16.63	)		(10.81	)
Less distributions from:
Net investment income		—			(.89	)		(2.83	)		(1.44	)		(1.41	)		(1.68	)
Total distributions		—			(.89	)		(2.83	)		(1.44	)		(1.41	)		(1.68	)
Net asset value, end of period	$	207.49		$	214.30		$	137.02		$	73.61		$	184.50		$	202.54
Total Return		(3.18	%)		57.25	%		90.87	%		(59.73	%)		(8.16	%)		(5.03	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,245		$	2,079		$	1,578		$	646		$	824		$	1,480
Ratios to average net assets:
Net investment income (loss)		2.77	%		1.73	%		1.60	%		1.25	%		0.54	%		1.50	%
Total expenses		1.64	%		1.61	%		1.68	%		1.72	%		1.70	%		1.63	%
Portfolio turnover rate		203	%		382	%		939	%		428	%		525	%		954	%

a	Unaudited figures for the period ended September 30, 2022. 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	Reverse share split — Per share amounts for the years presented through March 31, 2020 have been restated to reflect a 1:3 reverse share split effective August 10, 2020.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

ENERGY SERVICES FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the energy services field, including those that provide services and equipment in the areas of oil, coal, and gas exploration and production (“Energy Services Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	April 2, 1998

Ten Largest Holdings (% of Total Net Assets)
Schlumberger N.V.	13.9%
Halliburton Co.	8.8%
Baker Hughes Co.	8.6%
NOV, Inc.	5.0%
SolarEdge Technologies, Inc.	4.8%
Sunrun, Inc.	4.2%
ChampionX Corp.	3.8%
Valaris Ltd.	3.7%
Helmerich & Payne, Inc.	3.6%
Cactus, Inc. — Class A	3.3%
Top Ten Total	59.7%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(26.59%)	(2.32%)	(15.61%)	(13.14%)
A-Class Shares	(26.68%)	(2.57%)	(15.83%)	(13.35%)
A-Class Shares with sales charge‡	(30.17%)	(7.20%)	(16.64%)	(13.77%)
C-Class Shares	(26.96%)	(3.30%)	(16.45%)	(14.00%)
C-Class Shares with CDSC§	(27.79%)	(4.26%)	(16.45%)	(14.00%)
H-Class Shares**	(26.68%)	(2.57%)	(15.80%)	(13.43%)
S&P 500 Energy Index	(2.94%)	45.70%	6.09%	3.52%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce its reported return.
**	Effective September 30, 2015, the Fund��s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 53

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
ENERGY SERVICES FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Oil & Gas Services - 67.6%
Schlumberger N.V.		126,567	$	4,543,755
Halliburton Co.		117,383		2,889,970
Baker Hughes Co.		134,524		2,819,623
NOV, Inc.		100,640		1,628,355
ChampionX Corp.		63,698		1,246,570
Weatherford International plc*		32,129		1,037,446
Liberty Energy, Inc. — Class A*		75,064		951,812
Expro Group Holdings N.V.*		58,680		747,583
NOW, Inc.*		65,707		660,355
Tidewater, Inc.*		29,128		632,078
Archrock, Inc.		96,841		621,719
ProPetro Holding Corp.*		71,466		575,301
US Silica Holdings, Inc.*		49,763		544,905
Oceaneering International, Inc.*		67,921		540,651
Core Laboratories N.V.		38,057		513,008
Bristow Group, Inc.*		21,372		502,028
Dril-Quip, Inc.*		25,668		501,039
National Energy Services Reunited Corp.*		77,224		458,711
Solaris Oilfield Infrastructure, Inc. — Class A		44,853		419,824
DMC Global, Inc.*		21,271		339,911
Total Oil & Gas Services				22,174,644
Oil & Gas - 14.7%
Valaris Ltd.*		24,951		1,221,102
Helmerich & Payne, Inc.		32,383		1,197,200
Patterson-UTI Energy, Inc.		80,599		941,396
Noble Corporation plc*		29,328		867,522
Nabors Industries Ltd.*		5,712		579,482
Total Oil & Gas				4,806,702
Energy-Alternate Sources - 8.9%
SolarEdge Technologies, Inc.*		6,746		1,561,429
Sunrun, Inc.*		49,701		1,371,251
Total Energy-Alternate Sources				2,932,680
Machinery-Diversified - 3.3%
Cactus, Inc. — Class A		27,813		1,068,854
Metal Fabricate & Hardware - 2.6%
Tenaris S.A. ADR		33,305		860,601
Distribution & Wholesale - 1.4%
MRC Global, Inc.*		61,754		444,011
Retail - 1.0%
Aspen Aerogels, Inc.*		36,479		336,336
Total Common Stocks
(Cost $34,344,549)				32,623,828
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	115,019		115,019
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		44,238		44,238
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		42,928		42,928
Total Repurchase Agreements
(Cost $202,185)				202,185
Total Investments - 100.1%
(Cost $34,546,734)			$	32,826,013
Other Assets & Liabilities, net - (0.1)%				(38,825	)
Total Net Assets - 100.0%			$	32,787,188

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
ENERGY SERVICES FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	32,623,828	$	—	$	—	$	32,623,828
Repurchase Agreements		—		202,185		—		202,185
Total Assets	$	32,623,828	$	202,185	$	—	$	32,826,013

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 55

ENERGY SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $34,344,549)	$	32,623,828
Repurchase agreements, at value (cost $202,185)		202,185
Receivables:
Securities sold		106,819
Fund shares sold		36,990
Dividends		20,268
Interest		17
Total assets		32,990,107
Liabilities:
Payable for:
Fund shares redeemed		134,363
Management fees		25,242
Transfer agent and administrative fees		11,638
Portfolio accounting/administration fees		4,529
Distribution and service fees		1,247
Trustees’ fees*		465
Miscellaneous		25,435
Total liabilities		202,919
Net assets	$	32,787,188
Net assets consist of:
Paid in capital	$	72,979,762
Total distributable earnings (loss)		(40,192,574	)
Net assets	$	32,787,188
Investor Class:
Net assets	$	29,783,400
Capital shares outstanding		174,957
Net asset value per share	$	170.23
A-Class:
Net assets	$	1,096,520
Capital shares outstanding		6,948
Net asset value per share	$	157.82
Maximum offering price per share (Net asset value divided by 95.25%)	$	165.69
C-Class:
Net assets	$	864,348
Capital shares outstanding		6,352
Net asset value per share	$	136.07
H-Class:
Net assets	$	1,042,920
Capital shares outstanding		6,819
Net asset value per share	$	152.94

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $88)	$	232,889
Interest		1,665
Income from securities lending, net		138
Total investment income		234,692
Expenses:
Management fees		170,718
Distribution and service fees:
A-Class		1,358
C-Class		4,928
H-Class		3,803
Transfer agent and administrative fees		47,761
Portfolio accounting/administration fees		24,791
Professional fees		8,548
Custodian fees		2,802
Trustees’ fees*		2,019
Line of credit fees		76
Miscellaneous		23,163
Total expenses		289,967
Net investment loss		(55,275	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,997,533	)
Net realized loss		(1,997,533	)
Net change in unrealized appreciation (depreciation) on:
Investments		(9,861,144	)
Net change in unrealized appreciation (depreciation)		(9,861,144	)
Net realized and unrealized loss		(11,858,677	)
Net decrease in net assets resulting from operations	$	(11,913,952	)

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

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

ENERGY SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(55,275	)	$	(104,528	)
Net realized gain (loss) on investments		(1,997,533	)		2,221,184
Net change in unrealized appreciation (depreciation) on investments		(9,861,144	)		5,378,720
Net increase (decrease) in net assets resulting from operations		(11,913,952	)		7,495,376
Distributions to shareholders:
Investor Class		—			(21,872	)
A-Class		—			(1,886	)
C-Class		—			(4,576	)
H-Class		—			(2,813	)
Total distributions to shareholders		—			(31,147	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		58,907,671			77,176,798
A-Class		1,164,377			2,199,033
C-Class		611,982			1,637,269
H-Class		2,062,923			21,796,874
Distributions reinvested
Investor Class		—			21,449
A-Class		—			1,851
C-Class		—			4,576
H-Class		—			2,791
Cost of shares redeemed
Investor Class		(28,895,106	)		(77,547,416	)
A-Class		(738,966	)		(1,974,352	)
C-Class		(234,324	)		(1,542,259	)
H-Class		(10,459,816	)		(13,505,610	)
Net increase from capital share transactions		22,418,741			8,271,004
Net increase in net assets		10,504,789			15,735,233
Net assets:
Beginning of period		22,282,399			6,547,166
End of period	$	32,787,188		$	22,282,399
Capital share activity:
Shares sold
Investor Class		271,117			430,685
A-Class		6,053			12,542
C-Class		3,496			11,060
H-Class		10,030			128,869
Shares issued from reinvestment of distributions
Investor Class		—			123
A-Class		—			11
C-Class		—			32
H-Class		—			18
Shares redeemed
Investor Class		(136,595	)		(418,168	)
A-Class		(3,916	)		(12,036	)
C-Class		(1,513	)		(10,209	)
H-Class		(56,220	)		(80,393	)
Net increase in shares		92,452			62,534

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 57

ENERGY SERVICES FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	231.88		$	169.20		$	75.50		$	281.99		$	378.02		$	483.58
Income (loss) from investment operations:
Net investment income (loss)b		(.18	)		(.63	)		.20			2.40			.15			8.85	e
Net gain (loss) on investments (realized and unrealized)		(61.47	)		63.81			95.34			(208.59	)		(92.88	)		(110.66	)
Total from investment operations		(61.65	)		63.18			95.54			(206.19	)		(92.73	)		(101.81	)
Less distributions from:
Net investment income		—			(.50	)		(1.84	)		(.30	)		(3.30	)		(3.75	)
Total distributions		—			(.50	)		(1.84	)		(.30	)		(3.30	)		(3.75	)
Net asset value, end of period	$	170.23		$	231.88		$	169.20		$	75.50		$	281.99		$	378.02
Total Return		(26.59	%)		37.44	%		127.06	%		(73.21	%)		(24.43	%)		(21.11	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	29,783		$	9,376		$	4,703		$	1,502		$	6,896		$	8,181
Ratios to average net assets:
Net investment income (loss)		(0.18	%)		(0.35	%)		0.82	%		1.11	%		0.06	%		2.19	%f
Total expenses		1.39	%		1.36	%		1.42	%		1.48	%		1.46	%		1.38	%
Portfolio turnover rate		79	%		290	%		770	%		810	%		1,453	%		1,824	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	215.25		$	157.49		$	70.51		$	264.03		$	355.19		$	455.88
Income (loss) from investment operations:
Net investment income (loss)b		(.53	)		(1.04	)		.19			1.95			1.80			9.00	e
Net gain (loss) on investments (realized and unrealized)		(56.90	)		59.30			88.63			(195.17	)		(89.66	)		(105.94	)
Total from investment operations		(57.43	)		58.26			88.82			(193.22	)		(87.86	)		(96.94	)
Less distributions from:
Net investment income		—			(.50	)		(1.84	)		(.30	)		(3.30	)		(3.75	)
Total distributions		—			(.50	)		(1.84	)		(.30	)		(3.30	)		(3.75	)
Net asset value, end of period	$	157.82		$	215.25		$	157.49		$	70.51		$	264.03		$	355.19
Total Returnc		(26.68	%)		37.09	%		126.39	%		(73.26	%)		(24.65	%)		(21.31	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,097		$	1,036		$	676		$	191		$	829		$	811
Ratios to average net assets:
Net investment income (loss)		(0.56	%)		(0.61	%)		0.87	%		0.94	%		0.60	%		2.37	%f
Total expenses		1.64	%		1.61	%		1.68	%		1.73	%		1.73	%		1.63	%
Portfolio turnover rate		79	%		290	%		770	%		810	%		1,453	%		1,824	%

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

ENERGY SERVICES FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	186.29		$	137.36		$	62.08		$	234.26		$	317.99		$	411.65
Income (loss) from investment operations:
Net investment income (loss)b		(1.01	)		(2.02	)		(.01	)		.30			(2.55	)		5.70	e
Net gain (loss) on investments (realized and unrealized)		(49.21	)		51.45			77.13			(172.18	)		(77.88	)		(95.61	)
Total from investment operations		(50.22	)		49.43			77.12			(171.88	)		(80.43	)		(89.91	)
Less distributions from:
Net investment income		—			(.50	)		(1.84	)		(.30	)		(3.30	)		(3.75	)
Total distributions		—			(.50	)		(1.84	)		(.30	)		(3.30	)		(3.75	)
Net asset value, end of period	$	136.07		$	186.29		$	137.36		$	62.08		$	234.26		$	317.99
Total Returnc		(26.96	%)		36.07	%		124.62	%		(73.46	%)		25.17	%		(21.89	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	864		$	814		$	479		$	192		$	826		$	1,836
Ratios to average net assets:
Net investment income (loss)		(1.24	%)		(1.37	%)		(0.03	%)		0.20	%		(0.84	%)		1.66	%f
Total expenses		2.39	%		2.36	%		2.43	%		2.48	%		2.45	%		2.38	%
Portfolio turnover rate		79	%		290	%		770	%		810	%		1,453	%		1,824	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 59

ENERGY SERVICES 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended d March 31, 2019d			Year Ended March 29, 2018d
Per Share Data
Net asset value, beginning of period	$	208.59		$	152.63		$	68.37		$	255.45		$	343.95		$	442.11
Income (loss) from investment operations:
Net investment income (loss)b		(.93	)		(.75	)		.02			1.65			.45			2.85	e
Net gain (loss) on investments (realized and unrealized)		(54.72	)		57.21			86.08			(188.43	)		(85.65	)		(97.26	)
Total from investment operations		(55.65	)		56.46			86.10			(186.78	)		(85.20	)		(94.41	)
Less distributions from:
Net investment income		—			(.50	)		(1.84	)		(.30	)		(3.30	)		(3.75	)
Total distributions		—			(.50	)		(1.84	)		(.30	)		(3.30	)		(3.75	)
Net asset value, end of period	$	152.94		$	208.59		$	152.63		$	68.37		$	255.45		$	343.95
Total Return		(26.68	%)		37.09	%		126.23	%		(73.19	%)		(24.67	%)		(21.40	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,043		$	11,057		$	689		$	528		$	6,395		$	15,754
Ratios to average net assets:
Net investment income (loss)		(0.95	%)		(0.43	%)		0.11	%		0.77	%		0.15	%		0.76	%f
Total expenses		1.65	%		1.62	%		1.68	%		1.72	%		1.70	%		1.63	%
Portfolio turnover rate		79	%		290	%		770	%		810	%		1,453	%		1,824	%

a	Unaudited figures for the period ended September 30, 2022. 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	Reverse share split — Per share amounts for years presented through March 31, 2020 have been restated to reflect a 1:15 reverse share split effective August 10, 2020.
e	Net investment income per share includes $0.54, $0.50, $0.45 and $0.50 for Investor Class, A-Class, C-Class, and H-Class, respectively, resulting from a special dividend from Baker Hughes, a GE Co., LLC on July 05, 2017.
f	Net investment income to average net assets includes 1.99% from Investor Class, A-Class, C-Class, and H-Class, resulting from a special dividend from Baker Hughes, a GE Co., LLC on July 05, 2017.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

FINANCIAL SERVICES FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the financial services sector (“Financial Services Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 2, 1998
A-Class	September 1, 2004
C-Class	April 19, 2001
H-Class	April 6, 1998

Ten Largest Holdings (% of Total Net Assets)
Berkshire Hathaway, Inc. — Class B	3.3%
JPMorgan Chase & Co.	2.3%
Bank of America Corp.	2.0%
Wells Fargo & Co.	1.6%
Charles Schwab Corp.	1.6%
Morgan Stanley	1.5%
Goldman Sachs Group, Inc.	1.3%
American Express Co.	1.3%
American Tower Corp. — Class A	1.3%
Blackstone, Inc. — Class A	1.3%
Top Ten Total	17.5%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(21.28%)	(18.13%)	4.16%	8.47%
A-Class Shares	(21.39%)	(18.32%)	3.90%	8.20%
A-Class Shares with sales charge‡	(25.12%)	(22.21%)	2.90%	7.68%
C-Class Shares	(21.67%)	(18.94%)	3.13%	7.40%
C-Class Shares with CDSC§	(22.46%)	(19.74%)	3.13%	7.40%
H-Class Shares	(21.39%)	(18.32%)	3.90%	8.13%
S&P 500 Financials Index	(20.06%)	(17.65%)	5.47%	11.38%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 61

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
FINANCIAL SERVICES FUND

	Shares		Value
COMMON STOCKS† - 99.3%
REITs - 27.7%
American Tower Corp. — Class A		501	$	107,565
Prologis, Inc.		888		90,221
Crown Castle, Inc.		594		85,863
Public Storage		274		80,230
Equinix, Inc.		141		80,206
Realty Income Corp.		1,118		65,068
SBA Communications Corp.		217		61,769
Simon Property Group, Inc.		668		59,953
VICI Properties, Inc.		1,965		58,655
Welltower, Inc.		908		58,403
Digital Realty Trust, Inc.		578		57,326
Equity Residential		824		55,389
AvalonBay Communities, Inc.		295		54,336
Alexandria Real Estate Equities, Inc.		371		52,010
Extra Space Storage, Inc.		298		51,468
Invitation Homes, Inc.		1,443		48,730
Weyerhaeuser Co.		1,701		48,581
Mid-America Apartment Communities, Inc.		299		46,366
Duke Realty Corp.		933		44,971
Essex Property Trust, Inc.		185		44,813
Sun Communities, Inc.		322		43,576
Ventas, Inc.		1,054		42,339
UDR, Inc.		969		40,417
WP Carey, Inc.		564		39,367
Camden Property Trust		325		38,821
Boston Properties, Inc.		508		38,085
Equity LifeStyle Properties, Inc.		604		37,955
Healthpeak Properties, Inc.		1,631		37,383
American Homes 4 Rent — Class A		1,127		36,977
Gaming and Leisure Properties, Inc.		833		36,852
STORE Capital Corp.		1,171		36,687
Host Hotels & Resorts, Inc.		2,299		36,508
Kimco Realty Corp.		1,946		35,826
Regency Centers Corp.		625		33,656
Life Storage, Inc.		296		32,785
CubeSmart		805		32,248
Rexford Industrial Realty, Inc.		611		31,772
Lamar Advertising Co. — Class A		372		30,686
Healthcare Realty Trust, Inc.		1,445		30,128
Federal Realty Investment Trust		322		29,019
Omega Healthcare Investors, Inc.		984		29,018
National Retail Properties, Inc.		728		29,018
Medical Properties Trust, Inc.		2,332		27,658
Americold Realty Trust, Inc.		1,100		27,060
First Industrial Realty Trust, Inc.		593		26,572
Agree Realty Corp.		378		25,545
Brixmor Property Group, Inc.		1,336		24,676
Kilroy Realty Corp.		573		24,129
Spirit Realty Capital, Inc.		665		24,046
Vornado Realty Trust		978		22,650
AGNC Investment Corp.		2,440		20,545
Independence Realty Trust, Inc.		1,217		20,360
SL Green Realty Corp.		436		17,510
Park Hotels & Resorts, Inc.		1,437		16,181
Total REITs				2,307,978
Banks - 25.2%
JPMorgan Chase & Co.		1,819		190,085
Bank of America Corp.		5,577		168,425
Wells Fargo & Co.		3,368		135,461
Morgan Stanley		1,611		127,285
Goldman Sachs Group, Inc.		374		109,601
Citigroup, Inc.		2,279		94,966
PNC Financial Services Group, Inc.		595		88,905
Truist Financial Corp.		1,926		83,858
U.S. Bancorp		2,056		82,898
M&T Bank Corp.		355		62,594
Bank of New York Mellon Corp.		1,573		60,592
First Republic Bank		396		51,698
Fifth Third Bancorp		1,615		51,615
State Street Corp.		834		50,716
Huntington Bancshares, Inc.		3,720		49,030
ICICI Bank Ltd. ADR		2,316		48,566
Regions Financial Corp.		2,387		47,907
SVB Financial Group*		142		47,681
Northern Trust Corp.		547		46,801
HDFC Bank Ltd. ADR		780		45,568
Citizens Financial Group, Inc.		1,324		45,493
Royal Bank of Canada		503		45,290
KeyCorp		2,604		41,716
First Horizon Corp.		1,764		40,396
Bank of Nova Scotia		839		39,911
East West Bancorp, Inc.		515		34,577
Signature Bank		223		33,673
Comerica, Inc.		469		33,346
Webster Financial Corp.		700		31,640
Zions Bancorp North America		604		30,719
Western Alliance Bancorporation		444		29,189
Synovus Financial Corp.		690		25,882
Silvergate Capital Corp. — Class A*		218		16,426
Total Banks				2,092,510
Insurance - 22.7%
Berkshire Hathaway, Inc. — Class B*		1,031		275,298
Marsh & McLennan Companies, Inc.		636		94,948
Progressive Corp.		793		92,155
Chubb Ltd.		494		89,849
Aon plc — Class A		311		83,308
MetLife, Inc.		1,263		76,765
Travelers Companies, Inc.		453		69,400
Allstate Corp.		552		68,741
Arthur J Gallagher & Co.		387		66,262
Aflac, Inc.		1,177		66,147
American International Group, Inc.		1,369		65,000
Prudential Financial, Inc.		725		62,190
Willis Towers Watson plc		276		55,459
Hartford Financial Services Group, Inc.		818		50,667
Principal Financial Group, Inc.		656		47,330
Brown & Brown, Inc.		772		46,691
RenaissanceRe Holdings Ltd.		322		45,206
Markel Corp.*		41		44,453
Cincinnati Financial Corp.		474		42,456
Alleghany Corp.*		48		40,290
Loews Corp.		766		38,177

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
FINANCIAL SERVICES FUND

	Shares		Value
American Financial Group, Inc.		294	$	36,141
Globe Life, Inc.		357		35,593
Reinsurance Group of America, Inc. — Class A		274		34,472
Fidelity National Financial, Inc.		944		34,173
Equitable Holdings, Inc.		1,289		33,965
Unum Group		833		32,320
Assurant, Inc.		218		31,669
Lincoln National Corp.		688		30,210
Old Republic International Corp.		1,363		28,528
Voya Financial, Inc.		468		28,314
First American Financial Corp.		523		24,110
MGIC Investment Corp.		1,683		21,576
Total Insurance				1,891,863
Diversified Financial Services - 16.2%
Charles Schwab Corp.		1,854		133,247
American Express Co.		806		108,737
BlackRock, Inc. — Class A		178		97,950
CME Group, Inc. — Class A		501		88,742
Intercontinental Exchange, Inc.		864		78,062
Capital One Financial Corp.		693		63,874
Ameriprise Financial, Inc.		234		58,956
Nasdaq, Inc.		1,037		58,777
Discover Financial Services		614		55,825
Apollo Global Management, Inc.		1,151		53,522
T. Rowe Price Group, Inc.		506		53,135
Raymond James Financial, Inc.		530		52,375
LPL Financial Holdings, Inc.		224		48,940
Coinbase Global, Inc. — Class A*,1		622		40,113
Cboe Global Markets, Inc.		338		39,671
Synchrony Financial		1,393		39,269
Tradeweb Markets, Inc. — Class A		684		38,591
Franklin Resources, Inc.		1,600		34,432
Ally Financial, Inc.		1,109		30,863
Jefferies Financial Group, Inc.		959		28,291
Invesco Ltd.		1,869		25,605
Stifel Financial Corp.		492		25,540
SoFi Technologies, Inc.*		4,395		21,448
SLM Corp.		1,466		20,509
Evercore, Inc. — Class A		240		19,740
OneMain Holdings, Inc.		666		19,660
Upstart Holdings, Inc.*,1		646		13,430
Total Diversified Financial Services				1,349,304
Private Equity - 3.4%
Blackstone, Inc. — Class A		1,272		106,466
KKR & Company, Inc. — Class A		1,500		64,500
Ares Management Corp. — Class A		710		43,985
Brookfield Asset Management, Inc. — Class A		914		37,373
Carlyle Group, Inc.		1,213		31,344
Total Private Equity				283,668
Commercial Services - 2.5%
S&P Global, Inc.		348		106,262
Moody’s Corp.		298		72,446
MarketAxess Holdings, Inc.		143		31,816
Total Commercial Services				210,524
Software - 0.8%
MSCI, Inc. — Class A		154		64,956
Media - 0.5%
FactSet Research Systems, Inc.		110		44,012
Savings & Loans - 0.3%
New York Community Bancorp, Inc.		2,516		21,462
Total Common Stocks
(Cost $9,579,936)				8,266,277
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	33,848		33,848
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		13,018		13,018
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		12,633		12,633
Total Repurchase Agreements
(Cost $59,499)				59,499
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		38,349		38,349
Total Securities Lending Collateral
(Cost $38,349)				38,349
Total Investments - 100.5%
(Cost $9,677,784)			$	8,364,125
Other Assets & Liabilities, net - (0.5)%				(43,043	)
Total Net Assets - 100.0%			$	8,321,082

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
FINANCIAL SERVICES FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	8,266,277	$	—	$	—	$	8,266,277
Repurchase Agreements		—		59,499		—		59,499
Securities Lending Collateral		38,349		—		—		38,349
Total Assets	$	8,304,626	$	59,499	$	—	$	8,364,125

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

FINANCIAL SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $38,590 of securities loaned (cost $9,618,285)	$	8,304,626
Repurchase agreements, at value (cost $59,499)		59,499
Cash		272
Receivables:
Dividends		16,984
Fund shares sold		5,702
Foreign tax reclaims		299
Securities lending income		156
Total assets		8,387,538
Liabilities:
Payable for:
Return of securities lending collateral		38,349
Management fees		6,463
Transfer agent and administrative fees		3,508
Fund shares redeemed		2,420
Distribution and service fees		1,405
Portfolio accounting/administration fees		1,159
Trustees’ fees*		234
Miscellaneous		12,918
Total liabilities		66,456
Net assets	$	8,321,082
Net assets consist of:
Paid in capital	$	6,624,306
Total distributable earnings (loss)		1,696,776
Net assets	$	8,321,082
Investor Class:
Net assets	$	4,809,208
Capital shares outstanding		59,930
Net asset value per share	$	80.25
A-Class:
Net assets	$	2,231,132
Capital shares outstanding		30,019
Net asset value per share	$	74.32
Maximum offering price per share (Net asset value divided by 95.25%)	$	78.03
C-Class:
Net assets	$	876,494
Capital shares outstanding		13,793
Net asset value per share	$	63.55
H-Class:
Net assets	$	404,248
Capital shares outstanding		5,612
Net asset value per share	$	72.03

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $882)	$	179,328
Interest		405
Income from securities lending, net		1,275
Total investment income		181,008
Expenses:
Management fees		67,033
Distribution and service fees:
A-Class		3,411
C-Class		5,180
H-Class		2,879
Transfer agent and administrative fees		19,953
Portfolio accounting/administration fees		9,368
Registration fees		4,648
Professional fees		3,342
Trustees’ fees*		2,321
Custodian fees		1,254
Line of credit fees		21
Miscellaneous		2,300
Total expenses		121,710
Net investment income		59,298
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		5,933,872
Net realized gain		5,933,872
Net change in unrealized appreciation (depreciation) on:
Investments		(10,132,068	)
Net change in unrealized appreciation (depreciation)		(10,132,068	)
Net realized and unrealized loss		(4,198,196	)
Net decrease in net assets resulting from operations	$	(4,138,898	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 65

FINANCIAL SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	59,298		$	238,055
Net realized gain on investments		5,933,872			1,954,354
Net change in unrealized appreciation (depreciation) on investments		(10,132,068	)		1,680,516
Net increase (decrease) in net assets resulting from operations		(4,138,898	)		3,872,925
Distributions to shareholders:
Investor Class		—			(389,940	)
A-Class		—			(31,773	)
C-Class		—			(13,689	)
H-Class		—			(5,359	)
Total distributions to shareholders		—			(440,761	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		8,381,920			160,477,130
A-Class		417,828			2,553,393
C-Class		98,278			1,448,795
H-Class		502,122			31,611,881
Distributions reinvested
Investor Class		—			386,572
A-Class		—			31,719
C-Class		—			13,339
H-Class		—			5,286
Cost of shares redeemed
Investor Class		(33,150,220	)		(164,261,323	)
A-Class		(809,192	)		(2,592,746	)
C-Class		(181,818	)		(1,418,493	)
H-Class		(12,217,485	)		(21,662,739	)
Net increase (decrease) from capital share transactions		(36,958,567	)		6,592,814
Net increase (decrease) in net assets		(41,097,465	)		10,024,978
Net assets:
Beginning of period		49,418,547			39,393,569
End of period	$	8,321,082		$	49,418,547
Capital share activity:
Shares sold
Investor Class		91,827			1,575,301
A-Class		5,002			28,036
C-Class		1,360			18,147
H-Class		6,236			340,539
Shares issued from reinvestment of distributions
Investor Class		—			3,696
A-Class		—			327
C-Class		—			160
H-Class		—			56
Shares redeemed
Investor Class		(345,828	)		(1,628,946	)
A-Class		(9,636	)		(27,345	)
C-Class		(2,553	)		(17,792	)
H-Class		(141,664	)		(240,129	)
Net increase (decrease) in shares		(395,256	)		52,050

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

FINANCIAL SERVICES FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	101.95		$	88.84		$	54.80		$	68.68		$	72.17		$	65.14
Income (loss) from investment operations:
Net investment income (loss)b		.44			.64			.88			.83			.53			.61
Net gain (loss) on investments (realized and unrealized)		(22.14	)		13.35			33.16			(14.39	)		(.86	)e		6.79
Total from investment operations		(21.70	)		13.99			34.04			(13.56	)		(.33	)		7.40
Less distributions from:
Net investment income		—			(.34	)		—			(.32	)		(.89	)		(.37	)
Net realized gains		—			(.54	)		—			—			(2.27	)		—
Total distributions		—			(.88	)		—			(.32	)		(3.16	)		(.37	)
Net asset value, end of period	$	80.25		$	101.95		$	88.84		$	54.80		$	68.68		$	72.17
Total Return		(21.28	%)		15.72	%		62.12	%		(19.88	%)		(0.14	%)		11.37	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,809		$	32,004		$	32,328		$	2,968		$	4,978		$	25,183
Ratios to average net assets:
Net investment income (loss)		0.96	%		0.63	%		1.19	%		1.12	%		0.74	%		0.89	%
Total expenses		1.40	%		1.36	%		1.41	%		1.48	%		1.45	%		1.38	%
Portfolio turnover rate		38	%		406	%		246	%		249	%		410	%		347	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	94.54		$	82.65		$	51.10		$	64.22		$	67.88		$	61.44
Income (loss) from investment operations:
Net investment income (loss)b		.43			.36			.55			.54			.37			.53
Net gain (loss) on investments (realized and unrealized)		(20.65	)		12.41			31.00			(13.34	)		(.87	)e		6.28
Total from investment operations		(20.22	)		12.77			31.55			(12.80	)		(.50	)		6.81
Less distributions from:
Net investment income		—			(.34	)		—			(.32	)		(.89	)		(.37	)
Net realized gains		—			(.54	)		—			—			(2.27	)		—
Total distributions		—			(.88	)		—			(.32	)		(3.16	)		(.37	)
Net asset value, end of period	$	74.32		$	94.54		$	82.65		$	51.10		$	64.22		$	67.88
Total Returnc		(21.39	%)		15.42	%		61.74	%		(20.07	%)		(0.41	%)		11.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,231		$	3,276		$	2,780		$	5,745		$	7,602		$	8,293
Ratios to average net assets:
Net investment income (loss)		1.03	%		0.39	%		0.86	%		0.78	%		0.55	%		0.81	%
Total expenses		1.64	%		1.61	%		1.70	%		1.72	%		1.71	%		1.63	%
Portfolio turnover rate		38	%		406	%		246	%		249	%		410	%		347	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 67

FINANCIAL SERVICES FUND

FINANCIAL HIGHLIGHTS (continued)

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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	81.13		$	71.57		$	44.59		$	56.49		$	60.56		$	55.26
Income (loss) from investment operations:
Net investment income (loss)b		.10			(.28	)		(.03	)		.01			(.16	)		—	d
Net gain (loss) on investments (realized and unrealized)		(17.68	)		10.72			27.01			(11.59	)		(.75	)e		5.67
Total from investment operations		(17.58	)		10.44			26.98			(11.58	)		(.91	)		5.67
Less distributions from:
Net investment income		—			(.34	)		—			(.32	)		(.89	)		(.37	)
Net realized gains		—			(.54	)		—			—			(2.27	)		—
Total distributions		—			(.88	)		—			(.32	)		(3.16	)		(.37	)
Net asset value, end of period	$	63.55		$	81.13		$	71.57		$	44.59		$	56.49		$	60.56
Total Returnc		(21.67	%)		14.55	%		60.51	%		(20.66	%)		(1.15	%)		10.27	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	876		$	1,216		$	1,036		$	638		$	985		$	2,218
Ratios to average net assets:
Net investment income (loss)		0.27	%		(0.35	%)		(0.06	%)		0.02	%		(0.27	%)		—	f
Total expenses		2.39	%		2.36	%		2.43	%		2.47	%		2.46	%		2.38	%
Portfolio turnover rate		38	%		406	%		246	%		249	%		410	%		347	%

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

FINANCIAL SERVICES 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	91.63		$	80.10		$	49.53		$	62.26		$	65.93		$	59.67
Income (loss) from investment operations:
Net investment income (loss)b		(.10	)		.41			.68			.54			.03			.46
Net gain (loss) on investments (realized and unrealized)		(19.50	)		12.00			29.89			(12.95	)		(.54	)e		6.17
Total from investment operations		(19.60	)		12.41			30.57			(12.41	)		(.51	)		6.63
Less distributions from:
Net investment income		—			(.34	)		—			(.32	)		(.89	)		(.37	)
Net realized gains		—			(.54	)		—			—			(2.27	)		—
Total distributions		—			(.88	)		—			(.32	)		(3.16	)		(.37	)
Net asset value, end of period	$	72.03		$	91.63		$	80.10		$	49.53		$	62.26		$	65.93
Total Return		(21.39	%)		15.47	%		61.72	%		(20.08	%)		(0.42	%)		11.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	404		$	12,923		$	3,250		$	611		$	1,606		$	3,014
Ratios to average net assets:
Net investment income (loss)		(0.22	%)		0.45	%		1.07	%		0.81	%		0.05	%		0.72	%
Total expenses		1.66	%		1.61	%		1.69	%		1.72	%		1.73	%		1.63	%
Portfolio turnover rate		38	%		406	%		246	%		249	%		410	%		347	%

a	Unaudited figures for the period ended September 30, 2022. 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	Less than $0.01 per share.
e	The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the year because of the sales and repurchase of fund shares in relation to fluctuating market value of the investments of the Fund.
f	Less than 0.01% or (0.01%).

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 69

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

HEALTH CARE FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the health care industry (“Health Care Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 17, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	May 11, 1998

Ten Largest Holdings (% of Total Net Assets)
UnitedHealth Group, Inc.	3.7%
Johnson & Johnson	3.6%
Eli Lilly & Co.	3.1%
AbbVie, Inc.	2.6%
Pfizer, Inc.	2.6%
Merck & Company, Inc.	2.6%
Thermo Fisher Scientific, Inc.	2.3%
Danaher Corp.	2.3%
Bristol-Myers Squibb Co.	2.2%
Abbott Laboratories	2.1%
Top Ten Total	27.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(15.86%)	(16.76%)	7.28%	11.13%
A-Class Shares	(15.97%)	(16.93%)	7.02%	10.85%
A-Class Shares with sales charge‡	(19.97%)	(20.89%)	5.98%	10.31%
C-Class Shares	(16.27%)	(17.55%)	6.23%	10.03%
C-Class Shares with CDSC§	(17.11%)	(18.33%)	6.23%	10.03%
H-Class Shares**	(15.97%)	(16.90%)	7.03%	10.78%
S&P 500 Health Care Index	(10.78%)	(3.37%)	10.18%	13.68%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

70 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
HEALTH CARE FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Pharmaceuticals - 32.0%
Johnson & Johnson		6,091	$	995,026
Eli Lilly & Co.		2,643		854,614
AbbVie, Inc.		5,397		724,331
Pfizer, Inc.		16,545		724,009
Merck & Company, Inc.		8,234		709,112
Bristol-Myers Squibb Co.		8,439		599,929
CVS Health Corp.		5,485		523,104
Cigna Corp.		1,560		432,853
Zoetis, Inc.		2,576		381,995
Becton Dickinson and Co.		1,592		354,745
McKesson Corp.		958		325,595
AstraZeneca plc ADR		5,497		301,456
Dexcom, Inc.*		3,134		252,412
AmerisourceBergen Corp. — Class A		1,811		245,083
GSK plc ADR		7,353		216,399
Cardinal Health, Inc.		3,021		201,440
Novartis AG ADR		2,573		195,574
Jazz Pharmaceuticals plc*		1,308		174,343
Perrigo Company plc		4,750		169,385
Neurocrine Biosciences, Inc.*		1,447		153,686
Viatris, Inc.		16,928		144,227
Elanco Animal Health, Inc.*		8,588		106,577
Bausch Health Companies, Inc.*		10,758		74,123
Total Pharmaceuticals				8,860,018
Healthcare-Products - 29.8%
Thermo Fisher Scientific, Inc.		1,265		641,595
Danaher Corp.		2,415		623,770
Abbott Laboratories		6,140		594,106
Medtronic plc		5,788		467,381
Stryker Corp.		1,951		395,156
Intuitive Surgical, Inc.*		1,939		363,446
Boston Scientific Corp.*		8,825		341,792
Edwards Lifesciences Corp.*		3,859		318,869
ResMed, Inc.		1,204		262,833
Baxter International, Inc.		4,447		239,515
IDEXX Laboratories, Inc.*		719		234,250
Insulet Corp.*		970		222,518
Zimmer Biomet Holdings, Inc.		2,066		216,000
Hologic, Inc.*		2,909		187,689
West Pharmaceutical Services, Inc.		743		182,837
Waters Corp.*		671		180,855
STERIS plc		1,052		174,927
PerkinElmer, Inc.		1,438		173,035
Align Technology, Inc.*		832		172,315
Cooper Companies, Inc.		604		159,396
Avantor, Inc.*		7,796		152,802
Shockwave Medical, Inc.*		543		150,992
ABIOMED, Inc.*		613		150,590
Bio-Techne Corp.		513		145,692
Repligen Corp.*		743		139,023
Henry Schein, Inc.*		2,066		135,881
Teleflex, Inc.		674		135,784
Bruker Corp.		2,436		129,254
Masimo Corp.*		883		124,644
Dentsply Sirona, Inc.		3,841		108,892
Envista Holdings Corp.*		3,164		103,811
Exact Sciences Corp.*		3,188		103,578
Inspire Medical Systems, Inc.*		567		100,569
QuidelOrtho Corp.*		1,341		95,855
Natera, Inc.*		2,069		90,664
Tandem Diabetes Care, Inc.*		1,626		77,804
10X Genomics, Inc. — Class A*		2,706		77,067
Nevro Corp.*		1,295		60,347
Total Healthcare-Products				8,235,534
Biotechnology - 18.1%
Amgen, Inc.		2,245		506,023
Vertex Pharmaceuticals, Inc.*		1,429		413,753
Gilead Sciences, Inc.		6,695		413,015
Regeneron Pharmaceuticals, Inc.*		588		405,056
Biogen, Inc.*		1,265		337,755
Moderna, Inc.*		2,527		298,818
Illumina, Inc.*		1,317		251,270
Royalty Pharma plc — Class A		5,706		229,267
Seagen, Inc.*		1,662		227,411
Alnylam Pharmaceuticals, Inc.*		1,122		224,579
BioNTech SE ADR		1,384		186,674
BioMarin Pharmaceutical, Inc.*		2,157		182,849
Incyte Corp.*		2,685		178,928
Horizon Therapeutics plc*		2,845		176,077
Biohaven Pharmaceutical Holding Company Ltd.*		1,052		159,031
Sarepta Therapeutics, Inc.*		1,311		144,918
United Therapeutics Corp.*		689		144,263
Apellis Pharmaceuticals, Inc.*		1,966		134,278
Guardant Health, Inc.*		2,005		107,929
Intellia Therapeutics, Inc.*		1,659		92,838
Mirati Therapeutics, Inc.*		1,244		86,881
Fate Therapeutics, Inc.*		2,839		63,622
Novavax, Inc.*		2,396		43,607
Total Biotechnology				5,008,842
Healthcare-Services - 16.6%
UnitedHealth Group, Inc.		2,039		1,029,777
Elevance Health, Inc.		1,068		485,128
Humana, Inc.		789		382,815
HCA Healthcare, Inc.		1,750		321,632
Centene Corp.*		3,819		297,156
IQVIA Holdings, Inc.*		1,399		253,415
Molina Healthcare, Inc.*		625		206,150
Laboratory Corporation of America Holdings		943		193,136
Quest Diagnostics, Inc.		1,447		177,532
ICON plc*		889		163,380
Catalent, Inc.*		2,084		150,798
Charles River Laboratories International, Inc.*		737		145,042
DaVita, Inc.*		1,523		126,059
Universal Health Services, Inc. — Class B		1,286		113,399
Oak Street Health, Inc.*		4,475		109,727

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 71

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
HEALTH CARE FUND

	Shares		Value
Tenet Healthcare Corp.*		2,015	$	103,934
Encompass Health Corp.		2,112		95,526
Syneos Health, Inc.*		1,969		92,838
Teladoc Health, Inc.*		3,350		84,923
Amedisys, Inc.*		786		76,077
Total Healthcare-Services				4,608,444
Electronics - 1.8%
Agilent Technologies, Inc.		2,235		271,665
Mettler-Toledo International, Inc.*		201		217,908
Total Electronics				489,573
Software - 1.3%
Veeva Systems, Inc. — Class A*		1,423		234,624
Doximity, Inc. — Class A*		3,668		110,847
Total Software				345,471
Total Common Stocks
(Cost $22,705,859)				27,547,882

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.8%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	133,696		133,696
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		51,422		51,422
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		49,900		49,900
Total Repurchase Agreements
(Cost $235,018)				235,018
Total Investments - 100.4%
(Cost $22,940,877)			$	27,782,900
Other Assets & Liabilities, net - (0.4)%				(102,284	)
Total Net Assets - 100.0%			$	27,680,616

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	27,547,882	$	—	$	—	$	27,547,882
Repurchase Agreements		—		235,018		—		235,018
Total Assets	$	27,547,882	$	235,018	$	—	$	27,782,900

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

HEALTH CARE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $22,705,859)	$	27,547,882
Repurchase agreements, at value (cost $235,018)		235,018
Receivables:
Securities sold		2,333,857
Dividends		20,181
Fund shares sold		10,784
Foreign tax reclaims		4,533
Interest		19
Securities lending income		12
Total assets		30,152,286
Liabilities:
Payable for:
Fund shares redeemed		2,406,271
Management fees		21,651
Transfer agent and administrative fees		11,026
Portfolio accounting/administration fees		3,884
Distribution and service fees		2,810
Trustees’ fees*		466
Miscellaneous		25,562
Total liabilities		2,471,670
Net assets	$	27,680,616
Net assets consist of:
Paid in capital	$	24,884,109
Total distributable earnings (loss)		2,796,507
Net assets	$	27,680,616
Investor Class:
Net assets	$	20,254,727
Capital shares outstanding		579,433
Net asset value per share	$	34.96
A-Class:
Net assets	$	4,449,578
Capital shares outstanding		143,857
Net asset value per share	$	30.93
Maximum offering price per share (Net asset value divided by 95.25%)	$	32.47
C-Class:
Net assets	$	1,779,754
Capital shares outstanding		70,880
Net asset value per share	$	25.11
H-Class:
Net assets	$	1,196,557
Capital shares outstanding		40,379
Net asset value per share	$	29.63

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $1,105)	$	184,607
Interest		1,244
Income from securities lending, net		1,594
Total investment income		187,445
Expenses:
Management fees		150,285
Distribution and service fees:
A-Class		6,337
C-Class		11,229
H-Class		3,330
Transfer agent and administrative fees		41,790
Portfolio accounting/administration fees		22,266
Registration fees		10,405
Professional fees		7,266
Trustees’ fees*		2,745
Custodian fees		2,555
Line of credit fees		16
Miscellaneous		8,968
Total expenses		267,192
Net investment loss		(79,747	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,017,626
Net realized gain		1,017,626
Net change in unrealized appreciation (depreciation) on:
Investments		(7,574,338	)
Net change in unrealized appreciation (depreciation)		(7,574,338	)
Net realized and unrealized loss		(6,556,712	)
Net decrease in net assets resulting from operations	$	(6,636,459	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 73

HEALTH CARE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(79,747	)	$	(178,621	)
Net realized gain on investments		1,017,626			1,658,607
Net change in unrealized appreciation (depreciation) on investments		(7,574,338	)		1,963,044
Net increase (decrease) in net assets resulting from operations		(6,636,459	)		3,443,030
Distributions to shareholders:
Investor Class		—			(1,915,427	)
A-Class		—			(231,621	)
C-Class		—			(134,836	)
H-Class		—			(67,981	)
Total distributions to shareholders		—			(2,349,865	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		63,382,635			100,610,633
A-Class		658,546			1,324,336
C-Class		236,451			1,488,382
H-Class		1,617,388			25,350,018
Distributions reinvested
Investor Class		—			1,897,246
A-Class		—			228,894
C-Class		—			132,840
H-Class		—			67,915
Cost of shares redeemed
Investor Class		(64,076,088	)		(98,580,907	)
A-Class		(965,882	)		(1,755,296	)
C-Class		(764,864	)		(2,206,368	)
H-Class		(9,894,525	)		(16,839,371	)
Net increase (decrease) from capital share transactions		(9,806,339	)		11,718,322
Net increase (decrease) in net assets		(16,442,798	)		12,811,487
Net assets:
Beginning of period		44,123,414			31,311,927
End of period	$	27,680,616		$	44,123,414
Capital share activity:
Shares sold
Investor Class		1,642,098			2,332,052
A-Class		19,271			34,856
C-Class		8,439			47,899
H-Class		49,852			693,002
Shares issued from reinvestment of distributions		��
Investor Class		—			44,640
A-Class		—			6,075
C-Class		—			4,315
H-Class		—			1,882
Shares redeemed
Investor Class		(1,675,826	)		(2,294,346	)
A-Class		(28,917	)		(46,738	)
C-Class		(27,539	)		(70,909	)
H-Class		(301,537	)		(455,241	)
Net increase (decrease) in shares		(314,159	)		297,487

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

HEALTH CARE FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	41.55		$	39.24		$	30.27		$	32.03		$	28.88		$	27.82
Income (loss) from investment operations:
Net investment income (loss)b		(.06	)		(.12	)		(.15	)		(.06	)		(.13	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		(6.53	)		3.84			12.50			(1.70	)		3.78			3.82
Total from investment operations		(6.59	)		3.72			12.35			(1.76	)		3.65			3.69
Less distributions from:
Net realized gains		—			(1.41	)		(3.38	)		—			(.50	)		(2.63	)
Total distributions		—			(1.41	)		(3.38	)		—			(.50	)		(2.63	)
Net asset value, end of period	$	34.96		$	41.55		$	39.24		$	30.27		$	32.03		$	28.88
Total Return		(15.86	%)		9.40	%		41.24	%		(5.49	%)		12.75	%		13.38	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20,255		$	25,478		$	20,831		$	12,408		$	64,185		$	67,542
Ratios to average net assets:
Net investment income (loss)		(0.32	%)		(0.29	%)		(0.41	%)		(0.19	%)		(0.42	%)		(0.43	%)
Total expenses		1.39	%		1.35	%		1.46	%		1.47	%		1.46	%		1.38	%
Portfolio turnover rate		169	%		238	%		256	%		248	%		341	%		394	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	36.81		$	34.99		$	27.33		$	29.00		$	26.26		$	25.56
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(.19	)		(.21	)		(.12	)		(.19	)		(.19	)
Net gain (loss) on investments (realized and unrealized)		(5.79	)		3.42			11.25			(1.55	)		3.43			3.52
Total from investment operations		(5.88	)		3.23			11.04			(1.67	)		3.24			3.33
Less distributions from:
Net realized gains		—			(1.41	)		(3.38	)		—			(.50	)		(2.63	)
Total distributions		—			(1.41	)		(3.38	)		—			(.50	)		(2.63	)
Net asset value, end of period	$	30.93		$	36.81		$	34.99		$	27.33		$	29.00		$	26.26
Total Returnc		(15.97	%)		9.14	%		40.87	%		(5.76	%)		12.46	%		13.14	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,450		$	5,650		$	5,575		$	3,606		$	4,865		$	3,102
Ratios to average net assets:
Net investment income (loss)		(0.56	%)		(0.50	%)		(0.63	%)		(0.43	%)		(0.68	%)		(0.69	%)
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%		1.63	%
Portfolio turnover rate		169	%		238	%		256	%		248	%		341	%		394	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 75

HEALTH CARE 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	29.99		$	28.95		$	23.21		$	24.81		$	22.69		$	22.58
Income (loss) from investment operations:
Net investment income (loss)b		(.18	)		(.39	)		(.40	)		(.30	)		(.35	)		(.34	)
Net gain (loss) on investments (realized and unrealized)		(4.70	)		2.84			9.52			(1.30	)		2.97			3.08
Total from investment operations		(4.88	)		2.45			9.12			(1.60	)		2.62			2.74
Less distributions from:
Net realized gains		—			(1.41	)		(3.38	)		—			(.50	)		(2.63	)
Total distributions		—			(1.41	)		(3.38	)		—			(.50	)		(2.63	)
Net asset value, end of period	$	25.11		$	29.99		$	28.95		$	23.21		$	24.81		$	22.69
Total Returnc		(16.27	%)		8.34	%		39.82	%		(6.45	%)		11.68	%		12.24	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,780		$	2,699		$	3,147		$	2,826		$	4,340		$	4,940
Ratios to average net assets:
Net investment income (loss)		(1.31	%)		(1.26	%)		(1.39	%)		(1.20	%)		(1.42	%)		(1.42	%)
Total expenses		2.39	%		2.36	%		2.45	%		2.48	%		2.46	%		2.38	%
Portfolio turnover rate		169	%		238	%		256	%		248	%		341	%		394	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	35.26		$	33.57		$	26.31		$	27.91		$	25.29		$	24.72
Income (loss) from investment operations:
Net investment income (loss)b		(.13	)		(.17	)		(.21	)		(.13	)		(.18	)		(.21	)
Net gain (loss) on investments (realized and unrealized)		(5.50	)		3.27			10.85			(1.47	)		3.30			3.41
Total from investment operations		(5.63	)		3.10			10.64			(1.60	)		3.12			3.20
Less distributions from:
Net realized gains		—			(1.41	)		(3.38	)		—			(.50	)		(2.63	)
Total distributions		—			(1.41	)		(3.38	)		—			(.50	)		(2.63	)
Net asset value, end of period	$	29.63		$	35.26		$	33.57		$	26.31		$	27.91		$	25.29
Total Return		(15.97	%)		9.14	%		40.93	%		(5.73	%)		12.46	%		13.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,197		$	10,297		$	1,760		$	1,021		$	7,871		$	5,225
Ratios to average net assets:
Net investment income (loss)		(0.78	%)		(0.46	%)		(0.68	%)		(0.45	%)		(0.66	%)		(0.77	%)
Total expenses		1.65	%		1.61	%		1.76	%		1.72	%		1.73	%		1.64	%
Portfolio turnover rate		169	%		238	%		256	%		248	%		341	%		394	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

INTERNET FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that provide products or services designed for or related to the Internet (“Internet Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 6, 2000
A-Class	September 1, 2004
C-Class	April 19, 2001
H-Class	April 6, 2000

Ten Largest Holdings (% of Total Net Assets)
Alphabet, Inc. — Class A	8.1%
Amazon.com, Inc.	7.7%
Meta Platforms, Inc. — Class A	4.2%
Cisco Systems, Inc.	3.0%
Salesforce, Inc.	2.8%
Netflix, Inc.	2.5%
Adobe, Inc.	2.3%
PayPal Holdings, Inc.	2.3%
Airbnb, Inc. — Class A	1.9%
Activision Blizzard, Inc.	1.8%
Top Ten Total	36.6%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(31.42%)	(47.40%)	2.15%	9.85%
A-Class Shares	(31.50%)	(47.54%)	1.89%	9.57%
A-Class Shares with sales charge‡	(34.76%)	(50.03%)	0.90%	9.04%
C-Class Shares	(31.76%)	(47.93%)	1.13%	8.75%
C-Class Shares with CDSC§	(32.46%)	(48.30%)	1.13%	8.75%
H-Class Shares**	(31.51%)	(47.54%)	1.89%	9.48%
S&P 500 Information Technology Index	(25.19%)	(20.00%)	16.74%	17.09%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 77

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
INTERNET FUND

	Shares		Value
COMMON STOCKS† - 99.8%
Internet - 56.5%
Alphabet, Inc. — Class A*		10,523	$	1,006,525
Amazon.com, Inc.*		8,445		954,285
Meta Platforms, Inc. — Class A*		3,844		521,554
Netflix, Inc.*		1,335		314,312
Airbnb, Inc. — Class A*		2,206		231,718
Booking Holdings, Inc.*		137		225,120
Uber Technologies, Inc.*		7,631		202,222
Twitter, Inc.*		4,603		201,796
Alibaba Group Holding Ltd. ADR*		2,463		197,015
Baidu, Inc. ADR*		1,250		146,862
Pinduoduo, Inc. ADR*		2,197		137,488
Shopify, Inc. — Class A*		5,022		135,293
MercadoLibre, Inc.*		161		133,273
JD.com, Inc. ADR		2,646		133,094
Sea Ltd. ADR*		2,362		132,390
VeriSign, Inc.*		725		125,933
eBay, Inc.		3,370		124,050
DoorDash, Inc. — Class A*		2,366		116,999
Trip.com Group Ltd. ADR*		4,272		116,668
Pinterest, Inc. — Class A*		4,930		114,869
Wix.com Ltd.*		1,422		111,243
Snap, Inc. — Class A*		11,061		108,619
Expedia Group, Inc.*		1,156		108,306
Etsy, Inc.*		1,034		103,534
Chewy, Inc. — Class A*,1		3,335		102,451
Match Group, Inc.*		2,056		98,174
Spotify Technology S.A.*		1,133		97,778
GoDaddy, Inc. — Class A*		1,367		96,893
Coupang, Inc.*		5,668		94,486
Okta, Inc.*		1,513		86,044
F5, Inc.*		590		85,391
Roku, Inc.*		1,338		75,463
Zillow Group, Inc. — Class C*		2,434		69,637
Zillow Group, Inc. — Class A*		2,415		69,141
IAC, Inc.*		1,096		60,696
Lyft, Inc. ��� Class A*		4,252		55,999
Bumble, Inc. — Class A*		2,522		54,198
Ziff Davis, Inc.*		750		51,360
TripAdvisor, Inc.*		2,270		50,122
Wayfair, Inc. — Class A*,1		1,375		44,756
Revolve Group, Inc.*		1,580		34,270
Overstock.com, Inc.*		1,218		29,658
Stitch Fix, Inc. — Class A*		4,291		16,949
Total Internet				6,976,634
Software - 29.5%
Salesforce, Inc.*		2,395		344,497
Adobe, Inc.*		1,053		289,786
Activision Blizzard, Inc.		3,047		226,514
Snowflake, Inc. — Class A*		1,257		213,640
Workday, Inc. — Class A*		1,188		180,837
Electronic Arts, Inc.		1,420		164,308
Datadog, Inc. — Class A*		1,713		152,080
Veeva Systems, Inc. — Class A*		901		148,557
Zoom Video Communications, Inc. — Class A*		1,833		134,891
ROBLOX Corp. — Class A*		3,485		124,902
ZoomInfo Technologies, Inc. — Class A*		2,884		120,147
Take-Two Interactive Software, Inc.*		1,100		119,900
Cloudflare, Inc. — Class A*		2,153		119,082
Citrix Systems, Inc.*,††		1,070		111,280
Twilio, Inc. — Class A*		1,540		106,476
Akamai Technologies, Inc.*		1,274		102,328
NetEase, Inc. ADR		1,322		99,943
HubSpot, Inc.*		365		98,594
MongoDB, Inc.*		490		97,294
DocuSign, Inc.*		1,711		91,487
Bilibili, Inc. ADR*,1		5,302		81,227
Dropbox, Inc. — Class A*		3,893		80,663
Five9, Inc.*		844		63,283
Nutanix, Inc. — Class A*		3,018		62,865
Smartsheet, Inc. — Class A*		1,788		61,436
Coupa Software, Inc.*		1,005		59,094
New Relic, Inc.*		988		56,691
Box, Inc. — Class A*		2,210		53,902
DigitalOcean Holdings, Inc.*		1,423		51,470
Fastly, Inc. — Class A*		3,524		32,280
Total Software				3,649,454
Telecommunications - 7.3%
Cisco Systems, Inc.		9,166		366,640
Motorola Solutions, Inc.		790		176,936
Arista Networks, Inc.*		1,513		170,803
Juniper Networks, Inc.		3,224		84,211
Ciena Corp.*		1,766		71,399
CommScope Holding Company, Inc.*		3,951		36,389
Total Telecommunications				906,378
Commercial Services - 4.8%
PayPal Holdings, Inc.*		3,353		288,593
CoStar Group, Inc.*		2,170		151,141
Paylocity Holding Corp.*		447		107,986
Chegg, Inc.*		2,273		47,892
Total Commercial Services				595,612
Entertainment - 0.6%
DraftKings, Inc. — Class A*		4,858		73,550
Computers - 0.5%
Lumentum Holdings, Inc.*		887		60,821
Healthcare-Services - 0.4%
Teladoc Health, Inc.*		2,120		53,742
Real Estate - 0.2%
Redfin Corp.*		3,449		20,142
Total Common Stocks
(Cost $11,834,489)				12,336,333

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
INTERNET FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	33,330	$	33,330
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		12,819		12,819
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		12,440		12,440
Total Repurchase Agreements
(Cost $58,589)				58,589
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		165,336		165,336
Total Securities Lending Collateral
(Cost $165,336)				165,336
Total Investments - 101.6%
(Cost $12,058,414)			$	12,560,258
Other Assets & Liabilities, net - (1.6)%				(200,336	)
Total Net Assets - 100.0%			$	12,359,922

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	12,225,053	$	111,280	$	—	$	12,336,333
Repurchase Agreements		—		58,589		—		58,589
Securities Lending Collateral		165,336		—		—		165,336
Total Assets	$	12,390,389	$	169,869	$	—	$	12,560,258

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 79

INTERNET FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $159,013 of securities loaned (cost $11,999,825)	$	12,501,669
Repurchase agreements, at value (cost $58,589)		58,589
Receivables:
Fund shares sold		2,527
Dividends		630
Securities lending income		55
Total assets		12,563,470
Liabilities:
Payable for:
Return of securities lending collateral		165,336
Fund shares redeemed		10,358
Management fees		9,455
Transfer agent and administrative fees		4,121
Distribution and service fees		2,138
Portfolio accounting/administration fees		1,696
Trustees’ fees*		187
Miscellaneous		10,257
Total liabilities		203,548
Net assets	$	12,359,922
Net assets consist of:
Paid in capital	$	15,731,212
Total distributable earnings (loss)		(3,371,290	)
Net assets	$	12,359,922
Investor Class:
Net assets	$	8,529,764
Capital shares outstanding		107,599
Net asset value per share	$	79.27
A-Class:
Net assets	$	1,443,905
Capital shares outstanding		20,401
Net asset value per share	$	70.78
Maximum offering price per share (Net asset value divided by 95.25%)	$	74.30
C-Class:
Net assets	$	1,963,484
Capital shares outstanding		35,259
Net asset value per share	$	55.69
H-Class:
Net assets	$	422,769
Capital shares outstanding		6,263
Net asset value per share	$	67.50

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $135)	$	14,341
Interest		497
Income from securities lending, net		182
Total investment income		15,020
Expenses:
Management fees		52,551
Distribution and service fees:
A-Class		2,194
C-Class		11,054
H-Class		1,240
Transfer agent and administrative fees		14,738
Portfolio accounting/administration fees		7,820
Professional fees		2,324
Trustees’ fees*		1,413
Custodian fees		940
Miscellaneous		6,253
Total expenses		100,527
Net investment loss		(85,507	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,508,729	)
Net realized loss		(1,508,729	)
Net change in unrealized appreciation (depreciation) on:
Investments		(4,179,282	)
Net change in unrealized appreciation (depreciation)		(4,179,282	)
Net realized and unrealized loss		(5,688,011	)
Net decrease in net assets resulting from operations	$	(5,773,518	)

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

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

INTERNET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(85,507	)	$	(347,244	)
Net realized gain (loss) on investments		(1,508,729	)		5,510,850
Net change in unrealized appreciation (depreciation) on investments		(4,179,282	)		(10,323,033	)
Net decrease in net assets resulting from operations		(5,773,518	)		(5,159,427	)
Distributions to shareholders:
Investor Class		—			(3,618,087	)
A-Class		—			(711,899	)
C-Class		—			(1,201,881	)
H-Class		—			(228,096	)
Total distributions to shareholders		—			(5,759,963	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		7,036,098			33,557,065
A-Class		582,300			1,317,749
C-Class		464,054			2,769,422
H-Class		2,824,037			2,396,750
Distributions reinvested
Investor Class		—			3,533,333
A-Class		—			695,882
C-Class		—			1,201,881
H-Class		—			227,805
Cost of shares redeemed
Investor Class		(3,901,620	)		(46,602,020	)
A-Class		(677,595	)		(1,316,969	)
C-Class		(428,741	)		(3,088,978	)
H-Class		(2,551,027	)		(2,242,167	)
Net increase (decrease) from capital share transactions		3,347,506			(7,550,247	)
Net decrease in net assets		(2,426,012	)		(18,469,637	)
Net assets:
Beginning of period		14,785,934			33,255,571
End of period	$	12,359,922		$	14,785,934
Capital share activity:
Shares sold
Investor Class		73,558			191,201
A-Class		6,996			9,664
C-Class		6,976			20,635
H-Class		29,745			14,943
Shares issued from reinvestment of distributions
Investor Class		—			24,112
A-Class		—			5,308
C-Class		—			11,581
H-Class		—			1,822
Shares redeemed
Investor Class		(41,893	)		(267,776	)
A-Class		(8,271	)		(9,698	)
C-Class		(6,288	)		(24,678	)
H-Class		(33,095	)		(13,293	)
Net increase (decrease) in shares		27,728			(36,179	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 81

INTERNET FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	115.59		$	195.59		$	105.23		$	118.80		$	124.80		$	95.33
Income (loss) from investment operations:
Net investment income (loss)b		(.53	)		(2.11	)		(2.03	)		(1.30	)		(1.29	)		(.80	)
Net gain (loss) on investments (realized and unrealized)		(35.79	)		(34.69	)		92.39			(8.17	)		10.79			30.27
Total from investment operations		(36.32	)		(36.80	)		90.36			(9.47	)		9.50			29.47
Less distributions from:
Net realized gains		—			(43.20	)		—			(4.10	)		(15.50	)		—
Total distributions		—			(43.20	)		—			(4.10	)		(15.50	)		—
Net asset value, end of period	$	79.27		$	115.59		$	195.59		$	105.23		$	118.80		$	124.80
Total Return		(31.42	%)		(23.48	%)		85.87	%		(8.25	%)		9.39	%		30.91	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,530		$	8,777		$	25,113		$	10,741		$	15,484		$	40,843
Ratios to average net assets:
Net investment income (loss)		(1.15	%)		(1.18	%)		(1.21	%)		(1.08	%)		(1.00	%)		(0.71	%)
Total expenses		1.39	%		1.36	%		1.44	%		1.47	%		1.45	%		1.38	%
Portfolio turnover rate		55	%		150	%		284	%		359	%		349	%		305	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	103.33		$	179.98		$	97.07		$	110.18		$	117.20		$	89.75
Income (loss) from investment operations:
Net investment income (loss)b		(.57	)		(2.28	)		(2.22	)		(1.32	)		(1.46	)		(1.01	)
Net gain (loss) on investments (realized and unrealized)		(31.98	)		(31.17	)		85.13			(7.69	)		9.94			28.46
Total from investment operations		(32.55	)		(33.45	)		82.91			(9.01	)		8.48			27.45
Less distributions from:
Net realized gains		—			(43.20	)		—			(4.10	)		(15.50	)		—
Total distributions		—			(43.20	)		—			(4.10	)		(15.50	)		—
Net asset value, end of period	$	70.78		$	103.33		$	179.98		$	97.07		$	110.18		$	117.20
Total Returnc		(31.50	%)		(23.67	%)		85.41	%		(8.48	%)		9.13	%		30.57	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,444		$	2,240		$	2,952		$	2,060		$	2,054		$	3,393
Ratios to average net assets:
Net investment income (loss)		(1.39	%)		(1.44	%)		(1.45	%)		(1.20	%)		(1.27	%)		(0.96	%)
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.71	%		1.63	%
Portfolio turnover rate		55	%		150	%		284	%		359	%		349	%		305	%

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

INTERNET 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	81.61		$	152.56		$	82.90		$	95.40		$	104.40		$	80.55
Income (loss) from investment operations:
Net investment income (loss)b		(.70	)		(2.89	)		(2.91	)		(1.96	)		(2.08	)		(1.60	)
Net gain (loss) on investments (realized and unrealized)		(25.22	)		(24.86	)		72.57			(6.44	)		8.58			25.45
Total from investment operations		(25.92	)		(27.75	)		69.66			(8.40	)		6.50			23.85
Less distributions from:
Net realized gains		—			(43.20	)		—			(4.10	)		(15.50	)		—
Total distributions		—			(43.20	)		—			(4.10	)		(15.50	)		—
Net asset value, end of period	$	55.69		$	81.61		$	152.56		$	82.90		$	95.40		$	104.40
Total Returnc		(31.76	%)		(24.24	%)		84.03	%		(9.16	%)		8.31	%		29.61	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,963		$	2,821		$	4,124		$	1,931		$	3,047		$	2,967
Ratios to average net assets:
Net investment income (loss)		(2.14	%)		(2.19	%)		(2.21	%)		(2.06	%)		(2.01	%)		(1.70	%)
Total expenses		2.39	%		2.36	%		2.43	%		2.47	%		2.46	%		2.38	%
Portfolio turnover rate		55	%		150	%		284	%		359	%		349	%		305	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	98.55		$	173.71		$	93.70		$	106.51		$	113.84		$	87.18
Income (loss) from investment operations:
Net investment income (loss)b		(.57	)		(2.23	)		(1.75	)		(1.41	)		(1.51	)		(1.07	)
Net gain (loss) on investments (realized and unrealized)		(30.48	)		(29.73	)		81.76			(7.30	)		9.68			27.73
Total from investment operations		(31.05	)		(31.96	)		80.01			(8.71	)		8.17			26.66
Less distributions from:
Net realized gains		—			(43.20	)		—			(4.10	)		(15.50	)		—
Total distributions		—			(43.20	)		—			(4.10	)		(15.50	)		—
Net asset value, end of period	$	67.50		$	98.55		$	173.71		$	93.70		$	106.51		$	113.84
Total Return		(31.51	%)		(23.67	%)		85.39	%		(8.49	%)		9.12	%		30.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	423		$	947		$	1,067		$	825		$	9,880		$	28,889
Ratios to average net assets:
Net investment income (loss)		(1.38	%)		(1.45	%)		(1.42	%)		(1.30	%)		(1.27	%)		(1.04	%)
Total expenses		1.65	%		1.61	%		1.76	%		1.71	%		1.70	%		1.63	%
Portfolio turnover rate		55	%		150	%		284	%		359	%		349	%		305	%

a	Unaudited figures for the period ended September 30, 2022. 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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 83

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

LEISURE FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in leisure and entertainment businesses (“Leisure Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	May 3, 2001
H-Class	June 3, 1998

Ten Largest Holdings (% of Total Net Assets)
McDonald’s Corp.	3.6%
Walt Disney Co.	3.6%
Philip Morris International, Inc.	3.2%
Comcast Corp. — Class A	3.1%
Netflix, Inc.	3.1%
Starbucks Corp.	2.9%
Altria Group, Inc.	2.4%
Airbnb, Inc. — Class A	2.3%
Booking Holdings, Inc.	2.3%
Activision Blizzard, Inc.	2.2%
Top Ten Total	28.7%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(26.27%)	(35.28%)	(0.40%)	6.87%
A-Class Shares	(26.37%)	(35.44%)	(0.65%)	6.60%
A-Class Shares with sales charge‡	(29.87%)	(38.51%)	(1.61%)	6.08%
C-Class Shares	(26.64%)	(35.93%)	(1.39%)	5.80%
C-Class Shares with CDSC§	(27.39%)	(36.52%)	(1.39%)	5.80%
H-Class Shares**	(26.36%)	(35.44%)	(0.65%)	6.53%
S&P 500 Consumer Discretionary Index	(22.94%)	(20.89%)	10.51%	13.19%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

84 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
LEISURE FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Retail - 18.9%
McDonald’s Corp.		1,224	$	282,426
Starbucks Corp.		2,659		224,047
Chipotle Mexican Grill, Inc. — Class A*		96		144,265
Yum! Brands, Inc.		1,160		123,354
Darden Restaurants, Inc.		712		89,940
Restaurant Brands International, Inc.		1,624		86,364
Yum China Holdings, Inc.		1,713		81,076
Domino’s Pizza, Inc.		236		73,207
Texas Roadhouse, Inc. — Class A		626		54,625
Wendy’s Co.		2,401		44,875
Wingstop, Inc.		341		42,768
Papa John’s International, Inc.		489		34,235
Cracker Barrel Old Country Store, Inc.		340		31,477
Shake Shack, Inc. — Class A*		686		30,856
Bloomin’ Brands, Inc.		1,525		27,953
Cheesecake Factory, Inc.		939		27,494
Jack in the Box, Inc.		352		26,073
Dave & Buster’s Entertainment, Inc.*		836		25,941
Brinker International, Inc.*		924		23,082
Total Retail				1,474,058
Media - 17.8%
Walt Disney Co.*		2,978		280,915
Comcast Corp. — Class A		8,323		244,113
Charter Communications, Inc. — Class A*		505		153,192
Warner Bros Discovery, Inc.*		10,178		117,047
Fox Corp. — Class A		2,925		89,739
Paramount Global — Class B		3,924		74,713
Liberty Broadband Corp. — Class C*		930		68,634
News Corp. — Class A		4,317		65,230
DISH Network Corp. — Class A*		3,847		53,204
World Wrestling Entertainment, Inc. — Class A		742		52,066
Nexstar Media Group, Inc. — Class A		306		51,056
TEGNA, Inc.		2,391		49,446
New York Times Co. — Class A		1,710		49,162
Altice USA, Inc. — Class A*		4,842		28,229
Cable One, Inc.		15		12,796
Total Media				1,389,542
Internet - 13.0%
Netflix, Inc.*		1,032		242,974
Airbnb, Inc. — Class A*		1,707		179,303
Booking Holdings, Inc.*		107		175,824
Sea Ltd. ADR*		1,961		109,914
Trip.com Group Ltd. ADR*		3,223		88,020
Expedia Group, Inc.*		901		84,415
Spotify Technology S.A.*		908		78,360
Roku, Inc.*		1,039		58,600
Total Internet				1,017,410
Lodging - 10.7%
Marriott International, Inc. — Class A		1,062		148,829
Hilton Worldwide Holdings, Inc.		1,070		129,063
Las Vegas Sands Corp.*		3,323		124,679
MGM Resorts International		2,462		73,171
Hyatt Hotels Corp. — Class A*		814		65,901
Wynn Resorts Ltd.*		958		60,383
Choice Hotels International, Inc.		524		57,388
Wyndham Hotels & Resorts, Inc.		859		52,700
Boyd Gaming Corp.		1,029		49,032
Hilton Grand Vacations, Inc.*		1,244		40,915
Travel + Leisure Co.		1,040		35,485
Total Lodging				837,546
Entertainment - 10.0%
Live Nation Entertainment, Inc.*		1,180		89,727
Warner Music Group Corp. — Class A		3,204		74,365
Vail Resorts, Inc.		312		67,280
Churchill Downs, Inc.		322		59,296
DraftKings, Inc. — Class A*		3,763		56,972
Caesars Entertainment, Inc.*		1,544		49,810
AMC Entertainment Holdings, Inc. — Class A*,1		6,685		46,595
Penn Entertainment, Inc.*		1,663		45,749
Marriott Vacations Worldwide Corp.		360		43,870
Red Rock Resorts, Inc. — Class A		1,209		41,420
Light & Wonder, Inc. — Class A*		962		41,251
International Game Technology plc		2,459		38,852
SeaWorld Entertainment, Inc.*		826		37,591
Madison Square Garden Sports Corp. — Class A*		258		35,258
Cinemark Holdings, Inc.*		2,148		26,012
Six Flags Entertainment Corp.*		1,396		24,709
Total Entertainment				778,757
Software - 7.9%
Activision Blizzard, Inc.		2,364		175,740
Electronic Arts, Inc.		1,052		121,727
ROBLOX Corp. — Class A*		2,680		96,051
Take-Two Interactive Software, Inc.*		842		91,778
NetEase, Inc. ADR		978		73,937
Bilibili, Inc. ADR*,1		3,951		60,529
Total Software				619,762
Leisure Time - 6.5%
Norwegian Cruise Line Holdings Ltd.*		7,816		88,790
Royal Caribbean Cruises Ltd.*		1,678		63,596
Carnival Corp.*		8,115		57,048
Polaris, Inc.		544		52,034
Harley-Davidson, Inc.		1,417		49,425
Brunswick Corp.		742		48,564
Planet Fitness, Inc. — Class A*		832		47,973
Topgolf Callaway Brands Corp.*		2,105		40,542
YETI Holdings, Inc.*		1,099		31,343
Peloton Interactive, Inc. — Class A*		4,263		29,543
Total Leisure Time				508,858

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 85

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
LEISURE FUND

	Shares		Value
Agriculture - 6.4%
Philip Morris International, Inc.		2,980	$	247,370
Altria Group, Inc.		4,678		188,898
British American Tobacco plc ADR		1,841		65,355
Total Agriculture				501,623
Beverages - 6.0%
Constellation Brands, Inc. — Class A		665		152,737
Brown-Forman Corp. — Class B		1,921		127,881
Molson Coors Beverage Co. — Class B		1,548		74,288
Anheuser-Busch InBev S.A. ADR		1,392		62,863
Boston Beer Company, Inc. — Class A*		144		46,606
Total Beverages				464,375
Toys, Games & Hobbies - 1.5%
Hasbro, Inc.		977		65,869
Mattel, Inc.*		2,839		53,771
Total Toys, Games & Hobbies				119,640
Food Service - 0.8%
Aramark		1,953		60,934
Total Common Stocks
(Cost $6,686,021)				7,772,505

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	27,318		27,318
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		10,507		10,507
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		10,196		10,196
Total Repurchase Agreements
(Cost $48,021)				48,021
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.1%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		82,798		82,798
Total Securities Lending Collateral
(Cost $82,798)				82,798
Total Investments - 101.2%
(Cost $6,816,840)			$	7,903,324
Other Assets & Liabilities, net - (1.2)%				(90,304	)
Total Net Assets - 100.0%			$	7,813,020

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,772,505	$	—	$	—	$	7,772,505
Repurchase Agreements		—		48,021		—		48,021
Securities Lending Collateral		82,798		—		—		82,798
Total Assets	$	7,855,303	$	48,021	$	—	$	7,903,324

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

LEISURE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $80,126 of securities loaned (cost $6,768,819)	$	7,855,303
Repurchase agreements, at value (cost $48,021)		48,021
Receivables:
Dividends		13,119
Securities lending income		398
Fund shares sold		104
Total assets		7,916,945
Liabilities:
Payable for:
Return of securities lending collateral		82,798
Management fees		6,406
Transfer agent and administrative fees		3,083
Distribution and service fees		1,286
Portfolio accounting/administration fees		1,149
Fund shares redeemed		216
Trustees’ fees*		162
Miscellaneous		8,825
Total liabilities		103,925
Net assets	$	7,813,020
Net assets consist of:
Paid in capital	$	8,402,949
Total distributable earnings (loss)		(589,929	)
Net assets	$	7,813,020
Investor Class:
Net assets	$	3,482,778
Capital shares outstanding		58,848
Net asset value per share	$	59.18
A-Class:
Net assets	$	2,556,817
Capital shares outstanding		47,894
Net asset value per share	$	53.38
Maximum offering price per share (Net asset value divided by 95.25%)	$	56.04
C-Class:
Net assets	$	354,842
Capital shares outstanding		7,809
Net asset value per share	$	45.44
H-Class:
Net assets	$	1,418,583
Capital shares outstanding		27,419
Net asset value per share	$	51.74

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $333)	$	65,424
Interest		335
Income from securities lending, net		1,279
Total investment income		67,038
Expenses:
Management fees		43,092
Distribution and service fees:
A-Class		4,478
C-Class		2,261
H-Class		2,192
Transfer agent and administrative fees		12,299
Registration fees		4,150
Portfolio accounting/administration fees		6,332
Professional fees		2,259
Trustees’ fees*		1,402
Custodian fees		799
Miscellaneous		282
Total expenses		79,546
Net investment loss		(12,508	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(109,612	)
Net realized loss		(109,612	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,995,403	)
Net change in unrealized appreciation (depreciation)		(2,995,403	)
Net realized and unrealized loss		(3,105,015	)
Net decrease in net assets resulting from operations	$	(3,117,523	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 87

LEISURE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(12,508	)	$	(124,538	)
Net realized gain (loss) on investments		(109,612	)		1,298,853
Net change in unrealized appreciation (depreciation) on investments		(2,995,403	)		(5,130,237	)
Net decrease in net assets resulting from operations		(3,117,523	)		(3,955,922	)
Distributions to shareholders:
Investor Class		—			(604,040	)
A-Class		—			(255,000	)
C-Class		—			(53,089	)
H-Class		—			(133,042	)
Total distributions to shareholders		—			(1,045,171	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		1,983,734			39,154,029
A-Class		89,950			2,799,506
C-Class		20,500			90,769
H-Class		142,743			842,058
Distributions reinvested
Investor Class		—			578,089
A-Class		—			199,062
C-Class		—			53,089
H-Class		—			132,002
Cost of shares redeemed
Investor Class		(2,705,127	)		(71,651,581	)
A-Class		(809,501	)		(1,987,920	)
C-Class		(111,036	)		(316,244	)
H-Class		(219,954	)		(5,174,501	)
Net decrease from capital share transactions		(1,608,691	)		(35,281,642	)
Net decrease in net assets		(4,726,214	)		(40,282,735	)
Net assets:
Beginning of period		12,539,234			52,821,969
End of period	$	7,813,020		$	12,539,234
Capital share activity:
Shares sold
Investor Class		29,175			406,062
A-Class		1,397			33,160
C-Class		387			1,250
H-Class		2,266			10,170
Shares issued from reinvestment of distributions
Investor Class		—			6,639
A-Class		—			2,529
C-Class		—			788
H-Class		—			1,731
Shares redeemed
Investor Class		(39,772	)		(749,384	)
A-Class		(13,527	)		(22,325	)
C-Class		(2,117	)		(4,268	)
H-Class		(3,635	)		(56,958	)
Net decrease in shares		(25,826	)		(370,606	)

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

LEISURE FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	80.27		$	100.94		$	53.01		$	68.98		$	71.23		$	70.95
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(.44	)		(.34	)		.08			.32			.36
Net gain (loss) on investments (realized and unrealized)		(21.07	)		(14.80	)		48.27			(15.86	)		2.18			4.48
Total from investment operations		(21.09	)		(15.24	)		47.93			(15.78	)		2.50			4.84
Less distributions from:
Net investment income		—			—			—			(.19	)		(.52	)		(1.64	)
Net realized gains		—			(5.43	)		—			—			(4.23	)		(2.92	)
Total distributions		—			(5.43	)		—			(.19	)		(4.75	)		(4.56	)
Net asset value, end of period	$	59.18		$	80.27		$	100.94		$	53.01		$	68.98		$	71.23
Total Return		(26.27	%)		(15.52	%)		90.42	%		(22.96	%)		4.06	%		6.71	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,483		$	5,574		$	40,995		$	2,839		$	11,739		$	14,625
Ratios to average net assets:
Net investment income (loss)		(0.07	%)		(0.45	%)		(0.39	%)		0.11	%		0.45	%		0.49	%
Total expenses		1.39	%		1.36	%		1.41	%		1.48	%		1.46	%		1.38	%
Portfolio turnover rate		22	%		168	%		144	%		369	%		323	%		442	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	72.50		$	91.96		$	48.41		$	63.17		$	65.82		$	66.03
Income (loss) from investment operations:
Net investment income (loss)b		(.10	)		(.51	)		(.41	)		.01			.11			.17
Net gain (loss) on investments (realized and unrealized)		(19.02	)		(13.52	)		43.96			(14.58	)		1.99			4.18
Total from investment operations		(19.12	)		(14.03	)		43.55			(14.57	)		2.10			4.35
Less distributions from:
Net investment income		—			—			—			(.19	)		(.52	)		(1.64	)
Net realized gains		—			(5.43	)		—			—			(4.23	)		(2.92	)
Total distributions		—			(5.43	)		—			(.19	)		(4.75	)		(4.56	)
Net asset value, end of period	$	53.38		$	72.50		$	91.96		$	48.41		$	63.17		$	65.82
Total Returnc		(26.37	%)		(15.72	%)		89.96	%		(23.15	%)		3.79	%		6.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,557		$	4,351		$	4,291		$	816		$	1,192		$	3,371
Ratios to average net assets:
Net investment income (loss)		(0.31	%)		(0.59	%)		(0.56	%)		0.02	%		0.17	%		0.24	%
Total expenses		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%		1.63	%
Portfolio turnover rate		22	%		168	%		144	%		369	%		323	%		442	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 89

LEISURE 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	61.94		$	80.01		$	42.44		$	55.82		$	59.16		$	60.23
Income (loss) from investment operations:
Net investment income (loss)b		(.29	)		(1.04	)		(.87	)		(.42	)		(.32	)		(.36	)
Net gain (loss) on investments (realized and unrealized)		(16.21	)		(11.60	)		38.44			(12.77	)		1.73			3.85
Total from investment operations		(16.50	)		(12.64	)		37.57			(13.19	)		1.41			3.49
Less distributions from:
Net investment income		—			—			—			(.19	)		(.52	)		(1.64	)
Net realized gains		—			(5.43	)		—			—			(4.23	)		(2.92	)
Total distributions		—			(5.43	)		—			(.19	)		(4.75	)		(4.56	)
Net asset value, end of period	$	45.44		$	61.94		$	80.01		$	42.44		$	55.82		$	59.16
Total Returnc		(26.64	%)		(16.35	%)		88.52	%		(23.73	%)		3.03	%		5.66	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	355		$	591		$	942		$	398		$	798		$	1,311
Ratios to average net assets:
Net investment income (loss)		(1.08	%)		(1.38	%)		(1.36	%)		(0.74	%)		(0.56	%)		(0.58	%)
Total expenses		2.39	%		2.36	%		2.44	%		2.48	%		2.46	%		2.38	%
Portfolio turnover rate		22	%		168	%		144	%		369	%		323	%		442	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	70.26		$	89.30		$	47.01		$	61.36		$	64.06		$	64.38
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(.59	)		(.40	)		(.01	)		(.29	)		.07
Net gain (loss) on investments (realized and unrealized)		(18.43	)		(13.02	)		42.69			(14.15	)		2.34			4.17
Total from investment operations		(18.52	)		(13.61	)		42.29			(14.16	)		2.05			4.24
Less distributions from:
Net investment income		—			—			—			(.19	)		(.52	)		(1.64	)
Net realized gains		—			(5.43	)		—			—			(4.23	)		(2.92	)
Total distributions		—			(5.43	)		—			(.19	)		(4.75	)		(4.56	)
Net asset value, end of period	$	51.74		$	70.26		$	89.30		$	47.01		$	61.36		$	64.06
Total Return		(26.36	%)		(15.72	%)		89.96	%		(23.17	%)		3.81	%		6.45	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,419		$	2,023		$	6,594		$	976		$	1,055		$	1,910
Ratios to average net assets:
Net investment income (loss)		(0.32	%)		(0.69	%)		(0.55	%)		(0.01	%)		(0.45	%)		0.10	%
Total expenses		1.64	%		1.61	%		1.68	%		1.72	%		1.69	%		1.63	%
Portfolio turnover rate		22	%		168	%		144	%		369	%		323	%		442	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

PRECIOUS METALS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in U.S. and foreign companies that are involved in the precious metals sector, including exploration, mining, production and development, and other precious metals related services (“Precious Metals Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	December 1, 1993
A-Class	September 1, 2004
C-Class	April 27, 2001
H-Class	August 1, 2003

Ten Largest Holdings (% of Total Net Assets)
Freeport-McMoRan, Inc.	8.1%
Newmont Corp.	8.0%
Barrick Gold Corp.	7.3%
Franco-Nevada Corp.	6.5%
Agnico Eagle Mines Ltd.	6.0%
Wheaton Precious Metals Corp.	5.3%
VanEck Junior Gold Miners ETF	4.3%
Gold Fields Ltd. ADR	3.7%
Sibanye Stillwater Ltd. ADR	3.5%
Royal Gold, Inc.	3.4%
Top Ten Total	56.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(37.33%)	(17.70%)	3.13%	(5.66%)
A-Class Shares	(37.41%)	(17.91%)	2.87%	(5.90%)
A-Class Shares with sales charge‡	(40.39%)	(21.82%)	1.88%	(6.36%)
C-Class Shares	(37.63%)	(18.51%)	2.11%	(6.59%)
C-Class Shares with CDSC§	(38.26%)	(19.26%)	2.11%	(6.59%)
H-Class Shares**	(37.41%)	(17.92%)	2.86%	(5.98%)
S&P 500 Materials Index	(21.89%)	(12.15%)	5.89%	8.56%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 91

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
PRECIOUS METALS FUND

	Shares		Value
COMMON STOCKS† - 95.2%
Mining - 95.2%
Freeport-McMoRan, Inc.		138,275	$	3,779,056
Newmont Corp.		88,929		3,737,686
Barrick Gold Corp.		219,107		3,396,158
Franco-Nevada Corp.		25,599		3,058,568
Agnico Eagle Mines Ltd.		66,741		2,818,472
Wheaton Precious Metals Corp.		76,883		2,487,934
Gold Fields Ltd. ADR		213,130		1,724,222
Sibanye Stillwater Ltd. ADR1		177,703		1,656,192
Royal Gold, Inc.		17,177		1,611,546
AngloGold Ashanti Ltd. ADR		113,146		1,563,678
Kinross Gold Corp.		397,886		1,496,051
Yamana Gold, Inc.		297,685		1,348,513
Pan American Silver Corp.		75,675		1,201,719
SSR Mining, Inc.		79,570		1,170,475
B2Gold Corp.		360,726		1,161,538
Alamos Gold, Inc. — Class A		149,404		1,107,084
Hecla Mining Co.		235,124		926,389
First Majestic Silver Corp.		118,543		903,298
Osisko Gold Royalties Ltd.		88,016		896,003
Novagold Resources, Inc.*		177,920		834,445
Harmony Gold Mining Company Ltd. ADR		333,126		809,496
Sandstorm Gold Ltd.		140,532		726,550
MAG Silver Corp.*		56,899		710,099
Eldorado Gold Corp.*		115,677		697,532
Equinox Gold Corp.*		189,241		690,730
Coeur Mining, Inc.*		198,359		678,388
Seabridge Gold, Inc.*		51,802		614,890
Fortuna Silver Mines, Inc.*		225,108		567,272
SilverCrest Metals, Inc.*		102,487		566,753
Endeavour Silver Corp.*		161,816		488,684
IAMGOLD Corp.*		390,364		417,689
Silvercorp Metals, Inc.		177,370		413,272
Gatos Silver, Inc.*		103,945		278,573
Total Mining				44,538,955
Total Common Stocks
(Cost $44,187,481)				44,538,955
EXCHANGE-TRADED FUNDS† - 4.3%
VanEck Junior Gold Miners ETF		67,938		2,001,453
Total Exchange-Traded Funds
(Cost $2,031,408)				2,001,453
	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.2%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	316,453		316,453
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		121,713		121,713
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		118,110		118,110
Total Repurchase Agreements
(Cost $556,276)				556,276
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.9%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		435,015		435,015
Total Securities Lending Collateral
(Cost $435,015)				435,015
Total Investments - 101.6%
(Cost $47,210,180)			$	47,531,699
Other Assets & Liabilities, net - (1.6)%				(733,451	)
Total Net Assets - 100.0%			$	46,798,248

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
PRECIOUS METALS FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	44,538,955	$	—	$	—	$	44,538,955
Exchange-Traded Funds		2,001,453		—		—		2,001,453
Repurchase Agreements		—		556,276		—		556,276
Securities Lending Collateral		435,015		—		—		435,015
Total Assets	$	46,975,423	$	556,276	$	—	$	47,531,699

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 93

PRECIOUS METALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $426,772 of securities loaned (cost $46,653,904)	$	46,975,423
Repurchase agreements, at value (cost $556,276)		556,276
Receivables:
Fund shares sold		4,772,317
Dividends		42,160
Foreign tax reclaims		13,553
Securities lending income		380
Interest		46
Total assets		52,360,155
Liabilities:
Overdraft due to custodian bank		6,531
Payable for:
Securities purchased		4,354,728
Return of securities lending collateral		435,015
Fund shares redeemed		388,367
Deferred foreign capital gain taxes		276,532
Management fees		26,295
Transfer agent and administrative fees		15,486
Portfolio accounting/administration fees		5,347
Distribution and service fees		2,872
Trustees’ fees*		911
Miscellaneous		49,823
Total liabilities		5,561,907
Net assets	$	46,798,248
Net assets consist of:
Paid in capital	$	105,421,653
Total distributable earnings (loss)		(58,623,405	)
Net assets	$	46,798,248
Investor Class:
Net assets	$	36,393,748
Capital shares outstanding		1,210,180
Net asset value per share	$	30.07
A-Class:
Net assets	$	6,956,291
Capital shares outstanding		246,466
Net asset value per share	$	28.22
Maximum offering price per share (Net asset value divided by 95.25%)	$	29.63
C-Class:
Net assets	$	1,180,611
Capital shares outstanding		51,512
Net asset value per share	$	22.92
H-Class:
Net assets	$	2,267,598
Capital shares outstanding		83,358
Net asset value per share	$	27.20

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $78,665)	$	626,687
Interest		4,303
Income from securities lending, net		4,592
Total investment income		635,582
Expenses:
Management fees		277,488
Distribution and service fees:
A-Class		11,351
C-Class		8,281
H-Class		3,757
Transfer agent and administrative fees		92,505
Portfolio accounting/administration fees		43,471
Professional fees		15,246
Trustees’ fees*		6,707
Custodian fees		5,500
Miscellaneous		38,865
Total expenses		503,171
Net investment income		132,411
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		67,998
Foreign currency transactions		5
Net realized gain		68,003
Net change in unrealized appreciation (depreciation) on:
Investments		(41,158,176	)
Net change in unrealized appreciation (depreciation)		(41,158,176	)
Net realized and unrealized loss		(41,090,173	)
Net decrease in net assets resulting from operations	$	(40,957,762	)

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

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

PRECIOUS METALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	132,411		$	309,760
Net realized gain on investments		68,003			3,746,075
Net change in unrealized appreciation (depreciation) on investments		(41,158,176	)		1,859,641
Net increase (decrease) in net assets resulting from operations		(40,957,762	)		5,915,476
Distributions to shareholders:
Investor Class		—			(3,105,533	)
A-Class		—			(668,292	)
C-Class		—			(140,070	)
H-Class		—			(205,249	)
Total distributions to shareholders		—			(4,119,144	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		198,249,418			216,991,201
A-Class		6,074,045			5,539,280
C-Class		349,845			1,644,325
H-Class		2,349,498			5,141,960
Distributions reinvested
Investor Class		—			3,031,103
A-Class		—			649,293
C-Class		—			139,867
H-Class		—			205,225
Cost of shares redeemed
Investor Class		(190,773,616	)		(244,117,050	)
A-Class		(6,271,977	)		(14,933,428	)
C-Class		(570,727	)		(1,728,053	)
H-Class		(2,642,469	)		(4,056,692	)
Net increase (decrease) from capital share transactions		6,764,017			(31,492,969	)
Net decrease in net assets		(34,193,745	)		(29,696,637	)
Net assets:
Beginning of period		80,991,993			110,688,630
End of period	$	46,798,248		$	80,991,993
Capital share activity:
Shares sold
Investor Class		5,087,795			4,884,543
A-Class		173,031			127,654
C-Class		11,805			44,922
H-Class		72,218			124,267
Shares issued from reinvestment of distributions
Investor Class		—			78,607
A-Class		—			17,902
C-Class		—			4,721
H-Class		—			5,870
Shares redeemed
Investor Class		(5,192,039	)		(5,620,212	)
A-Class		(185,235	)		(336,488	)
C-Class		(21,002	)		(48,786	)
H-Class		(81,530	)		(102,502	)
Net decrease in shares		(134,957	)		(819,502	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 95

PRECIOUS METALS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	47.98		$	44.22		$	26.50		$	26.14		$	27.07		$	30.82
Income (loss) from investment operations:
Net investment income (loss)b		.08			.16			(.06	)		(.12	)		(.12	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		(17.99	)		6.21			18.28			1.23	e		(.48	)		(1.96	)
Total from investment operations		(17.91	)		6.37			18.22			1.11			(.60	)		(2.13	)
Less distributions from:
Net investment income		—			(2.61	)		(.50	)		(.75	)		(.33	)		(1.62	)
Total distributions		—			(2.61	)		(.50	)		(.75	)		(.33	)		(1.62	)
Net asset value, end of period	$	30.07		$	47.98		$	44.22		$	26.50		$	26.14		$	27.07
Total Return		(37.33	%)		15.84	%		68.71	%		3.65	%		(2.08	%)		(6.98	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	36,394		$	63,069		$	87,174		$	46,153		$	33,724		$	33,968
Ratios to average net assets:
Net investment income (loss)		0.40	%		0.35	%		(0.13	%)		(0.40	%)		(0.47	%)		(0.57	%)
Total expensesc		1.30	%		1.26	%		1.34	%		1.38	%		1.39	%		1.28	%
Portfolio turnover rate		196	%		114	%		281	%		277	%		571	%		630	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	45.09		$	41.82		$	25.14		$	24.89		$	25.85		$	29.59
Income (loss) from investment operations:
Net investment income (loss)b		.04			.04			(.17	)		(.19	)		(.17	)		(.22	)
Net gain (loss) on investments (realized and unrealized)		(16.91	)		5.84			17.35			1.19	e		(.46	)		(1.90	)
Total from investment operations		(16.87	)		5.88			17.18			1.00			(.63	)		(2.12	)
Less distributions from:
Net investment income		—			(2.61	)		(.50	)		(.75	)		(.33	)		(1.62	)
Total distributions		—			(2.61	)		(.50	)		(.75	)		(.33	)		(1.62	)
Net asset value, end of period	$	28.22		$	45.09		$	41.82		$	25.14		$	24.89		$	25.85
Total Returnd		(37.41	%)		15.57	%		68.28	%		3.39	%		(2.30	%)		(7.24	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,956		$	11,664		$	18,801		$	12,803		$	14,222		$	12,781
Ratios to average net assets:
Net investment income (loss)		0.25	%		0.08	%		(0.41	%)		(0.67	%)		(0.73	%)		(0.79	%)
Total expensesc		1.54	%		1.51	%		1.59	%		1.63	%		1.64	%		1.53	%
Portfolio turnover rate		196	%		114	%		281	%		277	%		571	%		630	%

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

PRECIOUS METALS 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	36.75		$	34.86		$	21.16		$	21.19		$	22.24		$	25.89
Income (loss) from investment operations:
Net investment income (loss)b		(.07	)		(.21	)		(.43	)		(.35	)		(.32	)		(.39	)
Net gain (loss) on investments (realized and unrealized)		(13.76	)		4.71			14.63			1.07	e		(.40	)		(1.64	)
Total from investment operations		(13.83	)		4.50			14.20			.72			(.72	)		(2.03	)
Less distributions from:
Net investment income		—			(2.61	)		(.50	)		(.75	)		(.33	)		(1.62	)
Total distributions		—			(2.61	)		(.50	)		(.75	)		(.33	)		(1.62	)
Net asset value, end of period	$	22.92		$	36.75		$	34.86		$	21.16		$	21.19		$	22.24
Total Returnd		(37.63	%)		14.70	%		67.04	%		2.65	%		(3.08	%)		(7.95	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,181		$	2,231		$	2,086		$	1,686		$	2,412		$	6,697
Ratios to average net assets:
Net investment income (loss)		(0.49	%)		(0.59	%)		(1.20	%)		(1.41	%)		(1.53	%)		(1.56	%)
Total expensesc		2.29	%		2.26	%		2.35	%		2.38	%		2.37	%		2.28	%
Portfolio turnover rate		196	%		114	%		281	%		277	%		571	%		630	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	43.46		$	40.41		$	24.30		$	24.06		$	25.02		$	28.73
Income (loss) from investment operations:
Net investment income (loss)b		.05			.08			(.25	)		(.22	)		(.18	)		(.25	)
Net gain (loss) on investments (realized and unrealized)		(16.31	)		5.58			16.86			1.21	e		(.45	)		(1.84	)
Total from investment operations		(16.26	)		5.66			16.61			.99			(.63	)		(2.09	)
Less distributions from:
Net investment income		—			(2.61	)		(.50	)		(.75	)		(.33	)		(1.62	)
Total distributions		—			(2.61	)		(.50	)		(.75	)		(.33	)		(1.62	)
Net asset value, end of period	$	27.20		$	43.46		$	40.41		$	24.30		$	24.06		$	25.02
Total Return		(37.41	%)		15.57	%		68.30	%		3.46	%		(2.33	%)		(7.36	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,268		$	4,028		$	2,628		$	1,830		$	2,630		$	2,239
Ratios to average net assets:
Net investment income (loss)		0.28	%		0.20	%		(0.59	%)		(0.78	%)		(0.78	%)		(0.92	%)
Total expensesc		1.54	%		1.51	%		1.60	%		1.63	%		1.63	%		1.53	%
Portfolio turnover rate		196	%		114	%		281	%		277	%		571	%		630	%

a	Unaudited figures for the period ended September 30, 2022. 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	Does not include expenses of the underlying funds in which the Fund invests.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the year because of the sales and repurchase 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 REPORT | 97

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

REAL ESTATE FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the real estate industry, including real estate investment trusts (“REITs”) (collectively, “Real Estate Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	September 1, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

Ten Largest Holdings (% of Total Net Assets)
American Tower Corp. — Class A	3.1%
Prologis, Inc.	2.7%
Crown Castle, Inc.	2.5%
Equinix, Inc.	2.4%
Public Storage	2.4%
Realty Income Corp.	1.9%
SBA Communications Corp.	1.9%
VICI Properties, Inc.	1.8%
Simon Property Group, Inc.	1.7%
Welltower, Inc.	1.7%
Top Ten Total	22.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(26.47%)	(21.98%)	0.57%	3.74%
A-Class Shares with sales charge‡	(29.96%)	(25.68%)	(0.40%)	3.24%
C-Class Shares	(26.77%)	(22.56%)	(0.03%)	3.04%
C-Class Shares with CDSC§	(27.50%)	(23.33%)	(0.03%)	3.04%
H-Class Shares	(26.44%)	(21.94%)	0.60%	3.74%
MSCI U.S. REIT Index	(25.22%)	(16.56%)	2.93%	6.20%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and MSCI U.S. REIT 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%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

98 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 99.1%
REITs - 92.3%
REITs DIVERSIFIED - 25.3%
American Tower Corp. — Class A		332	$	71,280
Crown Castle, Inc.		395		57,097
Equinix, Inc.		98		55,746
SBA Communications Corp.		150		42,698
VICI Properties, Inc.		1,340		39,999
Digital Realty Trust, Inc.		383		37,986
Weyerhaeuser Co.		1,159		33,101
Duke Realty Corp.		626		30,173
WP Carey, Inc.		374		26,105
Gaming and Leisure Properties, Inc.		566		25,040
Lamar Advertising Co. — Class A		253		20,870
National Storage Affiliates Trust		390		16,216
Vornado Realty Trust		657		15,216
Rayonier, Inc.		507		15,195
Rithm Capital Corp.		1,768		12,942
PotlatchDeltic Corp.		300		12,312
EPR Properties		327		11,726
National Health Investors, Inc.		206		11,645
Outfront Media, Inc.		720		10,937
Broadstone Net Lease, Inc.		702		10,902
Washington Real Estate Investment Trust		517		9,079
Uniti Group, Inc.		1,249		8,681
TOTAL REITs-DIVERSIFIED				574,946
REITs-APARTMENTS - 12.4%
AvalonBay Communities, Inc.		203		37,391
Equity Residential		553		37,173
Invitation Homes, Inc.		983		33,196
Mid-America Apartment Communities, Inc.		205		31,789
Essex Property Trust, Inc.		128		31,005
UDR, Inc.		650		27,112
Camden Property Trust		223		26,637
American Homes 4 Rent — Class A		767		25,165
Apartment Income REIT Corp.		473		18,267
Independence Realty Trust, Inc.		827		13,836
Total REITs-Apartments				281,571
REITs-OFFICE PROPERTY - 8.3%
Alexandria Real Estate Equities, Inc.		252		35,328
Boston Properties, Inc.		337		25,265
Kilroy Realty Corp.		380		16,002
Cousins Properties, Inc.		576		13,450
Douglas Emmett, Inc.		718		12,874
Equity Commonwealth		510		12,424
Highwoods Properties, Inc.		458		12,348
Corporate Office Properties Trust		514		11,940
LXP Industrial Trust		1,295		11,862
SL Green Realty Corp.		289		11,606
JBG SMITH Properties		565		10,498
Hudson Pacific Properties, Inc.		793		8,683
Brandywine Realty Trust		1,129		7,621
Total REITs-Office Property				189,901
REITs-HEALTH CARE - 8.3%
Welltower, Inc.		609		39,171
Ventas, Inc.		709		28,481
Healthpeak Properties, Inc.		1,111		25,464
Healthcare Realty Trust, Inc.		982		20,475
Omega Healthcare Investors, Inc.		669		19,729
Medical Properties Trust, Inc.		1,586		18,810
Physicians Realty Trust		907		13,641
Sabra Health Care REIT, Inc.		984		12,910
CareTrust REIT, Inc.		537		9,725
Total REITs-Health Care				188,406
REITs-WAREHOUSE/INDUSTRIES - 7.9%
Prologis, Inc.		597		60,655
Rexford Industrial Realty, Inc.		406		21,112
EastGroup Properties, Inc.		133		19,197
Americold Realty Trust, Inc.		749		18,425
First Industrial Realty Trust, Inc.		394		17,655
STAG Industrial, Inc.		598		17,001
Terreno Realty Corp.		272		14,413
Innovative Industrial Properties, Inc.		142		12,567
Total REITs-Warehouse/Industries				181,025
REITs-STORAGE - 7.0%
Public Storage		190		55,634
Extra Space Storage, Inc.		204		35,233
Iron Mountain, Inc.		573		25,195
Life Storage, Inc.		203		22,484
CubeSmart		549		21,993
Total REITs-Storage				160,539
REITs-SHOPPING CENTERS - 6.1%
Kimco Realty Corp.		1,328		24,448
Regency Centers Corp.		415		22,348
Federal Realty Investment Trust		220		19,826
Brixmor Property Group, Inc.		910		16,808
Kite Realty Group Trust		829		14,275
Phillips Edison & Company, Inc.		492		13,801
SITE Centers Corp.		995		10,656
Retail Opportunity Investments Corp.		672		9,247
Acadia Realty Trust		601		7,585
Total REITs-Shopping Centers				138,994
REITs-SINGLE TENANT - 5.9%
Realty Income Corp.		760		44,232
STORE Capital Corp.		796		24,939
National Retail Properties, Inc.		495		19,731
Agree Realty Corp.		259		17,503
Spirit Realty Capital, Inc.		451		16,308
Essential Properties Realty Trust, Inc.		629		12,234
Total REITs-Single Tenant				134,947

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 99

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
REAL ESTATE FUND

	Shares		Value
REITs-HOTELS - 4.0%
Host Hotels & Resorts, Inc.		1,568	$	24,900
Ryman Hospitality Properties, Inc.		200		14,718
Apple Hospitality REIT, Inc.		940		13,216
Park Hotels & Resorts, Inc.		977		11,001
Sunstone Hotel Investors, Inc.		1,082		10,192
Pebblebrook Hotel Trust		668		9,693
RLJ Lodging Trust		902		9,128
Total REITs-Hotels				92,848
REITs-MORTGAGE - 2.6%
Starwood Property Trust, Inc.		908		16,544
Blackstone Mortgage Trust, Inc. — Class A		603		14,074
AGNC Investment Corp.		1,657		13,952
Arbor Realty Trust, Inc.		879		10,108
Chimera Investment Corp.		1,322		6,901
Total REITs-Mortgage				61,579
REITs-MANUFACTURED HOMES - 2.4%
Sun Communities, Inc.		221		29,908
Equity LifeStyle Properties, Inc.		401		25,199
Total REITs-Manufactured Homes				55,107
REITs-REGIONAL MALLS - 2.1%
Simon Property Group, Inc.		443		39,759
Macerich Co.		1,163		9,234
Total REITs-Regional Malls				48,993
Total REITs				2,108,856
Real Estate - 4.3%
Real Estate Management/Services - 3.8%
CBRE Group, Inc. — Class A*		497		33,552
Jones Lang LaSalle, Inc.*		138		20,848
Cushman & Wakefield plc*		954		10,923
eXp World Holdings, Inc.1		832		9,327
Anywhere Real Estate, Inc.*		841		6,821
Redfin Corp.*		890		5,198
Total Real Estate Management/Services				86,669
Real Estate Operations/Development - 0.5%
Howard Hughes Corp.*		214		11,853
Total Real Estate				98,522
Internet - 1.6%
E-Commerce/Services - 1.6%
Zillow Group, Inc. — Class C*		628		17,967
Zillow Group, Inc. — Class A*		623		17,837
Total E-Commerce/Services				35,804
Total Internet				35,804
Diversified Financial Services - 0.5%
Finance-Commercial - 0.5%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		369		11,044
Telecommunications - 0.4%
Telecom Services - 0.4%
DigitalBridge Group, Inc.		750		9,382
Total Common Stocks
(Cost $2,001,560)				2,263,608
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	8,978		8,978
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		3,453		3,453
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		3,351		3,351
Total Repurchase Agreements
(Cost $15,782)				15,782
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		161		161
Total Securities Lending Collateral
(Cost $161)				161
Total Investments - 99.8%
(Cost $2,017,503)			$	2,279,551
Other Assets & Liabilities, net - 0.2%				4,411
Total Net Assets - 100.0%			$	2,283,962

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
REAL ESTATE FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,263,608	$	—	$	—	$	2,263,608
Repurchase Agreements		—		15,782		—		15,782
Securities Lending Collateral		161		—		—		161
Total Assets	$	2,263,769	$	15,782	$	—	$	2,279,551

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 101

REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $157 of securities loaned (cost $2,001,721)	$	2,263,769
Repurchase agreements, at value (cost $15,782)		15,782
Receivables:
Dividends		11,304
Fund shares sold		1,800
Total assets		2,292,655
Liabilities:
Payable for:
Management fees		1,867
Printing expenses		1,247
Professional fees		1,148
Transfer agent and administrative fees		900
Registration fees		824
Distribution and service fees		649
Portfolio accounting/administration fees		335
Return of securities lending collateral		161
Trustees’ fees*		85
Miscellaneous		1,477
Total liabilities		8,693
Net assets	$	2,283,962
Net assets consist of:
Paid in capital	$	8,927,880
Total distributable earnings (loss)		(6,643,918	)
Net assets	$	2,283,962
A-Class:
Net assets	$	434,166
Capital shares outstanding		12,463
Net asset value per share	$	34.84
Maximum offering price per share (Net asset value divided by 95.25%)	$	36.58
C-Class:
Net assets	$	145,430
Capital shares outstanding		4,977
Net asset value per share	$	29.22
H-Class:
Net assets	$	1,704,366
Capital shares outstanding		49,010
Net asset value per share	$	34.78

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends	$	53,670
Interest		136
Total investment income		53,806
Expenses:
Management fees		18,281
Distribution and service fees:
A-Class		755
C-Class		927
H-Class		4,390
Transfer agent and administrative fees		5,690
Registration fees		1,309
Professional fees		1,037
Portfolio accounting/administration fees		2,519
Trustees’ fees*		257
Custodian fees		391
Line of credit fees		39
Miscellaneous		570
Total expenses		36,165
Net investment income		17,641
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(374,955	)
Net realized loss		(374,955	)
Net change in unrealized appreciation (depreciation) on:
Investments		(779,527	)
Net change in unrealized appreciation (depreciation)		(779,527	)
Net realized and unrealized loss		(1,154,482	)
Net decrease in net assets resulting from operations	$	(1,136,841	)

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

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

REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	17,641		$	91,618
Net realized gain (loss) on investments		(374,955	)		619,426
Net change in unrealized appreciation (depreciation) on investments		(779,527	)		(457,288	)
Net increase (decrease) in net assets resulting from operations		(1,136,841	)		253,756
Distributions to shareholders:
A-Class		—			(5,211	)
C-Class		—			(2,182	)
H-Class		—			(23,428	)
Total distributions to shareholders		—			(30,821	)
Capital share transactions:
Proceeds from sale of shares
A-Class		323,889			1,255,390
C-Class		71,623			1,993,174
H-Class		13,352,655			105,144,231
Distributions reinvested
A-Class		—			5,210
C-Class		—			2,159
H-Class		—			23,098
Cost of shares redeemed
A-Class		(694,014	)		(1,474,054	)
C-Class		(192,880	)		(1,890,888	)
H-Class		(47,394,599	)		(79,477,226	)
Net increase (decrease) from capital share transactions		(34,533,326	)		25,581,094
Net increase (decrease) in net assets		(35,670,167	)		25,804,029
Net assets:
Beginning of period		37,954,129			12,150,100
End of period	$	2,283,962		$	37,954,129
Capital share activity:
Shares sold
A-Class		7,318			26,940
C-Class		1,929			51,462
H-Class		293,991			2,235,816
Shares issued from reinvestment of distributions
A-Class		—			109
C-Class		—			53
H-Class		—			483
Shares redeemed
A-Class		(15,717	)		(31,856	)
C-Class		(5,033	)		(49,079	)
H-Class		(1,020,030	)		(1,728,710	)
Net increase (decrease) in shares		(737,542	)		505,218

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 103

REAL ESTATE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	47.38		$	40.87		$	30.70		$	41.24		$	35.92		$	37.55
Income (loss) from investment operations:
Net investment income (loss)b		.22			.21			.32			.56			.46			.65
Net gain (loss) on investments (realized and unrealized)		(12.76	)		6.48			13.33			(10.37	)		5.12	d		(2.08	)
Total from investment operations		(12.54	)		6.69			13.65			(9.81	)		5.58			(1.43	)
Less distributions from:
Net investment income		—			(.18	)		(3.48	)		(.73	)		(.26	)		(.20	)
Total distributions		—			(.18	)		(3.48	)		(.73	)		(.26	)		(.20	)
Net asset value, end of period	$	34.84		$	47.38		$	40.87		$	30.70		$	41.24		$	35.92
Total Returnc		(26.47	%)		16.36	%		45.79	%		(24.28	%)		15.58	%		(3.85	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	434		$	988		$	1,049		$	781		$	658		$	486
Ratios to average net assets:
Net investment income (loss)		1.06	%		0.46	%		0.87	%		1.33	%		1.18	%		1.69	%
Total expenses		1.65	%		1.61	%		1.70	%		1.72	%		1.72	%		1.63	%
Portfolio turnover rate		144	%		380	%		499	%		539	%		877	%		1,010	%

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	39.90		$	34.44		$	26.48		$	35.94		$	31.57		$	33.28
Income (loss) from investment operations:
Net investment income (loss)b		.08			(.09	)		(.03	)		.26			.31			.29
Net gain (loss) on investments (realized and unrealized)		(10.76	)		5.73			11.47			(8.99	)		4.32	d		(1.80	)
Total from investment operations		(10.68	)		5.64			11.44			(8.73	)		4.63			(1.51	)
Less distributions from:
Net investment income		—			(.18	)		(3.48	)		(.73	)		(.26	)		(.20	)
Total distributions		—			(.18	)		(3.48	)		(.73	)		(.26	)		(.20	)
Net asset value, end of period	$	29.22		$	39.90		$	34.44		$	26.48		$	35.94		$	31.57
Total Returnc		(26.77	%)		16.37	%		44.71	%		(24.86	%)		14.72	%		(4.56	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	145		$	322		$	194		$	430		$	702		$	993
Ratios to average net assets:
Net investment income (loss)		0.46	%		(0.22	%)		(0.09	%)		0.71	%		0.94	%		0.86	%
Total expenses		2.40	%		2.36	%		2.45	%		2.47	%		2.46	%		2.38	%
Portfolio turnover rate		144	%		380	%		499	%		539	%		877	%		1,010	%

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

REAL ESTATE 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.

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	47.28		$	40.78		$	30.63		$	41.14		$	35.82		$	37.45
Income (loss) from investment operations:
Net investment income (loss)b		.17			.22			.23			.55			.65			.92
Net gain (loss) on investments (realized and unrealized)		(12.67	)		6.46			13.40			(10.33	)		4.93	d		(2.35	)
Total from investment operations		(12.50	)		6.68			13.63			(9.78	)		5.58			(1.43	)
Less distributions from:
Net investment income		—			(.18	)		(3.48	)		(.73	)		(.26	)		(.20	)
Total distributions		—			(.18	)		(3.48	)		(.73	)		(.26	)		(.20	)
Net asset value, end of period	$	34.78		$	47.28		$	40.78		$	30.63		$	41.14		$	35.82
Total Return		(26.44	%)		16.37	%		45.83	%		(24.27	%)		15.63	%		(3.86	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,704		$	36,643		$	10,907		$	2,284		$	18,436		$	8,800
Ratios to average net assets:
Net investment income (loss)		0.80	%		0.49	%		0.60	%		1.30	%		1.69	%		2.43	%
Total expenses		1.65	%		1.62	%		1.66	%		1.72	%		1.71	%		1.63	%
Portfolio turnover rate		144	%		380	%		499	%		539	%		877	%		1,010	%

a	Unaudited figures for the period ended September 30, 2022. 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	The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the year because of the sales and repurchase 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 REPORT | 105

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

RETAILING FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in merchandising finished goods and services, including department stores, mail order operations and other companies involved in selling products to consumers (“Retailing Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	May 9, 2001
H-Class	April 21, 1998

Ten Largest Holdings (% of Total Net Assets)
Amazon.com, Inc.	10.6%
Walmart, Inc.	5.9%
Home Depot, Inc.	5.1%
Costco Wholesale Corp.	4.2%
Lowe’s Companies, Inc.	3.9%
TJX Companies, Inc.	3.1%
Target Corp.	2.9%
Booking Holdings, Inc.	2.8%
Dollar General Corp.	2.7%
O’Reilly Automotive, Inc.	2.5%
Top Ten Total	43.7%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(20.49%)	(28.81%)	8.26%	8.45%
A-Class Shares	(20.60%)	(28.98%)	8.00%	8.21%
A-Class Shares with sales charge‡	(24.38%)	(32.35%)	6.95%	7.68%
C-Class Shares	(20.88%)	(29.53%)	7.17%	7.37%
C-Class Shares with CDSC§	(21.70%)	(30.16%)	7.17%	7.37%
H-Class Shares**	(20.60%)	(29.00%)	7.98%	8.12%
S&P 500 Consumer Discretionary Index	(22.94%)	(20.89%)	10.51%	13.19%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

106 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
RETAILING FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Retail - 65.6%
Walmart, Inc.		4,072	$	528,138
Home Depot, Inc.		1,644		453,645
Costco Wholesale Corp.		799		377,344
Lowe’s Companies, Inc.		1,864		350,078
TJX Companies, Inc.		4,474		277,925
Target Corp.		1,747		259,237
Dollar General Corp.		1,025		245,857
O’Reilly Automotive, Inc.*		319		224,369
AutoZone, Inc.*		101		216,335
Dollar Tree, Inc.*		1,334		181,557
Ross Stores, Inc.		2,064		173,933
Walgreens Boots Alliance, Inc.		5,259		165,133
Genuine Parts Co.		1,000		149,320
Tractor Supply Co.		796		147,961
Ulta Beauty, Inc.*		365		146,434
Best Buy Company, Inc.		1,842		116,672
BJ’s Wholesale Club Holdings, Inc.*		1,400		101,934
Advance Auto Parts, Inc.		619		96,774
CarMax, Inc.*		1,416		93,484
Dick’s Sporting Goods, Inc.		881		92,188
Five Below, Inc.*		669		92,101
GameStop Corp. — Class A*,1		3,441		86,472
Floor & Decor Holdings, Inc. — Class A*		1,198		84,172
Williams-Sonoma, Inc.		714		84,145
Murphy USA, Inc.		306		84,122
Bath & Body Works, Inc.		2,570		83,782
Burlington Stores, Inc.*		708		79,218
RH*		317		78,004
AutoNation, Inc.*		742		75,588
Lithia Motors, Inc. — Class A		352		75,522
Macy’s, Inc.		4,124		64,623
Asbury Automotive Group, Inc.*		386		58,325
Academy Sports & Outdoors, Inc.		1,364		57,534
Ollie’s Bargain Outlet Holdings, Inc.*		1,109		57,224
Gap, Inc.		6,501		53,373
Signet Jewelers Ltd.		909		51,986
Foot Locker, Inc.		1,668		51,925
Nordstrom, Inc.		3,064		51,261
Victoria’s Secret & Co.*		1,650		48,048
American Eagle Outfitters, Inc.*		4,497		43,756
Kohl’s Corp.		1,715		43,132
Abercrombie & Fitch Co. — Class A*		1,880		29,234
Bed Bath & Beyond, Inc.*,1		3,185		19,397
Big Lots, Inc.		1,204		18,794
Carvana Co.*		770		15,631
Total Retail				5,885,687
Internet - 30.9%
Amazon.com, Inc.*		8,408		950,104
Booking Holdings, Inc.*		151		248,125
Alibaba Group Holding Ltd. ADR*		2,448		195,816
Pinduoduo, Inc. ADR*		2,198		137,551
eBay, Inc.		3,735		137,485
MercadoLibre, Inc.*		162		134,100
JD.com, Inc. ADR		2,643		132,943
DoorDash, Inc. — Class A*		2,623		129,707
Expedia Group, Inc.*		1,283		120,204
Trip.com Group Ltd. ADR*		4,305		117,570
Etsy, Inc.*		1,147		114,849
Chewy, Inc. — Class A*,1		3,695		113,510
Coupang, Inc.*		5,722		95,386
Wayfair, Inc. — Class A*,1		1,523		49,574
Revolve Group, Inc.*		1,752		38,001
Overstock.com, Inc.*		1,349		32,848
Stitch Fix, Inc. — Class A*		4,754		18,778
Total Internet				2,766,551
Distribution & Wholesale - 2.5%
LKQ Corp.		2,427		114,433
Pool Corp.		358		113,919
Total Distribution & Wholesale				228,352
Apparel - 0.5%
Urban Outfitters, Inc.*		2,181		42,857
Total Common Stocks
(Cost $7,229,161)				8,923,447
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	32,647		32,647
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		12,556		12,556
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		12,185		12,185
Total Repurchase Agreements
(Cost $57,388)				57,388
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.6%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		145,391		145,391
Total Securities Lending Collateral
(Cost $145,391)				145,391
Total Investments - 101.7%
(Cost $7,431,940)			$	9,126,226
Other Assets & Liabilities, net - (1.7)%				(156,276	)
Total Net Assets - 100.0%			$	8,969,950

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 107

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
RETAILING FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	8,923,447	$	—	$	—	$	8,923,447
Repurchase Agreements		—		57,388		—		57,388
Securities Lending Collateral		145,391		—		—		145,391
Total Assets	$	9,068,838	$	57,388	$	—	$	9,126,226

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

RETAILING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $138,116 of securities loaned (cost $7,374,552)	$	9,068,838
Repurchase agreements, at value (cost $57,388)		57,388
Receivables:
Fund shares sold		30,324
Dividends		4,749
Securities lending income		529
Total assets		9,161,828
Liabilities:
Payable for:
Return of securities lending collateral		145,391
Fund shares redeemed		23,118
Management fees		8,094
Transfer agent and administrative fees		3,892
Portfolio accounting/administration fees		1,452
Distribution and service fees		408
Trustees’ fees*		171
Miscellaneous		9,352
Total liabilities		191,878
Net assets	$	8,969,950
Net assets consist of:
Paid in capital	$	10,422,600
Total distributable earnings (loss)		(1,452,650	)
Net assets	$	8,969,950
Investor Class:
Net assets	$	7,578,901
Capital shares outstanding		203,893
Net asset value per share	$	37.17
A-Class:
Net assets	$	730,160
Capital shares outstanding		21,071
Net asset value per share	$	34.65
Maximum offering price per share (Net asset value divided by 95.25%)	$	36.38
C-Class:
Net assets	$	129,794
Capital shares outstanding		4,420
Net asset value per share	$	29.37
H-Class:
Net assets	$	531,095
Capital shares outstanding		15,752
Net asset value per share	$	33.72

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $151)	$	62,307
Interest		432
Income from securities lending, net		6,084
Total investment income		68,823
Expenses:
Management fees		48,560
Distribution and service fees:
A-Class		1,490
C-Class		763
H-Class		774
Transfer agent and administrative fees		13,443
Portfolio accounting/administration fees		7,306
Professional fees		1,734
Trustees’ fees*		1,178
Custodian fees		852
Line of credit fees		119
Miscellaneous		6,451
Total expenses		82,670
Net investment loss		(13,847	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,131,945	)
Net realized loss		(1,131,945	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,804,073	)
Net change in unrealized appreciation (depreciation)		(1,804,073	)
Net realized and unrealized loss		(2,936,018	)
Net decrease in net assets resulting from operations	$	(2,949,865	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 109

RETAILING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(13,847	)	$	(132,699	)
Net realized gain (loss) on investments		(1,131,945	)		2,524,827
Net change in unrealized appreciation (depreciation) on investments		(1,804,073	)		(5,159,945	)
Net decrease in net assets resulting from operations		(2,949,865	)		(2,767,817	)
Distributions to shareholders:
Investor Class		—			(1,612,470	)
A-Class		—			(213,357	)
C-Class		—			(22,834	)
H-Class		—			(473,408	)
Total distributions to shareholders		—			(2,322,069	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		25,848,491			45,076,650
A-Class		101,423			525,857
C-Class		17,044			618,446
H-Class		529,602			9,728,366
Distributions reinvested
Investor Class		—			1,563,324
A-Class		—			210,780
C-Class		—			22,735
H-Class		—			469,256
Cost of shares redeemed
Investor Class		(23,824,945	)		(59,860,085	)
A-Class		(955,949	)		(486,502	)
C-Class		(45,915	)		(689,188	)
H-Class		(534,243	)		(9,380,698	)
Net increase (decrease) from capital share transactions		1,135,508			(12,201,059	)
Net decrease in net assets		(1,814,357	)		(17,290,945	)
Net assets:
Beginning of period		10,784,307			28,075,252
End of period	$	8,969,950		$	10,784,307
Capital share activity:
Shares sold
Investor Class		612,815			771,559
A-Class		2,748			9,898
C-Class		522			13,293
H-Class		15,003			180,659
Shares issued from reinvestment of distributions
Investor Class		—			28,934
A-Class		—			4,176
C-Class		—			528
H-Class		—			9,553
Shares redeemed
Investor Class		(580,000	)		(1,066,923	)
A-Class		(25,601	)		(9,829	)
C-Class		(1,388	)		(14,834	)
H-Class		(15,096	)		(186,979	)
Net increase (decrease) in shares		9,003			(259,965	)

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

RETAILING FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	46.75		$	57.11		$	28.62		$	33.46		$	30.17		$	26.78
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		(.30	)		(.25	)		(.06	)		(.02	)		.11
Net gain (loss) on investments (realized and unrealized)		(9.54	)		(5.31	)		28.74			(4.78	)		3.35			3.28
Total from investment operations	��	(9.58	)		(5.61	)		28.49			(4.84	)		3.33			3.39
Less distributions from:
Net investment income		—			—			—			—			(.03	)		—
Net realized gains		—			(4.75	)		—			—			(.01	)		—
Total distributions		—			(4.75	)		—			—			(.04	)		—
Net asset value, end of period	$	37.17		$	46.75		$	57.11		$	28.62		$	33.46		$	30.17
Total Return		(20.49	%)		(10.94	%)		99.55	%		(14.47	%)		11.06	%		12.66	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,579		$	7,998		$	24,987		$	3,316		$	22,748		$	19,876
Ratios to average net assets:
Net investment income (loss)		(0.19	%)		(0.53	%)		(0.52	%)		(0.17	%)		(0.07	%)		0.40	%
Total expenses		1.39	%		1.36	%		1.43	%		1.47	%		1.45	%		1.37	%
Portfolio turnover rate		247	%		214	%		270	%		228	%		314	%		1,306	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	43.64		$	53.75		$	27.00		$	31.64		$	28.60		$	25.44
Income (loss) from investment operations:
Net investment income (loss)b		(.08	)		(.42	)		(.38	)		(.13	)		(.05	)		—	c
Net gain (loss) on investments (realized and unrealized)		(8.91	)		(4.94	)		27.13			(4.51	)		3.13			3.16
Total from investment operations		(8.99	)		(5.36	)		26.75			(4.64	)		3.08			3.16
Less distributions from:
Net investment income		—			—			—			—			(.03	)		—
Net realized gains		—			(4.75	)		—			—			(.01	)		—
Total distributions		—			(4.75	)		—			—			(.04	)		—
Net asset value, end of period	$	34.65		$	43.64		$	53.75		$	27.00		$	31.64		$	28.60
Total Returnd		(20.60	%)		(11.17	%)		99.07	%		(14.66	%)		10.80	%		12.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	730		$	1,917		$	2,133		$	456		$	5,806		$	1,260
Ratios to average net assets:
Net investment income (loss)		(0.43	%)		(0.79	%)		(0.83	%)		(0.42	%)		(0.16	%)		—	e
Total expenses		1.65	%		1.61	%		1.67	%		1.72	%		1.72	%		1.63	%
Portfolio turnover rate		247	%		214	%		270	%		228	%		314	%		1,306	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 111

RETAILING 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	37.12		$	46.74		$	23.67		$	27.95		$	25.46		$	22.83
Income (loss) from investment operations:
Net investment income (loss)b		(.19	)		(.70	)		(.62	)		(.33	)		(.31	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		(7.56	)		(4.17	)		23.69			(3.95	)		2.84			2.80
Total from investment operations		(7.75	)		(4.87	)		23.07			(4.28	)		2.53			2.63
Less distributions from:
Net investment income		—			—			—			—			(.03	)		—
Net realized gains		—			(4.75	)		—			—			(.01	)		—
Total distributions		—			(4.75	)		—			—			(.04	)		—
Net asset value, end of period	$	29.37		$	37.12		$	46.74		$	23.67		$	27.95		$	25.46
Total Returnd		(20.88	%)		(11.84	%)		97.47	%		(15.31	%)		9.97	%		11.52	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	130		$	196		$	294		$	230		$	468		$	603
Ratios to average net assets:
Net investment income (loss)		(1.16	%)		(1.54	%)		(1.65	%)		(1.16	%)		(1.15	%)		(0.71	%)
Total expenses		2.40	%		2.36	%		2.44	%		2.48	%		2.46	%		2.38	%
Portfolio turnover rate		247	%		214	%		270	%		228	%		314	%		1,306	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	42.47		$	52.44		$	26.35		$	30.87		$	27.91		$	24.83
Income (loss) from investment operations:
Net investment income (loss)b		(.07	)		(.38	)		(.39	)		(.20	)		(.11	)		.05
Net gain (loss) on investments (realized and unrealized)		(8.68	)		(4.84	)		26.48			(4.32	)		3.11			3.03
Total from investment operations		(8.75	)		(5.22	)		26.09			(4.52	)		3.00			3.08
Less distributions from:
Net investment income		—			—			—			—			(.03	)		—
Net realized gains		—			(4.75	)		—			—			(.01	)		—
Total distributions		—			(4.75	)		—			—			(.04	)		—
Net asset value, end of period	$	33.72		$	42.47		$	52.44		$	26.35		$	30.87		$	27.91
Total Return		(20.60	%)		(11.18	%)		99.01	%		(14.64	%)		10.81	%		12.40	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	531		$	673		$	661		$	345		$	6,265		$	5,079
Ratios to average net assets:
Net investment income (loss)		(0.40	%)		(0.73	%)		(0.91	%)		(0.64	%)		(0.37	%)		0.18	%
Total expenses		1.65	%		1.60	%		1.69	%		1.72	%		1.70	%		1.62	%
Portfolio turnover rate		247	%		214	%		270	%		228	%		314	%		1,306	%

a	Unaudited figures for the period ended September 30, 2022. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
e	Less than 0.01% or (0.01%).

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

TECHNOLOGY FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the technology sector, including computer software and service companies, semiconductor manufacturers, networking and telecommunications equipment manufacturers, PC hardware, and peripherals companies (“Technology Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 14, 1998
A-Class	September 1, 2004
C-Class	April 18, 2001
H-Class	April 29, 1998

Ten Largest Holdings (% of Total Net Assets)
Apple, Inc.	5.6%
Microsoft Corp.	4.9%
Alphabet, Inc. — Class A	4.2%
Visa, Inc. — Class A	2.3%
Meta Platforms, Inc. — Class A	2.2%
NVIDIA Corp.	2.0%
Mastercard, Inc. — Class A	1.9%
Broadcom, Inc.	1.6%
Cisco Systems, Inc.	1.5%
Oracle Corp.	1.4%
Top Ten Total	27.6%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(28.24%)	(33.13%)	10.60%	13.27%
A-Class Shares	(28.33%)	(33.29%)	10.33%	12.99%
A-Class Shares with sales charge‡	(31.74%)	(36.46%)	9.26%	12.44%
C-Class Shares	(28.59%)	(33.80%)	9.50%	12.15%
C-Class Shares with CDSC§	(29.30%)	(34.40%)	9.50%	12.15%
H-Class Shares**	(28.33%)	(33.30%)	10.33%	12.92%
S&P 500 Information Technology Index	(25.19%)	(20.00%)	16.74%	17.09%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 113

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
TECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.9%
Software - 35.3%
Microsoft Corp.		6,448	$	1,501,739
Oracle Corp.		7,181		438,544
Salesforce, Inc.*		3,009		432,815
Intuit, Inc.		974		377,250
Adobe, Inc.*		1,338		368,218
ServiceNow, Inc.*		804		303,598
Activision Blizzard, Inc.		3,826		284,425
Fiserv, Inc.*		2,974		278,277
Snowflake, Inc. — Class A*		1,597		271,426
Synopsys, Inc.*		825		252,046
Cadence Design Systems, Inc.*		1,540		251,682
VMware, Inc. — Class A		2,302		245,071
Fidelity National Information Services, Inc.		3,133		236,761
Paychex, Inc.		2,071		232,387
Autodesk, Inc.*		1,239		231,445
Workday, Inc. — Class A*		1,508		229,548
Electronic Arts, Inc.		1,802		208,509
Datadog, Inc. — Class A*		2,148		190,699
Atlassian Corporation plc — Class A*		864		181,950
Zoom Video Communications, Inc. — Class A*		2,302		169,404
Palantir Technologies, Inc. — Class A*		19,742		160,502
NetEase, Inc. ADR		2,103		158,987
ANSYS, Inc.*		712		157,850
ROBLOX Corp. — Class A*		4,379		156,943
Take-Two Interactive Software, Inc.*		1,399		152,491
ZoomInfo Technologies, Inc. — Class A*		3,621		150,851
Cloudflare, Inc. — Class A*		2,706		149,669
Broadridge Financial Solutions, Inc.		1,016		146,629
Citrix Systems, Inc.*,††		1,360		141,440
Tyler Technologies, Inc.*		404		140,390
Jack Henry & Associates, Inc.		744		135,609
Twilio, Inc. — Class A*		1,955		135,169
Akamai Technologies, Inc.*		1,618		129,958
Bill.com Holdings, Inc.*		974		128,928
PTC, Inc.*		1,218		127,403
HubSpot, Inc.*		464		125,336
Avalara, Inc.*		1,365		125,307
MongoDB, Inc.*		620		123,107
SS&C Technologies Holdings, Inc.		2,567		122,574
Splunk, Inc.*		1,608		120,922
Fair Isaac Corp.*		290		119,483
DocuSign, Inc.*		2,148		114,854
Dynatrace, Inc.*		3,227		112,332
Ceridian HCM Holding, Inc.*		1,901		106,228
Unity Software, Inc.*		3,259		103,832
Dropbox, Inc. — Class A*		4,888		101,279
UiPath, Inc. — Class A*		7,432		93,717
Elastic N.V.*		1,261		90,464
Asana, Inc. — Class A*		3,894		86,564
Five9, Inc.*		1,073		80,454
Coupa Software, Inc.*		1,278		75,146
RingCentral, Inc. — Class A*		1,770		70,729
MicroStrategy, Inc. — Class A*,1		251		53,277
Fastly, Inc. — Class A*		4,428		40,560
Total Software				10,724,778
Semiconductors - 20.0%
NVIDIA Corp.		5,047		612,655
Broadcom, Inc.		1,083		480,863
Texas Instruments, Inc.		2,812		435,241
QUALCOMM, Inc.		3,542		400,175
Intel Corp.		13,857		357,095
Advanced Micro Devices, Inc.*		5,266		333,654
Analog Devices, Inc.		2,219		309,195
Applied Materials, Inc.		3,627		297,160
Taiwan Semiconductor Manufacturing Company Ltd. ADR		4,040		276,982
Micron Technology, Inc.		5,315		266,282
NXP Semiconductor N.V.		1,696		250,177
Lam Research Corp.		676		247,416
KLA Corp.		772		233,630
Marvell Technology, Inc.		5,022		215,494
Microchip Technology, Inc.		3,489		212,934
ASML Holding N.V. — Class G		503		208,921
ON Semiconductor Corp.*		2,980		185,743
Monolithic Power Systems, Inc.		397		144,270
Wolfspeed, Inc.*		1,278		132,094
Skyworks Solutions, Inc.		1,537		131,060
Entegris, Inc.		1,480		122,870
Teradyne, Inc.		1,632		122,645
Qorvo, Inc.*		1,289		102,360
Total Semiconductors				6,078,916
Internet - 14.3%
Alphabet, Inc. — Class A*		13,216		1,264,111
Meta Platforms, Inc. — Class A*		4,827		654,927
Twitter, Inc.*		6,670		292,413
Palo Alto Networks, Inc.*		1,551		254,038
Baidu, Inc. ADR*		1,682		197,618
Sea Ltd. ADR*		3,322		186,198
Shopify, Inc. — Class A*		6,661		179,447
CDW Corp.		1,080		168,566
VeriSign, Inc.*		921		159,978
Pinterest, Inc. — Class A*		6,192		144,274
Snap, Inc. — Class A*		13,893		136,429
Match Group, Inc.*		2,582		123,291
GoDaddy, Inc. — Class A*		1,739		123,260
NortonLifeLock, Inc.		6,113		123,116
Zendesk, Inc.*		1,472		112,019
Okta, Inc.*		1,923		109,361
F5, Inc.*		747		108,113
Total Internet				4,337,159
Computers - 13.9%
Apple, Inc.		12,268		1,695,438
International Business Machines Corp.		3,214		381,855
Accenture plc — Class A		1,098		282,515
Fortinet, Inc.*		4,652		228,553
Crowdstrike Holdings, Inc. — Class A*		1,353		222,988

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2022
TECHNOLOGY FUND

	Shares		Value
Cognizant Technology Solutions Corp. — Class A		3,414	$	196,100
HP, Inc.		7,241		180,446
Dell Technologies, Inc. — Class C		5,213		178,128
Zscaler, Inc.*		1,059		174,068
Infosys Ltd. ADR		10,179		172,738
Check Point Software Technologies Ltd.*		1,498		167,806
NetApp, Inc.		2,128		131,617
Seagate Technology Holdings plc		2,135		113,646
Western Digital Corp.*		3,253		105,885
Total Computers				4,231,783
Commercial Services - 4.4%
Automatic Data Processing, Inc.		1,604		362,809
PayPal Holdings, Inc.*		4,211		362,441
Global Payments, Inc.		1,778		192,113
Block, Inc. — Class A*		3,415		187,791
FleetCor Technologies, Inc.*		715		125,961
Affirm Holdings, Inc.*		4,012		75,265
Marathon Digital Holdings, Inc.*,1		3,500		37,485
Total Commercial Services				1,343,865
Diversified Financial Services - 4.2%
Visa, Inc. — Class A		3,927		697,632
Mastercard, Inc. — Class A		2,060		585,740
Total Diversified Financial Services				1,283,372
Telecommunications - 3.2%
Cisco Systems, Inc.		11,513		460,520
Arista Networks, Inc.*		1,923		217,087
Corning, Inc.		6,089		176,703
Juniper Networks, Inc.		4,054		105,891
Total Telecommunications				960,201
Electronics - 1.9%
Amphenol Corp. — Class A		3,400		227,664
TE Connectivity Ltd.		1,933		213,326
Trimble, Inc.*		2,401		130,302
Total Electronics				571,292
Energy-Alternate Sources - 1.7%
Enphase Energy, Inc.*		814		225,861
First Solar, Inc.*		1,087		143,777
SolarEdge Technologies, Inc.*		613		141,885
Total Energy-Alternate Sources				511,523
Advertising - 0.6%
Trade Desk, Inc. — Class A*		3,276		195,741
Office & Business Equipment - 0.4%
Zebra Technologies Corp. — Class A*		503		131,791
Total Common Stocks
(Cost $18,288,135)				30,370,421
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	70,970		70,970
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		27,296		27,296
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		26,488		26,488
Total Repurchase Agreements
(Cost $124,754)				124,754
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.2%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		69,530		69,530
Total Securities Lending Collateral
(Cost $69,530)				69,530
Total Investments - 100.5%
(Cost $18,482,419)			$	30,564,705
Other Assets & Liabilities, net - (0.5)%				(141,491	)
Total Net Assets - 100.0%			$	30,423,214

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 115

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
TECHNOLOGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	30,228,981	$	141,440	$	—	$	30,370,421
Repurchase Agreements		—		124,754		—		124,754
Securities Lending Collateral		69,530		—		—		69,530
Total Assets	$	30,298,511	$	266,194	$	—	$	30,564,705

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

TECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $68,019 of securities loaned (cost $18,357,665)	$	30,439,951
Repurchase agreements, at value (cost $124,754)		124,754
Receivables:
Dividends		10,611
Foreign tax reclaims		1,107
Fund shares sold		500
Securities lending income		354
Interest		10
Total assets		30,577,287
Liabilities:
Payable for:
Return of securities lending collateral		69,530
Management fees		23,276
Transfer agent and administrative fees		11,562
Fund shares redeemed		10,080
Printing fees		8,351
Professional fees		7,472
Portfolio accounting/administration fees		4,176
Distribution and service fees		3,953
Trustees’ fees*		563
Miscellaneous		15,110
Total liabilities		154,073
Net assets	$	30,423,214
Net assets consist of:
Paid in capital	$	20,224,548
Total distributable earnings (loss)		10,198,666
Net assets	$	30,423,214
Investor Class:
Net assets	$	20,994,577
Capital shares outstanding		173,283
Net asset value per share	$	121.16
A-Class:
Net assets	$	5,751,858
Capital shares outstanding		51,987
Net asset value per share	$	110.64
Maximum offering price per share (Net asset value divided by 95.25%)	$	116.16
C-Class:
Net assets	$	2,719,140
Capital shares outstanding		28,660
Net asset value per share	$	94.88
H-Class:
Net assets	$	957,639
Capital shares outstanding		8,874
Net asset value per share	$	107.92

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $425)	$	152,125
Interest		1,409
Income from securities lending, net		1,781
Total investment income		155,315
Expenses:
Management fees		161,166
Distribution and service fees:
A-Class		8,567
C-Class		16,582
H-Class		1,483
Transfer agent and administrative fees		45,541
Portfolio accounting/administration fees		23,737
Professional fees		5,463
Trustees’ fees*		4,284
Custodian fees		2,887
Line of credit fees		91
Miscellaneous		21,056
Total expenses		290,857
Net investment loss		(135,542	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(277,767	)
Net realized loss		(277,767	)
Net change in unrealized appreciation (depreciation) on:
Investments		(13,136,846	)
Net change in unrealized appreciation (depreciation)		(13,136,846	)
Net realized and unrealized loss		(13,414,613	)
Net decrease in net assets resulting from operations	$	(13,550,155	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 117

TECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(135,542	)	$	(663,497	)
Net realized gain (loss) on investments		(277,767	)		5,398,768
Net change in unrealized appreciation (depreciation) on investments		(13,136,846	)		(5,462,357	)
Net decrease in net assets resulting from operations		(13,550,155	)		(727,086	)
Distributions to shareholders:
Investor Class		—			(5,271,090	)
A-Class		—			(749,357	)
C-Class		—			(484,634	)
H-Class		—			(335,654	)
Total distributions to shareholders		—			(6,840,735	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		17,737,975			128,824,175
A-Class		722,448			4,914,961
C-Class		168,937			1,805,589
H-Class		1,303,596			18,247,940
Distributions reinvested
Investor Class		—			5,171,883
A-Class		—			744,507
C-Class		—			478,382
H-Class		—			329,788
Cost of shares redeemed
Investor Class		(19,607,365	)		(130,640,622	)
A-Class		(941,348	)		(6,078,463	)
C-Class		(490,563	)		(3,986,263	)
H-Class		(1,172,231	)		(18,691,520	)
Net increase (decrease) from capital share transactions		(2,278,551	)		1,120,357
Net decrease in net assets		(15,828,706	)		(6,447,464	)
Net assets:
Beginning of period		46,251,920			52,699,384
End of period	$	30,423,214		$	46,251,920
Capital share activity:
Shares sold
Investor Class		118,929			662,261
A-Class		5,568			27,216
C-Class		1,490			11,711
H-Class		9,979			107,303
Shares issued from reinvestment of distributions
Investor Class		—			26,718
A-Class		—			4,203
C-Class		—			3,131
H-Class		—			1,909
Shares redeemed
Investor Class		(137,540	)		(697,221	)
A-Class		(7,382	)		(33,687	)
C-Class		(4,395	)		(26,488	)
H-Class		(10,105	)		(111,036	)
Net decrease in shares		(23,456	)		(23,980	)

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

TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	168.83		$	177.69		$	100.21		$	101.77		$	94.62		$	75.45
Income (loss) from investment operations:
Net investment income (loss)b		(.41	)		(1.32	)		(.96	)		(.22	)		(.31	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		(47.26	)		6.56			81.24			(.80	)		11.99			20.66
Total from investment operations		(47.67	)		5.24			80.28			(1.02	)		11.68			20.37
Less distributions from:
Net realized gains		—			(14.10	)		(2.80	)		(.54	)		(4.53	)		(1.20	)
Total distributions		—			(14.10	)		(2.80	)		(.54	)		(4.53	)		(1.20	)
Net asset value, end of period	$	121.16		$	168.83		$	177.69		$	100.21		$	101.77		$	94.62
Total Return		(28.24	%)		1.94	%		80.31	%		(1.06	%)		13.05	%		27.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20,995		$	32,397		$	35,562		$	23,190		$	60,972		$	76,820
Ratios to average net assets:
Net investment income (loss)		(0.57	%)		(0.68	%)		(0.65	%)		(0.20	%)		(0.32	%)		(0.34	%)
Total expenses		1.39	%		1.36	%		1.44	%		1.47	%		1.46	%		1.37	%
Portfolio turnover rate		51	%		175	%		195	%		165	%		255	%		270	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	154.37		$	163.90		$	92.79		$	94.51		$	88.40		$	70.74
Income (loss) from investment operations:
Net investment income (loss)b		(.53	)		(1.68	)		(1.24	)		(.41	)		(.49	)		(.45	)
Net gain (loss) on investments (realized and unrealized)		(43.20	)		6.25			75.15			(.77	)		11.13			19.31
Total from investment operations		(43.73	)		4.57			73.91			(1.18	)		10.64			18.86
Less distributions from:
Net realized gains		—			(14.10	)		(2.80	)		(.54	)		(4.53	)		(1.20	)
Total distributions		—			(14.10	)		(2.80	)		(.54	)		(4.53	)		(1.20	)
Net asset value, end of period	$	110.64		$	154.37		$	163.90		$	92.79		$	94.51		$	88.40
Total Returnc		(28.33	%)		1.69	%		79.86	%		(1.31	%)		12.77	%		26.77	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,752		$	8,305		$	9,190		$	5,321		$	6,007		$	5,033
Ratios to average net assets:
Net investment income (loss)		(0.82	%)		(0.96	%)		(0.90	%)		(0.40	%)		(0.54	%)		(0.56	%)
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.71	%		1.63	%
Portfolio turnover rate		51	%		175	%		195	%		165	%		255	%		270	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 119

TECHNOLOGY 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	132.87		$	143.81		$	82.23		$	84.44		$	80.06		$	64.64
Income (loss) from investment operations:
Net investment income (loss)b		(.88	)		(2.60	)		(2.01	)		(1.06	)		(1.10	)		(1.02	)
Net gain (loss) on investments (realized and unrealized)		(37.11	)		5.76			66.39			(.61	)		10.01			17.64
Total from investment operations		(27.99	)		3.16			64.38			(1.67	)		8.91			16.62
Less distributions from:
Net realized gains		—			(14.10	)		(2.80	)		(.54	)		(4.53	)		(1.20	)
Total distributions		—			(14.10	)		(2.80	)		(.54	)		(4.53	)		(1.20	)
Net asset value, end of period	$	94.88		$	132.87		$	143.81		$	82.23		$	84.44		$	80.06
Total Returnc		(28.59	%)		0.92	%		78.52	%		(2.05	%)		11.93	%		25.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,719		$	4,194		$	6,214		$	3,796		$	5,586		$	6,409
Ratios to average net assets:
Net investment income (loss)		(1.57	%)		(1.70	%)		(1.65	%)		(1.17	%)		(1.33	%)		(1.37	%)
Total expenses		2.39	%		2.36	%		2.44	%		2.48	%		2.46	%		2.38	%
Portfolio turnover rate		51	%		175	%		195	%		165	%		255	%		270	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	150.57		$	160.17		$	90.72		$	92.40		$	86.54		$	69.27
Income (loss) from investment operations:
Net investment income (loss)b		(.52	)		(1.62	)		(1.01	)		(.47	)		(.64	)		(.46	)
Net gain (loss) on investments (realized and unrealized)		(42.13	)		6.12			73.26			(.67	)		11.03			18.93
Total from investment operations		(42.65	)		4.50			72.25			(1.14	)		10.39			18.47
Less distributions from:
Net realized gains		—			(14.10	)		(2.80	)		(.54	)		(4.53	)		(1.20	)
Total distributions		—			(14.10	)		(2.80	)		(.54	)		(4.53	)		(1.20	)
Net asset value, end of period	$	107.92		$	150.57		$	160.17		$	90.72		$	92.40		$	86.54
Total Return		(28.33	%)		1.68	%		79.85	%		(1.30	%)		12.76	%		26.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	958		$	1,355		$	1,734		$	3,435		$	12,846		$	40,149
Ratios to average net assets:
Net investment income (loss)		(0.83	%)		(0.93	%)		(0.83	%)		(0.47	%)		(0.71	%)		(0.58	%)
Total expenses		1.65	%		1.60	%		1.74	%		1.72	%		1.70	%		1.63	%
Portfolio turnover rate		51	%		175	%		195	%		165	%		255	%		270	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

TELECOMMUNICATIONS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in the development, manufacture, or sale of communications services or communications equipment (“Telecommunications Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	April 18, 2001
H-Class	April 1, 1998

Ten Largest Holdings (% of Total Net Assets)
T-Mobile US, Inc.	9.4%
Verizon Communications, Inc.	8.2%
Comcast Corp. — Class A	7.7%
Cisco Systems, Inc.	7.5%
AT&T, Inc.	7.5%
Motorola Solutions, Inc.	4.3%
Arista Networks, Inc.	4.2%
Charter Communications, Inc. — Class A	3.9%
Ubiquiti, Inc.	3.1%
Liberty Broadband Corp. — Class C	2.2%
Top Ten Total	58.0%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(24.88%)	(29.62%)	(1.44%)	2.25%
A-Class Shares	(24.99%)	(29.83%)	(1.69%)	1.97%
A-Class Shares with sales charge‡	(28.55%)	(33.17%)	(2.64%)	1.48%
C-Class Shares	(25.30%)	(30.37%)	(2.43%)	1.27%
C-Class Shares with CDSC§	(26.05%)	(31.06%)	(2.43%)	1.27%
H-Class Shares**	(25.02%)	(29.84%)	(1.66%)	1.92%
S&P 500 Telecommunication Services Index	(30.79%)	(39.05%)	1.95%	3.76%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 121

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
TELECOMMUNICATIONS FUND

	Shares		Value
COMMON STOCKS† - 99.1%
TELECOMMUNICATIONS - 71.0%
T-Mobile US, Inc.*		1,409	$	189,046
Verizon Communications, Inc.		4,350		165,170
Cisco Systems, Inc.		3,771		150,840
AT&T, Inc.		9,828		150,762
Motorola Solutions, Inc.		391		87,572
Arista Networks, Inc.*		747		84,329
Ubiquiti, Inc.		210		61,648
Juniper Networks, Inc.		1,593		41,609
Lumen Technologies, Inc.		4,893		35,621
Iridium Communications, Inc.*		801		35,540
Ciena Corp.*		872		35,255
Frontier Communications Parent, Inc.*		1,453		34,044
Calix, Inc.*		510		31,181
America Movil SAB de CV — Class L ADR		1,816		29,910
Vodafone Group plc ADR		2,625		29,741
BCE, Inc.		692		29,022
Nice Ltd. ADR*		145		27,295
TELUS Corp.		1,367		27,149
Rogers Communications, Inc. — Class B		683		26,323
Viavi Solutions, Inc.*		1,903		24,834
Viasat, Inc.*		676		20,435
Extreme Networks, Inc.*		1,453		18,991
CommScope Holding Company, Inc.*		1,950		17,959
Gogo, Inc.*		1,464		17,744
Telephone & Data Systems, Inc.		1,263		17,556
EchoStar Corp. — Class A*		1,036		17,063
InterDigital, Inc.		375		15,157
NETGEAR, Inc.*		536		10,741
Total Telecommunications				1,432,537
MEDIA - 20.0%
Comcast Corp. — Class A		5,319		156,006
Charter Communications, Inc. — Class A*		258		78,264
Liberty Broadband Corp. — Class C*		594		43,837
DISH Network Corp. — Class A*		2,502		34,603
Cable One, Inc.		35		29,857
Liberty Global plc — Class C*		1,566		25,839
Altice USA, Inc. — Class A*		3,094		18,038
Liberty Latin America Ltd. — Class C*		2,681		16,488
Total Media				402,932
INTERNET - 5.1%
F5, Inc.*		291		42,116
Roku, Inc.*		660		37,224
Cogent Communications Holdings, Inc.		454		23,681
Total Internet				103,021
COMPUTERS - 2.6%
Lumentum Holdings, Inc.*		438		30,034
NetScout Systems, Inc.*		727		22,769
Total Computers				52,803
SOFTWARE - 0.4%
Bandwidth, Inc. — Class A*		592		7,045
Total Common Stocks
(Cost $2,217,872)				1,998,338
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	7,304		7,304
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		2,809		2,809
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		2,726		2,726
Total Repurchase Agreements
(Cost $12,839)				12,839
Total Investments - 99.7%
(Cost $2,230,711)			$	2,011,177
Other Assets & Liabilities, net - 0.3%				5,795
Total Net Assets - 100.0%			$	2,016,972

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
TELECOMMUNICATIONS FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	1,998,338	$	—	$	—	$	1,998,338
Repurchase Agreements		—		12,839		—		12,839
Total Assets	$	1,998,338	$	12,839	$	—	$	2,011,177

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 123

TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $2,217,872)	$	1,998,338
Repurchase agreements, at value (cost $12,839)		12,839
Receivables:
Fund shares sold		11,107
Dividends		2,491
Securities lending income		16
Total assets		2,024,791
Liabilities:
Payable for:
Securities purchased		3,724
Management fees		1,405
Transfer agent and administrative fees		595
Printing fees		467
Professional fees		418
Portfolio accounting/administration fees		252
Distribution and service fees		171
Trustees’ fees*		30
Miscellaneous		757
Total liabilities		7,819
Net assets	$	2,016,972
Net assets consist of:
Paid in capital	$	4,567,766
Total distributable earnings (loss)		(2,550,794	)
Net assets	$	2,016,972
Investor Class:
Net assets	$	1,587,595
Capital shares outstanding		39,603
Net asset value per share	$	40.09
A-Class:
Net assets	$	256,948
Capital shares outstanding		7,093
Net asset value per share	$	36.23
Maximum offering price per share (Net asset value divided by 95.25%)	$	38.04
C-Class:
Net assets	$	98,559
Capital shares outstanding		3,182
Net asset value per share	$	30.97
H-Class:
Net assets	$	73,870
Capital shares outstanding		2,096
Net asset value per share	$	35.24

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $202)	$	19,698
Interest		89
Income from securities lending, net		74
Total investment income		19,861
Expenses:
Management fees		9,018
Distribution and service fees:
A-Class		440
C-Class		600
H-Class		140
Transfer agent and administrative fees		2,594
Portfolio accounting/administration fees		1,295
Professional fees		846
Trustees’ fees*		232
Custodian fees		164
Miscellaneous		614
Total expenses		15,943
Net investment income		3,918
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		125,356
Net realized gain		125,356
Net change in unrealized appreciation (depreciation) on:
Investments		(581,884	)
Net change in unrealized appreciation (depreciation)		(581,884	)
Net realized and unrealized loss		(456,528	)
Net decrease in net assets resulting from operations	$	(452,610	)

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

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

TELECOMMUNICATIONS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	3,918		$	33,919
Net realized gain (loss) on investments		125,356			(261,486	)
Net change in unrealized appreciation (depreciation) on investments		(581,884	)		(123,214	)
Net decrease in net assets resulting from operations		(452,610	)		(350,781	)
Distributions to shareholders:
Investor Class		—			(18,236	)
A-Class		—			(2,203	)
C-Class		—			(508	)
H-Class		—			(777	)
Total distributions to shareholders		—			(21,724	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		7,579,295			18,735,820
A-Class		501,474			252,897
C-Class		104,551			817,878
H-Class		54,495			546,575
Distributions reinvested
Investor Class		—			18,195
A-Class		—			2,164
C-Class		—			502
H-Class		—			777
Cost of shares redeemed
Investor Class		(6,685,098	)		(19,179,624	)
A-Class		(527,759	)		(324,472	)
C-Class		(94,152	)		(883,979	)
H-Class		(73,117	)		(677,054	)
Net increase (decrease) from capital share transactions		859,689			(690,321	)
Net increase (decrease) in net assets		407,079			(1,062,826	)
Net assets:
Beginning of period		1,609,893			2,672,719
End of period	$	2,016,972		$	1,609,893
Capital share activity:
Shares sold
Investor Class		160,048			330,065
A-Class		11,621			4,983
C-Class		2,772			18,056
H-Class		1,313			11,043
Shares issued from reinvestment of distributions
Investor Class		—			329
A-Class		—			43
C-Class		—			12
H-Class		—			16
Shares redeemed
Investor Class		(139,129	)		(343,349	)
A-Class		(12,139	)		(6,599	)
C-Class		(2,523	)		(19,404	)
H-Class		(1,847	)		(13,372	)
Net increase (decrease) in shares		20,116			(18,177	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 125

TELECOMMUNICATIONS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	53.37		$	56.03		$	43.19		$	50.17		$	47.66		$	47.95
Income (loss) from investment operations:
Net investment income (loss)b		.08			.58			.66			.69			.46			.43
Net gain (loss) on investments (realized and unrealized)		(13.36	)		(3.00	)		13.33			(5.91	)		2.17	d		1.17
Total from investment operations		(13.28	)		(2.42	)		13.99			(5.22	)		2.63			1.60
Less distributions from:
Net investment income		—			(.24	)		(1.15	)		(1.76	)		(.02	)		(1.89	)
Net realized gains		—			—			—			—			(.10	)		—
Total distributions		—			(.24	)		(1.15	)		(1.76	)		(.12	)		(1.89	)
Net asset value, end of period	$	40.09		$	53.37		$	56.03		$	43.19		$	50.17		$	47.66
Total Return		(24.88	%)		(4.36	%)		32.55	%		(10.74	%)		5.52	%		3.33	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,588		$	997		$	1,773		$	2,984		$	2,989		$	1,309
Ratios to average net assets:
Net investment income (loss)		0.36	%		1.02	%		1.33	%		1.38	%		0.94	%		0.89	%
Total expenses		1.39	%		1.36	%		1.46	%		1.48	%		1.47	%		1.38	%
Portfolio turnover rate		431	%		551	%		344	%		561	%		2,115	%		1,455	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	48.30		$	50.87		$	39.40		$	46.03		$	43.84		$	44.39
Income (loss) from investment operations:
Net investment income (loss)b		.12			.37			.41			.31			.43			.20
Net gain (loss) on investments (realized and unrealized)		(12.19	)		(2.70	)		12.21			(5.18	)		1.88	d		1.14
Total from investment operations		(12.07	)		(2.33	)		12.62			(4.87	)		2.31			1.34
Less distributions from:
Net investment income		—			(.24	)		(1.15	)		(1.76	)		(.02	)		(1.89	)
Net realized gains		—			—			—			—			(.10	)		—
Total distributions		—			(.24	)		(1.15	)		(1.76	)		(.12	)		(1.89	)
Net asset value, end of period	$	36.23		$	48.30		$	50.87		$	39.40		$	46.03		$	43.84
Total Returnc		(24.99	%)		(4.59	%)		32.20	%		(10.95	%)		5.27	%		3.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	257		$	368		$	467		$	446		$	508		$	448
Ratios to average net assets:
Net investment income (loss)		0.55	%		0.71	%		0.90	%		0.69	%		0.96	%		0.45	%
Total expenses		1.64	%		1.61	%		1.70	%		1.73	%		1.71	%		1.63	%
Portfolio turnover rate		431	%		551	%		344	%		561	%		2,115	%		1,455	%

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

TELECOMMUNICATIONS 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	41.46		$	44.03		$	34.47		$	40.81		$	39.17		$	40.14
Income (loss) from investment operations:
Net investment income (loss)b		(.06	)		(.01	)		.01			.04			.06			(.09	)
Net gain (loss) on investments (realized and unrealized)		(10.43	)		(2.32	)		10.70			(4.62	)		1.70	d		1.01
Total from investment operations		(10.49	)		(2.33	)		10.71			(4.58	)		1.76			.92
Less distributions from:
Net investment income		—			(.24	)		(1.15	)		(1.76	)		(.02	)		(1.89	)
Net realized gains		—			—			—			—			(.10	)		—
Total distributions		—			(.24	)		(1.15	)		(1.76	)		(.12	)		(1.89	)
Net asset value, end of period	$	30.97		$	41.46		$	44.03		$	34.47		$	40.81		$	39.17
Total Returnc		(25.30	%)		(5.30	%)		31.22	%		(11.62	%)		4.49	%		2.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	99		$	122		$	188		$	116		$	251		$	368
Ratios to average net assets:
Net investment income (loss)		(0.33	%)		0.02	%		0.03	%		0.10	%		0.15	%		(0.22	%)
Total expenses		2.39	%		2.36	%		2.43	%		2.48	%		2.46	%		2.38	%
Portfolio turnover rate		431	%		551	%		344	%		561	%		2,115	%		1,455	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	47.00		$	49.50		$	38.36		$	44.88		$	42.66		$	43.21
Income (loss) from investment operations:
Net investment income (loss)b		.16			.44			.28			.44			1.16			(.06	)
Net gain (loss) on investments (realized and unrealized)		(11.92	)		(2.70	)		12.01			(5.20	)		1.18	d		1.40
Total from investment operations		(11.76	)		(2.26	)		12.29			(4.76	)		2.34			1.34
Less distributions from:
Net investment income		—			(.24	)		(1.15	)		(1.76	)		(.02	)		(1.89	)
Net realized gains		—			—			—			—			(.10	)		—
Total distributions		—			(.24	)		(1.15	)		(1.76	)		(.12	)		(1.89	)
Net asset value, end of period	$	35.24		$	47.00		$	49.50		$	38.36		$	44.88		$	42.66
Total Return		(25.02	%)		(4.60	%)		32.24	%		(10.98	%)		5.51	%		3.07	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	74		$	124		$	245		$	104		$	334		$	140
Ratios to average net assets:
Net investment income (loss)		0.75	%		0.86	%		0.61	%		0.99	%		2.73	%		(0.14	%)
Total expenses		1.64	%		1.61	%		1.68	%		1.73	%		1.74	%		1.63	%
Portfolio turnover rate		431	%		551	%		344	%		561	%		2,115	%		1,455	%

a	Unaudited figures for the period ended September 30, 2022. 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	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 127

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

TRANSPORTATION FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in providing transportation services or companies engaged in the design, manufacture, distribution, or sale of transportation equipment (“Transportation Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 2, 1998
A-Class	September 1, 2004
C-Class	May 14, 2001
H-Class	June 9, 1998

Ten Largest Holdings (% of Total Net Assets)
Tesla, Inc.	12.5%
United Parcel Service, Inc. — Class B	4.9%
Union Pacific Corp.	4.7%
CSX Corp.	3.1%
Uber Technologies, Inc.	3.0%
Norfolk Southern Corp.	3.0%
General Motors Co.	2.8%
Ford Motor Co.	2.6%
FedEx Corp.	2.4%
Rivian Automotive, Inc. — Class A	2.4%
Top Ten Total	41.4%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(26.06%)	(23.34%)	3.84%	11.30%
A-Class Shares	(26.16%)	(23.52%)	3.58%	11.02%
A-Class Shares with sales charge‡	(29.67%)	(27.16%)	2.57%	10.48%
C-Class Shares	(26.43%)	(24.10%)	2.80%	10.19%
C-Class Shares with CDSC§	(27.17%)	(24.76%)	2.80%	10.19%
H-Class Shares**	(26.15%)	(23.52%)	3.57%	10.94%
S&P 500 Industrials Index	(18.80%)	(13.87%)	4.87%	10.39%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

128 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
TRANSPORTATION FUND

	Shares		Value
COMMON STOCKS† - 99.7%
Transportation - 38.7%
United Parcel Service, Inc. — Class B		4,791	$	773,938
Union Pacific Corp.		3,763		733,108
CSX Corp.		18,552		494,225
Norfolk Southern Corp.		2,223		466,052
FedEx Corp.		2,553		379,044
Old Dominion Freight Line, Inc.		1,483		368,926
J.B. Hunt Transport Services, Inc.		1,779		278,271
Expeditors International of Washington, Inc.		2,877		254,068
CH Robinson Worldwide, Inc.		2,385		229,699
Knight-Swift Transportation Holdings, Inc.		4,065		198,901
Canadian Pacific Railway Ltd.		2,968		198,025
Canadian National Railway Co.		1,806		195,030
ZTO Express Cayman, Inc. ADR		7,665		184,190
Landstar System, Inc.		1,150		166,026
ZIM Integrated Shipping Services Ltd.1		7,022		165,017
Saia, Inc.*		832		158,080
XPO Logistics, Inc.*		3,343		148,830
Ryder System, Inc.		1,856		140,109
Kirby Corp.*		2,136		129,805
Atlas Air Worldwide Holdings, Inc.*		1,228		117,360
Werner Enterprises, Inc.		2,879		108,250
Matson, Inc.		1,658		102,000
ArcBest Corp.		1,302		94,695
Total Transportation				6,083,649
Auto Manufacturers - 29.1%
Tesla, Inc.*		7,400		1,962,850
General Motors Co.		13,579		435,750
Ford Motor Co.		36,957		413,918
Rivian Automotive, Inc. — Class A*		11,291		371,587
Lucid Group, Inc.*		24,214		338,270
NIO, Inc. ADR*		14,385		226,852
Li Auto, Inc. ADR*		8,741		201,130
Ferrari N.V.		1,001		185,185
Stellantis N.V.1		14,111		167,074
Toyota Motor Corp. ADR1		1,273		165,859
Fisker, Inc.*,1		13,531		102,159
Total Auto Manufacturers				4,570,634
Auto Parts & Equipment - 10.7%
Aptiv plc*		2,694		210,698
Lear Corp.		1,496		179,056
BorgWarner, Inc.		5,674		178,164
Autoliv, Inc.		2,574		171,506
Gentex Corp.		6,711		159,990
Magna International, Inc.		3,343		158,525
Fox Factory Holding Corp.*		1,539		121,704
Visteon Corp.*		1,085		115,075
Adient plc*		3,794		105,283
Goodyear Tire & Rubber Co.*		10,248		103,402
Luminar Technologies, Inc.*,1		13,918		101,393
Dana, Inc.		7,013		80,159
Total Auto Parts & Equipment				1,684,955
Airlines - 9.8%
Delta Air Lines, Inc.*		10,140		284,528
Southwest Airlines Co.*		9,012		277,930
United Airlines Holdings, Inc.*		6,618		215,284
American Airlines Group, Inc.*		15,514		186,789
Copa Holdings S.A. — Class A*		2,488		166,721
Alaska Air Group, Inc.*		3,772		147,674
JetBlue Airways Corp.*		14,318		94,928
Spirit Airlines, Inc.*		5,029		94,646
Allegiant Travel Co. — Class A*		982		71,666
Total Airlines				1,540,166
Commercial Services - 4.4%
AMERCO		437		222,529
Avis Budget Group, Inc.*		1,228		182,309
Hertz Global Holdings, Inc.*		9,944		161,889
GXO Logistics, Inc.*		3,655		128,144
Total Commercial Services				694,871
Internet - 3.9%
Uber Technologies, Inc.*		18,067		478,775
Lyft, Inc. — Class A*		10,068		132,596
Total Internet				611,371
Home Builders - 2.1%
Thor Industries, Inc.		1,886		131,982
LCI Industries		1,060		107,548
Winnebago Industries, Inc.		1,693		90,084
Total Home Builders				329,614
Leisure Time - 1.0%
Harley-Davidson, Inc.		4,315		150,507
Total Common Stocks
(Cost $12,194,568)				15,665,767
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 09/30/22 at 2.97% due 10/03/22	$	42,646		42,646
BofA Securities, Inc. issued 09/30/22 at 2.91% due 10/03/22		16,402		16,402
Barclays Capital, Inc. issued 09/30/22 at 2.92% due 10/03/22		15,917		15,917
Total Repurchase Agreements
(Cost $74,965)				74,965

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 129

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
TRANSPORTATION FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 3.0%
Money Market Fund
First American Government Obligations Fund — Class X, 2.78%4		469,766	$	469,766
Total Securities Lending Collateral
(Cost $469,766)				469,766
Total Investments - 103.2%
(Cost $12,739,299)			$	16,210,498
Other Assets & Liabilities, net - (3.2)%				(504,001	)
Total Net Assets - 100.0%			$	15,706,497

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2022 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2022.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	15,665,767	$	—	$	—	$	15,665,767
Repurchase Agreements		—		74,965		—		74,965
Securities Lending Collateral		469,766		—		—		469,766
Total Assets	$	16,135,533	$	74,965	$	—	$	16,210,498

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

TRANSPORTATION FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value - including $452,241 of securities loaned (cost $12,664,334)	$	16,135,533
Repurchase agreements, at value (cost $74,965)		74,965
Cash		773
Receivables:
Dividends		4,576
Securities lending income		2,180
Fund shares sold		470
Foreign tax reclaims		117
Total assets		16,218,614
Liabilities:
Payable for:
Return of securities lending collateral		469,766
Management fees		11,822
Transfer agent and administrative fees		5,659
Fund shares redeemed		5,422
Distribution and service fees		2,222
Portfolio accounting/administration fees		2,121
Trustees’ fees*		272
Miscellaneous		14,833
Total liabilities		512,117
Net assets	$	15,706,497
Net assets consist of:
Paid in capital	$	13,572,437
Total distributable earnings (loss)		2,134,060
Net assets	$	15,706,497
Investor Class:
Net assets	$	9,541,653
Capital shares outstanding		172,768
Net asset value per share	$	55.23
A-Class:
Net assets	$	4,716,252
Capital shares outstanding		96,287
Net asset value per share	$	48.98
Maximum offering price per share (Net asset value divided by 95.25%)	$	51.42
C-Class:
Net assets	$	1,069,448
Capital shares outstanding		25,416
Net asset value per share	$	42.08
H-Class:
Net assets	$	379,144
Capital shares outstanding		8,040
Net asset value per share	$	47.16

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends (net of foreign withholding tax of $10,359)	$	112,020
Interest		672
Income from securities lending, net		15,941
Total investment income		128,633
Expenses:
Management fees		73,987
Distribution and service fees:
A-Class		7,299
C-Class		6,740
H-Class		568
Transfer agent and administrative fees		20,788
Portfolio accounting/administration fees		11,018
Professional fees		3,541
Trustees’ fees*		2,126
Custodian fees		1,339
Miscellaneous		8,391
Total expenses		135,797
Net investment loss		(7,164	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(624,153	)
Net realized loss		(624,153	)
Net change in unrealized appreciation (depreciation) on:
Investments		(5,522,637	)
Net change in unrealized appreciation (depreciation)		(5,522,637	)
Net realized and unrealized loss		(6,146,790	)
Net decrease in net assets resulting from operations	$	(6,153,954	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 131

TRANSPORTATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(7,164	)	$	(9,037	)
Net realized gain (loss) on investments		(624,153	)		12,704,185
Net change in unrealized appreciation (depreciation) on investments		(5,522,637	)		(13,331,695	)
Net decrease in net assets resulting from operations		(6,153,954	)		(636,547	)
Distributions to shareholders:
Investor Class		—			(2,599,261	)
A-Class		—			(941,795	)
C-Class		—			(291,957	)
H-Class		—			(113,602	)
Total distributions to shareholders		—			(3,946,615	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		23,110,397			65,922,298
A-Class		618,112			4,644,701
C-Class		198,749			873,754
H-Class		30,109			3,301,957
Distributions reinvested
Investor Class		—			2,571,516
A-Class		—			925,836
C-Class		—			285,407
H-Class		—			111,276
Cost of shares redeemed
Investor Class		(20,587,339	)		(120,031,069	)
A-Class		(1,253,911	)		(5,145,587	)
C-Class		(461,643	)		(994,687	)
H-Class		(103,459	)		(3,762,803	)
Net increase (decrease) from capital share transactions		1,551,015			(51,297,401	)
Net decrease in net assets		(4,602,939	)		(55,880,563	)
Net assets:
Beginning of period		20,309,436			76,189,999
End of period	$	15,706,497		$	20,309,436
Capital share activity:
Shares sold
Investor Class		338,606			775,527
A-Class		10,931			61,397
C-Class		3,899			13,034
H-Class		548			43,975
Shares issued from reinvestment of distributions
Investor Class		—			31,921
A-Class		—			12,932
C-Class		—			4,613
H-Class		—			1,615
Shares redeemed
Investor Class		(310,593	)		(1,437,306	)
A-Class		(22,028	)		(69,348	)
C-Class		(9,468	)		(15,704	)
H-Class		(1,907	)		(52,096	)
Net increase (decrease) in shares		9,988			(629,440	)

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

TRANSPORTATION FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	74.70		$	84.28		$	37.39		$	50.08		$	59.10		$	53.52
Income (loss) from investment operations:
Net investment income (loss)b		.03			.04			(.20	)		.30			.09			(.04	)
Net gain (loss) on investments (realized and unrealized)		(19.50	)		.07			47.09			(11.07	)		(4.02	)		6.85
Total from investment operations		(19.47	)		.11			46.89			(10.77	)		(3.93	)		6.81
Less distributions from:
Net investment income		—			—			—			(.15	)		—			—
Net realized gains		—			(9.69	)		—			(1.77	)		(5.09	)		(1.23	)
Total distributions		—			(9.69	)		—			(1.92	)		(5.09	)		(1.23	)
Net asset value, end of period	$	55.23		$	74.70		$	84.28		$	37.39		$	50.08		$	59.10
Total Return		(26.06	%)		(0.71	%)		125.41	%		(22.59	%)		(6.33	%)		12.67	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,542		$	10,814		$	65,281		$	3,283		$	7,994		$	16,603
Ratios to average net assets:
Net investment income (loss)		0.10	%		0.05	%		(0.29	%)		0.58	%		0.16	%		(0.07	%)
Total expenses		1.39	%		1.35	%		1.41	%		1.48	%		1.46	%		1.37	%
Portfolio turnover rate		124	%		162	%		205	%		483	%		476	%		483	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	66.33		$	76.03		$	33.82		$	45.58		$	54.43		$	49.50
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		(.04	)		(.34	)		.17			(.01	)		(.07	)
Net gain (loss) on investments (realized and unrealized)		(17.30	)		.03			42.55			(10.01	)		(3.75	)		6.23
Total from investment operations		(17.35	)		(.01	)		42.21			(9.84	)		(3.76	)		6.16
Less distributions from:
Net investment income		—			—			—			(.15	)		—			—
Net realized gains		—			(9.69	)		—			(1.77	)		(5.09	)		(1.23	)
Total distributions		—			(9.69	)		—			(1.92	)		(5.09	)		(1.23	)
Net asset value, end of period	$	48.98		$	66.33		$	76.03		$	33.82		$	45.58		$	54.43
Total Returnc		(26.16	%)		(0.95	%)		124.81	%		(22.78	%)		(6.57	%)		12.38	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,716		$	7,123		$	7,785		$	1,757		$	3,166		$	5,760
Ratios to average net assets:
Net investment income (loss)		(0.18	%)		(0.05	%)		(0.59	%)		0.37	%		(0.03	%)		(0.12	%)
Total expenses		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%		1.63	%
Portfolio turnover rate		124	%		162	%		205	%		483	%		476	%		483	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 133

TRANSPORTATION 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	57.20		$	67.28		$	30.15		$	41.14		$	50.04		$	45.93
Income (loss) from investment operations:
Net investment income (loss)b		(.23	)		(.52	)		(.67	)		(.18	)		(.41	)		(.43	)
Net gain (loss) on investments (realized and unrealized)		(14.89	)		.13			37.80			(8.89	)		(3.40	)		5.77
Total from investment operations		(15.12	)		(.39	)		37.13			(9.07	)		(3.81	)		5.34
Less distributions from:
Net investment income		—			—			—			(.15	)		—			—
Net realized gains		—			(9.69	)		—			(1.77	)		(5.09	)		(1.23	)
Total distributions		—			(9.69	)		—			(1.92	)		(5.09	)		(1.23	)
Net asset value, end of period	$	42.08		$	57.20		$	67.28		$	30.15		$	41.14		$	50.04
Total Returnc		(26.43	%)		(1.68	%)		123.15	%		(23.37	%)		(7.27	%)		11.56	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,069		$	1,772		$	1,954		$	632		$	1,477		$	2,560
Ratios to average net assets:
Net investment income (loss)		(0.93	%)		(0.80	%)		(1.33	%)		(0.43	%)		(0.87	%)		(0.87	%)
Total expenses		2.39	%		2.36	%		2.43	%		2.48	%		2.46	%		2.38	%
Portfolio turnover rate		124	%		162	%		205	%		483	%		476	%		483	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	63.86		$	73.53		$	32.70		$	44.14		$	52.90		$	48.15
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		(.25	)		(.32	)		(.02	)		(.02	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		(16.65	)		.27			41.15			(9.50	)		(3.65	)		6.11
Total from investment operations		(16.70	)		.02			40.83			(9.52	)		(3.67	)		5.98
Less distributions from:
Net investment income		—			—			—			(.15	)		—			—
Net realized gains		—			(9.69	)		—			(1.77	)		(5.09	)		(1.23	)
Total distributions		—			(9.69	)		—			(1.92	)		(5.09	)		(1.23	)
Net asset value, end of period	$	47.16		$	63.86		$	73.53		$	32.70		$	44.14		$	52.90
Total Return		(26.15	%)		(0.94	%)		124.86	%		(22.78	%)		(6.61	%)		12.33	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	379		$	600		$	1,169		$	325		$	455		$	1,929
Ratios to average net assets:
Net investment income (loss)		(0.18	%)		(0.35	%)		(0.56	%)		(0.03	%)		(0.04	%)		(0.24	%)
Total expenses		1.64	%		1.61	%		1.68	%		1.72	%		1.69	%		1.63	%
Portfolio turnover rate		124	%		162	%		205	%		483	%		476	%		483	%

a	Unaudited figures for the period ended September 30, 2022. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2022

UTILITIES FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that operate public utilities (“Utilities Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 3, 2000
A-Class	September 1, 2004
C-Class	April 27, 2001
H-Class	April 3, 2000

Ten Largest Holdings (% of Total Net Assets)
NextEra Energy, Inc.	6.1%
Southern Co.	4.2%
Duke Energy Corp.	4.1%
Dominion Energy, Inc.	3.7%
Sempra Energy	3.4%
American Electric Power Company, Inc.	3.2%
Exelon Corp.	2.9%
Xcel Energy, Inc.	2.8%
Consolidated Edison, Inc.	2.7%
Constellation Energy Corp.	2.7%
Top Ten Total	35.8%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2022

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(11.06%)	4.57%	4.96%	7.74%
A-Class Shares	(11.19%)	4.33%	4.70%	7.47%
A-Class Shares with sales charge‡	(15.41%)	(0.63%)	3.69%	6.95%
C-Class Shares	(11.51%)	3.50%	3.91%	6.67%
C-Class Shares with CDSC§	(12.39%)	2.50%	3.91%	6.67%
H-Class Shares**	(11.19%)	4.32%	4.70%	7.40%
S&P 500 Utilities Index	(10.77%)	5.58%	7.82%	9.85%
S&P 500 Index	(20.20%)	(15.47%)	9.24%	11.70%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported return.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 135

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2022
UTILITIES FUND

	Shares		Value
COMMON STOCKS† - 99.9%
ELECTRIC - 84.4%
NextEra Energy, Inc.		41,365	$	3,243,430
Southern Co.		32,454		2,206,872
Duke Energy Corp.		23,500		2,185,970
Dominion Energy, Inc.		28,086		1,941,023
Sempra Energy		11,932		1,789,084
American Electric Power Company, Inc.		19,646		1,698,397
Exelon Corp.		41,240		1,544,850
Xcel Energy, Inc.		23,642		1,513,088
Consolidated Edison, Inc.		16,655		1,428,333
Constellation Energy Corp.		17,102		1,422,715
PG&E Corp.*		110,561		1,382,013
WEC Energy Group, Inc.		15,272		1,365,775
Public Service Enterprise Group, Inc.		24,052		1,352,444
Eversource Energy		17,276		1,346,837
DTE Energy Co.		10,599		1,219,415
FirstEnergy Corp.		32,864		1,215,968
Edison International		20,875		1,181,107
Ameren Corp.		14,570		1,173,613
Entergy Corp.		11,555		1,162,780
PPL Corp.		44,052		1,116,718
CenterPoint Energy, Inc.		38,809		1,093,638
CMS Energy Corp.		18,082		1,053,096
Avangrid, Inc.		24,765		1,032,700
AES Corp.		43,754		988,840
Evergy, Inc.		16,059		953,905
Alliant Energy Corp.		17,704		938,135
NRG Energy, Inc.		20,670		791,041
Vistra Corp.		36,059		757,239
OGE Energy Corp.		19,441		708,819
Pinnacle West Capital Corp.		10,760		694,128
Clearway Energy, Inc. — Class C		19,764		629,483
IDACORP, Inc.		5,982		592,278
Ormat Technologies, Inc.		6,751		581,936
Black Hills Corp.		8,098		548,478
PNM Resources, Inc.		11,939		545,970
Hawaiian Electric Industries, Inc.		14,682		508,878
Portland General Electric Co.		11,623		505,136
Avista Corp.		11,815		437,746
Total Electric				44,851,878
GAS - 10.7%
Atmos Energy Corp.		9,656		983,464
NiSource, Inc.		32,404		816,257
UGI Corp.		20,354		658,045
National Fuel Gas Co.		10,041		618,023
Southwest Gas Holdings, Inc.		8,431		588,062
South Jersey Industries, Inc.		16,724		558,916
ONE Gas, Inc.		7,260		511,031
New Jersey Resources Corp.		13,031		504,300
Spire, Inc.		7,658		477,323
Total Gas				5,715,421
WATER- 4.0%
American Water Works Company, Inc.		9,625		1,252,790
Essential Utilities, Inc.		20,795		860,497
Total Water				2,113,287
ENERGY-ALTERNATE SOURCES - 0.8%
Sunnova Energy International, Inc.*		17,790		392,803
Total Common Stocks
(Cost $51,888,911)				53,073,389
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.5%
JP MORGAN CHASE & CO. issued 09/30/22 at 2.97% due 10/03/22	$	156,228		156,228
BANK OF AMERICA issued 09/30/22 at 2.91% due 10/03/22		60,087		60,087
BARCLAYS issued 09/30/22 at 2.92% due 10/03/22		58,309		58,309
Total Repurchase Agreements
(Cost $274,624)				274,624
Total Investments - 100.4%
(Cost $52,163,535)			$	53,348,013
Other Assets & Liabilities, net - (0.4)%				(189,123	)
Total Net Assets - 100.0%			$	53,158,890

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2022
UTILITIES FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2022 (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	$	53,073,389	$	—	$	—	$	53,073,389
Repurchase Agreements		—		274,624		—		274,624
Total Assets	$	53,073,389	$	274,624	$	—	$	53,348,013

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 137

UTILITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2022

Assets:
Investments, at value (cost $51,888,911)	$	53,073,389
Repurchase agreements, at value (cost $274,624)		274,624
Receivables:
Dividends		135,177
Fund shares sold		25,171
Interest		23
Total assets		53,508,384
Liabilities:
Payable for:
Fund shares redeemed		220,317
Management fees		55,262
Transfer agent and administrative fees		22,293
Portfolio accounting/administration fees		9,915
Distribution and service fees		3,168
Trustees’ fees*		690
Miscellaneous		37,849
Total liabilities		349,494
Net assets	$	53,158,890
Net assets consist of:
Paid in capital	$	56,013,429
Total distributable earnings (loss)		(2,854,539	)
Net assets	$	53,158,890
Investor Class:
Net assets	$	43,698,952
Capital shares outstanding		903,890
Net asset value per share	$	48.35
A-Class:
Net assets	$	5,887,395
Capital shares outstanding		134,357
Net asset value per share	$	43.82
Maximum offering price per share (Net asset value divided by 95.25%)	$	46.01
C-Class:
Net assets	$	1,240,569
Capital shares outstanding		35,165
Net asset value per share	$	35.28
H-Class:
Net assets	$	2,331,974
Capital shares outstanding		55,419
Net asset value per share	$	42.08

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2022

Investment Income:
Dividends	$	740,240
Interest		2,170
Income from securities lending, net		90
Total investment income		742,500
Expenses:
Management fees		213,831
Distribution and service fees:
A-Class		8,065
C-Class		7,590
H-Class		2,673
Transfer agent and administrative fees		55,767
Portfolio accounting/administration fees		33,788
Professional fees		11,526
Custodian fees		3,482
Trustees’ fees*		2,684
Miscellaneous		27,693
Total expenses		367,099
Net investment income		375,401
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,176,794	)
Net realized loss		(1,176,794	)
Net change in unrealized appreciation (depreciation) on:
Investments		(7,608,780	)
Net change in unrealized appreciation (depreciation)		(7,608,780	)
Net realized and unrealized loss		(8,785,574	)
Net decrease in net assets resulting from operations	$	(8,410,173	)

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

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

UTILITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2022 (Unaudited)			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	375,401		$	529,298
Net realized gain (loss) on investments		(1,176,794	)		2,270,350
Net change in unrealized appreciation (depreciation) on investments		(7,608,780	)		2,887,244
Net increase (decrease) in net assets resulting from operations		(8,410,173	)		5,686,892
Distributions to shareholders:
Investor Class		—			(294,760	)
A-Class		—			(191,801	)
C-Class		—			(62,632	)
H-Class		—			(21,557	)
Total distributions to shareholders		—			(570,750	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		110,687,133			101,172,481
A-Class		948,999			2,017,009
C-Class		466,718			856,521
H-Class		1,970,431			4,062,430
Distributions reinvested
Investor Class		—			291,544
A-Class		—			188,057
C-Class		—			61,761
H-Class		—			21,557
Cost of shares redeemed
Investor Class		(112,073,474	)		(74,433,668	)
A-Class		(859,397	)		(1,831,147	)
C-Class		(600,282	)		(2,199,328	)
H-Class		(1,399,176	)		(2,758,591	)
Net increase (decrease) from capital share transactions		(859,048	)		27,448,626
Net increase (decrease) in net assets		(9,269,221	)		32,564,768
Net assets:
Beginning of period		62,428,111			29,863,343
End of period	$	53,158,890		$	62,428,111
Capital share activity:
Shares sold
Investor Class		2,061,229			2,008,545
A-Class		19,815			44,679
C-Class		11,835			23,248
H-Class		41,259			91,371
Shares issued from reinvestment of distributions
Investor Class		—			5,866
A-Class		—			4,166
C-Class		—			1,689
H-Class		—			497
Shares redeemed
Investor Class		(2,117,572	)		(1,494,438	)
A-Class		(17,640	)		(40,151	)
C-Class		(15,697	)		(59,744	)
H-Class		(31,179	)		(63,644	)
Net increase (decrease) in shares		(47,950	)		522,084

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 139

UTILITIES FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	54.36		$	47.92		$	41.80		$	46.23		$	39.03		$	39.34
Income (loss) from investment operations:
Net investment income (loss)b		.43			.77			.76			.74			.77			.68
Net gain (loss) on investments (realized and unrealized)		(6.44	)		7.02			6.37			(4.72	)		6.43			.06
Total from investment operations		(6.01	)		7.79			7.13			(3.98	)		7.20			.74
Less distributions from:
Net investment income		—			(1.35	)		(1.01	)		(.45	)		—			(.53	)
Net realized gains		—			—			—			—			—			(.52	)
Total distributions		—			(1.35	)		(1.01	)		(.45	)		—			(1.05	)
Net asset value, end of period	$	48.35		$	54.36		$	47.92		$	41.80		$	46.23		$	39.03
Total Return		(11.06	%)		16.53	%		17.17	%		(8.74	%)		18.45	%		1.72	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	43,699		$	52,202		$	21,099		$	34,073		$	105,443		$	9,006
Ratios to average net assets:
Net investment income (loss)		1.58	%		1.55	%		1.68	%		1.53	%		1.80	%		1.67	%
Total expenses		1.39	%		1.36	%		1.45	%		1.48	%		1.48	%		1.38	%
Portfolio turnover rate		205	%		175	%		156	%		169	%		390	%		452	%

A-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	49.34		$	43.72		$	38.30		$	42.50		$	35.97		$	36.43
Income (loss) from investment operations:
Net investment income (loss)b		.30			.57			.57			.57			.47			.54
Net gain (loss) on investments (realized and unrealized)		(5.82	)		6.40			5.86			(4.32	)		6.06			.05
Total from investment operations		(5.52	)		6.97			6.43			(3.75	)		6.53			.59
Less distributions from:
Net investment income		—			(1.35	)		(1.01	)		(.45	)		—			(.53	)
Net realized gains		—			—			—			—			—			(.52	)
Total distributions		—			(1.35	)		(1.01	)		(.45	)		—			(1.05	)
Net asset value, end of period	$	43.82		$	49.34		$	43.72		$	38.30		$	42.50		$	35.97
Total Returnc		(11.19	%)		16.24	%		16.91	%		(8.96	%)		18.15	%		1.45	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,887		$	6,522		$	5,399		$	4,225		$	5,633		$	3,482
Ratios to average net assets:
Net investment income (loss)		1.25	%		1.26	%		1.39	%		1.29	%		1.21	%		1.43	%
Total expenses		1.64	%		1.61	%		1.70	%		1.73	%		1.72	%		1.63	%
Portfolio turnover rate		205	%		175	%		156	%		169	%		390	%		452	%

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

UTILITIES 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.

C-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	39.87		$	35.84		$	31.80		$	35.63		$	30.39		$	31.15
Income (loss) from investment operations:
Net investment income (loss)b		.10			.18			.21			.21			.26			.25
Net gain (loss) on investments (realized and unrealized)		(4.69	)		5.20			4.84			(3.59	)		4.98			.04
Total from investment operations		(4.59	)		5.38			5.05			(3.38	)		5.24			.29
Less distributions from:
Net investment income		—			(1.35	)		(1.01	)		(.45	)		—			(.53	)
Net realized gains		—			—			—			—			—			(.52	)
Total distributions		—			(1.35	)		(1.01	)		(.45	)		—			(1.05	)
Net asset value, end of period	$	35.28		$	39.87		$	35.84		$	31.80		$	35.63		$	30.39
Total Returnc		(11.51	%)		15.37	%		16.02	%		(9.65	%)		17.24	%		0.69	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,241		$	1,556		$	2,646		$	5,093		$	6,489		$	6,526
Ratios to average net assets:
Net investment income (loss)		0.51	%		0.48	%		0.61	%		0.57	%		0.79	%		0.78	%
Total expenses		2.39	%		2.36	%		2.45	%		2.47	%		2.46	%		2.38	%
Portfolio turnover rate		205	%		175	%		156	%		169	%		390	%		452	%

H-Class	Six Months Ended September 30, 2022a			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018
Per Share Data
Net asset value, beginning of period	$	47.38		$	42.04		$	36.86		$	40.92		$	34.64		$	35.12
Income (loss) from investment operations:
Net investment income (loss)b		.30			.63			.42			.50			.57			.31
Net gain (loss) on investments (realized and unrealized)		(5.60	)		6.06			5.77			(4.11	)		5.71			.26
Total from investment operations		(5.30	)		6.69			6.19			(3.61	)		6.28			.57
Less distributions from:
Net investment income		—			(1.35	)		(1.01	)		(.45	)		—			(.53	)
Net realized gains		—			—			—			—			—			(.52	)
Total distributions		—			(1.35	)		(1.01	)		(.45	)		—			(1.05	)
Net asset value, end of period	$	42.08		$	47.38		$	42.04		$	36.86		$	40.92		$	34.64
Total Return		(11.19	%)		16.23	%		16.92	%		(8.97	%)		18.13	%		1.44	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,332		$	2,148		$	719		$	2,427		$	6,033		$	810
Ratios to average net assets:
Net investment income (loss)		1.28	%		1.45	%		1.08	%		1.18	%		1.51	%		0.85	%
Total expenses		1.64	%		1.61	%		1.72	%		1.73	%		1.72	%		1.63	%
Portfolio turnover rate		205	%		175	%		156	%		169	%		390	%		452	%

a	Unaudited figures for the period ended September 30, 2022. 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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 141

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the SEC under the Investment Company Act of 1940 (”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 seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class 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%. A-Class 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. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class 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 A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2022, the Trust consisted of fifty-two funds.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
Banking Fund	Diversified
Basic Materials Fund	Diversified
Biotechnology Fund	Non-diversified
Consumer Products Fund	Diversified
Electronics Fund	Non-diversified
Energy Fund	Diversified
Energy Services Fund	Non-diversified
Financial Services Fund	Diversified
Health Care Fund	Diversified
Internet Fund	Diversified
Leisure Fund	Diversified
Precious Metals Fund	Non-diversified
Real Estate Fund	Diversified
Retailing Fund	Diversified
Technology Fund	Diversified
Telecommunications Fund	Non-diversified
Transportation Fund	Diversified
Utilities Fund	Diversified

At September 30, 2022, Investor Class, A-Class, C-Class and H-Class shares have been issued by the Funds.

The Funds invest in a specific industry sector. To the extent that investments are concentrated in a single sector, the Funds are subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting such sector.

The Funds seek capital appreciation and invest substantially all of their assets in equity securities of companies involved in the sector or sectors noted in each Fund’s investment objective and principal investment strategies.

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”) acts as principal underwriter for the Trust. 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 Class of a fund is calculated by dividing the market value of a fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The U.S. Securities and Exchange Commission (the “SEC”) adopted Rule 2a-5 under the 1940 Act

142 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Fund’s securities and other assets are supplied primarily by 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 for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly review the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.

If the 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 National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

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

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

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

(b) Currency Translations

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

(c) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in 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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2022, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(d) Security Transactions

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

(e) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. 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.

(f) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific 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.

(g) 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 3.08% at September 30, 2022.

(h) Indemnifications

Under the Funds’ organizational documents, the Trustees and Officers 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 Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note 2 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees calculated at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
Banking Fund		0.85	%
Basic Materials Fund		0.85	%
Biotechnology Fund		0.85	%
Consumer Products Fund		0.85	%
Electronics Fund		0.85	%
Energy Fund		0.85	%
Energy Services Fund		0.85	%
Financial Services Fund		0.85	%
Health Care Fund		0.85	%
Internet Fund		0.85	%
Leisure Fund		0.85	%
Precious Metals Fund		0.75	%
Real Estate Fund		0.85	%
Retailing Fund		0.85	%
Technology Fund		0.85	%
Telecommunications Fund		0.85	%
Transportation Fund		0.85	%
Utilities Fund		0.85	%

144 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

When the aggregate assets of each series of the Trust (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Long Short Equity Fund, 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 a Distribution Plan applicable to A-Class shares and H-Class 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 Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ C-Class 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, 2022, GFD retained sales charges of $55,036 relating to sales of A-Class shares of the Trust.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

MUFG Investor Services (US), LLC (“MUIS”) acts as the Funds’ administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Funds’ securities and cash. U.S. Bank, N.A. (“U.S. Bank”) acts as the Funds’ custodian. As custodian, U.S. Bank is responsible for the custody of the Funds’ assets. For providing the aforementioned services, MUIS and U.S. Bank are entitled to receive a monthly fee equal to an annual percentage of each Fund’s average daily net assets and out of pocket expenses.

Note 3 – Federal Income Tax Information

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

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2022, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Banking Fund	$	7,721,613	$	—	$	(1,129,022	)	$	(1,129,022	)
Basic Materials Fund		26,760,274		6,736,124		(1,025,057	)		5,711,067
Biotechnology Fund		79,993,547		53,260,427		(10,459,815	)		42,800,612
Consumer Products Fund		49,403,463		26,365,200		(1,656,504	)		24,708,696
Electronics Fund		23,810,860		7,258,009		(1,594,845	)		5,663,164
Energy Fund		65,827,217		18,916,924		(764,911	)		18,152,013
Energy Services Fund		43,136,504		—		(10,310,491	)		(10,310,491	)
Financial Services Fund		12,103,741		—		(3,739,616	)		(3,739,616	)
Health Care Fund		28,715,571		565,945		(1,498,616	)		(932,671	)
Internet Fund		14,727,551		560,673		(2,727,966	)		(2,167,293	)
Leisure Fund		8,300,241		776,785		(1,173,702	)		(396,917	)
Precious Metals Fund		74,876,729		—		(27,345,030	)		(27,345,030	)
Real Estate Fund		2,673,222		—		(393,671	)		(393,671	)
Retailing Fund		9,700,516		—		(574,290	)		(574,290	)
Technology Fund		22,278,460		10,020,634		(1,734,389	)		8,286,245
Telecommunications Fund		2,703,389		—		(692,212	)		(692,212	)
Transportation Fund		14,860,196		2,547,914		(1,197,612	)		1,350,302
Utilities Fund		57,323,557		—		(3,975,544	)		(3,975,544	)

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the Funds 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.

146 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 5 – Securities Transactions

For the period ended September 30, 2022, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments, were as follows:

Fund	Purchases		Sales
Banking Fund	$	21,145,315	$	25,552,752
Basic Materials Fund		25,662,439		52,433,642
Biotechnology Fund		42,225,778		56,195,209
Consumer Products Fund		29,036,064		31,230,853
Electronics Fund		25,706,873		56,960,362
Energy Fund		222,126,784		195,137,541
Energy Services Fund		50,747,980		28,432,286
Financial Services Fund		6,838,656		43,263,961
Health Care Fund		58,050,078		67,755,163
Internet Fund		10,036,017		6,657,579
Leisure Fund		2,219,489		3,836,758
Precious Metals Fund		146,853,423		139,811,723
Real Estate Fund		12,978,521		47,195,623
Retailing Fund		25,810,639		24,692,683
Technology Fund		18,855,559		21,058,030
Telecommunications Fund		7,786,215		6,951,337
Transportation Fund		22,244,477		20,640,669
Utilities Fund		100,648,084		100,907,423

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended September 30, 2022, the Funds engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Gain (Loss)
Banking Fund	$	928,318	$	1,372,829	$	60,541
Basic Materials Fund		2,307,921		2,792,298		312,423
Biotechnology Fund		1,572,463		2,021,415		(138,330	)
Consumer Products Fund		3,276,288		1,906,492		267,802
Electronics Fund		366,847		8,133,579		237,305
Energy Fund		15,023,074		7,464,420		86,160
Energy Services Fund		2,710,386		2,708,337		515,869
Financial Services Fund		1,414,849		4,718,911		706,164
Health Care Fund		7,472,521		3,580,920		(92,715	)
Internet Fund		1,119,725		745,129		(122,612	)
Leisure Fund		559,509		414,115		(18,307	)
Precious Metals Fund		3,249,477		1,794,068		12,445
Real Estate Fund		3,733,994		394,980		8,870
Retailing Fund		1,458,079		1,412,209		(20,100	)
Technology Fund		2,198,861		978,791		147,827
Telecommunications Fund		1,234,667		471,614		(14,853	)
Transportation Fund		1,047,197		724,694		11,577
Utilities Fund		8,187,938		2,994,984		7,733

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 6 – Repurchase Agreements

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

At September 30, 2022, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
2.97%					0.75%
Due 10/03/22	$	135,693,328	$	135,726,912	Due 08/31/26	$	157,165,800	$	138,407,205
BofA Securities, Inc.					U.S. Treasury Note
2.91%					0.88%
Due 10/03/22		52,189,742		52,202,398	Due 11/15/30		66,285,100		53,233,580
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
2.92%					1.00%
Due 10/03/22		50,644,966		50,657,290	Due 02/15/46		32,719,353		26,831,244
					U.S. Treasury Inflation Indexed Bond
					0.13%
					Due 10/15/25		26,181,251		24,826,653
							58,900,604		51,657,897

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. Security lending income shown on the 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 Z. 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.

148 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2022, the 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
Basic Materials Fund	$	311,034	$	(311,034	)	$	—	$	319,169		$	—	$	319,169
Consumer Products Fund		151,803		(151,803	)		—		158,017			—		158,017
Electronics Fund		782,602		(782,602	)		—		829,466			—		829,466
Energy Fund		409,828		(409,828	)		—		416,928			—		416,928
Financial Services Fund		38,590		(38,590	)		—		38,349	*		—		38,349
Internet Fund		159,013		(159,013	)		—		165,336			—		165,336
Leisure Fund		80,126		(80,126	)		—		82,798			—		82,798
Precious Metals Fund		426,772		(426,772	)		—		435,015			—		435,015
Real Estate Fund		157		(157	)		—		161			—		161
Retailing Fund		138,116		(138,116	)		—		145,391			—		145,391
Technology Fund		68,019		(68,019	)		—		69,530			—		69,530
Transportation Fund		452,241		(452,241	)		—		469,766			—		469,766

(a)	Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.
*	Subsequent to September 30, 2022, additional collateral was received.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 8 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 6, 2022, the line of credit agreement was renewed and expires on June 5, 2023. 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 2.57% for the period ended September 30, 2022. The Funds did not have any borrowings outstanding under this agreement at September 30, 2022.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 149

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

The average daily balances borrowed for the period ended September 30, 2022, were as follows:

Fund	Average Daily Balance
Banking Fund	$	2,521
Basic Materials Fund		811
Biotechnology Fund		258
Consumer Products Fund		2,575
Electronics Fund		567
Energy Fund		2,523
Energy Services Fund		4,647
Financial Services Fund		600
Health Care Fund		773
Internet Fund		225
Leisure Fund		290
Real Estate Fund		2,507
Retailing Fund		5,932
Technology Fund		4,726
Telecommunications Fund		247
Transportation Fund		159
Utilities Fund		321

Note 9 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

Note 10 – Subsequent Events

The Funds evaluated subsequent events through the date the financial statements were available for issue and determined there were no material events that would require adjustment to or disclosure in the Funds’ financial statements.

150 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

Paper copies of the Funds’ annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from a fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim funds held with your financial intermediary.

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Funds’ voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

Report of the Rydex Series Funds Contracts Review Committee

Rydex Series Funds (the “Trust”) was organized as a Delaware statutory trust on February 10, 1993, and is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust includes the following series (each, a “Fund” and collectively, the “Funds”):

Tradable Funds (Including Sector Funds*)

●	Banking Fund*	●	Basic Materials Fund*
●	Biotechnology Fund*	●	Commodities Strategy Fund
●	Consumer Products Fund*	●	Dow Jones Industrial Average Fund
●	Electronics Fund*	●	Emerging Markets 2x Strategy Fund
●	Emerging Markets Bond Strategy Fund	●	Energy Fund*
●	Energy Services Fund*	●	Europe 1.25x Strategy Fund
●	Financial Services Fund*	●	Government Long Bond 1.2x Strategy Fund
●	Health Care Fund*	●	High Yield Strategy Fund
●	Internet Fund*	●	Inverse Emerging Markets 2x Strategy Fund
●	Inverse Government Long Bond Strategy Fund	●	Inverse High Yield Strategy Fund

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OTHER INFORMATION (Unaudited)(continued)

●	Inverse Mid-Cap Strategy Fund	●	Inverse NASDAQ-100 Strategy Fund
●	Inverse Russell 2000 Strategy Fund	●	Inverse S&P 500 Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100 2x Strategy Fund
●	NASDAQ-100 Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000 1.5x Strategy Fund
●	Russell 2000 Fund	●	S&P 500 Fund
●	S&P 500 Pure Growth Fund	●	S&P 500 Pure Value Fund
●	S&P MidCap 400 Pure Growth Fund	●	S&P MidCap 400 Pure Value Fund
●	S&P SmallCap 600 Pure Growth Fund	●	S&P SmallCap 600 Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund

Alternative Funds** (i.e., Non-Tradable Funds)

●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

*	Each, a “Sector Fund” and collectively, the “Sector Funds.”
**	Each, an “Alternative Fund” and collectively, the “Alternative Funds.” Each Fund other than the Alternative Funds, a “Tradable Fund” and collectively, the “Tradable Funds.”

Security Investors, LLC (“Security Investors” or the “Adviser”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as investment adviser to each of the Funds pursuant to an investment advisory agreement between the Trust, with respect to the Funds, and Security Investors (the “Advisory Agreement”). (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 and other affiliated investment management businesses of Guggenheim Partners.)

Under the supervision of the Board of Trustees of the Trust (the “Board,” with the members of the Board referred to individually as the “Trustees”), the Adviser regularly provides investment research, advice and supervision, along with a continuous investment program for the Funds, and directs the purchase and sale of securities and other investments for each Fund’s portfolio.

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) casting votes in person at a meeting called for such purpose. At meetings held in person on April 19, 2022 (the “April Meeting”) and on May 24-25, 2022 (the “May Meeting”), the members of 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 in connection with the Committee’s annual contract review schedule.

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.

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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 reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Tradable Fund is designed to provide such tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds and the Real Estate Fund, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds and the Real Estate Fund. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Independent Trustees. 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 Guggenheim funds 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 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.

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, the funds in the Guggenheim fund complex, including the Funds. The Committee also noted that as of March 31, 2022, Security Investors had entered into a Macroeconomic Services Agreement, at no fee, with another Guggenheim affiliate, Guggenheim Partners Advisors, LLC, to receive certain global and sector macroeconomic analysis and insight along with other guidance.

The Committee’s review of the services provided by Guggenheim to the Funds included consideration of Guggenheim’s investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, and the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the

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Adviser to provide the Funds’ unique features. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2021, 2020 and 2019. 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 also 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. With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector or market, and corporate actions such as spin-offs, among other adjustments.

In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), established to oversee the fund administration, accounting and transfer agency services provided to the Funds and other Guggenheim funds, 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.

The Committee also considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, including the Committee’s knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2021, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2021, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. For the Tradable Funds (other than U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2021, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain updated performance information as of March 31, 2022 and April 30, 2022.

With respect to the Tradable Funds (other than U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances in which 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, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity

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are the primary drivers of performance differences. In this connection, the Committee considered the tracking error of each Fund’s Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points), as applicable, of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2021, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund outperformed the comparable peer fund over the five-year period ended December 31, 2021, although its performance ranked in the fourth quartile of the broader peer group over the one-, three- and five-year time periods.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining the underperformance, as applicable, of such Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2021, relative to their respective peer groups, attributing such underperformance to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that each Funds’ returns ranked in the third quartile or better of its performance universe for each of the relevant periods considered.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that each Fund’s performance was acceptable.

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, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. 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.

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.

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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 and certain other clients with respect to Long Short Equity Fund, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds’ advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund’s Class H shares, except for the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund. The Committee also noted management’s agreement as a part of the annual contract renewal process to (1) apply a 0.05% contractual advisory fee waiver for 13 Funds² in the Trust from August 1, 2022 through August 1, 2023; and (2) to implement a 0.05% breakpoint at $500 million in assets for the NASDAQ-100 Fund. The Committee further considered that based on these changes, management represented that all Fund advisory fees would be below those of the directly comparable peers and its belief that these Funds would continue to provide a strong value proposition for advisers and their clients.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee and total net expense ratio are higher than those of the comparable peer fund, but noted management’s statement that it believes that the peer fund’s unique structural arrangement of investing in a master portfolio managed by an unaffiliated investment adviser may result in the peer fund’s stated advisory fees being understated.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds’ structure and the portfolio management needed to meet client requirements.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of each Fund’s peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2021, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of 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. 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.

² Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund, and Weakening Dollar 2x Strategy Fund.

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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 representation 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 Meeting, as well as other considerations, the Committee concluded that that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds were appropriate 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 overall expenses increased in 2021, which was primarily due to increased expenses in many key areas, including compensation of portfolio managers, key analysts and support staff, as well as for infrastructure needs, with respect to risk management oversight, valuation processes and disaster recovery systems, among other things.

With respect to the Tradable Funds, the Committee noted that, with the exception of the new breakpoint adopted for the NASDAQ-100 Fund, the applicable breakpoint level for the Funds is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds exceed $10 billion.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for an Alternative Fund (i.e., a non-Tradable Fund), with consideration given to, among other things: (i) the Fund’s size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profit level margins; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund’s investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee also 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 the May Meeting, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation 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 his or her informed business judgment, may afford different weights to different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended, and the Board approved, the renewal of the Advisory Agreement for an additional annual term.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Member, Board of Directors, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - continued
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2005-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

160 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INTERESTED TRUSTEE
Amy J. Lee**** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2019	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-March 2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Adviser and/or the parent of the Adviser.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2019	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and President of Mutual Funds Boards, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since August 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (August 2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-August 2022); Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2017	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2018	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).

162 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2016	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2019	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. (“HGINA”), (2017); Senior Analyst of US Fund Administration, HGINA (2014–2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York 10017 is the data controller for your information. The affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts. ● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback. ● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

● We use information as otherwise permitted by law, as we may notify you.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 165

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority. We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

166 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

In compliance with SEC Rule 22e-4 under the US Investment Company Act of 1940 (the “Liquidity Rule”), the Rydex Series Funds (the “Trust”) has adopted and implemented a written liquidity risk management program (the “Program”) for each series of the Trust (each, a “Fund” and, collectively, the “Funds”). The Trust’s Board of Trustees (the “Board”) has also designated a Program administrator (the “Administrator”).

The Liquidity Rule requires that the Program be reasonably designed to assess and manage each Fund’s liquidity risk. A Fund’s “liquidity risk” (as defined in the Liquidity Rule) is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Program includes a number of elements that support the assessment, management and periodic review of liquidity risk. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, short-term and long-term cash flow projections, and holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources. Certain factors are considered under both normal and reasonably foreseeable stressed conditions. There is no guarantee that the Program will achieve its objective under all circumstances.

Under the Program, each Fund portfolio investment is classified into one of four liquidity categories. The classification is based on a determination of the number of days a Fund reasonably expects to take to convert the investment into cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Program is reasonably designed to meet Liquidity Rule requirements relating to “highly liquid investment minimums” (i.e., the minimum amount of a Fund’s net assets to be invested in highly liquid investments that are assets) and to monitor compliance with the Liquidity Rule’s limitations on a Fund’s investments in “illiquid investments” (as defined in the Liquidity Rule). Under the Liquidity Rule, a Fund is prohibited from acquiring any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

During the period covered by this shareholder report, the Board received a written report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from March 31, 2021 to March 31, 2022. The Report summarized the Administrator’s assessment of the Program’s implementation and concluded that the Program operated effectively, the Program had been and continued to be reasonably designed to assess and manage each Fund’s liquidity risk, and the Program has been adequately and effectively implemented to monitor and respond to the Funds’ liquidity developments, as applicable.

Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other risks to which an investment in the Fund may be subject.

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Item 2. Code of Ethics.

Not applicable at this time.

Item 3. Audit Committee Financial Expert.

Not applicable at this time.

Item 4. Principal Accountant Fees and Services.

Not applicable at this time.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant does not currently have in place procedures by which shareholders may recommend nominees to the registrant’s board.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s board.

Item 11. 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) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. 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 Act (17 CFR 270.30a-2(a)) are attached.

(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 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 Series Funds
By (Signature and Title)*	/s/ Brian E. Binder
	Brian E. Binder, President and Chief Executive Officer
Date	December 8, 2022

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 8, 2022

By (Signature and Title)*	/s/ James M. Howley
	James M. Howley, Chief Financial Officer, Chief Accounting Officer, and Treasurer
Date	December 8, 2022

^* Print the name and title of each signing officer under his or her signature.