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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number  811- 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: (301) 296-5100

Date of fiscal year end: March 31

Date of reporting period: April 1, 2024 - September 30, 2024

Item 1. Reports to Stockholders.

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

Banking Fund

Investor Class | RYKIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$71	1.34%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 10.94%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Financials Index, which returned 8.41% for the same period.

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

The industries that contributed the most to performance were regional banks, diversified banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Bank of New York Mellon Corp., PNC Financial Services Group, Inc., and M&T Bank Corp. Those that detracted the most were Webster Financial Corp., Bank of Montreal, and Bank OZK.

How did the fund perform over the last 10 years?

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

Date	Banking Fund (Investor Class)	S&P 500 Index	S&P 500 Financials Index
09/30/2014	10000	10000	10000
12/31/2014	10278	10493	10725
03/31/2015	10071	10593	10504
06/30/2015	10720	10622	10685
09/30/2015	9599	9939	9967
12/31/2015	9778	10638	10561
03/31/2016	9054	10782	10027
06/30/2016	9162	11047	10239
09/30/2016	9998	11472	10709
12/31/2016	12445	11911	12969
03/31/2017	12452	12633	13296
06/30/2017	12756	13023	13861
09/30/2017	13310	13607	14587
12/31/2017	13997	14511	15845
03/31/2018	14025	14401	15694
06/30/2018	13716	14896	15198
09/30/2018	13721	16044	15860
12/31/2018	11314	13875	13781
03/31/2019	12394	15769	14961
06/30/2019	12999	16447	16157
09/30/2019	13084	16727	16482
12/31/2019	14539	18244	18208
03/31/2020	8671	14668	12395
06/30/2020	9958	17682	13908
09/30/2020	9600	19260	14526
12/31/2020	13397	21600	17899
03/31/2021	16479	22934	20762
06/30/2021	16911	24895	22498
09/30/2021	17405	25040	23115
12/31/2021	17912	27801	24171
03/31/2022	17241	26522	23813
06/30/2022	14397	22252	19645
09/30/2022	14210	21165	19035
12/31/2022	14899	22766	21625
03/31/2023	12584	24473	20422
06/30/2023	12518	26612	21512
09/30/2023	12394	25741	21269
12/31/2023	15340	28750	24252
03/31/2024	15980	31785	27273
06/30/2024	15758	33147	26719
09/30/2024	17728	35098	29566

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	10.94%	43.03%	6.26%	5.89%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Financials Index	8.41%	39.01%	12.40%	11.45%

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

Fund Statistics as of 9.30.24

Net Assets	$5,061,863
Total Number of Portfolio Holdings	82
Portfolio Turnover Rate	76%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index 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.

†

6 month returns are not annualized.

Guggenheim Investments 1

Banking Fund   |   Investor Class   |   RYKIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Banks	91.7%
Savings & Loans	3.9%
Diversified Financial Services	2.9%
Financial	1.0%

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

Citigroup, Inc.	4.1%
Wells Fargo & Co.	4.0%
JPMorgan Chase & Co.	3.9%
Bank of America Corp.	3.9%
PNC Financial Services Group, Inc.	3.3%
U.S. Bancorp	3.2%
Capital One Financial Corp.	2.9%
Truist Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.8%
NU Holdings Limited/Cayman Islands — Class A	2.2%
Top 10 Total	33.2%

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

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

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

Citigroup, Inc.	4.1%
Wells Fargo & Co.	4.0%
JPMorgan Chase & Co.	3.9%
Bank of America Corp.	3.9%
PNC Financial Services Group, Inc.	3.3%
U.S. Bancorp	3.2%
Capital One Financial Corp.	2.9%
Truist Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.8%
NU Holdings Limited/Cayman Islands — Class A	2.2%
Top 10 Total	33.2%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYKIX-093024

Guggenheim Investments 2

Banking Fund

Class A | RYBKX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$86	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 10.79%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Financials Index, which returned 8.41% for the same period.

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

The industries that contributed the most to performance were regional banks, diversified banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Bank of New York Mellon Corp., PNC Financial Services Group, Inc., and M&T Bank Corp. Those that detracted the most were Webster Financial Corp., Bank of Montreal, and Bank OZK.

How did the fund perform over the last 10 years?

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

Date	Banking Fund (Class A)‡	S&P 500 Index	S&P 500 Financials Index
09/30/2014	9526	10000	10000
12/31/2014	9783	10493	10725
03/31/2015	9579	10593	10504
06/30/2015	10191	10622	10685
09/30/2015	9120	9939	9967
12/31/2015	9284	10638	10561
03/31/2016	8592	10782	10027
06/30/2016	8689	11047	10239
09/30/2016	9479	11472	10709
12/31/2016	11791	11911	12969
03/31/2017	11789	12633	13296
06/30/2017	12070	13023	13861
09/30/2017	12588	13607	14587
12/31/2017	13229	14511	15845
03/31/2018	13248	14401	15694
06/30/2018	12947	14896	15198
09/30/2018	12943	16044	15860
12/31/2018	10667	13875	13781
03/31/2019	11677	15769	14961
06/30/2019	12239	16447	16157
09/30/2019	12311	16727	16482
12/31/2019	13671	18244	18208
03/31/2020	8148	14668	12395
06/30/2020	9327	17682	13908
09/30/2020	8971	19260	14526
12/31/2020	12509	21600	17899
03/31/2021	15377	22934	20762
06/30/2021	15771	24895	22498
09/30/2021	16222	25040	23115
12/31/2021	16682	27801	24171
03/31/2022	16048	26522	23813
06/30/2022	13392	22252	19645
09/30/2022	13214	21165	19035
12/31/2022	13844	22766	21625
03/31/2023	11686	24473	20422
06/30/2023	11617	26612	21512
09/30/2023	11494	25741	21269
12/31/2023	14215	28750	24252
03/31/2024	14801	31785	27273
06/30/2024	14587	33147	26719
09/30/2024	16398	35098	29566

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	10.79%	42.67%	5.90%	5.58%
Class A (with sales charge)‡	5.52%	35.90%	4.87%	5.07%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Financials Index	8.41%	39.01%	12.40%	11.45%

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

Fund Statistics as of 9.30.24

Net Assets	$5,061,863
Total Number of Portfolio Holdings	82
Portfolio Turnover Rate	76%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index 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.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Banking Fund   |   Class A   |   RYBKX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Banks	91.7%
Savings & Loans	3.9%
Diversified Financial Services	2.9%
Financial	1.0%

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

Citigroup, Inc.	4.1%
Wells Fargo & Co.	4.0%
JPMorgan Chase & Co.	3.9%
Bank of America Corp.	3.9%
PNC Financial Services Group, Inc.	3.3%
U.S. Bancorp	3.2%
Capital One Financial Corp.	2.9%
Truist Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.8%
NU Holdings Limited/Cayman Islands — Class A	2.2%
Top 10 Total	33.2%

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

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

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

Citigroup, Inc.	4.1%
Wells Fargo & Co.	4.0%
JPMorgan Chase & Co.	3.9%
Bank of America Corp.	3.9%
PNC Financial Services Group, Inc.	3.3%
U.S. Bancorp	3.2%
Capital One Financial Corp.	2.9%
Truist Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.8%
NU Holdings Limited/Cayman Islands — Class A	2.2%
Top 10 Total	33.2%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYBKX-093024

Guggenheim Investments 2

Banking Fund

Class C | RYKCX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$125	2.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 10.36%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Financials Index, which returned 8.41% for the same period.

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

The industries that contributed the most to performance were regional banks, diversified banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Bank of New York Mellon Corp., PNC Financial Services Group, Inc., and M&T Bank Corp. Those that detracted the most were Webster Financial Corp., Bank of Montreal, and Bank OZK.

How did the fund perform over the last 10 years?

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

Date	Banking Fund (Class C)	S&P 500 Index	S&P 500 Financials Index
09/30/2014	10000	10000	10000
12/31/2014	10252	10493	10725
03/31/2015	10021	10593	10504
06/30/2015	10643	10622	10685
09/30/2015	9504	9939	9967
12/31/2015	9656	10638	10561
03/31/2016	8919	10782	10027
06/30/2016	9004	11047	10239
09/30/2016	9802	11472	10709
12/31/2016	12171	11911	12969
03/31/2017	12146	12633	13296
06/30/2017	12414	13023	13861
09/30/2017	12921	13607	14587
12/31/2017	13555	14511	15845
03/31/2018	13547	14401	15694
06/30/2018	13215	14896	15198
09/30/2018	13187	16044	15860
12/31/2018	10846	13875	13781
03/31/2019	11853	15769	14961
06/30/2019	12400	16447	16157
09/30/2019	12449	16727	16482
12/31/2019	13798	18244	18208
03/31/2020	8208	14668	12395
06/30/2020	9379	17682	13908
09/30/2020	9004	19260	14526
12/31/2020	12532	21600	17899
03/31/2021	15377	22934	20762
06/30/2021	15740	24895	22498
09/30/2021	16160	25040	23115
12/31/2021	16587	27801	24171
03/31/2022	15927	26522	23813
06/30/2022	13267	22252	19645
09/30/2022	13065	21165	19035
12/31/2022	13662	22766	21625
03/31/2023	11511	24473	20422
06/30/2023	11421	26612	21512
09/30/2023	11281	25741	21269
12/31/2023	13926	28750	24252
03/31/2024	14472	31785	27273
06/30/2024	14237	33147	26719
09/30/2024	15973	35098	29566

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	10.36%	41.59%	5.11%	4.79%
Class C (with CDSC)§	9.36%	40.59%	5.11%	4.79%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Financials Index	8.41%	39.01%	12.40%	11.45%

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

Fund Statistics as of 9.30.24

Net Assets	$5,061,863
Total Number of Portfolio Holdings	82
Portfolio Turnover Rate	76%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index 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.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Banking Fund   |   Class C   |   RYKCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Banks	91.7%
Savings & Loans	3.9%
Diversified Financial Services	2.9%
Financial	1.0%

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

Citigroup, Inc.	4.1%
Wells Fargo & Co.	4.0%
JPMorgan Chase & Co.	3.9%
Bank of America Corp.	3.9%
PNC Financial Services Group, Inc.	3.3%
U.S. Bancorp	3.2%
Capital One Financial Corp.	2.9%
Truist Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.8%
NU Holdings Limited/Cayman Islands — Class A	2.2%
Top 10 Total	33.2%

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

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

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

Citigroup, Inc.	4.1%
Wells Fargo & Co.	4.0%
JPMorgan Chase & Co.	3.9%
Bank of America Corp.	3.9%
PNC Financial Services Group, Inc.	3.3%
U.S. Bancorp	3.2%
Capital One Financial Corp.	2.9%
Truist Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.8%
NU Holdings Limited/Cayman Islands — Class A	2.2%
Top 10 Total	33.2%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYKCX-093024

Guggenheim Investments 2

Banking Fund

Class H | RYKAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$86	1.63%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 10.76%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Financials Index, which returned 8.41% for the same period.

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

The industries that contributed the most to performance were regional banks, diversified banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Bank of New York Mellon Corp., PNC Financial Services Group, Inc., and M&T Bank Corp. Those that detracted the most were Webster Financial Corp., Bank of Montreal, and Bank OZK.

How did the fund perform over the last 10 years?

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

Date	Banking Fund (Class H)	S&P 500 Index	S&P 500 Financials Index
09/30/2014	10000	10000	10000
12/31/2014	10263	10493	10725
03/31/2015	10047	10593	10504
06/30/2015	10682	10622	10685
09/30/2015	9560	9939	9967
12/31/2015	9732	10638	10561
03/31/2016	9008	10782	10027
06/30/2016	9110	11047	10239
09/30/2016	9939	11472	10709
12/31/2016	12366	11911	12969
03/31/2017	12364	12633	13296
06/30/2017	12658	13023	13861
09/30/2017	13200	13607	14587
12/31/2017	13874	14511	15845
03/31/2018	13894	14401	15694
06/30/2018	13576	14896	15198
09/30/2018	13572	16044	15860
12/31/2018	11185	13875	13781
03/31/2019	12242	15769	14961
06/30/2019	12832	16447	16157
09/30/2019	12910	16727	16482
12/31/2019	14336	18244	18208
03/31/2020	8546	14668	12395
06/30/2020	9781	17682	13908
09/30/2020	9407	19260	14526
12/31/2020	13118	21600	17899
03/31/2021	16123	22934	20762
06/30/2021	16534	24895	22498
09/30/2021	17009	25040	23115
12/31/2021	17493	27801	24171
03/31/2022	16829	26522	23813
06/30/2022	14042	22252	19645
09/30/2022	13856	21165	19035
12/31/2022	14518	22766	21625
03/31/2023	12255	24473	20422
06/30/2023	12182	26612	21512
09/30/2023	12054	25741	21269
12/31/2023	14907	28750	24252
03/31/2024	15522	31785	27273
06/30/2024	15298	33147	26719
09/30/2024	17197	35098	29566

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H **	10.76%	42.67%	5.90%	5.57%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Financials Index	8.41%	39.01%	12.40%	11.45%

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

Fund Statistics as of 9.30.24

Net Assets	$5,061,863
Total Number of Portfolio Holdings	82
Portfolio Turnover Rate	76%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index 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 Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Banking Fund   |   Class H   |   RYKAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Banks	91.7%
Savings & Loans	3.9%
Diversified Financial Services	2.9%
Financial	1.0%

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

Citigroup, Inc.	4.1%
Wells Fargo & Co.	4.0%
JPMorgan Chase & Co.	3.9%
Bank of America Corp.	3.9%
PNC Financial Services Group, Inc.	3.3%
U.S. Bancorp	3.2%
Capital One Financial Corp.	2.9%
Truist Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.8%
NU Holdings Limited/Cayman Islands — Class A	2.2%
Top 10 Total	33.2%

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

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

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

Citigroup, Inc.	4.1%
Wells Fargo & Co.	4.0%
JPMorgan Chase & Co.	3.9%
Bank of America Corp.	3.9%
PNC Financial Services Group, Inc.	3.3%
U.S. Bancorp	3.2%
Capital One Financial Corp.	2.9%
Truist Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.8%
NU Holdings Limited/Cayman Islands — Class A	2.2%
Top 10 Total	33.2%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYKAX-093024

Guggenheim Investments 2

Basic Materials Fund

Investor Class | RYBIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$70	1.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 5.06%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 4.77% for the same period.

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

The industries that contributed the most to performance were gold, paper & plastic packaging products & materials, and industrial gases. Those that detracted the most were steel, construction materials, and diversified chemicals. The holdings that contributed the most to performance were Newmont Corp., Kinross Gold Corp., and Air Products and Chemicals, Inc. Those that detracted the most were Nucor Corp., Cleveland-Cliffs Inc., and Arcadium Lithium plc.

How did the fund perform over the last 10 years?

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

Date	Basic Materials Fund (Investor Class)	S&P 500 Index	S&P 500 Materials Index
09/30/2014	10000	10000	10000
12/31/2014	9615	10493	9820
03/31/2015	9696	10593	9917
06/30/2015	9447	10622	9870
09/30/2015	7650	9939	8202
12/31/2015	7963	10638	8997
03/31/2016	8914	10782	9322
06/30/2016	9638	11047	9668
09/30/2016	10125	11472	10027
12/31/2016	10445	11911	10499
03/31/2017	11129	12633	11114
06/30/2017	11261	13023	11466
09/30/2017	11939	13607	12159
12/31/2017	12723	14511	13002
03/31/2018	12091	14401	12285
06/30/2018	12379	14896	12601
09/30/2018	12229	16044	12646
12/31/2018	10526	13875	11090
03/31/2019	11806	15769	12232
06/30/2019	12217	16447	13004
09/30/2019	11946	16727	12988
12/31/2019	12826	18244	13816
03/31/2020	9018	14668	10205
06/30/2020	11686	17682	12860
09/30/2020	12896	19260	14571
12/31/2020	15463	21600	16680
03/31/2021	17044	22934	18195
06/30/2021	18110	24895	19099
09/30/2021	17059	25040	18429
12/31/2021	19082	27801	21231
03/31/2022	19894	26522	20727
06/30/2022	16276	22252	17432
09/30/2022	15129	21165	16190
12/31/2022	17337	22766	18627
03/31/2023	18184	24473	19425
06/30/2023	18081	26612	20068
09/30/2023	17149	25741	19112
12/31/2023	18985	28750	20963
03/31/2024	19921	31785	22839
06/30/2024	19061	33147	21812
09/30/2024	20929	35098	23928

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	5.06%	22.04%	11.87%	7.66%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Materials Index	4.77%	25.20%	13.00%	9.12%

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

Fund Statistics as of 9.30.24

Net Assets	$27,742,614
Total Number of Portfolio Holdings	93
Portfolio Turnover Rate	27%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Basic Materials Fund   |   Investor Class   |   RYBIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Chemicals	36.1%
Mining	23.1%
Packaging & Containers	11.4%
Iron & Steel	11.1%
Building Materials	9.7%
Coal	2.7%
Biotechnology	1.9%
Other	3.4%

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

Linde plc	4.5%
Sherwin-Williams Co.	2.8%
Freeport-McMoRan, Inc.	2.7%
Air Products and Chemicals, Inc.	2.5%
CRH plc	2.4%
Ecolab, Inc.	2.4%
Newmont Corp.	2.3%
Dow, Inc.	1.9%
Corteva, Inc.	1.9%
Nucor Corp.	1.8%
Top 10 Total	25.2%

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

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

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

Linde plc	4.5%
Sherwin-Williams Co.	2.8%
Freeport-McMoRan, Inc.	2.7%
Air Products and Chemicals, Inc.	2.5%
CRH plc	2.4%
Ecolab, Inc.	2.4%
Newmont Corp.	2.3%
Dow, Inc.	1.9%
Corteva, Inc.	1.9%
Nucor Corp.	1.8%
Top 10 Total	25.2%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYBIX-093024

Guggenheim Investments 2

Basic Materials Fund

Class A | RYBMX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$83	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 4.92%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 4.77% for the same period.

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

The industries that contributed the most to performance were gold, paper & plastic packaging products & materials, and industrial gases. Those that detracted the most were steel, construction materials, and diversified chemicals. The holdings that contributed the most to performance were Newmont Corp., Kinross Gold Corp., and Air Products and Chemicals, Inc. Those that detracted the most were Nucor Corp., Cleveland-Cliffs Inc., and Arcadium Lithium plc.

How did the fund perform over the last 10 years?

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

Date	Basic Materials Fund (Class A)‡	S&P 500 Index	S&P 500 Materials Index
09/30/2014	9525	10000	10000
12/31/2014	9152	10493	9820
03/31/2015	9222	10593	9917
06/30/2015	8979	10622	9870
09/30/2015	7268	9939	8202
12/31/2015	7559	10638	8997
03/31/2016	8457	10782	9322
06/30/2016	9137	11047	9668
09/30/2016	9595	11472	10027
12/31/2016	9889	11911	10499
03/31/2017	10531	12633	11114
06/30/2017	10650	13023	11466
09/30/2017	11285	13607	12159
12/31/2017	12018	14511	13002
03/31/2018	11414	14401	12285
06/30/2018	11680	14896	12601
09/30/2018	11531	16044	12646
12/31/2018	9919	13875	11090
03/31/2019	11117	15769	12232
06/30/2019	11498	16447	13004
09/30/2019	11236	16727	12988
12/31/2019	12056	18244	13816
03/31/2020	8471	14668	10205
06/30/2020	10971	17682	12860
09/30/2020	12099	19260	14571
12/31/2020	14499	21600	16680
03/31/2021	15969	22934	18195
06/30/2021	16958	24895	19099
09/30/2021	15963	25040	18429
12/31/2021	17845	27801	21231
03/31/2022	18594	26522	20727
06/30/2022	15202	22252	17432
09/30/2022	14124	21165	16190
12/31/2022	16174	22766	18627
03/31/2023	16953	24473	19425
06/30/2023	16845	26612	20068
09/30/2023	15971	25741	19112
12/31/2023	17667	28750	20963
03/31/2024	18528	31785	22839
06/30/2024	17714	33147	21812
09/30/2024	19440	35098	23928

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	4.92%	21.73%	11.59%	7.40%
Class A (with sales charge)‡	-0.06%	15.94%	10.51%	6.87%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Materials Index	4.77%	25.20%	13.00%	9.12%

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

Fund Statistics as of 9.30.24

Net Assets	$27,742,614
Total Number of Portfolio Holdings	93
Portfolio Turnover Rate	27%

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

Guggenheim Investments 1

Basic Materials Fund   |   Class A   |   RYBMX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Chemicals	36.1%
Mining	23.1%
Packaging & Containers	11.4%
Iron & Steel	11.1%
Building Materials	9.7%
Coal	2.7%
Biotechnology	1.9%
Other	3.4%

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

Linde plc	4.5%
Sherwin-Williams Co.	2.8%
Freeport-McMoRan, Inc.	2.7%
Air Products and Chemicals, Inc.	2.5%
CRH plc	2.4%
Ecolab, Inc.	2.4%
Newmont Corp.	2.3%
Dow, Inc.	1.9%
Corteva, Inc.	1.9%
Nucor Corp.	1.8%
Top 10 Total	25.2%

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

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

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

Linde plc	4.5%
Sherwin-Williams Co.	2.8%
Freeport-McMoRan, Inc.	2.7%
Air Products and Chemicals, Inc.	2.5%
CRH plc	2.4%
Ecolab, Inc.	2.4%
Newmont Corp.	2.3%
Dow, Inc.	1.9%
Corteva, Inc.	1.9%
Nucor Corp.	1.8%
Top 10 Total	25.2%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYBMX-093024

Guggenheim Investments 2

Basic Materials Fund

Class C | RYBCX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$121	2.36%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 4.53%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Materials Index, which returned 4.77% for the same period.

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

The industries that contributed the most to performance were gold, paper & plastic packaging products & materials, and industrial gases. Those that detracted the most were steel, construction materials, and diversified chemicals. The holdings that contributed the most to performance were Newmont Corp., Kinross Gold Corp., and Air Products and Chemicals, Inc. Those that detracted the most were Nucor Corp., Cleveland-Cliffs Inc., and Arcadium Lithium plc.

How did the fund perform over the last 10 years?

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

Date	Basic Materials Fund (Class C)	S&P 500 Index	S&P 500 Materials Index
09/30/2014	10000	10000	10000
12/31/2014	9591	10493	9820
03/31/2015	9646	10593	9917
06/30/2015	9375	10622	9870
09/30/2015	7573	9939	8202
12/31/2015	7861	10638	8997
03/31/2016	8780	10782	9322
06/30/2016	9468	11047	9668
09/30/2016	9924	11472	10027
12/31/2016	10212	11911	10499
03/31/2017	10853	12633	11114
06/30/2017	10953	13023	11466
09/30/2017	11585	13607	12159
12/31/2017	12315	14511	13002
03/31/2018	11675	14401	12285
06/30/2018	11923	14896	12601
09/30/2018	11747	16044	12646
12/31/2018	10088	13875	11090
03/31/2019	11284	15769	12232
06/30/2019	11651	16447	13004
09/30/2019	11362	16727	12988
12/31/2019	12169	18244	13816
03/31/2020	8537	14668	10205
06/30/2020	11033	17682	12860
09/30/2020	12144	19260	14571
12/31/2020	14524	21600	16680
03/31/2021	15970	22934	18195
06/30/2021	16925	24895	19099
09/30/2021	15903	25040	18429
12/31/2021	17745	27801	21231
03/31/2022	18456	26522	20727
06/30/2022	15060	22252	17432
09/30/2022	13965	21165	16190
12/31/2022	15962	22766	18627
03/31/2023	16701	24473	19425
06/30/2023	16564	26612	20068
09/30/2023	15671	25741	19112
12/31/2023	17307	28750	20963
03/31/2024	18115	31785	22839
06/30/2024	17287	33147	21812
09/30/2024	18935	35098	23928

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	4.53%	20.83%	10.75%	6.59%
Class C (with CDSC)§	3.53%	19.83%	10.75%	6.59%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Materials Index	4.77%	25.20%	13.00%	9.12%

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

Fund Statistics as of 9.30.24

Net Assets	$27,742,614
Total Number of Portfolio Holdings	93
Portfolio Turnover Rate	27%

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

Guggenheim Investments 1

Basic Materials Fund   |   Class C   |   RYBCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Chemicals	36.1%
Mining	23.1%
Packaging & Containers	11.4%
Iron & Steel	11.1%
Building Materials	9.7%
Coal	2.7%
Biotechnology	1.9%
Other	3.4%

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

Linde plc	4.5%
Sherwin-Williams Co.	2.8%
Freeport-McMoRan, Inc.	2.7%
Air Products and Chemicals, Inc.	2.5%
CRH plc	2.4%
Ecolab, Inc.	2.4%
Newmont Corp.	2.3%
Dow, Inc.	1.9%
Corteva, Inc.	1.9%
Nucor Corp.	1.8%
Top 10 Total	25.2%

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

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

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

Linde plc	4.5%
Sherwin-Williams Co.	2.8%
Freeport-McMoRan, Inc.	2.7%
Air Products and Chemicals, Inc.	2.5%
CRH plc	2.4%
Ecolab, Inc.	2.4%
Newmont Corp.	2.3%
Dow, Inc.	1.9%
Corteva, Inc.	1.9%
Nucor Corp.	1.8%
Top 10 Total	25.2%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYBCX-093024

Guggenheim Investments 2

Basic Materials Fund

Class H | RYBAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$83	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 4.92%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 4.77% for the same period.

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

The industries that contributed the most to performance were gold, paper & plastic packaging products & materials, and industrial gases. Those that detracted the most were steel, construction materials, and diversified chemicals. The holdings that contributed the most to performance were Newmont Corp., Kinross Gold Corp., and Air Products and Chemicals, Inc. Those that detracted the most were Nucor Corp., Cleveland-Cliffs Inc., and Arcadium Lithium plc.

How did the fund perform over the last 10 years?

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

Date	Basic Materials Fund (Class H)	S&P 500 Index	S&P 500 Materials Index
09/30/2014	10000	10000	10000
12/31/2014	9602	10493	9820
03/31/2015	9667	10593	9917
06/30/2015	9408	10622	9870
09/30/2015	7611	9939	8202
12/31/2015	7917	10638	8997
03/31/2016	8859	10782	9322
06/30/2016	9572	11047	9668
09/30/2016	10054	11472	10027
12/31/2016	10362	11911	10499
03/31/2017	11036	12633	11114
06/30/2017	11158	13023	11466
09/30/2017	11823	13607	12159
12/31/2017	12593	14511	13002
03/31/2018	11961	14401	12285
06/30/2018	12240	14896	12601
09/30/2018	12085	16044	12646
12/31/2018	10396	13875	11090
03/31/2019	11652	15769	12232
06/30/2019	12050	16447	13004
09/30/2019	11774	16727	12988
12/31/2019	12634	18244	13816
03/31/2020	8878	14668	10205
06/30/2020	11496	17682	12860
09/30/2020	12680	19260	14571
12/31/2020	15192	21600	16680
03/31/2021	16735	22934	18195
06/30/2021	17768	24895	19099
09/30/2021	16726	25040	18429
12/31/2021	18699	27801	21231
03/31/2022	19484	26522	20727
06/30/2022	15928	22252	17432
09/30/2022	14800	21165	16190
12/31/2022	16943	22766	18627
03/31/2023	17760	24473	19425
06/30/2023	17648	26612	20068
09/30/2023	16730	25741	19112
12/31/2023	18508	28750	20963
03/31/2024	19410	31785	22839
06/30/2024	18559	33147	21812
09/30/2024	20367	35098	23928

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	4.92%	21.74%	11.58%	7.37%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Materials Index	4.77%	25.20%	13.00%	9.12%

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

Fund Statistics as of 9.30.24

Net Assets	$27,742,614
Total Number of Portfolio Holdings	93
Portfolio Turnover Rate	27%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Basic Materials Fund   |   Class H   |   RYBAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Chemicals	36.1%
Mining	23.1%
Packaging & Containers	11.4%
Iron & Steel	11.1%
Building Materials	9.7%
Coal	2.7%
Biotechnology	1.9%
Other	3.4%

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

Linde plc	4.5%
Sherwin-Williams Co.	2.8%
Freeport-McMoRan, Inc.	2.7%
Air Products and Chemicals, Inc.	2.5%
CRH plc	2.4%
Ecolab, Inc.	2.4%
Newmont Corp.	2.3%
Dow, Inc.	1.9%
Corteva, Inc.	1.9%
Nucor Corp.	1.8%
Top 10 Total	25.2%

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

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

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

Linde plc	4.5%
Sherwin-Williams Co.	2.8%
Freeport-McMoRan, Inc.	2.7%
Air Products and Chemicals, Inc.	2.5%
CRH plc	2.4%
Ecolab, Inc.	2.4%
Newmont Corp.	2.3%
Dow, Inc.	1.9%
Corteva, Inc.	1.9%
Nucor Corp.	1.8%
Top 10 Total	25.2%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYBAX-093024

Guggenheim Investments 2

Biotechnology Fund

Investor Class | RYOIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$71	1.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 7.10%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 5.06% for the same period.

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

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care services. The only industry that detracted was life sciences tools & services. The holdings that contributed the most to performance were Insmed, Inc., Alnylam Pharmaceuticals, Inc., and Amgen Inc. Those that detracted the most were Apellis Pharmaceuticals, Inc., CRISPR Therapeutics AG, and Cytokinetics, Inc.

How did the fund perform over the last 10 years?

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

Date	Biotechnology Fund (Investor Class)	S&P 500 Index	S&P 500 Health Care Index
09/30/2014	10000	10000	10000
12/31/2014	11164	10493	10748
03/31/2015	12718	10593	11450
06/30/2015	13692	10622	11775
09/30/2015	11036	9939	10519
12/31/2015	12147	10638	11488
03/31/2016	9414	10782	10856
06/30/2016	9506	11047	11537
09/30/2016	10764	11472	11645
12/31/2016	9778	11911	11179
03/31/2017	10986	12633	12115
06/30/2017	11835	13023	12975
09/30/2017	12835	13607	13449
12/31/2017	12684	14511	13647
03/31/2018	12671	14401	13480
06/30/2018	13170	14896	13897
09/30/2018	14199	16044	15917
12/31/2018	11546	13875	14530
03/31/2019	13677	15769	15488
06/30/2019	13178	16447	15702
09/30/2019	12060	16727	15349
12/31/2019	14434	18244	17555
03/31/2020	12322	14668	15331
06/30/2020	15807	17682	17414
09/30/2020	15880	19260	18436
12/31/2020	17622	21600	19916
03/31/2021	17349	22934	20549
06/30/2021	19097	24895	22276
09/30/2021	18490	25040	22595
12/31/2021	17939	27801	25120
03/31/2022	16168	26522	24473
06/30/2022	14512	22252	23026
09/30/2022	14201	21165	21834
12/31/2022	15598	22766	24629
03/31/2023	15256	24473	23568
06/30/2023	15272	26612	24264
09/30/2023	14684	25741	23621
12/31/2023	16543	28750	25136
03/31/2024	16675	31785	27360
06/30/2024	17023	33147	27098
09/30/2024	17859	35098	28744

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	7.10%	21.62%	8.17%	5.97%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Health Care Index	5.06%	21.69%	13.37%	11.14%

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

Fund Statistics as of 9.30.24

Net Assets	$111,096,545
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	32%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Biotechnology Fund   |   Investor Class   |   RYOIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Biotechnology	74.7%
Pharmaceuticals	19.7%
Healthcare-Products	4.1%
Healthcare-Services	1.0%

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

AbbVie, Inc.	8.8%
Amgen, Inc.	6.0%
Gilead Sciences, Inc.	4.7%
Vertex Pharmaceuticals, Inc.	4.0%
Regeneron Pharmaceuticals, Inc.	3.7%
Corteva, Inc.	3.0%
Alnylam Pharmaceuticals, Inc.	2.8%
AstraZeneca plc ADR	2.7%
Biogen, Inc.	2.4%
Moderna, Inc.	2.4%
Top 10 Total	40.5%

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

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

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

AbbVie, Inc.	8.8%
Amgen, Inc.	6.0%
Gilead Sciences, Inc.	4.7%
Vertex Pharmaceuticals, Inc.	4.0%
Regeneron Pharmaceuticals, Inc.	3.7%
Corteva, Inc.	3.0%
Alnylam Pharmaceuticals, Inc.	2.8%
AstraZeneca plc ADR	2.7%
Biogen, Inc.	2.4%
Moderna, Inc.	2.4%
Top 10 Total	40.5%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYOIX-093024

Guggenheim Investments 2

Biotechnology Fund

Class A | RYBOX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$84	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 6.95%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 5.06% for the same period.

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

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care services. The only industry that detracted was life sciences tools & services. The holdings that contributed the most to performance were Insmed, Inc., Alnylam Pharmaceuticals, Inc., and Amgen Inc. Those that detracted the most were Apellis Pharmaceuticals, Inc., CRISPR Therapeutics AG, and Cytokinetics, Inc.

How did the fund perform over the last 10 years?

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

Date	Biotechnology Fund (Class A)‡	S&P 500 Index	S&P 500 Health Care Index
09/30/2014	9525	10000	10000
12/31/2014	10626	10493	10748
03/31/2015	12098	10593	11450
06/30/2015	13016	10622	11775
09/30/2015	10484	9939	10519
12/31/2015	11531	10638	11488
03/31/2016	8931	10782	10856
06/30/2016	9014	11047	11537
09/30/2016	10201	11472	11645
12/31/2016	9260	11911	11179
03/31/2017	10398	12633	12115
06/30/2017	11195	13023	12975
09/30/2017	12133	13607	13449
12/31/2017	11983	14511	13647
03/31/2018	11962	14401	13480
06/30/2018	12425	14896	13897
09/30/2018	13389	16044	15917
12/31/2018	10880	13875	14530
03/31/2019	12880	15769	15488
06/30/2019	12404	16447	15702
09/30/2019	11343	16727	15349
12/31/2019	13566	18244	17555
03/31/2020	11575	14668	15331
06/30/2020	14839	17682	17414
09/30/2020	14900	19260	18436
12/31/2020	16522	21600	19916
03/31/2021	16256	22934	20549
06/30/2021	17883	24895	22276
09/30/2021	17304	25040	22595
12/31/2021	16778	27801	25120
03/31/2022	15111	26522	24473
06/30/2022	13556	22252	23026
09/30/2022	13257	21165	21834
12/31/2022	14552	22766	24629
03/31/2023	14224	24473	23568
06/30/2023	14228	26612	24264
09/30/2023	13675	25741	23621
12/31/2023	15395	28750	25136
03/31/2024	15508	31785	27360
06/30/2024	15822	33147	27098
09/30/2024	16587	35098	28744

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	6.95%	21.29%	7.90%	5.70%
Class A (with sales charge)‡	1.87%	15.52%	6.85%	5.19%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Health Care Index	5.06%	21.69%	13.37%	11.14%

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

Fund Statistics as of 9.30.24

Net Assets	$111,096,545
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	32%

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

Guggenheim Investments 1

Biotechnology Fund   |   Class A   |   RYBOX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Biotechnology	74.7%
Pharmaceuticals	19.7%
Healthcare-Products	4.1%
Healthcare-Services	1.0%

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

AbbVie, Inc.	8.8%
Amgen, Inc.	6.0%
Gilead Sciences, Inc.	4.7%
Vertex Pharmaceuticals, Inc.	4.0%
Regeneron Pharmaceuticals, Inc.	3.7%
Corteva, Inc.	3.0%
Alnylam Pharmaceuticals, Inc.	2.8%
AstraZeneca plc ADR	2.7%
Biogen, Inc.	2.4%
Moderna, Inc.	2.4%
Top 10 Total	40.5%

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

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

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

AbbVie, Inc.	8.8%
Amgen, Inc.	6.0%
Gilead Sciences, Inc.	4.7%
Vertex Pharmaceuticals, Inc.	4.0%
Regeneron Pharmaceuticals, Inc.	3.7%
Corteva, Inc.	3.0%
Alnylam Pharmaceuticals, Inc.	2.8%
AstraZeneca plc ADR	2.7%
Biogen, Inc.	2.4%
Moderna, Inc.	2.4%
Top 10 Total	40.5%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYBOX-093024

Guggenheim Investments 2

Biotechnology Fund

Class C | RYCFX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$123	2.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 6.56%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 5.06% for the same period.

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

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care services. The only industry that detracted was life sciences tools & services. The holdings that contributed the most to performance were Insmed, Inc., Alnylam Pharmaceuticals, Inc., and Amgen Inc. Those that detracted the most were Apellis Pharmaceuticals, Inc., CRISPR Therapeutics AG, and Cytokinetics, Inc.

How did the fund perform over the last 10 years?

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

Date	Biotechnology Fund (Class C)	S&P 500 Index	S&P 500 Health Care Index
09/30/2014	10000	10000	10000
12/31/2014	11135	10493	10748
03/31/2015	12652	10593	11450
06/30/2015	13587	10622	11775
09/30/2015	10925	9939	10519
12/31/2015	11993	10638	11488
03/31/2016	9272	10782	10856
06/30/2016	9340	11047	11537
09/30/2016	10548	11472	11645
12/31/2016	9558	11911	11179
03/31/2017	10713	12633	12115
06/30/2017	11512	13023	12975
09/30/2017	12454	13607	13449
12/31/2017	12277	14511	13647
03/31/2018	12233	14401	13480
06/30/2018	12682	14896	13897
09/30/2018	13641	16044	15917
12/31/2018	11063	13875	14530
03/31/2019	13074	15769	15488
06/30/2019	12565	16447	15702
09/30/2019	11470	16727	15349
12/31/2019	13693	18244	17555
03/31/2020	11662	14668	15331
06/30/2020	14923	17682	17414
09/30/2020	14954	19260	18436
12/31/2020	16550	21600	19916
03/31/2021	16254	22934	20549
06/30/2021	17848	24895	22276
09/30/2021	17238	25040	22595
12/31/2021	16683	27801	25120
03/31/2022	14997	26522	24473
06/30/2022	13428	22252	23026
09/30/2022	13106	21165	21834
12/31/2022	14359	22766	24629
03/31/2023	14009	24473	23568
06/30/2023	13989	26612	24264
09/30/2023	13418	25741	23621
12/31/2023	15079	28750	25136
03/31/2024	15162	31785	27360
06/30/2024	15440	33147	27098
09/30/2024	16157	35098	28744

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	6.56%	20.41%	7.09%	4.91%
Class C (with CDSC)§	5.56%	19.41%	7.09%	4.91%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Health Care Index	5.06%	21.69%	13.37%	11.14%

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

Fund Statistics as of 9.30.24

Net Assets	$111,096,545
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	32%

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

Guggenheim Investments 1

Biotechnology Fund   |   Class C   |   RYCFX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Biotechnology	74.7%
Pharmaceuticals	19.7%
Healthcare-Products	4.1%
Healthcare-Services	1.0%

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

AbbVie, Inc.	8.8%
Amgen, Inc.	6.0%
Gilead Sciences, Inc.	4.7%
Vertex Pharmaceuticals, Inc.	4.0%
Regeneron Pharmaceuticals, Inc.	3.7%
Corteva, Inc.	3.0%
Alnylam Pharmaceuticals, Inc.	2.8%
AstraZeneca plc ADR	2.7%
Biogen, Inc.	2.4%
Moderna, Inc.	2.4%
Top 10 Total	40.5%

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

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

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

AbbVie, Inc.	8.8%
Amgen, Inc.	6.0%
Gilead Sciences, Inc.	4.7%
Vertex Pharmaceuticals, Inc.	4.0%
Regeneron Pharmaceuticals, Inc.	3.7%
Corteva, Inc.	3.0%
Alnylam Pharmaceuticals, Inc.	2.8%
AstraZeneca plc ADR	2.7%
Biogen, Inc.	2.4%
Moderna, Inc.	2.4%
Top 10 Total	40.5%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCFX-093024

Guggenheim Investments 2

Biotechnology Fund

Class H | RYOAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$84	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 6.96%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 5.06% for the same period.

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

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care services. The only industry that detracted was life sciences tools & services. The holdings that contributed the most to performance were Insmed, Inc., Alnylam Pharmaceuticals, Inc., and Amgen Inc. Those that detracted the most were Apellis Pharmaceuticals, Inc., CRISPR Therapeutics AG, and Cytokinetics, Inc.

How did the fund perform over the last 10 years?

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

Date	Biotechnology Fund (Class H)	S&P 500 Index	S&P 500 Health Care Index
09/30/2014	10000	10000	10000
12/31/2014	11149	10493	10748
03/31/2015	12686	10593	11450
06/30/2015	13640	10622	11775
09/30/2015	10987	9939	10519
12/31/2015	12084	10638	11488
03/31/2016	9360	10782	10856
06/30/2016	9443	11047	11537
09/30/2016	10686	11472	11645
12/31/2016	9700	11911	11179
03/31/2017	10894	12633	12115
06/30/2017	11728	13023	12975
09/30/2017	12711	13607	13449
12/31/2017	12555	14511	13647
03/31/2018	12533	14401	13480
06/30/2018	13018	14896	13897
09/30/2018	14027	16044	15917
12/31/2018	11398	13875	14530
03/31/2019	13492	15769	15488
06/30/2019	12992	16447	15702
09/30/2019	11883	16727	15349
12/31/2019	14213	18244	17555
03/31/2020	12126	14668	15331
06/30/2020	15546	17682	17414
09/30/2020	15609	19260	18436
12/31/2020	17309	21600	19916
03/31/2021	17032	22934	20549
06/30/2021	18735	24895	22276
09/30/2021	18128	25040	22595
12/31/2021	17579	27801	25120
03/31/2022	15832	26522	24473
06/30/2022	14202	22252	23026
09/30/2022	13888	21165	21834
12/31/2022	15245	22766	24629
03/31/2023	14903	24473	23568
06/30/2023	14908	26612	24264
09/30/2023	14327	25741	23621
12/31/2023	16129	28750	25136
03/31/2024	16248	31785	27360
06/30/2024	16577	33147	27098
09/30/2024	17379	35098	28744

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	6.96%	21.31%	7.90%	5.68%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Health Care Index	5.06%	21.69%	13.37%	11.14%

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

Fund Statistics as of 9.30.24

Net Assets	$111,096,545
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	32%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Biotechnology Fund   |   Class H   |   RYOAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Biotechnology	74.7%
Pharmaceuticals	19.7%
Healthcare-Products	4.1%
Healthcare-Services	1.0%

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

AbbVie, Inc.	8.8%
Amgen, Inc.	6.0%
Gilead Sciences, Inc.	4.7%
Vertex Pharmaceuticals, Inc.	4.0%
Regeneron Pharmaceuticals, Inc.	3.7%
Corteva, Inc.	3.0%
Alnylam Pharmaceuticals, Inc.	2.8%
AstraZeneca plc ADR	2.7%
Biogen, Inc.	2.4%
Moderna, Inc.	2.4%
Top 10 Total	40.5%

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

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

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

AbbVie, Inc.	8.8%
Amgen, Inc.	6.0%
Gilead Sciences, Inc.	4.7%
Vertex Pharmaceuticals, Inc.	4.0%
Regeneron Pharmaceuticals, Inc.	3.7%
Corteva, Inc.	3.0%
Alnylam Pharmaceuticals, Inc.	2.8%
AstraZeneca plc ADR	2.7%
Biogen, Inc.	2.4%
Moderna, Inc.	2.4%
Top 10 Total	40.5%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYOAX-093024

Guggenheim Investments 2

Consumer Products Fund

Investor Class | RYCIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$70	1.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 4.53%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 10.43% for the same period.

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

The industries that contributed the most to performance were tobacco, household products, and packaged foods & meats. Those that detracted the most were personal care products, distillers & vintners, and agricultural products & services. The holdings that contributed the most to performance were Philip Morris International, Inc., Coca-Cola Co., and Altria Group, Inc. Those that detracted the most were Celsius Holdings, Inc., Estee Lauder Companies, Inc. - Class A, and Lamb Weston Holdings, Inc.

How did the fund perform over the last 10 years?

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

Date	Consumer Products Fund (Investor Class)	S&P 500 Index	S&P 500 Consumer Staples Index
09/30/2014	10000	10000	10000
12/31/2014	10595	10493	10815
03/31/2015	10820	10593	10922
06/30/2015	10778	10622	10732
09/30/2015	10595	9939	10710
12/31/2015	11288	10638	11529
03/31/2016	11864	10782	12171
06/30/2016	12610	11047	12735
09/30/2016	12242	11472	12399
12/31/2016	11941	11911	12149
03/31/2017	12650	12633	12921
06/30/2017	12694	13023	13124
09/30/2017	12562	13607	12947
12/31/2017	13370	14511	13788
03/31/2018	12645	14401	12806
06/30/2018	12558	14896	12609
09/30/2018	12730	16044	13327
12/31/2018	11785	13875	12632
03/31/2019	13162	15769	14149
06/30/2019	13356	16447	14676
09/30/2019	13964	16727	15573
12/31/2019	14475	18244	16120
03/31/2020	12002	14668	14066
06/30/2020	13463	17682	15208
09/30/2020	14487	19260	16786
12/31/2020	15675	21600	17852
03/31/2021	16415	22934	18057
06/30/2021	16821	24895	18749
09/30/2021	15980	25040	18690
12/31/2021	17417	27801	21178
03/31/2022	17218	26522	20964
06/30/2022	16669	22252	19997
09/30/2022	15372	21165	18673
12/31/2022	17346	22766	21047
03/31/2023	17459	24473	21221
06/30/2023	17471	26612	21317
09/30/2023	16275	25741	20045
12/31/2023	16853	28750	21156
03/31/2024	17932	31785	22747
06/30/2024	17323	33147	23055
09/30/2024	18745	35098	25121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	4.53%	15.17%	6.07%	6.48%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Staples Index	10.43%	25.32%	10.04%	9.65%

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

Fund Statistics as of 9.30.24

Net Assets	$54,831,241
Total Number of Portfolio Holdings	61
Portfolio Turnover Rate	43%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Consumer Products Fund   |   Investor Class   |   RYCIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Food	34.0%
Beverages	25.4%
Cosmetics & Personal Care	16.7%
Agriculture	13.0%
Household Products & Housewares	6.5%
Retail	2.1%
Pharmaceuticals	1.0%
Internet	0.9%

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

Procter & Gamble Co.	6.9%
Coca-Cola Co.	5.5%
PepsiCo, Inc.	5.1%
Philip Morris International, Inc.	4.7%
Mondelez International, Inc. — Class A	3.4%
Altria Group, Inc.	3.1%
Colgate-Palmolive Co.	3.1%
Kimberly-Clark Corp.	2.4%
Kenvue, Inc.	2.3%
Constellation Brands, Inc. — Class A	2.2%
Top 10 Total	38.7%

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

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

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

Procter & Gamble Co.	6.9%
Coca-Cola Co.	5.5%
PepsiCo, Inc.	5.1%
Philip Morris International, Inc.	4.7%
Mondelez International, Inc. — Class A	3.4%
Altria Group, Inc.	3.1%
Colgate-Palmolive Co.	3.1%
Kimberly-Clark Corp.	2.4%
Kenvue, Inc.	2.3%
Constellation Brands, Inc. — Class A	2.2%
Top 10 Total	38.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCIX-093024

Guggenheim Investments 2

Consumer Products Fund

Class A | RYPDX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$83	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 4.41%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 10.43% for the same period.

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

The industries that contributed the most to performance were tobacco, household products, and packaged foods & meats. Those that detracted the most were personal care products, distillers & vintners, and agricultural products & services. The holdings that contributed the most to performance were Philip Morris International, Inc., Coca-Cola Co., and Altria Group, Inc. Those that detracted the most were Celsius Holdings, Inc., Estee Lauder Companies, Inc. - Class A, and Lamb Weston Holdings, Inc.

How did the fund perform over the last 10 years?

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

Date	Consumer Products Fund (Class A)‡	S&P 500 Index	S&P 500 Consumer Staples Index
09/30/2014	9524	10000	10000
12/31/2014	10083	10493	10815
03/31/2015	10290	10593	10922
06/30/2015	10245	10622	10732
09/30/2015	10064	9939	10710
12/31/2015	10716	10638	11529
03/31/2016	11256	10782	12171
06/30/2016	11957	11047	12735
09/30/2016	11600	11472	12399
12/31/2016	11307	11911	12149
03/31/2017	11970	12633	12921
06/30/2017	12005	13023	13124
09/30/2017	11872	13607	12947
12/31/2017	12629	14511	13788
03/31/2018	11937	14401	12806
06/30/2018	11848	14896	12609
09/30/2018	12003	16044	13327
12/31/2018	11104	13875	12632
03/31/2019	12393	15769	14149
06/30/2019	12569	16447	14676
09/30/2019	13134	16727	15573
12/31/2019	13606	18244	16120
03/31/2020	11273	14668	14066
06/30/2020	12638	17682	15208
09/30/2020	13592	19260	16786
12/31/2020	14694	21600	17852
03/31/2021	15379	22934	18057
06/30/2021	15753	24895	18749
09/30/2021	14954	25040	18690
12/31/2021	16288	27801	21178
03/31/2022	16094	26522	20964
06/30/2022	15572	22252	19997
09/30/2022	14350	21165	18673
12/31/2022	16181	22766	21047
03/31/2023	16277	24473	21221
06/30/2023	16277	26612	21317
09/30/2023	15156	25741	20045
12/31/2023	15683	28750	21156
03/31/2024	16676	31785	22747
06/30/2024	16101	33147	23055
09/30/2024	17412	35098	25121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	4.41%	14.89%	5.80%	6.22%
Class A (with sales charge)‡	-0.55%	9.43%	4.78%	5.70%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Staples Index	10.43%	25.32%	10.04%	9.65%

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

Fund Statistics as of 9.30.24

Net Assets	$54,831,241
Total Number of Portfolio Holdings	61
Portfolio Turnover Rate	43%

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

Guggenheim Investments 1

Consumer Products Fund   |   Class A   |   RYPDX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Food	34.0%
Beverages	25.4%
Cosmetics & Personal Care	16.7%
Agriculture	13.0%
Household Products & Housewares	6.5%
Retail	2.1%
Pharmaceuticals	1.0%
Internet	0.9%

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

Procter & Gamble Co.	6.9%
Coca-Cola Co.	5.5%
PepsiCo, Inc.	5.1%
Philip Morris International, Inc.	4.7%
Mondelez International, Inc. — Class A	3.4%
Altria Group, Inc.	3.1%
Colgate-Palmolive Co.	3.1%
Kimberly-Clark Corp.	2.4%
Kenvue, Inc.	2.3%
Constellation Brands, Inc. — Class A	2.2%
Top 10 Total	38.7%

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

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

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

Procter & Gamble Co.	6.9%
Coca-Cola Co.	5.5%
PepsiCo, Inc.	5.1%
Philip Morris International, Inc.	4.7%
Mondelez International, Inc. — Class A	3.4%
Altria Group, Inc.	3.1%
Colgate-Palmolive Co.	3.1%
Kimberly-Clark Corp.	2.4%
Kenvue, Inc.	2.3%
Constellation Brands, Inc. — Class A	2.2%
Top 10 Total	38.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYPDX-093024

Guggenheim Investments 2

Consumer Products Fund

Class C | RYCPX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$121	2.36%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 4.00%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 10.43% for the same period.

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

The industries that contributed the most to performance were tobacco, household products, and packaged foods & meats. Those that detracted the most were personal care products, distillers & vintners, and agricultural products & services. The holdings that contributed the most to performance were Philip Morris International, Inc., Coca-Cola Co., and Altria Group, Inc. Those that detracted the most were Celsius Holdings, Inc., Estee Lauder Companies, Inc. - Class A, and Lamb Weston Holdings, Inc.

How did the fund perform over the last 10 years?

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

Date	Consumer Products Fund (Class C)	S&P 500 Index	S&P 500 Consumer Staples Index
09/30/2014	10000	10000	10000
12/31/2014	10567	10493	10815
03/31/2015	10764	10593	10922
06/30/2015	10696	10622	10732
09/30/2015	10488	9939	10710
12/31/2015	11147	10638	11529
03/31/2016	11686	10782	12171
06/30/2016	12391	11047	12735
09/30/2016	11998	11472	12399
12/31/2016	11674	11911	12149
03/31/2017	12334	12633	12921
06/30/2017	12348	13023	13124
09/30/2017	12188	13607	12947
12/31/2017	12941	14511	13788
03/31/2018	12209	14401	12806
06/30/2018	12093	14896	12609
09/30/2018	12229	16044	13327
12/31/2018	11291	13875	12632
03/31/2019	12582	15769	14149
06/30/2019	12736	16447	14676
09/30/2019	13283	16727	15573
12/31/2019	13733	18244	16120
03/31/2020	11358	14668	14066
06/30/2020	12710	17682	15208
09/30/2020	13642	19260	16786
12/31/2020	14722	21600	17852
03/31/2021	15379	22934	18057
06/30/2021	15723	24895	18749
09/30/2021	14896	25040	18690
12/31/2021	16195	27801	21178
03/31/2022	15974	26522	20964
06/30/2022	15427	22252	19997
09/30/2022	14188	21165	18673
12/31/2022	15969	22766	21047
03/31/2023	16033	24473	21221
06/30/2023	16003	26612	21317
09/30/2023	14873	25741	20045
12/31/2023	15361	28750	21156
03/31/2024	16306	31785	22747
06/30/2024	15715	33147	23055
09/30/2024	16959	35098	25121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	4.00%	14.02%	5.01%	5.42%
Class C (with CDSC)§	3.00%	13.07%	5.01%	5.42%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Staples Index	10.43%	25.32%	10.04%	9.65%

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

Fund Statistics as of 9.30.24

Net Assets	$54,831,241
Total Number of Portfolio Holdings	61
Portfolio Turnover Rate	43%

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

Guggenheim Investments 1

Consumer Products Fund   |   Class C   |   RYCPX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Food	34.0%
Beverages	25.4%
Cosmetics & Personal Care	16.7%
Agriculture	13.0%
Household Products & Housewares	6.5%
Retail	2.1%
Pharmaceuticals	1.0%
Internet	0.9%

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

Procter & Gamble Co.	6.9%
Coca-Cola Co.	5.5%
PepsiCo, Inc.	5.1%
Philip Morris International, Inc.	4.7%
Mondelez International, Inc. — Class A	3.4%
Altria Group, Inc.	3.1%
Colgate-Palmolive Co.	3.1%
Kimberly-Clark Corp.	2.4%
Kenvue, Inc.	2.3%
Constellation Brands, Inc. — Class A	2.2%
Top 10 Total	38.7%

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

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

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

Procter & Gamble Co.	6.9%
Coca-Cola Co.	5.5%
PepsiCo, Inc.	5.1%
Philip Morris International, Inc.	4.7%
Mondelez International, Inc. — Class A	3.4%
Altria Group, Inc.	3.1%
Colgate-Palmolive Co.	3.1%
Kimberly-Clark Corp.	2.4%
Kenvue, Inc.	2.3%
Constellation Brands, Inc. — Class A	2.2%
Top 10 Total	38.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCPX-093024

Guggenheim Investments 2

Consumer Products Fund

Class H | RYCAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$83	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 4.40%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 10.43% for the same period.

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

The industries that contributed the most to performance were tobacco, household products, and packaged foods & meats. Those that detracted the most were personal care products, distillers & vintners, and agricultural products & services. The holdings that contributed the most to performance were Philip Morris International, Inc., Coca-Cola Co., and Altria Group, Inc. Those that detracted the most were Celsius Holdings, Inc., Estee Lauder Companies, Inc. - Class A, and Lamb Weston Holdings, Inc.

How did the fund perform over the last 10 years?

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

Date	Consumer Products Fund (Class H)	S&P 500 Index	S&P 500 Consumer Staples Index
09/30/2014	10000	10000	10000
12/31/2014	10581	10493	10815
03/31/2015	10793	10593	10922
06/30/2015	10738	10622	10732
09/30/2015	10548	9939	10710
12/31/2015	11232	10638	11529
03/31/2016	11795	10782	12171
06/30/2016	12530	11047	12735
09/30/2016	12157	11472	12399
12/31/2016	11849	11911	12149
03/31/2017	12545	12633	12921
06/30/2017	12581	13023	13124
09/30/2017	12441	13607	12947
12/31/2017	13232	14511	13788
03/31/2018	12505	14401	12806
06/30/2018	12412	14896	12609
09/30/2018	12574	16044	13327
12/31/2018	11633	13875	12632
03/31/2019	12985	15769	14149
06/30/2019	13169	16447	14676
09/30/2019	13760	16727	15573
12/31/2019	14252	18244	16120
03/31/2020	11810	14668	14066
06/30/2020	13239	17682	15208
09/30/2020	14240	19260	16786
12/31/2020	15395	21600	17852
03/31/2021	16112	22934	18057
06/30/2021	16502	24895	18749
09/30/2021	15666	25040	18690
12/31/2021	17063	27801	21178
03/31/2022	16862	26522	20964
06/30/2022	16315	22252	19997
09/30/2022	15034	21165	18673
12/31/2022	16952	22766	21047
03/31/2023	17054	24473	21221
06/30/2023	17054	26612	21317
09/30/2023	15878	25741	20045
12/31/2023	16431	28750	21156
03/31/2024	17472	31785	22747
06/30/2024	16870	33147	23055
09/30/2024	18242	35098	25121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H **	4.40%	14.89%	5.80%	6.20%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Staples Index	10.43%	25.32%	10.04%	9.65%

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

Fund Statistics as of 9.30.24

Net Assets	$54,831,241
Total Number of Portfolio Holdings	61
Portfolio Turnover Rate	43%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 31, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Consumer Products Fund   |   Class H   |   RYCAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Food	34.0%
Beverages	25.4%
Cosmetics & Personal Care	16.7%
Agriculture	13.0%
Household Products & Housewares	6.5%
Retail	2.1%
Pharmaceuticals	1.0%
Internet	0.9%

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

Procter & Gamble Co.	6.9%
Coca-Cola Co.	5.5%
PepsiCo, Inc.	5.1%
Philip Morris International, Inc.	4.7%
Mondelez International, Inc. — Class A	3.4%
Altria Group, Inc.	3.1%
Colgate-Palmolive Co.	3.1%
Kimberly-Clark Corp.	2.4%
Kenvue, Inc.	2.3%
Constellation Brands, Inc. — Class A	2.2%
Top 10 Total	38.7%

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

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

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

Procter & Gamble Co.	6.9%
Coca-Cola Co.	5.5%
PepsiCo, Inc.	5.1%
Philip Morris International, Inc.	4.7%
Mondelez International, Inc. — Class A	3.4%
Altria Group, Inc.	3.1%
Colgate-Palmolive Co.	3.1%
Kimberly-Clark Corp.	2.4%
Kenvue, Inc.	2.3%
Constellation Brands, Inc. — Class A	2.2%
Top 10 Total	38.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCAX-093024

Guggenheim Investments 2

Electronics Fund

Investor Class | RYSIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$70	1.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 4.55%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

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

The only industry that contributed to performance was semiconductors. The only industry that detracted from performance was semiconductor materials & equipment. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Texas Instruments, Inc. Those that detracted the most were Intel Corp., SolarEdge Technologies, Inc., and Lam Research Corp.

How did the fund perform over the last 10 years?

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

Date	Electronics Fund (Investor Class)	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	10000	10000	10000
12/31/2014	10455	10493	10524
03/31/2015	11139	10593	10585
06/30/2015	10992	10622	10604
09/30/2015	9524	9939	10211
12/31/2015	10723	10638	11148
03/31/2016	10848	10782	11438
06/30/2016	10788	11047	11113
09/30/2016	12768	11472	12542
12/31/2016	13343	11911	12692
03/31/2017	14689	12633	14287
06/30/2017	14871	13023	14878
09/30/2017	16539	13607	16164
12/31/2017	17563	14511	17620
03/31/2018	18301	14401	18241
06/30/2018	18113	14896	19535
09/30/2018	18165	16044	21254
12/31/2018	15375	13875	17569
03/31/2019	18549	15769	21059
06/30/2019	19511	16447	22335
09/30/2019	20822	16727	23081
12/31/2019	24570	18244	26405
03/31/2020	20216	14668	23254
06/30/2020	26766	17682	30353
09/30/2020	30167	19260	33981
12/31/2020	38536	21600	37994
03/31/2021	42261	22934	38744
06/30/2021	45403	24895	43222
09/30/2021	44247	25040	43802
12/31/2021	53437	27801	51113
03/31/2022	47174	26522	46841
06/30/2022	35546	22252	37360
09/30/2022	33009	21165	35041
12/31/2022	36093	22766	36703
03/31/2023	45511	24473	44710
06/30/2023	50993	26612	52402
09/30/2023	47134	25741	49445
12/31/2023	56194	28750	57932
03/31/2024	65445	31785	65282
06/30/2024	72365	33147	74294
09/30/2024	68420	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	4.55%	45.16%	26.86%	21.20%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

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

Fund Statistics as of 9.30.24

Net Assets	$132,452,381
Total Number of Portfolio Holdings	57
Portfolio Turnover Rate	32%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Electronics Fund   |   Investor Class   |   RYSIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Semiconductors	93.0%
Energy-Alternate Sources	5.2%
Electrical Components & Equipment	0.9%
Telecommunications	0.6%

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

NVIDIA Corp.	15.6%
Broadcom, Inc.	8.2%
Advanced Micro Devices, Inc.	4.9%
Texas Instruments, Inc.	4.1%
QUALCOMM, Inc.	4.1%
Applied Materials, Inc.	4.0%
Micron Technology, Inc.	3.5%
Intel Corp.	3.2%
Analog Devices, Inc.	3.2%
Lam Research Corp.	3.1%
Top 10 Total	53.9%

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

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

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

NVIDIA Corp.	15.6%
Broadcom, Inc.	8.2%
Advanced Micro Devices, Inc.	4.9%
Texas Instruments, Inc.	4.1%
QUALCOMM, Inc.	4.1%
Applied Materials, Inc.	4.0%
Micron Technology, Inc.	3.5%
Intel Corp.	3.2%
Analog Devices, Inc.	3.2%
Lam Research Corp.	3.1%
Top 10 Total	53.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSIX-093024

Guggenheim Investments 2

Electronics Fund

Class A | RYELX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$83	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 4.41%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

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

The only industry that contributed to performance was semiconductors. The only industry that detracted from performance was semiconductor materials & equipment. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Texas Instruments, Inc. Those that detracted the most were Intel Corp., SolarEdge Technologies, Inc., and Lam Research Corp.

How did the fund perform over the last 10 years?

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

Date	Electronics Fund (Class A)‡	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	9525	10000	10000
12/31/2014	9953	10493	10524
03/31/2015	10599	10593	10585
06/30/2015	10453	10622	10604
09/30/2015	9050	9939	10211
12/31/2015	10182	10638	11148
03/31/2016	10297	10782	11438
06/30/2016	10238	11047	11113
09/30/2016	12108	11472	12542
12/31/2016	12645	11911	12692
03/31/2017	13912	12633	14287
06/30/2017	14076	13023	14878
09/30/2017	15645	13607	16164
12/31/2017	16603	14511	17620
03/31/2018	17292	14401	18241
06/30/2018	17102	14896	19535
09/30/2018	17140	16044	21254
12/31/2018	14500	13875	17569
03/31/2019	17481	15769	21059
06/30/2019	18377	16447	22335
09/30/2019	19599	16727	23081
12/31/2019	23114	18244	26405
03/31/2020	19006	14668	23254
06/30/2020	25147	17682	30353
09/30/2020	28326	19260	33981
12/31/2020	36161	21600	37994
03/31/2021	39633	22934	38744
06/30/2021	42553	24895	43222
09/30/2021	41443	25040	43802
12/31/2021	50018	27801	51113
03/31/2022	44131	26522	46841
06/30/2022	33231	22252	37360
09/30/2022	30841	21165	35041
12/31/2022	33700	22766	36703
03/31/2023	42466	24473	44710
06/30/2023	47553	26612	52402
09/30/2023	43928	25741	49445
12/31/2023	52338	28750	57932
03/31/2024	60917	31785	65282
06/30/2024	67317	33147	74294
09/30/2024	63607	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	4.41%	44.80%	26.55%	20.91%
Class A (with sales charge)‡	-0.54%	37.92%	25.32%	20.32%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

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

Fund Statistics as of 9.30.24

Net Assets	$132,452,381
Total Number of Portfolio Holdings	57
Portfolio Turnover Rate	32%

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

Guggenheim Investments 1

Electronics Fund   |   Class A   |   RYELX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Semiconductors	93.0%
Energy-Alternate Sources	5.2%
Electrical Components & Equipment	0.9%
Telecommunications	0.6%

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

NVIDIA Corp.	15.6%
Broadcom, Inc.	8.2%
Advanced Micro Devices, Inc.	4.9%
Texas Instruments, Inc.	4.1%
QUALCOMM, Inc.	4.1%
Applied Materials, Inc.	4.0%
Micron Technology, Inc.	3.5%
Intel Corp.	3.2%
Analog Devices, Inc.	3.2%
Lam Research Corp.	3.1%
Top 10 Total	53.9%

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

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

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

NVIDIA Corp.	15.6%
Broadcom, Inc.	8.2%
Advanced Micro Devices, Inc.	4.9%
Texas Instruments, Inc.	4.1%
QUALCOMM, Inc.	4.1%
Applied Materials, Inc.	4.0%
Micron Technology, Inc.	3.5%
Intel Corp.	3.2%
Analog Devices, Inc.	3.2%
Lam Research Corp.	3.1%
Top 10 Total	53.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYELX-093024

Guggenheim Investments 2

Electronics Fund

Class C | RYSCX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$121	2.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 4.02%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

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

The only industry that contributed to performance was semiconductors. The only industry that detracted from performance was semiconductor materials & equipment. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Texas Instruments, Inc. Those that detracted the most were Intel Corp., SolarEdge Technologies, Inc., and Lam Research Corp.

How did the fund perform over the last 10 years?

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

Date	Electronics Fund (Class C)	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	10000	10000	10000
12/31/2014	10428	10493	10524
03/31/2015	11086	10593	10585
06/30/2015	10913	10622	10604
09/30/2015	9432	9939	10211
12/31/2015	10590	10638	11148
03/31/2016	10689	10782	11438
06/30/2016	10605	11047	11113
09/30/2016	12520	11472	12542
12/31/2016	13051	11911	12692
03/31/2017	14333	12633	14287
06/30/2017	14474	13023	14878
09/30/2017	16057	13607	16164
12/31/2017	17008	14511	17620
03/31/2018	17682	14401	18241
06/30/2018	17456	14896	19535
09/30/2018	17462	16044	21254
12/31/2018	14744	13875	17569
03/31/2019	17742	15769	21059
06/30/2019	18618	16447	22335
09/30/2019	19817	16727	23081
12/31/2019	23328	18244	26405
03/31/2020	19145	14668	23254
06/30/2020	25286	17682	30353
09/30/2020	28428	19260	33981
12/31/2020	36219	21600	37994
03/31/2021	39627	22934	38744
06/30/2021	42467	24895	43222
09/30/2021	41282	25040	43802
12/31/2021	49727	27801	51113
03/31/2022	43793	26522	46841
06/30/2022	32916	22252	37360
09/30/2022	30488	21165	35041
12/31/2022	33253	22766	36703
03/31/2023	41826	24473	44710
06/30/2023	46748	26612	52402
09/30/2023	43104	25741	49445
12/31/2023	51260	28750	57932
03/31/2024	59552	31785	65282
06/30/2024	65687	33147	74294
09/30/2024	61949	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	4.02%	43.72%	25.60%	20.01%
Class C (with CDSC)§	3.02%	42.72%	25.60%	20.01%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

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

Fund Statistics as of 9.30.24

Net Assets	$132,452,381
Total Number of Portfolio Holdings	57
Portfolio Turnover Rate	32%

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

Guggenheim Investments 1

Electronics Fund   |   Class C   |   RYSCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Semiconductors	93.0%
Energy-Alternate Sources	5.2%
Electrical Components & Equipment	0.9%
Telecommunications	0.6%

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

NVIDIA Corp.	15.6%
Broadcom, Inc.	8.2%
Advanced Micro Devices, Inc.	4.9%
Texas Instruments, Inc.	4.1%
QUALCOMM, Inc.	4.1%
Applied Materials, Inc.	4.0%
Micron Technology, Inc.	3.5%
Intel Corp.	3.2%
Analog Devices, Inc.	3.2%
Lam Research Corp.	3.1%
Top 10 Total	53.9%

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

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

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

NVIDIA Corp.	15.6%
Broadcom, Inc.	8.2%
Advanced Micro Devices, Inc.	4.9%
Texas Instruments, Inc.	4.1%
QUALCOMM, Inc.	4.1%
Applied Materials, Inc.	4.0%
Micron Technology, Inc.	3.5%
Intel Corp.	3.2%
Analog Devices, Inc.	3.2%
Lam Research Corp.	3.1%
Top 10 Total	53.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSCX-093024

Guggenheim Investments 2

Electronics Fund

Class H | RYSAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$83	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 4.42%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

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

The only industry that contributed to performance was semiconductors. The only industry that detracted from performance was semiconductor materials & equipment. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Texas Instruments, Inc. Those that detracted the most were Intel Corp., SolarEdge Technologies, Inc., and Lam Research Corp.

How did the fund perform over the last 10 years?

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

Date	Electronics Fund (Class H)	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	10000	10000	10000
12/31/2014	10439	10493	10524
03/31/2015	11109	10593	10585
06/30/2015	10951	10622	10604
09/30/2015	9484	9939	10211
12/31/2015	10670	10638	11148
03/31/2016	10789	10782	11438
06/30/2016	10713	11047	11113
09/30/2016	12673	11472	12542
12/31/2016	13238	11911	12692
03/31/2017	14563	12633	14287
06/30/2017	14736	13023	14878
09/30/2017	16376	13607	16164
12/31/2017	17380	14511	17620
03/31/2018	18100	14401	18241
06/30/2018	17903	14896	19535
09/30/2018	17940	16044	21254
12/31/2018	15175	13875	17569
03/31/2019	18295	15769	21059
06/30/2019	19234	16447	22335
09/30/2019	20511	16727	23081
12/31/2019	24189	18244	26405
03/31/2020	19890	14668	23254
06/30/2020	26316	17682	30353
09/30/2020	29643	19260	33981
12/31/2020	37842	21600	37994
03/31/2021	41475	22934	38744
06/30/2021	44531	24895	43222
09/30/2021	43371	25040	43802
12/31/2021	52343	27801	51113
03/31/2022	46183	26522	46841
06/30/2022	34775	22252	37360
09/30/2022	32274	21165	35041
12/31/2022	35267	22766	36703
03/31/2023	44441	24473	44710
06/30/2023	49764	26612	52402
09/30/2023	45970	25741	49445
12/31/2023	54772	28750	57932
03/31/2024	63750	31785	65282
06/30/2024	70448	33147	74294
09/30/2024	66565	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	4.42%	44.80%	26.55%	20.87%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

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

Fund Statistics as of 9.30.24

Net Assets	$132,452,381
Total Number of Portfolio Holdings	57
Portfolio Turnover Rate	32%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Electronics Fund   |   Class H   |   RYSAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Semiconductors	93.0%
Energy-Alternate Sources	5.2%
Electrical Components & Equipment	0.9%
Telecommunications	0.6%

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

NVIDIA Corp.	15.6%
Broadcom, Inc.	8.2%
Advanced Micro Devices, Inc.	4.9%
Texas Instruments, Inc.	4.1%
QUALCOMM, Inc.	4.1%
Applied Materials, Inc.	4.0%
Micron Technology, Inc.	3.5%
Intel Corp.	3.2%
Analog Devices, Inc.	3.2%
Lam Research Corp.	3.1%
Top 10 Total	53.9%

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

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

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

NVIDIA Corp.	15.6%
Broadcom, Inc.	8.2%
Advanced Micro Devices, Inc.	4.9%
Texas Instruments, Inc.	4.1%
QUALCOMM, Inc.	4.1%
Applied Materials, Inc.	4.0%
Micron Technology, Inc.	3.5%
Intel Corp.	3.2%
Analog Devices, Inc.	3.2%
Lam Research Corp.	3.1%
Top 10 Total	53.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSAX-093024

Guggenheim Investments 2

Energy Fund

Investor Class | RYEIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$66	1.36%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned -7.36%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned -4.68% for the same period.

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

The industries that contributed the most to performance were oil & gas storage & transportation, semiconductors, and coal & consumable fuels. Those that detracted the most were oil & gas exploration & production, oil & gas refining & marketing, and oil & gas equipment & services. The holdings that contributed the most to performance were First Solar, Inc., Targa Resources Corp., and Williams Companies, Inc. Those that detracted the most were SolarEdge Technologies, Inc., ConocoPhillips, and Schlumberger N.V.

How did the fund perform over the last 10 years?

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

Date	Energy Fund (Investor Class)	S&P 500 Index	S&P 500 Energy Index
09/30/2014	10000	10000	10000
12/31/2014	7974	10493	8932
03/31/2015	7853	10593	8677
06/30/2015	7738	10622	8514
09/30/2015	5886	9939	7032
12/31/2015	5568	10638	7046
03/31/2016	5709	10782	7329
06/30/2016	6398	11047	8181
09/30/2016	6813	11472	8365
12/31/2016	7295	11911	8974
03/31/2017	6793	12633	8374
06/30/2017	5967	13023	7842
09/30/2017	6404	13607	8378
12/31/2017	6846	14511	8883
03/31/2018	6468	14401	8361
06/30/2018	7403	14896	9488
09/30/2018	7391	16044	9546
12/31/2018	5113	13875	7276
03/31/2019	5955	15769	8471
06/30/2019	5647	16447	8231
09/30/2019	5068	16727	7712
12/31/2019	5445	18244	8135
03/31/2020	2405	14668	4031
06/30/2020	3279	17682	5260
09/30/2020	2684	19260	4223
12/31/2020	3581	21600	5395
03/31/2021	4604	22934	7060
06/30/2021	5294	24895	7858
09/30/2021	5189	25040	7727
12/31/2021	5396	27801	8344
03/31/2022	7259	26522	11600
06/30/2022	6668	22252	11000
09/30/2022	7036	21165	11259
12/31/2022	8067	22766	13827
03/31/2023	7646	24473	13181
06/30/2023	7721	26612	13064
09/30/2023	8568	25741	14660
12/31/2023	8222	28750	13643
03/31/2024	9046	31785	15510
06/30/2024	8783	33147	15135
09/30/2024	8380	35098	14784

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	-7.36%	-2.19%	10.58%	-1.75%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Energy Index	-4.68%	0.84%	13.90%	3.99%

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

Fund Statistics as of 9.30.24

Net Assets	$20,684,238
Total Number of Portfolio Holdings	86
Portfolio Turnover Rate	219%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Energy Fund   |   Investor Class   |   RYEIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Oil & Gas	64.5%
Pipelines	15.0%
Oil & Gas Services	9.3%
Energy-Alternate Sources	5.2%
Mining	1.7%
Transportation	1.2%
Coal	0.9%
Other	1.5%

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

Exxon Mobil Corp.	7.2%
Chevron Corp.	5.0%
ConocoPhillips	3.4%
EOG Resources, Inc.	2.6%
Schlumberger N.V.	2.4%
Phillips 66	2.3%
Williams Companies, Inc.	2.3%
Marathon Petroleum Corp.	2.2%
ONEOK, Inc.	2.2%
Diamondback Energy, Inc.	2.1%
Top 10 Total	31.7%

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

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

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

Exxon Mobil Corp.	7.2%
Chevron Corp.	5.0%
ConocoPhillips	3.4%
EOG Resources, Inc.	2.6%
Schlumberger N.V.	2.4%
Phillips 66	2.3%
Williams Companies, Inc.	2.3%
Marathon Petroleum Corp.	2.2%
ONEOK, Inc.	2.2%
Diamondback Energy, Inc.	2.1%
Top 10 Total	31.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYEIX-093024

Guggenheim Investments 2

Energy Fund

Class A | RYENX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$78	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -7.48%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned -4.68% for the same period.

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

The industries that contributed the most to performance were oil & gas storage & transportation, semiconductors, and coal & consumable fuels. Those that detracted the most were oil & gas exploration & production, oil & gas refining & marketing, and oil & gas equipment & services. The holdings that contributed the most to performance were First Solar, Inc., Targa Resources Corp., and Williams Companies, Inc. Those that detracted the most were SolarEdge Technologies, Inc., ConocoPhillips, and Schlumberger N.V.

How did the fund perform over the last 10 years?

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

Date	Energy Fund (Class A)‡	S&P 500 Index	S&P 500 Energy Index
09/30/2014	9525	10000	10000
12/31/2014	7590	10493	8932
03/31/2015	7481	10593	8677
06/30/2015	7365	10622	8514
09/30/2015	5602	9939	7032
12/31/2015	5295	10638	7046
03/31/2016	5427	10782	7329
06/30/2016	6078	11047	8181
09/30/2016	6465	11472	8365
12/31/2016	6919	11911	8974
03/31/2017	6438	12633	8374
06/30/2017	5652	13023	7842
09/30/2017	6063	13607	8378
12/31/2017	6477	14511	8883
03/31/2018	6117	14401	8361
06/30/2018	6997	14896	9488
09/30/2018	6981	16044	9546
12/31/2018	4827	13875	7276
03/31/2019	5618	15769	8471
06/30/2019	5325	16447	8231
09/30/2019	4775	16727	7712
12/31/2019	5128	18244	8135
03/31/2020	2265	14668	4031
06/30/2020	3084	17682	5260
09/30/2020	2523	19260	4223
12/31/2020	3364	21600	5395
03/31/2021	4323	22934	7060
06/30/2021	4967	24895	7858
09/30/2021	4866	25040	7727
12/31/2021	5057	27801	8344
03/31/2022	6798	26522	11600
06/30/2022	6240	22252	11000
09/30/2022	6580	21165	11259
12/31/2022	7540	22766	13827
03/31/2023	7143	24473	13181
06/30/2023	7208	26612	13064
09/30/2023	7994	25741	14660
12/31/2023	7666	28750	13643
03/31/2024	8430	31785	15510
06/30/2024	8179	33147	15135
09/30/2024	7800	35098	14784

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-7.48%	-2.44%	10.31%	-1.98%
Class A (with sales charge)‡	-11.87%	-7.07%	9.24%	-2.45%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Energy Index	-4.68%	0.84%	13.90%	3.99%

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

Fund Statistics as of 9.30.24

Net Assets	$20,684,238
Total Number of Portfolio Holdings	86
Portfolio Turnover Rate	219%

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

Guggenheim Investments 1

Energy Fund   |   Class A   |   RYENX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Oil & Gas	64.5%
Pipelines	15.0%
Oil & Gas Services	9.3%
Energy-Alternate Sources	5.2%
Mining	1.7%
Transportation	1.2%
Coal	0.9%
Other	1.5%

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

Exxon Mobil Corp.	7.2%
Chevron Corp.	5.0%
ConocoPhillips	3.4%
EOG Resources, Inc.	2.6%
Schlumberger N.V.	2.4%
Phillips 66	2.3%
Williams Companies, Inc.	2.3%
Marathon Petroleum Corp.	2.2%
ONEOK, Inc.	2.2%
Diamondback Energy, Inc.	2.1%
Top 10 Total	31.7%

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

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

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

Exxon Mobil Corp.	7.2%
Chevron Corp.	5.0%
ConocoPhillips	3.4%
EOG Resources, Inc.	2.6%
Schlumberger N.V.	2.4%
Phillips 66	2.3%
Williams Companies, Inc.	2.3%
Marathon Petroleum Corp.	2.2%
ONEOK, Inc.	2.2%
Diamondback Energy, Inc.	2.1%
Top 10 Total	31.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYENX-093024

Guggenheim Investments 2

Energy Fund

Class C | RYECX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$114	2.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -7.82%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned -4.68% for the same period.

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

The industries that contributed the most to performance were oil & gas storage & transportation, semiconductors, and coal & consumable fuels. Those that detracted the most were oil & gas exploration & production, oil & gas refining & marketing, and oil & gas equipment & services. The holdings that contributed the most to performance were First Solar, Inc., Targa Resources Corp., and Williams Companies, Inc. Those that detracted the most were SolarEdge Technologies, Inc., ConocoPhillips, and Schlumberger N.V.

How did the fund perform over the last 10 years?

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

Date	Energy Fund (Class C)	S&P 500 Index	S&P 500 Energy Index
09/30/2014	10000	10000	10000
12/31/2014	7953	10493	8932
03/31/2015	7813	10593	8677
06/30/2015	7676	10622	8514
09/30/2015	5826	9939	7032
12/31/2015	5497	10638	7046
03/31/2016	5625	10782	7329
06/30/2016	6285	11047	8181
09/30/2016	6679	11472	8365
12/31/2016	7131	11911	8974
03/31/2017	6624	12633	8374
06/30/2017	5803	13023	7842
09/30/2017	6214	13607	8378
12/31/2017	6625	14511	8883
03/31/2018	6244	14401	8361
06/30/2018	7129	14896	9488
09/30/2018	7100	16044	9546
12/31/2018	4899	13875	7276
03/31/2019	5693	15769	8471
06/30/2019	5385	16447	8231
09/30/2019	4820	16727	7712
12/31/2019	5166	18244	8135
03/31/2020	2277	14668	4031
06/30/2020	3095	17682	5260
09/30/2020	2527	19260	4223
12/31/2020	3363	21600	5395
03/31/2021	4314	22934	7060
06/30/2021	4948	24895	7858
09/30/2021	4838	25040	7727
12/31/2021	5018	27801	8344
03/31/2022	6733	26522	11600
06/30/2022	6170	22252	11000
09/30/2022	6493	21165	11259
12/31/2022	7427	22766	13827
03/31/2023	7022	24473	13181
06/30/2023	7073	26612	13064
09/30/2023	7830	25741	14660
12/31/2023	7495	28750	13643
03/31/2024	8226	31785	15510
06/30/2024	7966	33147	15135
09/30/2024	7582	35098	14784

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-7.82%	-3.17%	9.49%	-2.73%
Class C (with CDSC)§	-8.74%	-4.10%	9.49%	-2.73%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Energy Index	-4.68%	0.84%	13.90%	3.99%

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

Fund Statistics as of 9.30.24

Net Assets	$20,684,238
Total Number of Portfolio Holdings	86
Portfolio Turnover Rate	219%

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

Guggenheim Investments 1

Energy Fund   |   Class C   |   RYECX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Oil & Gas	64.5%
Pipelines	15.0%
Oil & Gas Services	9.3%
Energy-Alternate Sources	5.2%
Mining	1.7%
Transportation	1.2%
Coal	0.9%
Other	1.5%

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

Exxon Mobil Corp.	7.2%
Chevron Corp.	5.0%
ConocoPhillips	3.4%
EOG Resources, Inc.	2.6%
Schlumberger N.V.	2.4%
Phillips 66	2.3%
Williams Companies, Inc.	2.3%
Marathon Petroleum Corp.	2.2%
ONEOK, Inc.	2.2%
Diamondback Energy, Inc.	2.1%
Top 10 Total	31.7%

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

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

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

Exxon Mobil Corp.	7.2%
Chevron Corp.	5.0%
ConocoPhillips	3.4%
EOG Resources, Inc.	2.6%
Schlumberger N.V.	2.4%
Phillips 66	2.3%
Williams Companies, Inc.	2.3%
Marathon Petroleum Corp.	2.2%
ONEOK, Inc.	2.2%
Diamondback Energy, Inc.	2.1%
Top 10 Total	31.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYECX-093024

Guggenheim Investments 2

Energy Fund

Class H | RYEAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$77	1.60%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -7.49%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned -4.68% for the same period.

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

The industries that contributed the most to performance were oil & gas storage & transportation, semiconductors, and coal & consumable fuels. Those that detracted the most were oil & gas exploration & production, oil & gas refining & marketing, and oil & gas equipment & services. The holdings that contributed the most to performance were First Solar, Inc., Targa Resources Corp., and Williams Companies, Inc. Those that detracted the most were SolarEdge Technologies, Inc., ConocoPhillips, and Schlumberger N.V.

How did the fund perform over the last 10 years?

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

Date	Energy Fund (Class H)	S&P 500 Index	S&P 500 Energy Index
09/30/2014	10000	10000	10000
12/31/2014	7967	10493	8932
03/31/2015	7839	10593	8677
06/30/2015	7710	10622	8514
09/30/2015	5866	9939	7032
12/31/2015	5546	10638	7046
03/31/2016	5681	10782	7329
06/30/2016	6360	11047	8181
09/30/2016	6767	11472	8365
12/31/2016	7239	11911	8974
03/31/2017	6736	12633	8374
06/30/2017	5912	13023	7842
09/30/2017	6342	13607	8378
12/31/2017	6775	14511	8883
03/31/2018	6397	14401	8361
06/30/2018	7316	14896	9488
09/30/2018	7299	16044	9546
12/31/2018	5047	13875	7276
03/31/2019	5875	15769	8471
06/30/2019	5565	16447	8231
09/30/2019	4989	16727	7712
12/31/2019	5358	18244	8135
03/31/2020	2366	14668	4031
06/30/2020	3222	17682	5260
09/30/2020	2636	19260	4223
12/31/2020	3514	21600	5395
03/31/2021	4516	22934	7060
06/30/2021	5189	24895	7858
09/30/2021	5083	25040	7727
12/31/2021	5282	27801	8344
03/31/2022	7101	26522	11600
06/30/2022	6519	22252	11000
09/30/2022	6874	21165	11259
12/31/2022	7877	22766	13827
03/31/2023	7462	24473	13181
06/30/2023	7530	26612	13064
09/30/2023	8351	25741	14660
12/31/2023	8009	28750	13643
03/31/2024	8806	31785	15510
06/30/2024	8545	33147	15135
09/30/2024	8148	35098	14784

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	-7.49%	-2.44%	10.31%	-2.03%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Energy Index	-4.68%	0.84%	13.90%	3.99%

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

Fund Statistics as of 9.30.24

Net Assets	$20,684,238
Total Number of Portfolio Holdings	86
Portfolio Turnover Rate	219%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Energy Fund   |   Class H   |   RYEAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Oil & Gas	64.5%
Pipelines	15.0%
Oil & Gas Services	9.3%
Energy-Alternate Sources	5.2%
Mining	1.7%
Transportation	1.2%
Coal	0.9%
Other	1.5%

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

Exxon Mobil Corp.	7.2%
Chevron Corp.	5.0%
ConocoPhillips	3.4%
EOG Resources, Inc.	2.6%
Schlumberger N.V.	2.4%
Phillips 66	2.3%
Williams Companies, Inc.	2.3%
Marathon Petroleum Corp.	2.2%
ONEOK, Inc.	2.2%
Diamondback Energy, Inc.	2.1%
Top 10 Total	31.7%

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

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

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

Exxon Mobil Corp.	7.2%
Chevron Corp.	5.0%
ConocoPhillips	3.4%
EOG Resources, Inc.	2.6%
Schlumberger N.V.	2.4%
Phillips 66	2.3%
Williams Companies, Inc.	2.3%
Marathon Petroleum Corp.	2.2%
ONEOK, Inc.	2.2%
Diamondback Energy, Inc.	2.1%
Top 10 Total	31.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYEAX-093024

Guggenheim Investments 2

Energy Services Fund

Investor Class | RYVIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$63	1.36%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned -13.84%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned -4.68% for the same period.

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

No industry contributed to performance. The industries that detracted the most were oil & gas equipment & services and oil & gas drilling. The holdings that contributed the most to performance were Baker Hughes Co., Cactus, Inc. – Class A, and U.S. Silica Holdings, Inc. Those that detracted the most were Schlumberger N.V., Halliburton Co., and Patterson-UTI Energy, Inc.

How did the fund perform over the last 10 years?

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

Date	Energy Services Fund (Investor Class)	S&P 500 Index	S&P 500 Energy Index
09/30/2014	10000	10000	10000
12/31/2014	7273	10493	8932
03/31/2015	6734	10593	8677
06/30/2015	6895	10622	8514
09/30/2015	5032	9939	7032
12/31/2015	4963	10638	7046
03/31/2016	4912	10782	7329
06/30/2016	5321	11047	8181
09/30/2016	5302	11472	8365
12/31/2016	6133	11911	8974
03/31/2017	5619	12633	8374
06/30/2017	4505	13023	7842
09/30/2017	4803	13607	8378
12/31/2017	4976	14511	8883
03/31/2018	4433	14401	8361
06/30/2018	4829	14896	9488
09/30/2018	4707	16044	9546
12/31/2018	2708	13875	7276
03/31/2019	3350	15769	8471
06/30/2019	2963	16447	8231
09/30/2019	2400	16727	7712
12/31/2019	2697	18244	8135
03/31/2020	897	14668	4031
06/30/2020	1297	17682	5260
09/30/2020	1114	19260	4223
12/31/2020	1701	21600	5395
03/31/2021	2037	22934	7060
06/30/2021	2285	24895	7858
09/30/2021	2105	25040	7727
12/31/2021	1992	27801	8344
03/31/2022	2800	26522	11600
06/30/2022	2247	22252	11000
09/30/2022	2056	21165	11259
12/31/2022	2849	22766	13827
03/31/2023	2583	24473	13181
06/30/2023	2698	26612	13064
09/30/2023	3252	25741	14660
12/31/2023	2976	28750	13643
03/31/2024	3239	31785	15510
06/30/2024	3118	33147	15135
09/30/2024	2790	35098	14784

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	-13.84%	-14.20%	3.06%	-11.98%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Energy Index	-4.68%	0.84%	13.90%	3.99%

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

Fund Statistics as of 9.30.24

Net Assets	$6,748,377
Total Number of Portfolio Holdings	33
Portfolio Turnover Rate	95%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Energy Services Fund   |   Investor Class   |   RYVIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Oil & Gas Services	68.4%
Oil & Gas	24.0%
Machinery-Diversified	3.6%
Metal Fabricate & Hardware	3.3%

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

Schlumberger N.V.	13.0%
Baker Hughes Co.	10.1%
Halliburton Co.	8.0%
TechnipFMC plc	4.2%
NOV, Inc.	4.0%
ChampionX Corp.	4.0%
Weatherford International plc	3.8%
Noble Corporation plc	3.8%
Cactus, Inc. — Class A	3.6%
Tenaris S.A. ADR	3.3%
Top 10 Total	57.8%

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

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

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

Schlumberger N.V.	13.0%
Baker Hughes Co.	10.1%
Halliburton Co.	8.0%
TechnipFMC plc	4.2%
NOV, Inc.	4.0%
ChampionX Corp.	4.0%
Weatherford International plc	3.8%
Noble Corporation plc	3.8%
Cactus, Inc. — Class A	3.6%
Tenaris S.A. ADR	3.3%
Top 10 Total	57.8%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYVIX-093024

Guggenheim Investments 2

Energy Services Fund

Class A | RYESX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$76	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -13.95%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned -4.68% for the same period.

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

No industry contributed to performance. The industries that detracted the most were oil & gas equipment & services and oil & gas drilling. The holdings that contributed the most to performance were Baker Hughes Co., Cactus, Inc. – Class A, and U.S. Silica Holdings, Inc. Those that detracted the most were Schlumberger N.V., Halliburton Co., and Patterson-UTI Energy, Inc.

How did the fund perform over the last 10 years?

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

Date	Energy Services Fund (Class A)‡	S&P 500 Index	S&P 500 Energy Index
09/30/2014	9525	10000	10000
12/31/2014	6923	10493	8932
03/31/2015	6405	10593	8677
06/30/2015	6554	10622	8514
09/30/2015	4779	9939	7032
12/31/2015	4712	10638	7046
03/31/2016	4662	10782	7329
06/30/2016	5045	11047	8181
09/30/2016	5021	11472	8365
12/31/2016	5808	11911	8974
03/31/2017	5318	12633	8374
06/30/2017	4263	13023	7842
09/30/2017	4541	13607	8378
12/31/2017	4701	14511	8883
03/31/2018	4185	14401	8361
06/30/2018	4556	14896	9488
09/30/2018	4440	16044	9546
12/31/2018	2552	13875	7276
03/31/2019	3154	15769	8471
06/30/2019	2788	16447	8231
09/30/2019	2258	16727	7712
12/31/2019	2535	18244	8135
03/31/2020	843	14668	4031
06/30/2020	1218	17682	5260
09/30/2020	1046	19260	4223
12/31/2020	1595	21600	5395
03/31/2021	1909	22934	7060
06/30/2021	2140	24895	7858
09/30/2021	1969	25040	7727
12/31/2021	1863	27801	8344
03/31/2022	2617	26522	11600
06/30/2022	2098	22252	11000
09/30/2022	1919	21165	11259
12/31/2022	2658	22766	13827
03/31/2023	2408	24473	13181
06/30/2023	2513	26612	13064
09/30/2023	3028	25741	14660
12/31/2023	2769	28750	13643
03/31/2024	3011	31785	15510
06/30/2024	2897	33147	15135
09/30/2024	2591	35098	14784

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-13.95%	-14.42%	2.79%	-12.21%
Class A (with sales charge)‡	-18.04%	-18.48%	1.80%	-12.63%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Energy Index	-4.68%	0.84%	13.90%	3.99%

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

Fund Statistics as of 9.30.24

Net Assets	$6,748,377
Total Number of Portfolio Holdings	33
Portfolio Turnover Rate	95%

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

Guggenheim Investments 1

Energy Services Fund   |   Class A   |   RYESX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Oil & Gas Services	68.4%
Oil & Gas	24.0%
Machinery-Diversified	3.6%
Metal Fabricate & Hardware	3.3%

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

Schlumberger N.V.	13.0%
Baker Hughes Co.	10.1%
Halliburton Co.	8.0%
TechnipFMC plc	4.2%
NOV, Inc.	4.0%
ChampionX Corp.	4.0%
Weatherford International plc	3.8%
Noble Corporation plc	3.8%
Cactus, Inc. — Class A	3.6%
Tenaris S.A. ADR	3.3%
Top 10 Total	57.8%

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

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

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

Schlumberger N.V.	13.0%
Baker Hughes Co.	10.1%
Halliburton Co.	8.0%
TechnipFMC plc	4.2%
NOV, Inc.	4.0%
ChampionX Corp.	4.0%
Weatherford International plc	3.8%
Noble Corporation plc	3.8%
Cactus, Inc. — Class A	3.6%
Tenaris S.A. ADR	3.3%
Top 10 Total	57.8%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYESX-093024

Guggenheim Investments 2

Energy Services Fund

Class C | RYVCX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$110	2.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -14.27%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned -4.68% for the same period.

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

No industry contributed to performance. The industries that detracted the most were oil & gas equipment & services and oil & gas drilling. The holdings that contributed the most to performance were Baker Hughes Co., Cactus, Inc. – Class A, and U.S. Silica Holdings, Inc. Those that detracted the most were Schlumberger N.V., Halliburton Co., and Patterson-UTI Energy, Inc.

How did the fund perform over the last 10 years?

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

Date	Energy Services Fund (Class C)	S&P 500 Index	S&P 500 Energy Index
09/30/2014	10000	10000	10000
12/31/2014	7254	10493	8932
03/31/2015	6699	10593	8677
06/30/2015	6842	10622	8514
09/30/2015	4979	9939	7032
12/31/2015	4901	10638	7046
03/31/2016	4839	10782	7329
06/30/2016	5227	11047	8181
09/30/2016	5193	11472	8365
12/31/2016	5996	11911	8974
03/31/2017	5479	12633	8374
06/30/2017	4383	13023	7842
09/30/2017	4660	13607	8378
12/31/2017	4815	14511	8883
03/31/2018	4280	14401	8361
06/30/2018	4651	14896	9488
09/30/2018	4522	16044	9546
12/31/2018	2594	13875	7276
03/31/2019	3202	15769	8471
06/30/2019	2825	16447	8231
09/30/2019	2284	16727	7712
12/31/2019	2560	18244	8135
03/31/2020	850	14668	4031
06/30/2020	1226	17682	5260
09/30/2020	1049	19260	4223
12/31/2020	1598	21600	5395
03/31/2021	1909	22934	7060
06/30/2021	2136	24895	7858
09/30/2021	1962	25040	7727
12/31/2021	1853	27801	8344
03/31/2022	2598	26522	11600
06/30/2022	2079	22252	11000
09/30/2022	1898	21165	11259
12/31/2022	2624	22766	13827
03/31/2023	2372	24473	13181
06/30/2023	2472	26612	13064
09/30/2023	2972	25741	14660
12/31/2023	2713	28750	13643
03/31/2024	2945	31785	15510
06/30/2024	2828	33147	15135
09/30/2024	2525	35098	14784

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-14.27%	-15.05%	2.03%	-12.86%
Class C (with CDSC)§	-15.14%	-15.90%	2.03%	-12.86%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Energy Index	-4.68%	0.84%	13.90%	3.99%

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

Fund Statistics as of 9.30.24

Net Assets	$6,748,377
Total Number of Portfolio Holdings	33
Portfolio Turnover Rate	95%

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

Guggenheim Investments 1

Energy Services Fund   |   Class C   |   RYVCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Oil & Gas Services	68.4%
Oil & Gas	24.0%
Machinery-Diversified	3.6%
Metal Fabricate & Hardware	3.3%

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

Schlumberger N.V.	13.0%
Baker Hughes Co.	10.1%
Halliburton Co.	8.0%
TechnipFMC plc	4.2%
NOV, Inc.	4.0%
ChampionX Corp.	4.0%
Weatherford International plc	3.8%
Noble Corporation plc	3.8%
Cactus, Inc. — Class A	3.6%
Tenaris S.A. ADR	3.3%
Top 10 Total	57.8%

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

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

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

Schlumberger N.V.	13.0%
Baker Hughes Co.	10.1%
Halliburton Co.	8.0%
TechnipFMC plc	4.2%
NOV, Inc.	4.0%
ChampionX Corp.	4.0%
Weatherford International plc	3.8%
Noble Corporation plc	3.8%
Cactus, Inc. — Class A	3.6%
Tenaris S.A. ADR	3.3%
Top 10 Total	57.8%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYVCX-093024

Guggenheim Investments 2

Energy Services Fund

Class H | RYVAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$76	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -13.96%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned -4.68% for the same period.

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

No industry contributed to performance. The industries that detracted the most were oil & gas equipment & services and oil & gas drilling. The holdings that contributed the most to performance were Baker Hughes Co., Cactus, Inc. – Class A, and U.S. Silica Holdings, Inc. Those that detracted the most were Schlumberger N.V., Halliburton Co., and Patterson-UTI Energy, Inc.

How did the fund perform over the last 10 years?

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

Date	Energy Services Fund (Class H)	S&P 500 Index	S&P 500 Energy Index
09/30/2014	10000	10000	10000
12/31/2014	7262	10493	8932
03/31/2015	6711	10593	8677
06/30/2015	6861	10622	8514
09/30/2015	5002	9939	7032
12/31/2015	4929	10638	7046
03/31/2016	4879	10782	7329
06/30/2016	5279	11047	8181
09/30/2016	5253	11472	8365
12/31/2016	6078	11911	8974
03/31/2017	5562	12633	8374
06/30/2017	4456	13023	7842
09/30/2017	4745	13607	8378
12/31/2017	4912	14511	8883
03/31/2018	4372	14401	8361
06/30/2018	4763	14896	9488
09/30/2018	4641	16044	9546
12/31/2018	2663	13875	7276
03/31/2019	3294	15769	8471
06/30/2019	2913	16447	8231
09/30/2019	2363	16727	7712
12/31/2019	2653	18244	8135
03/31/2020	883	14668	4031
06/30/2020	1274	17682	5260
09/30/2020	1094	19260	4223
12/31/2020	1669	21600	5395
03/31/2021	1998	22934	7060
06/30/2021	2239	24895	7858
09/30/2021	2061	25040	7727
12/31/2021	1950	27801	8344
03/31/2022	2739	26522	11600
06/30/2022	2196	22252	11000
09/30/2022	2008	21165	11259
12/31/2022	2781	22766	13827
03/31/2023	2520	24473	13181
06/30/2023	2631	26612	13064
09/30/2023	3169	25741	14660
12/31/2023	2898	28750	13643
03/31/2024	3152	31785	15510
06/30/2024	3032	33147	15135
09/30/2024	2712	35098	14784

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	-13.96%	-14.42%	2.79%	-12.23%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Energy Index	-4.68%	0.84%	13.90%	3.99%

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

Fund Statistics as of 9.30.24

Net Assets	$6,748,377
Total Number of Portfolio Holdings	33
Portfolio Turnover Rate	95%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Energy Services Fund   |   Class H   |   RYVAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Oil & Gas Services	68.4%
Oil & Gas	24.0%
Machinery-Diversified	3.6%
Metal Fabricate & Hardware	3.3%

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

Schlumberger N.V.	13.0%
Baker Hughes Co.	10.1%
Halliburton Co.	8.0%
TechnipFMC plc	4.2%
NOV, Inc.	4.0%
ChampionX Corp.	4.0%
Weatherford International plc	3.8%
Noble Corporation plc	3.8%
Cactus, Inc. — Class A	3.6%
Tenaris S.A. ADR	3.3%
Top 10 Total	57.8%

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

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

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

Schlumberger N.V.	13.0%
Baker Hughes Co.	10.1%
Halliburton Co.	8.0%
TechnipFMC plc	4.2%
NOV, Inc.	4.0%
ChampionX Corp.	4.0%
Weatherford International plc	3.8%
Noble Corporation plc	3.8%
Cactus, Inc. — Class A	3.6%
Tenaris S.A. ADR	3.3%
Top 10 Total	57.8%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYVAX-093024

Guggenheim Investments 2

Financial Services Fund

Investor Class | RYFIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$72	1.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 9.49%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Financials Index, which returned 8.41% for the same period.

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

The industries that contributed the most to performance were diversified banks, asset management & custody banks, and property & casualty insurance. Those that detracted the most were transaction & payment processing services, hotel & resort REITs, and timber REITs. The holdings that contributed the most to performance were Welltower, Inc., Berkshire Hathaway, Inc. – Class B, and Goldman Sachs Group, Inc. Those that detracted the most were Coinbase Global, Inc. – Class A, XP, Inc. – Class A, and StoneCo Ltd. – Class A.

How did the fund perform over the last 10 years?

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

Date	Financial Services Fund (Investor Class)	S&P 500 Index	S&P 500 Financials Index
09/30/2014	10000	10000	10000
12/31/2014	10702	10493	10725
03/31/2015	10696	10593	10504
06/30/2015	10620	10622	10685
09/30/2015	9920	9939	9967
12/31/2015	10301	10638	10561
03/31/2016	10060	10782	10027
06/30/2016	10322	11047	10239
09/30/2016	10788	11472	10709
12/31/2016	11946	11911	12969
03/31/2017	12245	12633	13296
06/30/2017	12641	13023	13861
09/30/2017	13140	13607	14587
12/31/2017	13826	14511	15845
03/31/2018	13637	14401	15694
06/30/2018	13579	14896	15198
09/30/2018	13796	16044	15860
12/31/2018	12164	13875	13781
03/31/2019	13618	15769	14961
06/30/2019	14387	16447	16157
09/30/2019	14752	16727	16482
12/31/2019	15610	18244	18208
03/31/2020	10915	14668	12395
06/30/2020	12701	17682	13908
09/30/2020	12922	19260	14526
12/31/2020	15651	21600	17899
03/31/2021	17688	22934	20762
06/30/2021	19395	24895	22498
09/30/2021	19677	25040	23115
12/31/2021	21258	27801	24171
03/31/2022	20469	26522	23813
06/30/2022	16980	22252	19645
09/30/2022	16111	21165	19035
12/31/2022	17418	22766	21625
03/31/2023	16713	24473	20422
06/30/2023	17547	26612	21512
09/30/2023	17054	25741	21269
12/31/2023	19951	28750	24252
03/31/2024	21521	31785	27273
06/30/2024	20985	33147	26719
09/30/2024	23563	35098	29566

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	9.49%	38.17%	9.82%	8.95%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Financials Index	8.41%	39.01%	12.40%	11.45%

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

Fund Statistics as of 9.30.24

Net Assets	$16,478,980
Total Number of Portfolio Holdings	157
Portfolio Turnover Rate	122%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Financial Services Fund   |   Investor Class   |   RYFIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Banks	23.8%
Diversified Financial Services	21.6%
REITs	20.6%
Insurance	18.5%
Commercial Services	7.4%
Private Equity	3.5%
Software	2.8%
Other	1.7%

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

Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.5%
Visa, Inc. — Class A	2.4%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.7%
Wells Fargo & Co.	1.5%
Blackstone, Inc. — Class A	1.4%
Goldman Sachs Group, Inc.	1.3%
S&P Global, Inc.	1.3%
Progressive Corp.	1.3%
Top 10 Total	18.7%

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

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

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

Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.5%
Visa, Inc. — Class A	2.4%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.7%
Wells Fargo & Co.	1.5%
Blackstone, Inc. — Class A	1.4%
Goldman Sachs Group, Inc.	1.3%
S&P Global, Inc.	1.3%
Progressive Corp.	1.3%
Top 10 Total	18.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYFIX-093024

Guggenheim Investments 2

Financial Services Fund

Class A | RYFNX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$85	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 9.36%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Financials Index, which returned 8.41% for the same period.

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

The industries that contributed the most to performance were diversified banks, asset management & custody banks, and property & casualty insurance. Those that detracted the most were transaction & payment processing services, hotel & resort REITs, and timber REITs. The holdings that contributed the most to performance were Welltower, Inc., Berkshire Hathaway, Inc. – Class B, and Goldman Sachs Group, Inc. Those that detracted the most were Coinbase Global, Inc. – Class A, XP, Inc. – Class A, and StoneCo Ltd. – Class A.

How did the fund perform over the last 10 years?

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

Date	Financial Services Fund (Class A)‡	S&P 500 Index	S&P 500 Financials Index
09/30/2014	9525	10000	10000
12/31/2014	10187	10493	10725
03/31/2015	10176	10593	10504
06/30/2015	10097	10622	10685
09/30/2015	9426	9939	9967
12/31/2015	9783	10638	10561
03/31/2016	9548	10782	10027
06/30/2016	9790	11047	10239
09/30/2016	10226	11472	10709
12/31/2016	11315	11911	12969
03/31/2017	11593	12633	13296
06/30/2017	11959	13023	13861
09/30/2017	12423	13607	14587
12/31/2017	13063	14511	15845
03/31/2018	12877	14401	15694
06/30/2018	12812	14896	15198
09/30/2018	13010	16044	15860
12/31/2018	11464	13875	13781
03/31/2019	12824	15769	14961
06/30/2019	13541	16447	16157
09/30/2019	13877	16727	16482
12/31/2019	14673	18244	18208
03/31/2020	10254	14668	12395
06/30/2020	11925	17682	13908
09/30/2020	12125	19260	14526
12/31/2020	14677	21600	17899
03/31/2021	16578	22934	20762
06/30/2021	18165	24895	22498
09/30/2021	18418	25040	23115
12/31/2021	19886	27801	24171
03/31/2022	19135	26522	23813
06/30/2022	15865	22252	19645
09/30/2022	15043	21165	19035
12/31/2022	16251	22766	21625
03/31/2023	15584	24473	20422
06/30/2023	16352	26612	21512
09/30/2023	15884	25741	21269
12/31/2023	18569	28750	24252
03/31/2024	20019	31785	27273
06/30/2024	19512	33147	26719
09/30/2024	21893	35098	29566

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	9.36%	37.83%	9.55%	8.68%
Class A (with sales charge)‡	4.17%	31.29%	8.49%	8.15%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Financials Index	8.41%	39.01%	12.40%	11.45%

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

Fund Statistics as of 9.30.24

Net Assets	$16,478,980
Total Number of Portfolio Holdings	157
Portfolio Turnover Rate	122%

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

Guggenheim Investments 1

Financial Services Fund   |   Class A   |   RYFNX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Banks	23.8%
Diversified Financial Services	21.6%
REITs	20.6%
Insurance	18.5%
Commercial Services	7.4%
Private Equity	3.5%
Software	2.8%
Other	1.7%

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

Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.5%
Visa, Inc. — Class A	2.4%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.7%
Wells Fargo & Co.	1.5%
Blackstone, Inc. — Class A	1.4%
Goldman Sachs Group, Inc.	1.3%
S&P Global, Inc.	1.3%
Progressive Corp.	1.3%
Top 10 Total	18.7%

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

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

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

Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.5%
Visa, Inc. — Class A	2.4%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.7%
Wells Fargo & Co.	1.5%
Blackstone, Inc. — Class A	1.4%
Goldman Sachs Group, Inc.	1.3%
S&P Global, Inc.	1.3%
Progressive Corp.	1.3%
Top 10 Total	18.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYFNX-093024

Guggenheim Investments 2

Financial Services Fund

Class C | RYFCX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$124	2.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 8.94%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Financials Index, which returned 8.41% for the same period.

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

The industries that contributed the most to performance were diversified banks, asset management & custody banks, and property & casualty insurance. Those that detracted the most were transaction & payment processing services, hotel & resort REITs, and timber REITs. The holdings that contributed the most to performance were Welltower, Inc., Berkshire Hathaway, Inc. – Class B, and Goldman Sachs Group, Inc. Those that detracted the most were Coinbase Global, Inc. – Class A, XP, Inc. – Class A, and StoneCo Ltd. – Class A.

How did the fund perform over the last 10 years?

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

Date	Financial Services Fund (Class C)	S&P 500 Index	S&P 500 Financials Index
09/30/2014	10000	10000	10000
12/31/2014	10674	10493	10725
03/31/2015	10644	10593	10504
06/30/2015	10540	10622	10685
09/30/2015	9820	9939	9967
12/31/2015	10173	10638	10561
03/31/2016	9910	10782	10027
06/30/2016	10144	11047	10239
09/30/2016	10574	11472	10709
12/31/2016	11679	11911	12969
03/31/2017	11943	12633	13296
06/30/2017	12297	13023	13861
09/30/2017	12751	13607	14587
12/31/2017	13383	14511	15845
03/31/2018	13170	14401	15694
06/30/2018	13081	14896	15198
09/30/2018	13257	16044	15860
12/31/2018	11659	13875	13781
03/31/2019	13019	15769	14961
06/30/2019	13722	16447	16157
09/30/2019	14035	16727	16482
12/31/2019	14811	18244	18208
03/31/2020	10331	14668	12395
06/30/2020	11992	17682	13908
09/30/2020	12173	19260	14526
12/31/2020	14702	21600	17899
03/31/2021	16578	22934	20762
06/30/2021	18130	24895	22498
09/30/2021	18348	25040	23115
12/31/2021	19773	27801	24171
03/31/2022	18991	26522	23813
06/30/2022	15716	22252	19645
09/30/2022	14874	21165	19035
12/31/2022	16037	22766	21625
03/31/2023	15351	24473	20422
06/30/2023	16075	26612	21512
09/30/2023	15588	25741	21269
12/31/2023	18190	28750	24252
03/31/2024	19573	31785	27273
06/30/2024	19041	33147	26719
09/30/2024	21326	35098	29566

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	8.94%	36.81%	8.73%	7.87%
Class C (with CDSC)§	7.94%	35.81%	8.73%	7.87%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Financials Index	8.41%	39.01%	12.40%	11.45%

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

Fund Statistics as of 9.30.24

Net Assets	$16,478,980
Total Number of Portfolio Holdings	157
Portfolio Turnover Rate	122%

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

Guggenheim Investments 1

Financial Services Fund   |   Class C   |   RYFCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Banks	23.8%
Diversified Financial Services	21.6%
REITs	20.6%
Insurance	18.5%
Commercial Services	7.4%
Private Equity	3.5%
Software	2.8%
Other	1.7%

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

Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.5%
Visa, Inc. — Class A	2.4%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.7%
Wells Fargo & Co.	1.5%
Blackstone, Inc. — Class A	1.4%
Goldman Sachs Group, Inc.	1.3%
S&P Global, Inc.	1.3%
Progressive Corp.	1.3%
Top 10 Total	18.7%

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

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

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

Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.5%
Visa, Inc. — Class A	2.4%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.7%
Wells Fargo & Co.	1.5%
Blackstone, Inc. — Class A	1.4%
Goldman Sachs Group, Inc.	1.3%
S&P Global, Inc.	1.3%
Progressive Corp.	1.3%
Top 10 Total	18.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYFCX-093024

Guggenheim Investments 2

Financial Services Fund

Class H | RYFAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$85	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 9.37%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Financials Index, which returned 8.41% for the same period.

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

The industries that contributed the most to performance were diversified banks, asset management & custody banks, and property & casualty insurance. Those that detracted the most were transaction & payment processing services, hotel & resort REITs, and timber REITs. The holdings that contributed the most to performance were Welltower, Inc., Berkshire Hathaway, Inc. – Class B, and Goldman Sachs Group, Inc. Those that detracted the most were Coinbase Global, Inc. – Class A, XP, Inc. – Class A, and StoneCo Ltd. – Class A.

How did the fund perform over the last 10 years?

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

Date	Financial Services Fund (Class H)	S&P 500 Index	S&P 500 Financials Index
09/30/2014	10000	10000	10000
12/31/2014	10688	10493	10725
03/31/2015	10670	10593	10504
06/30/2015	10581	10622	10685
09/30/2015	9877	9939	9967
12/31/2015	10250	10638	10561
03/31/2016	10003	10782	10027
06/30/2016	10258	11047	10239
09/30/2016	10714	11472	10709
12/31/2016	11856	11911	12969
03/31/2017	12147	12633	13296
06/30/2017	12534	13023	13861
09/30/2017	13020	13607	14587
12/31/2017	13693	14511	15845
03/31/2018	13496	14401	15694
06/30/2018	13431	14896	15198
09/30/2018	13637	16044	15860
12/31/2018	12015	13875	13781
03/31/2019	13439	15769	14961
06/30/2019	14193	16447	16157
09/30/2019	14542	16727	16482
12/31/2019	15377	18244	18208
03/31/2020	10745	14668	12395
06/30/2020	12495	17682	13908
09/30/2020	12705	19260	14526
12/31/2020	15379	21600	17899
03/31/2021	17370	22934	20762
06/30/2021	19033	24895	22498
09/30/2021	19302	25040	23115
12/31/2021	20838	27801	24171
03/31/2022	20056	26522	23813
06/30/2022	16626	22252	19645
09/30/2022	15766	21165	19035
12/31/2022	17033	22766	21625
03/31/2023	16334	24473	20422
06/30/2023	17138	26612	21512
09/30/2023	16647	25741	21269
12/31/2023	19464	28750	24252
03/31/2024	20981	31785	27273
06/30/2024	20447	33147	26719
09/30/2024	22944	35098	29566

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	9.37%	37.83%	9.55%	8.66%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Financials Index	8.41%	39.01%	12.40%	11.45%

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

Fund Statistics as of 9.30.24

Net Assets	$16,478,980
Total Number of Portfolio Holdings	157
Portfolio Turnover Rate	122%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 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 Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Financial Services Fund   |   Class H   |   RYFAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Banks	23.8%
Diversified Financial Services	21.6%
REITs	20.6%
Insurance	18.5%
Commercial Services	7.4%
Private Equity	3.5%
Software	2.8%
Other	1.7%

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

Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.5%
Visa, Inc. — Class A	2.4%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.7%
Wells Fargo & Co.	1.5%
Blackstone, Inc. — Class A	1.4%
Goldman Sachs Group, Inc.	1.3%
S&P Global, Inc.	1.3%
Progressive Corp.	1.3%
Top 10 Total	18.7%

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

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

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

Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.5%
Visa, Inc. — Class A	2.4%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.7%
Wells Fargo & Co.	1.5%
Blackstone, Inc. — Class A	1.4%
Goldman Sachs Group, Inc.	1.3%
S&P Global, Inc.	1.3%
Progressive Corp.	1.3%
Top 10 Total	18.7%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYFAX-093024

Guggenheim Investments 2

Health Care Fund

Investor Class | RYHIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$70	1.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 3.00%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 5.06% for the same period.

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

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care facilities. Those that detracted the most were life sciences tools & services, health care equipment, and health care technology. The holdings that contributed the most to performance were UnitedHealth Group, Inc., Eli Lilly and Co., and Alnylam Pharmaceuticals, Inc. Those that detracted the most were DexCom, Inc., Edwards Lifesciences Corp., and Merck & Company, Inc.

How did the fund perform over the last 10 years?

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

Date	Health Care Fund (Investor Class)	S&P 500 Index	S&P 500 Health Care Index
09/30/2014	10000	10000	10000
12/31/2014	10875	10493	10748
03/31/2015	12004	10593	11450
06/30/2015	12473	10622	11775
09/30/2015	10637	9939	10519
12/31/2015	11328	10638	11488
03/31/2016	10225	10782	10856
06/30/2016	10607	11047	11537
09/30/2016	10999	11472	11645
12/31/2016	10267	11911	11179
03/31/2017	11267	12633	12115
06/30/2017	12223	13023	12975
09/30/2017	12450	13607	13449
12/31/2017	12677	14511	13647
03/31/2018	12775	14401	13480
06/30/2018	13496	14896	13897
09/30/2018	15035	16044	15917
12/31/2018	12874	13875	14530
03/31/2019	14403	15769	15488
06/30/2019	14516	16447	15702
09/30/2019	13864	16727	15349
12/31/2019	15806	18244	17555
03/31/2020	13612	14668	15331
06/30/2020	16153	17682	17414
09/30/2020	17110	19260	18436
12/31/2020	18799	21600	19916
03/31/2021	19225	22934	20549
06/30/2021	21116	24895	22276
09/30/2021	21254	25040	22595
12/31/2021	22415	27801	25120
03/31/2022	21033	26522	24473
06/30/2022	18781	22252	23026
09/30/2022	17692	21165	21834
12/31/2022	19816	22766	24629
03/31/2023	19739	24473	23568
06/30/2023	20258	26612	24264
09/30/2023	19342	25741	23621
12/31/2023	20974	28750	25136
03/31/2024	22481	31785	27360
06/30/2024	21879	33147	27098
09/30/2024	23155	35098	28744

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	3.00%	19.71%	10.80%	8.76%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Health Care Index	5.06%	21.69%	13.37%	11.14%

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

Fund Statistics as of 9.30.24

Net Assets	$23,688,931
Total Number of Portfolio Holdings	120
Portfolio Turnover Rate	67%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index 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.

†

6 month returns are not annualized.

Guggenheim Investments 1

Health Care Fund   |   Investor Class   |   RYHIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Pharmaceuticals	31.9%
Healthcare-Products	29.3%
Biotechnology	20.4%
Healthcare-Services	17.0%
Software	0.8%
Electronics	0.7%
Commercial Services	0.2%

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

Eli Lilly & Co.	4.0%
UnitedHealth Group, Inc.	3.5%
Johnson & Johnson	3.0%
AbbVie, Inc.	2.9%
Merck & Company, Inc.	2.5%
Thermo Fisher Scientific, Inc.	2.4%
Abbott Laboratories	2.1%
Danaher Corp.	2.1%
Intuitive Surgical, Inc.	2.0%
Amgen, Inc.	2.0%
Top 10 Total	26.5%

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

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

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

Eli Lilly & Co.	4.0%
UnitedHealth Group, Inc.	3.5%
Johnson & Johnson	3.0%
AbbVie, Inc.	2.9%
Merck & Company, Inc.	2.5%
Thermo Fisher Scientific, Inc.	2.4%
Abbott Laboratories	2.1%
Danaher Corp.	2.1%
Intuitive Surgical, Inc.	2.0%
Amgen, Inc.	2.0%
Top 10 Total	26.5%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHIX-093024

Guggenheim Investments 2

Health Care Fund

Class A | RYHEX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$82	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 2.86%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 5.06% for the same period.

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

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care facilities. Those that detracted the most were life sciences tools & services, health care equipment, and health care technology. The holdings that contributed the most to performance were UnitedHealth Group, Inc., Eli Lilly and Co., and Alnylam Pharmaceuticals, Inc. Those that detracted the most were DexCom, Inc., Edwards Lifesciences Corp., and Merck & Company, Inc.

How did the fund perform over the last 10 years?

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

Date	Health Care Fund (Class A)‡	S&P 500 Index	S&P 500 Health Care Index
09/30/2014	9526	10000	10000
12/31/2014	10350	10493	10748
03/31/2015	11420	10593	11450
06/30/2015	11859	10622	11775
09/30/2015	10105	9939	10519
12/31/2015	10750	10638	11488
03/31/2016	9703	10782	10856
06/30/2016	10056	11047	11537
09/30/2016	10419	11472	11645
12/31/2016	9720	11911	11179
03/31/2017	10658	12633	12115
06/30/2017	11559	13023	12975
09/30/2017	11763	13607	13449
12/31/2017	11972	14511	13647
03/31/2018	12059	14401	13480
06/30/2018	12734	14896	13897
09/30/2018	14176	16044	15917
12/31/2018	12131	13875	14530
03/31/2019	13561	15769	15488
06/30/2019	13655	16447	15702
09/30/2019	13033	16727	15349
12/31/2019	14852	18244	17555
03/31/2020	12781	14668	15331
06/30/2020	15156	17682	17414
09/30/2020	16045	19260	18436
12/31/2020	17613	21600	19916
03/31/2021	18004	22934	20549
06/30/2021	19764	24895	22276
09/30/2021	19877	25040	22595
12/31/2021	20952	27801	25120
03/31/2022	19650	26522	24473
06/30/2022	17536	22252	23026
09/30/2022	16511	21165	21834
12/31/2022	18478	22766	24629
03/31/2023	18397	24473	23568
06/30/2023	18870	26612	24264
09/30/2023	18005	25741	23621
12/31/2023	19511	28750	25136
03/31/2024	20898	31785	27360
06/30/2024	20327	33147	27098
09/30/2024	21496	35098	28744

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	2.86%	19.39%	10.53%	8.48%
Class A (with sales charge)‡	-2.03%	13.72%	9.46%	7.95%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Health Care Index	5.06%	21.69%	13.37%	11.14%

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

Fund Statistics as of 9.30.24

Net Assets	$23,688,931
Total Number of Portfolio Holdings	120
Portfolio Turnover Rate	67%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index 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.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Health Care Fund   |   Class A   |   RYHEX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Pharmaceuticals	31.9%
Healthcare-Products	29.3%
Biotechnology	20.4%
Healthcare-Services	17.0%
Software	0.8%
Electronics	0.7%
Commercial Services	0.2%

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

Eli Lilly & Co.	4.0%
UnitedHealth Group, Inc.	3.5%
Johnson & Johnson	3.0%
AbbVie, Inc.	2.9%
Merck & Company, Inc.	2.5%
Thermo Fisher Scientific, Inc.	2.4%
Abbott Laboratories	2.1%
Danaher Corp.	2.1%
Intuitive Surgical, Inc.	2.0%
Amgen, Inc.	2.0%
Top 10 Total	26.5%

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

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

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

Eli Lilly & Co.	4.0%
UnitedHealth Group, Inc.	3.5%
Johnson & Johnson	3.0%
AbbVie, Inc.	2.9%
Merck & Company, Inc.	2.5%
Thermo Fisher Scientific, Inc.	2.4%
Abbott Laboratories	2.1%
Danaher Corp.	2.1%
Intuitive Surgical, Inc.	2.0%
Amgen, Inc.	2.0%
Top 10 Total	26.5%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHEX-093024

Guggenheim Investments 2

Health Care Fund

Class C | RYHCX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$120	2.36%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 2.47%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 5.06% for the same period.

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

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care facilities. Those that detracted the most were life sciences tools & services, health care equipment, and health care technology. The holdings that contributed the most to performance were UnitedHealth Group, Inc., Eli Lilly and Co., and Alnylam Pharmaceuticals, Inc. Those that detracted the most were DexCom, Inc., Edwards Lifesciences Corp., and Merck & Company, Inc.

How did the fund perform over the last 10 years?

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

Date	Health Care Fund (Class C)	S&P 500 Index	S&P 500 Health Care Index
09/30/2014	10000	10000	10000
12/31/2014	10846	10493	10748
03/31/2015	11947	10593	11450
06/30/2015	12385	10622	11775
09/30/2015	10532	9939	10519
12/31/2015	11186	10638	11488
03/31/2016	10075	10782	10856
06/30/2016	10422	11047	11537
09/30/2016	10781	11472	11645
12/31/2016	10035	11911	11179
03/31/2017	10989	12633	12115
06/30/2017	11889	13023	12975
09/30/2017	12079	13607	13449
12/31/2017	12274	14511	13647
03/31/2018	12334	14401	13480
06/30/2018	13002	14896	13897
09/30/2018	14448	16044	15917
12/31/2018	12336	13875	14530
03/31/2019	13774	15769	15488
06/30/2019	13847	16447	15702
09/30/2019	13186	16727	15349
12/31/2019	15001	18244	17555
03/31/2020	12886	14668	15331
06/30/2020	15257	17682	17414
09/30/2020	16117	19260	18436
12/31/2020	17663	21600	19916
03/31/2021	18017	22934	20549
06/30/2021	19747	24895	22276
09/30/2021	19822	25040	22595
12/31/2021	20855	27801	25120
03/31/2022	19521	26522	24473
06/30/2022	17392	22252	23026
09/30/2022	16344	21165	21834
12/31/2022	18254	22766	24629
03/31/2023	18141	24473	23568
06/30/2023	18574	26612	24264
09/30/2023	17688	25741	23621
12/31/2023	19133	28750	25136
03/31/2024	20459	31785	27360
06/30/2024	19859	33147	27098
09/30/2024	20965	35098	28744

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	2.47%	18.52%	9.72%	7.68%
Class C (with CDSC)§	1.47%	17.52%	9.72%	7.68%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Health Care Index	5.06%	21.69%	13.37%	11.14%

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

Fund Statistics as of 9.30.24

Net Assets	$23,688,931
Total Number of Portfolio Holdings	120
Portfolio Turnover Rate	67%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index 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.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Health Care Fund   |   Class C   |   RYHCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Pharmaceuticals	31.9%
Healthcare-Products	29.3%
Biotechnology	20.4%
Healthcare-Services	17.0%
Software	0.8%
Electronics	0.7%
Commercial Services	0.2%

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

Eli Lilly & Co.	4.0%
UnitedHealth Group, Inc.	3.5%
Johnson & Johnson	3.0%
AbbVie, Inc.	2.9%
Merck & Company, Inc.	2.5%
Thermo Fisher Scientific, Inc.	2.4%
Abbott Laboratories	2.1%
Danaher Corp.	2.1%
Intuitive Surgical, Inc.	2.0%
Amgen, Inc.	2.0%
Top 10 Total	26.5%

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

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

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

Eli Lilly & Co.	4.0%
UnitedHealth Group, Inc.	3.5%
Johnson & Johnson	3.0%
AbbVie, Inc.	2.9%
Merck & Company, Inc.	2.5%
Thermo Fisher Scientific, Inc.	2.4%
Abbott Laboratories	2.1%
Danaher Corp.	2.1%
Intuitive Surgical, Inc.	2.0%
Amgen, Inc.	2.0%
Top 10 Total	26.5%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHCX-093024

Guggenheim Investments 2

Health Care Fund

Class H | RYHAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$82	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 2.85%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 5.06% for the same period.

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

The industries that contributed the most to performance were biotechnology, pharmaceuticals, and health care facilities. Those that detracted the most were life sciences tools & services, health care equipment, and health care technology. The holdings that contributed the most to performance were UnitedHealth Group, Inc., Eli Lilly and Co., and Alnylam Pharmaceuticals, Inc. Those that detracted the most were DexCom, Inc., Edwards Lifesciences Corp., and Merck & Company, Inc.

How did the fund perform over the last 10 years?

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

Date	Health Care Fund (Class H)	S&P 500 Index	S&P 500 Health Care Index
09/30/2014	10000	10000	10000
12/31/2014	10861	10493	10748
03/31/2015	11974	10593	11450
06/30/2015	12424	10622	11775
09/30/2015	10587	9939	10519
12/31/2015	11271	10638	11488
03/31/2016	10169	10782	10856
06/30/2016	10537	11047	11537
09/30/2016	10922	11472	11645
12/31/2016	10187	11911	11179
03/31/2017	11172	12633	12115
06/30/2017	12112	13023	12975
09/30/2017	12324	13607	13449
12/31/2017	12546	14511	13647
03/31/2018	12631	14401	13480
06/30/2018	13336	14896	13897
09/30/2018	14849	16044	15917
12/31/2018	12699	13875	14530
03/31/2019	14205	15769	15488
06/30/2019	14307	16447	15702
09/30/2019	13656	16727	15349
12/31/2019	15559	18244	17555
03/31/2020	13391	14668	15331
06/30/2020	15885	17682	17414
09/30/2020	16816	19260	18436
12/31/2020	18462	21600	19916
03/31/2021	18872	22934	20549
06/30/2021	20716	24895	22276
09/30/2021	20829	25040	22595
12/31/2021	21965	27801	25120
03/31/2022	20598	26522	24473
06/30/2022	18384	22252	23026
09/30/2022	17309	21165	21834
12/31/2022	19368	22766	24629
03/31/2023	19285	24473	23568
06/30/2023	19779	26612	24264
09/30/2023	18874	25741	23621
12/31/2023	20452	28750	25136
03/31/2024	21911	31785	27360
06/30/2024	21310	33147	27098
09/30/2024	22537	35098	28744

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	2.85%	19.41%	10.54%	8.46%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Health Care Index	5.06%	21.69%	13.37%	11.14%

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

Fund Statistics as of 9.30.24

Net Assets	$23,688,931
Total Number of Portfolio Holdings	120
Portfolio Turnover Rate	67%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index 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 20, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Health Care Fund   |   Class H   |   RYHAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Pharmaceuticals	31.9%
Healthcare-Products	29.3%
Biotechnology	20.4%
Healthcare-Services	17.0%
Software	0.8%
Electronics	0.7%
Commercial Services	0.2%

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

Eli Lilly & Co.	4.0%
UnitedHealth Group, Inc.	3.5%
Johnson & Johnson	3.0%
AbbVie, Inc.	2.9%
Merck & Company, Inc.	2.5%
Thermo Fisher Scientific, Inc.	2.4%
Abbott Laboratories	2.1%
Danaher Corp.	2.1%
Intuitive Surgical, Inc.	2.0%
Amgen, Inc.	2.0%
Top 10 Total	26.5%

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

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

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

Eli Lilly & Co.	4.0%
UnitedHealth Group, Inc.	3.5%
Johnson & Johnson	3.0%
AbbVie, Inc.	2.9%
Merck & Company, Inc.	2.5%
Thermo Fisher Scientific, Inc.	2.4%
Abbott Laboratories	2.1%
Danaher Corp.	2.1%
Intuitive Surgical, Inc.	2.0%
Amgen, Inc.	2.0%
Top 10 Total	26.5%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHAX-093024

Guggenheim Investments 2

Internet Fund

Investor Class | RYIIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$71	1.36%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 7.59%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

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

The industries that contributed the most to performance were communications equipment, broadline retail, and interactive home entertainment. Those that detracted the most were internet services & infrastructure, health care technology, and passenger ground transportation. The holdings that contributed the most to performance were Meta Platforms, Inc. – Class A, Alphabet, Inc. – Class A, and Bilibili, Inc. ADR. Those that detracted the most were Airbnb, Inc. – Class A, Snowflake, Inc. – Class A, and CoStar Group, Inc.

How did the fund perform over the last 10 years?

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

Date	Internet Fund (Investor Class)	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	10000	10000	10000
12/31/2014	10004	10493	10524
03/31/2015	10259	10593	10585
06/30/2015	10540	10622	10604
09/30/2015	9751	9939	10211
12/31/2015	10878	10638	11148
03/31/2016	10306	10782	11438
06/30/2016	10342	11047	11113
09/30/2016	11844	11472	12542
12/31/2016	11399	11911	12692
03/31/2017	12611	12633	14287
06/30/2017	13619	13023	14878
09/30/2017	14533	13607	16164
12/31/2017	15323	14511	17620
03/31/2018	16509	14401	18241
06/30/2018	17896	14896	19535
09/30/2018	18251	16044	21254
12/31/2018	14871	13875	17569
03/31/2019	18060	15769	21059
06/30/2019	18425	16447	22335
09/30/2019	17445	16727	23081
12/31/2019	18744	18244	26405
03/31/2020	16571	14668	23254
06/30/2020	23177	17682	30353
09/30/2020	25588	19260	33981
12/31/2020	30205	21600	37994
03/31/2021	30800	22934	38744
06/30/2021	33392	24895	43222
09/30/2021	30729	25040	43802
12/31/2021	28908	27801	51113
03/31/2022	23568	26522	46841
06/30/2022	16750	22252	37360
09/30/2022	16163	21165	35041
12/31/2022	16032	22766	36703
03/31/2023	19327	24473	44710
06/30/2023	21011	26612	52402
09/30/2023	20454	25741	49445
12/31/2023	23719	28750	57932
03/31/2024	25209	31785	65282
06/30/2024	25368	33147	74294
09/30/2024	27124	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	7.59%	32.61%	9.23%	10.49%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

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

Fund Statistics as of 9.30.24

Net Assets	$12,234,793
Total Number of Portfolio Holdings	82
Portfolio Turnover Rate	43%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Internet Fund   |   Investor Class   |   RYIIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Internet	57.3%
Software	25.5%
Telecommunications	11.0%
Commercial Services	2.5%
Real Estate	1.2%
Entertainment	0.9%
Computers	0.5%
Other	0.6%

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

Alphabet, Inc. — Class A	6.8%
Amazon.com, Inc.	6.5%
Meta Platforms, Inc. — Class A	6.0%
Netflix, Inc.	3.8%
Salesforce, Inc.	3.6%
Cisco Systems, Inc.	3.1%
Adobe, Inc.	3.1%
Uber Technologies, Inc.	2.8%
Arista Networks, Inc.	2.2%
PayPal Holdings, Inc.	2.0%
Top 10 Total	39.9%

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

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

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

Alphabet, Inc. — Class A	6.8%
Amazon.com, Inc.	6.5%
Meta Platforms, Inc. — Class A	6.0%
Netflix, Inc.	3.8%
Salesforce, Inc.	3.6%
Cisco Systems, Inc.	3.1%
Adobe, Inc.	3.1%
Uber Technologies, Inc.	2.8%
Arista Networks, Inc.	2.2%
PayPal Holdings, Inc.	2.0%
Top 10 Total	39.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYIIX-093024

Guggenheim Investments 2

Internet Fund

Class A | RYINX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$84	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 7.47%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

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

The industries that contributed the most to performance were communications equipment, broadline retail, and interactive home entertainment. Those that detracted the most were internet services & infrastructure, health care technology, and passenger ground transportation. The holdings that contributed the most to performance were Meta Platforms, Inc. – Class A, Alphabet, Inc. – Class A, and Bilibili, Inc. ADR. Those that detracted the most were Airbnb, Inc. – Class A, Snowflake, Inc. – Class A, and CoStar Group, Inc.

How did the fund perform over the last 10 years?

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

Date	Internet Fund (Class A)‡	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	9525	10000	10000
12/31/2014	9523	10493	10524
03/31/2015	9760	10593	10585
06/30/2015	10021	10622	10604
09/30/2015	9263	9939	10211
12/31/2015	10328	10638	11148
03/31/2016	9779	10782	11438
06/30/2016	9807	11047	11113
09/30/2016	11223	11472	12542
12/31/2016	10794	11911	12692
03/31/2017	11935	12633	14287
06/30/2017	12881	13023	14878
09/30/2017	13738	13607	16164
12/31/2017	14475	14511	17620
03/31/2018	15584	14401	18241
06/30/2018	16884	14896	19535
09/30/2018	17209	16044	21254
12/31/2018	14010	13875	17569
03/31/2019	17006	15769	21059
06/30/2019	17338	16447	22335
09/30/2019	16406	16727	23081
12/31/2019	17617	18244	26405
03/31/2020	15565	14668	23254
06/30/2020	21757	17682	30353
09/30/2020	24006	19260	33981
12/31/2020	28319	21600	37994
03/31/2021	28859	22934	38744
06/30/2021	31269	24895	43222
09/30/2021	28757	25040	43802
12/31/2021	27036	27801	51113
03/31/2022	22028	26522	46841
06/30/2022	15645	22252	37360
09/30/2022	15087	21165	35041
12/31/2022	14955	22766	36703
03/31/2023	18020	24473	44710
06/30/2023	19576	26612	52402
09/30/2023	19046	25741	49445
12/31/2023	22071	28750	57932
03/31/2024	23443	31785	65282
06/30/2024	23578	33147	74294
09/30/2024	25196	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	7.47%	32.29%	8.96%	10.22%
Class A (with sales charge)‡	2.37%	26.00%	7.90%	9.68%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

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

Fund Statistics as of 9.30.24

Net Assets	$12,234,793
Total Number of Portfolio Holdings	82
Portfolio Turnover Rate	43%

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

Guggenheim Investments 1

Internet Fund   |   Class A   |   RYINX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Internet	57.3%
Software	25.5%
Telecommunications	11.0%
Commercial Services	2.5%
Real Estate	1.2%
Entertainment	0.9%
Computers	0.5%
Other	0.6%

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

Alphabet, Inc. — Class A	6.8%
Amazon.com, Inc.	6.5%
Meta Platforms, Inc. — Class A	6.0%
Netflix, Inc.	3.8%
Salesforce, Inc.	3.6%
Cisco Systems, Inc.	3.1%
Adobe, Inc.	3.1%
Uber Technologies, Inc.	2.8%
Arista Networks, Inc.	2.2%
PayPal Holdings, Inc.	2.0%
Top 10 Total	39.9%

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

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

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

Alphabet, Inc. — Class A	6.8%
Amazon.com, Inc.	6.5%
Meta Platforms, Inc. — Class A	6.0%
Netflix, Inc.	3.8%
Salesforce, Inc.	3.6%
Cisco Systems, Inc.	3.1%
Adobe, Inc.	3.1%
Uber Technologies, Inc.	2.8%
Arista Networks, Inc.	2.2%
PayPal Holdings, Inc.	2.0%
Top 10 Total	39.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYINX-093024

Guggenheim Investments 2

Internet Fund

Class C | RYICX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$123	2.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 7.07%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

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

The industries that contributed the most to performance were communications equipment, broadline retail, and interactive home entertainment. Those that detracted the most were internet services & infrastructure, health care technology, and passenger ground transportation. The holdings that contributed the most to performance were Meta Platforms, Inc. – Class A, Alphabet, Inc. – Class A, and Bilibili, Inc. ADR. Those that detracted the most were Airbnb, Inc. – Class A, Snowflake, Inc. – Class A, and CoStar Group, Inc.

How did the fund perform over the last 10 years?

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

Date	Internet Fund (Class C)	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	10000	10000	10000
12/31/2014	9978	10493	10524
03/31/2015	10207	10593	10585
06/30/2015	10459	10622	10604
09/30/2015	9652	9939	10211
12/31/2015	10741	10638	11148
03/31/2016	10151	10782	11438
06/30/2016	10161	11047	11113
09/30/2016	11607	11472	12542
12/31/2016	11142	11911	12692
03/31/2017	12297	12633	14287
06/30/2017	13246	13023	14878
09/30/2017	14101	13607	16164
12/31/2017	14830	14511	17620
03/31/2018	15939	14401	18241
06/30/2018	17236	14896	19535
09/30/2018	17533	16044	21254
12/31/2018	14249	13875	17569
03/31/2019	17263	15769	21059
06/30/2019	17569	16447	22335
09/30/2019	16592	16727	23081
12/31/2019	17782	18244	26405
03/31/2020	15682	14668	23254
06/30/2020	21879	17682	30353
09/30/2020	24094	19260	33981
12/31/2020	28370	21600	37994
03/31/2021	28860	22934	38744
06/30/2021	31211	24895	43222
09/30/2021	28650	25040	43802
12/31/2021	26882	27801	51113
03/31/2022	21864	26522	46841
06/30/2022	15498	22252	37360
09/30/2022	14917	21165	35041
12/31/2022	14759	22766	36703
03/31/2023	17749	24473	44710
06/30/2023	19247	26612	52402
09/30/2023	18692	25741	49445
12/31/2023	21620	28750	57932
03/31/2024	22922	31785	65282
06/30/2024	23011	33147	74294
09/30/2024	24543	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	7.07%	31.30%	8.14%	9.39%
Class C (with CDSC)§	6.07%	30.30%	8.14%	9.39%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

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

Fund Statistics as of 9.30.24

Net Assets	$12,234,793
Total Number of Portfolio Holdings	82
Portfolio Turnover Rate	43%

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

Guggenheim Investments 1

Internet Fund   |   Class C   |   RYICX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Internet	57.3%
Software	25.5%
Telecommunications	11.0%
Commercial Services	2.5%
Real Estate	1.2%
Entertainment	0.9%
Computers	0.5%
Other	0.6%

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

Alphabet, Inc. — Class A	6.8%
Amazon.com, Inc.	6.5%
Meta Platforms, Inc. — Class A	6.0%
Netflix, Inc.	3.8%
Salesforce, Inc.	3.6%
Cisco Systems, Inc.	3.1%
Adobe, Inc.	3.1%
Uber Technologies, Inc.	2.8%
Arista Networks, Inc.	2.2%
PayPal Holdings, Inc.	2.0%
Top 10 Total	39.9%

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

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

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

Alphabet, Inc. — Class A	6.8%
Amazon.com, Inc.	6.5%
Meta Platforms, Inc. — Class A	6.0%
Netflix, Inc.	3.8%
Salesforce, Inc.	3.6%
Cisco Systems, Inc.	3.1%
Adobe, Inc.	3.1%
Uber Technologies, Inc.	2.8%
Arista Networks, Inc.	2.2%
PayPal Holdings, Inc.	2.0%
Top 10 Total	39.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYICX-093024

Guggenheim Investments 2

Internet Fund

Class H | RYIAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$84	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 7.47%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

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

The industries that contributed the most to performance were communications equipment, broadline retail, and interactive home entertainment. Those that detracted the most were internet services & infrastructure, health care technology, and passenger ground transportation. The holdings that contributed the most to performance were Meta Platforms, Inc. – Class A, Alphabet, Inc. – Class A, and Bilibili, Inc. ADR. Those that detracted the most were Airbnb, Inc. – Class A, Snowflake, Inc. – Class A, and CoStar Group, Inc.

How did the fund perform over the last 10 years?

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

Date	Internet Fund (Class H)	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	10000	10000	10000
12/31/2014	9989	10493	10524
03/31/2015	10232	10593	10585
06/30/2015	10497	10622	10604
09/30/2015	9705	9939	10211
12/31/2015	10819	10638	11148
03/31/2016	10242	10782	11438
06/30/2016	10272	11047	11113
09/30/2016	11757	11472	12542
12/31/2016	11310	11911	12692
03/31/2017	12505	12633	14287
06/30/2017	13497	13023	14878
09/30/2017	14394	13607	16164
12/31/2017	15167	14511	17620
03/31/2018	16330	14401	18241
06/30/2018	17692	14896	19535
09/30/2018	18032	16044	21254
12/31/2018	14681	13875	17569
03/31/2019	17820	15769	21059
06/30/2019	18166	16447	22335
09/30/2019	17189	16727	23081
12/31/2019	18457	18244	26405
03/31/2020	16307	14668	23254
06/30/2020	22794	17682	30353
09/30/2020	25150	19260	33981
12/31/2020	29668	21600	37994
03/31/2021	30234	22934	38744
06/30/2021	32759	24895	43222
09/30/2021	30128	25040	43802
12/31/2021	28324	27801	51113
03/31/2022	23079	26522	46841
06/30/2022	16391	22252	37360
09/30/2022	15804	21165	35041
12/31/2022	15668	22766	36703
03/31/2023	18876	24473	44710
06/30/2023	20506	26612	52402
09/30/2023	19951	25741	49445
12/31/2023	23121	28750	57932
03/31/2024	24559	31785	65282
06/30/2024	24699	33147	74294
09/30/2024	26395	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	7.47%	32.30%	8.96%	10.19%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

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

Fund Statistics as of 9.30.24

Net Assets	$12,234,793
Total Number of Portfolio Holdings	82
Portfolio Turnover Rate	43%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 20, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Internet Fund   |   Class H   |   RYIAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Internet	57.3%
Software	25.5%
Telecommunications	11.0%
Commercial Services	2.5%
Real Estate	1.2%
Entertainment	0.9%
Computers	0.5%
Other	0.6%

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

Alphabet, Inc. — Class A	6.8%
Amazon.com, Inc.	6.5%
Meta Platforms, Inc. — Class A	6.0%
Netflix, Inc.	3.8%
Salesforce, Inc.	3.6%
Cisco Systems, Inc.	3.1%
Adobe, Inc.	3.1%
Uber Technologies, Inc.	2.8%
Arista Networks, Inc.	2.2%
PayPal Holdings, Inc.	2.0%
Top 10 Total	39.9%

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

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

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

Alphabet, Inc. — Class A	6.8%
Amazon.com, Inc.	6.5%
Meta Platforms, Inc. — Class A	6.0%
Netflix, Inc.	3.8%
Salesforce, Inc.	3.6%
Cisco Systems, Inc.	3.1%
Adobe, Inc.	3.1%
Uber Technologies, Inc.	2.8%
Arista Networks, Inc.	2.2%
PayPal Holdings, Inc.	2.0%
Top 10 Total	39.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYIAX-093024

Guggenheim Investments 2

Leisure Fund

Investor Class | RYLIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$71	1.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 5.78%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 8.50% for the same period.

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

The industries that contributed the most to performance were tobacco, interactive home entertainment, and restaurants. Those that detracted the most were casinos & gaming, leisure facilities, and distillers & vintners. The holdings that contributed the most to performance were Philip Morris International, Inc., Bilibili, Inc. ADR, and Netflix, Inc. Those that detracted the most were Walt Disney Co., Airbnb, Inc. – Class A, and Dave & Buster's Entertainment, Inc.

How did the fund perform over the last 10 years?

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

Date	Leisure Fund (Investor Class)	S&P 500 Index	S&P 500 Consumer Discretionary Index
09/30/2014	10000	10000	10000
12/31/2014	10591	10493	10874
03/31/2015	10886	10593	11396
06/30/2015	11071	10622	11615
09/30/2015	10304	9939	11318
12/31/2015	10673	10638	11973
03/31/2016	11074	10782	12165
06/30/2016	11034	11047	12054
09/30/2016	11265	11472	12409
12/31/2016	11722	11911	12695
03/31/2017	12868	12633	13768
06/30/2017	13298	13023	14091
09/30/2017	13319	13607	14210
12/31/2017	14126	14511	15612
03/31/2018	13731	14401	16095
06/30/2018	14130	14896	17410
09/30/2018	14533	16044	18834
12/31/2018	12251	13875	15742
03/31/2019	14289	15769	18218
06/30/2019	14929	16447	19180
09/30/2019	14546	16727	19278
12/31/2019	15912	18244	20140
03/31/2020	11009	14668	16255
06/30/2020	13858	17682	21596
09/30/2020	15806	19260	24848
12/31/2020	19295	21600	26847
03/31/2021	20963	22934	27681
06/30/2021	21685	24895	29604
09/30/2021	20173	25040	29606
12/31/2021	19494	27801	33406
03/31/2022	17709	26522	30391
06/30/2022	13751	22252	22441
09/30/2022	13056	21165	23420
12/31/2022	14235	22766	21035
03/31/2023	16088	24473	24429
06/30/2023	16847	26612	27990
09/30/2023	15918	25741	26645
12/31/2023	17488	28750	29956
03/31/2024	18433	31785	31447
06/30/2024	17956	33147	31652
09/30/2024	19499	35098	34121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	5.78%	22.50%	6.04%	6.91%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Discretionary Index	8.50%	28.06%	12.10%	13.06%

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

Fund Statistics as of 9.30.24

Net Assets	$7,154,930
Total Number of Portfolio Holdings	97
Portfolio Turnover Rate	37%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Leisure Fund   |   Investor Class   |   RYLIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Retail	20.8%
Internet	17.9%
Media	15.2%
Entertainment	10.8%
Lodging	9.2%
Leisure Time	7.3%
Agriculture	6.5%
Other	11.9%

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

Netflix, Inc.	4.4%
McDonald's Corp.	3.7%
Philip Morris International, Inc.	3.4%
Walt Disney Co.	3.4%
Comcast Corp. — Class A	3.3%
Starbucks Corp.	2.6%
Booking Holdings, Inc.	2.4%
Altria Group, Inc.	2.3%
Chipotle Mexican Grill, Inc. — Class A	2.2%
Airbnb, Inc. — Class A	2.2%
Top 10 Total	29.9%

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

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

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

Netflix, Inc.	4.4%
McDonald's Corp.	3.7%
Philip Morris International, Inc.	3.4%
Walt Disney Co.	3.4%
Comcast Corp. — Class A	3.3%
Starbucks Corp.	2.6%
Booking Holdings, Inc.	2.4%
Altria Group, Inc.	2.3%
Chipotle Mexican Grill, Inc. — Class A	2.2%
Airbnb, Inc. — Class A	2.2%
Top 10 Total	29.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYLIX-093024

Guggenheim Investments 2

Leisure Fund

Class A | RYLSX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$84	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 5.67%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 8.50% for the same period.

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

The industries that contributed the most to performance were tobacco, interactive home entertainment, and restaurants. Those that detracted the most were casinos & gaming, leisure facilities, and distillers & vintners. The holdings that contributed the most to performance were Philip Morris International, Inc., Bilibili, Inc. ADR, and Netflix, Inc. Those that detracted the most were Walt Disney Co., Airbnb, Inc. – Class A, and Dave & Buster's Entertainment, Inc.

How did the fund perform over the last 10 years?

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

Date	Leisure Fund (Class A)‡	S&P 500 Index	S&P 500 Consumer Discretionary Index
09/30/2014	9525	10000	10000
12/31/2014	10083	10493	10874
03/31/2015	10356	10593	11396
06/30/2015	10524	10622	11615
09/30/2015	9790	9939	11318
12/31/2015	10132	10638	11973
03/31/2016	10506	10782	12165
06/30/2016	10462	11047	12054
09/30/2016	10675	11472	12409
12/31/2016	11101	11911	12695
03/31/2017	12178	12633	13768
06/30/2017	12576	13023	14091
09/30/2017	12589	13607	14210
12/31/2017	13345	14511	15612
03/31/2018	12964	14401	16095
06/30/2018	13331	14896	17410
09/30/2018	13703	16044	18834
12/31/2018	11542	13875	15742
03/31/2019	13455	15769	18218
06/30/2019	14052	16447	19180
09/30/2019	13681	16727	19278
12/31/2019	14954	18244	20140
03/31/2020	10340	14668	16255
06/30/2020	13008	17682	21596
09/30/2020	14828	19260	24848
12/31/2020	18089	21600	26847
03/31/2021	19642	22934	27681
06/30/2021	20306	24895	29604
09/30/2021	18879	25040	29606
12/31/2021	18232	27801	33406
03/31/2022	16554	26522	30391
06/30/2022	12846	22252	22441
09/30/2022	12188	21165	23420
12/31/2022	13279	22766	21035
03/31/2023	14999	24473	24429
06/30/2023	15695	26612	27990
09/30/2023	14821	25741	26645
12/31/2023	16272	28750	29956
03/31/2024	17140	31785	31447
06/30/2024	16688	33147	31652
09/30/2024	18109	35098	34121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	5.67%	22.19%	5.77%	6.64%
Class A (with sales charge)‡	0.65%	16.38%	4.74%	6.12%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Discretionary Index	8.50%	28.06%	12.10%	13.06%

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

Fund Statistics as of 9.30.24

Net Assets	$7,154,930
Total Number of Portfolio Holdings	97
Portfolio Turnover Rate	37%

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

Guggenheim Investments 1

Leisure Fund   |   Class A   |   RYLSX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Retail	20.8%
Internet	17.9%
Media	15.2%
Entertainment	10.8%
Lodging	9.2%
Leisure Time	7.3%
Agriculture	6.5%
Other	11.9%

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

Netflix, Inc.	4.4%
McDonald's Corp.	3.7%
Philip Morris International, Inc.	3.4%
Walt Disney Co.	3.4%
Comcast Corp. — Class A	3.3%
Starbucks Corp.	2.6%
Booking Holdings, Inc.	2.4%
Altria Group, Inc.	2.3%
Chipotle Mexican Grill, Inc. — Class A	2.2%
Airbnb, Inc. — Class A	2.2%
Top 10 Total	29.9%

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

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

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

Netflix, Inc.	4.4%
McDonald's Corp.	3.7%
Philip Morris International, Inc.	3.4%
Walt Disney Co.	3.4%
Comcast Corp. — Class A	3.3%
Starbucks Corp.	2.6%
Booking Holdings, Inc.	2.4%
Altria Group, Inc.	2.3%
Chipotle Mexican Grill, Inc. — Class A	2.2%
Airbnb, Inc. — Class A	2.2%
Top 10 Total	29.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYLSX-093024

Guggenheim Investments 2

Leisure Fund

Class C | RYLCX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$122	2.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 5.24%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 8.50% for the same period.

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

The industries that contributed the most to performance were tobacco, interactive home entertainment, and restaurants. Those that detracted the most were casinos & gaming, leisure facilities, and distillers & vintners. The holdings that contributed the most to performance were Philip Morris International, Inc., Bilibili, Inc. ADR, and Netflix, Inc. Those that detracted the most were Walt Disney Co., Airbnb, Inc. – Class A, and Dave & Buster's Entertainment, Inc.

How did the fund perform over the last 10 years?

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

Date	Leisure Fund (Class C)	S&P 500 Index	S&P 500 Consumer Discretionary Index
09/30/2014	10000	10000	10000
12/31/2014	10565	10493	10874
03/31/2015	10834	10593	11396
06/30/2015	10988	10622	11615
09/30/2015	10201	9939	11318
12/31/2015	10540	10638	11973
03/31/2016	10908	10782	12165
06/30/2016	10842	11047	12054
09/30/2016	11041	11472	12409
12/31/2016	11460	11911	12695
03/31/2017	12550	12633	13768
06/30/2017	12935	13023	14091
09/30/2017	12925	13607	14210
12/31/2017	13674	14511	15612
03/31/2018	13259	14401	16095
06/30/2018	13609	14896	17410
09/30/2018	13963	16044	18834
12/31/2018	11739	13875	15742
03/31/2019	13660	15769	18218
06/30/2019	14238	16447	19180
09/30/2019	13837	16727	19278
12/31/2019	15096	18244	20140
03/31/2020	10419	14668	16255
06/30/2020	13083	17682	21596
09/30/2020	14884	19260	24848
12/31/2020	18123	21600	26847
03/31/2021	19642	22934	27681
06/30/2021	20271	24895	29604
09/30/2021	18810	25040	29606
12/31/2021	18129	27801	33406
03/31/2022	16431	26522	30391
06/30/2022	12725	22252	22441
09/30/2022	12051	21165	23420
12/31/2022	13107	22766	21035
03/31/2023	14776	24473	24429
06/30/2023	15434	26612	27990
09/30/2023	14548	25741	26645
12/31/2023	15942	28750	29956
03/31/2024	16760	31785	31447
06/30/2024	16287	33147	31652
09/30/2024	17641	35098	34121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	5.24%	21.26%	4.98%	5.84%
Class C (with CDSC)§	4.24%	20.26%	4.98%	5.84%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Discretionary Index	8.50%	28.06%	12.10%	13.06%

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

Fund Statistics as of 9.30.24

Net Assets	$7,154,930
Total Number of Portfolio Holdings	97
Portfolio Turnover Rate	37%

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

Guggenheim Investments 1

Leisure Fund   |   Class C   |   RYLCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Retail	20.8%
Internet	17.9%
Media	15.2%
Entertainment	10.8%
Lodging	9.2%
Leisure Time	7.3%
Agriculture	6.5%
Other	11.9%

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

Netflix, Inc.	4.4%
McDonald's Corp.	3.7%
Philip Morris International, Inc.	3.4%
Walt Disney Co.	3.4%
Comcast Corp. — Class A	3.3%
Starbucks Corp.	2.6%
Booking Holdings, Inc.	2.4%
Altria Group, Inc.	2.3%
Chipotle Mexican Grill, Inc. — Class A	2.2%
Airbnb, Inc. — Class A	2.2%
Top 10 Total	29.9%

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

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

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

Netflix, Inc.	4.4%
McDonald's Corp.	3.7%
Philip Morris International, Inc.	3.4%
Walt Disney Co.	3.4%
Comcast Corp. — Class A	3.3%
Starbucks Corp.	2.6%
Booking Holdings, Inc.	2.4%
Altria Group, Inc.	2.3%
Chipotle Mexican Grill, Inc. — Class A	2.2%
Airbnb, Inc. — Class A	2.2%
Top 10 Total	29.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYLCX-093024

Guggenheim Investments 2

Leisure Fund

Class H | RYLAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$83	1.61%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 5.67%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 8.50% for the same period.

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

The industries that contributed the most to performance were tobacco, interactive home entertainment, and restaurants. Those that detracted the most were casinos & gaming, leisure facilities, and distillers & vintners. The holdings that contributed the most to performance were Philip Morris International, Inc., Bilibili, Inc. ADR, and Netflix, Inc. Those that detracted the most were Walt Disney Co., Airbnb, Inc. – Class A, and Dave & Buster's Entertainment, Inc.

How did the fund perform over the last 10 years?

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

Date	Leisure Fund (Class H)	S&P 500 Index	S&P 500 Consumer Discretionary Index
09/30/2014	10000	10000	10000
12/31/2014	10583	10493	10874
03/31/2015	10865	10593	11396
06/30/2015	11035	10622	11615
09/30/2015	10264	9939	11318
12/31/2015	10623	10638	11973
03/31/2016	11018	10782	12165
06/30/2016	10973	11047	12054
09/30/2016	11194	11472	12409
12/31/2016	11642	11911	12695
03/31/2017	12770	12633	13768
06/30/2017	13189	13023	14091
09/30/2017	13203	13607	14210
12/31/2017	13996	14511	15612
03/31/2018	13595	14401	16095
06/30/2018	13981	14896	17410
09/30/2018	14371	16044	18834
12/31/2018	12107	13875	15742
03/31/2019	14113	15769	18218
06/30/2019	14738	16447	19180
09/30/2019	14345	16727	19278
12/31/2019	15682	18244	20140
03/31/2020	10843	14668	16255
06/30/2020	13641	17682	21596
09/30/2020	15548	19260	24848
12/31/2020	18969	21600	26847
03/31/2021	20598	22934	27681
06/30/2021	21296	24895	29604
09/30/2021	19797	25040	29606
12/31/2021	19119	27801	33406
03/31/2022	17359	26522	30391
06/30/2022	13470	22252	22441
09/30/2022	12781	21165	23420
12/31/2022	13925	22766	21035
03/31/2023	15731	24473	24429
06/30/2023	16460	26612	27990
09/30/2023	15543	25741	26645
12/31/2023	17064	28750	29956
03/31/2024	17974	31785	31447
06/30/2024	17500	33147	31652
09/30/2024	18993	35098	34121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	5.67%	22.19%	5.77%	6.63%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Discretionary Index	8.50%	28.06%	12.10%	13.06%

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

Fund Statistics as of 9.30.24

Net Assets	$7,154,930
Total Number of Portfolio Holdings	97
Portfolio Turnover Rate	37%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Leisure Fund   |   Class H   |   RYLAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Retail	20.8%
Internet	17.9%
Media	15.2%
Entertainment	10.8%
Lodging	9.2%
Leisure Time	7.3%
Agriculture	6.5%
Other	11.9%

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

Netflix, Inc.	4.4%
McDonald's Corp.	3.7%
Philip Morris International, Inc.	3.4%
Walt Disney Co.	3.4%
Comcast Corp. — Class A	3.3%
Starbucks Corp.	2.6%
Booking Holdings, Inc.	2.4%
Altria Group, Inc.	2.3%
Chipotle Mexican Grill, Inc. — Class A	2.2%
Airbnb, Inc. — Class A	2.2%
Top 10 Total	29.9%

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

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

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

Netflix, Inc.	4.4%
McDonald's Corp.	3.7%
Philip Morris International, Inc.	3.4%
Walt Disney Co.	3.4%
Comcast Corp. — Class A	3.3%
Starbucks Corp.	2.6%
Booking Holdings, Inc.	2.4%
Altria Group, Inc.	2.3%
Chipotle Mexican Grill, Inc. — Class A	2.2%
Airbnb, Inc. — Class A	2.2%
Top 10 Total	29.9%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYLAX-093024

Guggenheim Investments 2

Precious Metals Fund

Investor Class | RYPMX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$72	1.28%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 25.15%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 4.77% for the same period.

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

The industries that contributed the most to performance were gold, silver, and copper. No industry detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnico Eagle Mines Ltd., and Kinross Gold Corp. Those that detracted the most were Sibanye Stillwater Ltd. ADR and McEwen Mining, Inc.

How did the fund perform over the last 10 years?

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

Date	Precious Metals Fund (Investor Class)	S&P 500 Index	S&P 500 Materials Index
09/30/2014	10000	10000	10000
12/31/2014	8444	10493	9820
03/31/2015	8032	10593	9917
06/30/2015	7744	10622	9870
09/30/2015	5892	9939	8202
12/31/2015	5870	10638	8997
03/31/2016	8808	10782	9322
06/30/2016	12384	11047	9668
09/30/2016	11849	11472	10027
12/31/2016	9666	11911	10499
03/31/2017	10378	12633	11114
06/30/2017	9967	13023	11466
09/30/2017	10208	13607	12159
12/31/2017	10350	14511	13002
03/31/2018	9579	14401	12285
06/30/2018	9738	14896	12601
09/30/2018	7912	16044	12646
12/31/2018	8633	13875	11090
03/31/2019	9379	15769	12232
06/30/2019	10406	16447	13004
09/30/2019	10919	16727	12988
12/31/2019	13192	18244	13816
03/31/2020	9721	14668	10205
06/30/2020	15892	17682	12860
09/30/2020	17825	19260	14571
12/31/2020	17710	21600	16680
03/31/2021	16401	22934	18195
06/30/2021	17102	24895	19099
09/30/2021	14468	25040	18429
12/31/2021	16156	27801	21231
03/31/2022	18999	26522	20727
06/30/2022	13146	22252	17432
09/30/2022	11907	21165	16190
12/31/2022	14406	22766	18627
03/31/2023	15895	24473	19425
06/30/2023	14427	26612	20068
09/30/2023	12887	25741	19112
12/31/2023	15033	28750	20963
03/31/2024	15345	31785	22839
06/30/2024	16632	33147	21812
09/30/2024	19205	35098	23928

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	25.15%	49.03%	11.96%	6.74%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Materials Index	4.77%	25.20%	13.00%	9.12%

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

Fund Statistics as of 9.30.24

Net Assets	$99,503,552
Total Number of Portfolio Holdings	37
Portfolio Turnover Rate	250%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Precious Metals Fund   |   Investor Class   |   RYPMX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Mining	99.5%

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

Freeport-McMoRan, Inc.	10.8%
Newmont Corp.	9.2%
Agnico Eagle Mines Ltd.	7.1%
Barrick Gold Corp.	6.7%
Wheaton Precious Metals Corp.	6.1%
Gold Fields Ltd. ADR	4.4%
Franco-Nevada Corp.	4.1%
Kinross Gold Corp.	3.9%
Anglogold Ashanti plc	3.6%
Royal Gold, Inc.	3.5%
Top 10 Total	59.4%

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

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

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

Freeport-McMoRan, Inc.	10.8%
Newmont Corp.	9.2%
Agnico Eagle Mines Ltd.	7.1%
Barrick Gold Corp.	6.7%
Wheaton Precious Metals Corp.	6.1%
Gold Fields Ltd. ADR	4.4%
Franco-Nevada Corp.	4.1%
Kinross Gold Corp.	3.9%
Anglogold Ashanti plc	3.6%
Royal Gold, Inc.	3.5%
Top 10 Total	59.4%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYPMX-093024

Guggenheim Investments 2

Precious Metals Fund

Class A | RYMNX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$86	1.52%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 24.96%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 4.77% for the same period.

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

The industries that contributed the most to performance were gold, silver, and copper. No industry detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnico Eagle Mines Ltd., and Kinross Gold Corp. Those that detracted the most were Sibanye Stillwater Ltd. ADR and McEwen Mining, Inc.

How did the fund perform over the last 10 years?

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

Date	Precious Metals Fund (Class A)‡	S&P 500 Index	S&P 500 Materials Index
09/30/2014	9526	10000	10000
12/31/2014	8041	10493	9820
03/31/2015	7635	10593	9917
06/30/2015	7359	10622	9870
09/30/2015	5594	9939	8202
12/31/2015	5566	10638	8997
03/31/2016	8351	10782	9322
06/30/2016	11731	11047	9668
09/30/2016	11218	11472	10027
12/31/2016	9144	11911	10499
03/31/2017	9812	12633	11114
06/30/2017	9414	13023	11466
09/30/2017	9638	13607	12159
12/31/2017	9765	14511	13002
03/31/2018	9031	14401	12285
06/30/2018	9178	14896	12601
09/30/2018	7452	16044	12646
12/31/2018	8126	13875	11090
03/31/2019	8824	15769	12232
06/30/2019	9781	16447	13004
09/30/2019	10260	16727	12988
12/31/2019	12385	18244	13816
03/31/2020	9123	14668	10205
06/30/2020	14904	17682	12860
09/30/2020	16707	19260	14571
12/31/2020	16586	21600	16680
03/31/2021	15352	22934	18195
06/30/2021	15998	24895	19099
09/30/2021	13528	25040	18429
12/31/2021	15095	27801	21231
03/31/2022	17743	26522	20727
06/30/2022	12269	22252	17432
09/30/2022	11104	21165	16190
12/31/2022	13430	22766	18627
03/31/2023	14807	24473	19425
06/30/2023	13430	26612	20068
09/30/2023	11990	25741	19112
12/31/2023	13980	28750	20963
03/31/2024	14262	31785	22839
06/30/2024	15445	33147	21812
09/30/2024	17822	35098	23928

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	24.96%	48.64%	11.68%	6.46%
Class A (with sales charge)‡	19.03%	41.59%	10.60%	5.95%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Materials Index	4.77%	25.20%	13.00%	9.12%

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

Fund Statistics as of 9.30.24

Net Assets	$99,503,552
Total Number of Portfolio Holdings	37
Portfolio Turnover Rate	250%

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

Guggenheim Investments 1

Precious Metals Fund   |   Class A   |   RYMNX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Mining	99.5%

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

Freeport-McMoRan, Inc.	10.8%
Newmont Corp.	9.2%
Agnico Eagle Mines Ltd.	7.1%
Barrick Gold Corp.	6.7%
Wheaton Precious Metals Corp.	6.1%
Gold Fields Ltd. ADR	4.4%
Franco-Nevada Corp.	4.1%
Kinross Gold Corp.	3.9%
Anglogold Ashanti plc	3.6%
Royal Gold, Inc.	3.5%
Top 10 Total	59.4%

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

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

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

Freeport-McMoRan, Inc.	10.8%
Newmont Corp.	9.2%
Agnico Eagle Mines Ltd.	7.1%
Barrick Gold Corp.	6.7%
Wheaton Precious Metals Corp.	6.1%
Gold Fields Ltd. ADR	4.4%
Franco-Nevada Corp.	4.1%
Kinross Gold Corp.	3.9%
Anglogold Ashanti plc	3.6%
Royal Gold, Inc.	3.5%
Top 10 Total	59.4%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYMNX-093024

Guggenheim Investments 2

Precious Metals Fund

Class C | RYZCX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$127	2.26%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 24.55%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 4.77% for the same period.

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

The industries that contributed the most to performance were gold, silver, and copper. No industry detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnico Eagle Mines Ltd., and Kinross Gold Corp. Those that detracted the most were Sibanye Stillwater Ltd. ADR and McEwen Mining, Inc.

How did the fund perform over the last 10 years?

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

Date	Precious Metals Fund (Class C)	S&P 500 Index	S&P 500 Materials Index
09/30/2014	10000	10000	10000
12/31/2014	8425	10493	9820
03/31/2015	7987	10593	9917
06/30/2015	7688	10622	9870
09/30/2015	5834	9939	8202
12/31/2015	5798	10638	8997
03/31/2016	8678	10782	9322
06/30/2016	12171	11047	9668
09/30/2016	11618	11472	10027
12/31/2016	9453	11911	10499
03/31/2017	10124	12633	11114
06/30/2017	9693	13023	11466
09/30/2017	9907	13607	12159
12/31/2017	10017	14511	13002
03/31/2018	9248	14401	12285
06/30/2018	9381	14896	12601
09/30/2018	7601	16044	12646
12/31/2018	8270	13875	11090
03/31/2019	8963	15769	12232
06/30/2019	9919	16447	13004
09/30/2019	10389	16727	12988
12/31/2019	12514	18244	13816
03/31/2020	9201	14668	10205
06/30/2020	15006	17682	12860
09/30/2020	16789	19260	14571
12/31/2020	16639	21600	16680
03/31/2021	15369	22934	18195
06/30/2021	15986	24895	19099
09/30/2021	13491	25040	18429
12/31/2021	15028	27801	21231
03/31/2022	17628	26522	20727
06/30/2022	12170	22252	17432
09/30/2022	10994	21165	16190
12/31/2022	13268	22766	18627
03/31/2023	14604	24473	19425
06/30/2023	13221	26612	20068
09/30/2023	11780	25741	19112
12/31/2023	13708	28750	20963
03/31/2024	13957	31785	22839
06/30/2024	15092	33147	21812
09/30/2024	17384	35098	23928

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	24.55%	47.57%	10.85%	5.69%
Class C (with CDSC)§	23.55%	46.57%	10.85%	5.69%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Materials Index	4.77%	25.20%	13.00%	9.12%

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

Fund Statistics as of 9.30.24

Net Assets	$99,503,552
Total Number of Portfolio Holdings	37
Portfolio Turnover Rate	250%

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

Guggenheim Investments 1

Precious Metals Fund   |   Class C   |   RYZCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Mining	99.5%

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

Freeport-McMoRan, Inc.	10.8%
Newmont Corp.	9.2%
Agnico Eagle Mines Ltd.	7.1%
Barrick Gold Corp.	6.7%
Wheaton Precious Metals Corp.	6.1%
Gold Fields Ltd. ADR	4.4%
Franco-Nevada Corp.	4.1%
Kinross Gold Corp.	3.9%
Anglogold Ashanti plc	3.6%
Royal Gold, Inc.	3.5%
Top 10 Total	59.4%

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

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

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

Freeport-McMoRan, Inc.	10.8%
Newmont Corp.	9.2%
Agnico Eagle Mines Ltd.	7.1%
Barrick Gold Corp.	6.7%
Wheaton Precious Metals Corp.	6.1%
Gold Fields Ltd. ADR	4.4%
Franco-Nevada Corp.	4.1%
Kinross Gold Corp.	3.9%
Anglogold Ashanti plc	3.6%
Royal Gold, Inc.	3.5%
Top 10 Total	59.4%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYZCX-093024

Guggenheim Investments 2

Precious Metals Fund

Class H | RYMPX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$86	1.52%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 24.99%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 4.77% for the same period.

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

The industries that contributed the most to performance were gold, silver, and copper. No industry detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnico Eagle Mines Ltd., and Kinross Gold Corp. Those that detracted the most were Sibanye Stillwater Ltd. ADR and McEwen Mining, Inc.

How did the fund perform over the last 10 years?

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

Date	Precious Metals Fund (Class H)	S&P 500 Index	S&P 500 Materials Index
09/30/2014	10000	10000	10000
12/31/2014	8434	10493	9820
03/31/2015	8010	10593	9917
06/30/2015	7715	10622	9870
09/30/2015	5862	9939	8202
12/31/2015	5835	10638	8997
03/31/2016	8744	10782	9322
06/30/2016	12291	11047	9668
09/30/2016	11752	11472	10027
12/31/2016	9579	11911	10499
03/31/2017	10278	12633	11114
06/30/2017	9856	13023	11466
09/30/2017	10090	13607	12159
12/31/2017	10220	14511	13002
03/31/2018	9446	14401	12285
06/30/2018	9604	14896	12601
09/30/2018	7799	16044	12646
12/31/2018	8497	13875	11090
03/31/2019	9225	15769	12232
06/30/2019	10234	16447	13004
09/30/2019	10736	16727	12988
12/31/2019	12962	18244	13816
03/31/2020	9545	14668	10205
06/30/2020	15593	17682	12860
09/30/2020	17483	19260	14571
12/31/2020	17356	21600	16680
03/31/2021	16064	22934	18195
06/30/2021	16739	24895	19099
09/30/2021	14156	25040	18429
12/31/2021	15797	27801	21231
03/31/2022	18565	26522	20727
06/30/2022	12841	22252	17432
09/30/2022	11619	21165	16190
12/31/2022	14050	22766	18627
03/31/2023	15494	24473	19425
06/30/2023	14050	26612	20068
09/30/2023	12546	25741	19112
12/31/2023	14625	28750	20963
03/31/2024	14919	31785	22839
06/30/2024	16160	33147	21812
09/30/2024	18647	35098	23928

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	24.99%	48.63%	11.67%	6.43%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Materials Index	4.77%	25.20%	13.00%	9.12%

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

Fund Statistics as of 9.30.24

Net Assets	$99,503,552
Total Number of Portfolio Holdings	37
Portfolio Turnover Rate	250%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Precious Metals Fund   |   Class H   |   RYMPX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Mining	99.5%

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

Freeport-McMoRan, Inc.	10.8%
Newmont Corp.	9.2%
Agnico Eagle Mines Ltd.	7.1%
Barrick Gold Corp.	6.7%
Wheaton Precious Metals Corp.	6.1%
Gold Fields Ltd. ADR	4.4%
Franco-Nevada Corp.	4.1%
Kinross Gold Corp.	3.9%
Anglogold Ashanti plc	3.6%
Royal Gold, Inc.	3.5%
Top 10 Total	59.4%

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

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

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

Freeport-McMoRan, Inc.	10.8%
Newmont Corp.	9.2%
Agnico Eagle Mines Ltd.	7.1%
Barrick Gold Corp.	6.7%
Wheaton Precious Metals Corp.	6.1%
Gold Fields Ltd. ADR	4.4%
Franco-Nevada Corp.	4.1%
Kinross Gold Corp.	3.9%
Anglogold Ashanti plc	3.6%
Royal Gold, Inc.	3.5%
Top 10 Total	59.4%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYMPX-093024

Guggenheim Investments 2

Real Estate Fund

Class A | RYREX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$87	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 14.86%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned 16.21% for the same period.

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

The industries that contributed the most to performance were health care REITs, retail REITs, and multi-family residential REITs. Those that detracted the most were hotel & resort REITs, real estate operating companies, and timber REITs. The holdings that contributed the most to performance were Welltower Inc., Iron Mountain, Inc., and Ventas, Inc. Those that detracted the most were CoStar Group, Inc., Host Hotels & Resorts, Inc., and DigitalBridge Group, Inc.

How did the fund perform over the last 10 years?

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

Date	Real Estate Fund (Class A)‡	S&P 500 Index	MSCI U.S. REIT Index
09/30/2014	9524	10000	10000
12/31/2014	10505	10493	11434
03/31/2015	10839	10593	11977
06/30/2015	9900	10622	10726
09/30/2015	9654	9939	10947
12/31/2015	10191	10638	11722
03/31/2016	10680	10782	12462
06/30/2016	11401	11047	13311
09/30/2016	11373	11472	13119
12/31/2016	11174	11911	12730
03/31/2017	11445	12633	12857
06/30/2017	11601	13023	13069
09/30/2017	11671	13607	13190
12/31/2017	11874	14511	13376
03/31/2018	11004	14401	12294
06/30/2018	11951	14896	13535
09/30/2018	11954	16044	13683
12/31/2018	10976	13875	12764
03/31/2019	12719	15769	14841
06/30/2019	12728	16447	15033
09/30/2019	13499	16727	16188
12/31/2019	13655	18244	16062
03/31/2020	9630	14668	11726
06/30/2020	11105	17682	13099
09/30/2020	11183	19260	13313
12/31/2020	12934	21600	14846
03/31/2021	14040	22934	16146
06/30/2021	15414	24895	18083
09/30/2021	15394	25040	18260
12/31/2021	17300	27801	21239
03/31/2022	16338	26522	20376
06/30/2022	13538	22252	16923
09/30/2022	12010	21165	15237
12/31/2022	12536	22766	16033
03/31/2023	12571	24473	16470
06/30/2023	12869	26612	16908
09/30/2023	11830	25741	15721
12/31/2023	13867	28750	18236
03/31/2024	13746	31785	18179
06/30/2024	13509	33147	18193
09/30/2024	15788	35098	21126

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	14.86%	33.45%	3.18%	5.18%
Class A (with sales charge)‡	9.39%	27.11%	2.18%	4.67%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
MSCI U.S. REIT Index	16.21%	34.38%	5.47%	7.77%

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

Fund Statistics as of 9.30.24

Net Assets	$7,638,431
Total Number of Portfolio Holdings	90
Portfolio Turnover Rate	114%

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

Guggenheim Investments 1

Real Estate Fund   |   Class A   |   RYREX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	23.7%
REITs-Apartments	11.8%
REITs-Health Care	9.7%
REITs-Warehouse/Industries	9.1%
REITs-Storage	7.6%
REITs-Office Property	7.1%
REITs-Shopping Centers	6.8%
Other	23.5%

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

Prologis, Inc.	3.5%
American Tower Corp. — Class A	3.4%
Equinix, Inc.	3.0%
Welltower, Inc.	2.9%
Public Storage	2.5%
Realty Income Corp.	2.4%
Digital Realty Trust, Inc.	2.4%
Simon Property Group, Inc.	2.4%
Crown Castle, Inc.	2.3%
CBRE Group, Inc. — Class A	2.0%
Top 10 Total	26.8%

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

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

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

Prologis, Inc.	3.5%
American Tower Corp. — Class A	3.4%
Equinix, Inc.	3.0%
Welltower, Inc.	2.9%
Public Storage	2.5%
Realty Income Corp.	2.4%
Digital Realty Trust, Inc.	2.4%
Simon Property Group, Inc.	2.4%
Crown Castle, Inc.	2.3%
CBRE Group, Inc. — Class A	2.0%
Top 10 Total	26.8%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYREX-093024

Guggenheim Investments 2

Real Estate Fund

Class C | RYCRX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$126	2.35%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 14.46%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned 16.21% for the same period.

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

The industries that contributed the most to performance were health care REITs, retail REITs, and multi-family residential REITs. Those that detracted the most were hotel & resort REITs, real estate operating companies, and timber REITs. The holdings that contributed the most to performance were Welltower Inc., Iron Mountain, Inc., and Ventas, Inc. Those that detracted the most were CoStar Group, Inc., Host Hotels & Resorts, Inc., and DigitalBridge Group, Inc.

How did the fund perform over the last 10 years?

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

Date	Real Estate Fund (Class C)	S&P 500 Index	MSCI U.S. REIT Index
09/30/2014	10000	10000	10000
12/31/2014	11010	10493	11434
03/31/2015	11339	10593	11977
06/30/2015	10336	10622	10726
09/30/2015	10059	9939	10947
12/31/2015	10596	10638	11722
03/31/2016	11085	10782	12462
06/30/2016	11811	11047	13311
09/30/2016	11762	11472	13119
12/31/2016	11531	11911	12730
03/31/2017	11790	12633	12857
06/30/2017	11928	13023	13069
09/30/2017	11978	13607	13190
12/31/2017	12165	14511	13376
03/31/2018	11252	14401	12294
06/30/2018	12197	14896	13535
09/30/2018	12176	16044	13683
12/31/2018	11160	13875	12764
03/31/2019	12909	15769	14841
06/30/2019	12891	16447	15033
09/30/2019	13649	16727	16188
12/31/2019	13780	18244	16062
03/31/2020	9699	14668	11726
06/30/2020	11164	17682	13099
09/30/2020	11223	19260	13313
12/31/2020	12952	21600	14846
03/31/2021	14036	22934	16146
06/30/2021	15499	24895	18083
09/30/2021	15446	25040	18260
12/31/2021	17324	27801	21239
03/31/2022	16333	26522	20376
06/30/2022	13505	22252	16923
09/30/2022	11961	21165	15237
12/31/2022	12458	22766	16033
03/31/2023	12471	24473	16470
06/30/2023	12745	26612	16908
09/30/2023	11696	25741	15721
12/31/2023	13677	28750	18236
03/31/2024	13537	31785	18179
06/30/2024	13278	33147	18193
09/30/2024	15490	35098	21126

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	14.46%	32.43%	2.56%	4.47%
Class C (with CDSC)§	13.46%	31.43%	2.56%	4.47%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
MSCI U.S. REIT Index	16.21%	34.38%	5.47%	7.77%

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

Fund Statistics as of 9.30.24

Net Assets	$7,638,431
Total Number of Portfolio Holdings	90
Portfolio Turnover Rate	114%

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

Guggenheim Investments 1

Real Estate Fund   |   Class C   |   RYCRX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	23.7%
REITs-Apartments	11.8%
REITs-Health Care	9.7%
REITs-Warehouse/Industries	9.1%
REITs-Storage	7.6%
REITs-Office Property	7.1%
REITs-Shopping Centers	6.8%
Other	23.5%

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

Prologis, Inc.	3.5%
American Tower Corp. — Class A	3.4%
Equinix, Inc.	3.0%
Welltower, Inc.	2.9%
Public Storage	2.5%
Realty Income Corp.	2.4%
Digital Realty Trust, Inc.	2.4%
Simon Property Group, Inc.	2.4%
Crown Castle, Inc.	2.3%
CBRE Group, Inc. — Class A	2.0%
Top 10 Total	26.8%

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

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

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

Prologis, Inc.	3.5%
American Tower Corp. — Class A	3.4%
Equinix, Inc.	3.0%
Welltower, Inc.	2.9%
Public Storage	2.5%
Realty Income Corp.	2.4%
Digital Realty Trust, Inc.	2.4%
Simon Property Group, Inc.	2.4%
Crown Castle, Inc.	2.3%
CBRE Group, Inc. — Class A	2.0%
Top 10 Total	26.8%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCRX-093024

Guggenheim Investments 2

Real Estate Fund

Class H | RYHRX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$88	1.63%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 14.86%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned 16.21% for the same period.

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

The industries that contributed the most to performance were health care REITs, retail REITs, and multi-family residential REITs. Those that detracted the most were hotel & resort REITs, real estate operating companies, and timber REITs. The holdings that contributed the most to performance were Welltower Inc., Iron Mountain, Inc., and Ventas, Inc. Those that detracted the most were CoStar Group, Inc., Host Hotels & Resorts, Inc., and DigitalBridge Group, Inc.

How did the fund perform over the last 10 years?

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

Date	Real Estate Fund (Class H)	S&P 500 Index	MSCI U.S. REIT Index
09/30/2014	10000	10000	10000
12/31/2014	11030	10493	11434
03/31/2015	11381	10593	11977
06/30/2015	10396	10622	10726
09/30/2015	10134	9939	10947
12/31/2015	10696	10638	11722
03/31/2016	11211	10782	12462
06/30/2016	11967	11047	13311
09/30/2016	11940	11472	13119
12/31/2016	11731	11911	12730
03/31/2017	12016	12633	12857
06/30/2017	12174	13023	13069
09/30/2017	12254	13607	13190
12/31/2017	12465	14511	13376
03/31/2018	11552	14401	12294
06/30/2018	12549	14896	13535
09/30/2018	12549	16044	13683
12/31/2018	11529	13875	12764
03/31/2019	13357	15769	14841
06/30/2019	13367	16447	15033
09/30/2019	14179	16727	16188
12/31/2019	14343	18244	16062
03/31/2020	10116	14668	11726
06/30/2020	11664	17682	13099
09/30/2020	11747	19260	13313
12/31/2020	13587	21600	14846
03/31/2021	14752	22934	16146
06/30/2021	16195	24895	18083
09/30/2021	16174	25040	18260
12/31/2021	18177	27801	21239
03/31/2022	17168	26522	20376
06/30/2022	14230	22252	16923
09/30/2022	12625	21165	15237
12/31/2022	13175	22766	16033
03/31/2023	13212	24473	16470
06/30/2023	13525	26612	16908
09/30/2023	12432	25741	15721
12/31/2023	14573	28750	18236
03/31/2024	14446	31785	18179
06/30/2024	14196	33147	18193
09/30/2024	16592	35098	21126

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	14.86%	33.46%	3.19%	5.19%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
MSCI U.S. REIT Index	16.21%	34.38%	5.47%	7.77%

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

Fund Statistics as of 9.30.24

Net Assets	$7,638,431
Total Number of Portfolio Holdings	90
Portfolio Turnover Rate	114%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Real Estate Fund   |   Class H   |   RYHRX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
REITs-Diversified	23.7%
REITs-Apartments	11.8%
REITs-Health Care	9.7%
REITs-Warehouse/Industries	9.1%
REITs-Storage	7.6%
REITs-Office Property	7.1%
REITs-Shopping Centers	6.8%
Other	23.5%

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

Prologis, Inc.	3.5%
American Tower Corp. — Class A	3.4%
Equinix, Inc.	3.0%
Welltower, Inc.	2.9%
Public Storage	2.5%
Realty Income Corp.	2.4%
Digital Realty Trust, Inc.	2.4%
Simon Property Group, Inc.	2.4%
Crown Castle, Inc.	2.3%
CBRE Group, Inc. — Class A	2.0%
Top 10 Total	26.8%

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

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

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

Prologis, Inc.	3.5%
American Tower Corp. — Class A	3.4%
Equinix, Inc.	3.0%
Welltower, Inc.	2.9%
Public Storage	2.5%
Realty Income Corp.	2.4%
Digital Realty Trust, Inc.	2.4%
Simon Property Group, Inc.	2.4%
Crown Castle, Inc.	2.3%
CBRE Group, Inc. — Class A	2.0%
Top 10 Total	26.8%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHRX-093024

Guggenheim Investments 2

Retailing Fund

Investor Class | RYRIX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$70	1.36%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 4.45%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 8.50% for the same period.

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

The industries that contributed the most to performance were broadline retail, apparel retail, and computer & electronics retail. Those that detracted the most were other specialty retail, drug retail, and home furnishing retail. The holdings that contributed the most to performance were Walmart, Inc., Costco Wholesale Corp., and Alibaba Group Holding Ltd. ADR. Those that detracted the most were Dollar General Corp., Dollar Tree, Inc., and Walgreens Boots Alliance, Inc.

How did the fund perform over the last 10 years?

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

Date	Retailing Fund (Investor Class)	S&P 500 Index	S&P 500 Consumer Discretionary Index
09/30/2014	10000	10000	10000
12/31/2014	11132	10493	10874
03/31/2015	11839	10593	11396
06/30/2015	11684	10622	11615
09/30/2015	10947	9939	11318
12/31/2015	11010	10638	11973
03/31/2016	11364	10782	12165
06/30/2016	10753	11047	12054
09/30/2016	11107	11472	12409
12/31/2016	11073	11911	12695
03/31/2017	11280	12633	13768
06/30/2017	11191	13023	14091
09/30/2017	11469	13607	14210
12/31/2017	12493	14511	15612
03/31/2018	12708	14401	16095
06/30/2018	13853	14896	17410
09/30/2018	14624	16044	18834
12/31/2018	12106	13875	15742
03/31/2019	14114	15769	18218
06/30/2019	14135	16447	19180
09/30/2019	14354	16727	19278
12/31/2019	15185	18244	20140
03/31/2020	12072	14668	16255
06/30/2020	16733	17682	21596
09/30/2020	19184	19260	24848
12/31/2020	21976	21600	26847
03/31/2021	24089	22934	27681
06/30/2021	25279	24895	29604
09/30/2021	23959	25040	29606
12/31/2021	24693	27801	33406
03/31/2022	21453	26522	30391
06/30/2022	17043	22252	22441
09/30/2022	17057	21165	23420
12/31/2022	18296	22766	21035
03/31/2023	19447	24473	24429
06/30/2023	19911	26612	27990
09/30/2023	18456	25741	26645
12/31/2023	21425	28750	29956
03/31/2024	23600	31785	31447
06/30/2024	22990	33147	31652
09/30/2024	24651	35098	34121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	4.45%	33.57%	11.42%	9.44%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Discretionary Index	8.50%	28.06%	12.10%	13.06%

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

Fund Statistics as of 9.30.24

Net Assets	$7,856,003
Total Number of Portfolio Holdings	63
Portfolio Turnover Rate	135%

*

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

†

6 month returns are not annualized.

Guggenheim Investments 1

Retailing Fund   |   Investor Class   |   RYRIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Retail	68.1%
Internet	26.9%
Distribution & Wholesale	2.5%
Software	1.4%
Commercial Services	0.8%

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

Amazon.com, Inc.	9.3%
Walmart, Inc.	4.8%
Costco Wholesale Corp.	4.5%
Home Depot, Inc.	4.4%
Lowe's Companies, Inc.	4.4%
TJX Companies, Inc.	3.9%
PDD Holdings, Inc. ADR	3.6%
Target Corp.	2.9%
O'Reilly Automotive, Inc.	2.8%
JD.com, Inc. ADR	2.5%
Top 10 Total	43.1%

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

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

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

Amazon.com, Inc.	9.3%
Walmart, Inc.	4.8%
Costco Wholesale Corp.	4.5%
Home Depot, Inc.	4.4%
Lowe's Companies, Inc.	4.4%
TJX Companies, Inc.	3.9%
PDD Holdings, Inc. ADR	3.6%
Target Corp.	2.9%
O'Reilly Automotive, Inc.	2.8%
JD.com, Inc. ADR	2.5%
Top 10 Total	43.1%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYRIX-093024

Guggenheim Investments 2

Retailing Fund

Class A | RYRTX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$83	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 4.33%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 8.50% for the same period.

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

The industries that contributed the most to performance were broadline retail, apparel retail, and computer & electronics retail. Those that detracted the most were other specialty retail, drug retail, and home furnishing retail. The holdings that contributed the most to performance were Walmart, Inc., Costco Wholesale Corp., and Alibaba Group Holding Ltd. ADR. Those that detracted the most were Dollar General Corp., Dollar Tree, Inc., and Walgreens Boots Alliance, Inc.

How did the fund perform over the last 10 years?

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

Date	Retailing Fund (Class A)‡	S&P 500 Index	S&P 500 Consumer Discretionary Index
09/30/2014	9526	10000	10000
12/31/2014	10600	10493	10874
03/31/2015	11267	10593	11396
06/30/2015	11116	10622	11615
09/30/2015	10407	9939	11318
12/31/2015	10457	10638	11973
03/31/2016	10789	10782	12165
06/30/2016	10206	11047	12054
09/30/2016	10533	11472	12409
12/31/2016	10495	11911	12695
03/31/2017	10684	12633	13768
06/30/2017	10596	13023	14091
09/30/2017	10852	13607	14210
12/31/2017	11818	14511	15612
03/31/2018	12011	14401	16095
06/30/2018	13087	14896	17410
09/30/2018	13805	16044	18834
12/31/2018	11420	13875	15742
03/31/2019	13308	15769	18218
06/30/2019	13321	16447	19180
09/30/2019	13519	16727	19278
12/31/2019	14293	18244	20140
03/31/2020	11357	14668	16255
06/30/2020	15731	17682	21596
09/30/2020	18028	19260	24848
12/31/2020	20635	21600	26847
03/31/2021	22608	22934	27681
06/30/2021	23710	24895	29604
09/30/2021	22453	25040	29606
12/31/2021	23130	27801	33406
03/31/2022	20083	26522	30391
06/30/2022	15941	22252	22441
09/30/2022	15946	21165	23420
12/31/2022	17092	22766	21035
03/31/2023	18159	24473	24429
06/30/2023	18578	26612	27990
09/30/2023	17211	25741	26645
12/31/2023	19968	28750	29956
03/31/2024	21979	31785	31447
06/30/2024	21399	33147	31652
09/30/2024	22932	35098	34121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	4.33%	33.24%	11.15%	9.18%
Class A (with sales charge)‡	-0.62%	26.89%	10.07%	8.65%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Discretionary Index	8.50%	28.06%	12.10%	13.06%

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

Fund Statistics as of 9.30.24

Net Assets	$7,856,003
Total Number of Portfolio Holdings	63
Portfolio Turnover Rate	135%

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

Guggenheim Investments 1

Retailing Fund   |   Class A   |   RYRTX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Retail	68.1%
Internet	26.9%
Distribution & Wholesale	2.5%
Software	1.4%
Commercial Services	0.8%

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

Amazon.com, Inc.	9.3%
Walmart, Inc.	4.8%
Costco Wholesale Corp.	4.5%
Home Depot, Inc.	4.4%
Lowe's Companies, Inc.	4.4%
TJX Companies, Inc.	3.9%
PDD Holdings, Inc. ADR	3.6%
Target Corp.	2.9%
O'Reilly Automotive, Inc.	2.8%
JD.com, Inc. ADR	2.5%
Top 10 Total	43.1%

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

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

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

Amazon.com, Inc.	9.3%
Walmart, Inc.	4.8%
Costco Wholesale Corp.	4.5%
Home Depot, Inc.	4.4%
Lowe's Companies, Inc.	4.4%
TJX Companies, Inc.	3.9%
PDD Holdings, Inc. ADR	3.6%
Target Corp.	2.9%
O'Reilly Automotive, Inc.	2.8%
JD.com, Inc. ADR	2.5%
Top 10 Total	43.1%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYRTX-093024

Guggenheim Investments 2

Retailing Fund

Class C | RYRCX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$121	2.37%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 3.92%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 8.50% for the same period.

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

The industries that contributed the most to performance were broadline retail, apparel retail, and computer & electronics retail. Those that detracted the most were other specialty retail, drug retail, and home furnishing retail. The holdings that contributed the most to performance were Walmart, Inc., Costco Wholesale Corp., and Alibaba Group Holding Ltd. ADR. Those that detracted the most were Dollar General Corp., Dollar Tree, Inc., and Walgreens Boots Alliance, Inc.

How did the fund perform over the last 10 years?

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

Date	Retailing Fund (Class C)	S&P 500 Index	S&P 500 Consumer Discretionary Index
09/30/2014	10000	10000	10000
12/31/2014	11103	10493	10874
03/31/2015	11777	10593	11396
06/30/2015	11598	10622	11615
09/30/2015	10838	9939	11318
12/31/2015	10872	10638	11973
03/31/2016	11194	10782	12165
06/30/2016	10568	11047	12054
09/30/2016	10886	11472	12409
12/31/2016	10823	11911	12695
03/31/2017	10997	12633	13768
06/30/2017	10886	13023	14091
09/30/2017	11132	13607	14210
12/31/2017	12096	14511	15612
03/31/2018	12269	14401	16095
06/30/2018	13344	14896	17410
09/30/2018	14052	16044	18834
12/31/2018	11600	13875	15742
03/31/2019	13492	15769	18218
06/30/2019	13478	16447	19180
09/30/2019	13651	16727	19278
12/31/2019	14404	18244	20140
03/31/2020	11426	14668	16255
06/30/2020	15795	17682	21596
09/30/2020	18063	19260	24848
12/31/2020	20636	21600	26847
03/31/2021	22567	22934	27681
06/30/2021	23620	24895	29604
09/30/2021	22331	25040	29606
12/31/2021	22957	27801	33406
03/31/2022	19896	26522	30391
06/30/2022	15764	22252	22441
09/30/2022	15737	21165	23420
12/31/2022	16836	22766	21035
03/31/2023	17854	24473	24429
06/30/2023	18229	26612	27990
09/30/2023	16857	25741	26645
12/31/2023	19521	28750	29956
03/31/2024	21445	31785	31447
06/30/2024	20845	33147	31652
09/30/2024	22292	35098	34121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	3.92%	32.24%	10.31%	8.35%
Class C (with CDSC)§	2.92%	31.24%	10.31%	8.35%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Discretionary Index	8.50%	28.06%	12.10%	13.06%

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

Fund Statistics as of 9.30.24

Net Assets	$7,856,003
Total Number of Portfolio Holdings	63
Portfolio Turnover Rate	135%

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

Guggenheim Investments 1

Retailing Fund   |   Class C   |   RYRCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

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

Sector	% of Net Assets
Retail	68.1%
Internet	26.9%
Distribution & Wholesale	2.5%
Software	1.4%
Commercial Services	0.8%

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

Amazon.com, Inc.	9.3%
Walmart, Inc.	4.8%
Costco Wholesale Corp.	4.5%
Home Depot, Inc.	4.4%
Lowe's Companies, Inc.	4.4%
TJX Companies, Inc.	3.9%
PDD Holdings, Inc. ADR	3.6%
Target Corp.	2.9%
O'Reilly Automotive, Inc.	2.8%
JD.com, Inc. ADR	2.5%
Top 10 Total	43.1%

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

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

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

Amazon.com, Inc.	9.3%
Walmart, Inc.	4.8%
Costco Wholesale Corp.	4.5%
Home Depot, Inc.	4.4%
Lowe's Companies, Inc.	4.4%
TJX Companies, Inc.	3.9%
PDD Holdings, Inc. ADR	3.6%
Target Corp.	2.9%
O'Reilly Automotive, Inc.	2.8%
JD.com, Inc. ADR	2.5%
Top 10 Total	43.1%

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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYRCX-093024

Guggenheim Investments 2

Retailing Fund

Class H | RYRAX

Semi-Annual Shareholder Report | 9.30.24

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

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$83	1.62%2

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 4.33%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 8.50% for the same period.

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

The industries that contributed the most to performance were broadline retail, apparel retail, and computer & electronics retail. Those that detracted the most were other specialty retail, drug retail, and home furnishing retail. The holdings that contributed the most to performance were Walmart, Inc., Costco Wholesale Corp., and Alibaba Group Holding Ltd. ADR. Those that detracted the most were Dollar General Corp., Dollar Tree, Inc., and Walgreens Boots Alliance, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Retailing Fund (Class H)	S&P 500 Index	S&P 500 Consumer Discretionary Index
09/30/2014	10000	10000	10000
12/31/2014	11122	10493	10874
03/31/2015	11816	10593	11396
06/30/2015	11649	10622	11615
09/30/2015	10906	9939	11318
12/31/2015	10965	10638	11973
03/31/2016	11307	10782	12165
06/30/2016	10698	11047	12054
09/30/2016	11037	11472	12409
12/31/2016	11001	11911	12695
03/31/2017	11199	12633	13768
06/30/2017	11104	13023	14091
09/30/2017	11375	13607	14210
12/31/2017	12385	14511	15612
03/31/2018	12588	14401	16095
06/30/2018	13711	14896	17410
09/30/2018	14464	16044	18834
12/31/2018	11962	13875	15742
03/31/2019	13949	15769	18218
06/30/2019	13958	16447	19180
09/30/2019	14166	16727	19278
12/31/2019	14979	18244	20140
03/31/2020	11903	14668	16255
06/30/2020	16484	17682	21596
09/30/2020	18891	19260	24848
12/31/2020	21624	21600	26847
03/31/2021	23689	22934	27681
06/30/2021	24841	24895	29604
09/30/2021	23522	25040	29606
12/31/2021	24230	27801	33406
03/31/2022	21040	26522	30391
06/30/2022	16700	22252	22441
09/30/2022	16700	21165	23420
12/31/2022	17904	22766	21035
03/31/2023	19019	24473	24429
06/30/2023	19460	26612	27990
09/30/2023	18028	25741	26645
12/31/2023	20916	28750	29956
03/31/2024	23022	31785	31447
06/30/2024	22412	33147	31652
09/30/2024	24017	35098	34121

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	4.33%	33.22%	11.14%	9.16%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Consumer Discretionary Index	8.50%	28.06%	12.10%	13.06%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$7,856,003
Total Number of Portfolio Holdings	63
Portfolio Turnover Rate	135%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Retailing Fund   |   Class H   |   RYRAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Retail	68.1%
Internet	26.9%
Distribution & Wholesale	2.5%
Software	1.4%
Commercial Services	0.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Amazon.com, Inc.	9.3%
Walmart, Inc.	4.8%
Costco Wholesale Corp.	4.5%
Home Depot, Inc.	4.4%
Lowe's Companies, Inc.	4.4%
TJX Companies, Inc.	3.9%
PDD Holdings, Inc. ADR	3.6%
Target Corp.	2.9%
O'Reilly Automotive, Inc.	2.8%
JD.com, Inc. ADR	2.5%
Top 10 Total	43.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Amazon.com, Inc.	9.3%
Walmart, Inc.	4.8%
Costco Wholesale Corp.	4.5%
Home Depot, Inc.	4.4%
Lowe's Companies, Inc.	4.4%
TJX Companies, Inc.	3.9%
PDD Holdings, Inc. ADR	3.6%
Target Corp.	2.9%
O'Reilly Automotive, Inc.	2.8%
JD.com, Inc. ADR	2.5%
Top 10 Total	43.1%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYRAX-093024

Guggenheim Investments 2

Technology Fund

Investor Class | RYTIX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Technology Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$71	1.37%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 6.34%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were semiconductors, technology hardware storage & peripherals, and systems software. Those that detracted the most were semiconductor materials & equipment, internet services & infrastructure, and application software. The holdings that contributed the most to performance were Apple Inc., NVIDIA Corp., and Broadcom Inc. Those that detracted the most were Intel Corp., Super Micro Computer, Inc., and SolarEdge Technologies, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Technology Fund (Investor Class)	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	10000	10000	10000
12/31/2014	10372	10493	10524
03/31/2015	10544	10593	10585
06/30/2015	10603	10622	10604
09/30/2015	9719	9939	10211
12/31/2015	10501	10638	11148
03/31/2016	10424	10782	11438
06/30/2016	10410	11047	11113
09/30/2016	11744	11472	12542
12/31/2016	11705	11911	12692
03/31/2017	12991	12633	14287
06/30/2017	13620	13023	14878
09/30/2017	14717	13607	16164
12/31/2017	15576	14511	17620
03/31/2018	16513	14401	18241
06/30/2018	17234	14896	19535
09/30/2018	18470	16044	21254
12/31/2018	15401	13875	17569
03/31/2019	18667	15769	21059
06/30/2019	19407	16447	22335
09/30/2019	19476	16727	23081
12/31/2019	21580	18244	26405
03/31/2020	18469	14668	23254
06/30/2020	24507	17682	30353
09/30/2020	27174	19260	33981
12/31/2020	32338	21600	37994
03/31/2021	33302	22934	38744
06/30/2021	36866	24895	43222
09/30/2021	36426	25040	43802
12/31/2021	39162	27801	51113
03/31/2022	33946	26522	46841
06/30/2022	25907	22252	37360
09/30/2022	24359	21165	35041
12/31/2022	24990	22766	36703
03/31/2023	29893	24473	44710
06/30/2023	33472	26612	52402
09/30/2023	32119	25741	49445
12/31/2023	37376	28750	57932
03/31/2024	41570	31785	65282
06/30/2024	43840	33147	74294
09/30/2024	44207	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	6.34%	37.63%	17.81%	16.02%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$64,153,122
Total Number of Portfolio Holdings	125
Portfolio Turnover Rate	53%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Technology Fund   |   Investor Class   |   RYTIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Software	30.2%
Semiconductors	28.0%
Computers	17.7%
Internet	14.8%
Telecommunications	3.8%
Electronics	2.5%
Energy-Alternate Sources	1.6%
Other	0.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.6%
NVIDIA Corp.	5.2%
Alphabet, Inc. — Class A	4.5%
Meta Platforms, Inc. — Class A	3.9%
Broadcom, Inc.	2.8%
Advanced Micro Devices, Inc.	1.7%
Oracle Corp.	1.7%
Salesforce, Inc.	1.6%
International Business Machines Corp.	1.4%
Top 10 Total	34.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.6%
NVIDIA Corp.	5.2%
Alphabet, Inc. — Class A	4.5%
Meta Platforms, Inc. — Class A	3.9%
Broadcom, Inc.	2.8%
Advanced Micro Devices, Inc.	1.7%
Oracle Corp.	1.7%
Salesforce, Inc.	1.6%
International Business Machines Corp.	1.4%
Top 10 Total	34.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYTIX-093024

Guggenheim Investments 2

Technology Fund

Class A | RYTHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Technology Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$84	1.62%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 6.21%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were semiconductors, technology hardware storage & peripherals, and systems software. Those that detracted the most were semiconductor materials & equipment, internet services & infrastructure, and application software. The holdings that contributed the most to performance were Apple Inc., NVIDIA Corp., and Broadcom Inc. Those that detracted the most were Intel Corp., Super Micro Computer, Inc., and SolarEdge Technologies, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Technology Fund (Class A)‡	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	9525	10000	10000
12/31/2014	9875	10493	10524
03/31/2015	10033	10593	10585
06/30/2015	10080	10622	10604
09/30/2015	9237	9939	10211
12/31/2015	9972	10638	11148
03/31/2016	9892	10782	11438
06/30/2016	9875	11047	11113
09/30/2016	11134	11472	12542
12/31/2016	11090	11911	12692
03/31/2017	12303	12633	14287
06/30/2017	12887	13023	14878
09/30/2017	13917	13607	16164
12/31/2017	14720	14511	17620
03/31/2018	15596	14401	18241
06/30/2018	16267	14896	19535
09/30/2018	17423	16044	21254
12/31/2018	14520	13875	17569
03/31/2019	17588	15769	21059
06/30/2019	18273	16447	22335
09/30/2019	18327	16727	23081
12/31/2019	20294	18244	26405
03/31/2020	17358	14668	23254
06/30/2020	23018	17682	30353
09/30/2020	25506	19260	33981
12/31/2020	30334	21600	37994
03/31/2021	31220	22934	38744
06/30/2021	34540	24895	43222
09/30/2021	34105	25040	43802
12/31/2021	36646	27801	51113
03/31/2022	31746	26522	46841
06/30/2022	24213	22252	37360
09/30/2022	22751	21165	35041
12/31/2022	23326	22766	36703
03/31/2023	27885	24473	44710
06/30/2023	31205	26612	52402
09/30/2023	29925	25741	49445
12/31/2023	34800	28750	57932
03/31/2024	38682	31785	65282
06/30/2024	40769	33147	74294
09/30/2024	41084	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	6.21%	37.29%	17.52%	15.74%
Class A (with sales charge)‡	1.17%	30.77%	16.38%	15.18%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$64,153,122
Total Number of Portfolio Holdings	125
Portfolio Turnover Rate	53%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Technology Fund   |   Class A   |   RYTHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Software	30.2%
Semiconductors	28.0%
Computers	17.7%
Internet	14.8%
Telecommunications	3.8%
Electronics	2.5%
Energy-Alternate Sources	1.6%
Other	0.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.6%
NVIDIA Corp.	5.2%
Alphabet, Inc. — Class A	4.5%
Meta Platforms, Inc. — Class A	3.9%
Broadcom, Inc.	2.8%
Advanced Micro Devices, Inc.	1.7%
Oracle Corp.	1.7%
Salesforce, Inc.	1.6%
International Business Machines Corp.	1.4%
Top 10 Total	34.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.6%
NVIDIA Corp.	5.2%
Alphabet, Inc. — Class A	4.5%
Meta Platforms, Inc. — Class A	3.9%
Broadcom, Inc.	2.8%
Advanced Micro Devices, Inc.	1.7%
Oracle Corp.	1.7%
Salesforce, Inc.	1.6%
International Business Machines Corp.	1.4%
Top 10 Total	34.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYTHX-093024

Guggenheim Investments 2

Technology Fund

Class C | RYCHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Technology Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$122	2.37%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 5.82%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were semiconductors, technology hardware storage & peripherals, and systems software. Those that detracted the most were semiconductor materials & equipment, internet services & infrastructure, and application software. The holdings that contributed the most to performance were Apple Inc., NVIDIA Corp., and Broadcom Inc. Those that detracted the most were Intel Corp., Super Micro Computer, Inc., and SolarEdge Technologies, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Technology Fund (Class C)	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	10000	10000	10000
12/31/2014	10345	10493	10524
03/31/2015	10492	10593	10585
06/30/2015	10524	10622	10604
09/30/2015	9625	9939	10211
12/31/2015	10373	10638	11148
03/31/2016	10271	10782	11438
06/30/2016	10231	11047	11113
09/30/2016	11514	11472	12542
12/31/2016	11447	11911	12692
03/31/2017	12675	12633	14287
06/30/2017	13254	13023	14878
09/30/2017	14287	13607	16164
12/31/2017	15081	14511	17620
03/31/2018	15952	14401	18241
06/30/2018	16605	14896	19535
09/30/2018	17753	16044	21254
12/31/2018	14765	13875	17569
03/31/2019	17854	15769	21059
06/30/2019	18514	16447	22335
09/30/2019	18533	16727	23081
12/31/2019	20484	18244	26405
03/31/2020	17488	14668	23254
06/30/2020	23147	17682	30353
09/30/2020	25601	19260	33981
12/31/2020	30388	21600	37994
03/31/2021	31220	22934	38744
06/30/2021	34474	24895	43222
09/30/2021	33977	25040	43802
12/31/2021	36436	27801	51113
03/31/2022	31506	26522	46841
06/30/2022	23985	22252	37360
09/30/2022	22493	21165	35041
12/31/2022	23019	22766	36703
03/31/2023	27466	24473	44710
06/30/2023	30679	26612	52402
09/30/2023	29366	25741	49445
12/31/2023	34087	28750	57932
03/31/2024	37819	31785	65282
06/30/2024	39786	33147	74294
09/30/2024	40019	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	5.82%	36.28%	16.64%	14.88%
Class C (with CDSC)§	4.82%	35.28%	16.64%	14.88%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$64,153,122
Total Number of Portfolio Holdings	125
Portfolio Turnover Rate	53%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Technology Fund   |   Class C   |   RYCHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Software	30.2%
Semiconductors	28.0%
Computers	17.7%
Internet	14.8%
Telecommunications	3.8%
Electronics	2.5%
Energy-Alternate Sources	1.6%
Other	0.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.6%
NVIDIA Corp.	5.2%
Alphabet, Inc. — Class A	4.5%
Meta Platforms, Inc. — Class A	3.9%
Broadcom, Inc.	2.8%
Advanced Micro Devices, Inc.	1.7%
Oracle Corp.	1.7%
Salesforce, Inc.	1.6%
International Business Machines Corp.	1.4%
Top 10 Total	34.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.6%
NVIDIA Corp.	5.2%
Alphabet, Inc. — Class A	4.5%
Meta Platforms, Inc. — Class A	3.9%
Broadcom, Inc.	2.8%
Advanced Micro Devices, Inc.	1.7%
Oracle Corp.	1.7%
Salesforce, Inc.	1.6%
International Business Machines Corp.	1.4%
Top 10 Total	34.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCHX-093024

Guggenheim Investments 2

Technology Fund

Class H | RYTAX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Technology Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$84	1.62%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 6.20%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 15.64% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were semiconductors, technology hardware storage & peripherals, and systems software. Those that detracted the most were semiconductor materials & equipment, internet services & infrastructure, and application software. The holdings that contributed the most to performance were Apple Inc., NVIDIA Corp., and Broadcom Inc. Those that detracted the most were Intel Corp., Super Micro Computer, Inc., and SolarEdge Technologies, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Technology Fund (Class H)	S&P 500 Index	S&P 500 Information Technology Index
09/30/2014	10000	10000	10000
12/31/2014	10359	10493	10524
03/31/2015	10517	10593	10585
06/30/2015	10562	10622	10604
09/30/2015	9676	9939	10211
12/31/2015	10448	10638	11148
03/31/2016	10365	10782	11438
06/30/2016	10342	11047	11113
09/30/2016	11659	11472	12542
12/31/2016	11615	11911	12692
03/31/2017	12885	12633	14287
06/30/2017	13497	13023	14878
09/30/2017	14576	13607	16164
12/31/2017	15416	14511	17620
03/31/2018	16336	14401	18241
06/30/2018	17036	14896	19535
09/30/2018	18248	16044	21254
12/31/2018	15206	13875	17569
03/31/2019	18419	15769	21059
06/30/2019	19139	16447	22335
09/30/2019	19195	16727	23081
12/31/2019	21256	18244	26405
03/31/2020	18180	14668	23254
06/30/2020	24108	17682	30353
09/30/2020	26715	19260	33981
12/31/2020	31771	21600	37994
03/31/2021	32698	22934	38744
06/30/2021	36177	24895	43222
09/30/2021	35721	25040	43802
12/31/2021	38379	27801	51113
03/31/2022	33247	26522	46841
06/30/2022	25358	22252	37360
09/30/2022	23825	21165	35041
12/31/2022	24427	22766	36703
03/31/2023	29201	24473	44710
06/30/2023	32678	26612	52402
09/30/2023	31337	25741	49445
12/31/2023	36443	28750	57932
03/31/2024	40507	31785	65282
06/30/2024	42696	33147	74294
09/30/2024	43023	35098	75490

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	6.20%	37.29%	17.52%	15.71%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Information Technology Index	15.64%	52.68%	26.74%	22.40%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$64,153,122
Total Number of Portfolio Holdings	125
Portfolio Turnover Rate	53%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Technology Fund   |   Class H   |   RYTAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Software	30.2%
Semiconductors	28.0%
Computers	17.7%
Internet	14.8%
Telecommunications	3.8%
Electronics	2.5%
Energy-Alternate Sources	1.6%
Other	0.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.6%
NVIDIA Corp.	5.2%
Alphabet, Inc. — Class A	4.5%
Meta Platforms, Inc. — Class A	3.9%
Broadcom, Inc.	2.8%
Advanced Micro Devices, Inc.	1.7%
Oracle Corp.	1.7%
Salesforce, Inc.	1.6%
International Business Machines Corp.	1.4%
Top 10 Total	34.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.6%
NVIDIA Corp.	5.2%
Alphabet, Inc. — Class A	4.5%
Meta Platforms, Inc. — Class A	3.9%
Broadcom, Inc.	2.8%
Advanced Micro Devices, Inc.	1.7%
Oracle Corp.	1.7%
Salesforce, Inc.	1.6%
International Business Machines Corp.	1.4%
Top 10 Total	34.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYTAX-093024

Guggenheim Investments 2

Telecommunications Fund

Investor Class | RYMIX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Telecommunications Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$74	1.37%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 16.67%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 20.22% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were communications equipment, integrated telecommunication services, and alternative carriers. The only industry that detracted was application software. The holdings that contributed the most to performance were AT&T, Inc., T-Mobile US, Inc., and Lumen Technologies, Inc. Those that detracted the most were Nice Ltd. ADR, Comcast Corp. – Class A, and Viasat, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Telecommunications Fund (Investor Class)	S&P 500 Index	S&P 500 Telecommunication Services Index
09/30/2014	10000	10000	10000
12/31/2014	9957	10493	9583
03/31/2015	10008	10593	9731
06/30/2015	9922	10622	9886
09/30/2015	9034	9939	9209
12/31/2015	9267	10638	9909
03/31/2016	9758	10782	11555
06/30/2016	9983	11047	12371
09/30/2016	10715	11472	11678
12/31/2016	10912	11911	12236
03/31/2017	11145	12633	11750
06/30/2017	10924	13023	10922
09/30/2017	11108	13607	11662
12/31/2017	11548	14511	12083
03/31/2018	11516	14401	11179
06/30/2018	11640	14896	11074
09/30/2018	12577	16044	11866
12/31/2018	10941	13875	11266
03/31/2019	12152	15769	12164
06/30/2019	12159	16447	12509
09/30/2019	12181	16727	13789
12/31/2019	12409	18244	14298
03/31/2020	10847	14668	11803
06/30/2020	12170	17682	12475
09/30/2020	11904	19260	12925
12/31/2020	13656	21600	13343
03/31/2021	14377	22934	13663
06/30/2021	15306	24895	13631
09/30/2021	14680	25040	12971
12/31/2021	14943	27801	12296
03/31/2022	13750	26522	12327
06/30/2022	11902	22252	13150
09/30/2022	10332	21165	10431
12/31/2022	11112	22766	11442
03/31/2023	11705	24473	11704
06/30/2023	11391	26612	10793
09/30/2023	10978	25741	10124
12/31/2023	11830	28750	11768
03/31/2024	11599	31785	12765
06/30/2024	11588	33147	13425
09/30/2024	13533	35098	15346

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	16.67%	23.27%	2.13%	3.07%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Telecommunication Services Index	20.22%	51.57%	2.16%	4.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$7,252,780
Total Number of Portfolio Holdings	47
Portfolio Turnover Rate	243%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Telecommunications Fund   |   Investor Class   |   RYMIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Telecommunications	71.9%
Media	16.4%
Internet	5.9%
Computers	2.5%
Software	2.2%
Electronics	0.4%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Cisco Systems, Inc.	8.1%
Verizon Communications, Inc.	7.5%
Comcast Corp. — Class A	7.4%
AT&T, Inc.	7.3%
T-Mobile US, Inc.	5.7%
Arista Networks, Inc.	4.4%
Motorola Solutions, Inc.	4.1%
Charter Communications, Inc. — Class A	3.7%
F5, Inc.	2.6%
Liberty Broadband Corp. — Class C	2.5%
Top 10 Total	53.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Cisco Systems, Inc.	8.1%
Verizon Communications, Inc.	7.5%
Comcast Corp. — Class A	7.4%
AT&T, Inc.	7.3%
T-Mobile US, Inc.	5.7%
Arista Networks, Inc.	4.4%
Motorola Solutions, Inc.	4.1%
Charter Communications, Inc. — Class A	3.7%
F5, Inc.	2.6%
Liberty Broadband Corp. — Class C	2.5%
Top 10 Total	53.3%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYMIX-093024

Guggenheim Investments 2

Telecommunications Fund

Class A | RYTLX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Telecommunications Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$88	1.62%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 16.53%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 20.22% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were communications equipment, integrated telecommunication services, and alternative carriers. The only industry that detracted was application software. The holdings that contributed the most to performance were AT&T, Inc., T-Mobile US, Inc., and Lumen Technologies, Inc. Those that detracted the most were Nice Ltd. ADR, Comcast Corp. – Class A, and Viasat, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Telecommunications Fund (Class A)‡	S&P 500 Index	S&P 500 Telecommunication Services Index
09/30/2014	9525	10000	10000
12/31/2014	9477	10493	9583
03/31/2015	9522	10593	9731
06/30/2015	9432	10622	9886
09/30/2015	8572	9939	9209
12/31/2015	8786	10638	9909
03/31/2016	9245	10782	11555
06/30/2016	9454	11047	12371
09/30/2016	10136	11472	11678
12/31/2016	10315	11911	12236
03/31/2017	10529	12633	11750
06/30/2017	10313	13023	10922
09/30/2017	10481	13607	11662
12/31/2017	10888	14511	12083
03/31/2018	10854	14401	11179
06/30/2018	10962	14896	11074
09/30/2018	11839	16044	11866
12/31/2018	10294	13875	11266
03/31/2019	11425	15769	12164
06/30/2019	11425	16447	12509
09/30/2019	11440	16727	13789
12/31/2019	11647	18244	14298
03/31/2020	10175	14668	11803
06/30/2020	11407	17682	12475
09/30/2020	11153	19260	12925
12/31/2020	12784	21600	13343
03/31/2021	13451	22934	13663
06/30/2021	14313	24895	13631
09/30/2021	13715	25040	12971
12/31/2021	13952	27801	12296
03/31/2022	12833	26522	12327
06/30/2022	11098	22252	13150
09/30/2022	9624	21165	10431
12/31/2022	10345	22766	11442
03/31/2023	10893	24473	11704
06/30/2023	10593	26612	10793
09/30/2023	10210	25741	10124
12/31/2023	10994	28750	11768
03/31/2024	10775	31785	12765
06/30/2024	10761	33147	13425
09/30/2024	12555	35098	15346

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	16.53%	22.97%	1.88%	2.80%
Class A (with sales charge)‡	11.00%	17.12%	0.89%	2.30%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Telecommunication Services Index	20.22%	51.57%	2.16%	4.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$7,252,780
Total Number of Portfolio Holdings	47
Portfolio Turnover Rate	243%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Telecommunications Fund   |   Class A   |   RYTLX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Telecommunications	71.9%
Media	16.4%
Internet	5.9%
Computers	2.5%
Software	2.2%
Electronics	0.4%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Cisco Systems, Inc.	8.1%
Verizon Communications, Inc.	7.5%
Comcast Corp. — Class A	7.4%
AT&T, Inc.	7.3%
T-Mobile US, Inc.	5.7%
Arista Networks, Inc.	4.4%
Motorola Solutions, Inc.	4.1%
Charter Communications, Inc. — Class A	3.7%
F5, Inc.	2.6%
Liberty Broadband Corp. — Class C	2.5%
Top 10 Total	53.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Cisco Systems, Inc.	8.1%
Verizon Communications, Inc.	7.5%
Comcast Corp. — Class A	7.4%
AT&T, Inc.	7.3%
T-Mobile US, Inc.	5.7%
Arista Networks, Inc.	4.4%
Motorola Solutions, Inc.	4.1%
Charter Communications, Inc. — Class A	3.7%
F5, Inc.	2.6%
Liberty Broadband Corp. — Class C	2.5%
Top 10 Total	53.3%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYTLX-093024

Guggenheim Investments 2

Telecommunications Fund

Class C | RYCSX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Telecommunications Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$128	2.36%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 16.21%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 20.22% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were communications equipment, integrated telecommunication services, and alternative carriers. The only industry that detracted was application software. The holdings that contributed the most to performance were AT&T, Inc., T-Mobile US, Inc., and Lumen Technologies, Inc. Those that detracted the most were Nice Ltd. ADR, Comcast Corp. – Class A, and Viasat, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Telecommunications Fund (Class C)	S&P 500 Index	S&P 500 Telecommunication Services Index
09/30/2014	10000	10000	10000
12/31/2014	9928	10493	9583
03/31/2015	9956	10593	9731
06/30/2015	9847	10622	9886
09/30/2015	8936	9939	9209
12/31/2015	9140	10638	9909
03/31/2016	9599	10782	11555
06/30/2016	9796	11047	12371
09/30/2016	10487	11472	11678
12/31/2016	10651	11911	12236
03/31/2017	10851	12633	11750
06/30/2017	10611	13023	10922
09/30/2017	10762	13607	11662
12/31/2017	11161	14511	12083
03/31/2018	11101	14401	11179
06/30/2018	11192	14896	11074
09/30/2018	12065	16044	11866
12/31/2018	10468	13875	11266
03/31/2019	11600	15769	12164
06/30/2019	11577	16447	12509
09/30/2019	11571	16727	13789
12/31/2019	11756	18244	14298
03/31/2020	10252	14668	11803
06/30/2020	11474	17682	12475
09/30/2020	11194	19260	12925
12/31/2020	12807	21600	13343
03/31/2021	13452	22934	13663
06/30/2021	14286	24895	13631
09/30/2021	13666	25040	12971
12/31/2021	13875	27801	12296
03/31/2022	12738	26522	12327
06/30/2022	10996	22252	13150
09/30/2022	9515	21165	10431
12/31/2022	10208	22766	11442
03/31/2023	10730	24473	11704
06/30/2023	10414	26612	10793
09/30/2023	10020	25741	10124
12/31/2023	10767	28750	11768
03/31/2024	10534	31785	12765
06/30/2024	10498	33147	13425
09/30/2024	12228	35098	15346

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	16.21%	22.04%	1.11%	2.03%
Class C (with CDSC)§	15.21%	21.04%	1.11%	2.03%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Telecommunication Services Index	20.22%	51.57%	2.16%	4.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$7,252,780
Total Number of Portfolio Holdings	47
Portfolio Turnover Rate	243%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Telecommunications Fund   |   Class C   |   RYCSX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Telecommunications	71.9%
Media	16.4%
Internet	5.9%
Computers	2.5%
Software	2.2%
Electronics	0.4%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Cisco Systems, Inc.	8.1%
Verizon Communications, Inc.	7.5%
Comcast Corp. — Class A	7.4%
AT&T, Inc.	7.3%
T-Mobile US, Inc.	5.7%
Arista Networks, Inc.	4.4%
Motorola Solutions, Inc.	4.1%
Charter Communications, Inc. — Class A	3.7%
F5, Inc.	2.6%
Liberty Broadband Corp. — Class C	2.5%
Top 10 Total	53.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Cisco Systems, Inc.	8.1%
Verizon Communications, Inc.	7.5%
Comcast Corp. — Class A	7.4%
AT&T, Inc.	7.3%
T-Mobile US, Inc.	5.7%
Arista Networks, Inc.	4.4%
Motorola Solutions, Inc.	4.1%
Charter Communications, Inc. — Class A	3.7%
F5, Inc.	2.6%
Liberty Broadband Corp. — Class C	2.5%
Top 10 Total	53.3%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCSX-093024

Guggenheim Investments 2

Telecommunications Fund

Class H | RYMAX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Telecommunications Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$88	1.63%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 16.53%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 20.22% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were communications equipment, integrated telecommunication services, and alternative carriers. The only industry that detracted was application software. The holdings that contributed the most to performance were AT&T, Inc., T-Mobile US, Inc., and Lumen Technologies, Inc. Those that detracted the most were Nice Ltd. ADR, Comcast Corp. – Class A, and Viasat, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Telecommunications Fund (Class H)	S&P 500 Index	S&P 500 Telecommunication Services Index
09/30/2014	10000	10000	10000
12/31/2014	9946	10493	9583
03/31/2015	9984	10593	9731
06/30/2015	9888	10622	9886
09/30/2015	8986	9939	9209
12/31/2015	9211	10638	9909
03/31/2016	9690	10782	11555
06/30/2016	9907	11047	12371
09/30/2016	10625	11472	11678
12/31/2016	10813	11911	12236
03/31/2017	11041	12633	11750
06/30/2017	10816	13023	10922
09/30/2017	10992	13607	11662
12/31/2017	11417	14511	12083
03/31/2018	11380	14401	11179
06/30/2018	11495	14896	11074
09/30/2018	12413	16044	11866
12/31/2018	10814	13875	11266
03/31/2019	12007	15769	12164
06/30/2019	12004	16447	12509
09/30/2019	12021	16727	13789
12/31/2019	12238	18244	14298
03/31/2020	10688	14668	11803
06/30/2020	11984	17682	12475
09/30/2020	11717	19260	12925
12/31/2020	13432	21600	13343
03/31/2021	14134	22934	13663
06/30/2021	15036	24895	13631
09/30/2021	14411	25040	12971
12/31/2021	14658	27801	12296
03/31/2022	13485	26522	12327
06/30/2022	11660	22252	13150
09/30/2022	10111	21165	10431
12/31/2022	10866	22766	11442
03/31/2023	11443	24473	11704
06/30/2023	11128	26612	10793
09/30/2023	10726	25741	10124
12/31/2023	11547	28750	11768
03/31/2024	11316	31785	12765
06/30/2024	11304	33147	13425
09/30/2024	13187	35098	15346

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	16.53%	22.94%	1.87%	2.81%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Telecommunication Services Index	20.22%	51.57%	2.16%	4.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$7,252,780
Total Number of Portfolio Holdings	47
Portfolio Turnover Rate	243%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Telecommunications Fund   |   Class H   |   RYMAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Telecommunications	71.9%
Media	16.4%
Internet	5.9%
Computers	2.5%
Software	2.2%
Electronics	0.4%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Cisco Systems, Inc.	8.1%
Verizon Communications, Inc.	7.5%
Comcast Corp. — Class A	7.4%
AT&T, Inc.	7.3%
T-Mobile US, Inc.	5.7%
Arista Networks, Inc.	4.4%
Motorola Solutions, Inc.	4.1%
Charter Communications, Inc. — Class A	3.7%
F5, Inc.	2.6%
Liberty Broadband Corp. — Class C	2.5%
Top 10 Total	53.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Cisco Systems, Inc.	8.1%
Verizon Communications, Inc.	7.5%
Comcast Corp. — Class A	7.4%
AT&T, Inc.	7.3%
T-Mobile US, Inc.	5.7%
Arista Networks, Inc.	4.4%
Motorola Solutions, Inc.	4.1%
Charter Communications, Inc. — Class A	3.7%
F5, Inc.	2.6%
Liberty Broadband Corp. — Class C	2.5%
Top 10 Total	53.3%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYMAX-093024

Guggenheim Investments 2

Transportation Fund

Investor Class | RYPIX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Transportation Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$67	1.36%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned -2.14%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 8.31% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were automobile manufacturers, air freight & logistics, and marine transportation. Those that detracted the most were automotive parts & equipment, cargo ground transportation, and passenger ground transportation. The holdings that contributed the most to performance were Tesla Inc., NIO Inc. ADR, and CH Robinson Worldwide, Inc. Those that detracted the most were Stellantis N.V., Mobileye Global, Inc. – Class A, and Ford Motor Co.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Transportation Fund (Investor Class)	S&P 500 Index	S&P 500 Industrials Index
09/30/2014	10000	10000	10000
12/31/2014	11234	10493	10676
03/31/2015	11138	10593	10585
06/30/2015	10394	10622	10349
09/30/2015	9626	9939	9635
12/31/2015	9680	10638	10406
03/31/2016	9935	10782	10925
06/30/2016	9194	11047	11078
09/30/2016	10152	11472	11537
12/31/2016	11166	11911	12368
03/31/2017	11539	12633	12933
06/30/2017	12143	13023	13545
09/30/2017	12922	13607	14116
12/31/2017	13670	14511	14970
03/31/2018	13001	14401	14737
06/30/2018	12997	14896	14268
09/30/2018	13254	16044	15694
12/31/2018	10924	13875	12981
03/31/2019	12178	15769	15213
06/30/2019	12429	16447	15756
09/30/2019	12361	16727	15912
12/31/2019	13414	18244	16793
03/31/2020	9428	14668	12251
06/30/2020	12355	17682	14334
09/30/2020	14906	19260	16123
12/31/2020	18946	21600	18650
03/31/2021	21250	22934	20779
06/30/2021	21560	24895	21709
09/30/2021	20345	25040	20792
12/31/2021	23190	27801	22589
03/31/2022	21100	26522	22055
06/30/2022	16287	22252	18796
09/30/2022	15598	21165	17908
12/31/2022	15102	22766	21351
03/31/2023	17218	24473	22092
06/30/2023	18962	26612	23526
09/30/2023	17833	25741	22311
12/31/2023	18874	28750	25223
03/31/2024	18852	31785	27991
06/30/2024	17431	33147	27179
09/30/2024	18450	35098	30318

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	-2.14%	3.46%	8.34%	6.32%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Industrials Index	8.31%	35.89%	13.76%	11.73%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$8,671,765
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	34%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Transportation Fund   |   Investor Class   |   RYPIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Transportation	37.2%
Auto Manufacturers	26.1%
Auto Parts & Equipment	12.1%
Airlines	11.8%
Internet	7.1%
Commercial Services	1.7%
Home Builders	1.4%
Other	2.4%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Tesla, Inc.	10.7%
Uber Technologies, Inc.	4.8%
Union Pacific Corp.	4.5%
United Parcel Service, Inc. — Class B	4.1%
CSX Corp.	3.1%
FedEx Corp.	2.8%
Norfolk Southern Corp.	2.7%
General Motors Co.	2.6%
Ford Motor Co.	2.4%
Old Dominion Freight Line, Inc.	2.4%
Top 10 Total	40.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Tesla, Inc.	10.7%
Uber Technologies, Inc.	4.8%
Union Pacific Corp.	4.5%
United Parcel Service, Inc. — Class B	4.1%
CSX Corp.	3.1%
FedEx Corp.	2.8%
Norfolk Southern Corp.	2.7%
General Motors Co.	2.6%
Ford Motor Co.	2.4%
Old Dominion Freight Line, Inc.	2.4%
Top 10 Total	40.1%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYPIX-093024

Guggenheim Investments 2

Transportation Fund

Class A | RYTSX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Transportation Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$80	1.62%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -2.26%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 8.31% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were automobile manufacturers, air freight & logistics, and marine transportation. Those that detracted the most were automotive parts & equipment, cargo ground transportation, and passenger ground transportation. The holdings that contributed the most to performance were Tesla Inc., NIO Inc. ADR, and CH Robinson Worldwide, Inc. Those that detracted the most were Stellantis N.V., Mobileye Global, Inc. – Class A, and Ford Motor Co.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Transportation Fund (Class A)‡	S&P 500 Index	S&P 500 Industrials Index
09/30/2014	9525	10000	10000
12/31/2014	10696	10493	10676
03/31/2015	10595	10593	10585
06/30/2015	9882	10622	10349
09/30/2015	9146	9939	9635
12/31/2015	9193	10638	10406
03/31/2016	9428	10782	10925
06/30/2016	8720	11047	11078
09/30/2016	9624	11472	11537
12/31/2016	10578	11911	12368
03/31/2017	10925	12633	12933
06/30/2017	11490	13023	13545
09/30/2017	12218	13607	14116
12/31/2017	12916	14511	14970
03/31/2018	12277	14401	14737
06/30/2018	12266	14896	14268
09/30/2018	12501	16044	15694
12/31/2018	10296	13875	12981
03/31/2019	11471	15769	15213
06/30/2019	11700	16447	15756
09/30/2019	11627	16727	15912
12/31/2019	12608	18244	16793
03/31/2020	8858	14668	12251
06/30/2020	11597	17682	14334
09/30/2020	13986	19260	16123
12/31/2020	17763	21600	18650
03/31/2021	19913	22934	20779
06/30/2021	20191	24895	21709
09/30/2021	19044	25040	20792
12/31/2021	21689	27801	22589
03/31/2022	19724	26522	22055
06/30/2022	15216	22252	18796
09/30/2022	14565	21165	17908
12/31/2022	14090	22766	21351
03/31/2023	16055	24473	22092
06/30/2023	17670	26612	23526
09/30/2023	16609	25741	22311
12/31/2023	17569	28750	25223
03/31/2024	17536	31785	27991
06/30/2024	16202	33147	27179
09/30/2024	17140	35098	30318

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-2.26%	3.20%	8.07%	6.05%
Class A (with sales charge)‡	-6.90%	-1.70%	7.03%	5.54%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Industrials Index	8.31%	35.89%	13.76%	11.73%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$8,671,765
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	34%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Transportation Fund   |   Class A   |   RYTSX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Transportation	37.2%
Auto Manufacturers	26.1%
Auto Parts & Equipment	12.1%
Airlines	11.8%
Internet	7.1%
Commercial Services	1.7%
Home Builders	1.4%
Other	2.4%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Tesla, Inc.	10.7%
Uber Technologies, Inc.	4.8%
Union Pacific Corp.	4.5%
United Parcel Service, Inc. — Class B	4.1%
CSX Corp.	3.1%
FedEx Corp.	2.8%
Norfolk Southern Corp.	2.7%
General Motors Co.	2.6%
Ford Motor Co.	2.4%
Old Dominion Freight Line, Inc.	2.4%
Top 10 Total	40.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Tesla, Inc.	10.7%
Uber Technologies, Inc.	4.8%
Union Pacific Corp.	4.5%
United Parcel Service, Inc. — Class B	4.1%
CSX Corp.	3.1%
FedEx Corp.	2.8%
Norfolk Southern Corp.	2.7%
General Motors Co.	2.6%
Ford Motor Co.	2.4%
Old Dominion Freight Line, Inc.	2.4%
Top 10 Total	40.1%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYTSX-093024

Guggenheim Investments 2

Transportation Fund

Class C | RYCNX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Transportation Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$117	2.36%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -2.62%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 8.31% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were automobile manufacturers, air freight & logistics, and marine transportation. Those that detracted the most were automotive parts & equipment, cargo ground transportation, and passenger ground transportation. The holdings that contributed the most to performance were Tesla Inc., NIO Inc. ADR, and CH Robinson Worldwide, Inc. Those that detracted the most were Stellantis N.V., Mobileye Global, Inc. – Class A, and Ford Motor Co.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Transportation Fund (Class C)	S&P 500 Index	S&P 500 Industrials Index
09/30/2014	10000	10000	10000
12/31/2014	11204	10493	10676
03/31/2015	11081	10593	10585
06/30/2015	10316	10622	10349
09/30/2015	9529	9939	9635
12/31/2015	9559	10638	10406
03/31/2016	9786	10782	10925
06/30/2016	9034	11047	11078
09/30/2016	9952	11472	11537
12/31/2016	10915	11911	12368
03/31/2017	11253	12633	12933
06/30/2017	11812	13023	13545
09/30/2017	12537	13607	14116
12/31/2017	13231	14511	14970
03/31/2018	12554	14401	14737
06/30/2018	12519	14896	14268
09/30/2018	12734	16044	15694
12/31/2018	10467	13875	12981
03/31/2019	11641	15769	15213
06/30/2019	11853	16447	15756
09/30/2019	11754	16727	15912
12/31/2019	12722	18244	16793
03/31/2020	8920	14668	12251
06/30/2020	11660	17682	14334
09/30/2020	14032	19260	16123
12/31/2020	17790	21600	18650
03/31/2021	19908	22934	20779
06/30/2021	20148	24895	21709
09/30/2021	18967	25040	20792
12/31/2021	21561	27801	22589
03/31/2022	19573	26522	22055
06/30/2022	15070	22252	18796
09/30/2022	14396	21165	17908
12/31/2022	13901	22766	21351
03/31/2023	15813	24473	22092
06/30/2023	17369	26612	23526
09/30/2023	16295	25741	22311
12/31/2023	17205	28750	25223
03/31/2024	17139	31785	27991
06/30/2024	15808	33147	27179
09/30/2024	16690	35098	30318

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-2.62%	2.42%	7.26%	5.26%
Class C (with CDSC)§	-3.59%	1.42%	7.26%	5.26%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Industrials Index	8.31%	35.89%	13.76%	11.73%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$8,671,765
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	34%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Transportation Fund   |   Class C   |   RYCNX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Transportation	37.2%
Auto Manufacturers	26.1%
Auto Parts & Equipment	12.1%
Airlines	11.8%
Internet	7.1%
Commercial Services	1.7%
Home Builders	1.4%
Other	2.4%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Tesla, Inc.	10.7%
Uber Technologies, Inc.	4.8%
Union Pacific Corp.	4.5%
United Parcel Service, Inc. — Class B	4.1%
CSX Corp.	3.1%
FedEx Corp.	2.8%
Norfolk Southern Corp.	2.7%
General Motors Co.	2.6%
Ford Motor Co.	2.4%
Old Dominion Freight Line, Inc.	2.4%
Top 10 Total	40.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Tesla, Inc.	10.7%
Uber Technologies, Inc.	4.8%
Union Pacific Corp.	4.5%
United Parcel Service, Inc. — Class B	4.1%
CSX Corp.	3.1%
FedEx Corp.	2.8%
Norfolk Southern Corp.	2.7%
General Motors Co.	2.6%
Ford Motor Co.	2.4%
Old Dominion Freight Line, Inc.	2.4%
Top 10 Total	40.1%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCNX-093024

Guggenheim Investments 2

Transportation Fund

Class H | RYPAX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Transportation Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$80	1.62%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -2.28%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 8.31% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were automobile manufacturers, air freight & logistics, and marine transportation. Those that detracted the most were automotive parts & equipment, cargo ground transportation, and passenger ground transportation. The holdings that contributed the most to performance were Tesla Inc., NIO Inc. ADR, and CH Robinson Worldwide, Inc. Those that detracted the most were Stellantis N.V., Mobileye Global, Inc. – Class A, and Ford Motor Co.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Transportation Fund (Class H)	S&P 500 Index	S&P 500 Industrials Index
09/30/2014	10000	10000	10000
12/31/2014	11221	10493	10676
03/31/2015	11108	10593	10585
06/30/2015	10354	10622	10349
09/30/2015	9583	9939	9635
12/31/2015	9633	10638	10406
03/31/2016	9882	10782	10925
06/30/2016	9138	11047	11078
09/30/2016	10085	11472	11537
12/31/2016	11085	11911	12368
03/31/2017	11451	12633	12933
06/30/2017	12041	13023	13545
09/30/2017	12802	13607	14116
12/31/2017	13534	14511	14970
03/31/2018	12863	14401	14737
06/30/2018	12851	14896	14268
09/30/2018	13094	16044	15694
12/31/2018	10782	13875	12981
03/31/2019	12013	15769	15213
06/30/2019	12255	16447	15756
09/30/2019	12176	16727	15912
12/31/2019	13205	18244	16793
03/31/2020	9276	14668	12251
06/30/2020	12147	17682	14334
09/30/2020	14649	19260	16123
12/31/2020	18609	21600	18650
03/31/2021	20859	22934	20779
06/30/2021	21151	24895	21709
09/30/2021	19948	25040	20792
12/31/2021	22720	27801	22589
03/31/2022	20662	26522	22055
06/30/2022	15938	22252	18796
09/30/2022	15256	21165	17908
12/31/2022	14759	22766	21351
03/31/2023	16819	24473	22092
06/30/2023	18512	26612	23526
09/30/2023	17399	25741	22311
12/31/2023	18406	28750	25223
03/31/2024	18373	31785	27991
06/30/2024	16977	33147	27179
09/30/2024	17958	35098	30318

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	-2.28%	3.21%	8.08%	6.03%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Industrials Index	8.31%	35.89%	13.76%	11.73%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$8,671,765
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	34%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 20, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Transportation Fund   |   Class H   |   RYPAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Transportation	37.2%
Auto Manufacturers	26.1%
Auto Parts & Equipment	12.1%
Airlines	11.8%
Internet	7.1%
Commercial Services	1.7%
Home Builders	1.4%
Other	2.4%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Tesla, Inc.	10.7%
Uber Technologies, Inc.	4.8%
Union Pacific Corp.	4.5%
United Parcel Service, Inc. — Class B	4.1%
CSX Corp.	3.1%
FedEx Corp.	2.8%
Norfolk Southern Corp.	2.7%
General Motors Co.	2.6%
Ford Motor Co.	2.4%
Old Dominion Freight Line, Inc.	2.4%
Top 10 Total	40.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Tesla, Inc.	10.7%
Uber Technologies, Inc.	4.8%
Union Pacific Corp.	4.5%
United Parcel Service, Inc. — Class B	4.1%
CSX Corp.	3.1%
FedEx Corp.	2.8%
Norfolk Southern Corp.	2.7%
General Motors Co.	2.6%
Ford Motor Co.	2.4%
Old Dominion Freight Line, Inc.	2.4%
Top 10 Total	40.1%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYPAX-093024

Guggenheim Investments 2

Utilities Fund

Investor Class | RYUIX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Utilities Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$77	1.38%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 21.68%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 24.93% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were electric utilities, multi-utilities, and independent power producers & energy traders. No industry detracted from performance. The holdings that contributed the most to performance were NextEra Energy, Inc., Vistra Corp., and Constellation Energy Corp. Those that detracted the most were Otter Tail Corp., NextEra Energy Partners, LP, and Hawaiian Electric Industries, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Utilities Fund (Investor Class)	S&P 500 Index	S&P 500 Utilities Index
09/30/2014	10000	10000	10000
12/31/2014	11201	10493	11319
03/31/2015	10751	10593	10733
06/30/2015	10027	10622	10111
09/30/2015	10166	9939	10657
12/31/2015	10393	10638	10771
03/31/2016	11891	10782	12447
06/30/2016	12837	11047	13293
09/30/2016	12098	11472	12508
12/31/2016	12129	11911	12525
03/31/2017	12847	12633	13326
06/30/2017	13066	13023	13621
09/30/2017	13464	13607	14012
12/31/2017	13507	14511	14041
03/31/2018	13069	14401	13578
06/30/2018	13725	14896	14086
09/30/2018	14033	16044	14422
12/31/2018	14057	13875	14618
03/31/2019	15480	15769	16203
06/30/2019	15851	16447	16766
09/30/2019	16869	16727	18331
12/31/2019	16780	18244	18469
03/31/2020	14127	14668	15976
06/30/2020	14448	17682	16412
09/30/2020	14871	19260	17420
12/31/2020	16018	21600	18559
03/31/2021	16553	22934	19078
06/30/2021	16487	24895	19001
09/30/2021	16405	25040	19338
12/31/2021	18434	27801	21838
03/31/2022	19290	26522	22881
06/30/2022	18303	22252	21717
09/30/2022	17153	21165	20416
12/31/2022	18677	22766	22180
03/31/2023	18162	24473	21460
06/30/2023	17676	26612	20918
09/30/2023	16012	25741	18984
12/31/2023	17414	28750	20609
03/31/2024	18137	31785	21550
06/30/2024	18680	33147	22555
09/30/2024	22070	35098	26922

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	21.68%	37.83%	5.52%	8.24%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Utilities Index	24.93%	41.82%	7.99%	10.41%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$29,842,810
Total Number of Portfolio Holdings	54
Portfolio Turnover Rate	116%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Utilities Fund   |   Investor Class   |   RYUIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Electric	85.6%
Gas	9.1%
Water	3.6%
Energy-Alternate Sources	1.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NextEra Energy, Inc.	5.7%
Constellation Energy Corp.	4.5%
Southern Co.	4.3%
Duke Energy Corp.	4.0%
Vistra Corp.	3.3%
American Electric Power Company, Inc.	3.2%
Sempra	3.2%
Dominion Energy, Inc.	3.0%
Public Service Enterprise Group, Inc.	3.0%
PG&E Corp.	2.8%
Top 10 Total	37.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NextEra Energy, Inc.	5.7%
Constellation Energy Corp.	4.5%
Southern Co.	4.3%
Duke Energy Corp.	4.0%
Vistra Corp.	3.3%
American Electric Power Company, Inc.	3.2%
Sempra	3.2%
Dominion Energy, Inc.	3.0%
Public Service Enterprise Group, Inc.	3.0%
PG&E Corp.	2.8%
Top 10 Total	37.0%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYUIX-093024

Guggenheim Investments 2

Utilities Fund

Class A | RYUTX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Utilities Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$90	1.62%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 21.54%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 24.93% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were electric utilities, multi-utilities, and independent power producers & energy traders. No industry detracted from performance. The holdings that contributed the most to performance were NextEra Energy, Inc., Vistra Corp., and Constellation Energy Corp. Those that detracted the most were Otter Tail Corp., NextEra Energy Partners, LP, and Hawaiian Electric Industries, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Utilities Fund (Class A)‡	S&P 500 Index	S&P 500 Utilities Index
09/30/2014	9525	10000	10000
12/31/2014	10659	10493	11319
03/31/2015	10223	10593	10733
06/30/2015	9537	10622	10111
09/30/2015	9661	9939	10657
12/31/2015	9870	10638	10771
03/31/2016	11285	10782	12447
06/30/2016	12176	11047	13293
09/30/2016	11465	11472	12508
12/31/2016	11489	11911	12525
03/31/2017	12160	12633	13326
06/30/2017	12361	13023	13621
09/30/2017	12728	13607	14012
12/31/2017	12758	14511	14041
03/31/2018	12336	14401	13578
06/30/2018	12954	14896	14086
09/30/2018	13235	16044	14422
12/31/2018	13245	13875	14618
03/31/2019	14576	15769	16203
06/30/2019	14922	16447	16766
09/30/2019	15866	16727	18331
12/31/2019	15774	18244	18469
03/31/2020	13270	14668	15976
06/30/2020	13564	17682	16412
09/30/2020	13952	19260	17420
12/31/2020	15017	21600	18559
03/31/2021	15513	22934	19078
06/30/2021	15443	24895	19001
09/30/2021	15350	25040	19338
12/31/2021	17240	27801	21838
03/31/2022	18033	26522	22881
06/30/2022	17098	22252	21717
09/30/2022	16016	21165	20416
12/31/2022	17425	22766	22180
03/31/2023	16934	24473	21460
06/30/2023	16470	26612	20918
09/30/2023	14913	25741	18984
12/31/2023	16206	28750	20609
03/31/2024	16867	31785	21550
06/30/2024	17364	33147	22555
09/30/2024	20500	35098	26922

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	21.54%	37.46%	5.26%	7.97%
Class A (with sales charge)‡	15.77%	30.92%	4.24%	7.44%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Utilities Index	24.93%	41.82%	7.99%	10.41%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$29,842,810
Total Number of Portfolio Holdings	54
Portfolio Turnover Rate	116%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Utilities Fund   |   Class A   |   RYUTX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Electric	85.6%
Gas	9.1%
Water	3.6%
Energy-Alternate Sources	1.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NextEra Energy, Inc.	5.7%
Constellation Energy Corp.	4.5%
Southern Co.	4.3%
Duke Energy Corp.	4.0%
Vistra Corp.	3.3%
American Electric Power Company, Inc.	3.2%
Sempra	3.2%
Dominion Energy, Inc.	3.0%
Public Service Enterprise Group, Inc.	3.0%
PG&E Corp.	2.8%
Top 10 Total	37.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NextEra Energy, Inc.	5.7%
Constellation Energy Corp.	4.5%
Southern Co.	4.3%
Duke Energy Corp.	4.0%
Vistra Corp.	3.3%
American Electric Power Company, Inc.	3.2%
Sempra	3.2%
Dominion Energy, Inc.	3.0%
Public Service Enterprise Group, Inc.	3.0%
PG&E Corp.	2.8%
Top 10 Total	37.0%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYUTX-093024

Guggenheim Investments 2

Utilities Fund

Class C | RYCUX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Utilities Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$131	2.37%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 21.09%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 24.93% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were electric utilities, multi-utilities, and independent power producers & energy traders. No industry detracted from performance. The holdings that contributed the most to performance were NextEra Energy, Inc., Vistra Corp., and Constellation Energy Corp. Those that detracted the most were Otter Tail Corp., NextEra Energy Partners, LP, and Hawaiian Electric Industries, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Utilities Fund (Class C)	S&P 500 Index	S&P 500 Utilities Index
09/30/2014	10000	10000	10000
12/31/2014	11175	10493	11319
03/31/2015	10698	10593	10733
06/30/2015	9955	10622	10111
09/30/2015	10067	9939	10657
12/31/2015	10265	10638	10771
03/31/2016	11719	10782	12447
06/30/2016	12619	11047	13293
09/30/2016	11862	11472	12508
12/31/2016	11864	11911	12525
03/31/2017	12536	12633	13326
06/30/2017	12718	13023	13621
09/30/2017	13072	13607	14012
12/31/2017	13080	14511	14041
03/31/2018	12623	14401	13578
06/30/2018	13230	14896	14086
09/30/2018	13492	16044	14422
12/31/2018	13475	13875	14618
03/31/2019	14805	15769	16203
06/30/2019	15125	16447	16766
09/30/2019	16051	16727	18331
12/31/2019	15928	18244	18469
03/31/2020	13375	14668	15976
06/30/2020	13644	17682	16412
09/30/2020	14010	19260	17420
12/31/2020	15050	21600	18559
03/31/2021	15518	22934	19078
06/30/2021	15418	24895	19001
09/30/2021	15301	25040	19338
12/31/2021	17148	27801	21838
03/31/2022	17902	26522	22881
06/30/2022	16946	22252	21717
09/30/2022	15837	21165	20416
12/31/2022	17200	22766	22180
03/31/2023	16687	24473	21460
06/30/2023	16201	26612	20918
09/30/2023	14639	25741	18984
12/31/2023	15881	28750	20609
03/31/2024	16498	31785	21550
06/30/2024	16949	33147	22555
09/30/2024	19977	35098	26922

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	21.09%	36.47%	4.47%	7.17%
Class C (with CDSC)§	20.09%	35.47%	4.47%	7.17%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Utilities Index	24.93%	41.82%	7.99%	10.41%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$29,842,810
Total Number of Portfolio Holdings	54
Portfolio Turnover Rate	116%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Utilities Fund   |   Class C   |   RYCUX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Electric	85.6%
Gas	9.1%
Water	3.6%
Energy-Alternate Sources	1.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NextEra Energy, Inc.	5.7%
Constellation Energy Corp.	4.5%
Southern Co.	4.3%
Duke Energy Corp.	4.0%
Vistra Corp.	3.3%
American Electric Power Company, Inc.	3.2%
Sempra	3.2%
Dominion Energy, Inc.	3.0%
Public Service Enterprise Group, Inc.	3.0%
PG&E Corp.	2.8%
Top 10 Total	37.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NextEra Energy, Inc.	5.7%
Constellation Energy Corp.	4.5%
Southern Co.	4.3%
Duke Energy Corp.	4.0%
Vistra Corp.	3.3%
American Electric Power Company, Inc.	3.2%
Sempra	3.2%
Dominion Energy, Inc.	3.0%
Public Service Enterprise Group, Inc.	3.0%
PG&E Corp.	2.8%
Top 10 Total	37.0%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCUX-093024

Guggenheim Investments 2

Utilities Fund

Class H | RYAUX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Utilities Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$90	1.62%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 21.55%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 24.93% for the same period.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to performance were electric utilities, multi-utilities, and independent power producers & energy traders. No industry detracted from performance. The holdings that contributed the most to performance were NextEra Energy, Inc., Vistra Corp., and Constellation Energy Corp. Those that detracted the most were Otter Tail Corp., NextEra Energy Partners, LP, and Hawaiian Electric Industries, Inc.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Utilities Fund (Class H)	S&P 500 Index	S&P 500 Utilities Index
09/30/2014	10000	10000	10000
12/31/2014	11188	10493	11319
03/31/2015	10725	10593	10733
06/30/2015	9994	10622	10111
09/30/2015	10122	9939	10657
12/31/2015	10345	10638	10771
03/31/2016	11830	10782	12447
06/30/2016	12766	11047	13293
09/30/2016	12022	11472	12508
12/31/2016	12045	11911	12525
03/31/2017	12753	12633	13326
06/30/2017	12964	13023	13621
09/30/2017	13349	13607	14012
12/31/2017	13386	14511	14041
03/31/2018	12938	14401	13578
06/30/2018	13584	14896	14086
09/30/2018	13879	16044	14422
12/31/2018	13886	13875	14618
03/31/2019	15283	15769	16203
06/30/2019	15642	16447	16766
09/30/2019	16635	16727	18331
12/31/2019	16536	18244	18469
03/31/2020	13913	14668	15976
06/30/2020	14222	17682	16412
09/30/2020	14630	19260	17420
12/31/2020	15748	21600	18559
03/31/2021	16267	22934	19078
06/30/2021	16189	24895	19001
09/30/2021	16097	25040	19338
12/31/2021	18072	27801	21838
03/31/2022	18906	26522	22881
06/30/2022	17924	22252	21717
09/30/2022	16791	21165	20416
12/31/2022	18270	22766	22180
03/31/2023	17754	24473	21460
06/30/2023	17267	26612	20918
09/30/2023	15632	25741	18984
12/31/2023	16992	28750	20609
03/31/2024	17685	31785	21550
06/30/2024	18203	33147	22555
09/30/2024	21495	35098	26922

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H**	21.55%	37.51%	5.26%	7.95%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Utilities Index	24.93%	41.82%	7.99%	10.41%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$29,842,810
Total Number of Portfolio Holdings	54
Portfolio Turnover Rate	116%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares.
†	6 month returns are not annualized.

Guggenheim Investments 1

Utilities Fund   |   Class H   |   RYAUX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Electric	85.6%
Gas	9.1%
Water	3.6%
Energy-Alternate Sources	1.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NextEra Energy, Inc.	5.7%
Constellation Energy Corp.	4.5%
Southern Co.	4.3%
Duke Energy Corp.	4.0%
Vistra Corp.	3.3%
American Electric Power Company, Inc.	3.2%
Sempra	3.2%
Dominion Energy, Inc.	3.0%
Public Service Enterprise Group, Inc.	3.0%
PG&E Corp.	2.8%
Top 10 Total	37.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NextEra Energy, Inc.	5.7%
Constellation Energy Corp.	4.5%
Southern Co.	4.3%
Duke Energy Corp.	4.0%
Vistra Corp.	3.3%
American Electric Power Company, Inc.	3.2%
Sempra	3.2%
Dominion Energy, Inc.	3.0%
Public Service Enterprise Group, Inc.	3.0%
PG&E Corp.	2.8%
Top 10 Total	37.0%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAUX-093024

Guggenheim Investments 2

Dow Jones Industrial Average® Fund

Class A | RYDAX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Dow Jones Industrial Average® Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$81	1.57%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 6.52%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.35% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Dow Jones Industrial Average (the "Index) were Financials, Health Care, and Information Technology. Those that detracted the most were Communication Services, Energy, and Materials. The holdings that contributed the most to return of the Index were UnitedHealth Group, Inc., Goldman Sachs Group, Inc., and Apple, Inc. Those that detracted the most were Boeing Co., Salesforce, Inc., and Walt Disney Co. The fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Dow Jones Industrial Average® Fund (Class A)‡	S&P 500 Index	Dow Jones Industrial Average
12/01/2015	9526	10000	10000
12/31/2015	9274	9737	9753
03/31/2016	9449	9869	9968
06/30/2016	9609	10111	10174
09/30/2016	9840	10501	10457
12/31/2016	10650	10902	11362
03/31/2017	11159	11563	11952
06/30/2017	11556	11921	12424
09/30/2017	12156	12455	13118
12/31/2017	13436	13282	14556
03/31/2018	13118	13181	14270
06/30/2018	13229	13634	14450
09/30/2018	14446	14685	15842
12/31/2018	12745	12700	14049
03/31/2019	14187	14433	15709
06/30/2019	14582	15054	16213
09/30/2019	14783	15310	16509
12/31/2019	15695	16699	17610
03/31/2020	12005	13426	13607
06/30/2020	14181	16184	16125
09/30/2020	15295	17629	17450
12/31/2020	16869	19771	19323
03/31/2021	18201	20992	20924
06/30/2021	19054	22786	21986
09/30/2021	18713	22919	21665
12/31/2021	20092	25446	23370
03/31/2022	19154	24276	22411
06/30/2022	16967	20367	19996
09/30/2022	15845	19373	18762
12/31/2022	18307	20838	21766
03/31/2023	18406	22400	21968
06/30/2023	19060	24358	22840
09/30/2023	18585	23561	22361
12/31/2023	20936	26315	25288
03/31/2024	22128	29093	26840
06/30/2024	21762	30340	26500
09/30/2024	23571	32126	28811

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Since Inception (12.01.15)
Class A (without sales charge)	6.52%	26.83%	9.78%	10.80%
Class A (with sales charge)‡	1.46%	20.80%	8.72%	10.19%
S&P 500 Index	10.42%	36.35%	15.98%	14.13%
Dow Jones Industrial Average	7.35%	28.85%	11.78%	12.73%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$19,720,259
Total Number of Portfolio Holdings	39
Portfolio Turnover Rate	14%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Dow Jones Industrial Average are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Dow Jones Industrial Average® Fund   |   Class A   |   RYDAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Financial	20.0%
Consumer, Non-cyclical	19.2%
Technology	15.9%
Dow Jones Industrial Average Equity Swap Agreements	12.6%
Industrial	11.9%
Consumer, Cyclical	11.8%
Communications	5.1%
Other	3.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

UnitedHealth Group, Inc.	7.9%
Goldman Sachs Group, Inc.	6.7%
Microsoft Corp.	5.8%
Home Depot, Inc.	5.4%
Caterpillar, Inc.	5.3%
Amgen, Inc.	4.3%
McDonald's Corp.	4.1%
Visa, Inc. — Class A	3.7%
Salesforce, Inc.	3.7%
American Express Co.	3.6%
Top 10 Total	50.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

UnitedHealth Group, Inc.	7.9%
Goldman Sachs Group, Inc.	6.7%
Microsoft Corp.	5.8%
Home Depot, Inc.	5.4%
Caterpillar, Inc.	5.3%
Amgen, Inc.	4.3%
McDonald's Corp.	4.1%
Visa, Inc. — Class A	3.7%
Salesforce, Inc.	3.7%
American Express Co.	3.6%
Top 10 Total	50.5%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYDAX-093024

Guggenheim Investments 2

Dow Jones Industrial Average® Fund

Class C | RYDKX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Dow Jones Industrial Average® Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$120	2.32%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 6.12%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.35% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Dow Jones Industrial Average (the "Index) were Financials, Health Care, and Information Technology. Those that detracted the most were Communication Services, Energy, and Materials. The holdings that contributed the most to return of the Index were UnitedHealth Group, Inc., Goldman Sachs Group, Inc., and Apple, Inc. Those that detracted the most were Boeing Co., Salesforce, Inc., and Walt Disney Co. The fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Dow Jones Industrial Average® Fund (Class C)	S&P 500 Index	Dow Jones Industrial Average
12/01/2015	10000	10000	10000
12/31/2015	9730	9737	9753
03/31/2016	9894	9869	9968
06/30/2016	10042	10111	10174
09/30/2016	10264	10501	10457
12/31/2016	11086	10902	11362
03/31/2017	11597	11563	11952
06/30/2017	11985	11921	12424
09/30/2017	12585	12455	13118
12/31/2017	13884	13282	14556
03/31/2018	13529	13181	14270
06/30/2018	13621	13634	14450
09/30/2018	14845	14685	15842
12/31/2018	13073	12700	14049
03/31/2019	14527	14433	15709
06/30/2019	14903	15054	16213
09/30/2019	15081	15310	16509
12/31/2019	15979	16699	17610
03/31/2020	12199	13426	13607
06/30/2020	14384	16184	16125
09/30/2020	15488	17629	17450
12/31/2020	17047	19771	19323
03/31/2021	18361	20992	20924
06/30/2021	19186	22786	21986
09/30/2021	18806	22919	21665
12/31/2021	20153	25446	23370
03/31/2022	19175	24276	22411
06/30/2022	16954	20367	19996
09/30/2022	15802	19373	18762
12/31/2022	18223	20838	21766
03/31/2023	18291	22400	21968
06/30/2023	18905	24358	22840
09/30/2023	18400	23561	22361
12/31/2023	20688	26315	25288
03/31/2024	21826	29093	26840
06/30/2024	21425	30340	26500
09/30/2024	23162	32126	28811

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Since Inception (12.01.15)
Class C (without CDSC)	6.12%	25.88%	8.96%	9.98%
Class C (with CDSC)§	5.12%	24.88%	8.96%	9.98%
S&P 500 Index	10.42%	36.35%	15.98%	14.13%
Dow Jones Industrial Average	7.35%	28.85%	11.78%	12.73%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$19,720,259
Total Number of Portfolio Holdings	39
Portfolio Turnover Rate	14%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Dow Jones Industrial Average are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Dow Jones Industrial Average® Fund   |   Class C   |   RYDKX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Financial	20.0%
Consumer, Non-cyclical	19.2%
Technology	15.9%
Dow Jones Industrial Average Equity Swap Agreements	12.6%
Industrial	11.9%
Consumer, Cyclical	11.8%
Communications	5.1%
Other	3.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

UnitedHealth Group, Inc.	7.9%
Goldman Sachs Group, Inc.	6.7%
Microsoft Corp.	5.8%
Home Depot, Inc.	5.4%
Caterpillar, Inc.	5.3%
Amgen, Inc.	4.3%
McDonald's Corp.	4.1%
Visa, Inc. — Class A	3.7%
Salesforce, Inc.	3.7%
American Express Co.	3.6%
Top 10 Total	50.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

UnitedHealth Group, Inc.	7.9%
Goldman Sachs Group, Inc.	6.7%
Microsoft Corp.	5.8%
Home Depot, Inc.	5.4%
Caterpillar, Inc.	5.3%
Amgen, Inc.	4.3%
McDonald's Corp.	4.1%
Visa, Inc. — Class A	3.7%
Salesforce, Inc.	3.7%
American Express Co.	3.6%
Top 10 Total	50.5%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYDKX-093024

Guggenheim Investments 2

  

Dow Jones Industrial Average® Fund

Class H | RYDHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Dow Jones Industrial Average® Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$81	1.57%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 6.53%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.35% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Dow Jones Industrial Average (the "Index) were Financials, Health Care, and Information Technology. Those that detracted the most were Communication Services, Energy, and Materials. The holdings that contributed the most to return of the Index were UnitedHealth Group, Inc., Goldman Sachs Group, Inc., and Apple, Inc. Those that detracted the most were Boeing Co., Salesforce, Inc., and Walt Disney Co. The fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Dow Jones Industrial Average® Fund (Class H)	S&P 500 Index	Dow Jones Industrial Average
12/01/2015	10000	10000	10000
12/31/2015	9734	9737	9753
03/31/2016	9918	9869	9968
06/30/2016	10086	10111	10174
09/30/2016	10336	10501	10457
12/31/2016	11186	10902	11362
03/31/2017	11723	11563	11952
06/30/2017	12138	11921	12424
09/30/2017	12769	12455	13118
12/31/2017	14113	13282	14556
03/31/2018	13779	13181	14270
06/30/2018	13898	13634	14450
09/30/2018	15175	14685	15842
12/31/2018	13386	12700	14049
03/31/2019	14904	14433	15709
06/30/2019	15318	15054	16213
09/30/2019	15529	15310	16509
12/31/2019	16486	16699	17610
03/31/2020	12609	13426	13607
06/30/2020	14895	16184	16125
09/30/2020	16069	17629	17450
12/31/2020	17722	19771	19323
03/31/2021	19120	20992	20924
06/30/2021	20017	22786	21986
09/30/2021	19657	22919	21665
12/31/2021	21107	25446	23370
03/31/2022	20119	24276	22411
06/30/2022	17824	20367	19996
09/30/2022	16647	19373	18762
12/31/2022	19234	20838	21766
03/31/2023	19340	22400	21968
06/30/2023	20026	24358	22840
09/30/2023	19528	23561	22361
12/31/2023	21997	26315	25288
03/31/2024	23248	29093	26840
06/30/2024	22864	30340	26500
09/30/2024	24766	32126	28811

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Since Inception (12.01.15)
Class H	6.53%	26.83%	9.78%	10.81%
S&P 500 Index	10.42%	36.35%	15.98%	14.13%
Dow Jones Industrial Average	7.35%	28.85%	11.78%	12.73%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$19,720,259
Total Number of Portfolio Holdings	39
Portfolio Turnover Rate	14%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Dow Jones Industrial Average are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Dow Jones Industrial Average® Fund   |   Class H   |   RYDHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Financial	20.0%
Consumer, Non-cyclical	19.2%
Technology	15.9%
Dow Jones Industrial Average Equity Swap Agreements	12.6%
Industrial	11.9%
Consumer, Cyclical	11.8%
Communications	5.1%
Other	3.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

UnitedHealth Group, Inc.	7.9%
Goldman Sachs Group, Inc.	6.7%
Microsoft Corp.	5.8%
Home Depot, Inc.	5.4%
Caterpillar, Inc.	5.3%
Amgen, Inc.	4.3%
McDonald's Corp.	4.1%
Visa, Inc. — Class A	3.7%
Salesforce, Inc.	3.7%
American Express Co.	3.6%
Top 10 Total	50.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

UnitedHealth Group, Inc.	7.9%
Goldman Sachs Group, Inc.	6.7%
Microsoft Corp.	5.8%
Home Depot, Inc.	5.4%
Caterpillar, Inc.	5.3%
Amgen, Inc.	4.3%
McDonald's Corp.	4.1%
Visa, Inc. — Class A	3.7%
Salesforce, Inc.	3.7%
American Express Co.	3.6%
Top 10 Total	50.5%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYDHX-093024

Guggenheim Investments 2

Nova Fund

Investor Class | RYNVX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Nova Fund for the period of April 1, 2024 to September 30, 2024.You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$68	1.28%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 13.18%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Nova Fund (Investor Class)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	10687	10493
03/31/2015	10792	10593
06/30/2015	10785	10622
09/30/2015	9669	9939
12/31/2015	10645	10638
03/31/2016	10752	10782
06/30/2016	11080	11047
09/30/2016	11666	11472
12/31/2016	12271	11911
03/31/2017	13316	12633
06/30/2017	13849	13023
09/30/2017	14708	13607
12/31/2017	16097	14511
03/31/2018	15725	14401
06/30/2018	16414	14896
09/30/2018	18202	16044
12/31/2018	14449	13875
03/31/2019	17351	15769
06/30/2019	18329	16447
09/30/2019	18622	16727
12/31/2019	21034	18244
03/31/2020	14368	14668
06/30/2020	18837	17682
09/30/2020	21321	19260
12/31/2020	25166	21600
03/31/2021	27365	22934
06/30/2021	30787	24895
09/30/2021	30893	25040
12/31/2021	35913	27801
03/31/2022	33065	26522
06/30/2022	24985	22252
09/30/2022	22857	21165
12/31/2022	25145	22766
03/31/2023	27713	24473
06/30/2023	31043	26612
09/30/2023	29185	25741
12/31/2023	34023	28750
03/31/2024	39090	31785
06/30/2024	41170	33147
09/30/2024	44243	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	13.18%	51.59%	18.89%	16.03%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$239,931,905
Total Number of Portfolio Holdings	516
Portfolio Turnover Rate	113%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

†

6 month returns are not annualized.

Guggenheim Investments 1

Nova Fund   |   Investor Class   |   RYNVX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	48.7%
Technology	24.5%
Equity Futures Contracts	22.1%
Consumer, Non-cyclical	13.8%
Communications	11.5%
Financial	11.2%
Consumer, Cyclical	6.6%
Other	12.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.2%
NVIDIA Corp.	4.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.1%
Amazon.com, Inc.	2.9%
Guggenheim Strategy Fund II	2.3%
Meta Platforms, Inc. — Class A	2.1%
Guggenheim Strategy Fund III	1.9%
Alphabet, Inc. — Class A	1.6%
Berkshire Hathaway, Inc. — Class B	1.4%
Top 10 Total	31.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.2%
NVIDIA Corp.	4.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.1%
Amazon.com, Inc.	2.9%
Guggenheim Strategy Fund II	2.3%
Meta Platforms, Inc. — Class A	2.1%
Guggenheim Strategy Fund III	1.9%
Alphabet, Inc. — Class A	1.6%
Berkshire Hathaway, Inc. — Class B	1.4%
Top 10 Total	31.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYNVX-093024

Guggenheim Investments 2

Nova Fund

Class A | RYANX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Nova Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$82	1.54%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 13.04%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Nova Fund (Class A)‡	S&P 500 Index
09/30/2014	9525	10000
12/31/2014	10174	10493
03/31/2015	10267	10593
06/30/2015	10254	10622
09/30/2015	9187	9939
12/31/2015	10108	10638
03/31/2016	10210	10782
06/30/2016	10520	11047
09/30/2016	11069	11472
12/31/2016	11633	11911
03/31/2017	12617	12633
06/30/2017	13108	13023
09/30/2017	13901	13607
12/31/2017	15205	14511
03/31/2018	14847	14401
06/30/2018	15487	14896
09/30/2018	17164	16044
12/31/2018	13624	13875
03/31/2019	16352	15769
06/30/2019	17267	16447
09/30/2019	17531	16727
12/31/2019	19788	18244
03/31/2020	13509	14668
06/30/2020	17698	17682
09/30/2020	20020	19260
12/31/2020	23616	21600
03/31/2021	25668	22934
06/30/2021	28859	24895
09/30/2021	28942	25040
12/31/2021	33623	27801
03/31/2022	30939	26522
06/30/2022	23364	22252
09/30/2022	21357	21165
12/31/2022	23479	22766
03/31/2023	25859	24473
06/30/2023	28958	26612
09/30/2023	27207	25741
12/31/2023	31697	28750
03/31/2024	36398	31785
06/30/2024	38309	33147
09/30/2024	41145	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	13.04%	51.23%	18.61%	15.76%
Class A (with sales charge)‡	7.67%	44.04%	17.46%	15.19%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$239,931,905
Total Number of Portfolio Holdings	516
Portfolio Turnover Rate	113%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Nova Fund   |   Class A   |   RYANX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	48.7%
Technology	24.5%
Equity Futures Contracts	22.1%
Consumer, Non-cyclical	13.8%
Communications	11.5%
Financial	11.2%
Consumer, Cyclical	6.6%
Other	12.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.2%
NVIDIA Corp.	4.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.1%
Amazon.com, Inc.	2.9%
Guggenheim Strategy Fund II	2.3%
Meta Platforms, Inc. — Class A	2.1%
Guggenheim Strategy Fund III	1.9%
Alphabet, Inc. — Class A	1.6%
Berkshire Hathaway, Inc. — Class B	1.4%
Top 10 Total	31.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.2%
NVIDIA Corp.	4.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.1%
Amazon.com, Inc.	2.9%
Guggenheim Strategy Fund II	2.3%
Meta Platforms, Inc. — Class A	2.1%
Guggenheim Strategy Fund III	1.9%
Alphabet, Inc. — Class A	1.6%
Berkshire Hathaway, Inc. — Class B	1.4%
Top 10 Total	31.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYANX-093024

Guggenheim Investments 2

Nova Fund

Class C | RYNCX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Nova Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$122	2.28%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 12.62%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Nova Fund (Class C)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	10661	10493
03/31/2015	10739	10593
06/30/2015	10704	10622
09/30/2015	9574	9939
12/31/2015	10512	10638
03/31/2016	10593	10782
06/30/2016	10891	11047
09/30/2016	11438	11472
12/31/2016	11998	11911
03/31/2017	12987	12633
06/30/2017	13482	13023
09/30/2017	14279	13607
12/31/2017	15590	14511
03/31/2018	15195	14401
06/30/2018	15821	14896
09/30/2018	17504	16044
12/31/2018	13861	13875
03/31/2019	16610	15769
06/30/2019	17504	16447
09/30/2019	17738	16727
12/31/2019	19985	18244
03/31/2020	13617	14668
06/30/2020	17807	17682
09/30/2020	20103	19260
12/31/2020	23669	21600
03/31/2021	25676	22934
06/30/2021	28817	24895
09/30/2021	28844	25040
12/31/2021	33445	27801
03/31/2022	30720	26522
06/30/2022	23155	22252
09/30/2022	21127	21165
12/31/2022	23181	22766
03/31/2023	25486	24473
06/30/2023	28485	26612
09/30/2023	26712	25741
12/31/2023	31064	28750
03/31/2024	35604	31785
06/30/2024	37404	33147
09/30/2024	40093	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	12.62%	50.09%	17.71%	14.90%
Class C (with CDSC)§	11.62%	49.09%	17.71%	14.90%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$239,931,905
Total Number of Portfolio Holdings	516
Portfolio Turnover Rate	113%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Nova Fund   |   Class C   |   RYNCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	48.7%
Technology	24.5%
Equity Futures Contracts	22.1%
Consumer, Non-cyclical	13.8%
Communications	11.5%
Financial	11.2%
Consumer, Cyclical	6.6%
Other	12.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.2%
NVIDIA Corp.	4.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.1%
Amazon.com, Inc.	2.9%
Guggenheim Strategy Fund II	2.3%
Meta Platforms, Inc. — Class A	2.1%
Guggenheim Strategy Fund III	1.9%
Alphabet, Inc. — Class A	1.6%
Berkshire Hathaway, Inc. — Class B	1.4%
Top 10 Total	31.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.2%
NVIDIA Corp.	4.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.1%
Amazon.com, Inc.	2.9%
Guggenheim Strategy Fund II	2.3%
Meta Platforms, Inc. — Class A	2.1%
Guggenheim Strategy Fund III	1.9%
Alphabet, Inc. — Class A	1.6%
Berkshire Hathaway, Inc. — Class B	1.4%
Top 10 Total	31.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYNCX-093024

Guggenheim Investments 2

Nova Fund

Class H | RYNHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Nova Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$82	1.53%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 13.04%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Nova Fund (Class H)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	10684	10493
03/31/2015	10779	10593
06/30/2015	10765	10622
09/30/2015	9646	9939
12/31/2015	10615	10638
03/31/2016	10715	10782
06/30/2016	11038	11047
09/30/2016	11610	11472
12/31/2016	12206	11911
03/31/2017	13239	12633
06/30/2017	13772	13023
09/30/2017	14614	13607
12/31/2017	15985	14511
03/31/2018	15606	14401
06/30/2018	16281	14896
09/30/2018	18046	16044
12/31/2018	14318	13875
03/31/2019	17184	15769
06/30/2019	18145	16447
09/30/2019	18424	16727
12/31/2019	20797	18244
03/31/2020	14195	14668
06/30/2020	18598	17682
09/30/2020	21037	19260
12/31/2020	24821	21600
03/31/2021	26974	22934
06/30/2021	30327	24895
09/30/2021	30412	25040
12/31/2021	35331	27801
03/31/2022	32506	26522
06/30/2022	24546	22252
09/30/2022	22441	21165
12/31/2022	24677	22766
03/31/2023	27182	24473
06/30/2023	30431	26612
09/30/2023	28593	25741
12/31/2023	33315	28750
03/31/2024	38252	31785
06/30/2024	40260	33147
09/30/2024	43240	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	13.04%	51.23%	18.60%	15.77%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$239,931,905
Total Number of Portfolio Holdings	516
Portfolio Turnover Rate	113%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

†

6 month returns are not annualized.

Guggenheim Investments 1

Nova Fund   |   Class H   |   RYNHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	48.7%
Technology	24.5%
Equity Futures Contracts	22.1%
Consumer, Non-cyclical	13.8%
Communications	11.5%
Financial	11.2%
Consumer, Cyclical	6.6%
Other	12.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.2%
NVIDIA Corp.	4.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.1%
Amazon.com, Inc.	2.9%
Guggenheim Strategy Fund II	2.3%
Meta Platforms, Inc. — Class A	2.1%
Guggenheim Strategy Fund III	1.9%
Alphabet, Inc. — Class A	1.6%
Berkshire Hathaway, Inc. — Class B	1.4%
Top 10 Total	31.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	5.8%
Microsoft Corp.	5.2%
NVIDIA Corp.	4.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.1%
Amazon.com, Inc.	2.9%
Guggenheim Strategy Fund II	2.3%
Meta Platforms, Inc. — Class A	2.1%
Guggenheim Strategy Fund III	1.9%
Alphabet, Inc. — Class A	1.6%
Berkshire Hathaway, Inc. — Class B	1.4%
Top 10 Total	31.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYNHX-093024

Guggenheim Investments 2

S&P 500® Fund

Class A | RYSOX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P 500® Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$83	1.58%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 9.54%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500® Fund (Class A)‡	S&P 500 Index
09/30/2014	9525	10000
12/31/2014	9941	10493
03/31/2015	10007	10593
06/30/2015	9999	10622
09/30/2015	9313	9939
12/31/2015	9922	10638
03/31/2016	10015	10782
06/30/2016	10213	11047
09/30/2016	10565	11472
12/31/2016	10921	11911
03/31/2017	11534	12633
06/30/2017	11844	13023
09/30/2017	12323	13607
12/31/2017	13088	14511
03/31/2018	12937	14401
06/30/2018	13322	14896
09/30/2018	14292	16044
12/31/2018	12301	13875
03/31/2019	13919	15769
06/30/2019	14453	16447
09/30/2019	14637	16727
12/31/2019	15887	18244
03/31/2020	12712	14668
06/30/2020	15246	17682
09/30/2020	16536	19260
12/31/2020	18465	21600
03/31/2021	19530	22934
06/30/2021	21115	24895
09/30/2021	21149	25040
12/31/2021	23386	27801
03/31/2022	22229	26522
06/30/2022	18579	22252
09/30/2022	17585	21165
12/31/2022	18833	22766
03/31/2023	20156	24473
06/30/2023	21828	26612
09/30/2023	21025	25741
12/31/2023	23380	28750
03/31/2024	25742	31785
06/30/2024	26742	33147
09/30/2024	28197	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	9.54%	34.11%	14.01%	11.46%
Class A (with sales charge)‡	4.34%	27.75%	12.91%	10.92%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$239,541,929
Total Number of Portfolio Holdings	513
Portfolio Turnover Rate	50%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

S&P 500® Fund   |   Class A   |   RYSOX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	29.4%
Consumer, Non-cyclical	16.5%
Communications	13.8%
Financial	13.4%
Consumer, Cyclical	8.0%
Industrial	7.0%
S&P 500 Index Equity Swap Agreements	3.3%
Other	8.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	6.9%
Microsoft Corp.	6.3%
NVIDIA Corp.	5.9%
Amazon.com, Inc.	3.4%
Meta Platforms, Inc. — Class A	2.5%
Alphabet, Inc. — Class A	1.9%
Berkshire Hathaway, Inc. — Class B	1.7%
Alphabet, Inc. — Class C	1.6%
Broadcom, Inc.	1.6%
Tesla, Inc.	1.4%
Top 10 Total	33.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	6.9%
Microsoft Corp.	6.3%
NVIDIA Corp.	5.9%
Amazon.com, Inc.	3.4%
Meta Platforms, Inc. — Class A	2.5%
Alphabet, Inc. — Class A	1.9%
Berkshire Hathaway, Inc. — Class B	1.7%
Alphabet, Inc. — Class C	1.6%
Broadcom, Inc.	1.6%
Tesla, Inc.	1.4%
Top 10 Total	33.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSOX-093024

Guggenheim Investments 2

S&P 500® Fund

Class C | RYSYX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P 500® Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$122	2.33%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 9.13%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500® Fund (Class C)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	10416	10493
03/31/2015	10465	10593
06/30/2015	10438	10622
09/30/2015	9703	9939
12/31/2015	10318	10638
03/31/2016	10394	10782
06/30/2016	10581	11047
09/30/2016	10924	11472
12/31/2016	11270	11911
03/31/2017	11884	12633
06/30/2017	12176	13023
09/30/2017	12647	13607
12/31/2017	13407	14511
03/31/2018	13226	14401
06/30/2018	13596	14896
09/30/2018	14558	16044
12/31/2018	12506	13875
03/31/2019	14123	15769
06/30/2019	14641	16447
09/30/2019	14797	16727
12/31/2019	16028	18244
03/31/2020	12803	14668
06/30/2020	15328	17682
09/30/2020	16594	19260
12/31/2020	18493	21600
03/31/2021	19524	22934
06/30/2021	21071	24895
09/30/2021	21067	25040
12/31/2021	23253	27801
03/31/2022	22061	26522
06/30/2022	18402	22252
09/30/2022	17384	21165
12/31/2022	18583	22766
03/31/2023	19851	24473
06/30/2023	21457	26612
09/30/2023	20632	25741
12/31/2023	22898	28750
03/31/2024	25166	31785
06/30/2024	26094	33147
09/30/2024	27463	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	9.13%	33.11%	13.17%	10.63%
Class C (with CDSC)§	8.13%	32.11%	13.17%	10.63%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$239,541,929
Total Number of Portfolio Holdings	513
Portfolio Turnover Rate	50%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

S&P 500® Fund   |   Class C   |   RYSYX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	29.4%
Consumer, Non-cyclical	16.5%
Communications	13.8%
Financial	13.4%
Consumer, Cyclical	8.0%
Industrial	7.0%
S&P 500 Index Equity Swap Agreements	3.3%
Other	8.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	6.9%
Microsoft Corp.	6.3%
NVIDIA Corp.	5.9%
Amazon.com, Inc.	3.4%
Meta Platforms, Inc. — Class A	2.5%
Alphabet, Inc. — Class A	1.9%
Berkshire Hathaway, Inc. — Class B	1.7%
Alphabet, Inc. — Class C	1.6%
Broadcom, Inc.	1.6%
Tesla, Inc.	1.4%
Top 10 Total	33.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	6.9%
Microsoft Corp.	6.3%
NVIDIA Corp.	5.9%
Amazon.com, Inc.	3.4%
Meta Platforms, Inc. — Class A	2.5%
Alphabet, Inc. — Class A	1.9%
Berkshire Hathaway, Inc. — Class B	1.7%
Alphabet, Inc. — Class C	1.6%
Broadcom, Inc.	1.6%
Tesla, Inc.	1.4%
Top 10 Total	33.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSYX-093024

Guggenheim Investments 2

S&P 500® Fund

Class H | RYSPX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P 500® Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$84	1.59%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 9.54%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500® Fund (Class H)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	10435	10493
03/31/2015	10503	10593
06/30/2015	10496	10622
09/30/2015	9775	9939
12/31/2015	10414	10638
03/31/2016	10509	10782
06/30/2016	10720	11047
09/30/2016	11087	11472
12/31/2016	11460	11911
03/31/2017	12107	12633
06/30/2017	12429	13023
09/30/2017	12934	13607
12/31/2017	13735	14511
03/31/2018	13577	14401
06/30/2018	13981	14896
09/30/2018	14998	16044
12/31/2018	12909	13875
03/31/2019	14607	15769
06/30/2019	15171	16447
09/30/2019	15361	16727
12/31/2019	16670	18244
03/31/2020	13343	14668
06/30/2020	16003	17682
09/30/2020	17359	19260
12/31/2020	19382	21600
03/31/2021	20500	22934
06/30/2021	22164	24895
09/30/2021	22203	25040
12/31/2021	24550	27801
03/31/2022	23336	26522
06/30/2022	19501	22252
09/30/2022	18461	21165
12/31/2022	19768	22766
03/31/2023	21160	24473
06/30/2023	22915	26612
09/30/2023	22073	25741
12/31/2023	24544	28750
03/31/2024	27024	31785
06/30/2024	28073	33147
09/30/2024	29601	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	9.54%	34.11%	14.02%	11.46%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$239,541,929
Total Number of Portfolio Holdings	513
Portfolio Turnover Rate	50%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

†

6 month returns are not annualized.

Guggenheim Investments 1

S&P 500® Fund   |   Class H   |   RYSPX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	29.4%
Consumer, Non-cyclical	16.5%
Communications	13.8%
Financial	13.4%
Consumer, Cyclical	8.0%
Industrial	7.0%
S&P 500 Index Equity Swap Agreements	3.3%
Other	8.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	6.9%
Microsoft Corp.	6.3%
NVIDIA Corp.	5.9%
Amazon.com, Inc.	3.4%
Meta Platforms, Inc. — Class A	2.5%
Alphabet, Inc. — Class A	1.9%
Berkshire Hathaway, Inc. — Class B	1.7%
Alphabet, Inc. — Class C	1.6%
Broadcom, Inc.	1.6%
Tesla, Inc.	1.4%
Top 10 Total	33.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	6.9%
Microsoft Corp.	6.3%
NVIDIA Corp.	5.9%
Amazon.com, Inc.	3.4%
Meta Platforms, Inc. — Class A	2.5%
Alphabet, Inc. — Class A	1.9%
Berkshire Hathaway, Inc. — Class B	1.7%
Alphabet, Inc. — Class C	1.6%
Broadcom, Inc.	1.6%
Tesla, Inc.	1.4%
Top 10 Total	33.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSPX-093024

Guggenheim Investments 2

Inverse S&P 500® Strategy Fund

Investor Class | RYURX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse S&P 500® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$67	1.38%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned -5.57%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse S&P 500® Strategy Fund (Investor Class)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	9457	10493
03/31/2015	9317	10593
06/30/2015	9259	10622
09/30/2015	9764	9939
12/31/2015	9042	10638
03/31/2016	8844	10782
06/30/2016	8602	11047
09/30/2016	8257	11472
12/31/2016	7936	11911
03/31/2017	7487	12633
06/30/2017	7267	13023
09/30/2017	6973	13607
12/31/2017	6557	14511
03/31/2018	6573	14401
06/30/2018	6372	14896
09/30/2018	5950	16044
12/31/2018	6841	13875
03/31/2019	6042	15769
06/30/2019	5831	16447
09/30/2019	5748	16727
12/31/2019	5292	18244
03/31/2020	6108	14668
06/30/2020	4937	17682
09/30/2020	4495	19260
12/31/2020	3974	21600
03/31/2021	3713	22934
06/30/2021	3407	24895
09/30/2021	3369	25040
12/31/2021	3013	27801
03/31/2022	3112	26522
06/30/2022	3632	22252
09/30/2022	3805	21165
12/31/2022	3542	22766
03/31/2023	3341	24473
06/30/2023	3129	26612
09/30/2023	3306	25741
12/31/2023	3026	28750
03/31/2024	2800	31785
06/30/2024	2745	33147
09/30/2024	2644	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	-5.57%	-20.01%	-14.38%	-12.45%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$44,963,314
Total Number of Portfolio Holdings	21
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

†

6 month returns are not annualized.

Guggenheim Investments 1

Inverse S&P 500® Strategy Fund   |   Investor Class   |   RYURX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Mini Futures Contracts Short Sales	-18.1%
S&P 500 Index Equity Swap Agreements Short Sales	-81.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	14.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	9.5%
Total	24.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	14.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	9.5%
Total	24.0%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYURX-093024

Guggenheim Investments 2

Inverse S&P 500® Strategy Fund

Class A | RYARX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse S&P 500® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$79	1.63%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -5.66%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse S&P 500® Strategy Fund (Class A)‡	S&P 500 Index
09/30/2014	9524	10000
12/31/2014	8996	10493
03/31/2015	8859	10593
06/30/2015	8801	10622
09/30/2015	9276	9939
12/31/2015	8585	10638
03/31/2016	8390	10782
06/30/2016	8155	11047
09/30/2016	7823	11472
12/31/2016	7515	11911
03/31/2017	7086	12633
06/30/2017	6873	13023
09/30/2017	6591	13607
12/31/2017	6194	14511
03/31/2018	6205	14401
06/30/2018	6012	14896
09/30/2018	5611	16044
12/31/2018	6445	13875
03/31/2019	5689	15769
06/30/2019	5487	16447
09/30/2019	5405	16727
12/31/2019	4973	18244
03/31/2020	5737	14668
06/30/2020	4633	17682
09/30/2020	4216	19260
12/31/2020	3724	21600
03/31/2021	3477	22934
06/30/2021	3189	24895
09/30/2021	3153	25040
12/31/2021	2817	27801
03/31/2022	2907	26522
06/30/2022	3392	22252
09/30/2022	3550	21165
12/31/2022	3302	22766
03/31/2023	3113	24473
06/30/2023	2915	26612
09/30/2023	3076	25741
12/31/2023	2815	28750
03/31/2024	2603	31785
06/30/2024	2550	33147
09/30/2024	2456	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-5.66%	-20.15%	-14.60%	-12.68%
Class A (with sales charge)‡	-10.13%	-23.94%	-15.42%	-13.10%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$44,963,314
Total Number of Portfolio Holdings	21
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Inverse S&P 500® Strategy Fund   |   Class A   |   RYARX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Mini Futures Contracts Short Sales	-18.1%
S&P 500 Index Equity Swap Agreements Short Sales	-81.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	14.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	9.5%
Total	24.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	14.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	9.5%
Total	24.0%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYARX-093024

Guggenheim Investments 2

Inverse S&P 500® Strategy Fund

Class C | RYUCX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse S&P 500® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$115	2.37%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -6.04%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse S&P 500® Strategy Fund (Class C)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	9424	10493
03/31/2015	9269	10593
06/30/2015	9188	10622
09/30/2015	9661	9939
12/31/2015	8930	10638
03/31/2016	8708	10782
06/30/2016	8443	11047
09/30/2016	8089	11472
12/31/2016	7754	11911
03/31/2017	7298	12633
06/30/2017	7066	13023
09/30/2017	6763	13607
12/31/2017	6343	14511
03/31/2018	6342	14401
06/30/2018	6133	14896
09/30/2018	5713	16044
12/31/2018	6550	13875
03/31/2019	5771	15769
06/30/2019	5556	16447
09/30/2019	5464	16727
12/31/2019	5016	18244
03/31/2020	5776	14668
06/30/2020	4657	17682
09/30/2020	4229	19260
12/31/2020	3729	21600
03/31/2021	3477	22934
06/30/2021	3182	24895
09/30/2021	3139	25040
12/31/2021	2800	27801
03/31/2022	2885	26522
06/30/2022	3359	22252
09/30/2022	3509	21165
12/31/2022	3258	22766
03/31/2023	3066	24473
06/30/2023	2865	26612
09/30/2023	3018	25741
12/31/2023	2757	28750
03/31/2024	2545	31785
06/30/2024	2488	33147
09/30/2024	2391	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-6.04%	-20.78%	-15.23%	-13.33%
Class C (with CDSC)§	-6.98%	-21.55%	-15.23%	-13.33%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$44,963,314
Total Number of Portfolio Holdings	21
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Inverse S&P 500® Strategy Fund   |   Class C   |   RYUCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Mini Futures Contracts Short Sales	-18.1%
S&P 500 Index Equity Swap Agreements Short Sales	-81.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	14.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	9.5%
Total	24.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	14.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	9.5%
Total	24.0%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYUCX-093024

Guggenheim Investments 2

Inverse S&P 500® Strategy Fund

Class H | RYUHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse S&P 500® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$79	1.62%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -5.70%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse S&P 500® Strategy Fund (Class H)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	9446	10493
03/31/2015	9295	10593
06/30/2015	9241	10622
09/30/2015	9733	9939
12/31/2015	9008	10638
03/31/2016	8796	10782
06/30/2016	8550	11047
09/30/2016	8215	11472
12/31/2016	7885	11911
03/31/2017	7435	12633
06/30/2017	7212	13023
09/30/2017	6915	13607
12/31/2017	6499	14511
03/31/2018	6510	14401
06/30/2018	6306	14896
09/30/2018	5886	16044
12/31/2018	6762	13875
03/31/2019	5968	15769
06/30/2019	5756	16447
09/30/2019	5670	16727
12/31/2019	5217	18244
03/31/2020	6018	14668
06/30/2020	4861	17682
09/30/2020	4423	19260
12/31/2020	3909	21600
03/31/2021	3649	22934
06/30/2021	3345	24895
09/30/2021	3308	25040
12/31/2021	2956	27801
03/31/2022	3051	26522
06/30/2022	3560	22252
09/30/2022	3726	21165
12/31/2022	3467	22766
03/31/2023	3270	24473
06/30/2023	3061	26612
09/30/2023	3232	25741
12/31/2023	2957	28750
03/31/2024	2735	31785
06/30/2024	2679	33147
09/30/2024	2579	35098

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	-5.70%	-20.20%	-14.58%	-12.67%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$44,963,314
Total Number of Portfolio Holdings	21
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.

†

6 month returns are not annualized.

Guggenheim Investments 1

Inverse S&P 500® Strategy Fund   |   Class H   |   RYUHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Mini Futures Contracts Short Sales	-18.1%
S&P 500 Index Equity Swap Agreements Short Sales	-81.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	14.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	9.5%
Total	24.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	14.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	9.5%
Total	24.0%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYUHX-093024

Guggenheim Investments 2

Monthly Rebalance NASDAQ-100® 2x Strategy Fund

Class A | RMQAX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Monthly Rebalance NASDAQ-100® 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$67	1.24%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 16.17%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Nasdaq-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the monthly price movement of the NASDAQ-100 Index.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Monthly Rebalance NASDAQ-100® 2x Strategy Fund (Class A)‡	S&P 500 Index	NASDAQ-100 Index
11/28/2014	9526	10000	10000
12/31/2014	9070	9975	9769
03/31/2015	9846	10070	10026
06/30/2015	10131	10098	10200
09/30/2015	9112	9447	9729
12/31/2015	10892	10113	10722
03/31/2016	10375	10249	10501
06/30/2016	10057	10501	10381
09/30/2016	12204	10905	11493
12/31/2016	12149	11322	11502
03/31/2017	15111	12009	12892
06/30/2017	16235	12380	13432
09/30/2017	18120	12935	14260
12/31/2017	20629	13794	15296
03/31/2018	21585	13689	15778
06/30/2018	24532	14160	16925
09/30/2018	28508	15251	18383
12/31/2018	19127	13189	15302
03/31/2019	25632	14989	17886
06/30/2019	27095	15635	18646
09/30/2019	27480	15900	18886
12/31/2019	34582	17342	21339
03/31/2020	27056	13944	19143
06/30/2020	44658	16808	24944
09/30/2020	55384	18309	28093
12/31/2020	69505	20533	31769
03/31/2021	71654	21801	32329
06/30/2021	87891	23665	36008
09/30/2021	88837	23802	36402
12/31/2021	108747	26427	40508
03/31/2022	88479	25212	36899
06/30/2022	51159	21152	28670
09/30/2022	44888	20120	27402
12/31/2022	43571	21641	27390
03/31/2023	61586	23263	33080
06/30/2023	79937	25297	38169
09/30/2023	73731	24469	37078
12/31/2023	94014	27330	42490
03/31/2024	108860	30215	46196
06/30/2024	123719	31509	49914
09/30/2024	126457	33364	50974

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Since Inception (11.28.14)
Class A (without sales charge)	16.17%	71.51%	35.70%	30.06%
Class A (with sales charge)‡	10.65%	63.36%	34.39%	29.42%
S&P 500 Index	10.42%	36.35%	15.98%	13.03%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.00%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$791,202,446
Total Number of Portfolio Holdings	112
Portfolio Turnover Rate	248%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Monthly Rebalance NASDAQ-100® 2x Strategy Fund   |   Class A   |   RMQAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Swap Agreements	86.2%
Technology	39.8%
Futures Contracts	32.1%
Communications	21.0%
Consumer, Non-cyclical	9.4%
Consumer, Cyclical	7.4%
Industrial	1.3%
Other	2.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	7.4%
Microsoft Corp.	6.7%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.2%
Amazon.com, Inc.	4.1%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	2.0%
Top 10 Total	41.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	7.4%
Microsoft Corp.	6.7%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.2%
Amazon.com, Inc.	4.1%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	2.0%
Top 10 Total	41.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RMQAX-093024

Guggenheim Investments 2

Monthly Rebalance NASDAQ-100® 2x Strategy Fund

Class C | RMQCX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Monthly Rebalance NASDAQ-100® 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$108	1.99%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 15.71%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Nasdaq-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the monthly price movement of the NASDAQ-100 Index.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Monthly Rebalance NASDAQ-100® 2x Strategy Fund (Class C)	S&P 500 Index	NASDAQ-100 Index
11/28/2014	10000	10000	10000
12/31/2014	9516	9975	9769
03/31/2015	10310	10070	10026
06/30/2015	10588	10098	10200
09/30/2015	9490	9447	9729
12/31/2015	11320	10113	10722
03/31/2016	10764	10249	10501
06/30/2016	10416	10501	10381
09/30/2016	12614	10905	11493
12/31/2016	12534	11322	11502
03/31/2017	15556	12009	12892
06/30/2017	16686	12380	13432
09/30/2017	18588	12935	14260
12/31/2017	21122	13794	15296
03/31/2018	22062	13689	15778
06/30/2018	25028	14160	16925
09/30/2018	29030	15251	18383
12/31/2018	19440	13189	15302
03/31/2019	26002	14989	17886
06/30/2019	27436	15635	18646
09/30/2019	27772	15900	18886
12/31/2019	34882	17342	21339
03/31/2020	27241	13944	19143
06/30/2020	44882	16808	24944
09/30/2020	55556	18309	28093
12/31/2020	69583	20533	31769
03/31/2021	71606	21801	32329
06/30/2021	87668	23665	36008
09/30/2021	88445	23802	36402
12/31/2021	108058	26427	40508
03/31/2022	87759	25212	36899
06/30/2022	50617	21152	28670
09/30/2022	44326	20120	27402
12/31/2022	42944	21641	27390
03/31/2023	60589	23263	33080
06/30/2023	78495	25297	38169
09/30/2023	72266	24469	37078
12/31/2023	91975	27330	42490
03/31/2024	106301	30215	46196
06/30/2024	120583	31509	49914
09/30/2024	123020	33364	50974

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Since Inception (11.28.14)
Class C (without CDSC)	15.71%	70.23%	34.67%	29.06%
Class C (with CDSC)§	14.72%	69.23%	34.67%	29.06%
S&P 500 Index	10.42%	36.35%	15.98%	13.03%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.00%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$791,202,446
Total Number of Portfolio Holdings	112
Portfolio Turnover Rate	248%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Monthly Rebalance NASDAQ-100® 2x Strategy Fund   |   Class C   |   RMQCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Swap Agreements	86.2%
Technology	39.8%
Futures Contracts	32.1%
Communications	21.0%
Consumer, Non-cyclical	9.4%
Consumer, Cyclical	7.4%
Industrial	1.3%
Other	2.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	7.4%
Microsoft Corp.	6.7%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.2%
Amazon.com, Inc.	4.1%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	2.0%
Top 10 Total	41.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	7.4%
Microsoft Corp.	6.7%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.2%
Amazon.com, Inc.	4.1%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	2.0%
Top 10 Total	41.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RMQCX-093024

Guggenheim Investments 2

Monthly Rebalance NASDAQ-100® 2x Strategy Fund

Class H | RMQHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Monthly Rebalance NASDAQ-100® 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$68	1.26%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 16.15%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Nasdaq-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the monthly price movement of the NASDAQ-100 Index.

How did the fund perform since inception?

Cumulative performance* for the fund since inception (as of 9.30.24), assuming a $10,000 initial investment.

Date	Monthly Rebalance NASDAQ-100® 2x Strategy Fund (Class H)	S&P 500 Index	NASDAQ-100 Index
11/28/2014	10000	10000	10000
12/31/2014	9522	9975	9769
03/31/2015	10314	10070	10026
06/30/2015	10612	10098	10200
09/30/2015	9760	9447	9729
12/31/2015	11666	10113	10722
03/31/2016	11158	10249	10501
06/30/2016	10816	10501	10381
09/30/2016	13128	10905	11493
12/31/2016	13064	11322	11502
03/31/2017	16250	12009	12892
06/30/2017	17458	12380	13432
09/30/2017	19484	12935	14260
12/31/2017	22182	13794	15296
03/31/2018	23212	13689	15778
06/30/2018	26380	14160	16925
09/30/2018	30654	15251	18383
12/31/2018	20568	13189	15302
03/31/2019	27560	14989	17886
06/30/2019	29116	15635	18646
09/30/2019	29536	15900	18886
12/31/2019	37166	17342	21339
03/31/2020	29079	13944	19143
06/30/2020	47998	16808	24944
09/30/2020	59526	18309	28093
12/31/2020	74702	20533	31769
03/31/2021	77006	21801	32329
06/30/2021	94453	23665	36008
09/30/2021	95468	23802	36402
12/31/2021	116857	26427	40508
03/31/2022	95072	25212	36899
06/30/2022	54938	21152	28670
09/30/2022	48202	20120	27402
12/31/2022	46786	21641	27390
03/31/2023	66130	23263	33080
06/30/2023	85834	25297	38169
09/30/2023	79167	24469	37078
12/31/2023	100942	27330	42490
03/31/2024	116876	30215	46196
06/30/2024	132823	31509	49914
09/30/2024	135756	33364	50974

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Since Inception (11.28.14)
Class H	16.15%	71.48%	35.67%	30.36%
S&P 500 Index	10.42%	36.35%	15.98%	13.03%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.00%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$791,202,446
Total Number of Portfolio Holdings	112
Portfolio Turnover Rate	248%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Monthly Rebalance NASDAQ-100® 2x Strategy Fund   |   Class H   |   RMQHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Swap Agreements	86.2%
Technology	39.8%
Futures Contracts	32.1%
Communications	21.0%
Consumer, Non-cyclical	9.4%
Consumer, Cyclical	7.4%
Industrial	1.3%
Other	2.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	7.4%
Microsoft Corp.	6.7%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.2%
Amazon.com, Inc.	4.1%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	2.0%
Top 10 Total	41.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	7.4%
Microsoft Corp.	6.7%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.2%
Amazon.com, Inc.	4.1%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	2.0%
Top 10 Total	41.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RMQHX-093024

Guggenheim Investments 2

NASDAQ-100 Fund

Investor Class | RYOCX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the NASDAQ-100 Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$65	1.23%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 9.69%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	NASDAQ-100 Fund (Investor Class)	S&P 500 Index	NASDAQ-100 Index
09/30/2014	10000	10000	10000
12/31/2014	10448	10493	10490
03/31/2015	10701	10593	10765
06/30/2015	10857	10622	10953
09/30/2015	10330	9939	10446
12/31/2015	11346	10638	11513
03/31/2016	11075	10782	11276
06/30/2016	10920	11047	11147
09/30/2016	12052	11472	12341
12/31/2016	12019	11911	12350
03/31/2017	13424	12633	13843
06/30/2017	13941	13023	14423
09/30/2017	14750	13607	15312
12/31/2017	15770	14511	16424
03/31/2018	16211	14401	16942
06/30/2018	17333	14896	18174
09/30/2018	18762	16044	19739
12/31/2018	15554	13875	16430
03/31/2019	18122	15769	19205
06/30/2019	18825	16447	20021
09/30/2019	19000	16727	20279
12/31/2019	21391	18244	22913
03/31/2020	19100	14668	20555
06/30/2020	24814	17682	26784
09/30/2020	27865	19260	30165
12/31/2020	31398	21600	34113
03/31/2021	31855	22934	34713
06/30/2021	35376	24895	38664
09/30/2021	35652	25040	39087
12/31/2021	39541	27801	43496
03/31/2022	35898	26522	39621
06/30/2022	27778	22252	30785
09/30/2022	26455	21165	29424
12/31/2022	26361	22766	29410
03/31/2023	31748	24473	35520
06/30/2023	36524	26612	40985
09/30/2023	35371	25741	39813
12/31/2023	40415	28750	45624
03/31/2024	43816	31785	49603
06/30/2024	47205	33147	53596
09/30/2024	48061	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	9.69%	35.88%	20.40%	17.00%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,862,640,189
Total Number of Portfolio Holdings	115
Portfolio Turnover Rate	14%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

NASDAQ-100 Fund   |   Investor Class   |   RYOCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	46.6%
Communications	24.5%
Consumer, Non-cyclical	11.0%
Consumer, Cyclical	8.7%
NASDAQ-100 Index Equity Swap Agreements	4.0%
Industrial	1.6%
Basic Materials	1.4%
Utilities	1.3%
Energy	0.4%
NASDAQ-100 Index Equity Futures Contracts	0.3%
Financial	0.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	8.7%
Microsoft Corp.	7.8%
NVIDIA Corp.	7.3%
Broadcom, Inc.	5.0%
Meta Platforms, Inc. — Class A	4.9%
Amazon.com, Inc.	4.8%
Tesla, Inc.	3.1%
Costco Wholesale Corp.	2.5%
Alphabet, Inc. — Class A	2.4%
Alphabet, Inc. — Class C	2.3%
Top 10 Total	48.8%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	8.7%
Microsoft Corp.	7.8%
NVIDIA Corp.	7.3%
Broadcom, Inc.	5.0%
Meta Platforms, Inc. — Class A	4.9%
Amazon.com, Inc.	4.8%
Tesla, Inc.	3.1%
Costco Wholesale Corp.	2.5%
Alphabet, Inc. — Class A	2.4%
Alphabet, Inc. — Class C	2.3%
Top 10 Total	48.8%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYOCX-093024

Guggenheim Investments 2

NASDAQ-100 Fund

Class A | RYATX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the NASDAQ-100 Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$78	1.48%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 9.57%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	NASDAQ-100 Fund (Class A)‡	S&P 500 Index	NASDAQ-100 Index
09/30/2014	9524	10000	10000
12/31/2014	9945	10493	10490
03/31/2015	10181	10593	10765
06/30/2015	10318	10622	10953
09/30/2015	9812	9939	10446
12/31/2015	10771	10638	11513
03/31/2016	10513	10782	11276
06/30/2016	10351	11047	11147
09/30/2016	11409	11472	12341
12/31/2016	11372	11911	12350
03/31/2017	12695	12633	13843
06/30/2017	13177	13023	14423
09/30/2017	13930	13607	15312
12/31/2017	14888	14511	16424
03/31/2018	15291	14401	16942
06/30/2018	16340	14896	18174
09/30/2018	17673	16044	19739
12/31/2018	14643	13875	16430
03/31/2019	17051	15769	19205
06/30/2019	17704	16447	20021
09/30/2019	17854	16727	20279
12/31/2019	20086	18244	22913
03/31/2020	17927	14668	20555
06/30/2020	23277	17682	26784
09/30/2020	26118	19260	30165
12/31/2020	29412	21600	34113
03/31/2021	29826	22934	34713
06/30/2021	33097	24895	38664
09/30/2021	33335	25040	39087
12/31/2021	36949	27801	43496
03/31/2022	33525	26522	39621
06/30/2022	25922	22252	30785
09/30/2022	24673	21165	29424
12/31/2022	24570	22766	29410
03/31/2023	29575	24473	35520
06/30/2023	34001	26612	40985
09/30/2023	32909	25741	39813
12/31/2023	37580	28750	45624
03/31/2024	40712	31785	49603
06/30/2024	43838	33147	53596
09/30/2024	44607	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	9.57%	35.54%	20.10%	16.70%
Class A (with sales charge)‡	4.37%	29.11%	18.94%	16.13%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,862,640,189
Total Number of Portfolio Holdings	115
Portfolio Turnover Rate	14%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

NASDAQ-100 Fund   |   Class A   |   RYATX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	46.6%
Communications	24.5%
Consumer, Non-cyclical	11.0%
Consumer, Cyclical	8.7%
NASDAQ-100 Index Equity Swap Agreements	4.0%
Industrial	1.6%
Basic Materials	1.4%
Utilities	1.3%
Energy	0.4%
NASDAQ-100 Index Equity Futures Contracts	0.3%
Financial	0.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	8.7%
Microsoft Corp.	7.8%
NVIDIA Corp.	7.3%
Broadcom, Inc.	5.0%
Meta Platforms, Inc. — Class A	4.9%
Amazon.com, Inc.	4.8%
Tesla, Inc.	3.1%
Costco Wholesale Corp.	2.5%
Alphabet, Inc. — Class A	2.4%
Alphabet, Inc. — Class C	2.3%
Top 10 Total	48.8%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	8.7%
Microsoft Corp.	7.8%
NVIDIA Corp.	7.3%
Broadcom, Inc.	5.0%
Meta Platforms, Inc. — Class A	4.9%
Amazon.com, Inc.	4.8%
Tesla, Inc.	3.1%
Costco Wholesale Corp.	2.5%
Alphabet, Inc. — Class A	2.4%
Alphabet, Inc. — Class C	2.3%
Top 10 Total	48.8%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYATX-093024

Guggenheim Investments 2

NASDAQ-100 Fund

Class C | RYCOX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the NASDAQ-100 Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$116	2.22%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 9.14%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	NASDAQ-100 Fund (Class C)	S&P 500 Index	NASDAQ-100 Index
09/30/2014	10000	10000	10000
12/31/2014	10421	10493	10490
03/31/2015	10648	10593	10765
06/30/2015	10776	10622	10953
09/30/2015	10229	9939	10446
12/31/2015	11204	10638	11513
03/31/2016	10911	10782	11276
06/30/2016	10730	11047	11147
09/30/2016	11810	11472	12341
12/31/2016	11751	11911	12350
03/31/2017	13091	12633	13843
06/30/2017	13565	13023	14423
09/30/2017	14318	13607	15312
12/31/2017	15265	14511	16424
03/31/2018	15653	14401	16942
06/30/2018	16699	14896	18174
09/30/2018	18027	16044	19739
12/31/2018	14907	13875	16430
03/31/2019	17328	15769	19205
06/30/2019	17956	16447	20021
09/30/2019	18074	16727	20279
12/31/2019	20295	18244	22913
03/31/2020	18075	14668	20555
06/30/2020	23431	17682	26784
09/30/2020	26242	19260	30165
12/31/2020	29493	21600	34113
03/31/2021	29855	22934	34713
06/30/2021	33069	24895	38664
09/30/2021	33240	25040	39087
12/31/2021	36773	27801	43496
03/31/2022	33308	26522	39621
06/30/2022	25708	22252	30785
09/30/2022	24416	21165	29424
12/31/2022	24274	22766	29410
03/31/2023	29161	24473	35520
06/30/2023	33466	26612	40985
09/30/2023	32331	25741	39813
12/31/2023	36847	28750	45624
03/31/2024	39850	31785	49603
06/30/2024	42825	33147	53596
09/30/2024	43494	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	9.14%	34.53%	19.20%	15.84%
Class C (with CDSC)§	8.14%	33.53%	19.20%	15.84%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,862,640,189
Total Number of Portfolio Holdings	115
Portfolio Turnover Rate	14%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

NASDAQ-100 Fund   |   Class C   |   RYCOX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	46.6%
Communications	24.5%
Consumer, Non-cyclical	11.0%
Consumer, Cyclical	8.7%
NASDAQ-100 Index Equity Swap Agreements	4.0%
Industrial	1.6%
Basic Materials	1.4%
Utilities	1.3%
Energy	0.4%
NASDAQ-100 Index Equity Futures Contracts	0.3%
Financial	0.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	8.7%
Microsoft Corp.	7.8%
NVIDIA Corp.	7.3%
Broadcom, Inc.	5.0%
Meta Platforms, Inc. — Class A	4.9%
Amazon.com, Inc.	4.8%
Tesla, Inc.	3.1%
Costco Wholesale Corp.	2.5%
Alphabet, Inc. — Class A	2.4%
Alphabet, Inc. — Class C	2.3%
Top 10 Total	48.8%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	8.7%
Microsoft Corp.	7.8%
NVIDIA Corp.	7.3%
Broadcom, Inc.	5.0%
Meta Platforms, Inc. — Class A	4.9%
Amazon.com, Inc.	4.8%
Tesla, Inc.	3.1%
Costco Wholesale Corp.	2.5%
Alphabet, Inc. — Class A	2.4%
Alphabet, Inc. — Class C	2.3%
Top 10 Total	48.8%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCOX-093024

Guggenheim Investments 2

NASDAQ-100 Fund

Class H | RYHOX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the NASDAQ-100 Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$78	1.48%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 9.55%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	NASDAQ-100 Fund (Class H)	S&P 500 Index	NASDAQ-100 Index
09/30/2014	10000	10000	10000
12/31/2014	10433	10493	10490
03/31/2015	10676	10593	10765
06/30/2015	10819	10622	10953
09/30/2015	10285	9939	10446
12/31/2015	11291	10638	11513
03/31/2016	11015	10782	11276
06/30/2016	10855	11047	11147
09/30/2016	11970	11472	12341
12/31/2016	11931	11911	12350
03/31/2017	13320	12633	13843
06/30/2017	13825	13023	14423
09/30/2017	14620	13607	15312
12/31/2017	15620	14511	16424
03/31/2018	16049	14401	16942
06/30/2018	17145	14896	18174
09/30/2018	18549	16044	19739
12/31/2018	15368	13875	16430
03/31/2019	17896	15769	19205
06/30/2019	18576	16447	20021
09/30/2019	18738	16727	20279
12/31/2019	21081	18244	22913
03/31/2020	18811	14668	20555
06/30/2020	24426	17682	26784
09/30/2020	27407	19260	30165
12/31/2020	30865	21600	34113
03/31/2021	31294	22934	34713
06/30/2021	34733	24895	38664
09/30/2021	34977	25040	39087
12/31/2021	38770	27801	43496
03/31/2022	35176	26522	39621
06/30/2022	27202	22252	30785
09/30/2022	25890	21165	29424
12/31/2022	25783	22766	29410
03/31/2023	31036	24473	35520
06/30/2023	35681	26612	40985
09/30/2023	34529	25741	39813
12/31/2023	39432	28750	45624
03/31/2024	42725	31785	49603
06/30/2024	46000	33147	53596
09/30/2024	46807	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	9.55%	35.56%	20.09%	16.69%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,862,640,189
Total Number of Portfolio Holdings	115
Portfolio Turnover Rate	14%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

NASDAQ-100 Fund   |   Class H   |   RYHOX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	46.6%
Communications	24.5%
Consumer, Non-cyclical	11.0%
Consumer, Cyclical	8.7%
NASDAQ-100 Index Equity Swap Agreements	4.0%
Industrial	1.6%
Basic Materials	1.4%
Utilities	1.3%
Energy	0.4%
NASDAQ-100 Index Equity Futures Contracts	0.3%
Financial	0.2%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	8.7%
Microsoft Corp.	7.8%
NVIDIA Corp.	7.3%
Broadcom, Inc.	5.0%
Meta Platforms, Inc. — Class A	4.9%
Amazon.com, Inc.	4.8%
Tesla, Inc.	3.1%
Costco Wholesale Corp.	2.5%
Alphabet, Inc. — Class A	2.4%
Alphabet, Inc. — Class C	2.3%
Top 10 Total	48.8%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Apple, Inc.	8.7%
Microsoft Corp.	7.8%
NVIDIA Corp.	7.3%
Broadcom, Inc.	5.0%
Meta Platforms, Inc. — Class A	4.9%
Amazon.com, Inc.	4.8%
Tesla, Inc.	3.1%
Costco Wholesale Corp.	2.5%
Alphabet, Inc. — Class A	2.4%
Alphabet, Inc. — Class C	2.3%
Top 10 Total	48.8%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHOX-093024

Guggenheim Investments 2

Inverse NASDAQ-100® Strategy Fund

Investor Class | RYAIX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$70	1.45%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned -6.80%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse NASDAQ-100® Strategy Fund (Investor Class)	S&P 500 Index	NASDAQ-100 Index
09/30/2014	10000	10000	10000
12/31/2014	9444	10493	10490
03/31/2015	9156	10593	10765
06/30/2015	8958	10622	10953
09/30/2015	9264	9939	10446
12/31/2015	8323	10638	11513
03/31/2016	8368	10782	11276
06/30/2016	8410	11047	11147
09/30/2016	7573	11472	12341
12/31/2016	7548	11911	12350
03/31/2017	6743	12633	13843
06/30/2017	6474	13023	14423
09/30/2017	6104	13607	15312
12/31/2017	5701	14511	16424
03/31/2018	5473	14401	16942
06/30/2018	5099	14896	18174
09/30/2018	4711	16044	19739
12/31/2018	5550	13875	16430
03/31/2019	4750	15769	19205
06/30/2019	4570	16447	20021
09/30/2019	4523	16727	20279
12/31/2019	4015	18244	22913
03/31/2020	4165	14668	20555
06/30/2020	3125	17682	26784
09/30/2020	2720	19260	30165
12/31/2020	2370	21600	34113
03/31/2021	2289	22934	34713
06/30/2021	2038	24895	38664
09/30/2021	2004	25040	39087
12/31/2021	1780	27801	43496
03/31/2022	1901	26522	39621
06/30/2022	2360	22252	30785
09/30/2022	2443	21165	29424
12/31/2022	2420	22766	29410
03/31/2023	2017	24473	35520
06/30/2023	1775	26612	40985
09/30/2023	1860	25741	39813
12/31/2023	1653	28750	45624
03/31/2024	1548	31785	49603
06/30/2024	1458	33147	53596
09/30/2024	1443	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	-6.80%	-22.44%	-20.43%	-17.60%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$14,879,719
Total Number of Portfolio Holdings	13
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Inverse NASDAQ-100® Strategy Fund   |   Investor Class   |   RYAIX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Mini Futures Contracts Short Sales	-16.3%
NASDAQ-100 Index Equity Swap Agreements Short Sales	-83.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	8.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.9%
Total	14.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	8.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.9%
Total	14.1%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAIX-093024

Guggenheim Investments 2

Inverse NASDAQ-100® Strategy Fund

Class A | RYAPX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$82	1.70%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -6.89%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse NASDAQ-100® Strategy Fund (Class A)‡	S&P 500 Index	NASDAQ-100 Index
09/30/2014	9524	10000	10000
12/31/2014	8987	10493	10490
03/31/2015	8709	10593	10765
06/30/2015	8514	10622	10953
09/30/2015	8867	9939	10446
12/31/2015	8004	10638	11513
03/31/2016	8045	10782	11276
06/30/2016	8083	11047	11147
09/30/2016	7282	11472	12341
12/31/2016	7250	11911	12350
03/31/2017	6473	12633	13843
06/30/2017	6211	13023	14423
09/30/2017	5853	13607	15312
12/31/2017	5462	14511	16424
03/31/2018	5241	14401	16942
06/30/2018	4880	14896	18174
09/30/2018	4506	16044	19739
12/31/2018	5306	13875	16430
03/31/2019	4537	15769	19205
06/30/2019	4363	16447	20021
09/30/2019	4315	16727	20279
12/31/2019	3828	18244	22913
03/31/2020	3969	14668	20555
06/30/2020	2975	17682	26784
09/30/2020	2589	19260	30165
12/31/2020	2254	21600	34113
03/31/2021	2176	22934	34713
06/30/2021	1935	24895	38664
09/30/2021	1902	25040	39087
12/31/2021	1688	27801	43496
03/31/2022	1802	26522	39621
06/30/2022	2236	22252	30785
09/30/2022	2312	21165	29424
12/31/2022	2290	22766	29410
03/31/2023	1908	24473	35520
06/30/2023	1677	26612	40985
09/30/2023	1757	25741	39813
12/31/2023	1561	28750	45624
03/31/2024	1459	31785	49603
06/30/2024	1375	33147	53596
09/30/2024	1359	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-6.89%	-22.66%	-20.64%	-17.69%
Class A (with sales charge)‡	-11.31%	-26.35%	-21.40%	-18.09%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$14,879,719
Total Number of Portfolio Holdings	13
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Inverse NASDAQ-100® Strategy Fund   |   Class A   |   RYAPX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Mini Futures Contracts Short Sales	-16.3%
NASDAQ-100 Index Equity Swap Agreements Short Sales	-83.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	8.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.9%
Total	14.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	8.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.9%
Total	14.1%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAPX-093024

Guggenheim Investments 2

Inverse NASDAQ-100® Strategy Fund

Class C | RYACX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$119	2.47%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -7.29%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse NASDAQ-100® Strategy Fund (Class C)	S&P 500 Index	NASDAQ-100 Index
09/30/2014	10000	10000	10000
12/31/2014	9419	10493	10490
03/31/2015	9109	10593	10765
06/30/2015	8891	10622	10953
09/30/2015	9177	9939	10446
12/31/2015	8221	10638	11513
03/31/2016	8249	10782	11276
06/30/2016	8269	11047	11147
09/30/2016	7426	11472	12341
12/31/2016	7382	11911	12350
03/31/2017	6578	12633	13843
06/30/2017	6301	13023	14423
09/30/2017	5927	13607	15312
12/31/2017	5520	14511	16424
03/31/2018	5287	14401	16942
06/30/2018	4914	14896	18174
09/30/2018	4529	16044	19739
12/31/2018	5321	13875	16430
03/31/2019	4541	15769	19205
06/30/2019	4359	16447	20021
09/30/2019	4303	16727	20279
12/31/2019	3810	18244	22913
03/31/2020	3942	14668	20555
06/30/2020	2950	17682	26784
09/30/2020	2562	19260	30165
12/31/2020	2226	21600	34113
03/31/2021	2145	22934	34713
06/30/2021	1905	24895	38664
09/30/2021	1868	25040	39087
12/31/2021	1656	27801	43496
03/31/2022	1762	26522	39621
06/30/2022	2183	22252	30785
09/30/2022	2254	21165	29424
12/31/2022	2229	22766	29410
03/31/2023	1853	24473	35520
06/30/2023	1626	26612	40985
09/30/2023	1699	25741	39813
12/31/2023	1508	28750	45624
03/31/2024	1407	31785	49603
06/30/2024	1323	33147	53596
09/30/2024	1305	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-7.29%	-23.23%	-21.23%	-18.43%
Class C (with CDSC)§	-8.22%	-23.95%	-21.23%	-18.43%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$14,879,719
Total Number of Portfolio Holdings	13
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Inverse NASDAQ-100® Strategy Fund   |   Class C   |   RYACX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Mini Futures Contracts Short Sales	-16.3%
NASDAQ-100 Index Equity Swap Agreements Short Sales	-83.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	8.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.9%
Total	14.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	8.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.9%
Total	14.1%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYACX-093024

Guggenheim Investments 2

Inverse NASDAQ-100® Strategy Fund

Class H | RYALX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$83	1.72%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -6.93%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse NASDAQ-100® Strategy Fund (Class H)	S&P 500 Index	NASDAQ-100 Index
09/30/2014	10000	10000	10000
12/31/2014	9439	10493	10490
03/31/2015	9148	10593	10765
06/30/2015	8943	10622	10953
09/30/2015	9245	9939	10446
12/31/2015	8296	10638	11513
03/31/2016	8342	10782	11276
06/30/2016	8375	11047	11147
09/30/2016	7537	11472	12341
12/31/2016	7509	11911	12350
03/31/2017	6703	12633	13843
06/30/2017	6431	13023	14423
09/30/2017	6060	13607	15312
12/31/2017	5656	14511	16424
03/31/2018	5427	14401	16942
06/30/2018	5052	14896	18174
09/30/2018	4665	16044	19739
12/31/2018	5493	13875	16430
03/31/2019	4696	15769	19205
06/30/2019	4516	16447	20021
09/30/2019	4467	16727	20279
12/31/2019	3961	18244	22913
03/31/2020	4107	14668	20555
06/30/2020	3079	17682	26784
09/30/2020	2678	19260	30165
12/31/2020	2331	21600	34113
03/31/2021	2250	22934	34713
06/30/2021	2002	24895	38664
09/30/2021	1968	25040	39087
12/31/2021	1747	27801	43496
03/31/2022	1864	26522	39621
06/30/2022	2313	22252	30785
09/30/2022	2394	21165	29424
12/31/2022	2369	22766	29410
03/31/2023	1973	24473	35520
06/30/2023	1735	26612	40985
09/30/2023	1817	25741	39813
12/31/2023	1615	28750	45624
03/31/2024	1511	31785	49603
06/30/2024	1423	33147	53596
09/30/2024	1405	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	-6.93%	-22.66%	-20.65%	-17.82%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$14,879,719
Total Number of Portfolio Holdings	13
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Inverse NASDAQ-100® Strategy Fund   |   Class H   |   RYALX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Mini Futures Contracts Short Sales	-16.3%
NASDAQ-100 Index Equity Swap Agreements Short Sales	-83.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	8.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.9%
Total	14.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	8.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.9%
Total	14.1%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYALX-093024

Guggenheim Investments 2

Russell 2000® 1.5x Strategy Fund

Class A | RYAKX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Russell 2000® 1.5x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$85	1.65%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 5.46%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying Russell 2000 Index (the "Index") were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Russell 2000® 1.5x Strategy Fund (Class A)‡	S&P 500 Index	Russell 2000 Index
09/30/2014	9524	10000	10000
12/31/2014	10859	10493	10611
03/31/2015	11505	10593	10803
06/30/2015	11515	10622	10685
09/30/2015	9446	9939	9879
12/31/2015	9900	10638	10377
03/31/2016	9579	10782	10658
06/30/2016	10056	11047	11062
09/30/2016	11382	11472	12063
12/31/2016	12802	11911	13128
03/31/2017	13220	12633	13452
06/30/2017	13643	13023	13783
09/30/2017	14748	13607	14565
12/31/2017	15387	14511	15051
03/31/2018	15227	14401	15039
06/30/2018	16910	14896	16205
09/30/2018	17697	16044	16784
12/31/2018	12363	13875	13393
03/31/2019	15021	15769	15347
06/30/2019	15354	16447	15668
09/30/2019	14663	16727	15292
12/31/2019	16750	18244	16812
03/31/2020	9246	14668	11665
06/30/2020	12708	17682	14630
09/30/2020	13576	19260	15352
12/31/2020	20253	21600	20168
03/31/2021	23971	22934	22729
06/30/2021	25364	24895	23705
09/30/2021	23543	25040	22671
12/31/2021	24086	27801	23157
03/31/2022	21131	26522	21414
06/30/2022	15648	22252	17732
09/30/2022	14927	21165	17344
12/31/2022	16100	22766	18424
03/31/2023	16570	24473	18929
06/30/2023	17646	26612	19914
09/30/2023	16107	25741	18893
12/31/2023	19330	28750	21543
03/31/2024	20558	31785	22659
06/30/2024	19297	33147	21917
09/30/2024	21682	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	5.46%	34.61%	8.14%	8.57%
Class A (with sales charge)‡	0.45%	28.22%	7.09%	8.05%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$6,507,881
Total Number of Portfolio Holdings	1,992
Portfolio Turnover Rate	9%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Russell 2000® 1.5x Strategy Fund   |   Class A   |   RYAKX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements	85.5%
Financial	15.6%
Consumer, Non-cyclical	15.5%
Industrial	10.2%
Consumer, Cyclical	7.2%
Technology	6.1%
Energy	3.3%
Other	6.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	9.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	8.6%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.3%
Sprouts Farmers Market, Inc.	0.3%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	20.4%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	9.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	8.6%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.3%
Sprouts Farmers Market, Inc.	0.3%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	20.4%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAKX-093024

Guggenheim Investments 2

Russell 2000® 1.5x Strategy Fund

Class C | RYCMX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Russell 2000® 1.5x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$119	2.32%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 5.06%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying Russell 2000 Index (the "Index") were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Russell 2000® 1.5x Strategy Fund (Class C)	S&P 500 Index	Russell 2000 Index
09/30/2014	10000	10000	10000
12/31/2014	11380	10493	10611
03/31/2015	12033	10593	10803
06/30/2015	12021	10622	10685
09/30/2015	9844	9939	9879
12/31/2015	10294	10638	10377
03/31/2016	9944	10782	10658
06/30/2016	10418	11047	11062
09/30/2016	11771	11472	12063
12/31/2016	13214	11911	13128
03/31/2017	13621	12633	13452
06/30/2017	14030	13023	13783
09/30/2017	15137	13607	14565
12/31/2017	15764	14511	15051
03/31/2018	15572	14401	15039
06/30/2018	17261	14896	16205
09/30/2018	18029	16044	16784
12/31/2018	12573	13875	13393
03/31/2019	15250	15769	15347
06/30/2019	15558	16447	15668
09/30/2019	14829	16727	15292
12/31/2019	16905	18244	16812
03/31/2020	9314	14668	11665
06/30/2020	12779	17682	14630
09/30/2020	13629	19260	15352
12/31/2020	20288	21600	20168
03/31/2021	23972	22934	22729
06/30/2021	25316	24895	23705
09/30/2021	23454	25040	22671
12/31/2021	23948	27801	23157
03/31/2022	20970	26522	21414
06/30/2022	15501	22252	17732
09/30/2022	14757	21165	17344
12/31/2022	15886	22766	18424
03/31/2023	16322	24473	18929
06/30/2023	17350	26612	19914
09/30/2023	15805	25741	18893
12/31/2023	18934	28750	21543
03/31/2024	20097	31785	22659
06/30/2024	18827	33147	21917
09/30/2024	21113	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	5.06%	33.59%	7.32%	7.76%
Class C (with CDSC)§	4.06%	32.59%	7.32%	7.76%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$6,507,881
Total Number of Portfolio Holdings	1,992
Portfolio Turnover Rate	9%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Russell 2000® 1.5x Strategy Fund   |   Class C   |   RYCMX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements	85.5%
Financial	15.6%
Consumer, Non-cyclical	15.5%
Industrial	10.2%
Consumer, Cyclical	7.2%
Technology	6.1%
Energy	3.3%
Other	6.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	9.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	8.6%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.3%
Sprouts Farmers Market, Inc.	0.3%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	20.4%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	9.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	8.6%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.3%
Sprouts Farmers Market, Inc.	0.3%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	20.4%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCMX-093024

Guggenheim Investments 2

Russell 2000® 1.5x Strategy Fund

Class H | RYMKX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Russell 2000® 1.5x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$85	1.65%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 5.46%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the underlying Russell 2000 Index (the "Index") were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Russell 2000® 1.5x Strategy Fund (Class H)	S&P 500 Index	Russell 2000 Index
09/30/2014	10000	10000	10000
12/31/2014	11405	10493	10611
03/31/2015	12080	10593	10803
06/30/2015	12090	10622	10685
09/30/2015	9918	9939	9879
12/31/2015	10395	10638	10377
03/31/2016	10071	10782	10658
06/30/2016	10571	11047	11062
09/30/2016	11961	11472	12063
12/31/2016	13433	11911	13128
03/31/2017	13878	12633	13452
06/30/2017	14323	13023	13783
09/30/2017	15478	13607	14565
12/31/2017	16129	14511	15051
03/31/2018	15955	14401	15039
06/30/2018	17719	14896	16205
09/30/2018	18541	16044	16784
12/31/2018	12964	13875	13393
03/31/2019	15744	15769	15347
06/30/2019	16092	16447	15668
09/30/2019	15366	16727	15292
12/31/2019	17550	18244	16812
03/31/2020	9689	14668	11665
06/30/2020	13316	17682	14630
09/30/2020	14228	19260	15352
12/31/2020	21224	21600	20168
03/31/2021	25121	22934	22729
06/30/2021	26581	24895	23705
09/30/2021	24670	25040	22671
12/31/2021	25239	27801	23157
03/31/2022	22142	26522	21414
06/30/2022	16402	22252	17732
09/30/2022	15641	21165	17344
12/31/2022	16871	22766	18424
03/31/2023	17363	24473	18929
06/30/2023	18494	26612	19914
09/30/2023	16878	25741	18893
12/31/2023	20255	28750	21543
03/31/2024	21542	31785	22659
06/30/2024	20223	33147	21917
09/30/2024	22719	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	5.46%	34.60%	8.13%	8.55%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$6,507,881
Total Number of Portfolio Holdings	1,992
Portfolio Turnover Rate	9%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Russell 2000® 1.5x Strategy Fund   |   Class H   |   RYMKX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements	85.5%
Financial	15.6%
Consumer, Non-cyclical	15.5%
Industrial	10.2%
Consumer, Cyclical	7.2%
Technology	6.1%
Energy	3.3%
Other	6.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	9.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	8.6%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.3%
Sprouts Farmers Market, Inc.	0.3%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	20.4%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	9.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	8.6%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.3%
Sprouts Farmers Market, Inc.	0.3%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	20.4%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYMKX-093024

Guggenheim Investments 2

Russell 2000® Fund

Class A | RYRRX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Russell 2000® Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$82	1.59%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 4.92%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Russell 2000 Index (the "Index) were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Russell 2000® Fund (Class A)‡	S&P 500 Index	Russell 2000 Index
09/30/2014	9525	10000	10000
12/31/2014	10396	10493	10611
03/31/2015	10802	10593	10803
06/30/2015	10804	10622	10685
09/30/2015	9457	9939	9879
12/31/2015	9758	10638	10377
03/31/2016	9567	10782	10658
06/30/2016	9880	11047	11062
09/30/2016	10727	11472	12063
12/31/2016	11614	11911	13128
03/31/2017	11859	12633	13452
06/30/2017	12104	13023	13783
09/30/2017	12745	13607	14565
12/31/2017	13114	14511	15051
03/31/2018	13048	14401	15039
06/30/2018	13998	14896	16205
09/30/2018	14432	16044	16784
12/31/2018	11465	13875	13393
03/31/2019	13090	15769	15347
06/30/2019	13317	16447	15668
09/30/2019	12941	16727	15292
12/31/2019	14165	18244	16812
03/31/2020	9775	14668	11665
06/30/2020	12201	17682	14630
09/30/2020	12762	19260	15352
12/31/2020	16688	21600	20168
03/31/2021	18744	22934	22729
06/30/2021	19459	24895	23705
09/30/2021	18541	25040	22671
12/31/2021	18855	27801	23157
03/31/2022	17376	26522	21414
06/30/2022	14327	22252	17732
09/30/2022	13953	21165	17344
12/31/2022	14763	22766	18424
03/31/2023	15120	24473	18929
06/30/2023	15840	26612	19914
09/30/2023	14969	25741	18893
12/31/2023	17003	28750	21543
03/31/2024	17807	31785	22659
06/30/2024	17154	33147	21917
09/30/2024	18683	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	4.92%	24.82%	7.62%	6.97%
Class A (with sales charge)‡	-0.06%	18.88%	6.58%	6.45%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$16,707,395
Total Number of Portfolio Holdings	1,995
Portfolio Turnover Rate	8%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Russell 2000® Fund   |   Class A   |   RYRRX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Swap Agreements	25.8%
Exchange-Traded Funds	16.8%
Financial	13.3%
Consumer, Non-cyclical	13.2%
Industrial	8.7%
Consumer, Cyclical	6.2%
Technology	5.2%
Other	10.5%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Vanguard Russell 2000 ETF	8.4%
iShares Russell 2000 Index ETF	8.4%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	18.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Vanguard Russell 2000 ETF	8.4%
iShares Russell 2000 Index ETF	8.4%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	18.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYRRX-093024

Guggenheim Investments 2

Russell 2000® Fund

Class C | RYROX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Russell 2000® Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$119	2.33%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 4.55%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Russell 2000 Index (the "Index) were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Russell 2000® Fund (Class C)	S&P 500 Index	Russell 2000 Index
09/30/2014	10000	10000	10000
12/31/2014	10887	10493	10611
03/31/2015	11295	10593	10803
06/30/2015	11276	10622	10685
09/30/2015	9852	9939	9879
12/31/2015	10145	10638	10377
03/31/2016	9932	10782	10658
06/30/2016	10238	11047	11062
09/30/2016	11093	11472	12063
12/31/2016	11990	11911	13128
03/31/2017	12219	12633	13452
06/30/2017	12449	13023	13783
09/30/2017	13081	13607	14565
12/31/2017	13437	14511	15051
03/31/2018	13345	14401	15039
06/30/2018	14286	14896	16205
09/30/2018	14704	16044	16784
12/31/2018	11659	13875	13393
03/31/2019	13287	15769	15347
06/30/2019	13494	16447	15668
09/30/2019	13086	16727	15292
12/31/2019	14296	18244	16812
03/31/2020	9849	14668	11665
06/30/2020	12268	17682	14630
09/30/2020	12807	19260	15352
12/31/2020	16719	21600	20168
03/31/2021	18744	22934	22729
06/30/2021	19421	24895	23705
09/30/2021	18467	25040	22671
12/31/2021	18738	27801	23157
03/31/2022	17235	26522	21414
06/30/2022	14182	22252	17732
09/30/2022	13791	21165	17344
12/31/2022	14561	22766	18424
03/31/2023	14884	24473	18929
06/30/2023	15565	26612	19914
09/30/2023	14680	25741	18893
12/31/2023	16645	28750	21543
03/31/2024	17401	31785	22659
06/30/2024	16729	33147	21917
09/30/2024	18192	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	4.55%	23.92%	6.81%	6.17%
Class C (with CDSC)§	3.55%	22.92%	6.81%	6.17%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$16,707,395
Total Number of Portfolio Holdings	1,995
Portfolio Turnover Rate	8%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Russell 2000® Fund   |   Class C   |   RYROX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Swap Agreements	25.8%
Exchange-Traded Funds	16.8%
Financial	13.3%
Consumer, Non-cyclical	13.2%
Industrial	8.7%
Consumer, Cyclical	6.2%
Technology	5.2%
Other	10.5%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Vanguard Russell 2000 ETF	8.4%
iShares Russell 2000 Index ETF	8.4%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	18.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Vanguard Russell 2000 ETF	8.4%
iShares Russell 2000 Index ETF	8.4%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	18.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYROX-093024

Guggenheim Investments 2

Russell 2000® Fund

Class H | RYRHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Russell 2000® Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$81	1.58%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 4.93%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Russell 2000 Index (the "Index) were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Russell 2000® Fund (Class H)	S&P 500 Index	Russell 2000 Index
09/30/2014	10000	10000	10000
12/31/2014	10914	10493	10611
03/31/2015	11338	10593	10803
06/30/2015	11338	10622	10685
09/30/2015	9923	9939	9879
12/31/2015	10243	10638	10377
03/31/2016	10042	10782	10658
06/30/2016	10369	11047	11062
09/30/2016	11256	11472	12063
12/31/2016	12192	11911	13128
03/31/2017	12447	12633	13452
06/30/2017	12705	13023	13783
09/30/2017	13377	13607	14565
12/31/2017	13765	14511	15051
03/31/2018	13695	14401	15039
06/30/2018	14692	14896	16205
09/30/2018	15151	16044	16784
12/31/2018	12032	13875	13393
03/31/2019	13739	15769	15347
06/30/2019	13978	16447	15668
09/30/2019	13585	16727	15292
12/31/2019	14874	18244	16812
03/31/2020	10264	14668	11665
06/30/2020	12810	17682	14630
09/30/2020	13397	19260	15352
12/31/2020	17522	21600	20168
03/31/2021	19679	22934	22729
06/30/2021	20432	24895	23705
09/30/2021	19465	25040	22671
12/31/2021	19796	27801	23157
03/31/2022	18244	26522	21414
06/30/2022	15041	22252	17732
09/30/2022	14651	21165	17344
12/31/2022	15500	22766	18424
03/31/2023	15875	24473	18929
06/30/2023	16630	26612	19914
09/30/2023	15716	25741	18893
12/31/2023	17854	28750	21543
03/31/2024	18697	31785	22659
06/30/2024	18009	33147	21917
09/30/2024	19619	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H **	4.93%	24.83%	7.63%	6.97%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$16,707,395
Total Number of Portfolio Holdings	1,995
Portfolio Turnover Rate	8%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Russell 2000® Fund   |   Class H   |   RYRHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Swap Agreements	25.8%
Exchange-Traded Funds	16.8%
Financial	13.3%
Consumer, Non-cyclical	13.2%
Industrial	8.7%
Consumer, Cyclical	6.2%
Technology	5.2%
Other	10.5%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Vanguard Russell 2000 ETF	8.4%
iShares Russell 2000 Index ETF	8.4%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	18.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Vanguard Russell 2000 ETF	8.4%
iShares Russell 2000 Index ETF	8.4%
Vaxcyte, Inc.	0.3%
FTAI Aviation Ltd.	0.3%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.2%
Applied Industrial Technologies, Inc.	0.2%
Mueller Industries, Inc.	0.2%
Fluor Corp.	0.2%
Top 10 Total	18.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYRHX-093024

Guggenheim Investments 2

Inverse Russell 2000® Strategy Fund

Class A | RYAFX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Russell 2000® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$80	1.61%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -2.66%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Russell 2000 Index (the "Index") were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Russell 2000® Strategy Fund (Class A)‡	S&P 500 Index	Russell 2000 Index
09/30/2014	9524	10000	10000
12/31/2014	8561	10493	10611
03/31/2015	8135	10593	10803
06/30/2015	8035	10622	10685
09/30/2015	9001	9939	9879
12/31/2015	8572	10638	10377
03/31/2016	8563	10782	10658
06/30/2016	8168	11047	11062
09/30/2016	7439	11472	12063
12/31/2016	6762	11911	13128
03/31/2017	6576	12633	13452
06/30/2017	6398	13023	13783
09/30/2017	6047	13607	14565
12/31/2017	5846	14511	15051
03/31/2018	5818	14401	15039
06/30/2018	5401	14896	16205
09/30/2018	5234	16044	16784
12/31/2018	6506	13875	13393
03/31/2019	5685	15769	15347
06/30/2019	5571	16447	15668
09/30/2019	5702	16727	15292
12/31/2019	5189	18244	16812
03/31/2020	6765	14668	11665
06/30/2020	5088	17682	14630
09/30/2020	4780	19260	15352
12/31/2020	3577	21600	20168
03/31/2021	3103	22934	22729
06/30/2021	2946	24895	23705
09/30/2021	3045	25040	22671
12/31/2021	2933	27801	23157
03/31/2022	3095	26522	21414
06/30/2022	3632	22252	17732
09/30/2022	3674	21165	17344
12/31/2022	3444	22766	18424
03/31/2023	3376	24473	18929
06/30/2023	3249	26612	19914
09/30/2023	3485	25741	18893
12/31/2023	3098	28750	21543
03/31/2024	2981	31785	22659
06/30/2024	3136	33147	21917
09/30/2024	2903	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-2.66%	-16.70%	-12.63%	-11.20%
Class A (with sales charge)‡	-7.27%	-20.66%	-13.48%	-11.63%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,937,657
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Inverse Russell 2000® Strategy Fund   |   Class A   |   RYAFX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Mini Futures Contracts Short Sales	-11.6%
Russell 2000 Index Equity Swap Agreements Short Sales	-88.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	23.1%
Guggenheim Strategy Fund II	22.9%
Total	46.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	23.1%
Guggenheim Strategy Fund II	22.9%
Total	46.0%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAFX-093024

Guggenheim Investments 2

Inverse Russell 2000® Strategy Fund

Class C | RYCQX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Russell 2000® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$136	2.75%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -3.02%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Russell 2000 Index (the "Index") were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Russell 2000® Strategy Fund (Class C)	S&P 500 Index	Russell 2000 Index
09/30/2014	10000	10000	10000
12/31/2014	8971	10493	10611
03/31/2015	8505	10593	10803
06/30/2015	8388	10622	10685
09/30/2015	9376	9939	9879
12/31/2015	8914	10638	10377
03/31/2016	8889	10782	10658
06/30/2016	8467	11047	11062
09/30/2016	7692	11472	12063
12/31/2016	6982	11911	13128
03/31/2017	6780	12633	13452
06/30/2017	6583	13023	13783
09/30/2017	6206	13607	14565
12/31/2017	5991	14511	15051
03/31/2018	5950	14401	15039
06/30/2018	5516	14896	16205
09/30/2018	5329	16044	16784
12/31/2018	6615	13875	13393
03/31/2019	5766	15769	15347
06/30/2019	5643	16447	15668
09/30/2019	5763	16727	15292
12/31/2019	5237	18244	16812
03/31/2020	6817	14668	11665
06/30/2020	5115	17682	14630
09/30/2020	4797	19260	15352
12/31/2020	3582	21600	20168
03/31/2021	3102	22934	22729
06/30/2021	2939	24895	23705
09/30/2021	3033	25040	22671
12/31/2021	2916	27801	23157
03/31/2022	3071	26522	21414
06/30/2022	3597	22252	17732
09/30/2022	3631	21165	17344
12/31/2022	3398	22766	18424
03/31/2023	3325	24473	18929
06/30/2023	3194	26612	19914
09/30/2023	3418	25741	18893
12/31/2023	3033	28750	21543
03/31/2024	2914	31785	22659
06/30/2024	3061	33147	21917
09/30/2024	2826	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-3.02%	-17.31%	-13.28%	-11.87%
Class C (with CDSC)§	-3.99%	-18.07%	-13.28%	-11.87%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,937,657
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Inverse Russell 2000® Strategy Fund   |   Class C   |   RYCQX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Mini Futures Contracts Short Sales	-11.6%
Russell 2000 Index Equity Swap Agreements Short Sales	-88.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	23.1%
Guggenheim Strategy Fund II	22.9%
Total	46.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	23.1%
Guggenheim Strategy Fund II	22.9%
Total	46.0%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCQX-093024

Guggenheim Investments 2

Inverse Russell 2000® Strategy Fund

Class H | RYSHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Russell 2000® Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$80	1.61%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -2.67%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Russell 2000 Index (the "Index") were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Russell 2000® Strategy Fund (Class H)	S&P 500 Index	Russell 2000 Index
09/30/2014	10000	10000	10000
12/31/2014	8989	10493	10611
03/31/2015	8540	10593	10803
06/30/2015	8435	10622	10685
09/30/2015	9446	9939	9879
12/31/2015	8997	10638	10377
03/31/2016	8986	10782	10658
06/30/2016	8578	11047	11062
09/30/2016	7808	11472	12063
12/31/2016	7100	11911	13128
03/31/2017	6905	12633	13452
06/30/2017	6715	13023	13783
09/30/2017	6342	13607	14565
12/31/2017	6138	14511	15051
03/31/2018	6109	14401	15039
06/30/2018	5669	14896	16205
09/30/2018	5494	16044	16784
12/31/2018	6832	13875	13393
03/31/2019	5972	15769	15347
06/30/2019	5853	16447	15668
09/30/2019	5990	16727	15292
12/31/2019	5452	18244	16812
03/31/2020	7111	14668	11665
06/30/2020	5344	17682	14630
09/30/2020	5024	19260	15352
12/31/2020	3759	21600	20168
03/31/2021	3262	22934	22729
06/30/2021	3096	24895	23705
09/30/2021	3201	25040	22671
12/31/2021	3084	27801	23157
03/31/2022	3253	26522	21414
06/30/2022	3817	22252	17732
09/30/2022	3861	21165	17344
12/31/2022	3620	22766	18424
03/31/2023	3549	24473	18929
06/30/2023	3415	26612	19914
09/30/2023	3662	25741	18893
12/31/2023	3256	28750	21543
03/31/2024	3134	31785	22659
06/30/2024	3297	33147	21917
09/30/2024	3051	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	-2.67%	-16.70%	-12.62%	-11.19%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,937,657
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Inverse Russell 2000® Strategy Fund   |   Class H   |   RYSHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Mini Futures Contracts Short Sales	-11.6%
Russell 2000 Index Equity Swap Agreements Short Sales	-88.9%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	23.1%
Guggenheim Strategy Fund II	22.9%
Total	46.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	23.1%
Guggenheim Strategy Fund II	22.9%
Total	46.0%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSHX-093024

Guggenheim Investments 2

S&P 500® Pure Growth Fund

Class A | RYLGX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P 500® Pure Growth Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$79	1.52%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 6.33%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 7.11% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Pure Growth Index (the "Index") were Information Technology, Consumer Discretionary, and Financials. Those that detracted the most were Materials, Energy, and Industrials. The holdings that contributed the most to the return of the Index were NVIDIA Corp., Monolithic Power Systems, Inc., and Arista Networks, Inc. Those that detracted the most were Super Micro Computer, Inc., CrowdStrike Holdings, Inc. – Class A, and Celanese Corp. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500® Pure Growth Fund (Class A)‡	S&P 500 Index	S&P 500 Pure Growth Index
09/30/2014	9525	10000	10000
12/31/2014	9785	10493	10312
03/31/2015	10211	10593	10801
06/30/2015	9969	10622	10584
09/30/2015	9477	9939	10115
12/31/2015	9879	10638	10592
03/31/2016	9710	10782	10449
06/30/2016	9865	11047	10659
09/30/2016	10237	11472	11112
12/31/2016	10125	11911	11039
03/31/2017	10859	12633	11885
06/30/2017	11381	13023	12509
09/30/2017	12076	13607	13330
12/31/2017	12625	14511	13993
03/31/2018	13182	14401	14671
06/30/2018	13749	14896	15361
09/30/2018	14382	16044	16135
12/31/2018	11915	13875	13403
03/31/2019	13825	15769	15626
06/30/2019	14237	16447	16164
09/30/2019	14113	16727	16086
12/31/2019	15096	18244	17288
03/31/2020	11922	14668	13704
06/30/2020	15372	17682	17763
09/30/2020	16759	19260	19454
12/31/2020	19215	21600	22416
03/31/2021	19305	22934	22602
06/30/2021	21577	24895	25375
09/30/2021	22489	25040	26562
12/31/2021	24522	27801	29097
03/31/2022	21337	26522	25362
06/30/2022	17161	22252	20454
09/30/2022	16794	21165	20093
12/31/2022	17615	22766	21162
03/31/2023	17593	24473	21220
06/30/2023	17781	26612	21521
09/30/2023	17553	25741	21323
12/31/2023	18774	28750	22920
03/31/2024	21321	31785	26146
06/30/2024	21582	33147	26565
09/30/2024	22671	35098	28028

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	6.33%	29.15%	9.94%	9.06%
Class A (with sales charge)‡	1.28%	23.02%	8.88%	8.53%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Pure Growth Index	7.11%	31.35%	11.73%	10.86%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$148,364,907
Total Number of Portfolio Holdings	68
Portfolio Turnover Rate	147%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

S&P 500® Pure Growth Fund   |   Class A   |   RYLGX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	34.2%
Consumer, Cyclical	23.7%
Communications	17.2%
Industrial	6.6%
Energy	5.4%
Consumer, Non-cyclical	4.6%
Financial	4.2%
Other	3.5%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NVIDIA Corp.	4.4%
Arista Networks, Inc.	3.0%
Royal Caribbean Cruises Ltd.	2.8%
Monolithic Power Systems, Inc.	2.7%
KKR & Company, Inc. — Class A	2.5%
Targa Resources Corp.	2.3%
PulteGroup, Inc.	2.3%
Booking Holdings, Inc.	2.3%
Meta Platforms, Inc. — Class A	2.2%
Uber Technologies, Inc.	2.2%
Top 10 Total	26.7%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NVIDIA Corp.	4.4%
Arista Networks, Inc.	3.0%
Royal Caribbean Cruises Ltd.	2.8%
Monolithic Power Systems, Inc.	2.7%
KKR & Company, Inc. — Class A	2.5%
Targa Resources Corp.	2.3%
PulteGroup, Inc.	2.3%
Booking Holdings, Inc.	2.3%
Meta Platforms, Inc. — Class A	2.2%
Uber Technologies, Inc.	2.2%
Top 10 Total	26.7%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYLGX-093024

Guggenheim Investments 2

S&P 500® Pure Growth Fund

Class C | RYGRX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P 500® Pure Growth Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$117	2.27%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 5.93%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 7.11% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Pure Growth Index (the "Index") were Information Technology, Consumer Discretionary, and Financials. Those that detracted the most were Materials, Energy, and Industrials. The holdings that contributed the most to the return of the Index were NVIDIA Corp., Monolithic Power Systems, Inc., and Arista Networks, Inc. Those that detracted the most were Super Micro Computer, Inc., CrowdStrike Holdings, Inc. – Class A, and Celanese Corp. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500® Pure Growth Fund (Class C)	S&P 500 Index	S&P 500 Pure Growth Index
09/30/2014	10000	10000	10000
12/31/2014	10252	10493	10312
03/31/2015	10680	10593	10801
06/30/2015	10409	10622	10584
09/30/2015	9875	9939	10115
12/31/2015	10274	10638	10592
03/31/2016	10081	10782	10449
06/30/2016	10224	11047	10659
09/30/2016	10587	11472	11112
12/31/2016	10450	11911	11039
03/31/2017	11189	12633	11885
06/30/2017	11704	13023	12509
09/30/2017	12395	13607	13330
12/31/2017	12935	14511	13993
03/31/2018	13482	14401	14671
06/30/2018	14034	14896	15361
09/30/2018	14653	16044	16135
12/31/2018	12115	13875	13403
03/31/2019	14033	15769	15626
06/30/2019	14425	16447	16164
09/30/2019	14272	16727	16086
12/31/2019	15236	18244	17288
03/31/2020	12012	14668	13704
06/30/2020	15458	17682	17763
09/30/2020	16821	19260	19454
12/31/2020	19246	21600	22416
03/31/2021	19303	22934	22602
06/30/2021	21536	24895	25375
09/30/2021	22403	25040	26562
12/31/2021	24381	27801	29097
03/31/2022	21177	26522	25362
06/30/2022	17001	22252	20454
09/30/2022	16603	21165	20093
12/31/2022	17381	22766	21162
03/31/2023	17328	24473	21220
06/30/2023	17484	26612	21521
09/30/2023	17226	25741	21323
12/31/2023	18390	28750	22920
03/31/2024	20846	31785	26146
06/30/2024	21063	33147	26565
09/30/2024	22083	35098	28028

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	5.93%	28.20%	9.12%	8.24%
Class C (with CDSC)§	4.93%	27.20%	9.12%	8.24%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Pure Growth Index	7.11%	31.35%	11.73%	10.86%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$148,364,907
Total Number of Portfolio Holdings	68
Portfolio Turnover Rate	147%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

S&P 500® Pure Growth Fund   |   Class C   |   RYGRX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	34.2%
Consumer, Cyclical	23.7%
Communications	17.2%
Industrial	6.6%
Energy	5.4%
Consumer, Non-cyclical	4.6%
Financial	4.2%
Other	3.5%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NVIDIA Corp.	4.4%
Arista Networks, Inc.	3.0%
Royal Caribbean Cruises Ltd.	2.8%
Monolithic Power Systems, Inc.	2.7%
KKR & Company, Inc. — Class A	2.5%
Targa Resources Corp.	2.3%
PulteGroup, Inc.	2.3%
Booking Holdings, Inc.	2.3%
Meta Platforms, Inc. — Class A	2.2%
Uber Technologies, Inc.	2.2%
Top 10 Total	26.7%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NVIDIA Corp.	4.4%
Arista Networks, Inc.	3.0%
Royal Caribbean Cruises Ltd.	2.8%
Monolithic Power Systems, Inc.	2.7%
KKR & Company, Inc. — Class A	2.5%
Targa Resources Corp.	2.3%
PulteGroup, Inc.	2.3%
Booking Holdings, Inc.	2.3%
Meta Platforms, Inc. — Class A	2.2%
Uber Technologies, Inc.	2.2%
Top 10 Total	26.7%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYGRX-093024

Guggenheim Investments 2

S&P 500® Pure Growth Fund

Class H | RYAWX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P 500® Pure Growth Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$80	1.54%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 6.32%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 7.11% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Pure Growth Index (the "Index") were Information Technology, Consumer Discretionary, and Financials. Those that detracted the most were Materials, Energy, and Industrials. The holdings that contributed the most to the return of the Index were NVIDIA Corp., Monolithic Power Systems, Inc., and Arista Networks, Inc. Those that detracted the most were Super Micro Computer, Inc., CrowdStrike Holdings, Inc. – Class A, and Celanese Corp. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500® Pure Growth Fund (Class H)	S&P 500 Index	S&P 500 Pure Growth Index
09/30/2014	10000	10000	10000
12/31/2014	10272	10493	10312
03/31/2015	10720	10593	10801
06/30/2015	10466	10622	10584
09/30/2015	9950	9939	10115
12/31/2015	10371	10638	10592
03/31/2016	10194	10782	10449
06/30/2016	10357	11047	10659
09/30/2016	10748	11472	11112
12/31/2016	10630	11911	11039
03/31/2017	11401	12633	11885
06/30/2017	11949	13023	12509
09/30/2017	12678	13607	13330
12/31/2017	13255	14511	13993
03/31/2018	13840	14401	14671
06/30/2018	14436	14896	15361
09/30/2018	15100	16044	16135
12/31/2018	12510	13875	13403
03/31/2019	14513	15769	15626
06/30/2019	14945	16447	16164
09/30/2019	14815	16727	16086
12/31/2019	15848	18244	17288
03/31/2020	12515	14668	13704
06/30/2020	16138	17682	17763
09/30/2020	17592	19260	19454
12/31/2020	20168	21600	22416
03/31/2021	20265	22934	22602
06/30/2021	22651	24895	25375
09/30/2021	23609	25040	26562
12/31/2021	25743	27801	29097
03/31/2022	22400	26522	25362
06/30/2022	18016	22252	20454
09/30/2022	17631	21165	20093
12/31/2022	18493	22766	21162
03/31/2023	18468	24473	21220
06/30/2023	18668	26612	21521
09/30/2023	18428	25741	21323
12/31/2023	19713	28750	22920
03/31/2024	22387	31785	26146
06/30/2024	22661	33147	26565
09/30/2024	23802	35098	28028

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	6.32%	29.16%	9.95%	9.06%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Pure Growth Index	7.11%	31.35%	11.73%	10.86%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$148,364,907
Total Number of Portfolio Holdings	68
Portfolio Turnover Rate	147%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

S&P 500® Pure Growth Fund   |   Class H   |   RYAWX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Technology	34.2%
Consumer, Cyclical	23.7%
Communications	17.2%
Industrial	6.6%
Energy	5.4%
Consumer, Non-cyclical	4.6%
Financial	4.2%
Other	3.5%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NVIDIA Corp.	4.4%
Arista Networks, Inc.	3.0%
Royal Caribbean Cruises Ltd.	2.8%
Monolithic Power Systems, Inc.	2.7%
KKR & Company, Inc. — Class A	2.5%
Targa Resources Corp.	2.3%
PulteGroup, Inc.	2.3%
Booking Holdings, Inc.	2.3%
Meta Platforms, Inc. — Class A	2.2%
Uber Technologies, Inc.	2.2%
Top 10 Total	26.7%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

NVIDIA Corp.	4.4%
Arista Networks, Inc.	3.0%
Royal Caribbean Cruises Ltd.	2.8%
Monolithic Power Systems, Inc.	2.7%
KKR & Company, Inc. — Class A	2.5%
Targa Resources Corp.	2.3%
PulteGroup, Inc.	2.3%
Booking Holdings, Inc.	2.3%
Meta Platforms, Inc. — Class A	2.2%
Uber Technologies, Inc.	2.2%
Top 10 Total	26.7%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAWX-093024

Guggenheim Investments 2

S&P 500® Pure Value Fund

Class A | RYLVX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P 500® Pure Value Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$77	1.52%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 0.78%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 1.78% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Pure Value Index (the "Index") were Financials, Utilities, and Materials. Those that detracted the most were Consumer Staples, Energy, and Health Care. The holdings that contributed the most to the return of the Index were Mohawk Industries, Inc., United Airlines Holdings, Inc., and NRG Energy, Inc. Those that detracted the most were Walgreens Boots Alliance, Inc., Ford Motor Co., and Valero Energy Corp. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500® Pure Value Fund (Class A)‡	S&P 500 Index	S&P 500 Pure Value Index
09/30/2014	9525	10000	10000
12/31/2014	9894	10493	10423
03/31/2015	9746	10593	10306
06/30/2015	9701	10622	10291
09/30/2015	8676	9939	9237
12/31/2015	8949	10638	9575
03/31/2016	9216	10782	9906
06/30/2016	9302	11047	10051
09/30/2016	9656	11472	10481
12/31/2016	10505	11911	11453
03/31/2017	10765	12633	11790
06/30/2017	10910	13023	11995
09/30/2017	11308	13607	12463
12/31/2017	12180	14511	13484
03/31/2018	11892	14401	13216
06/30/2018	12126	14896	13529
09/30/2018	12696	16044	14229
12/31/2018	10558	13875	11866
03/31/2019	11743	15769	13265
06/30/2019	12140	16447	13772
09/30/2019	12155	16727	13839
12/31/2019	13010	18244	14886
03/31/2020	7588	14668	8665
06/30/2020	9081	17682	10445
09/30/2020	9328	19260	10795
12/31/2020	11672	21600	13589
03/31/2021	14046	22934	16446
06/30/2021	14669	24895	17255
09/30/2021	14452	25040	17059
12/31/2021	15417	27801	18295
03/31/2022	16329	26522	19463
06/30/2022	14370	22252	17199
09/30/2022	13409	21165	16114
12/31/2022	15018	22766	18141
03/31/2023	14663	24473	17797
06/30/2023	15028	26612	18302
09/30/2023	14305	25741	17486
12/31/2023	15999	28750	19634
03/31/2024	17293	31785	21325
06/30/2024	16319	33147	20204
09/30/2024	17427	35098	21684

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	0.78%	21.83%	7.47%	6.23%
Class A (with sales charge)‡	-4.01%	16.04%	6.43%	5.71%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Pure Value Index	1.78%	24.05%	9.39%	8.05%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$10,323,235
Total Number of Portfolio Holdings	96
Portfolio Turnover Rate	1,071%

1071%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

S&P 500® Pure Value Fund   |   Class A   |   RYLVX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Financial	32.9%
Consumer, Non-cyclical	23.9%
Consumer, Cyclical	16.1%
Industrial	6.1%
Communications	6.0%
Basic Materials	5.0%
Energy	4.8%
Utilities	3.2%
Technology	2.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

General Motors Co.	4.0%
Berkshire Hathaway, Inc. — Class B	3.8%
Mohawk Industries, Inc.	2.8%
United Airlines Holdings, Inc.	2.6%
Ford Motor Co.	2.3%
Viatris, Inc.	2.2%
Tyson Foods, Inc. — Class A	2.2%
Citigroup, Inc.	2.2%
Citizens Financial Group, Inc.	2.0%
Kroger Co.	1.9%
Top 10 Total	26.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

General Motors Co.	4.0%
Berkshire Hathaway, Inc. — Class B	3.8%
Mohawk Industries, Inc.	2.8%
United Airlines Holdings, Inc.	2.6%
Ford Motor Co.	2.3%
Viatris, Inc.	2.2%
Tyson Foods, Inc. — Class A	2.2%
Citigroup, Inc.	2.2%
Citizens Financial Group, Inc.	2.0%
Kroger Co.	1.9%
Top 10 Total	26.0%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYLVX-093024

Guggenheim Investments 2

S&P 500® Pure Value Fund

Class C | RYVVX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P 500® Pure Value Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$114	2.27%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 0.40%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 1.78% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Pure Value Index (the "Index") were Financials, Utilities, and Materials. Those that detracted the most were Consumer Staples, Energy, and Health Care. The holdings that contributed the most to the return of the Index were Mohawk Industries, Inc., United Airlines Holdings, Inc., and NRG Energy, Inc. Those that detracted the most were Walgreens Boots Alliance, Inc., Ford Motor Co., and Valero Energy Corp. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500® Pure Value Fund (Class C)	S&P 500 Index	S&P 500 Pure Value Index
09/30/2014	10000	10000	10000
12/31/2014	10368	10493	10423
03/31/2015	10193	10593	10306
06/30/2015	10127	10622	10291
09/30/2015	9040	9939	9237
12/31/2015	9307	10638	9575
03/31/2016	9566	10782	9906
06/30/2016	9639	11047	10051
09/30/2016	9986	11472	10481
12/31/2016	10843	11911	11453
03/31/2017	11091	12633	11790
06/30/2017	11220	13023	11995
09/30/2017	11606	13607	12463
12/31/2017	12479	14511	13484
03/31/2018	12162	14401	13216
06/30/2018	12378	14896	13529
09/30/2018	12936	16044	14229
12/31/2018	10734	13875	11866
03/31/2019	11919	15769	13265
06/30/2019	12298	16447	13772
09/30/2019	12290	16727	13839
12/31/2019	13131	18244	14886
03/31/2020	7644	14668	8665
06/30/2020	9130	17682	10445
09/30/2020	9362	19260	10795
12/31/2020	11690	21600	13589
03/31/2021	14044	22934	16446
06/30/2021	14640	24895	17255
09/30/2021	14396	25040	17059
12/31/2021	15328	27801	18295
03/31/2022	16207	26522	19463
06/30/2022	14234	22252	17199
09/30/2022	13257	21165	16114
12/31/2022	14820	22766	18141
03/31/2023	14442	24473	17797
06/30/2023	14774	26612	18302
09/30/2023	14038	25741	17486
12/31/2023	15669	28750	19634
03/31/2024	16907	31785	21325
06/30/2024	15924	33147	20204
09/30/2024	16974	35098	21684

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	0.40%	20.92%	6.67%	5.43%
Class C (with CDSC)§	-0.60%	19.92%	6.67%	5.43%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Pure Value Index	1.78%	24.05%	9.39%	8.05%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$10,323,235
Total Number of Portfolio Holdings	96
Portfolio Turnover Rate	1,071%

1071%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

S&P 500® Pure Value Fund   |   Class C   |   RYVVX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Financial	32.9%
Consumer, Non-cyclical	23.9%
Consumer, Cyclical	16.1%
Industrial	6.1%
Communications	6.0%
Basic Materials	5.0%
Energy	4.8%
Utilities	3.2%
Technology	2.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

General Motors Co.	4.0%
Berkshire Hathaway, Inc. — Class B	3.8%
Mohawk Industries, Inc.	2.8%
United Airlines Holdings, Inc.	2.6%
Ford Motor Co.	2.3%
Viatris, Inc.	2.2%
Tyson Foods, Inc. — Class A	2.2%
Citigroup, Inc.	2.2%
Citizens Financial Group, Inc.	2.0%
Kroger Co.	1.9%
Top 10 Total	26.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

General Motors Co.	4.0%
Berkshire Hathaway, Inc. — Class B	3.8%
Mohawk Industries, Inc.	2.8%
United Airlines Holdings, Inc.	2.6%
Ford Motor Co.	2.3%
Viatris, Inc.	2.2%
Tyson Foods, Inc. — Class A	2.2%
Citigroup, Inc.	2.2%
Citizens Financial Group, Inc.	2.0%
Kroger Co.	1.9%
Top 10 Total	26.0%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYVVX-093024

Guggenheim Investments 2

S&P 500® Pure Value Fund

Class H | RYZAX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P 500® Pure Value Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$78	1.54%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 0.78%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 1.78% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P 500 Pure Value Index (the "Index") were Financials, Utilities, and Materials. Those that detracted the most were Consumer Staples, Energy, and Health Care. The holdings that contributed the most to the return of the Index were Mohawk Industries, Inc., United Airlines Holdings, Inc., and NRG Energy, Inc. Those that detracted the most were Walgreens Boots Alliance, Inc., Ford Motor Co., and Valero Energy Corp. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500® Pure Value Fund (Class H)	S&P 500 Index	S&P 500 Pure Value Index
09/30/2014	10000	10000	10000
12/31/2014	10388	10493	10423
03/31/2015	10233	10593	10306
06/30/2015	10185	10622	10291
09/30/2015	9109	9939	9237
12/31/2015	9397	10638	9575
03/31/2016	9675	10782	9906
06/30/2016	9767	11047	10051
09/30/2016	10138	11472	10481
12/31/2016	11029	11911	11453
03/31/2017	11302	12633	11790
06/30/2017	11454	13023	11995
09/30/2017	11872	13607	12463
12/31/2017	12787	14511	13484
03/31/2018	12486	14401	13216
06/30/2018	12730	14896	13529
09/30/2018	13330	16044	14229
12/31/2018	11084	13875	11866
03/31/2019	12330	15769	13265
06/30/2019	12746	16447	13772
09/30/2019	12763	16727	13839
12/31/2019	13663	18244	14886
03/31/2020	7968	14668	8665
06/30/2020	9533	17682	10445
09/30/2020	9797	19260	10795
12/31/2020	12257	21600	13589
03/31/2021	14752	22934	16446
06/30/2021	15407	24895	17255
09/30/2021	15178	25040	17059
12/31/2021	16192	27801	18295
03/31/2022	17151	26522	19463
06/30/2022	15091	22252	17199
09/30/2022	14082	21165	16114
12/31/2022	15772	22766	18141
03/31/2023	15399	24473	17797
06/30/2023	15784	26612	18302
09/30/2023	15025	25741	17486
12/31/2023	16803	28750	19634
03/31/2024	18163	31785	21325
06/30/2024	17140	33147	20204
09/30/2024	18306	35098	21684

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	0.78%	21.84%	7.48%	6.23%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P 500 Pure Value Index	1.78%	24.05%	9.39%	8.05%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$10,323,235
Total Number of Portfolio Holdings	96
Portfolio Turnover Rate	1,071%

1071%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

S&P 500® Pure Value Fund   |   Class H   |   RYZAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Financial	32.9%
Consumer, Non-cyclical	23.9%
Consumer, Cyclical	16.1%
Industrial	6.1%
Communications	6.0%
Basic Materials	5.0%
Energy	4.8%
Utilities	3.2%
Technology	2.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

General Motors Co.	4.0%
Berkshire Hathaway, Inc. — Class B	3.8%
Mohawk Industries, Inc.	2.8%
United Airlines Holdings, Inc.	2.6%
Ford Motor Co.	2.3%
Viatris, Inc.	2.2%
Tyson Foods, Inc. — Class A	2.2%
Citigroup, Inc.	2.2%
Citizens Financial Group, Inc.	2.0%
Kroger Co.	1.9%
Top 10 Total	26.0%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

General Motors Co.	4.0%
Berkshire Hathaway, Inc. — Class B	3.8%
Mohawk Industries, Inc.	2.8%
United Airlines Holdings, Inc.	2.6%
Ford Motor Co.	2.3%
Viatris, Inc.	2.2%
Tyson Foods, Inc. — Class A	2.2%
Citigroup, Inc.	2.2%
Citizens Financial Group, Inc.	2.0%
Kroger Co.	1.9%
Top 10 Total	26.0%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYZAX-093024

Guggenheim Investments 2

S&P MidCap 400® Pure Growth Fund

Class A | RYMGX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P MidCap 400® Pure Growth Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$75	1.52%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -3.45%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned -2.68% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Pure Growth Index (the "Index") were Consumer Discretionary, Industrials, and Utilities. Those that detracted the most were Consumer Staples, Energy, and Materials. The holdings that contributed the most to the return of the Index were Duolingo, Inc. – Class A, CNX Resources Corp., and Lantheus Holdings, Inc. Those that detracted the most were Celsius Holdings, Inc., e.l.f. Beauty, Inc., and Weatherford International Plc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P MidCap 400® Pure Growth Fund (Class A)‡	S&P 500 Index	S&P MidCap 400 Pure Growth Index
09/30/2014	9525	10000	10001
12/31/2014	9488	10493	9981
03/31/2015	10324	10593	10901
06/30/2015	10265	10622	10874
09/30/2015	9594	9939	10197
12/31/2015	9625	10638	10267
03/31/2016	9371	10782	10038
06/30/2016	9397	11047	10106
09/30/2016	9615	11472	10383
12/31/2016	9901	11911	10734
03/31/2017	10400	12633	11313
06/30/2017	10746	13023	11731
09/30/2017	11055	13607	12118
12/31/2017	11777	14511	12963
03/31/2018	11995	14401	13249
06/30/2018	12294	14896	13635
09/30/2018	12597	16044	14028
12/31/2018	10047	13875	11223
03/31/2019	11492	15769	12899
06/30/2019	11249	16447	12677
09/30/2019	10731	16727	12119
12/31/2019	11600	18244	13165
03/31/2020	8459	14668	9604
06/30/2020	11310	17682	12921
09/30/2020	12642	19260	14490
12/31/2020	15162	21600	17463
03/31/2021	16372	22934	18924
06/30/2021	16869	24895	19563
09/30/2021	16372	25040	19059
12/31/2021	17053	27801	19935
03/31/2022	15051	26522	17646
06/30/2022	12062	22252	14181
09/30/2022	12326	21165	14558
12/31/2022	13208	22766	15668
03/31/2023	13498	24473	16078
06/30/2023	14374	26612	17191
09/30/2023	14408	25741	17306
12/31/2023	15165	28750	18285
03/31/2024	18563	31785	22508
06/30/2024	17819	33147	21703
09/30/2024	17922	35098	21921

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-3.45%	24.39%	10.80%	6.52%
Class A (with sales charge)‡	-8.04%	18.47%	9.73%	6.01%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Pure Growth Index	-2.68%	26.75%	12.59%	8.16%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$32,826,126
Total Number of Portfolio Holdings	90
Portfolio Turnover Rate	498%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

S&P MidCap 400® Pure Growth Fund   |   Class A   |   RYMGX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Industrial	28.2%
Consumer, Cyclical	21.5%
Consumer, Non-cyclical	15.8%
Technology	12.4%
Energy	11.9%
Financial	6.6%
Basic Materials	3.1%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

CNX Resources Corp.	3.1%
Duolingo, Inc.	3.0%
Comfort Systems USA, Inc.	2.4%
Toll Brothers, Inc.	2.2%
Ryan Specialty Holdings, Inc.	2.2%
AAON, Inc.	2.1%
Wingstop, Inc.	2.0%
TopBuild Corp.	1.9%
Lantheus Holdings, Inc.	1.9%
EMCOR Group, Inc.	1.8%
Top 10 Total	22.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

CNX Resources Corp.	3.1%
Duolingo, Inc.	3.0%
Comfort Systems USA, Inc.	2.4%
Toll Brothers, Inc.	2.2%
Ryan Specialty Holdings, Inc.	2.2%
AAON, Inc.	2.1%
Wingstop, Inc.	2.0%
TopBuild Corp.	1.9%
Lantheus Holdings, Inc.	1.9%
EMCOR Group, Inc.	1.8%
Top 10 Total	22.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYMGX-093024

Guggenheim Investments 2

S&P MidCap 400® Pure Growth Fund

Class C | RYCKX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P MidCap 400® Pure Growth Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$111	2.26%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -3.80%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned -2.68% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Pure Growth Index (the "Index") were Consumer Discretionary, Industrials, and Utilities. Those that detracted the most were Consumer Staples, Energy, and Materials. The holdings that contributed the most to the return of the Index were Duolingo, Inc. – Class A, CNX Resources Corp., and Lantheus Holdings, Inc. Those that detracted the most were Celsius Holdings, Inc., e.l.f. Beauty, Inc., and Weatherford International Plc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P MidCap 400® Pure Growth Fund (Class C)	S&P 500 Index	S&P MidCap 400 Pure Growth Index
09/30/2014	10000	10000	10001
12/31/2014	9943	10493	9981
03/31/2015	10799	10593	10901
06/30/2015	10717	10622	10874
09/30/2015	9997	9939	10197
12/31/2015	10008	10638	10267
03/31/2016	9728	10782	10038
06/30/2016	9735	11047	10106
09/30/2016	9944	11472	10383
12/31/2016	10219	11911	10734
03/31/2017	10716	12633	11313
06/30/2017	11051	13023	11731
09/30/2017	11347	13607	12118
12/31/2017	12066	14511	12963
03/31/2018	12267	14401	13249
06/30/2018	12547	14896	13635
09/30/2018	12833	16044	14028
12/31/2018	10216	13875	11223
03/31/2019	11665	15769	12899
06/30/2019	11399	16447	12677
09/30/2019	10852	16727	12119
12/31/2019	11708	18244	13165
03/31/2020	8522	14668	9604
06/30/2020	11372	17682	12921
09/30/2020	12688	19260	14490
12/31/2020	15186	21600	17463
03/31/2021	16373	22934	18924
06/30/2021	16836	24895	19563
09/30/2021	16308	25040	19059
12/31/2021	16953	27801	19935
03/31/2022	14938	26522	17646
06/30/2022	11949	22252	14181
09/30/2022	12186	21165	14558
12/31/2022	13031	22766	15668
03/31/2023	13294	24473	16078
06/30/2023	14132	26612	17191
09/30/2023	14140	25741	17306
12/31/2023	14851	28750	18285
03/31/2024	18147	31785	22508
06/30/2024	17389	33147	21703
09/30/2024	17457	35098	21921

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-3.80%	23.45%	9.98%	5.73%
Class C (with CDSC)§	-4.77%	22.45%	9.98%	5.73%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Pure Growth Index	-2.68%	26.75%	12.59%	8.16%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$32,826,126
Total Number of Portfolio Holdings	90
Portfolio Turnover Rate	498%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

S&P MidCap 400® Pure Growth Fund   |   Class C   |   RYCKX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Industrial	28.2%
Consumer, Cyclical	21.5%
Consumer, Non-cyclical	15.8%
Technology	12.4%
Energy	11.9%
Financial	6.6%
Basic Materials	3.1%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

CNX Resources Corp.	3.1%
Duolingo, Inc.	3.0%
Comfort Systems USA, Inc.	2.4%
Toll Brothers, Inc.	2.2%
Ryan Specialty Holdings, Inc.	2.2%
AAON, Inc.	2.1%
Wingstop, Inc.	2.0%
TopBuild Corp.	1.9%
Lantheus Holdings, Inc.	1.9%
EMCOR Group, Inc.	1.8%
Top 10 Total	22.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

CNX Resources Corp.	3.1%
Duolingo, Inc.	3.0%
Comfort Systems USA, Inc.	2.4%
Toll Brothers, Inc.	2.2%
Ryan Specialty Holdings, Inc.	2.2%
AAON, Inc.	2.1%
Wingstop, Inc.	2.0%
TopBuild Corp.	1.9%
Lantheus Holdings, Inc.	1.9%
EMCOR Group, Inc.	1.8%
Top 10 Total	22.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCKX-093024

Guggenheim Investments 2

S&P MidCap 400® Pure Growth Fund

Class H | RYBHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P MidCap 400® Pure Growth Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$74	1.50%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -3.42%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned -2.68% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Pure Growth Index (the "Index") were Consumer Discretionary, Industrials, and Utilities. Those that detracted the most were Consumer Staples, Energy, and Materials. The holdings that contributed the most to the return of the Index were Duolingo, Inc. – Class A, CNX Resources Corp., and Lantheus Holdings, Inc. Those that detracted the most were Celsius Holdings, Inc., e.l.f. Beauty, Inc., and Weatherford International Plc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P MidCap 400® Pure Growth Fund (Class H)	S&P 500 Index	S&P MidCap 400 Pure Growth Index
09/30/2014	10000	10000	10001
12/31/2014	9961	10493	9981
03/31/2015	10838	10593	10901
06/30/2015	10775	10622	10874
09/30/2015	10072	9939	10197
12/31/2015	10104	10638	10267
03/31/2016	9838	10782	10038
06/30/2016	9866	11047	10106
09/30/2016	10094	11472	10383
12/31/2016	10394	11911	10734
03/31/2017	10920	12633	11313
06/30/2017	11282	13023	11731
09/30/2017	11606	13607	12118
12/31/2017	12363	14511	12963
03/31/2018	12592	14401	13249
06/30/2018	12905	14896	13635
09/30/2018	13226	16044	14028
12/31/2018	10547	13875	11223
03/31/2019	12065	15769	12899
06/30/2019	11810	16447	12677
09/30/2019	11266	16727	12119
12/31/2019	12180	18244	13165
03/31/2020	8882	14668	9604
06/30/2020	11873	17682	12921
09/30/2020	13273	19260	14490
12/31/2020	15917	21600	17463
03/31/2021	17189	22934	18924
06/30/2021	17709	24895	19563
09/30/2021	17189	25040	19059
12/31/2021	17902	27801	19935
03/31/2022	15798	26522	17646
06/30/2022	12661	22252	14181
09/30/2022	12939	21165	14558
12/31/2022	13863	22766	15668
03/31/2023	14167	24473	16078
06/30/2023	15085	26612	17191
09/30/2023	15118	25741	17306
12/31/2023	15907	28750	18285
03/31/2024	19472	31785	22508
06/30/2024	18699	33147	21703
09/30/2024	18807	35098	21921

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	-3.42%	24.40%	10.79%	6.52%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Pure Growth Index	-2.68%	26.75%	12.59%	8.16%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$32,826,126
Total Number of Portfolio Holdings	90
Portfolio Turnover Rate	498%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

S&P MidCap 400® Pure Growth Fund   |   Class H   |   RYBHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Industrial	28.2%
Consumer, Cyclical	21.5%
Consumer, Non-cyclical	15.8%
Technology	12.4%
Energy	11.9%
Financial	6.6%
Basic Materials	3.1%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

CNX Resources Corp.	3.1%
Duolingo, Inc.	3.0%
Comfort Systems USA, Inc.	2.4%
Toll Brothers, Inc.	2.2%
Ryan Specialty Holdings, Inc.	2.2%
AAON, Inc.	2.1%
Wingstop, Inc.	2.0%
TopBuild Corp.	1.9%
Lantheus Holdings, Inc.	1.9%
EMCOR Group, Inc.	1.8%
Top 10 Total	22.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

CNX Resources Corp.	3.1%
Duolingo, Inc.	3.0%
Comfort Systems USA, Inc.	2.4%
Toll Brothers, Inc.	2.2%
Ryan Specialty Holdings, Inc.	2.2%
AAON, Inc.	2.1%
Wingstop, Inc.	2.0%
TopBuild Corp.	1.9%
Lantheus Holdings, Inc.	1.9%
EMCOR Group, Inc.	1.8%
Top 10 Total	22.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYBHX-093024

Guggenheim Investments 2

S&P MidCap 400® Pure Value Fund

Class A | RYMVX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P MidCap 400® Pure Value Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$76	1.53%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -0.58%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned 0.03% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Pure Value Index (the "Index") were Financials, Real Estate, and Consumer Staples. Those that detracted the most were Energy, Consumer Discretionary, and Materials. The holdings that contributed the most to the return of the Index were Tenet Healthcare Corp., Jones Lang LaSalle, Inc., and MasTec, Inc. Those that detracted the most were PBF Energy, Inc. – Class A, Hertz Global Holdings, Inc., and Cleveland-Cliffs, Inc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P MidCap 400® Pure Value Fund (Class A)‡	S&P 500 Index	S&P MidCap 400 Pure Value Index
09/30/2014	9525	10000	10000
12/31/2014	10109	10493	10675
03/31/2015	10190	10593	10807
06/30/2015	10156	10622	10811
09/30/2015	8932	9939	9548
12/31/2015	8878	10638	9551
03/31/2016	9489	10782	10276
06/30/2016	9549	11047	10396
09/30/2016	10269	11472	11250
12/31/2016	11388	11911	12546
03/31/2017	11514	12633	12737
06/30/2017	11659	13023	12948
09/30/2017	11944	13607	13333
12/31/2017	12885	14511	14443
03/31/2018	12162	14401	13682
06/30/2018	12963	14896	14662
09/30/2018	13191	16044	14979
12/31/2018	10428	13875	11885
03/31/2019	12143	15769	13926
06/30/2019	12308	16447	14202
09/30/2019	11720	16727	13591
12/31/2019	12698	18244	14792
03/31/2020	7182	14668	8422
06/30/2020	9355	17682	11043
09/30/2020	10035	19260	11947
12/31/2020	13525	21600	16223
03/31/2021	16511	22934	19910
06/30/2021	16883	24895	20445
09/30/2021	16719	25040	20326
12/31/2021	17734	27801	21681
03/31/2022	17612	26522	21636
06/30/2022	15371	22252	18975
09/30/2022	14713	21165	18259
12/31/2022	16779	22766	20910
03/31/2023	17380	24473	21804
06/30/2023	19074	26612	24031
09/30/2023	18183	25741	23009
12/31/2023	21429	28750	27272
03/31/2024	21987	31785	28089
06/30/2024	20646	33147	26446
09/30/2024	21861	35098	28122

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-0.58%	20.23%	13.28%	8.66%
Class A (with sales charge)‡	-5.30%	14.52%	12.18%	8.14%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Pure Value Index	0.03%	22.29%	15.66%	10.89%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,397,960
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	46%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

S&P MidCap 400® Pure Value Fund   |   Class A   |   RYMVX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Consumer, Cyclical	25.5%
Financial	23.8%
Industrial	19.1%
Consumer, Non-cyclical	14.9%
Basic Materials	5.9%
Energy	5.4%
Utilities	2.5%
Other	2.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Avnet, Inc.	2.8%
TD SYNNEX Corp.	2.6%
Jones Lang LaSalle, Inc.	2.4%
MasTec, Inc.	2.4%
Tenet Healthcare Corp.	2.4%
Lithia Motors, Inc. — Class A	2.4%
Arrow Electronics, Inc.	2.3%
Macy's, Inc.	2.2%
Nordstrom, Inc.	2.0%
US Foods Holding Corp.	2.0%
Top 10 Total	23.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Avnet, Inc.	2.8%
TD SYNNEX Corp.	2.6%
Jones Lang LaSalle, Inc.	2.4%
MasTec, Inc.	2.4%
Tenet Healthcare Corp.	2.4%
Lithia Motors, Inc. — Class A	2.4%
Arrow Electronics, Inc.	2.3%
Macy's, Inc.	2.2%
Nordstrom, Inc.	2.0%
US Foods Holding Corp.	2.0%
Top 10 Total	23.5%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYMVX-093024

Guggenheim Investments 2

S&P MidCap 400® Pure Value Fund

Class C | RYMMX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P MidCap 400® Pure Value Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$113	2.27%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -0.97%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned 0.03% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Pure Value Index (the "Index") were Financials, Real Estate, and Consumer Staples. Those that detracted the most were Energy, Consumer Discretionary, and Materials. The holdings that contributed the most to the return of the Index were Tenet Healthcare Corp., Jones Lang LaSalle, Inc., and MasTec, Inc. Those that detracted the most were PBF Energy, Inc. – Class A, Hertz Global Holdings, Inc., and Cleveland-Cliffs, Inc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P MidCap 400® Pure Value Fund (Class C)	S&P 500 Index	S&P MidCap 400 Pure Value Index
09/30/2014	10000	10000	10000
12/31/2014	10594	10493	10675
03/31/2015	10658	10593	10807
06/30/2015	10604	10622	10811
09/30/2015	9307	9939	9548
12/31/2015	9234	10638	9551
03/31/2016	9850	10782	10276
06/30/2016	9897	11047	10396
09/30/2016	10621	11472	11250
12/31/2016	11758	11911	12546
03/31/2017	11866	12633	12737
06/30/2017	11992	13023	12948
09/30/2017	12263	13607	13333
12/31/2017	13206	14511	14443
03/31/2018	12438	14401	13682
06/30/2018	13235	14896	14662
09/30/2018	13442	16044	14979
12/31/2018	10606	13875	11885
03/31/2019	12329	15769	13926
06/30/2019	12473	16447	14202
09/30/2019	11855	16727	13591
12/31/2019	12816	18244	14792
03/31/2020	7235	14668	8422
06/30/2020	9406	17682	11043
09/30/2020	10073	19260	11947
12/31/2020	13552	21600	16223
03/31/2021	16513	22934	19910
06/30/2021	16851	24895	20445
09/30/2021	16658	25040	20326
12/31/2021	17633	27801	21681
03/31/2022	17482	26522	21636
06/30/2022	15228	22252	18975
09/30/2022	14547	21165	18259
12/31/2022	16557	22766	20910
03/31/2023	17121	24473	21804
06/30/2023	18752	26612	24031
09/30/2023	17844	25741	23009
12/31/2023	20992	28750	27272
03/31/2024	21501	31785	28089
06/30/2024	20148	33147	26446
09/30/2024	21293	35098	28122

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-0.97%	19.33%	12.43%	7.85%
Class C (with CDSC)§	-1.96%	18.33%	12.43%	7.85%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Pure Value Index	0.03%	22.29%	15.66%	10.89%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,397,960
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	46%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

S&P MidCap 400® Pure Value Fund   |   Class C   |   RYMMX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Consumer, Cyclical	25.5%
Financial	23.8%
Industrial	19.1%
Consumer, Non-cyclical	14.9%
Basic Materials	5.9%
Energy	5.4%
Utilities	2.5%
Other	2.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Avnet, Inc.	2.8%
TD SYNNEX Corp.	2.6%
Jones Lang LaSalle, Inc.	2.4%
MasTec, Inc.	2.4%
Tenet Healthcare Corp.	2.4%
Lithia Motors, Inc. — Class A	2.4%
Arrow Electronics, Inc.	2.3%
Macy's, Inc.	2.2%
Nordstrom, Inc.	2.0%
US Foods Holding Corp.	2.0%
Top 10 Total	23.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Avnet, Inc.	2.8%
TD SYNNEX Corp.	2.6%
Jones Lang LaSalle, Inc.	2.4%
MasTec, Inc.	2.4%
Tenet Healthcare Corp.	2.4%
Lithia Motors, Inc. — Class A	2.4%
Arrow Electronics, Inc.	2.3%
Macy's, Inc.	2.2%
Nordstrom, Inc.	2.0%
US Foods Holding Corp.	2.0%
Top 10 Total	23.5%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYMMX-093024

Guggenheim Investments 2

S&P MidCap 400® Pure Value Fund

Class H | RYAVX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P MidCap 400® Pure Value Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$76	1.52%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -0.59%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned 0.03% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Pure Value Index (the "Index") were Financials, Real Estate, and Consumer Staples. Those that detracted the most were Energy, Consumer Discretionary, and Materials. The holdings that contributed the most to the return of the Index were Tenet Healthcare Corp., Jones Lang LaSalle, Inc., and MasTec, Inc. Those that detracted the most were PBF Energy, Inc. – Class A, Hertz Global Holdings, Inc., and Cleveland-Cliffs, Inc. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P MidCap 400® Pure Value Fund (Class H)	S&P 500 Index	S&P MidCap 400 Pure Value Index
09/30/2014	10000	10000	10000
12/31/2014	10614	10493	10675
03/31/2015	10698	10593	10807
06/30/2015	10663	10622	10811
09/30/2015	9378	9939	9548
12/31/2015	9322	10638	9551
03/31/2016	9964	10782	10276
06/30/2016	10030	11047	10396
09/30/2016	10784	11472	11250
12/31/2016	11961	11911	12546
03/31/2017	12093	12633	12737
06/30/2017	12243	13023	12948
09/30/2017	12543	13607	13333
12/31/2017	13530	14511	14443
03/31/2018	12767	14401	13682
06/30/2018	13607	14896	14662
09/30/2018	13844	16044	14979
12/31/2018	10944	13875	11885
03/31/2019	12747	15769	13926
06/30/2019	12918	16447	14202
09/30/2019	12304	16727	13591
12/31/2019	13326	18244	14792
03/31/2020	7538	14668	8422
06/30/2020	9819	17682	11043
09/30/2020	10534	19260	11947
12/31/2020	14198	21600	16223
03/31/2021	17333	22934	19910
06/30/2021	17721	24895	20445
09/30/2021	17550	25040	20326
12/31/2021	18616	27801	21681
03/31/2022	18490	26522	21636
06/30/2022	16139	22252	18975
09/30/2022	15444	21165	18259
12/31/2022	17616	22766	20910
03/31/2023	18249	24473	21804
06/30/2023	20027	26612	24031
09/30/2023	19093	25741	23009
12/31/2023	22510	28750	27272
03/31/2024	23097	31785	28089
06/30/2024	21687	33147	26446
09/30/2024	22961	35098	28122

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	-0.59%	20.26%	13.29%	8.67%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Pure Value Index	0.03%	22.29%	15.66%	10.89%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,397,960
Total Number of Portfolio Holdings	89
Portfolio Turnover Rate	46%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

S&P MidCap 400® Pure Value Fund   |   Class H   |   RYAVX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Consumer, Cyclical	25.5%
Financial	23.8%
Industrial	19.1%
Consumer, Non-cyclical	14.9%
Basic Materials	5.9%
Energy	5.4%
Utilities	2.5%
Other	2.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Avnet, Inc.	2.8%
TD SYNNEX Corp.	2.6%
Jones Lang LaSalle, Inc.	2.4%
MasTec, Inc.	2.4%
Tenet Healthcare Corp.	2.4%
Lithia Motors, Inc. — Class A	2.4%
Arrow Electronics, Inc.	2.3%
Macy's, Inc.	2.2%
Nordstrom, Inc.	2.0%
US Foods Holding Corp.	2.0%
Top 10 Total	23.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Avnet, Inc.	2.8%
TD SYNNEX Corp.	2.6%
Jones Lang LaSalle, Inc.	2.4%
MasTec, Inc.	2.4%
Tenet Healthcare Corp.	2.4%
Lithia Motors, Inc. — Class A	2.4%
Arrow Electronics, Inc.	2.3%
Macy's, Inc.	2.2%
Nordstrom, Inc.	2.0%
US Foods Holding Corp.	2.0%
Top 10 Total	23.5%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAVX-093024

Guggenheim Investments 2

S&P SmallCap 600® Pure Value Fund

Class A | RYSVX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P SmallCap 600® Pure Value Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$77	1.53%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 1.39%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned 2.44% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P SmallCap 600 Pure Value Index (the "Index") were Financials, Communication Services, and Consumer Staples. Those that detracted the most were Consumer Discretionary, Materials, and Industrials. The holdings that contributed the most to the return of the Index were Lumen Technologies, Inc., EchoStar Corp. – Class A, and Benchmark Electronics, Inc. Those that detracted the most were Advance Auto Parts, Inc., Xerox Holdings Corp., and Clearwater Paper Corp. The Fund maintained a daily correlation of over 99% to the S&P SmallCap 600 Pure Value Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P SmallCap 600® Pure Value Fund (Class A)‡	S&P 500 Index	S&P SmallCap 600 Pure Value Index
09/30/2014	9526	10000	10000
12/31/2014	10273	10493	10875
03/31/2015	10365	10593	10998
06/30/2015	10390	10622	11064
09/30/2015	8695	9939	9305
12/31/2015	8880	10638	9547
03/31/2016	9301	10782	10039
06/30/2016	9157	11047	9966
09/30/2016	10072	11472	10997
12/31/2016	11659	11911	12799
03/31/2017	10940	12633	12068
06/30/2017	10554	13023	11688
09/30/2017	11092	13607	12393
12/31/2017	11550	14511	12964
03/31/2018	11100	14401	12511
06/30/2018	12253	14896	13845
09/30/2018	12193	16044	13838
12/31/2018	9189	13875	10465
03/31/2019	10386	15769	11905
06/30/2019	9884	16447	11415
09/30/2019	10100	16727	11732
12/31/2019	11004	18244	12880
03/31/2020	5418	14668	6397
06/30/2020	7313	17682	8702
09/30/2020	7800	19260	9357
12/31/2020	10210	21600	12345
03/31/2021	13492	22934	16433
06/30/2021	14478	24895	17716
09/30/2021	14161	25040	17404
12/31/2021	14621	27801	18093
03/31/2022	14657	26522	18252
06/30/2022	12638	22252	15797
09/30/2022	11557	21165	14531
12/31/2022	13382	22766	16931
03/31/2023	13716	24473	17450
06/30/2023	14152	26612	18059
09/30/2023	13769	25741	17655
12/31/2023	16228	28750	20881
03/31/2024	16274	31785	21032
06/30/2024	15019	33147	19485
09/30/2024	16499	35098	21537

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	1.39%	19.82%	10.31%	5.65%
Class A (with sales charge)‡	-3.43%	14.13%	9.25%	5.13%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P SmallCap 600 Pure Value Index	2.44%	21.93%	12.92%	7.97%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,590,615
Total Number of Portfolio Holdings	138
Portfolio Turnover Rate	901%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

S&P SmallCap 600® Pure Value Fund   |   Class A   |   RYSVX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Consumer, Cyclical	25.7%
Financial	24.3%
Consumer, Non-cyclical	20.4%
Industrial	12.6%
Communications	5.2%
Technology	4.8%
Energy	3.7%
Basic Materials	3.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

EchoStar Corp. — Class A	2.2%
World Kinect Corp.	2.1%
Phinia, Inc.	2.0%
JetBlue Airways Corp.	1.9%
Fresh Del Monte Produce, Inc.	1.8%
Green Dot Corp. — Class A	1.8%
Lumen Technologies, Inc.	1.8%
Benchmark Electronics, Inc.	1.7%
Bread Financial Holdings, Inc.	1.7%
United Natural Foods, Inc.	1.6%
Top 10 Total	18.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

EchoStar Corp. — Class A	2.2%
World Kinect Corp.	2.1%
Phinia, Inc.	2.0%
JetBlue Airways Corp.	1.9%
Fresh Del Monte Produce, Inc.	1.8%
Green Dot Corp. — Class A	1.8%
Lumen Technologies, Inc.	1.8%
Benchmark Electronics, Inc.	1.7%
Bread Financial Holdings, Inc.	1.7%
United Natural Foods, Inc.	1.6%
Top 10 Total	18.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSVX-093024

Guggenheim Investments 2

S&P SmallCap 600® Pure Value Fund

Class C | RYYCX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P SmallCap 600® Pure Value Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$115	2.29%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 1.01%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned 2.44% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P SmallCap 600 Pure Value Index (the "Index") were Financials, Communication Services, and Consumer Staples. Those that detracted the most were Consumer Discretionary, Materials, and Industrials. The holdings that contributed the most to the return of the Index were Lumen Technologies, Inc., EchoStar Corp. – Class A, and Benchmark Electronics, Inc. Those that detracted the most were Advance Auto Parts, Inc., Xerox Holdings Corp., and Clearwater Paper Corp. The Fund maintained a daily correlation of over 99% to the S&P SmallCap 600 Pure Value Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P SmallCap 600® Pure Value Fund (Class C)	S&P 500 Index	S&P SmallCap 600 Pure Value Index
09/30/2014	10000	10000	10000
12/31/2014	10766	10493	10875
03/31/2015	10842	10593	10998
06/30/2015	10842	10622	11064
09/30/2015	9058	9939	9305
12/31/2015	9234	10638	9547
03/31/2016	9653	10782	10039
06/30/2016	9486	11047	9966
09/30/2016	10414	11472	10997
12/31/2016	12032	11911	12799
03/31/2017	11271	12633	12068
06/30/2017	10852	13023	11688
09/30/2017	11385	13607	12393
12/31/2017	11828	14511	12964
03/31/2018	11347	14401	12511
06/30/2018	12504	14896	13845
09/30/2018	12413	16044	13838
12/31/2018	9338	13875	10465
03/31/2019	10538	15769	11905
06/30/2019	10010	16447	11415
09/30/2019	10209	16727	11732
12/31/2019	11099	18244	12880
03/31/2020	5455	14668	6397
06/30/2020	7354	17682	8702
09/30/2020	7830	19260	9357
12/31/2020	10228	21600	12345
03/31/2021	13494	22934	16433
06/30/2021	14452	24895	17716
09/30/2021	14109	25040	17404
12/31/2021	14539	27801	18093
03/31/2022	14549	26522	18252
06/30/2022	12521	22252	15797
09/30/2022	11428	21165	14531
12/31/2022	13208	22766	16931
03/31/2023	13513	24473	17450
06/30/2023	13916	26612	18059
09/30/2023	13515	25741	17655
12/31/2023	15898	28750	20881
03/31/2024	15913	31785	21032
06/30/2024	14658	33147	19485
09/30/2024	16074	35098	21537

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	1.01%	18.94%	9.50%	4.86%
Class C (with CDSC)§	0.01%	17.94%	9.50%	4.86%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P SmallCap 600 Pure Value Index	2.44%	21.93%	12.92%	7.97%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,590,615
Total Number of Portfolio Holdings	138
Portfolio Turnover Rate	901%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

S&P SmallCap 600® Pure Value Fund   |   Class C   |   RYYCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Consumer, Cyclical	25.7%
Financial	24.3%
Consumer, Non-cyclical	20.4%
Industrial	12.6%
Communications	5.2%
Technology	4.8%
Energy	3.7%
Basic Materials	3.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

EchoStar Corp. — Class A	2.2%
World Kinect Corp.	2.1%
Phinia, Inc.	2.0%
JetBlue Airways Corp.	1.9%
Fresh Del Monte Produce, Inc.	1.8%
Green Dot Corp. — Class A	1.8%
Lumen Technologies, Inc.	1.8%
Benchmark Electronics, Inc.	1.7%
Bread Financial Holdings, Inc.	1.7%
United Natural Foods, Inc.	1.6%
Top 10 Total	18.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

EchoStar Corp. — Class A	2.2%
World Kinect Corp.	2.1%
Phinia, Inc.	2.0%
JetBlue Airways Corp.	1.9%
Fresh Del Monte Produce, Inc.	1.8%
Green Dot Corp. — Class A	1.8%
Lumen Technologies, Inc.	1.8%
Benchmark Electronics, Inc.	1.7%
Bread Financial Holdings, Inc.	1.7%
United Natural Foods, Inc.	1.6%
Top 10 Total	18.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYYCX-093024

Guggenheim Investments 2

S&P SmallCap 600® Pure Value Fund

Class H | RYAZX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P SmallCap 600® Pure Value Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$78	1.55%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 1.38%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned 2.44% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P SmallCap 600 Pure Value Index (the "Index") were Financials, Communication Services, and Consumer Staples. Those that detracted the most were Consumer Discretionary, Materials, and Industrials. The holdings that contributed the most to the return of the Index were Lumen Technologies, Inc., EchoStar Corp. – Class A, and Benchmark Electronics, Inc. Those that detracted the most were Advance Auto Parts, Inc., Xerox Holdings Corp., and Clearwater Paper Corp. The Fund maintained a daily correlation of over 99% to the S&P SmallCap 600 Pure Value Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P SmallCap 600® Pure Value Fund (Class H)	S&P 500 Index	S&P SmallCap 600 Pure Value Index
09/30/2014	10000	10000	10000
12/31/2014	10787	10493	10875
03/31/2015	10885	10593	10998
06/30/2015	10906	10622	11064
09/30/2015	9128	9939	9305
12/31/2015	9327	10638	9547
03/31/2016	9767	10782	10039
06/30/2016	9610	11047	9966
09/30/2016	10567	11472	10997
12/31/2016	12240	11911	12799
03/31/2017	11486	12633	12068
06/30/2017	11080	13023	11688
09/30/2017	11668	13607	12393
12/31/2017	12151	14511	12964
03/31/2018	11672	14401	12511
06/30/2018	12883	14896	13845
09/30/2018	12815	16044	13838
12/31/2018	9661	13875	10465
03/31/2019	10923	15769	11905
06/30/2019	10394	16447	11415
09/30/2019	10622	16727	11732
12/31/2019	11566	18244	12880
03/31/2020	5694	14668	6397
06/30/2020	7693	17682	8702
09/30/2020	8203	19260	9357
12/31/2020	10737	21600	12345
03/31/2021	14188	22934	16433
06/30/2021	15224	24895	17716
09/30/2021	14891	25040	17404
12/31/2021	15375	27801	18093
03/31/2022	15414	26522	18252
06/30/2022	13290	22252	15797
09/30/2022	12154	21165	14531
12/31/2022	14072	22766	16931
03/31/2023	14423	24473	17450
06/30/2023	14881	26612	18059
09/30/2023	14478	25741	17655
12/31/2023	17061	28750	20881
03/31/2024	17109	31785	21032
06/30/2024	15790	33147	19485
09/30/2024	17344	35098	21537

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	1.38%	19.80%	10.30%	5.66%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P SmallCap 600 Pure Value Index	2.44%	21.93%	12.92%	7.97%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,590,615
Total Number of Portfolio Holdings	138
Portfolio Turnover Rate	901%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

S&P SmallCap 600® Pure Value Fund   |   Class H   |   RYAZX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Consumer, Cyclical	25.7%
Financial	24.3%
Consumer, Non-cyclical	20.4%
Industrial	12.6%
Communications	5.2%
Technology	4.8%
Energy	3.7%
Basic Materials	3.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

EchoStar Corp. — Class A	2.2%
World Kinect Corp.	2.1%
Phinia, Inc.	2.0%
JetBlue Airways Corp.	1.9%
Fresh Del Monte Produce, Inc.	1.8%
Green Dot Corp. — Class A	1.8%
Lumen Technologies, Inc.	1.8%
Benchmark Electronics, Inc.	1.7%
Bread Financial Holdings, Inc.	1.7%
United Natural Foods, Inc.	1.6%
Top 10 Total	18.6%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

EchoStar Corp. — Class A	2.2%
World Kinect Corp.	2.1%
Phinia, Inc.	2.0%
JetBlue Airways Corp.	1.9%
Fresh Del Monte Produce, Inc.	1.8%
Green Dot Corp. — Class A	1.8%
Lumen Technologies, Inc.	1.8%
Benchmark Electronics, Inc.	1.7%
Bread Financial Holdings, Inc.	1.7%
United Natural Foods, Inc.	1.6%
Top 10 Total	18.6%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAZX-093024

Guggenheim Investments 2

S&P SmallCap 600® Pure Growth Fund

Class A | RYSGX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P SmallCap 600® Pure Growth Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$79	1.53%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 5.33%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned 6.47% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P SmallCap 600 Pure Growth Index (the "Index") were Consumer Discretionary, Financials, and Materials. The only sectors that detracted were Energy and Utilities. The holdings that contributed the most to the return of the Index were Boot Barn Holdings, Inc., Carpenter Technology Corp., and Cinemark Holdings, Inc. Those that detracted the most were Par Pacific Holdings, Inc., Dave & Buster's Entertainment, Inc., and TripAdvisor, Inc. The Fund maintained a daily correlation of over 99% to the S&P SmallCap 600 Pure Growth Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P SmallCap 600® Pure Growth Fund (Class A)‡	S&P 500 Index	S&P SmallCap 600 Pure Growth Index
09/30/2014	9525	10000	10000
12/31/2014	10122	10493	10684
03/31/2015	11069	10593	11736
06/30/2015	11242	10622	11964
09/30/2015	10064	9939	10764
12/31/2015	10070	10638	10814
03/31/2016	9825	10782	10607
06/30/2016	10209	11047	11078
09/30/2016	11007	11472	12001
12/31/2016	11919	11911	13070
03/31/2017	12325	12633	13577
06/30/2017	12612	13023	13948
09/30/2017	13441	13607	14927
12/31/2017	13845	14511	15448
03/31/2018	13977	14401	15646
06/30/2018	15377	14896	17295
09/30/2018	16210	16044	18314
12/31/2018	12607	13875	14296
03/31/2019	13650	15769	15569
06/30/2019	13396	16447	15345
09/30/2019	12814	16727	14742
12/31/2019	14173	18244	16400
03/31/2020	9177	14668	10635
06/30/2020	12051	17682	14013
09/30/2020	12733	19260	14878
12/31/2020	16454	21600	19363
03/31/2021	18674	22934	22079
06/30/2021	19235	24895	22893
09/30/2021	18785	25040	22463
12/31/2021	19565	27801	23490
03/31/2022	16606	26522	19998
06/30/2022	13520	22252	16328
09/30/2022	12914	21165	15667
12/31/2022	13732	22766	16741
03/31/2023	13976	24473	17080
06/30/2023	15026	26612	18427
09/30/2023	14329	25741	17622
12/31/2023	16194	28750	20006
03/31/2024	17293	31785	21442
06/30/2024	16794	33147	20938
09/30/2024	18215	35098	22833

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	5.33%	27.12%	7.29%	6.70%
Class A (with sales charge)‡	0.33%	21.08%	6.25%	6.18%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P SmallCap 600 Pure Growth Index	6.47%	29.59%	9.15%	8.60%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$4,083,898
Total Number of Portfolio Holdings	139
Portfolio Turnover Rate	1,548%

1548%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

S&P SmallCap 600® Pure Growth Fund   |   Class A   |   RYSGX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Consumer, Non-cyclical	21.6%
Consumer, Cyclical	19.3%
Financial	18.6%
Industrial	15.1%
Energy	11.2%
Communications	4.7%
Technology	4.1%
Other	4.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

PROG Holdings, Inc.	1.8%
UFP Technologies, Inc.	1.7%
Cinemark Holdings, Inc.	1.7%
Green Brick Partners, Inc.	1.7%
Boot Barn Holdings, Inc.	1.6%
Hawkins, Inc.	1.6%
Two Harbors Investment Corp.	1.5%
SiriusPoint Ltd.	1.4%
Group 1 Automotive, Inc.	1.4%
TG Therapeutics, Inc.	1.3%
Top 10 Total	15.7%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

PROG Holdings, Inc.	1.8%
UFP Technologies, Inc.	1.7%
Cinemark Holdings, Inc.	1.7%
Green Brick Partners, Inc.	1.7%
Boot Barn Holdings, Inc.	1.6%
Hawkins, Inc.	1.6%
Two Harbors Investment Corp.	1.5%
SiriusPoint Ltd.	1.4%
Group 1 Automotive, Inc.	1.4%
TG Therapeutics, Inc.	1.3%
Top 10 Total	15.7%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSGX-093024

Guggenheim Investments 2

S&P SmallCap 600® Pure Growth Fund

Class C | RYWCX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P SmallCap 600® Pure Growth Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$117	2.28%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 4.90%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned 6.47% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P SmallCap 600 Pure Growth Index (the "Index") were Consumer Discretionary, Financials, and Materials. The only sectors that detracted were Energy and Utilities. The holdings that contributed the most to the return of the Index were Boot Barn Holdings, Inc., Carpenter Technology Corp., and Cinemark Holdings, Inc. Those that detracted the most were Par Pacific Holdings, Inc., Dave & Buster's Entertainment, Inc., and TripAdvisor, Inc. The Fund maintained a daily correlation of over 99% to the S&P SmallCap 600 Pure Growth Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P SmallCap 600® Pure Growth Fund (Class C)	S&P 500 Index	S&P SmallCap 600 Pure Growth Index
09/30/2014	10000	10000	10000
12/31/2014	10606	10493	10684
03/31/2015	11578	10593	11736
06/30/2015	11736	10622	11964
09/30/2015	10486	9939	10764
12/31/2015	10471	10638	10814
03/31/2016	10201	10782	10607
06/30/2016	10578	11047	11078
09/30/2016	11384	11472	12001
12/31/2016	12304	11911	13070
03/31/2017	12701	12633	13577
06/30/2017	12969	13023	13948
09/30/2017	13797	13607	14927
12/31/2017	14182	14511	15448
03/31/2018	14291	14401	15646
06/30/2018	15693	14896	17295
09/30/2018	16511	16044	18314
12/31/2018	12818	13875	14296
03/31/2019	13853	15769	15569
06/30/2019	13572	16447	15345
09/30/2019	12956	16727	14742
12/31/2019	14303	18244	16400
03/31/2020	9243	14668	10635
06/30/2020	12116	17682	14013
09/30/2020	12780	19260	14878
12/31/2020	16481	21600	19363
03/31/2021	18671	22934	22079
06/30/2021	19195	24895	22893
09/30/2021	18712	25040	22463
12/31/2021	19450	27801	23490
03/31/2022	16477	26522	19998
06/30/2022	13392	22252	16328
09/30/2022	12765	21165	15667
12/31/2022	13551	22766	16741
03/31/2023	13765	24473	17080
06/30/2023	14773	26612	18427
09/30/2023	14061	25741	17622
12/31/2023	15859	28750	20006
03/31/2024	16905	31785	21442
06/30/2024	16388	33147	20938
09/30/2024	17738	35098	22833

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	4.90%	26.15%	6.48%	5.90%
Class C (with CDSC)§	3.90%	25.15%	6.48%	5.90%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P SmallCap 600 Pure Growth Index	6.47%	29.59%	9.15%	8.60%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$4,083,898
Total Number of Portfolio Holdings	139
Portfolio Turnover Rate	1,548%

1548%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

S&P SmallCap 600® Pure Growth Fund   |   Class C   |   RYWCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Consumer, Non-cyclical	21.6%
Consumer, Cyclical	19.3%
Financial	18.6%
Industrial	15.1%
Energy	11.2%
Communications	4.7%
Technology	4.1%
Other	4.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

PROG Holdings, Inc.	1.8%
UFP Technologies, Inc.	1.7%
Cinemark Holdings, Inc.	1.7%
Green Brick Partners, Inc.	1.7%
Boot Barn Holdings, Inc.	1.6%
Hawkins, Inc.	1.6%
Two Harbors Investment Corp.	1.5%
SiriusPoint Ltd.	1.4%
Group 1 Automotive, Inc.	1.4%
TG Therapeutics, Inc.	1.3%
Top 10 Total	15.7%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

PROG Holdings, Inc.	1.8%
UFP Technologies, Inc.	1.7%
Cinemark Holdings, Inc.	1.7%
Green Brick Partners, Inc.	1.7%
Boot Barn Holdings, Inc.	1.6%
Hawkins, Inc.	1.6%
Two Harbors Investment Corp.	1.5%
SiriusPoint Ltd.	1.4%
Group 1 Automotive, Inc.	1.4%
TG Therapeutics, Inc.	1.3%
Top 10 Total	15.7%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWCX-093024

Guggenheim Investments 2

S&P SmallCap 600® Pure Growth Fund

Class H | RYWAX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P SmallCap 600® Pure Growth Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$79	1.54%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 5.26%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned 6.47% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P SmallCap 600 Pure Growth Index (the "Index") were Consumer Discretionary, Financials, and Materials. The only sectors that detracted were Energy and Utilities. The holdings that contributed the most to the return of the Index were Boot Barn Holdings, Inc., Carpenter Technology Corp., and Cinemark Holdings, Inc. Those that detracted the most were Par Pacific Holdings, Inc., Dave & Buster's Entertainment, Inc., and TripAdvisor, Inc. The Fund maintained a daily correlation of over 99% to the S&P SmallCap 600 Pure Growth Index for the Reporting Period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P SmallCap 600® Pure Growth Fund (Class H)	S&P 500 Index	S&P SmallCap 600 Pure Growth Index
09/30/2014	10000	10000	10000
12/31/2014	10628	10493	10684
03/31/2015	11622	10593	11736
06/30/2015	11804	10622	11964
09/30/2015	10566	9939	10764
12/31/2015	10572	10638	10814
03/31/2016	10316	10782	10607
06/30/2016	10718	11047	11078
09/30/2016	11557	11472	12001
12/31/2016	12514	11911	13070
03/31/2017	12943	12633	13577
06/30/2017	13245	13023	13948
09/30/2017	14113	13607	14927
12/31/2017	14535	14511	15448
03/31/2018	14674	14401	15646
06/30/2018	16146	14896	17295
09/30/2018	17019	16044	18314
12/31/2018	13237	13875	14296
03/31/2019	14332	15769	15569
06/30/2019	14066	16447	15345
09/30/2019	13455	16727	14742
12/31/2019	14883	18244	16400
03/31/2020	9635	14668	10635
06/30/2020	12650	17682	14013
09/30/2020	13367	19260	14878
12/31/2020	17275	21600	19363
03/31/2021	19604	22934	22079
06/30/2021	20193	24895	22893
09/30/2021	19727	25040	22463
12/31/2021	20543	27801	23490
03/31/2022	17437	26522	19998
06/30/2022	14195	22252	16328
09/30/2022	13549	21165	15667
12/31/2022	14409	22766	16741
03/31/2023	14655	24473	17080
06/30/2023	15757	26612	18427
09/30/2023	15029	25741	17622
12/31/2023	16984	28750	20006
03/31/2024	18139	31785	21442
06/30/2024	17604	33147	20938
09/30/2024	19093	35098	22833

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	5.26%	27.05%	7.25%	6.68%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P SmallCap 600 Pure Growth Index	6.47%	29.59%	9.15%	8.60%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$4,083,898
Total Number of Portfolio Holdings	139
Portfolio Turnover Rate	1,548%

1548%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

S&P SmallCap 600® Pure Growth Fund   |   Class H   |   RYWAX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Consumer, Non-cyclical	21.6%
Consumer, Cyclical	19.3%
Financial	18.6%
Industrial	15.1%
Energy	11.2%
Communications	4.7%
Technology	4.1%
Other	4.8%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

PROG Holdings, Inc.	1.8%
UFP Technologies, Inc.	1.7%
Cinemark Holdings, Inc.	1.7%
Green Brick Partners, Inc.	1.7%
Boot Barn Holdings, Inc.	1.6%
Hawkins, Inc.	1.6%
Two Harbors Investment Corp.	1.5%
SiriusPoint Ltd.	1.4%
Group 1 Automotive, Inc.	1.4%
TG Therapeutics, Inc.	1.3%
Top 10 Total	15.7%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

PROG Holdings, Inc.	1.8%
UFP Technologies, Inc.	1.7%
Cinemark Holdings, Inc.	1.7%
Green Brick Partners, Inc.	1.7%
Boot Barn Holdings, Inc.	1.6%
Hawkins, Inc.	1.6%
Two Harbors Investment Corp.	1.5%
SiriusPoint Ltd.	1.4%
Group 1 Automotive, Inc.	1.4%
TG Therapeutics, Inc.	1.3%
Top 10 Total	15.7%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWAX-093024

Guggenheim Investments 2

Mid-Cap 1.5x Strategy Fund

Class A | RYAHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$82	1.62%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 2.10%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 3.26% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Index (the "Index") were Financials, Real Estate, and Industrials. Those that detracted the most were Energy, Consumer Discretionary, and Materials. The holdings that contributed the most to the return of the Index were Tenet Healthcare Corp., United Therapeutics Corp., and Sprouts Farmers Market, Inc. Those that detracted the most were Celsius Holdings, Inc., Cleveland-Cliffs, Inc., and Five Below, Inc. The Fund maintained a correlation of more than 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Mid-Cap 1.5x Strategy Fund (Class A)‡	S&P 500 Index	S&P MidCap 400 Index
09/30/2014	9526	10000	10000
12/31/2014	10362	10493	10635
03/31/2015	11123	10593	11200
06/30/2015	10887	10622	11081
09/30/2015	9440	9939	10140
12/31/2015	9776	10638	10404
03/31/2016	10249	10782	10797
06/30/2016	10787	11047	11228
09/30/2016	11398	11472	11694
12/31/2016	12621	11911	12561
03/31/2017	13311	12633	13056
06/30/2017	13624	13023	13313
09/30/2017	14209	13607	13742
12/31/2017	15473	14511	14602
03/31/2018	15140	14401	14489
06/30/2018	15989	14896	15111
09/30/2018	16815	16044	15695
12/31/2018	12463	13875	12983
03/31/2019	15123	15769	14864
06/30/2019	15657	16447	15317
09/30/2019	15468	16727	15304
12/31/2019	16984	18244	16385
03/31/2020	9449	14668	11518
06/30/2020	12747	17682	14291
09/30/2020	13582	19260	14973
12/31/2020	18661	21600	18623
03/31/2021	22339	22934	21131
06/30/2021	23416	24895	21899
09/30/2021	22649	25040	21514
12/31/2021	25215	27801	23234
03/31/2022	23118	26522	22101
06/30/2022	17717	22252	18694
09/30/2022	16831	21165	18233
12/31/2022	19336	22766	20199
03/31/2023	20183	24473	20968
06/30/2023	21385	26612	21985
09/30/2023	19794	25741	21062
12/31/2023	23030	28750	23519
03/31/2024	26268	31785	25860
06/30/2024	24605	33147	24969
09/30/2024	26818	35098	26703

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	2.10%	35.49%	11.63%	10.91%
Class A (with sales charge)‡	-2.75%	29.05%	10.55%	10.37%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Index	3.26%	26.79%	11.78%	10.32%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$12,554,017
Total Number of Portfolio Holdings	413
Portfolio Turnover Rate	29%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Mid-Cap 1.5x Strategy Fund   |   Class A   |   RYAHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P MidCap 400 Index Equity Swap Agreements	55.5%
Industrial	18.5%
Financial	18.4%
Equity Futures Contracts	15.1%
Consumer, Non-cyclical	13.2%
Consumer, Cyclical	12.5%
Technology	6.5%
Other	10.1%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	7.1%
Guggenheim Strategy Fund II	1.9%
Carlisle Companies, Inc.	0.6%
Illumina, Inc.	0.6%
EMCOR Group, Inc.	0.5%
Williams-Sonoma, Inc.	0.5%
Lennox International, Inc.	0.5%
Avantor, Inc.	0.5%
Manhattan Associates, Inc.	0.5%
Watsco, Inc.	0.5%
Top 10 Total	13.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	7.1%
Guggenheim Strategy Fund II	1.9%
Carlisle Companies, Inc.	0.6%
Illumina, Inc.	0.6%
EMCOR Group, Inc.	0.5%
Williams-Sonoma, Inc.	0.5%
Lennox International, Inc.	0.5%
Avantor, Inc.	0.5%
Manhattan Associates, Inc.	0.5%
Watsco, Inc.	0.5%
Top 10 Total	13.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAHX-093024

Guggenheim Investments 2

Mid-Cap 1.5x Strategy Fund

Class C | RYDCX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$120	2.37%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 1.72%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 3.26% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Index (the "Index") were Financials, Real Estate, and Industrials. Those that detracted the most were Energy, Consumer Discretionary, and Materials. The holdings that contributed the most to the return of the Index were Tenet Healthcare Corp., United Therapeutics Corp., and Sprouts Farmers Market, Inc. Those that detracted the most were Celsius Holdings, Inc., Cleveland-Cliffs, Inc., and Five Below, Inc. The Fund maintained a correlation of more than 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Mid-Cap 1.5x Strategy Fund (Class C)	S&P 500 Index	S&P MidCap 400 Index
09/30/2014	10000	10000	10000
12/31/2014	10859	10493	10635
03/31/2015	11635	10593	11200
06/30/2015	11367	10622	11081
09/30/2015	9836	9939	10140
12/31/2015	10167	10638	10404
03/31/2016	10640	10782	10797
06/30/2016	11178	11047	11228
09/30/2016	11787	11472	11694
12/31/2016	13029	11911	12561
03/31/2017	13719	12633	13056
06/30/2017	14015	13023	13313
09/30/2017	14590	13607	13742
12/31/2017	15858	14511	14602
03/31/2018	15487	14401	14489
06/30/2018	16324	14896	15111
09/30/2018	17136	16044	15695
12/31/2018	12678	13875	12983
03/31/2019	15354	15769	14864
06/30/2019	15867	16447	15317
09/30/2019	15646	16727	15304
12/31/2019	17147	18244	16385
03/31/2020	9522	14668	11518
06/30/2020	12823	17682	14291
09/30/2020	13635	19260	14973
12/31/2020	18699	21600	18623
03/31/2021	22346	22934	21131
06/30/2021	23379	24895	21899
09/30/2021	22571	25040	21514
12/31/2021	25078	27801	23234
03/31/2022	22952	26522	22101
06/30/2022	17558	22252	18694
09/30/2022	16646	21165	18233
12/31/2022	19090	22766	20199
03/31/2023	19885	24473	20968
06/30/2023	21032	26612	21985
09/30/2023	19432	25741	21062
12/31/2023	22567	28750	23519
03/31/2024	25693	31785	25860
06/30/2024	24019	33147	24969
09/30/2024	26131	35098	26703

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	1.72%	34.47%	10.80%	10.08%
Class C (with CDSC)§	0.72%	33.47%	10.80%	10.08%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Index	3.26%	26.79%	11.78%	10.32%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$12,554,017
Total Number of Portfolio Holdings	413
Portfolio Turnover Rate	29%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Mid-Cap 1.5x Strategy Fund   |   Class C   |   RYDCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P MidCap 400 Index Equity Swap Agreements	55.5%
Industrial	18.5%
Financial	18.4%
Equity Futures Contracts	15.1%
Consumer, Non-cyclical	13.2%
Consumer, Cyclical	12.5%
Technology	6.5%
Other	10.1%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	7.1%
Guggenheim Strategy Fund II	1.9%
Carlisle Companies, Inc.	0.6%
Illumina, Inc.	0.6%
EMCOR Group, Inc.	0.5%
Williams-Sonoma, Inc.	0.5%
Lennox International, Inc.	0.5%
Avantor, Inc.	0.5%
Manhattan Associates, Inc.	0.5%
Watsco, Inc.	0.5%
Top 10 Total	13.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	7.1%
Guggenheim Strategy Fund II	1.9%
Carlisle Companies, Inc.	0.6%
Illumina, Inc.	0.6%
EMCOR Group, Inc.	0.5%
Williams-Sonoma, Inc.	0.5%
Lennox International, Inc.	0.5%
Avantor, Inc.	0.5%
Manhattan Associates, Inc.	0.5%
Watsco, Inc.	0.5%
Top 10 Total	13.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYDCX-093024

Guggenheim Investments 2

Mid-Cap 1.5x Strategy Fund

Class H | RYMDX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$83	1.63%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 2.09%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 3.26% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Index (the "Index") were Financials, Real Estate, and Industrials. Those that detracted the most were Energy, Consumer Discretionary, and Materials. The holdings that contributed the most to the return of the Index were Tenet Healthcare Corp., United Therapeutics Corp., and Sprouts Farmers Market, Inc. Those that detracted the most were Celsius Holdings, Inc., Cleveland-Cliffs, Inc., and Five Below, Inc. The Fund maintained a correlation of more than 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Mid-Cap 1.5x Strategy Fund (Class H)	S&P 500 Index	S&P MidCap 400 Index
09/30/2014	10000	10000	10000
12/31/2014	10878	10493	10635
03/31/2015	11686	10593	11200
06/30/2015	11436	10622	11081
09/30/2015	9917	9939	10140
12/31/2015	10272	10638	10404
03/31/2016	10782	10782	10797
06/30/2016	11349	11047	11228
09/30/2016	11990	11472	11694
12/31/2016	13277	11911	12561
03/31/2017	14014	12633	13056
06/30/2017	14344	13023	13313
09/30/2017	14959	13607	13742
12/31/2017	16288	14511	14602
03/31/2018	15951	14401	14489
06/30/2018	16847	14896	15111
09/30/2018	17718	16044	15695
12/31/2018	13132	13875	12983
03/31/2019	15918	15769	14864
06/30/2019	16479	16447	15317
09/30/2019	16281	16727	15304
12/31/2019	17878	18244	16385
03/31/2020	9946	14668	11518
06/30/2020	13417	17682	14291
09/30/2020	14295	19260	14973
12/31/2020	19641	21600	18623
03/31/2021	23511	22934	21131
06/30/2021	24644	24895	21899
09/30/2021	23838	25040	21514
12/31/2021	26537	27801	23234
03/31/2022	24332	26522	22101
06/30/2022	18646	22252	18694
09/30/2022	17714	21165	18233
12/31/2022	20351	22766	20199
03/31/2023	21242	24473	20968
06/30/2023	22508	26612	21985
09/30/2023	20833	25741	21062
12/31/2023	24240	28750	23519
03/31/2024	27649	31785	25860
06/30/2024	25896	33147	24969
09/30/2024	28225	35098	26703

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	2.09%	35.48%	11.63%	10.93%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Index	3.26%	26.79%	11.78%	10.32%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$12,554,017
Total Number of Portfolio Holdings	413
Portfolio Turnover Rate	29%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Mid-Cap 1.5x Strategy Fund   |   Class H   |   RYMDX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P MidCap 400 Index Equity Swap Agreements	55.5%
Industrial	18.5%
Financial	18.4%
Equity Futures Contracts	15.1%
Consumer, Non-cyclical	13.2%
Consumer, Cyclical	12.5%
Technology	6.5%
Other	10.1%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	7.1%
Guggenheim Strategy Fund II	1.9%
Carlisle Companies, Inc.	0.6%
Illumina, Inc.	0.6%
EMCOR Group, Inc.	0.5%
Williams-Sonoma, Inc.	0.5%
Lennox International, Inc.	0.5%
Avantor, Inc.	0.5%
Manhattan Associates, Inc.	0.5%
Watsco, Inc.	0.5%
Top 10 Total	13.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	7.1%
Guggenheim Strategy Fund II	1.9%
Carlisle Companies, Inc.	0.6%
Illumina, Inc.	0.6%
EMCOR Group, Inc.	0.5%
Williams-Sonoma, Inc.	0.5%
Lennox International, Inc.	0.5%
Avantor, Inc.	0.5%
Manhattan Associates, Inc.	0.5%
Watsco, Inc.	0.5%
Top 10 Total	13.2%

² "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYMDX-093024

Guggenheim Investments 2

Inverse Mid-Cap Strategy Fund

Class A | RYAGX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$79	1.58%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 0.04%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 3.26% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Index (the "Index") were Financials, Real Estate, and Industrials. Those that detracted the most were Energy, Consumer Discretionary, and Materials. The holdings that contributed the most to the return of the Index were Tenet Healthcare Corp., United Therapeutics Corp., and Sprouts Farmers Market, Inc. Those that detracted the most were Celsius Holdings, Inc., Cleveland-Cliffs, Inc., and Five Below, Inc. The Fund maintained a daily correlation of 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Mid-Cap Strategy Fund (Class A)‡	S&P 500 Index	S&P MidCap 400 Index
09/30/2014	9524	10000	10000
12/31/2014	8868	10493	10635
03/31/2015	8368	10593	11200
06/30/2015	8422	10622	11081
09/30/2015	9083	9939	10140
12/31/2015	8779	10638	10404
03/31/2016	8354	10782	10797
06/30/2016	7971	11047	11228
09/30/2016	7614	11472	11694
12/31/2016	7059	11911	12561
03/31/2017	6776	12633	13056
06/30/2017	6629	13023	13313
09/30/2017	6431	13607	13742
12/31/2017	6055	14511	14602
03/31/2018	6069	14401	14489
06/30/2018	5827	14896	15111
09/30/2018	5639	16044	15695
12/31/2018	6776	13875	12983
03/31/2019	5936	15769	14864
06/30/2019	5778	16447	15317
09/30/2019	5794	16727	15304
12/31/2019	5419	18244	16385
03/31/2020	7012	14668	11518
06/30/2020	5375	17682	14291
09/30/2020	5084	19260	14973
12/31/2020	4045	21600	18623
03/31/2021	3510	22934	21131
06/30/2021	3359	24895	21899
09/30/2021	3386	25040	21514
12/31/2021	3088	27801	23234
03/31/2022	3177	26522	22101
06/30/2022	3672	22252	18694
09/30/2022	3741	21165	18233
12/31/2022	3373	22766	20199
03/31/2023	3278	24473	20968
06/30/2023	3172	26612	21985
09/30/2023	3372	25741	21062
12/31/2023	3067	28750	23519
03/31/2024	2841	31785	25860
06/30/2024	2998	33147	24969
09/30/2024	2842	35098	26703

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	0.04%	-15.70%	-13.28%	-11.39%
Class A (with sales charge)‡	-4.71%	-19.71%	-14.11%	-11.82%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Index	3.26%	26.79%	11.78%	10.32%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$264,430
Total Number of Portfolio Holdings	7
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Inverse Mid-Cap Strategy Fund   |   Class A   |   RYAGX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P MidCap 400 Index Equity Swap Agreements Short Sales	-100.4%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	19.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	17.5%
Total	36.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	19.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	17.5%
Total	36.5%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAGX-093024

Guggenheim Investments 2

Inverse Mid-Cap Strategy Fund

Class C | RYCLX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$121	2.40%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 0.41%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 3.26% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Index (the "Index") were Financials, Real Estate, and Industrials. Those that detracted the most were Energy, Consumer Discretionary, and Materials. The holdings that contributed the most to the return of the Index were Tenet Healthcare Corp., United Therapeutics Corp., and Sprouts Farmers Market, Inc. Those that detracted the most were Celsius Holdings, Inc., Cleveland-Cliffs, Inc., and Five Below, Inc. The Fund maintained a daily correlation of 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Mid-Cap Strategy Fund (Class C)	S&P 500 Index	S&P MidCap 400 Index
09/30/2014	10000	10000	10000
12/31/2014	9294	10493	10635
03/31/2015	8756	10593	11200
06/30/2015	8794	10622	11081
09/30/2015	9468	9939	10140
12/31/2015	9129	10638	10404
03/31/2016	8672	10782	10797
06/30/2016	8259	11047	11228
09/30/2016	7873	11472	11694
12/31/2016	7285	11911	12561
03/31/2017	6981	12633	13056
06/30/2017	6813	13023	13313
09/30/2017	6595	13607	13742
12/31/2017	6197	14511	14602
03/31/2018	6200	14401	14489
06/30/2018	5942	14896	15111
09/30/2018	5756	16044	15695
12/31/2018	6903	13875	12983
03/31/2019	6032	15769	14864
06/30/2019	5858	16447	15317
09/30/2019	5830	16727	15304
12/31/2019	5451	18244	16385
03/31/2020	7045	14668	11518
06/30/2020	5411	17682	14291
09/30/2020	5112	19260	14973
12/31/2020	4060	21600	18623
03/31/2021	3517	22934	21131
06/30/2021	3359	24895	21899
09/30/2021	3380	25040	21514
12/31/2021	3077	27801	23234
03/31/2022	3163	26522	22101
06/30/2022	3648	22252	18694
09/30/2022	3720	21165	18233
12/31/2022	3352	22766	20199
03/31/2023	3261	24473	20968
06/30/2023	3153	26612	21985
09/30/2023	3366	25741	21062
12/31/2023	3058	28750	23519
03/31/2024	2846	31785	25860
06/30/2024	3013	33147	24969
09/30/2024	2858	35098	26703

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	0.41%	-15.08%	-13.29%	-11.77%
Class C (with CDSC)§	-0.59%	-15.86%	-13.29%	-11.77%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Index	3.26%	26.79%	11.78%	10.32%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$264,430
Total Number of Portfolio Holdings	7
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Inverse Mid-Cap Strategy Fund   |   Class C   |   RYCLX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P MidCap 400 Index Equity Swap Agreements Short Sales	-100.4%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	19.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	17.5%
Total	36.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	19.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	17.5%
Total	36.5%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCLX-093024

Guggenheim Investments 2

Inverse Mid-Cap Strategy Fund

Class H | RYMHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$80	1.59%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 0.02%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 3.26% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the S&P MidCap 400 Index (the "Index") were Financials, Real Estate, and Industrials. Those that detracted the most were Energy, Consumer Discretionary, and Materials. The holdings that contributed the most to the return of the Index were Tenet Healthcare Corp., United Therapeutics Corp., and Sprouts Farmers Market, Inc. Those that detracted the most were Celsius Holdings, Inc., Cleveland-Cliffs, Inc., and Five Below, Inc. The Fund maintained a daily correlation of 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Mid-Cap Strategy Fund (Class H)	S&P 500 Index	S&P MidCap 400 Index
09/30/2014	10000	10000	10000
12/31/2014	9313	10493	10635
03/31/2015	8789	10593	11200
06/30/2015	8844	10622	11081
09/30/2015	9539	9939	10140
12/31/2015	9219	10638	10404
03/31/2016	8784	10782	10797
06/30/2016	8380	11047	11228
09/30/2016	8008	11472	11694
12/31/2016	7421	11911	12561
03/31/2017	7127	12633	13056
06/30/2017	6969	13023	13313
09/30/2017	6763	13607	13742
12/31/2017	6368	14511	14602
03/31/2018	6380	14401	14489
06/30/2018	6125	14896	15111
09/30/2018	5930	16044	15695
12/31/2018	7124	13875	12983
03/31/2019	6251	15769	14864
06/30/2019	6085	16447	15317
09/30/2019	6099	16727	15304
12/31/2019	5707	18244	16385
03/31/2020	7383	14668	11518
06/30/2020	5661	17682	14291
09/30/2020	5352	19260	14973
12/31/2020	4259	21600	18623
03/31/2021	3696	22934	21131
06/30/2021	3536	24895	21899
09/30/2021	3564	25040	21514
12/31/2021	3251	27801	23234
03/31/2022	3345	26522	22101
06/30/2022	3865	22252	18694
09/30/2022	3938	21165	18233
12/31/2022	3551	22766	20199
03/31/2023	3451	24473	20968
06/30/2023	3340	26612	21985
09/30/2023	3551	25741	21062
12/31/2023	3229	28750	23519
03/31/2024	2992	31785	25860
06/30/2024	3157	33147	24969
09/30/2024	2993	35098	26703

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	0.02%	-15.72%	-13.27%	-11.36%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
S&P MidCap 400 Index	3.26%	26.79%	11.78%	10.32%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$264,430
Total Number of Portfolio Holdings	7
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Inverse Mid-Cap Strategy Fund   |   Class H   |   RYMHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P MidCap 400 Index Equity Swap Agreements Short Sales	-100.4%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	19.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	17.5%
Total	36.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	19.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	17.5%
Total	36.5%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYMHX-093024

Guggenheim Investments 2

Emerging Markets Bond Strategy Fund

Class A | RYIEX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Emerging Markets Bond Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$81	1.57%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 6.03%, underperforming the fund's benchmark, the Bloomberg Emerging Markets USD Aggregate Bond Index, which returned 6.54% for the same period and underperforming the fund's secondary index, the ICE BofA BBB & Lower Sovereign USD External Debt Index, which returned 7.23% for the same period.

The fund's broad-based securities market index was changed from the ICE Bank of America BBB & Lower Sovereign USD External Debt Index to the Bloomberg Emerging Markets USD Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the ICE BofA BBB & Lower Sovereign External Debt Index (its ancillary index). The credit default swap spreads of the emerging markets countries were mixed during the period, with the majority of countries experiencing modest moves. Some countries did experience wider credit default swap spreads as economic risks remained elevated. The emerging markets countries that experienced some of the larger increases in credit default swap spreads were Nigeria, Egypt and Mexico. Argentina, South Africa and Türkiye experienced some of the larger decreases in credit default swap spreads, benefitting from improving monetary positions and increased confidence in political leadership.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Emerging Markets Bond Strategy Fund (Class A)‡	Bloomberg Emerging Markets USD Aggregate Bond Index	ICE BofA BBB & Lower Sovereign USD External Debt Index
09/30/2014	9526	10000	10000
12/31/2014	9238	9828	9941
03/31/2015	9188	10054	10144
06/30/2015	9202	10098	10064
09/30/2015	8882	9857	9910
12/31/2015	8970	9954	10004
03/31/2016	9660	10404	10521
06/30/2016	10086	10890	11061
09/30/2016	10272	11230	11474
12/31/2016	9759	10938	10952
03/31/2017	10106	11297	11394
06/30/2017	10282	11497	11657
09/30/2017	10515	11758	11975
12/31/2017	10549	11831	12049
03/31/2018	10326	11656	11820
06/30/2018	9899	11377	11327
09/30/2018	9983	11561	11592
12/31/2018	10025	11540	11491
03/31/2019	10543	12167	12229
06/30/2019	10935	12623	12793
09/30/2019	10920	12785	12853
12/31/2019	11117	13053	13135
03/31/2020	9762	11815	11297
06/30/2020	10729	12997	12595
09/30/2020	10862	13305	12921
12/31/2020	11498	13904	13764
03/31/2021	10828	13420	13020
06/30/2021	11151	13821	13611
09/30/2021	10955	13746	13464
12/31/2021	10904	13674	13403
03/31/2022	9643	12412	11965
06/30/2022	8575	11331	10448
09/30/2022	8073	10871	10023
12/31/2022	8766	11587	10946
03/31/2023	9052	11836	11166
06/30/2023	9183	11969	11407
09/30/2023	8941	11693	11141
12/31/2023	9852	12640	12323
03/31/2024	9831	12834	12563
06/30/2024	9796	12921	12612
09/30/2024	10423	13673	13472

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	6.03%	16.58%	-0.93%	0.90%
Class A (with sales charge)‡	0.99%	11.03%	-1.89%	0.41%
Bloomberg Emerging Markets USD Aggregate Bond Index	6.54%	16.93%	1.35%	3.18%
ICE BofA BBB & Lower Sovereign USD External Debt Index	7.23%	20.93%	0.95%	3.03%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$696,130
Total Number of Portfolio Holdings	6
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg Emerging Markets USD Aggregate Bond Index and the ICE BofA BBB & Lower Sovereign USD External Debt Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Emerging Markets Bond Strategy Fund   |   Class A   |   RYIEX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Invesco Emerging Markets Sovereign Debt ETF Swap Agreement	37.6%
CDX EM-42 Index V1 Credit Default Swap Agreements Protection Sold	67.5%
Interest Rate Futures Contracts	63.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYIEX-093024

Guggenheim Investments 2

Emerging Markets Bond Strategy Fund

Class C | RYFTX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Emerging Markets Bond Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$122	2.36%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 5.58%, underperforming the fund's benchmark, the Bloomberg Emerging Markets USD Aggregate Bond Index, which returned 6.54% for the same period and underperforming the fund's secondary index, the ICE BofA BBB & Lower Sovereign USD External Debt Index, which returned 7.23% for the same period.

The fund's broad-based securities market index was changed from the ICE Bank of America BBB & Lower Sovereign USD External Debt Index to the Bloomberg Emerging Markets USD Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the ICE BofA BBB & Lower Sovereign External Debt Index (its ancillary index). The credit default swap spreads of the emerging markets countries were mixed during the period, with the majority of countries experiencing modest moves. Some countries did experience wider credit default swap spreads as economic risks remained elevated. The emerging markets countries that experienced some of the larger increases in credit default swap spreads were Nigeria, Egypt and Mexico. Argentina, South Africa and Türkiye experienced some of the larger decreases in credit default swap spreads, benefitting from improving monetary positions and increased confidence in political leadership.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Emerging Markets Bond Strategy Fund (Class C)	Bloomberg Emerging Markets USD Aggregate Bond Index	ICE BofA BBB & Lower Sovereign USD External Debt Index
09/30/2014	10000	10000	10000
12/31/2014	9678	9828	9941
03/31/2015	9611	10054	10144
06/30/2015	9606	10098	10064
09/30/2015	9257	9857	9910
12/31/2015	9325	9954	10004
03/31/2016	9970	10404	10521
06/30/2016	10394	10890	11061
09/30/2016	10588	11230	11474
12/31/2016	10040	10938	10952
03/31/2017	10377	11297	11394
06/30/2017	10537	11497	11657
09/30/2017	10756	11758	11975
12/31/2017	10769	11831	12049
03/31/2018	10523	11656	11820
06/30/2018	10067	11377	11327
09/30/2018	10134	11561	11592
12/31/2018	10160	11540	11491
03/31/2019	10664	12167	12229
06/30/2019	11040	12623	12793
09/30/2019	11002	12785	12853
12/31/2019	11178	13053	13135
03/31/2020	9798	11815	11297
06/30/2020	10749	12997	12595
09/30/2020	10861	13305	12921
12/31/2020	11475	13904	13764
03/31/2021	10787	13420	13020
06/30/2021	11089	13821	13611
09/30/2021	10873	13746	13464
12/31/2021	10800	13674	13403
03/31/2022	9537	12412	11965
06/30/2022	8464	11331	10448
09/30/2022	7953	10871	10023
12/31/2022	8620	11587	10946
03/31/2023	8883	11836	11166
06/30/2023	8994	11969	11407
09/30/2023	8741	11693	11141
12/31/2023	9614	12640	12323
03/31/2024	9575	12834	12563
06/30/2024	9522	12921	12612
09/30/2024	10113	13673	13472

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	5.58%	15.70%	-1.67%	0.11%
Class C (with CDSC)§	4.58%	14.70%	-1.67%	0.11%
Bloomberg Emerging Markets USD Aggregate Bond Index	6.54%	16.93%	1.35%	3.18%
ICE BofA BBB & Lower Sovereign USD External Debt Index	7.23%	20.93%	0.95%	3.03%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$696,130
Total Number of Portfolio Holdings	6
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg Emerging Markets USD Aggregate Bond Index and the ICE BofA BBB & Lower Sovereign USD External Debt Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Emerging Markets Bond Strategy Fund   |   Class C   |   RYFTX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Invesco Emerging Markets Sovereign Debt ETF Swap Agreement	37.6%
CDX EM-42 Index V1 Credit Default Swap Agreements Protection Sold	67.5%
Interest Rate Futures Contracts	63.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYFTX-093024

Guggenheim Investments 2

Emerging Markets Bond Strategy Fund

Class H | RYGTX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Emerging Markets Bond Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$82	1.58%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 6.01%, underperforming the fund's benchmark, the Bloomberg Emerging Markets USD Aggregate Bond Index, which returned 6.54% for the same period and underperforming the fund's secondary index, the ICE BofA BBB & Lower Sovereign USD External Debt Index, which returned 7.23% for the same period.

The fund's broad-based securities market index was changed from the ICE Bank of America BBB & Lower Sovereign USD External Debt Index to the Bloomberg Emerging Markets USD Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the ICE BofA BBB & Lower Sovereign External Debt Index (its ancillary index). The credit default swap spreads of the emerging markets countries were mixed during the period, with the majority of countries experiencing modest moves. Some countries did experience wider credit default swap spreads as economic risks remained elevated. The emerging markets countries that experienced some of the larger increases in credit default swap spreads were Nigeria, Egypt and Mexico. Argentina, South Africa and Türkiye experienced some of the larger decreases in credit default swap spreads, benefitting from improving monetary positions and increased confidence in political leadership.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Emerging Markets Bond Strategy Fund (Class H)	Bloomberg Emerging Markets USD Aggregate Bond Index	ICE BofA BBB & Lower Sovereign USD External Debt Index
09/30/2014	10000	10000	10000
12/31/2014	9697	9828	9941
03/31/2015	9644	10054	10144
06/30/2015	9659	10098	10064
09/30/2015	9326	9857	9910
12/31/2015	9437	9954	10004
03/31/2016	10109	10404	10521
06/30/2016	10558	10890	11061
09/30/2016	10778	11230	11474
12/31/2016	10237	10938	10952
03/31/2017	10600	11297	11394
06/30/2017	10785	11497	11657
09/30/2017	11028	11758	11975
12/31/2017	11064	11831	12049
03/31/2018	10832	11656	11820
06/30/2018	10382	11377	11327
09/30/2018	10470	11561	11592
12/31/2018	10517	11540	11491
03/31/2019	11059	12167	12229
06/30/2019	11470	12623	12793
09/30/2019	11454	12785	12853
12/31/2019	11660	13053	13135
03/31/2020	10235	11815	11297
06/30/2020	11250	12997	12595
09/30/2020	11389	13305	12921
12/31/2020	12056	13904	13764
03/31/2021	11353	13420	13020
06/30/2021	11693	13821	13611
09/30/2021	11487	13746	13464
12/31/2021	11433	13674	13403
03/31/2022	10113	12412	11965
06/30/2022	9003	11331	10448
09/30/2022	8476	10871	10023
12/31/2022	9205	11587	10946
03/31/2023	9506	11836	11166
06/30/2023	9643	11969	11407
09/30/2023	9387	11693	11141
12/31/2023	10346	12640	12323
03/31/2024	10322	12834	12563
06/30/2024	10286	12921	12612
09/30/2024	10947	13673	13472

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	6.01%	16.61%	-0.90%	0.91%
Bloomberg Emerging Markets USD Aggregate Bond Index	6.54%	16.93%	1.35%	3.18%
ICE BofA BBB & Lower Sovereign USD External Debt Index	7.23%	20.93%	0.95%	3.03%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$696,130
Total Number of Portfolio Holdings	6
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg Emerging Markets USD Aggregate Bond Index and the ICE BofA BBB & Lower Sovereign USD External Debt Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Emerging Markets Bond Strategy Fund   |   Class H   |   RYGTX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Invesco Emerging Markets Sovereign Debt ETF Swap Agreement	37.6%
CDX EM-42 Index V1 Credit Default Swap Agreements Protection Sold	67.5%
Interest Rate Futures Contracts	63.2%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYGTX-093024

Guggenheim Investments 2

Government Long Bond 1.2x Strategy Fund

Investor Class | RYGBX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$50	0.98%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned 5.29%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwether 30 Year Index, which returned 5.71% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury 30 Year Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Treasury 30 Year Bellwether Index (its ancillary index), but had a positive return as yields of long-term Treasury bond prices fell slightly during the reporting period. Inflation moderated over the period, except for the housing sector, amid steady economic growth, which led the U.S. Federal Reserve (the "Fed") to cut its key lending rate of a half percentage point to a range of 4.75–5.00 percent in late September. The Fed released an updated Summary of Economic Projections ("SEP") report which lays out where committee members anticipate interest rates, economic growth, unemployment, and inflation are headed over the next couple years. According to the so-called "dot plot" within the report, the committee anticipates potentially cutting rates by up to another 150 basis points by the end of next year.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Government Long Bond 1.2x Strategy Fund (Investor Class)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S.Treasury 30 Year Bellwether Index
09/30/2014	10000	10000	10000
12/31/2014	11205	10179	11006
03/31/2015	11822	10343	11562
06/30/2015	10283	10169	10355
09/30/2015	10982	10294	10883
12/31/2015	10690	10235	10657
03/31/2016	11859	10546	11608
06/30/2016	12969	10779	12449
09/30/2016	12916	10829	12464
12/31/2016	10730	10506	10751
03/31/2017	10864	10592	10891
06/30/2017	11432	10745	11354
09/30/2017	11417	10836	11392
12/31/2017	11795	10879	11733
03/31/2018	11191	10720	11277
06/30/2018	11190	10703	11335
09/30/2018	10714	10705	10964
12/31/2018	11218	10880	11414
03/31/2019	11854	11200	11983
06/30/2019	12717	11545	12794
09/30/2019	14112	11807	13971
12/31/2019	13180	11828	13290
03/31/2020	17288	12200	16719
06/30/2020	17055	12554	16600
09/30/2020	16909	12632	16467
12/31/2020	16114	12716	15778
03/31/2021	13014	12287	13279
06/30/2021	14216	12512	14319
09/30/2021	14247	12518	14374
12/31/2021	14958	12520	15049
03/31/2022	12791	11777	13333
06/30/2022	10604	11224	11502
09/30/2022	9206	10691	10310
12/31/2022	8890	10891	10039
03/31/2023	9509	11214	10640
06/30/2023	9172	11119	10389
09/30/2023	7708	10760	9067
12/31/2023	8850	11493	10233
03/31/2024	8395	11404	9818
06/30/2024	8111	11411	9599
09/30/2024	8839	12004	10378

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	5.29%	14.67%	-8.93%	-1.23%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S. Treasury Bellwether 30 Year Index	5.71%	14.46%	-5.77%	0.37%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$27,547,338
Total Number of Portfolio Holdings	7
Portfolio Turnover Rate	760%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwether 30 Year Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Government Long Bond 1.2x Strategy Fund   |   Investor Class   |   RYGBX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S Government Securities	86.0%
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts	34.8%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bond	86.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Guggenheim Strategy Fund II	2.9%
Total	91.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bond	86.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Guggenheim Strategy Fund II	2.9%
Total	91.9%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYGBX-093024

Guggenheim Investments 2

Government Long Bond 1.2x Strategy Fund

Class A | RYABX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$64	1.24%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 5.17%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwether 30 Year Index, which returned 5.71% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury 30 Year Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Treasury 30 Year Bellwether Index (its ancillary index), but had a positive return as yields of long-term Treasury bond prices fell slightly during the reporting period. Inflation moderated over the period, except for the housing sector, amid steady economic growth, which led the U.S. Federal Reserve (the "Fed") to cut its key lending rate of a half percentage point to a range of 4.75–5.00 percent in late September. The Fed released an updated Summary of Economic Projections ("SEP") report which lays out where committee members anticipate interest rates, economic growth, unemployment, and inflation are headed over the next couple years. According to the so-called "dot plot" within the report, the committee anticipates potentially cutting rates by up to another 150 basis points by the end of next year.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Government Long Bond 1.2x Strategy Fund (Class A)‡	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S.Treasury 30 Year Bellwether Index
09/30/2014	9525	10000	10000
12/31/2014	10666	10179	11006
03/31/2015	11250	10343	11562
06/30/2015	9780	10169	10355
09/30/2015	10440	10294	10883
12/31/2015	10160	10235	10657
03/31/2016	11264	10546	11608
06/30/2016	12310	10779	12449
09/30/2016	12253	10829	12464
12/31/2016	10180	10506	10751
03/31/2017	10302	10592	10891
06/30/2017	10836	10745	11354
09/30/2017	10817	10836	11392
12/31/2017	11167	10879	11733
03/31/2018	10589	10720	11277
06/30/2018	10580	10703	11335
09/30/2018	10126	10705	10964
12/31/2018	10591	10880	11414
03/31/2019	11185	11200	11983
06/30/2019	11995	11545	12794
09/30/2019	13301	11807	13971
12/31/2019	12415	11828	13290
03/31/2020	16273	12200	16719
06/30/2020	16045	12554	16600
09/30/2020	15902	12632	16467
12/31/2020	15139	12716	15778
03/31/2021	12208	12287	13279
06/30/2021	13336	12512	14319
09/30/2021	13350	12518	14374
12/31/2021	14006	12520	15049
03/31/2022	11970	11777	13333
06/30/2022	9914	11224	11502
09/30/2022	8602	10691	10310
12/31/2022	8298	10891	10039
03/31/2023	8872	11214	10640
06/30/2023	8546	11119	10389
09/30/2023	7175	10760	9067
12/31/2023	8234	11493	10233
03/31/2024	7804	11404	9818
06/30/2024	7539	11411	9599
09/30/2024	8207	12004	10378

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	5.17%	14.38%	-9.20%	-1.48%
Class A (with sales charge)‡	0.18%	8.93%	-10.08%	-1.96%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S. Treasury Bellwether 30 Year Index	5.71%	14.46%	-5.77%	0.37%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$27,547,338
Total Number of Portfolio Holdings	7
Portfolio Turnover Rate	760%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwether 30 Year Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Government Long Bond 1.2x Strategy Fund   |   Class A   |   RYABX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S Government Securities	86.0%
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts	34.8%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bond	86.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Guggenheim Strategy Fund II	2.9%
Total	91.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bond	86.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Guggenheim Strategy Fund II	2.9%
Total	91.9%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYABX-093024

Guggenheim Investments 2

Government Long Bond 1.2x Strategy Fund

Class C | RYCGX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$102	1.99%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 4.78%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwether 30 Year Index, which returned 5.71% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury 30 Year Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Treasury 30 Year Bellwether Index (its ancillary index), but had a positive return as yields of long-term Treasury bond prices fell slightly during the reporting period. Inflation moderated over the period, except for the housing sector, amid steady economic growth, which led the U.S. Federal Reserve (the "Fed") to cut its key lending rate of a half percentage point to a range of 4.75–5.00 percent in late September. The Fed released an updated Summary of Economic Projections ("SEP") report which lays out where committee members anticipate interest rates, economic growth, unemployment, and inflation are headed over the next couple years. According to the so-called "dot plot" within the report, the committee anticipates potentially cutting rates by up to another 150 basis points by the end of next year.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Government Long Bond 1.2x Strategy Fund (Class C)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S.Treasury 30 Year Bellwether Index
09/30/2014	10000	10000	10000
12/31/2014	11175	10179	11006
03/31/2015	11765	10343	11562
06/30/2015	10207	10169	10355
09/30/2015	10876	10294	10883
12/31/2015	10563	10235	10657
03/31/2016	11692	10546	11608
06/30/2016	12754	10779	12449
09/30/2016	12670	10829	12464
12/31/2016	10507	10506	10751
03/31/2017	10612	10592	10891
06/30/2017	11140	10745	11354
09/30/2017	11099	10836	11392
12/31/2017	11435	10879	11733
03/31/2018	10821	10720	11277
06/30/2018	10793	10703	11335
09/30/2018	10315	10705	10964
12/31/2018	10770	10880	11414
03/31/2019	11353	11200	11983
06/30/2019	12151	11545	12794
09/30/2019	13449	11807	13971
12/31/2019	12528	11828	13290
03/31/2020	16395	12200	16719
06/30/2020	16134	12554	16600
09/30/2020	15959	12632	16467
12/31/2020	15164	12716	15778
03/31/2021	12206	12287	13279
06/30/2021	13309	12512	14319
09/30/2021	13296	12518	14374
12/31/2021	13925	12520	15049
03/31/2022	11875	11777	13333
06/30/2022	9819	11224	11502
09/30/2022	8502	10691	10310
12/31/2022	8184	10891	10039
03/31/2023	8735	11214	10640
06/30/2023	8398	11119	10389
09/30/2023	7039	10760	9067
12/31/2023	8062	11493	10233
03/31/2024	7629	11404	9818
06/30/2024	7353	11411	9599
09/30/2024	7993	12004	10378

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	4.78%	13.56%	-9.88%	-2.22%
Class C (with CDSC)§	3.78%	12.56%	-9.88%	-2.22%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S. Treasury Bellwether 30 Year Index	5.71%	14.46%	-5.77%	0.37%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$27,547,338
Total Number of Portfolio Holdings	7
Portfolio Turnover Rate	760%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwether 30 Year Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Government Long Bond 1.2x Strategy Fund   |   Class C   |   RYCGX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S Government Securities	86.0%
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts	34.8%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bond	86.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Guggenheim Strategy Fund II	2.9%
Total	91.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bond	86.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Guggenheim Strategy Fund II	2.9%
Total	91.9%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCGX-093024

Guggenheim Investments 2

Government Long Bond 1.2x Strategy Fund

Class H | RYHBX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$63	1.22%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 5.07%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwether 30 Year Index, which returned 5.71% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury 30 Year Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Treasury 30 Year Bellwether Index (its ancillary index), but had a positive return as yields of long-term Treasury bond prices fell slightly during the reporting period. Inflation moderated over the period, except for the housing sector, amid steady economic growth, which led the U.S. Federal Reserve (the "Fed") to cut its key lending rate of a half percentage point to a range of 4.75–5.00 percent in late September. The Fed released an updated Summary of Economic Projections ("SEP") report which lays out where committee members anticipate interest rates, economic growth, unemployment, and inflation are headed over the next couple years. According to the so-called "dot plot" within the report, the committee anticipates potentially cutting rates by up to another 150 basis points by the end of next year.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Government Long Bond 1.2x Strategy Fund (Class H)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S.Treasury 30 Year Bellwether Index
09/30/2014	10000	10000	10000
12/31/2014	11198	10179	11006
03/31/2015	11807	10343	11562
06/30/2015	10277	10169	10355
09/30/2015	10969	10294	10883
12/31/2015	10676	10235	10657
03/31/2016	11838	10546	11608
06/30/2016	12941	10779	12449
09/30/2016	12882	10829	12464
12/31/2016	10700	10506	10751
03/31/2017	10826	10592	10891
06/30/2017	11385	10745	11354
09/30/2017	11364	10836	11392
12/31/2017	11729	10879	11733
03/31/2018	11123	10720	11277
06/30/2018	11113	10703	11335
09/30/2018	10636	10705	10964
12/31/2018	11125	10880	11414
03/31/2019	11749	11200	11983
06/30/2019	12601	11545	12794
09/30/2019	13974	11807	13971
12/31/2019	13042	11828	13290
03/31/2020	17099	12200	16719
06/30/2020	16858	12554	16600
09/30/2020	16705	12632	16467
12/31/2020	15904	12716	15778
03/31/2021	12827	12287	13279
06/30/2021	14011	12512	14319
09/30/2021	14022	12518	14374
12/31/2021	14714	12520	15049
03/31/2022	12577	11777	13333
06/30/2022	10416	11224	11502
09/30/2022	9036	10691	10310
12/31/2022	8725	10891	10039
03/31/2023	9323	11214	10640
06/30/2023	8978	11119	10389
09/30/2023	7542	10760	9067
12/31/2023	8661	11493	10233
03/31/2024	8217	11404	9818
06/30/2024	7931	11411	9599
09/30/2024	8633	12004	10378

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	5.07%	14.46%	-9.18%	-1.46%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S. Treasury Bellwether 30 Year Index	5.71%	14.46%	-5.77%	0.37%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$27,547,338
Total Number of Portfolio Holdings	7
Portfolio Turnover Rate	760%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwether 30 Year Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Government Long Bond 1.2x Strategy Fund   |   Class H   |   RYHBX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S Government Securities	86.0%
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts	34.8%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bond	86.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Guggenheim Strategy Fund II	2.9%
Total	91.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

U.S. Treasury Bond	86.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Guggenheim Strategy Fund II	2.9%
Total	91.9%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHBX-093024

Guggenheim Investments 2

Inverse Government Long Bond Strategy Fund

Investor Class | RYJUX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Investor Class	$239	4.80%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Investor Class shares) returned -1.23%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bellwether 30 Yr Index, which returned 5.71% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury 30 Year Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Treasury 30 Year Bellwether Index (its ancillary index), and had a negative return as yields of long-term Treasury bond prices fell slightly during the reporting period. Inflation moderated over the period, except for the housing sector, amid steady economic growth, which led the U.S. Federal Reserve (the "Fed") to cut its key lending rate of a half percentage point to a range of 4.75–5.00 percent in late September. The Fed released an updated Summary of Economic Projections ("SEP") report which lays out where committee members anticipate interest rates, economic growth, unemployment, and inflation are headed over the next couple years. According to the so-called "dot plot" within the report, the committee anticipates potentially cutting rates by up to another 150 basis points by the end of next year.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Government Long Bond Strategy Fund (Investor Class)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S.Treasury 30 Year Bellwether Index
09/30/2014	10000	10000	10000
12/31/2014	9025	10179	11006
03/31/2015	8548	10343	11562
06/30/2015	9498	10169	10355
09/30/2015	8870	10294	10883
12/31/2015	8982	10235	10657
03/31/2016	8187	10546	11608
06/30/2016	7563	10779	12449
09/30/2016	7549	10829	12464
12/31/2016	8731	10506	10751
03/31/2017	8602	10592	10891
06/30/2017	8215	10745	11354
09/30/2017	8199	10836	11392
12/31/2017	7948	10879	11733
03/31/2018	8275	10720	11277
06/30/2018	8263	10703	11335
09/30/2018	8579	10705	10964
12/31/2018	8268	10880	11414
03/31/2019	7905	11200	11983
06/30/2019	7475	11545	12794
09/30/2019	6828	11807	13971
12/31/2019	7198	11828	13290
03/31/2020	5475	12200	16719
06/30/2020	5497	12554	16600
09/30/2020	5504	12632	16467
12/31/2020	5677	12716	15778
03/31/2021	6691	12287	13279
06/30/2021	6165	12512	14319
09/30/2021	6089	12518	14374
12/31/2021	5752	12520	15049
03/31/2022	6392	11777	13333
06/30/2022	7336	11224	11502
09/30/2022	8154	10691	10310
12/31/2022	8397	10891	10039
03/31/2023	8000	11214	10640
06/30/2023	8336	11119	10389
09/30/2023	9747	10760	9067
12/31/2023	8781	11493	10233
03/31/2024	9338	11404	9818
06/30/2024	9740	11411	9599
09/30/2024	9223	12004	10378

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Investor Class	-1.23%	-5.37%	6.20%	-0.81%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S.Treasury Bellwether 30 Yr Index	5.71%	14.46%	-5.77%	0.37%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$15,372,722
Total Number of Portfolio Holdings	11
Portfolio Turnover Rate	264%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwether 30 Yr. Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Inverse Government Long Bond Strategy Fund   |   Investor Class   |   RYJUX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts Sold Short	-14.7%
U.S Government Securities Sold Short	-85.7%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	22.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	21.3%
Total	43.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	22.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	21.3%
Total	43.5%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYJUX-093024

Guggenheim Investments 2

Inverse Government Long Bond Strategy Fund

Class A | RYAQX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$251	5.05%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -1.35%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bellwether 30 Yr Index, which returned 5.71% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury 30 Year Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Treasury 30 Year Bellwether Index (its ancillary index), and had a negative return as yields of long-term Treasury bond prices fell slightly during the reporting period. Inflation moderated over the period, except for the housing sector, amid steady economic growth, which led the U.S. Federal Reserve (the "Fed") to cut its key lending rate of a half percentage point to a range of 4.75–5.00 percent in late September. The Fed released an updated Summary of Economic Projections ("SEP") report which lays out where committee members anticipate interest rates, economic growth, unemployment, and inflation are headed over the next couple years. According to the so-called "dot plot" within the report, the committee anticipates potentially cutting rates by up to another 150 basis points by the end of next year.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Government Long Bond Strategy Fund (Class A)‡	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S.Treasury 30 Year Bellwether Index
09/30/2014	9526	10000	10000
12/31/2014	8594	10179	11006
03/31/2015	8134	10343	11562
06/30/2015	9033	10169	10355
09/30/2015	8430	10294	10883
12/31/2015	8531	10235	10657
03/31/2016	7770	10546	11608
06/30/2016	7174	10779	12449
09/30/2016	7156	10829	12464
12/31/2016	8270	10506	10751
03/31/2017	8146	10592	10891
06/30/2017	7773	10745	11354
09/30/2017	7752	10836	11392
12/31/2017	7512	10879	11733
03/31/2018	7815	10720	11277
06/30/2018	7799	10703	11335
09/30/2018	8090	10705	10964
12/31/2018	7792	10880	11414
03/31/2019	7444	11200	11983
06/30/2019	7038	11545	12794
09/30/2019	6423	11807	13971
12/31/2019	6768	11828	13290
03/31/2020	5144	12200	16719
06/30/2020	5163	12554	16600
09/30/2020	5167	12632	16467
12/31/2020	5326	12716	15778
03/31/2021	6273	12287	13279
06/30/2021	5778	12512	14319
09/30/2021	5702	12518	14374
12/31/2021	5382	12520	15049
03/31/2022	5978	11777	13333
06/30/2022	6856	11224	11502
09/30/2022	7616	10691	10310
12/31/2022	7838	10891	10039
03/31/2023	7463	11214	10640
06/30/2023	7772	11119	10389
09/30/2023	9082	10760	9067
12/31/2023	8177	11493	10233
03/31/2024	8689	11404	9818
06/30/2024	9059	11411	9599
09/30/2024	8572	12004	10378

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-1.35%	-5.61%	5.94%	-1.05%
Class A (with sales charge)‡	-6.04%	-10.10%	4.92%	-1.53%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S.Treasury Bellwether 30 Yr Index	5.71%	14.46%	-5.77%	0.37%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$15,372,722
Total Number of Portfolio Holdings	11
Portfolio Turnover Rate	264%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwether 30 Yr. Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Inverse Government Long Bond Strategy Fund   |   Class A   |   RYAQX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts Sold Short	-14.7%
U.S Government Securities Sold Short	-85.7%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	22.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	21.3%
Total	43.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	22.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	21.3%
Total	43.5%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAQX-093024

Guggenheim Investments 2

Inverse Government Long Bond Strategy Fund

Class C | RYJCX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$288	5.80%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -1.73%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bellwether 30 Yr Index, which returned 5.71% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury 30 Year Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Treasury 30 Year Bellwether Index (its ancillary index), and had a negative return as yields of long-term Treasury bond prices fell slightly during the reporting period. Inflation moderated over the period, except for the housing sector, amid steady economic growth, which led the U.S. Federal Reserve (the "Fed") to cut its key lending rate of a half percentage point to a range of 4.75–5.00 percent in late September. The Fed released an updated Summary of Economic Projections ("SEP") report which lays out where committee members anticipate interest rates, economic growth, unemployment, and inflation are headed over the next couple years. According to the so-called "dot plot" within the report, the committee anticipates potentially cutting rates by up to another 150 basis points by the end of next year.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Government Long Bond Strategy Fund (Class C)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S.Treasury 30 Year Bellwether Index
09/30/2014	10000	10000	10000
12/31/2014	9004	10179	11006
03/31/2015	8505	10343	11562
06/30/2015	9428	10169	10355
09/30/2015	8782	10294	10883
12/31/2015	8869	10235	10657
03/31/2016	8065	10546	11608
06/30/2016	7432	10779	12449
09/30/2016	7399	10829	12464
12/31/2016	8535	10506	10751
03/31/2017	8390	10592	10891
06/30/2017	7991	10745	11354
09/30/2017	7955	10836	11392
12/31/2017	7695	10879	11733
03/31/2018	7991	10720	11277
06/30/2018	7958	10703	11335
09/30/2018	8240	10705	10964
12/31/2018	7922	10880	11414
03/31/2019	7555	11200	11983
06/30/2019	7128	11545	12794
09/30/2019	6493	11807	13971
12/31/2019	6830	11828	13290
03/31/2020	5182	12200	16719
06/30/2020	5190	12554	16600
09/30/2020	5185	12632	16467
12/31/2020	5333	12716	15778
03/31/2021	6271	12287	13279
06/30/2021	5765	12512	14319
09/30/2021	5679	12518	14374
12/31/2021	5349	12520	15049
03/31/2022	5931	11777	13333
06/30/2022	6790	11224	11502
09/30/2022	7527	10691	10310
12/31/2022	7732	10891	10039
03/31/2023	7350	11214	10640
06/30/2023	7639	11119	10389
09/30/2023	8909	10760	9067
12/31/2023	8007	11493	10233
03/31/2024	8493	11404	9818
06/30/2024	8837	11411	9599
09/30/2024	8347	12004	10378

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-1.73%	-6.32%	5.15%	-1.79%
Class C (with CDSC)§	-2.70%	-7.24%	5.15%	-1.79%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S.Treasury Bellwether 30 Yr Index	5.71%	14.46%	-5.77%	0.37%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$15,372,722
Total Number of Portfolio Holdings	11
Portfolio Turnover Rate	264%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwether 30 Yr. Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Inverse Government Long Bond Strategy Fund   |   Class C   |   RYJCX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts Sold Short	-14.7%
U.S Government Securities Sold Short	-85.7%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	22.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	21.3%
Total	43.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	22.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	21.3%
Total	43.5%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYJCX-093024

Guggenheim Investments 2

Inverse Government Long Bond Strategy Fund

Class H | RYHJX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$251	5.05%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -1.35%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bellwether 30 Yr Index, which returned 5.71% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury 30 Year Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Treasury 30 Year Bellwether Index (its ancillary index), and had a negative return as yields of long-term Treasury bond prices fell slightly during the reporting period. Inflation moderated over the period, except for the housing sector, amid steady economic growth, which led the U.S. Federal Reserve (the "Fed") to cut its key lending rate of a half percentage point to a range of 4.75–5.00 percent in late September. The Fed released an updated Summary of Economic Projections ("SEP") report which lays out where committee members anticipate interest rates, economic growth, unemployment, and inflation are headed over the next couple years. According to the so-called "dot plot" within the report, the committee anticipates potentially cutting rates by up to another 150 basis points by the end of next year.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Government Long Bond Strategy Fund (Class H)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S.Treasury 30 Year Bellwether Index
09/30/2014	10000	10000	10000
12/31/2014	9022	10179	11006
03/31/2015	8544	10343	11562
06/30/2015	9485	10169	10355
09/30/2015	8849	10294	10883
12/31/2015	8960	10235	10657
03/31/2016	8162	10546	11608
06/30/2016	7538	10779	12449
09/30/2016	7538	10829	12464
12/31/2016	8711	10506	10751
03/31/2017	8581	10592	10891
06/30/2017	8191	10745	11354
09/30/2017	8164	10836	11392
12/31/2017	7910	10879	11733
03/31/2018	8226	10720	11277
06/30/2018	8211	10703	11335
09/30/2018	8514	10705	10964
12/31/2018	8201	10880	11414
03/31/2019	7839	11200	11983
06/30/2019	7408	11545	12794
09/30/2019	6762	11807	13971
12/31/2019	7122	11828	13290
03/31/2020	5414	12200	16719
06/30/2020	5441	12554	16600
09/30/2020	5449	12632	16467
12/31/2020	5616	12716	15778
03/31/2021	6615	12287	13279
06/30/2021	6093	12512	14319
09/30/2021	6013	12518	14374
12/31/2021	5675	12520	15049
03/31/2022	6304	11777	13333
06/30/2022	7230	11224	11502
09/30/2022	8031	10691	10310
12/31/2022	8266	10891	10039
03/31/2023	7871	11214	10640
06/30/2023	8197	11119	10389
09/30/2023	9578	10760	9067
12/31/2023	8624	11493	10233
03/31/2024	9164	11404	9818
06/30/2024	9554	11411	9599
09/30/2024	9041	12004	10378

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	-1.35%	-5.61%	5.98%	-1.00%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S.Treasury Bellwether 30 Yr Index	5.71%	14.46%	-5.77%	0.37%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$15,372,722
Total Number of Portfolio Holdings	11
Portfolio Turnover Rate	264%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwether 30 Yr. Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Inverse Government Long Bond Strategy Fund   |   Class H   |   RYHJX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts Sold Short	-14.7%
U.S Government Securities Sold Short	-85.7%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	22.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	21.3%
Total	43.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	22.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	21.3%
Total	43.5%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHJX-093024

Guggenheim Investments 2

High Yield Strategy Fund

Class A | RYHDX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the High Yield Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$78	1.51%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 6.66%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund outperformed the Bloomberg U.S. Corporate High Yield Index (its ancillary index) and maintained a daily correlation of over 94% to its benchmark of 100% of the daily price movement of that Index. Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The Bloomberg U.S. Corporate High Yield Index generated a strong return for the period. All five of the largest sectors in the index contributed to return, with the Consumer Cyclical sector and the Communications sector contributing the most, and Capital Goods contributing the least. From a ratings perspective, the BB sector contributed the most to the return of the benchmark, followed by the B sector.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	High Yield Strategy Fund (Class A)‡	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
09/30/2014	9526	10000	10000
12/31/2014	9676	10179	9900
03/31/2015	9909	10343	10149
06/30/2015	9830	10169	10150
09/30/2015	9593	10294	9657
12/31/2015	9671	10235	9457
03/31/2016	10073	10546	9775
06/30/2016	10379	10779	10314
09/30/2016	10658	10829	10887
12/31/2016	10669	10506	11077
03/31/2017	10903	10592	11377
06/30/2017	11048	10745	11624
09/30/2017	11246	10836	11853
12/31/2017	11316	10879	11909
03/31/2018	11129	10720	11807
06/30/2018	11182	10703	11928
09/30/2018	11464	10705	12215
12/31/2018	11211	10880	11661
03/31/2019	11929	11200	12507
06/30/2019	12369	11545	12820
09/30/2019	12478	11807	12991
12/31/2019	12787	11828	13331
03/31/2020	11241	12200	11640
06/30/2020	11593	12554	12824
09/30/2020	12021	12632	13414
12/31/2020	12757	12716	14279
03/31/2021	12679	12287	14400
06/30/2021	12993	12512	14795
09/30/2021	12962	12518	14926
12/31/2021	12956	12520	15032
03/31/2022	12111	11777	14305
06/30/2022	10948	11224	12899
09/30/2022	10728	10691	12816
12/31/2022	11451	10891	13351
03/31/2023	11882	11214	13827
06/30/2023	11970	11119	14068
09/30/2023	11837	10760	14133
12/31/2023	12920	11493	15146
03/31/2024	13109	11404	15369
06/30/2024	13150	11411	15537
09/30/2024	13981	12004	16358

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	6.66%	18.12%	2.30%	3.91%
Class A (with sales charge)‡	1.59%	12.50%	1.31%	3.41%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S. Corporate High Yield Index	6.44%	15.74%	4.72%	5.04%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$61,712,879
Total Number of Portfolio Holdings	22
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

High Yield Strategy Fund   |   Class A   |   RYHDX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Interest Rate Futures Contracts	101.2%
CDX.NA.HY.43.V1 Index Credit Default Swap Agreements Protection Sold	91.2%
iShares iBoxx $ High Yield Corporate Bond ETF Swap Agreements	2.3%
SPDR Bloomberg High Yield Bond ETF Swap Agreement	0.3%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund III	3.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.2%
Guggenheim Strategy Fund II	2.1%
Total	7.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund III	3.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.2%
Guggenheim Strategy Fund II	2.1%
Total	7.5%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHDX-093024

Guggenheim Investments 2

High Yield Strategy Fund

Class C | RYHHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the High Yield Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$117	2.26%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 6.24%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Corporate High Yield Index (its ancillary index) and maintained a daily correlation of over 94% to its benchmark of 100% of the daily price movement of that Index. Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The Bloomberg U.S. Corporate High Yield Index generated a strong return for the period. All five of the largest sectors in the index contributed to return, with the Consumer Cyclical sector and the Communications sector contributing the most, and Capital Goods contributing the least. From a ratings perspective, the BB sector contributed the most to the return of the benchmark, followed by the B sector.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	High Yield Strategy Fund (Class C)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
09/30/2014	10000	10000	10000
12/31/2014	10146	10179	9900
03/31/2015	10367	10343	10149
06/30/2015	10245	10169	10150
09/30/2015	9976	10294	9657
12/31/2015	10042	10235	9457
03/31/2016	10440	10546	9775
06/30/2016	10734	10779	10314
09/30/2016	11002	10829	10887
12/31/2016	10989	10506	11077
03/31/2017	11210	10592	11377
06/30/2017	11341	10745	11624
09/30/2017	11522	10836	11853
12/31/2017	11576	10879	11909
03/31/2018	11361	10720	11807
06/30/2018	11394	10703	11928
09/30/2018	11669	10705	12215
12/31/2018	11384	10880	11661
03/31/2019	12087	11200	12507
06/30/2019	12517	11545	12820
09/30/2019	12603	11807	12991
12/31/2019	12891	11828	13331
03/31/2020	11308	12200	11640
06/30/2020	11645	12554	12824
09/30/2020	12052	12632	13414
12/31/2020	12766	12716	14279
03/31/2021	12664	12287	14400
06/30/2021	12955	12512	14795
09/30/2021	12900	12518	14926
12/31/2021	12868	12520	15032
03/31/2022	12006	11777	14305
06/30/2022	10833	11224	12899
09/30/2022	10596	10691	12816
12/31/2022	11289	10891	13351
03/31/2023	11691	11214	13827
06/30/2023	11757	11119	14068
09/30/2023	11604	10760	14133
12/31/2023	12643	11493	15146
03/31/2024	12803	11404	15369
06/30/2024	12819	11411	15537
09/30/2024	13603	12004	16358

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	6.24%	17.23%	1.54%	3.13%
Class C (with CDSC)§	5.24%	16.23%	1.54%	3.13%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S. Corporate High Yield Index	6.44%	15.74%	4.72%	5.04%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$61,712,879
Total Number of Portfolio Holdings	22
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

High Yield Strategy Fund   |   Class C   |   RYHHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Interest Rate Futures Contracts	101.2%
CDX.NA.HY.43.V1 Index Credit Default Swap Agreements Protection Sold	91.2%
iShares iBoxx $ High Yield Corporate Bond ETF Swap Agreements	2.3%
SPDR Bloomberg High Yield Bond ETF Swap Agreement	0.3%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund III	3.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.2%
Guggenheim Strategy Fund II	2.1%
Total	7.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund III	3.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.2%
Guggenheim Strategy Fund II	2.1%
Total	7.5%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHHX-093024

Guggenheim Investments 2

High Yield Strategy Fund

Class H | RYHGX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the High Yield Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$79	1.52%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 6.66%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund outperformed the Bloomberg U.S. Corporate High Yield Index (its ancillary index) and maintained a daily correlation of over 94% to its benchmark of 100% of the daily price movement of that Index. Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The Bloomberg U.S. Corporate High Yield Index generated a strong return for the period. All five of the largest sectors in the index contributed to return, with the Consumer Cyclical sector and the Communications sector contributing the most, and Capital Goods contributing the least. From a ratings perspective, the BB sector contributed the most to the return of the benchmark, followed by the B sector.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	High Yield Strategy Fund (Class H)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
09/30/2014	10000	10000	10000
12/31/2014	10165	10179	9900
03/31/2015	10405	10343	10149
06/30/2015	10309	10169	10150
09/30/2015	10057	10294	9657
12/31/2015	10139	10235	9457
03/31/2016	10546	10546	9775
06/30/2016	10862	10779	10314
09/30/2016	11154	10829	10887
12/31/2016	11161	10506	11077
03/31/2017	11406	10592	11377
06/30/2017	11563	10745	11624
09/30/2017	11766	10836	11853
12/31/2017	11843	10879	11909
03/31/2018	11643	10720	11807
06/30/2018	11703	10703	11928
09/30/2018	12009	10705	12215
12/31/2018	11728	10880	11661
03/31/2019	12475	11200	12507
06/30/2019	12942	11545	12820
09/30/2019	13056	11807	12991
12/31/2019	13380	11828	13331
03/31/2020	11760	12200	11640
06/30/2020	12139	12554	12824
09/30/2020	12585	12632	13414
12/31/2020	13356	12716	14279
03/31/2021	13273	12287	14400
06/30/2021	13602	12512	14795
09/30/2021	13569	12518	14926
12/31/2021	13564	12520	15032
03/31/2022	12679	11777	14305
06/30/2022	11462	11224	12899
09/30/2022	11233	10691	12816
12/31/2022	11990	10891	13351
03/31/2023	12441	11214	13827
06/30/2023	12532	11119	14068
09/30/2023	12394	10760	14133
12/31/2023	13528	11493	15146
03/31/2024	13725	11404	15369
06/30/2024	13769	11411	15537
09/30/2024	14638	12004	16358

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	6.66%	18.11%	2.31%	3.88%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S. Corporate High Yield Index	6.44%	15.74%	4.72%	5.04%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$61,712,879
Total Number of Portfolio Holdings	22
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

High Yield Strategy Fund   |   Class H   |   RYHGX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Interest Rate Futures Contracts	101.2%
CDX.NA.HY.43.V1 Index Credit Default Swap Agreements Protection Sold	91.2%
iShares iBoxx $ High Yield Corporate Bond ETF Swap Agreements	2.3%
SPDR Bloomberg High Yield Bond ETF Swap Agreement	0.3%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund III	3.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.2%
Guggenheim Strategy Fund II	2.1%
Total	7.5%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund III	3.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.2%
Guggenheim Strategy Fund II	2.1%
Total	7.5%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYHGX-093024

Guggenheim Investments 2

Inverse High Yield Strategy Fund

Class A | RYILX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse High Yield Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$74	1.50%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -2.62%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Corporate High Yield Index (its ancillary index) and maintained a daily correlation of over 94% to its benchmark of -100% of the daily price movement of that Index. Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The Bloomberg U.S. Corporate High Yield Index generated a strong return for the period. All five of the largest sectors in the index contributed to return, with the Consumer Cyclical sector and the Communications sector contributing the most, and Capital Goods contributing the least. From a ratings perspective, the BB sector contributed the most to the return of the benchmark, followed by the B sector.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse High Yield Strategy Fund (Class A)‡	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
09/30/2014	9524	10000	10000
12/31/2014	9099	10179	9900
03/31/2015	8797	10343	10149
06/30/2015	8824	10169	10150
09/30/2015	8843	10294	9657
12/31/2015	8678	10235	9457
03/31/2016	8198	10546	9775
06/30/2016	7946	10779	10314
09/30/2016	7754	10829	10887
12/31/2016	7691	10506	11077
03/31/2017	7521	10592	11377
06/30/2017	7412	10745	11624
09/30/2017	7293	10836	11853
12/31/2017	7239	10879	11909
03/31/2018	7350	10720	11807
06/30/2018	7328	10703	11928
09/30/2018	7166	10705	12215
12/31/2018	7311	10880	11661
03/31/2019	6916	11200	12507
06/30/2019	6688	11545	12820
09/30/2019	6647	11807	12991
12/31/2019	6499	11828	13331
03/31/2020	7092	12200	11640
06/30/2020	6791	12554	12824
09/30/2020	6535	12632	13414
12/31/2020	6116	12716	14279
03/31/2021	6178	12287	14400
06/30/2021	5994	12512	14795
09/30/2021	5962	12518	14926
12/31/2021	5897	12520	15032
03/31/2022	6207	11777	14305
06/30/2022	6733	11224	12899
09/30/2022	6822	10691	12816
12/31/2022	6410	10891	13351
03/31/2023	6284	11214	13827
06/30/2023	6340	11119	14068
09/30/2023	6525	10760	14133
12/31/2023	6090	11493	15146
03/31/2024	6118	11404	15369
06/30/2024	6214	11411	15537
09/30/2024	5959	12004	16358

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-2.62%	-8.68%	-2.16%	-4.58%
Class A (with sales charge)‡	-7.25%	-13.02%	-3.11%	-5.05%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S. Corporate High Yield Index	6.44%	15.74%	4.72%	5.04%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,553,220
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Inverse High Yield Strategy Fund   |   Class A   |   RYILX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
CDX.NA.HY.43.V1 Credit Default Swap Agreements Protection Purchased	-94.5%
Interest Rate Futures Contracts Short Sales	-103.0%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	13.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.8%
Total	19.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of credit default swaps and interest rate futures contracts.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	13.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.8%
Total	19.9%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYILX-093024

Guggenheim Investments 2

Inverse High Yield Strategy Fund

Class C | RYIYX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse High Yield Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$111	2.25%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -2.96%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Corporate High Yield Index (its ancillary index) and maintained a daily correlation of over 94% to its benchmark of -100% of the daily price movement of that Index. Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The Bloomberg U.S. Corporate High Yield Index generated a strong return for the period. All five of the largest sectors in the index contributed to return, with the Consumer Cyclical sector and the Communications sector contributing the most, and Capital Goods contributing the least. From a ratings perspective, the BB sector contributed the most to the return of the benchmark, followed by the B sector.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse High Yield Strategy Fund (Class C)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
09/30/2014	10000	10000	10000
12/31/2014	9574	10179	9900
03/31/2015	9285	10343	10149
06/30/2015	9295	10169	10150
09/30/2015	9295	10294	9657
12/31/2015	9102	10235	9457
03/31/2016	8580	10546	9775
06/30/2016	8301	10779	10314
09/30/2016	8078	10829	10887
12/31/2016	8003	10506	11077
03/31/2017	7811	10592	11377
06/30/2017	7677	10745	11624
09/30/2017	7541	10836	11853
12/31/2017	7471	10879	11909
03/31/2018	7571	10720	11807
06/30/2018	7534	10703	11928
09/30/2018	7354	10705	12215
12/31/2018	7487	10880	11661
03/31/2019	7069	11200	12507
06/30/2019	6812	11545	12820
09/30/2019	6752	11807	12991
12/31/2019	6590	11828	13331
03/31/2020	7178	12200	11640
06/30/2020	6861	12554	12824
09/30/2020	6591	12632	13414
12/31/2020	6157	12716	14279
03/31/2021	6157	12287	14400
06/30/2021	5969	12512	14795
09/30/2021	5925	12518	14926
12/31/2021	5875	12520	15032
03/31/2022	6184	11777	14305
06/30/2022	6699	11224	12899
09/30/2022	6774	10691	12816
12/31/2022	6356	10891	13351
03/31/2023	6218	11214	13827
06/30/2023	6262	11119	14068
09/30/2023	6433	10760	14133
12/31/2023	5992	11493	15146
03/31/2024	6009	11404	15369
06/30/2024	6093	11411	15537
09/30/2024	5831	12004	16358

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-2.96%	-9.36%	-2.89%	-5.25%
Class C (with CDSC)§	-3.94%	-10.27%	-2.89%	-5.25%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S. Corporate High Yield Index	6.44%	15.74%	4.72%	5.04%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,553,220
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Inverse High Yield Strategy Fund   |   Class C   |   RYIYX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
CDX.NA.HY.43.V1 Credit Default Swap Agreements Protection Purchased	-94.5%
Interest Rate Futures Contracts Short Sales	-103.0%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	13.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.8%
Total	19.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of credit default swaps and interest rate futures contracts.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	13.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.8%
Total	19.9%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYIYX-093024

Guggenheim Investments 2

Inverse High Yield Strategy Fund

Class H | RYIHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse High Yield Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$74	1.50%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -2.59%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The Fund underperformed the Bloomberg U.S. Corporate High Yield Index (its ancillary index) and maintained a daily correlation of over 94% to its benchmark of -100% of the daily price movement of that Index. Overall, lower financing costs spurred heavy new issuance volume while strong market conditions resulted in tightening credit spreads. The Bloomberg U.S. Corporate High Yield Index generated a strong return for the period. All five of the largest sectors in the index contributed to return, with the Consumer Cyclical sector and the Communications sector contributing the most, and Capital Goods contributing the least. From a ratings perspective, the BB sector contributed the most to the return of the benchmark, followed by the B sector.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse High Yield Strategy Fund (Class H)	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
09/30/2014	10000	10000	10000
12/31/2014	9589	10179	9900
03/31/2015	9316	10343	10149
06/30/2015	9354	10169	10150
09/30/2015	9369	10294	9657
12/31/2015	9187	10235	9457
03/31/2016	8694	10546	9775
06/30/2016	8431	10779	10314
09/30/2016	8278	10829	10887
12/31/2016	8223	10506	11077
03/31/2017	8094	10592	11377
06/30/2017	7966	10745	11624
09/30/2017	7818	10836	11853
12/31/2017	7761	10879	11909
03/31/2018	7877	10720	11807
06/30/2018	7853	10703	11928
09/30/2018	7678	10705	12215
12/31/2018	7834	10880	11661
03/31/2019	7409	11200	12507
06/30/2019	7153	11545	12820
09/30/2019	7101	11807	12991
12/31/2019	6949	11828	13331
03/31/2020	7586	12200	11640
06/30/2020	7264	12554	12824
09/30/2020	6993	12632	13414
12/31/2020	6536	12716	14279
03/31/2021	6556	12287	14400
06/30/2021	6364	12512	14795
09/30/2021	6334	12518	14926
12/31/2021	6293	12520	15032
03/31/2022	6639	11777	14305
06/30/2022	7206	11224	12899
09/30/2022	7301	10691	12816
12/31/2022	6861	10891	13351
03/31/2023	6727	11214	13827
06/30/2023	6786	11119	14068
09/30/2023	6985	10760	14133
12/31/2023	6518	11493	15146
03/31/2024	6548	11404	15369
06/30/2024	6652	11411	15537
09/30/2024	6378	12004	16358

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	-2.59%	-8.69%	-2.12%	-4.40%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
Bloomberg U.S. Corporate High Yield Index	6.44%	15.74%	4.72%	5.04%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$5,553,220
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Inverse High Yield Strategy Fund   |   Class H   |   RYIHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
CDX.NA.HY.43.V1 Credit Default Swap Agreements Protection Purchased	-94.5%
Interest Rate Futures Contracts Short Sales	-103.0%

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	13.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.8%
Total	19.9%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of credit default swaps and interest rate futures contracts.

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Strategy Fund II	13.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.8%
Total	19.9%

² "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYIHX-093024

Guggenheim Investments 2

Emerging Markets 2x Strategy Fund

Class A | RYWTX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$100	1.77%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 26.43%, outperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and outperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 16.45% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to the return of the S&P Emerging 50 ADR Index (the "Index") were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted were beverages, construction materials, and metals and mining. The holdings that contributed the most to the return of the Index were Taiwan Semiconductor Manufacturing Co. Ltd. ADR, Alibaba Group Holding Ltd ADR, and PDD Holdings, Inc. ADR – Class A. Those that detracted the most were Fomento Economico Mexicano SAB de CV ADR – Class B, Cemex SAB de CV ADR, and Li Auto, Inc. ADR – Class A. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P Emerging 50 ADR Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Emerging Markets 2x Strategy Fund (Class A)‡	MSCI World ex US Index	S&P Emerging 50 ADR Index
09/30/2014	9525	10000	10000
12/31/2014	7953	9600	9195
03/31/2015	7554	9904	9013
06/30/2015	7537	9858	9100
09/30/2015	4775	8766	7352
12/31/2015	5149	9077	7718
03/31/2016	5678	8834	8214
06/30/2016	5732	8641	8335
09/30/2016	7042	9131	9318
12/31/2016	6040	9066	8686
03/31/2017	7731	9615	9885
06/30/2017	8423	10056	10393
09/30/2017	10173	10563	11492
12/31/2017	10553	10972	11769
03/31/2018	11054	10660	12197
06/30/2018	9246	10483	11272
09/30/2018	9152	10559	11321
12/31/2018	7091	9173	10137
03/31/2019	9003	10048	11539
06/30/2019	8431	10315	11274
09/30/2019	7772	10153	10954
12/31/2019	10518	10913	12715
03/31/2020	5647	8309	9599
06/30/2020	7728	9525	11399
09/30/2020	10625	9936	13555
12/31/2020	15273	11478	16350
03/31/2021	14833	11868	16358
06/30/2021	15680	12446	16954
09/30/2021	10637	12293	14132
12/31/2021	9711	12640	13638
03/31/2022	8705	11946	13165
06/30/2022	6704	10098	11786
09/30/2022	5296	9104	10633
12/31/2022	6034	10543	11600
03/31/2023	6934	11304	12658
06/30/2023	6669	11529	12602
09/30/2023	6137	10986	12279
12/31/2023	7336	12100	13598
03/31/2024	7345	12678	13799
06/30/2024	7855	12486	14484
09/30/2024	9289	13379	16068

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	26.43%	51.36%	3.63%	-0.25%
Class A (with sales charge)‡	20.42%	44.17%	2.63%	-0.73%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
S&P Emerging 50 ADR Index	16.45%	30.86%	7.96%	4.86%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$3,069,904
Total Number of Portfolio Holdings	55
Portfolio Turnover Rate	469%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Emerging Markets 2x Strategy Fund   |   Class A   |   RYWTX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P Emerging 50 ADR Index Swap Agreements	156.2%
Communications	13.9%
Technology	12.7%
Financial	7.7%
Basic Materials	3.0%
Consumer, Non-cyclical	2.0%
Energy	1.7%
Other	3.3%

Country Diversification³ (% of Total Investments) as of 9.30.24

Geographic Region	% of Net Assets
United States	55.9%
Taiwan, Province of China	9.7%
Cayman Islands	9.1%
India	7.7%
China	6.7%
Brazil	5.6%
Republic of Korea	2.2%
Other	3.1%
Total Investments	100.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Taiwan Semiconductor Manufacturing Company Ltd. ADR	8.2%
Alibaba Group Holding Ltd. ADR	5.8%
HDFC Bank Ltd. ADR	3.2%
PDD Holdings, Inc. ADR – Class A	2.6%
Infosys Ltd. ADR	2.2%
ICICI Bank Ltd. ADR	1.8%
JD.com, Inc. ADR	1.7%
Vale S.A. ADR	1.3%
Trip.com Group Ltd. ADR	1.0%
NetEase, Inc. ADR	1.0%
Top 10 Total	28.8%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Taiwan Semiconductor Manufacturing Company Ltd. ADR	8.2%
Alibaba Group Holding Ltd. ADR	5.8%
HDFC Bank Ltd. ADR	3.2%
PDD Holdings, Inc. ADR – Class A	2.6%
Infosys Ltd. ADR	2.2%
ICICI Bank Ltd. ADR	1.8%
JD.com, Inc. ADR	1.7%
Vale S.A. ADR	1.3%
Trip.com Group Ltd. ADR	1.0%
NetEase, Inc. ADR	1.0%
Top 10 Total	28.8%

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWTX-093024

Guggenheim Investments 2

Emerging Markets 2x Strategy Fund

Class C | RYWUX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$143	2.52%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 25.94%, outperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and outperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 16.45% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to the return of the S&P Emerging 50 ADR Index (the "Index") were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted were beverages, construction materials, and metals and mining. The holdings that contributed the most to the return of the Index were Taiwan Semiconductor Manufacturing Co. Ltd. ADR, Alibaba Group Holding Ltd ADR, and PDD Holdings, Inc. ADR – Class A. Those that detracted the most were Fomento Economico Mexicano SAB de CV ADR – Class B, Cemex SAB de CV ADR, and Li Auto, Inc. ADR – Class A. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P Emerging 50 ADR Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Emerging Markets 2x Strategy Fund (Class C)	MSCI World ex US Index	S&P Emerging 50 ADR Index
09/30/2014	10000	10000	10000
12/31/2014	8334	9600	9195
03/31/2015	7904	9904	9013
06/30/2015	7871	9858	9100
09/30/2015	4975	8766	7352
12/31/2015	5352	9077	7718
03/31/2016	5890	8834	8214
06/30/2016	5935	8641	8335
09/30/2016	7279	9131	9318
12/31/2016	6234	9066	8686
03/31/2017	7963	9615	9885
06/30/2017	8658	10056	10393
09/30/2017	10438	10563	11492
12/31/2017	10808	10972	11769
03/31/2018	11298	10660	12197
06/30/2018	9433	10483	11272
09/30/2018	9319	10559	11321
12/31/2018	7206	9173	10137
03/31/2019	9131	10048	11539
06/30/2019	8536	10315	11274
09/30/2019	7854	10153	10954
12/31/2019	10610	10913	12715
03/31/2020	5686	8309	9599
06/30/2020	7767	9525	11399
09/30/2020	10658	9936	13555
12/31/2020	15288	11478	16350
03/31/2021	14821	11868	16358
06/30/2021	15638	12446	16954
09/30/2021	10590	12293	14132
12/31/2021	9650	12640	13638
03/31/2022	8635	11946	13165
06/30/2022	6637	10098	11786
09/30/2022	5230	9104	10633
12/31/2022	5950	10543	11600
03/31/2023	6824	11304	12658
06/30/2023	6550	11529	12602
09/30/2023	6014	10986	12279
12/31/2023	7174	12100	13598
03/31/2024	7169	12678	13799
06/30/2024	7654	12486	14484
09/30/2024	9032	13379	16068

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	25.94%	50.18%	2.84%	-1.01%
Class C (with CDSC)§	24.94%	49.18%	2.84%	-1.01%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
S&P Emerging 50 ADR Index	16.45%	30.86%	7.96%	4.86%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$3,069,904
Total Number of Portfolio Holdings	55
Portfolio Turnover Rate	469%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Emerging Markets 2x Strategy Fund   |   Class C   |   RYWUX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P Emerging 50 ADR Index Swap Agreements	156.2%
Communications	13.9%
Technology	12.7%
Financial	7.7%
Basic Materials	3.0%
Consumer, Non-cyclical	2.0%
Energy	1.7%
Other	3.3%

Country Diversification³ (% of Total Investments) as of 9.30.24

Geographic Region	% of Net Assets
United States	55.9%
Taiwan, Province of China	9.7%
Cayman Islands	9.1%
India	7.7%
China	6.7%
Brazil	5.6%
Republic of Korea	2.2%
Other	3.1%
Total Investments	100.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Taiwan Semiconductor Manufacturing Company Ltd. ADR	8.2%
Alibaba Group Holding Ltd. ADR	5.8%
HDFC Bank Ltd. ADR	3.2%
PDD Holdings, Inc. ADR – Class A	2.6%
Infosys Ltd. ADR	2.2%
ICICI Bank Ltd. ADR	1.8%
JD.com, Inc. ADR	1.7%
Vale S.A. ADR	1.3%
Trip.com Group Ltd. ADR	1.0%
NetEase, Inc. ADR	1.0%
Top 10 Total	28.8%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Taiwan Semiconductor Manufacturing Company Ltd. ADR	8.2%
Alibaba Group Holding Ltd. ADR	5.8%
HDFC Bank Ltd. ADR	3.2%
PDD Holdings, Inc. ADR – Class A	2.6%
Infosys Ltd. ADR	2.2%
ICICI Bank Ltd. ADR	1.8%
JD.com, Inc. ADR	1.7%
Vale S.A. ADR	1.3%
Trip.com Group Ltd. ADR	1.0%
NetEase, Inc. ADR	1.0%
Top 10 Total	28.8%

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWUX-093024

Guggenheim Investments 2

Emerging Markets 2x Strategy Fund

Class H | RYWVX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$102	1.79%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 26.32%, outperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and outperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 16.45% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to the return of the S&P Emerging 50 ADR Index (the "Index") were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted were beverages, construction materials, and metals and mining. The holdings that contributed the most to the return of the Index were Taiwan Semiconductor Manufacturing Co. Ltd. ADR, Alibaba Group Holding Ltd ADR, and PDD Holdings, Inc. ADR – Class A. Those that detracted the most were Fomento Economico Mexicano SAB de CV ADR – Class B, Cemex SAB de CV ADR, and Li Auto, Inc. ADR – Class A. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P Emerging 50 ADR Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Emerging Markets 2x Strategy Fund (Class H)	MSCI World ex US Index	S&P Emerging 50 ADR Index
09/30/2014	10000	10000	10000
12/31/2014	8349	9600	9195
03/31/2015	7928	9904	9013
06/30/2015	7908	9858	9100
09/30/2015	5007	8766	7352
12/31/2015	5400	9077	7718
03/31/2016	5955	8834	8214
06/30/2016	6012	8641	8335
09/30/2016	7386	9131	9318
12/31/2016	6330	9066	8686
03/31/2017	8102	9615	9885
06/30/2017	8827	10056	10393
09/30/2017	10660	10563	11492
12/31/2017	11058	10972	11769
03/31/2018	11581	10660	12197
06/30/2018	9690	10483	11272
09/30/2018	9589	10559	11321
12/31/2018	7430	9173	10137
03/31/2019	9432	10048	11539
06/30/2019	8836	10315	11274
09/30/2019	8145	10153	10954
12/31/2019	11022	10913	12715
03/31/2020	5917	8309	9599
06/30/2020	8096	9525	11399
09/30/2020	11131	9936	13555
12/31/2020	16000	11478	16350
03/31/2021	15538	11868	16358
06/30/2021	16425	12446	16954
09/30/2021	11142	12293	14132
12/31/2021	10172	12640	13638
03/31/2022	9119	11946	13165
06/30/2022	7022	10098	11786
09/30/2022	5544	9104	10633
12/31/2022	6317	10543	11600
03/31/2023	7258	11304	12658
06/30/2023	6981	11529	12602
09/30/2023	6419	10986	12279
12/31/2023	7674	12100	13598
03/31/2024	7678	12678	13799
06/30/2024	8207	12486	14484
09/30/2024	9699	13379	16068

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	26.32%	51.09%	3.55%	-0.31%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
S&P Emerging 50 ADR Index	16.45%	30.86%	7.96%	4.86%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$3,069,904
Total Number of Portfolio Holdings	55
Portfolio Turnover Rate	469%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Emerging Markets 2x Strategy Fund   |   Class H   |   RYWVX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P Emerging 50 ADR Index Swap Agreements	156.2%
Communications	13.9%
Technology	12.7%
Financial	7.7%
Basic Materials	3.0%
Consumer, Non-cyclical	2.0%
Energy	1.7%
Other	3.3%

Country Diversification³ (% of Total Investments) as of 9.30.24

Geographic Region	% of Net Assets
United States	55.9%
Taiwan, Province of China	9.7%
Cayman Islands	9.1%
India	7.7%
China	6.7%
Brazil	5.6%
Republic of Korea	2.2%
Other	3.1%
Total Investments	100.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Taiwan Semiconductor Manufacturing Company Ltd. ADR	8.2%
Alibaba Group Holding Ltd. ADR	5.8%
HDFC Bank Ltd. ADR	3.2%
PDD Holdings, Inc. ADR – Class A	2.6%
Infosys Ltd. ADR	2.2%
ICICI Bank Ltd. ADR	1.8%
JD.com, Inc. ADR	1.7%
Vale S.A. ADR	1.3%
Trip.com Group Ltd. ADR	1.0%
NetEase, Inc. ADR	1.0%
Top 10 Total	28.8%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Taiwan Semiconductor Manufacturing Company Ltd. ADR	8.2%
Alibaba Group Holding Ltd. ADR	5.8%
HDFC Bank Ltd. ADR	3.2%
PDD Holdings, Inc. ADR – Class A	2.6%
Infosys Ltd. ADR	2.2%
ICICI Bank Ltd. ADR	1.8%
JD.com, Inc. ADR	1.7%
Vale S.A. ADR	1.3%
Trip.com Group Ltd. ADR	1.0%
NetEase, Inc. ADR	1.0%
Top 10 Total	28.8%

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWVX-093024

Guggenheim Investments 2

Inverse Emerging Markets 2x Strategy Fund

Class A | RYWWX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$75	1.73%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -26.82%, underperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and underperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 16.45% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to the return of the S&P Emerging 50 ADR Index (the "Index") were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted were beverages, construction materials, and metals and mining. The holdings that contributed the most to the return of the Index were Taiwan Semiconductor Manufacturing Co. Ltd. ADR, Alibaba Group Holding Ltd ADR, and PDD Holdings, Inc. ADR – Class A. Those that detracted the most were Fomento Economico Mexicano SAB de CV ADR – Class B, Cemex SAB de CV ADR, and Li Auto, Inc. ADR – Class A. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the S&P Emerging 50 ADR Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Emerging Markets 2x Strategy Fund (Class A)‡	MSCI World ex US Index	S&P Emerging 50 ADR Index
09/30/2014	9525	10000	10000
12/31/2014	10783	9600	9195
03/31/2015	10827	9904	9013
06/30/2015	10404	9858	9100
09/30/2015	14881	8766	7352
12/31/2015	13098	9077	7718
03/31/2016	10885	8834	8214
06/30/2016	10205	8641	8335
09/30/2016	7960	9131	9318
12/31/2016	8910	9066	8686
03/31/2017	6779	9615	9885
06/30/2017	6030	10056	10393
09/30/2017	4924	10563	11492
12/31/2017	4634	10972	11769
03/31/2018	4179	10660	12197
06/30/2018	4835	10483	11272
09/30/2018	4773	10559	11321
12/31/2018	5701	9173	10137
03/31/2019	4337	10048	11539
06/30/2019	4482	10315	11274
09/30/2019	4650	10153	10954
12/31/2019	3422	10913	12715
03/31/2020	5044	8309	9599
06/30/2020	3308	9525	11399
09/30/2020	2216	9936	13555
12/31/2020	1447	11478	16350
03/31/2021	1344	11868	16358
06/30/2021	1210	12446	16954
09/30/2021	1650	12293	14132
12/31/2021	1695	12640	13638
03/31/2022	1623	11946	13165
06/30/2022	1849	10098	11786
09/30/2022	2201	9104	10633
12/31/2022	1738	10543	11600
03/31/2023	1435	11304	12658
06/30/2023	1453	11529	12602
09/30/2023	1525	10986	12279
12/31/2023	1250	12100	13598
03/31/2024	1219	12678	13799
06/30/2024	1115	12486	14484
09/30/2024	892	13379	16068

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-26.82%	-41.50%	-28.12%	-21.09%
Class A (with sales charge)‡	-30.30%	-44.26%	-28.82%	-21.47%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
S&P Emerging 50 ADR Index	16.45%	30.86%	7.96%	4.86%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$382,753
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Inverse Emerging Markets 2x Strategy Fund   |   Class A   |   RYWWX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P Emerging 50 ADR Index Swap Agreements Sold Short	-199.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWWX-093024

Guggenheim Investments 2

Inverse Emerging Markets 2x Strategy Fund

Class C | RYWZX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$110	2.54%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -27.11%, underperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and underperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 16.45% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to the return of the S&P Emerging 50 ADR Index (the "Index") were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted were beverages, construction materials, and metals and mining. The holdings that contributed the most to the return of the Index were Taiwan Semiconductor Manufacturing Co. Ltd. ADR, Alibaba Group Holding Ltd ADR, and PDD Holdings, Inc. ADR – Class A. Those that detracted the most were Fomento Economico Mexicano SAB de CV ADR – Class B, Cemex SAB de CV ADR, and Li Auto, Inc. ADR – Class A. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the S&P Emerging 50 ADR Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Emerging Markets 2x Strategy Fund (Class C)	MSCI World ex US Index	S&P Emerging 50 ADR Index
09/30/2014	10000	10000	10000
12/31/2014	11276	9600	9195
03/31/2015	11302	9904	9013
06/30/2015	10833	9858	9100
09/30/2015	15469	8766	7352
12/31/2015	13574	9077	7718
03/31/2016	11270	8834	8214
06/30/2016	10553	8641	8335
09/30/2016	8210	9131	9318
12/31/2016	9178	9066	8686
03/31/2017	6968	9615	9885
06/30/2017	6187	10056	10393
09/30/2017	5042	10563	11492
12/31/2017	4739	10972	11769
03/31/2018	4266	10660	12197
06/30/2018	4923	10483	11272
09/30/2018	4852	10559	11321
12/31/2018	5783	9173	10137
03/31/2019	4389	10048	11539
06/30/2019	4521	10315	11274
09/30/2019	4685	10153	10954
12/31/2019	3490	10913	12715
03/31/2020	5133	8309	9599
06/30/2020	3359	9525	11399
09/30/2020	2249	9936	13555
12/31/2020	1465	11478	16350
03/31/2021	1360	11868	16358
06/30/2021	1224	12446	16954
09/30/2021	1679	12293	14132
12/31/2021	1722	12640	13638
03/31/2022	1647	11946	13165
06/30/2022	1869	10098	11786
09/30/2022	2217	9104	10633
12/31/2022	1747	10543	11600
03/31/2023	1442	11304	12658
06/30/2023	1455	11529	12602
09/30/2023	1527	10986	12279
12/31/2023	1250	12100	13598
03/31/2024	1217	12678	13799
06/30/2024	1111	12486	14484
09/30/2024	887	13379	16068

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-27.11%	-41.93%	-28.32%	-21.51%
Class C (with CDSC)§	-27.84%	-42.49%	-28.32%	-21.51%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
S&P Emerging 50 ADR Index	16.45%	30.86%	7.96%	4.86%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$382,753
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Inverse Emerging Markets 2x Strategy Fund   |   Class C   |   RYWZX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P Emerging 50 ADR Index Swap Agreements Sold Short	-199.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWZX-093024

Guggenheim Investments 2

Inverse Emerging Markets 2x Strategy Fund

Class H | RYWYX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Emerging Markets 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$75	1.72%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -26.99%, underperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and underperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 16.45% for the same period.

The fund's broad-based securities market index was changed from the S&P Emerging 50 ADR Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The industries that contributed the most to the return of the S&P Emerging 50 ADR Index (the "Index") were broadline retail, semiconductors & semiconductor equipment, and banks. Those that detracted were beverages, construction materials, and metals and mining. The holdings that contributed the most to the return of the Index were Taiwan Semiconductor Manufacturing Co. Ltd. ADR, Alibaba Group Holding Ltd ADR, and PDD Holdings, Inc. ADR – Class A. Those that detracted the most were Fomento Economico Mexicano SAB de CV ADR – Class B, Cemex SAB de CV ADR, and Li Auto, Inc. ADR – Class A. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the S&P Emerging 50 ADR Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Emerging Markets 2x Strategy Fund (Class H)	MSCI World ex US Index	S&P Emerging 50 ADR Index
09/30/2014	10000	10000	10000
12/31/2014	11266	9600	9195
03/31/2015	11313	9904	9013
06/30/2015	10828	9858	9100
09/30/2015	15488	8766	7352
12/31/2015	13650	9077	7718
03/31/2016	11367	8834	8214
06/30/2016	10646	8641	8335
09/30/2016	8296	9131	9318
12/31/2016	9297	9066	8686
03/31/2017	7071	9615	9885
06/30/2017	6287	10056	10393
09/30/2017	5134	10563	11492
12/31/2017	4824	10972	11769
03/31/2018	4351	10660	12197
06/30/2018	5035	10483	11272
09/30/2018	4972	10559	11321
12/31/2018	5934	9173	10137
03/31/2019	4520	10048	11539
06/30/2019	4669	10315	11274
09/30/2019	4847	10153	10954
12/31/2019	3568	10913	12715
03/31/2020	5261	8309	9599
06/30/2020	3451	9525	11399
09/30/2020	2311	9936	13555
12/31/2020	1531	11478	16350
03/31/2021	1422	11868	16358
06/30/2021	1276	12446	16954
09/30/2021	1748	12293	14132
12/31/2021	1795	12640	13638
03/31/2022	1720	11946	13165
06/30/2022	1961	10098	11786
09/30/2022	2337	9104	10633
12/31/2022	1844	10543	11600
03/31/2023	1526	11304	12658
06/30/2023	1543	11529	12602
09/30/2023	1618	10986	12279
12/31/2023	1325	12100	13598
03/31/2024	1294	12678	13799
06/30/2024	1182	12486	14484
09/30/2024	945	13379	16068

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	-26.99%	-41.63%	-27.90%	-21.02%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
S&P Emerging 50 ADR Index	16.45%	30.86%	7.96%	4.86%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$382,753
Total Number of Portfolio Holdings	4
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Inverse Emerging Markets 2x Strategy Fund   |   Class H   |   RYWYX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P Emerging 50 ADR Index Swap Agreements Sold Short	-199.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWYX-093024

Guggenheim Investments 2

Europe 1.25x Strategy Fund

Class A | RYAEX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$83	1.62%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 5.52%, underperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and underperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 5.70% for the same period.

The fund's broad-based securities market index was changed from the STOXX Europe 50 Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the STOXX Europe 50 Index (the "Index") were Financials, Utilities, and Health Care. Those that detracted the most were Consumer Discretionary, Information Technology, and Energy. The holdings that contributed the most to the return of the Index were SAP SE, Sanofi, and Schneider Electric SE. Those that detracted the most were ASML Holding NV, LVMH Moet Hennessy Louis Vuitton SE, and Stellantis NV. The Fund maintained a daily correlation of over 99% to its benchmark of 125% of the daily price movement of the fair value of the STOXX Europe 50 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Europe 1.25x Strategy Fund (Class A)‡	MSCI World ex US Index	STOXX Europe 50 Index
09/30/2014	9527	10000	10000
12/31/2014	8597	9600	9420
03/31/2015	8900	9904	9645
06/30/2015	8952	9858	9694
09/30/2015	7973	8766	8851
12/31/2015	8027	9077	9008
03/31/2016	7514	8834	8587
06/30/2016	7531	8641	8576
09/30/2016	7687	9131	8818
12/31/2016	7505	9066	8803
03/31/2017	8252	9615	9466
06/30/2017	8953	10056	10100
09/30/2017	9493	10563	10695
12/31/2017	9617	10972	10924
03/31/2018	9203	10660	10524
06/30/2018	8941	10483	10415
09/30/2018	9069	10559	10498
12/31/2018	7811	9173	9338
03/31/2019	8989	10048	10450
06/30/2019	9501	10315	10972
09/30/2019	9272	10153	10809
12/31/2019	10144	10913	11678
03/31/2020	7351	8309	9244
06/30/2020	8694	9525	10450
09/30/2020	8812	9936	10655
12/31/2020	10176	11478	11933
03/31/2021	10540	11868	12355
06/30/2021	11605	12446	13304
09/30/2021	11132	12293	13024
12/31/2021	12117	12640	13980
03/31/2022	11277	11946	13398
06/30/2022	9732	10098	11835
09/30/2022	8357	9104	10767
12/31/2022	10604	10543	12884
03/31/2023	11896	11304	14261
06/30/2023	12316	11529	14723
09/30/2023	11368	10986	14056
12/31/2023	12677	12100	15354
03/31/2024	13603	12678	16360
06/30/2024	13856	12486	16673
09/30/2024	14354	13379	17286

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	5.52%	26.27%	9.13%	4.19%
Class A (with sales charge)‡	0.50%	20.26%	8.08%	3.68%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
STOXX Europe 50 Index	5.70%	23.02%	9.84%	5.63%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,673,951
Total Number of Portfolio Holdings	58
Portfolio Turnover Rate	1,496%1496%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Europe 1.25x Strategy Fund   |   Class A   |   RYAEX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Currency Futures Contracts	83.4%
Equity Futures Contracts	80.6%
Consumer, Non-cyclical	16.8%
Financial	8.0%
Industrial	4.9%
Technology	4.3%
Energy	3.4%
Consumer, Cyclical	3.1%
Basic Materials	2.2%
Utilities	1.7%
Communications	1.3%

Country Diversification³ (% of Total Investments) as of 9.30.24

Geographic Region	% of Net Assets
United States	56.9%
France	10.2%
United Kingdom	8.1%
Switzerland	7.9%
Germany	5.7%
Netherlands	4.4%
Denmark	2.8%
Other	4.0%
Total Investments	100.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	4.2%
Guggenheim Strategy Fund II	4.1%
Novo Nordisk A/S ADR	2.9%
ASML Holding N.V. — Class G	2.5%
Nestle S.A. ADR	2.0%
AstraZeneca plc ADR	1.8%
SAP SE ADR	1.8%
Novartis AG ADR	1.7%
Roche Holding AG ADR	1.7%
Shell plc ADR	1.6%
Top 10 Total	24.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	4.2%
Guggenheim Strategy Fund II	4.1%
Novo Nordisk A/S ADR	2.9%
ASML Holding N.V. — Class G	2.5%
Nestle S.A. ADR	2.0%
AstraZeneca plc ADR	1.8%
SAP SE ADR	1.8%
Novartis AG ADR	1.7%
Roche Holding AG ADR	1.7%
Shell plc ADR	1.6%
Top 10 Total	24.3%

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYAEX-093024

Guggenheim Investments 2

Europe 1.25x Strategy Fund

Class C | RYCEX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$122	2.37%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 5.18%, underperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and underperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 5.70% for the same period.

The fund's broad-based securities market index was changed from the STOXX Europe 50 Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the STOXX Europe 50 Index (the "Index") were Financials, Utilities, and Health Care. Those that detracted the most were Consumer Discretionary, Information Technology, and Energy. The holdings that contributed the most to the return of the Index were SAP SE, Sanofi, and Schneider Electric SE. Those that detracted the most were ASML Holding NV, LVMH Moet Hennessy Louis Vuitton SE, and Stellantis NV. The Fund maintained a daily correlation of over 99% to its benchmark of 125% of the daily price movement of the fair value of the STOXX Europe 50 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Europe 1.25x Strategy Fund (Class C)	MSCI World ex US Index	STOXX Europe 50 Index
09/30/2014	10000	10000	10000
12/31/2014	9009	9600	9420
03/31/2015	9314	9904	9645
06/30/2015	9354	9858	9694
09/30/2015	8319	8766	8851
12/31/2015	8364	9077	9008
03/31/2016	7811	8834	8587
06/30/2016	7811	8641	8576
09/30/2016	7968	9131	8818
12/31/2016	7763	9066	8803
03/31/2017	8520	9615	9466
06/30/2017	9228	10056	10100
09/30/2017	9766	10563	10695
12/31/2017	9873	10972	10924
03/31/2018	9432	10660	10524
06/30/2018	9145	10483	10415
09/30/2018	9259	10559	10498
12/31/2018	7961	9173	9338
03/31/2019	9145	10048	10450
06/30/2019	9647	10315	10972
09/30/2019	9396	10153	10809
12/31/2019	10259	10913	11678
03/31/2020	7429	8309	9244
06/30/2020	8772	9525	10450
09/30/2020	8874	9936	10655
12/31/2020	10228	11478	11933
03/31/2021	10543	11868	12355
06/30/2021	11588	12446	13304
09/30/2021	11094	12293	13024
12/31/2021	12054	12640	13980
03/31/2022	11199	11946	13398
06/30/2022	9621	10098	11835
09/30/2022	8231	9104	10767
12/31/2022	10423	10543	12884
03/31/2023	11671	11304	14261
06/30/2023	12058	11529	14723
09/30/2023	11112	10986	14056
12/31/2023	12366	12100	15354
03/31/2024	13245	12678	16360
06/30/2024	13467	12486	16673
09/30/2024	13923	13379	17286

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	5.18%	25.30%	8.18%	3.37%
Class C (with CDSC)§	4.18%	24.30%	8.18%	3.37%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
STOXX Europe 50 Index	5.70%	23.02%	9.84%	5.63%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,673,951
Total Number of Portfolio Holdings	58
Portfolio Turnover Rate	1,496%1496%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Europe 1.25x Strategy Fund   |   Class C   |   RYCEX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Currency Futures Contracts	83.4%
Equity Futures Contracts	80.6%
Consumer, Non-cyclical	16.8%
Financial	8.0%
Industrial	4.9%
Technology	4.3%
Energy	3.4%
Consumer, Cyclical	3.1%
Basic Materials	2.2%
Utilities	1.7%
Communications	1.3%

Country Diversification³ (% of Total Investments) as of 9.30.24

Geographic Region	% of Net Assets
United States	56.9%
France	10.2%
United Kingdom	8.1%
Switzerland	7.9%
Germany	5.7%
Netherlands	4.4%
Denmark	2.8%
Other	4.0%
Total Investments	100.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	4.2%
Guggenheim Strategy Fund II	4.1%
Novo Nordisk A/S ADR	2.9%
ASML Holding N.V. — Class G	2.5%
Nestle S.A. ADR	2.0%
AstraZeneca plc ADR	1.8%
SAP SE ADR	1.8%
Novartis AG ADR	1.7%
Roche Holding AG ADR	1.7%
Shell plc ADR	1.6%
Top 10 Total	24.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	4.2%
Guggenheim Strategy Fund II	4.1%
Novo Nordisk A/S ADR	2.9%
ASML Holding N.V. — Class G	2.5%
Nestle S.A. ADR	2.0%
AstraZeneca plc ADR	1.8%
SAP SE ADR	1.8%
Novartis AG ADR	1.7%
Roche Holding AG ADR	1.7%
Shell plc ADR	1.6%
Top 10 Total	24.3%

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYCEX-093024

Guggenheim Investments 2

Europe 1.25x Strategy Fund

Class H | RYEUX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$83	1.61%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 5.50%, underperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and underperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 5.70% for the same period.

The fund's broad-based securities market index was changed from the STOXX Europe 50 Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the STOXX Europe 50 Index (the "Index") were Financials, Utilities, and Health Care. Those that detracted the most were Consumer Discretionary, Information Technology, and Energy. The holdings that contributed the most to the return of the Index were SAP SE, Sanofi, and Schneider Electric SE. Those that detracted the most were ASML Holding NV, LVMH Moet Hennessy Louis Vuitton SE, and Stellantis NV. The Fund maintained a daily correlation of over 99% to its benchmark of 125% of the daily price movement of the fair value of the STOXX Europe 50 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Europe 1.25x Strategy Fund (Class H)	MSCI World ex US Index	STOXX Europe 50 Index
09/30/2014	10000	10000	10000
12/31/2014	9022	9600	9420
03/31/2015	9343	9904	9645
06/30/2015	9391	9858	9694
09/30/2015	8367	8766	8851
12/31/2015	8425	9077	9008
03/31/2016	7881	8834	8587
06/30/2016	7881	8641	8576
09/30/2016	8052	9131	8818
12/31/2016	7890	9066	8803
03/31/2017	8674	9615	9466
06/30/2017	9414	10056	10100
09/30/2017	9982	10563	10695
12/31/2017	10110	10972	10924
03/31/2018	9676	10660	10524
06/30/2018	9403	10483	10415
09/30/2018	9540	10559	10498
12/31/2018	8216	9173	9338
03/31/2019	9456	10048	10450
06/30/2019	9994	10315	10972
09/30/2019	9751	10153	10809
12/31/2019	10664	10913	11678
03/31/2020	7729	8309	9244
06/30/2020	9142	9525	10450
09/30/2020	9267	9936	10655
12/31/2020	10701	11478	11933
03/31/2021	11049	11868	12355
06/30/2021	12166	12446	13304
09/30/2021	11672	12293	13024
12/31/2021	12705	12640	13980
03/31/2022	11825	11946	13398
06/30/2022	10180	10098	11835
09/30/2022	8726	9104	10767
12/31/2022	11070	10543	12884
03/31/2023	12418	11304	14261
06/30/2023	12854	11529	14723
09/30/2023	11868	10986	14056
12/31/2023	13232	12100	15354
03/31/2024	14196	12678	16360
06/30/2024	14465	12486	16673
09/30/2024	14978	13379	17286

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	5.50%	26.21%	8.96%	4.12%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
STOXX Europe 50 Index	5.70%	23.02%	9.84%	5.63%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,673,951
Total Number of Portfolio Holdings	58
Portfolio Turnover Rate	1,496%1496%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Europe 1.25x Strategy Fund   |   Class H   |   RYEUX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Currency Futures Contracts	83.4%
Equity Futures Contracts	80.6%
Consumer, Non-cyclical	16.8%
Financial	8.0%
Industrial	4.9%
Technology	4.3%
Energy	3.4%
Consumer, Cyclical	3.1%
Basic Materials	2.2%
Utilities	1.7%
Communications	1.3%

Country Diversification³ (% of Total Investments) as of 9.30.24

Geographic Region	% of Net Assets
United States	56.9%
France	10.2%
United Kingdom	8.1%
Switzerland	7.9%
Germany	5.7%
Netherlands	4.4%
Denmark	2.8%
Other	4.0%
Total Investments	100.0%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	4.2%
Guggenheim Strategy Fund II	4.1%
Novo Nordisk A/S ADR	2.9%
ASML Holding N.V. — Class G	2.5%
Nestle S.A. ADR	2.0%
AstraZeneca plc ADR	1.8%
SAP SE ADR	1.8%
Novartis AG ADR	1.7%
Roche Holding AG ADR	1.7%
Shell plc ADR	1.6%
Top 10 Total	24.3%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24

Guggenheim Ultra Short Duration Fund — Institutional Class	4.2%
Guggenheim Strategy Fund II	4.1%
Novo Nordisk A/S ADR	2.9%
ASML Holding N.V. — Class G	2.5%
Nestle S.A. ADR	2.0%
AstraZeneca plc ADR	1.8%
SAP SE ADR	1.8%
Novartis AG ADR	1.7%
Roche Holding AG ADR	1.7%
Shell plc ADR	1.6%
Top 10 Total	24.3%

2	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
3	Country Diversification (% of Total Investments) includes temporary cash investments.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYEUX-093024

Guggenheim Investments 2

Japan 2x Strategy Fund

Class A | RYJSX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Japan 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$74	1.51%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -5.79%, underperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and underperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned -0.14% for the same period.

The fund's broad-based securities market index was changed from the Nikkei-225 Stock Average Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Nikkei-225 Stock Average Index (the "Index") were Health Care, Communication Services, and Industrials. Those that detracted the most were Information Technology, Materials, and Real Estate. The holdings that contributed the most to the return of the Index were FAST RETAILING Co. Ltd., Recruit Holdings Co. Ltd., and TDK Corp. Those that detracted the most were Tokyo Electron Ltd., Lasertec Corp., and Toyota Motor Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Japan 2x Strategy Fund (Class A)‡	MSCI World ex US Index	Nikkei-225 Stock Average Index
09/30/2014	9526	10000	10000
12/31/2014	9023	9600	9904
03/31/2015	11048	9904	10856
06/30/2015	11565	9858	11235
09/30/2015	9250	8766	9852
12/31/2015	10332	9077	10700
03/31/2016	9345	8834	10100
06/30/2016	9810	8641	10234
09/30/2016	11229	9131	10996
12/31/2016	11095	9066	11111
03/31/2017	12124	9615	11518
06/30/2017	13274	10056	12090
09/30/2017	13673	10563	12255
12/31/2017	16749	10972	13710
03/31/2018	16724	10660	13481
06/30/2018	16359	10483	13651
09/30/2018	18276	10559	14408
12/31/2018	13076	9173	12291
03/31/2019	14752	10048	12980
06/30/2019	15328	10315	13372
09/30/2019	16099	10153	13639
12/31/2019	18125	10913	14730
03/31/2020	11781	8309	11900
06/30/2020	15557	9525	14015
09/30/2020	17753	9936	14896
12/31/2020	25512	11478	18022
03/31/2021	25083	11868	17886
06/30/2021	23670	12446	17572
09/30/2021	24552	12293	17919
12/31/2021	21897	12640	16948
03/31/2022	17822	11946	15518
06/30/2022	12959	10098	13190
09/30/2022	10782	9104	12151
12/31/2022	12556	10543	13505
03/31/2023	14625	11304	14320
06/30/2023	16920	11529	15591
09/30/2023	14075	10986	14457
12/31/2023	16871	12100	16110
03/31/2024	21109	12678	17990
06/30/2024	17658	12486	16685
09/30/2024	19888	13379	17964

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-5.79%	41.30%	4.32%	7.64%
Class A (with sales charge)‡	-10.25%	34.58%	3.31%	7.12%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
Nikkei-225 Stock Average Index	-0.14%	24.26%	5.66%	6.03%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,738,588
Total Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Japan 2x Strategy Fund   |   Class A   |   RYJSX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Equity Futures Contracts	198.1%
Currency Futures Contracts	197.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYJSX-093024

Guggenheim Investments 2

Japan 2x Strategy Fund

Class C | RYJTX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Japan 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$109	2.25%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -6.18%, underperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and underperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned -0.14% for the same period.

The fund's broad-based securities market index was changed from the Nikkei-225 Stock Average Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Nikkei-225 Stock Average Index (the "Index") were Health Care, Communication Services, and Industrials. Those that detracted the most were Information Technology, Materials, and Real Estate. The holdings that contributed the most to the return of the Index were FAST RETAILING Co. Ltd., Recruit Holdings Co. Ltd., and TDK Corp. Those that detracted the most were Tokyo Electron Ltd., Lasertec Corp., and Toyota Motor Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Japan 2x Strategy Fund (Class C)	MSCI World ex US Index	Nikkei-225 Stock Average Index
09/30/2014	10000	10000	10000
12/31/2014	9454	9600	9904
03/31/2015	11566	9904	10856
06/30/2015	12097	9858	11235
09/30/2015	9646	8766	9852
12/31/2015	10744	9077	10700
03/31/2016	9709	8834	10100
06/30/2016	10172	8641	10234
09/30/2016	11623	9131	10996
12/31/2016	11459	9066	11111
03/31/2017	12499	9615	11518
06/30/2017	13659	10056	12090
09/30/2017	14043	10563	12255
12/31/2017	17169	10972	13710
03/31/2018	17110	10660	13481
06/30/2018	16706	10483	13651
09/30/2018	18631	10559	14408
12/31/2018	13305	9173	12291
03/31/2019	14984	10048	12980
06/30/2019	15539	10315	13372
09/30/2019	16290	10153	13639
12/31/2019	18305	10913	14730
03/31/2020	11875	8309	11900
06/30/2020	15653	9525	14015
09/30/2020	17829	9936	14896
12/31/2020	25571	11478	18022
03/31/2021	25096	11868	17886
06/30/2021	23637	12446	17572
09/30/2021	24469	12293	17919
12/31/2021	21781	12640	16948
03/31/2022	17694	11946	15518
06/30/2022	12840	10098	13190
09/30/2022	10662	9104	12151
12/31/2022	12393	10543	13505
03/31/2023	14409	11304	14320
06/30/2023	16638	11529	15591
09/30/2023	13815	10986	14457
12/31/2023	16537	12100	16110
03/31/2024	20652	12678	17990
06/30/2024	17237	12486	16685
09/30/2024	19376	13379	17964

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-6.18%	40.25%	3.53%	6.84%
Class C (with CDSC)§	-7.12%	39.25%	3.53%	6.84%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
Nikkei-225 Stock Average Index	-0.14%	24.26%	5.66%	6.03%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,738,588
Total Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Japan 2x Strategy Fund   |   Class C   |   RYJTX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Equity Futures Contracts	198.1%
Currency Futures Contracts	197.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYJTX-093024

Guggenheim Investments 2

Japan 2x Strategy Fund

Class H | RYJHX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Japan 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$74	1.51%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -5.79%, underperforming the fund's benchmark, the MSCI World ex US Index, which returned 5.53% for the same period and underperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned -0.14% for the same period.

The fund's broad-based securities market index was changed from the Nikkei-225 Stock Average Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

The sectors that contributed the most to the return of the Nikkei-225 Stock Average Index (the "Index") were Health Care, Communication Services, and Industrials. Those that detracted the most were Information Technology, Materials, and Real Estate. The holdings that contributed the most to the return of the Index were FAST RETAILING Co. Ltd., Recruit Holdings Co. Ltd., and TDK Corp. Those that detracted the most were Tokyo Electron Ltd., Lasertec Corp., and Toyota Motor Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Japan 2x Strategy Fund (Class H)	MSCI World ex US Index	Nikkei-225 Stock Average Index
09/30/2014	10000	10000	10000
12/31/2014	9474	9600	9904
03/31/2015	11603	9904	10856
06/30/2015	12154	9858	11235
09/30/2015	9712	8766	9852
12/31/2015	10854	9077	10700
03/31/2016	9821	8834	10100
06/30/2016	10333	8641	10234
09/30/2016	11797	9131	10996
12/31/2016	11685	9066	11111
03/31/2017	12775	9615	11518
06/30/2017	13983	10056	12090
09/30/2017	14411	10563	12255
12/31/2017	17651	10972	13710
03/31/2018	17623	10660	13481
06/30/2018	17240	10483	13651
09/30/2018	19264	10559	14408
12/31/2018	13784	9173	12291
03/31/2019	15550	10048	12980
06/30/2019	16156	10315	13372
09/30/2019	16965	10153	13639
12/31/2019	19099	10913	14730
03/31/2020	12413	8309	11900
06/30/2020	16393	9525	14015
09/30/2020	18708	9936	14896
12/31/2020	26885	11478	18022
03/31/2021	26433	11868	17886
06/30/2021	24944	12446	17572
09/30/2021	25872	12293	17919
12/31/2021	23075	12640	16948
03/31/2022	18781	11946	15518
06/30/2022	13655	10098	13190
09/30/2022	11362	9104	12151
12/31/2022	13230	10543	13505
03/31/2023	15410	11304	14320
06/30/2023	17829	11529	15591
09/30/2023	14831	10986	14457
12/31/2023	17778	12100	16110
03/31/2024	22243	12678	17990
06/30/2024	18607	12486	16685
09/30/2024	20955	13379	17964

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	-5.79%	41.29%	4.32%	7.68%
MSCI World ex US Index	5.53%	21.78%	5.67%	2.95%
Nikkei-225 Stock Average Index	-0.14%	24.26%	5.66%	6.03%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,738,588
Total Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Japan 2x Strategy Fund   |   Class H   |   RYJHX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Equity Futures Contracts	198.1%
Currency Futures Contracts	197.1%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYJHX-093024

Guggenheim Investments 2

Strengthening Dollar 2x Strategy Fund

Class A | RYSDX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$96	1.96%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -4.25%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -3.61% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

No currency contributed to the return of the U.S. Dollar Index (the "Index") for the period. The currencies detracting the least were the Canadian dollar, Swedish krona, and Swiss Franc. Those that detracted the most were the euro, Japanese yen, and British pound. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Strengthening Dollar 2x Strategy Fund (Class A)‡	Bloomberg U.S. Aggregate Bond Index	U.S. Dollar Index
09/30/2014	9524	10000	10000
12/31/2014	10445	10179	10504
03/31/2015	12229	10343	11445
06/30/2015	11377	10169	11111
09/30/2015	11443	10294	11211
12/31/2015	11909	10235	11477
03/31/2016	10882	10546	11007
06/30/2016	11172	10779	11187
09/30/2016	11010	10829	11108
12/31/2016	12646	10506	11893
03/31/2017	12149	10592	11677
06/30/2017	11035	10745	11128
09/30/2017	10487	10836	10831
12/31/2017	10352	10879	10719
03/31/2018	9916	10720	10490
06/30/2018	11014	10703	10993
09/30/2018	11224	10705	11069
12/31/2018	11564	10880	11190
03/31/2019	11973	11200	11320
06/30/2019	11829	11545	11186
09/30/2019	12776	11807	11564
12/31/2019	12139	11828	11216
03/31/2020	12737	12200	11525
06/30/2020	12337	12554	11332
09/30/2020	11460	12632	10925
12/31/2020	10480	12716	10465
03/31/2021	11224	12287	10848
06/30/2021	10969	12512	10756
09/30/2021	11376	12518	10965
12/31/2021	11652	12520	11132
03/31/2022	12187	11777	11439
06/30/2022	13692	11224	12182
09/30/2022	15806	10691	13046
12/31/2022	13532	10891	12046
03/31/2023	13447	11214	11928
06/30/2023	13743	11119	11975
09/30/2023	14857	10760	12354
12/31/2023	13729	11493	11791
03/31/2024	14840	11404	12165
06/30/2024	15436	11411	12319
09/30/2024	14209	12004	11727

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	-4.25%	-4.36%	2.15%	4.08%
Class A (with sales charge)‡	-8.80%	-8.90%	1.16%	3.58%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
U.S. Dollar Index	-3.61%	-5.08%	0.28%	1.61%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$2,306,570
Total Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Strengthening Dollar 2x Strategy Fund   |   Class A   |   RYSDX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S. Dollar Index Currency Futures Contracts	170.0%
U.S. Dollar Index Swap Agreements	27.7%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSDX-093024

Guggenheim Investments 2

Strengthening Dollar 2x Strategy Fund

Class C | RYSJX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$132	2.70%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -4.61%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -3.61% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

No currency contributed to the return of the U.S. Dollar Index (the "Index") for the period. The currencies detracting the least were the Canadian dollar, Swedish krona, and Swiss Franc. Those that detracted the most were the euro, Japanese yen, and British pound. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Strengthening Dollar 2x Strategy Fund (Class C)	Bloomberg U.S. Aggregate Bond Index	U.S. Dollar Index
09/30/2014	10000	10000	10000
12/31/2014	10945	10179	10504
03/31/2015	12792	10343	11445
06/30/2015	11881	10169	11111
09/30/2015	11926	10294	11211
12/31/2015	12388	10235	11477
03/31/2016	11297	10546	11007
06/30/2016	11577	10779	11187
09/30/2016	11387	10829	11108
12/31/2016	13056	10506	11893
03/31/2017	12517	10592	11677
06/30/2017	11349	10745	11128
09/30/2017	10766	10836	10831
12/31/2017	10608	10879	10719
03/31/2018	10141	10720	10490
06/30/2018	11245	10703	10993
09/30/2018	11439	10705	11069
12/31/2018	11763	10880	11190
03/31/2019	12154	11200	11320
06/30/2019	11989	11545	11186
09/30/2019	12924	11807	11564
12/31/2019	12255	11828	11216
03/31/2020	12838	12200	11525
06/30/2020	12412	12554	11332
09/30/2020	11507	12632	10925
12/31/2020	10501	12716	10465
03/31/2021	11225	12287	10848
06/30/2021	10951	12512	10756
09/30/2021	11335	12518	10965
12/31/2021	11588	12520	11132
03/31/2022	12099	11777	11439
06/30/2022	13569	11224	12182
09/30/2022	15634	10691	13046
12/31/2022	13361	10891	12046
03/31/2023	13250	11214	11928
06/30/2023	13519	11119	11975
09/30/2023	14593	10760	12354
12/31/2023	13458	11493	11791
03/31/2024	14518	11404	12165
06/30/2024	15074	11411	12319
09/30/2024	13849	12004	11727

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	-4.61%	-5.10%	1.39%	3.31%
Class C (with CDSC)§	-5.56%	-6.03%	1.39%	3.31%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
U.S. Dollar Index	-3.61%	-5.08%	0.28%	1.61%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$2,306,570
Total Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Strengthening Dollar 2x Strategy Fund   |   Class C   |   RYSJX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S. Dollar Index Currency Futures Contracts	170.0%
U.S. Dollar Index Swap Agreements	27.7%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSJX-093024

Guggenheim Investments 2

Strengthening Dollar 2x Strategy Fund

Class H | RYSBX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$96	1.95%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -4.25%, underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -3.61% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

No currency contributed to the return of the U.S. Dollar Index (the "Index") for the period. The currencies detracting the least were the Canadian dollar, Swedish krona, and Swiss Franc. Those that detracted the most were the euro, Japanese yen, and British pound. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Strengthening Dollar 2x Strategy Fund (Class H)	Bloomberg U.S. Aggregate Bond Index	U.S. Dollar Index
09/30/2014	10000	10000	10000
12/31/2014	10966	10179	10504
03/31/2015	12839	10343	11445
06/30/2015	11949	10169	11111
09/30/2015	12014	10294	11211
12/31/2015	12505	10235	11477
03/31/2016	11427	10546	11007
06/30/2016	11732	10779	11187
09/30/2016	11562	10829	11108
12/31/2016	13280	10506	11893
03/31/2017	12757	10592	11677
06/30/2017	11588	10745	11128
09/30/2017	11013	10836	10831
12/31/2017	10871	10879	10719
03/31/2018	10411	10720	10490
06/30/2018	11566	10703	10993
09/30/2018	11785	10705	11069
12/31/2018	12144	10880	11190
03/31/2019	12572	11200	11320
06/30/2019	12425	11545	11186
09/30/2019	13419	11807	11564
12/31/2019	12750	11828	11216
03/31/2020	13376	12200	11525
06/30/2020	12958	12554	11332
09/30/2020	12036	12632	10925
12/31/2020	11006	12716	10465
03/31/2021	11790	12287	10848
06/30/2021	11523	12512	10756
09/30/2021	11951	12518	10965
12/31/2021	12239	12520	11132
03/31/2022	12803	11777	11439
06/30/2022	14382	11224	12182
09/30/2022	16604	10691	13046
12/31/2022	14219	10891	12046
03/31/2023	14128	11214	11928
06/30/2023	14441	11119	11975
09/30/2023	15610	10760	12354
12/31/2023	14421	11493	11791
03/31/2024	15590	11404	12165
06/30/2024	16216	11411	12319
09/30/2024	14927	12004	11727

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	-4.25%	-4.38%	2.15%	4.09%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
U.S. Dollar Index	-3.61%	-5.08%	0.28%	1.61%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$2,306,570
Total Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Strengthening Dollar 2x Strategy Fund   |   Class H   |   RYSBX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S. Dollar Index Currency Futures Contracts	170.0%
U.S. Dollar Index Swap Agreements	27.7%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYSBX-093024

Guggenheim Investments 2

Weakening Dollar 2x Strategy Fund

Class A | RYWDX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$102	1.96%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 7.21%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -3.61% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

No currency contributed to the return of the U.S. Dollar Index (the "Index") for the period. The currencies detracting the least were the Canadian dollar, Swedish krona, and Swiss Franc. Those that detracted the most were the euro, Japanese yen, and British pound. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Weakening Dollar 2x Strategy Fund (Class A)‡	Bloomberg U.S. Aggregate Bond Index	U.S. Dollar Index
09/30/2014	9527	10000	10000
12/31/2014	8606	10179	10504
03/31/2015	7236	10343	11445
06/30/2015	7660	10169	11111
09/30/2015	7518	10294	11211
12/31/2015	7119	10235	11477
03/31/2016	7709	10546	11007
06/30/2016	7445	10779	11187
09/30/2016	7488	10829	11108
12/31/2016	6452	10506	11893
03/31/2017	6653	10592	11677
06/30/2017	7276	10745	11128
09/30/2017	7605	10836	10831
12/31/2017	7669	10879	10719
03/31/2018	7951	10720	10490
06/30/2018	7138	10703	10993
09/30/2018	6987	10705	11069
12/31/2018	6762	10880	11190
03/31/2019	6525	11200	11320
06/30/2019	6608	11545	11186
09/30/2019	6111	11807	11564
12/31/2019	6417	11828	11216
03/31/2020	5942	12200	11525
06/30/2020	6115	12554	11332
09/30/2020	6551	12632	10925
12/31/2020	7097	12716	10465
03/31/2021	6556	12287	10848
06/30/2021	6641	12512	10756
09/30/2021	6343	12518	10965
12/31/2021	6102	12520	11132
03/31/2022	5708	11777	11439
06/30/2022	4975	11224	12182
09/30/2022	4278	10691	13046
12/31/2022	4974	10891	12046
03/31/2023	5038	11214	11928
06/30/2023	4989	11119	11975
09/30/2023	4681	10760	12354
12/31/2023	5117	11493	11791
03/31/2024	4803	11404	12165
06/30/2024	4681	11411	12319
09/30/2024	5150	12004	11727

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class A (without sales charge)	7.21%	10.02%	-3.37%	-5.97%
Class A (with sales charge)‡	2.12%	4.79%	-4.30%	-6.42%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
U.S. Dollar Index	-3.61%	-5.08%	0.28%	1.61%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,369,895
Total Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments 1

Weakening Dollar 2x Strategy Fund   |   Class A   |   RYWDX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S. Dollar Index Swap Agreements Short Sales	-80.7%
U.S. Dollar Index Currency Futures Contracts Short Sales	-117.4%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWDX-093024

Guggenheim Investments 2

Weakening Dollar 2x Strategy Fund

Class C | RYWJX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$147	2.84%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 6.79%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -3.61% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

No currency contributed to the return of the U.S. Dollar Index (the "Index") for the period. The currencies detracting the least were the Canadian dollar, Swedish krona, and Swiss Franc. Those that detracted the most were the euro, Japanese yen, and British pound. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Weakening Dollar 2x Strategy Fund (Class C)	Bloomberg U.S. Aggregate Bond Index	U.S. Dollar Index
09/30/2014	10000	10000	10000
12/31/2014	9006	10179	10504
03/31/2015	7565	10343	11445
06/30/2015	7992	10169	11111
09/30/2015	7831	10294	11211
12/31/2015	7404	10235	11477
03/31/2016	7999	10546	11007
06/30/2016	7712	10779	11187
09/30/2016	7733	10829	11108
12/31/2016	6653	10506	11893
03/31/2017	6847	10592	11677
06/30/2017	7476	10745	11128
09/30/2017	7800	10836	10831
12/31/2017	7849	10879	10719
03/31/2018	8125	10720	10490
06/30/2018	7279	10703	10993
09/30/2018	7112	10705	11069
12/31/2018	6870	10880	11190
03/31/2019	6618	11200	11320
06/30/2019	6688	11545	11186
09/30/2019	6173	11807	11564
12/31/2019	6469	11828	11216
03/31/2020	5979	12200	11525
06/30/2020	6140	12554	11332
09/30/2020	6567	12632	10925
12/31/2020	7099	12716	10465
03/31/2021	6547	12287	10848
06/30/2021	6619	12512	10756
09/30/2021	6310	12518	10965
12/31/2021	6060	12520	11132
03/31/2022	5658	11777	11439
06/30/2022	4923	11224	12182
09/30/2022	4225	10691	13046
12/31/2022	4903	10891	12046
03/31/2023	4957	11214	11928
06/30/2023	4900	11119	11975
09/30/2023	4588	10760	12354
12/31/2023	5003	11493	11791
03/31/2024	4684	11404	12165
06/30/2024	4556	11411	12319
09/30/2024	5002	12004	11727

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class C (without CDSC)	6.79%	9.03%	-4.12%	-6.69%
Class C (with CDSC)§	5.79%	8.03%	-4.12%	-6.69%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
U.S. Dollar Index	-3.61%	-5.08%	0.28%	1.61%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,369,895
Total Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments 1

Weakening Dollar 2x Strategy Fund   |   Class C   |   RYWJX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S. Dollar Index Swap Agreements Short Sales	-80.7%
U.S. Dollar Index Currency Futures Contracts Short Sales	-117.4%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWJX-093024

Guggenheim Investments 2

Weakening Dollar 2x Strategy Fund

Class H | RYWBX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$101	1.94%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 7.22%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned 5.26% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -3.61% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

What factors materially affected the fund's performance over the last six months?

No currency contributed to the return of the U.S. Dollar Index (the "Index") for the period. The currencies detracting the least were the Canadian dollar, Swedish krona, and Swiss Franc. Those that detracted the most were the euro, Japanese yen, and British pound. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Weakening Dollar 2x Strategy Fund (Class H)	Bloomberg U.S. Aggregate Bond Index	U.S. Dollar Index
09/30/2014	10000	10000	10000
12/31/2014	9025	10179	10504
03/31/2015	7598	10343	11445
06/30/2015	8037	10169	11111
09/30/2015	7889	10294	11211
12/31/2015	7476	10235	11477
03/31/2016	8096	10546	11007
06/30/2016	7818	10779	11187
09/30/2016	7857	10829	11108
12/31/2016	6773	10506	11893
03/31/2017	6984	10592	11677
06/30/2017	7639	10745	11128
09/30/2017	7986	10836	10831
12/31/2017	8051	10879	10719
03/31/2018	8349	10720	10490
06/30/2018	7495	10703	10993
09/30/2018	7337	10705	11069
12/31/2018	7099	10880	11190
03/31/2019	6851	11200	11320
06/30/2019	6937	11545	11186
09/30/2019	6415	11807	11564
12/31/2019	6734	11828	11216
03/31/2020	6236	12200	11525
06/30/2020	6417	12554	11332
09/30/2020	6872	12632	10925
12/31/2020	7445	12716	10465
03/31/2021	6877	12287	10848
06/30/2021	6968	12512	10756
09/30/2021	6653	12518	10965
12/31/2021	6402	12520	11132
03/31/2022	5988	11777	11439
06/30/2022	5219	11224	12182
09/30/2022	4488	10691	13046
12/31/2022	5218	10891	12046
03/31/2023	5285	11214	11928
06/30/2023	5234	11119	11975
09/30/2023	4911	10760	12354
12/31/2023	5369	11493	11791
03/31/2024	5040	11404	12165
06/30/2024	4911	11411	12319
09/30/2024	5404	12004	11727

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
Class H	7.22%	10.03%	-3.37%	-5.97%
Bloomberg U.S. Aggregate Bond Index	5.26%	11.57%	0.33%	1.84%
U.S. Dollar Index	-3.61%	-5.08%	0.28%	1.61%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$1,369,895
Total Number of Portfolio Holdings	5
Portfolio Turnover Rate	0%

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

†

6 month returns are not annualized.

Guggenheim Investments 1

Weakening Dollar 2x Strategy Fund   |   Class H   |   RYWBX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
U.S. Dollar Index Swap Agreements Short Sales	-80.7%
U.S. Dollar Index Currency Futures Contracts Short Sales	-117.4%

¹ "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts.

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYWBX-093024

Guggenheim Investments 2

U.S. Government Money Market Fund

Money Market Class | RYFXX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the U.S. Government Money Market Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at GuggenheimInvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Money Market Class	$52	1.03%2

1	Excludes expenses of the underlying funds in which the fund invests, if any.
2	Annualized.

How did the fund perform over the last six months?*

For the period of April 1, 2024 to September 30, 2024, the fund (Money Market Class shares) returned 2.19%.

What factors materially affected the fund's performance over the last six months?

Yields of U.S. Treasuries generally fell during the reporting period. Inflation moderated over the period, except for the housing sector, amid steady economic growth, which led the U.S. Federal Reserve (the "Fed") to cut its key lending rate of a half percentage point to a range of 4.75–5.00 percent in late September. The Fed released an updated Summary of Economic Projections ("SEP") report which lays out where committee members anticipate interest rates, economic growth, unemployment, and inflation are headed over the next couple years. According to the so-called "dot plot" within the report, the committee anticipates potentially cutting rates by up to another 150 basis points by the end of next year.

Average Annual Total Returns* as of 9.30.24

	6 Month†	One Year	Five Years	Ten Years
U.S. Government Money Market Fund	2.19%	4.41%	1.74%	1.07%

The fund's past performance is not a good predictor of the fund's future performance. Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

Fund Statistics as of 9.30.24

Net Assets	$276,711,294
Total Number of Portfolio Holdings	22

*

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

†

6 month returns are not annualized.

Guggenheim Investments 1

U.S. Government Money Market Fund   |   Money Market Class   |   RYFXX Semi-Annual Shareholder Report   |   September 30, 2024

What did the fund invest in?

Holdings Diversification (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Federal Home Loan Bank - FADN	11.4%
Federal Home Loan Bank - FAN	22.6%
Federal Farm Credit Bank - FAN	8.4%
Freddie Mac - FAN	2.9%
Repurchase Agreements	26.4%
U.S. Government Securities	9.0%
U.S. Treasury Bills	8.7%

What changes in or disagreements with accountants occurred?

There were no changes in or disagreements with fund accountants for the period.

Availability of Additional Information. For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYFXX-093024

Guggenheim Investments 2

(b) Not applicable

Item 2. Code of Ethics.

Not required at this time.

Item 3. Audit Committee Financial Expert.

Not required at this time.

Item 4. Principal Accountant Fees and Services.

Not required at this time.

Item 5. Audit Committee of Listed Registrants.

Not required at this time.

Item 6. Investments.

(a) The Schedule of Investments is included under Item 7 of this Form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

9.30.2024

Rydex Funds Semi-Annual Financial Report

Sector Funds	Domestic Equity Funds
Banking Fund	Dow Jones Industrial Average® Fund
Basic Materials Fund	Nova Fund
Biotechnology Fund	S&P 500® Fund
Consumer Products Fund	Inverse S&P 500® Strategy Fund
Electronics Fund	Monthly Rebalance NASDAQ-100® 2x Strategy Fund
Energy Fund	NASDAQ-100® Fund
Energy Services Fund	Inverse NASDAQ-100® Strategy Fund
Financial Services Fund	Mid-Cap 1.5x Strategy Fund
Health Care Fund	Inverse Mid-Cap Strategy Fund
Internet Fund	Russell 2000® 1.5x Strategy Fund
Leisure Fund	Russell 2000® Fund
Precious Metals Fund	Inverse Russell 2000® Strategy Fund
Real Estate Fund	S&P 500® Pure Growth Fund
Retailing Fund	S&P 500® Pure Value Fund
Technology Fund	S&P MidCap 400® Pure Growth Fund
Telecommunications Fund	S&P MidCap 400® Pure Value Fund
Transportation Fund	S&P SmallCap 600® Pure Growth Fund
Utilities Fund	S&P SmallCap 600® Pure Value Fund
Fixed Income Funds	International Equity Funds
Emerging Markets Bond Strategy Fund	Emerging Markets 2x Strategy Fund
Government Long Bond 1.2x Strategy Fund	Inverse Emerging Markets 2x Strategy Fund
Inverse Government Long Bond Strategy Fund	Europe 1.25x Strategy Fund
High Yield Strategy Fund	Japan 2x Strategy Fund
Inverse High Yield Strategy Fund
Specialty Funds	Money Market Fund
Strengthening Dollar 2x Strategy Fund	U.S. Government Money Market Fund
Weakening Dollar 2x Strategy Fund

GuggenheimInvestments.com

This report and the financial statements contained herein are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

Distributed by Guggenheim Funds Distributors, LLC.

TABLE OF CONTENTS

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Financial Report)
BANKING FUND	3
BASIC MATERIALS FUND	10
BIOTECHNOLOGY FUND	17
CONSUMER PRODUCTS FUND	24
ELECTRONICS FUND	31
ENERGY FUND	38
ENERGY SERVICES FUND	45
FINANCIAL SERVICES FUND	52
HEALTH CARE FUND	60
INTERNET FUND	68
LEISURE FUND	75
PRECIOUS METALS FUND	82
REAL ESTATE FUND	89
RETAILING FUND	96
TECHNOLOGY FUND	103
TELECOMMUNICATIONS FUND	111
TRANSPORTATION FUND	118
UTILITIES FUND	125
DOW JONES INDUSTRIAL AVERAGE® FUND	132
NOVA FUND	139
S&P 500® FUND	152
INVERSE S&P 500® STRATEGY FUND	163
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND	171
NASDAQ-100® FUND	179
INVERSE NASDAQ-100® STRATEGY FUND	188
MID-CAP 1.5x STRATEGY FUND	196
INVERSE MID-CAP STRATEGY FUND	206
RUSSELL 2000® 1.5x STRATEGY FUND	212
RUSSELL 2000® FUND	237
INVERSE RUSSELL 2000® STRATEGY FUND	262
S&P 500® PURE GROWTH FUND	268
S&P 500® PURE VALUE FUND	274
S&P MIDCAP 400® PURE GROWTH FUND	280
S&P MIDCAP 400® PURE VALUE FUND	286
S&P SMALLCAP 600® PURE GROWTH FUND	292
S&P SMALLCAP 600® PURE VALUE FUND	299
EMERGING MARKETS BOND STRATEGY FUND	306

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 1

TABLE OF CONTENTS (concluded)

GOVERNMENT LONG BOND 1.2x STRATEGY FUND	312
INVERSE GOVERNMENT LONG BOND STRATEGY FUND	319
HIGH YIELD STRATEGY FUND	327
INVERSE HIGH YIELD STRATEGY FUND	334
EMERGING MARKETS 2x STRATEGY FUND	340
INVERSE EMERGING MARKETS 2x STRATEGY FUND	347
EUROPE 1.25x STRATEGY FUND	353
JAPAN 2x STRATEGY FUND	360
STRENGTHENING DOLLAR 2x STRATEGY FUND	366
WEAKENING DOLLAR 2x STRATEGY FUND	372
U.S. GOVERNMENT MONEY MARKET FUND	378
NOTES TO FINANCIAL STATEMENTS	383
OTHER INFORMATION	409
ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES	411
ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES	412
ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES	413
ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT	414

2 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
BANKING FUND

	Shares		Value
COMMON STOCKS† - 98.5%
Banks - 91.7%
Citigroup, Inc.		3,351	$	209,773
Wells Fargo & Co.		3,589		202,743
JPMorgan Chase & Co.		936		197,365
Bank of America Corp.		4,932		195,702
PNC Financial Services Group, Inc.		902		166,735
U.S. Bancorp		3,565		163,027
Truist Financial Corp.		3,403		145,546
Bank of New York Mellon Corp.		1,957		140,630
NU Holdings Limited/Cayman Islands — Class A*		8,079		110,278
M&T Bank Corp.		602		107,228
Fifth Third Bancorp		2,442		104,615
State Street Corp.		1,113		98,467
Regions Financial Corp.		3,874		90,380
Huntington Bancshares, Inc.		6,036		88,729
Citizens Financial Group, Inc.		1,973		81,031
Northern Trust Corp.		898		80,847
KeyCorp		4,529		75,861
Toronto-Dominion Bank		1,118		70,725
ICICI Bank Ltd. ADR		2,348		70,088
HDFC Bank Ltd. ADR		1,109		69,379
East West Bancorp, Inc.		799		66,109
Bank of Nova Scotia1		1,122		61,138
Western Alliance Bancorporation		689		59,592
Webster Financial Corp.		1,191		55,513
Comerica, Inc.		922		55,237
Royal Bank of Canada		441		55,006
First Horizon Corp.		3,498		54,324
First Citizens BancShares, Inc. — Class A		29		53,388
SouthState Corp.		542		52,672
Popular, Inc.		517		51,840
Zions Bancorp North America		1,079		50,950
Cullen/Frost Bankers, Inc.		450		50,337
Commerce Bancshares, Inc.		838		49,777
Prosperity Bancshares, Inc.		681		49,080
Pinnacle Financial Partners, Inc.		497		48,691
Bank of Montreal		535		48,257
Synovus Financial Corp.		1,059		47,094
Old National Bancorp		2,499		46,631
Canadian Imperial Bank of Commerce		759		46,557
Columbia Banking System, Inc.		1,783		46,554
Cadence Bank		1,450		46,183
Barclays plc ADR		3,782		45,951
UBS Group AG		1,485		45,901
HSBC Holdings plc ADR1		998		45,100
FNB Corp.		3,059		43,163
Wintrust Financial Corp.		397		43,086
Home BancShares, Inc.		1,590		43,073
United Bankshares, Inc.		1,146		42,517
Bank OZK		984		42,302
First Financial Bankshares, Inc.		1,103		40,822
Hancock Whitney Corp.		796		40,731
UMB Financial Corp.		381		40,047
Valley National Bancorp		4,365		39,547
Ameris Bancorp		631		39,368
United Community Banks, Inc.		1,230		35,768
Texas Capital Bancshares, Inc.*		492		35,158
Fulton Financial Corp.		1,924		34,882
Associated Banc-Corp.		1,611		34,701
Eastern Bankshares, Inc.		2,109		34,567
Cathay General Bancorp		778		33,415
First Hawaiian, Inc.		1,425		32,989
First Interstate BancSystem, Inc. — Class A		1,036		31,784
Simmons First National Corp. — Class A		1,467		31,599
Bancorp, Inc.*		586		31,351
CVB Financial Corp.		1,675		29,849
Bank of Hawaii Corp.		473		29,690
Banco Bradesco S.A. ADR		10,890		28,967
Seacoast Banking Corporation of Florida		1,069		28,489
International Bancshares Corp.		446		26,666
BOK Financial Corp.		213		22,284
Independent Bank Corp.		372		21,996
Total Banks				4,639,842
Savings & Loans - 3.9%
New York Community Bancorp, Inc.		3,305		37,115
Axos Financial, Inc.*		563		35,401
WSFS Financial Corp.		647		32,991
WaFd, Inc.		914		31,853
Pacific Premier Bancorp, Inc.		1,206		30,343
Banc of California, Inc.		1,879		27,678
Total Savings & Loans				195,381
Diversified Financial Services - 2.9%
Capital One Financial Corp.		981		146,885
Total Common Stocks
(Cost $3,165,433)				4,982,108
PREFERRED STOCKS† - 1.0%
Financial - 1.0%
Itau Unibanco Holding S.A.
ADR		7,763		51,624
Total Preferred Stocks
(Cost $36,959)				51,624
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.0%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	1,034		1,034
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		854		854
Total Repurchase Agreements
(Cost $1,888)				1,888

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 3

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
BANKING FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 1.4%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		69,753	$	69,753
Total Securities Lending Collateral
(Cost $69,753)				69,753
Total Investments - 100.9%
(Cost $3,274,033)			$	5,105,373
Other Assets & Liabilities, net - (0.9)%				(43,510	)
Total Net Assets - 100.0%			$	5,061,863

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	4,982,108	$	—	$	—	$	4,982,108
Preferred Stocks		51,624		—		—		51,624
Repurchase Agreements		—		1,888		—		1,888
Securities Lending Collateral		69,753		—		—		69,753
Total Assets	$	5,103,485	$	1,888	$	—	$	5,105,373

4 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

BANKING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $67,855 of securities loaned (cost $3,272,145)	$	5,103,485
Repurchase agreements, at value (cost $1,888)		1,888
Cash		458
Receivables:
Fund shares sold		410,557
Dividends		13,886
Foreign tax reclaims		1,188
Securities lending income		5
Total assets		5,531,467
Liabilities:
Payable for:
Securities purchased		371,987
Return of securities lending collateral		69,753
Fund shares redeemed		14,817
Transfer agent fees		3,807
Management fees		3,240
Distribution and service fees		695
Portfolio accounting and administration fees		391
Trustees’ fees*		70
Miscellaneous		4,844
Total liabilities		469,604
Net assets	$	5,061,863
Net assets consist of:
Paid in capital	$	13,099,966
Total distributable earnings (loss)		(8,038,103	)
Net assets	$	5,061,863
Investor Class:
Net assets	$	2,282,120
Capital shares outstanding		23,342
Net asset value per share	$	97.77
Class A:
Net assets	$	2,370,822
Capital shares outstanding		27,446
Net asset value per share	$	86.38
Maximum offering price per share (Net asset value divided by 95.25%)	$	90.69
Class C:
Net assets	$	212,352
Capital shares outstanding		2,914
Net asset value per share	$	72.87
Class H:
Net assets	$	196,569
Capital shares outstanding		2,344
Net asset value per share	$	83.86

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $4,837)	$	263,012
Interest		2,044
Income from securities lending, net		605
Total investment income		265,661
Expenses:
Management fees		67,065
Distribution and service fees:
Class A		2,920
Class C		1,374
Class H		308
Transfer agent fees		15,618
Portfolio accounting and administration fees		12,039
Professional fees		5,691
Trustees’ fees*		1,198
Custodian fees		1,047
Line of credit fees		157
Miscellaneous		7,169
Total expenses		114,586
Less:
Expenses reimbursed by Adviser		(3,941	)
Net expenses		110,645
Net investment income		155,016
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,276,637
Net realized gain		1,276,637
Net change in unrealized appreciation (depreciation) on:
Investments		(1,299,798	)
Net change in unrealized appreciation (depreciation)		(1,299,798	)
Net realized and unrealized loss		(23,161	)
Net increase in net assets resulting from operations	$	131,855

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 5

BANKING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	155,016		$	291,615
Net realized gain on investments		1,276,637			271,737
Net change in unrealized appreciation (depreciation) on investments		(1,299,798	)		2,440,315
Net increase in net assets resulting from operations		131,855			3,003,667
Distributions to shareholders:
Investor Class		—			(68,740	)
Class A		—			(46,546	)
Class C		—			(5,758	)
Class H		—			(3,113	)
Total distributions to shareholders		—			(124,157	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		16,620,808			49,655,248
Class A		635,809			3,251,051
Class C		42,994			77,970
Class H		275,647			417,622
Distributions reinvested
Investor Class		—			67,792
Class A		—			46,127
Class C		—			5,758
Class H		—			3,067
Cost of shares redeemed
Investor Class		(37,705,860	)		(29,991,468	)
Class A		(958,542	)		(4,243,656	)
Class C		(162,184	)		(653,022	)
Class H		(328,514	)		(324,799	)
Net increase (decrease) from capital share transactions		(21,579,842	)		18,311,690
Net increase (decrease) in net assets		(21,447,987	)		21,191,200
Net assets:
Beginning of period		26,509,850			5,318,650
End of period	$	5,061,863		$	26,509,850
Capital share activity:
Shares sold
Investor Class		183,527			632,229
Class A		8,004			50,010
Class C		631			1,375
Class H		3,462			6,000
Shares issued from reinvestment of distributions
Investor Class		—			864
Class A		—			664
Class C		—			98
Class H		—			45
Shares redeemed
Investor Class		(426,816	)		(388,185	)
Class A		(12,173	)		(64,468	)
Class C		(2,385	)		(12,251	)
Class H		(4,250	)		(4,785	)
Net increase (decrease) in shares		(250,000	)		221,596

6 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

BANKING FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	88.13		$	70.50		$	99.66		$	95.71		$	51.83		$	74.58
Income (loss) from investment operations:
Net investment income (loss)b		.90			1.96			1.43			1.03			1.25			1.14
Net gain (loss) on investments (realized and unrealized)		8.74	e		16.90			(28.00	)		3.42			44.89			(23.38	)
Total from investment operations		9.64			18.86			(26.57	)		4.45			46.14			(22.24	)
Less distributions from:
Net investment income		—			(1.23	)		(2.59	)		(.50	)		(2.26	)		(.51	)
Total distributions		—			(1.23	)		(2.59	)		(.50	)		(2.26	)		(.51	)
Net asset value, end of period	$	97.77		$	88.13		$	70.50		$	99.66		$	95.71		$	51.83
Total Return		10.94	%		26.99	%		(27.01	%)		4.62	%		90.06	%		(30.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,282		$	23,499		$	1,531		$	4,239		$	9,027		$	17,507
Ratios to average net assets:
Net investment income (loss)		2.08	%		2.46	%		1.62	%		1.02	%		1.79	%		1.47	%
Total expenses		1.39	%		1.43	%		1.40	%		1.36	%		1.43	%		1.48	%
Net expensesc		1.34	%		1.39	%		1.40	%		1.36	%		1.43	%		1.48	%
Portfolio turnover rate		76	%		233	%		384	%		501	%		799	%		360	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	77.97		$	62.66		$	89.12		$	85.85		$	46.98		$	67.81
Income (loss) from investment operations:
Net investment income (loss)b		.61			1.49			1.08			.71			1.02			.87
Net gain (loss) on investments (realized and unrealized)		7.80	e		15.05			(24.95	)		3.06			40.11			(21.19	)
Total from investment operations		8.41			16.54			(23.87	)		3.77			41.13			(20.32	)
Less distributions from:
Net investment income		—			(1.23	)		(2.59	)		(.50	)		(2.26	)		(.51	)
Total distributions		—			(1.23	)		(2.59	)		(.50	)		(2.26	)		(.51	)
Net asset value, end of period	$	86.38		$	77.97		$	62.66		$	89.12		$	85.85		$	46.98
Total Returnd		10.79	%		26.66	%		(27.18	%)		4.36	%		88.72	%		(30.25	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,371		$	2,465		$	2,845		$	4,591		$	4,050		$	2,789
Ratios to average net assets:
Net investment income (loss)		1.53	%		2.25	%		1.38	%		0.77	%		1.67	%		1.23	%
Total expenses		1.67	%		1.69	%		1.65	%		1.61	%		1.69	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.65	%		1.61	%		1.69	%		1.73	%
Portfolio turnover rate		76	%		233	%		384	%		501	%		799	%		360	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 7

BANKING 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	66.03		$	53.62		$	77.28		$	75.07		$	41.57		$	60.51
Income (loss) from investment operations:
Net investment income (loss)b		.26			.85			.41			.03			.49			.31
Net gain (loss) on investments (realized and unrealized)		6.58	e		12.79			(21.48	)		2.68			35.27			(18.74	)
Total from investment operations		6.84			13.64			(21.07	)		2.71			35.76			(18.43	)
Less distributions from:
Net investment income		—			(1.23	)		(2.59	)		(.50	)		(2.26	)		(.51	)
Total distributions		—			(1.23	)		(2.59	)		(.50	)		(2.26	)		(.51	)
Net asset value, end of period	$	72.87		$	66.03		$	53.62		$	77.28		$	75.07		$	41.57
Total Returnd		10.36	%		25.72	%		(27.73	%)		3.58	%		87.34	%		(30.78	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	212		$	308		$	828		$	2,010		$	892		$	764
Ratios to average net assets:
Net investment income (loss)		0.78	%		1.54	%		0.61	%		0.03	%		0.93	%		0.49	%
Total expenses		2.42	%		2.43	%		2.40	%		2.36	%		2.45	%		2.48	%
Net expensesc		2.37	%		2.41	%		2.40	%		2.36	%		2.45	%		2.48	%
Portfolio turnover rate		76	%		233	%		384	%		501	%		799	%		360	%

8 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	75.71		$	60.85		$	86.66		$	83.48		$	45.73		$	66.00
Income (loss) from investment operations:
Net investment income (loss)b		.61			1.47			.91			.63			.85			.74
Net gain (loss) on investments (realized and unrealized)		7.54	e		14.62			(24.13	)		3.05			39.16			(20.50	)
Total from investment operations		8.15			16.09			(23.22	)		3.68			40.01			(19.76	)
Less distributions from:
Net investment income		—			(1.23	)		(2.59	)		(.50	)		(2.26	)		(.51	)
Total distributions		—			(1.23	)		(2.59	)		(.50	)		(2.26	)		(.51	)
Net asset value, end of period	$	83.86		$	75.71		$	60.85		$	86.66		$	83.48		$	45.73
Total Return		10.76	%		26.66	%		(27.18	%)		4.38	%		88.66	%		(30.24	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	197		$	237		$	114		$	2,316		$	4,601		$	162
Ratios to average net assets:
Net investment income (loss)		1.57	%		2.23	%		1.16	%		0.71	%		1.15	%		1.02	%
Total expenses		1.68	%		1.69	%		1.65	%		1.60	%		1.63	%		1.74	%
Net expensesc		1.63	%		1.65	%		1.65	%		1.60	%		1.63	%		1.74	%
Portfolio turnover rate		76	%		233	%		384	%		501	%		799	%		360	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
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 period 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 FINANCIAL REPORT | 9

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
BASIC MATERIALS FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Chemicals - 36.1%
Linde plc		2,610	$	1,244,605
Sherwin-Williams Co.		2,044		780,133
Air Products and Chemicals, Inc.		2,329		693,436
Ecolab, Inc.		2,589		661,049
Dow, Inc.		9,696		529,692
DuPont de Nemours, Inc.		5,513		491,263
PPG Industries, Inc.		3,544		469,438
International Flavors & Fragrances, Inc.		4,056		425,596
LyondellBasell Industries N.V. — Class A		4,296		411,986
Celanese Corp. — Class A		2,463		334,870
CF Industries Holdings, Inc.		3,874		332,389
RPM International, Inc.		2,659		321,739
Nutrien Ltd.		6,610		317,677
Eastman Chemical Co.		2,798		313,236
Albemarle Corp.		2,988		282,994
Mosaic Co.		9,060		242,627
FMC Corp.		3,668		241,868
Axalta Coating Systems Ltd.*		6,471		234,186
Element Solutions, Inc.		7,645		207,638
Cabot Corp.		1,856		207,445
Olin Corp.		4,288		205,738
Westlake Corp.		1,308		196,579
Huntsman Corp.		7,053		170,683
Ashland, Inc.		1,946		169,244
Chemours Co.		7,534		153,091
Balchem Corp.		849		149,424
Arcadium Lithium plc*		41,507		118,295
Innospec, Inc.		996		112,638
Total Chemicals				10,019,559
Mining - 23.1%
Freeport-McMoRan, Inc.		14,854		741,512
Newmont Corp.		11,817		631,619
Barrick Gold Corp.		20,465		407,049
Rio Tinto plc ADR		5,166		367,664
BHP Group Ltd. ADR1		5,755		357,443
Agnico Eagle Mines Ltd.		4,026		324,335
Gold Fields Ltd. ADR		19,114		293,400
Wheaton Precious Metals Corp.		4,757		290,558
Pan American Silver Corp.		13,902		290,135
Southern Copper Corp.		2,391		276,567
Alcoa Corp.		7,135		275,268
Kinross Gold Corp.		29,348		274,697
Franco-Nevada Corp.		2,178		270,616
Alamos Gold, Inc. — Class A		12,903		257,286
Anglogold Ashanti plc1		9,403		250,402
Royal Gold, Inc.		1,725		242,018
B2Gold Corp.		73,825		227,381
Hecla Mining Co.		24,344		162,374
MP Materials Corp.*,1		7,699		135,887
Coeur Mining, Inc.*		17,755		122,154
SSR Mining, Inc.*		14,808		84,109
Century Aluminum Co.*		4,947		80,290
Kaiser Aluminum Corp.		602		43,657
Total Mining				6,406,421
Packaging & Containers - 11.4%
Smurfit WestRock plc		8,208		405,639
Ball Corp.		5,534		375,814
Packaging Corporation of America		1,691		364,241
Amcor plc		27,245		308,686
Crown Holdings, Inc.		2,968		284,572
AptarGroup, Inc.		1,699		272,163
Graphic Packaging Holding Co.		8,190		242,342
Berry Global Group, Inc.		3,328		226,237
Sealed Air Corp.		5,341		193,878
Sonoco Products Co.		3,454		188,692
Silgan Holdings, Inc.		3,287		172,568
O-I Glass, Inc.*		9,063		118,907
Total Packaging & Containers				3,153,739
Iron & Steel - 11.1%
Nucor Corp.		3,328		500,331
Vale S.A. ADR		38,488		449,540
Steel Dynamics, Inc.		2,939		370,549
Reliance, Inc.		1,148		332,013
ArcelorMittal S.A.		11,796		309,763
Carpenter Technology Corp.		1,501		239,529
ATI, Inc.*		3,537		236,661
United States Steel Corp.		6,105		215,690
Commercial Metals Co.		3,887		213,629
Cleveland-Cliffs, Inc.*		16,262		207,666
Total Iron & Steel				3,075,371
Building Materials - 9.7%
CRH plc*		7,194		667,172
Vulcan Materials Co.		1,897		475,066
Martin Marietta Materials, Inc.		880		473,660
Cemex SAB de CV ADR		46,171		281,643
Eagle Materials, Inc.		888		255,433
Louisiana-Pacific Corp.		2,113		227,063
Summit Materials, Inc. — Class A*		4,584		178,914
Aspen Aerogels, Inc.*		4,448		123,165
Total Building Materials				2,682,116
Coal - 2.7%
Teck Resources Ltd. — Class B		7,390		386,054
Warrior Met Coal, Inc.		2,401		153,424
Arch Resources, Inc.		934		129,041
Alpha Metallurgical Resources, Inc.*		378		89,276
Total Coal				757,795
Biotechnology - 1.9%
Corteva, Inc.		8,991		528,581
Household Products & Housewares - 1.2%
Avery Dennison Corp.		1,557		343,723
Forest Products & Paper - 1.2%
International Paper Co.		6,942		339,117

10 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
BASIC MATERIALS FUND

	Shares		Value
Housewares - 0.7%
Scotts Miracle-Gro Co. — Class A		2,062	$	178,775
Environmental Control - 0.3%
PureCycle Technologies, Inc.*,1		10,422		99,009
Total Common Stocks
(Cost $15,496,025)				27,584,206
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	89,076		89,076
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		73,572		73,572
Total Repurchase Agreements
(Cost $162,648)				162,648
SECURITIES LENDING COLLATERAL†,3 - 2.4%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		654,014	$	654,014
Total Securities Lending Collateral
(Cost $654,014)				654,014
Total Investments - 102.4%
(Cost $16,312,687)			$	28,400,868
Other Assets & Liabilities, net - (2.4)%				(658,254	)
Total Net Assets - 100.0%			$	27,742,614

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	27,584,206	$	—	$	—	$	27,584,206
Repurchase Agreements		—		162,648		—		162,648
Securities Lending Collateral		654,014		—		—		654,014
Total Assets	$	28,238,220	$	162,648	$	—	$	28,400,868

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 11

BASIC MATERIALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $625,216 of securities loaned (cost $16,150,039)	$	28,238,220
Repurchase agreements, at value (cost $162,648)		162,648
Cash		2,707
Receivables:
Fund shares sold		261,663
Dividends		26,122
Securities lending income		763
Foreign tax reclaims		600
Interest		22
Total assets		28,692,745
Liabilities:
Payable for:
Return of securities lending collateral		654,014
Securities purchased		198,497
Fund shares redeemed		47,352
Management fees		17,322
Transfer agent fees		11,906
Distribution and service fees		2,478
Portfolio accounting and administration fees		2,091
Trustees’ fees*		238
Miscellaneous		16,233
Total liabilities		950,131
Net assets	$	27,742,614
Net assets consist of:
Paid in capital	$	16,761,895
Total distributable earnings (loss)		10,980,719
Net assets	$	27,742,614
Investor Class:
Net assets	$	18,212,039
Capital shares outstanding		200,632
Net asset value per share	$	90.77
Class A:
Net assets	$	7,068,455
Capital shares outstanding		85,285
Net asset value per share	$	82.88
Maximum offering price per share (Net asset value divided by 95.25%)	$	87.01
Class C:
Net assets	$	1,271,610
Capital shares outstanding		18,601
Net asset value per share	$	68.36
Class H:
Net assets	$	1,190,510
Capital shares outstanding		14,890
Net asset value per share	$	79.95

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $7,004)	$	261,239
Interest		3,473
Income from securities lending, net		8,015
Total investment income		272,727
Expenses:
Management fees		121,977
Distribution and service fees:
Class A		8,739
Class C		7,080
Class H		1,372
Transfer agent fees		29,508
Portfolio accounting and administration fees		21,897
Registration fees		13,107
Professional fees		5,023
Custodian fees		1,845
Trustees’ fees*		1,607
Line of credit fees		35
Miscellaneous		8,243
Total expenses		220,433
Less:
Expenses reimbursed by Adviser		(7,169	)
Net expenses		213,264
Net investment income		59,463
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,308,568
Net realized gain		1,308,568
Net change in unrealized appreciation (depreciation) on:
Investments		13,424
Net change in unrealized appreciation (depreciation)		13,424
Net realized and unrealized gain		1,321,992
Net increase in net assets resulting from operations	$	1,381,455

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

12 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

BASIC MATERIALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	59,463		$	220,977
Net realized gain on investments		1,308,568			3,098,421
Net change in unrealized appreciation (depreciation) on investments		13,424			(1,001,241	)
Net increase in net assets resulting from operations		1,381,455			2,318,157
Distributions to shareholders:
Investor Class		—			(430,177	)
Class A		—			(163,593	)
Class C		—			(58,233	)
Class H		—			(29,080	)
Total distributions to shareholders		—			(681,083	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		7,751,187			15,390,212
Class A		934,608			1,725,949
Class C		55,285			348,442
Class H		174,129			68,201
Distributions reinvested
Investor Class		—			417,109
Class A		—			159,729
Class C		—			57,991
Class H		—			28,998
Cost of shares redeemed
Investor Class		(9,872,837	)		(20,690,843	)
Class A		(1,413,506	)		(2,660,085	)
Class C		(522,416	)		(1,389,009	)
Class H		(66,271	)		(690,092	)
Net decrease from capital share transactions		(2,959,821	)		(7,233,398	)
Net decrease in net assets		(1,578,366	)		(5,596,324	)
Net assets:
Beginning of period		29,320,980			34,917,304
End of period	$	27,742,614		$	29,320,980
Capital share activity:
Shares sold
Investor Class		90,902			192,395
Class A		11,909			23,750
Class C		849			5,700
Class H		2,271			972
Shares issued from reinvestment of distributions
Investor Class		—			5,424
Class A		—			2,270
Class C		—			993
Class H		—			427
Shares redeemed
Investor Class		(114,446	)		(260,804	)
Class A		(18,128	)		(36,612	)
Class C		(8,164	)		(23,075	)
Class H		(892	)		(9,742	)
Net decrease in shares		(35,699	)		(98,302	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 13

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	86.40		$	80.67		$	89.73		$	78.37		$	42.39		$	58.04
Income (loss) from investment operations:
Net investment income (loss)b		.22			.67			.89			.60			.43			.43
Net gain (loss) on investments (realized and unrealized)		4.15			6.81			(8.66	)		12.39			37.12			(13.42	)
Total from investment operations		4.37			7.48			(7.77	)		12.99			37.55			(12.99	)
Less distributions from:
Net investment income		—			(1.75	)		(1.29	)		—			(.54	)		(.90	)
Net realized gains		—			—			—			(1.63	)		(1.03	)		(1.76	)
Total distributions		—			(1.75	)		(1.29	)		(1.63	)		(1.57	)		(2.66	)
Net asset value, end of period	$	90.77		$	86.40		$	80.67		$	89.73		$	78.37		$	42.39
Total Return		5.06	%		9.55	%		(8.59	%)		16.72	%		89.00	%		(23.61	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	18,212		$	19,369		$	23,164		$	51,058		$	38,112		$	13,313
Ratios to average net assets:
Net investment income (loss)		0.52	%		0.85	%		1.11	%		0.71	%		0.67	%		0.74	%
Total expenses		1.42	%		1.43	%		1.39	%		1.36	%		1.43	%		1.48	%
Net expensesc		1.37	%		1.40	%		1.39	%		1.36	%		1.43	%		1.48	%
Portfolio turnover rate		27	%		49	%		126	%		169	%		162	%		67	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	78.99		$	74.08		$	82.73		$	72.55		$	39.41		$	54.27
Income (loss) from investment operations:
Net investment income (loss)b		.12			.46			.56			.35			.25			.26
Net gain (loss) on investments (realized and unrealized)		3.77			6.20			(7.92	)		11.46			34.46			(12.46	)
Total from investment operations		3.89			6.66			(7.36	)		11.81			34.71			(12.20	)
Less distributions from:
Net investment income		—			(1.75	)		(1.29	)		—			(.54	)		(.90	)
Net realized gains		—			—			—			(1.63	)		(1.03	)		(1.76	)
Total distributions		—			(1.75	)		(1.29	)		(1.63	)		(1.57	)		(2.66	)
Net asset value, end of period	$	82.88		$	78.99		$	74.08		$	82.73		$	72.55		$	39.41
Total Returnd		4.92	%		9.29	%		(8.83	%)		16.43	%		88.52	%		(23.80	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,068		$	7,228		$	7,563		$	7,506		$	5,599		$	2,966
Ratios to average net assets:
Net investment income (loss)		0.32	%		0.63	%		0.77	%		0.45	%		0.44	%		0.48	%
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.69	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.69	%		1.73	%
Portfolio turnover rate		27	%		49	%		126	%		169	%		162	%		67	%

14 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

BASIC MATERIALS 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	65.40		$	62.10		$	70.12		$	62.18		$	34.17		$	47.73
Income (loss) from investment operations:
Net investment income (loss)b		(.15	)		(.11	)		—	e		(.18	)		(.17	)		(.11	)
Net gain (loss) on investments (realized and unrealized)		3.11			5.16			(6.73	)		9.75			29.75			(10.79	)
Total from investment operations		2.96			5.05			(6.73	)		9.57			29.58			(10.90	)
Less distributions from:
Net investment income		—			(1.75	)		(1.29	)		—			(.54	)		(.90	)
Net realized gains		—			—			—			(1.63	)		(1.03	)		(1.76	)
Total distributions		—			(1.75	)		(1.29	)		(1.63	)		(1.57	)		(2.66	)
Net asset value, end of period	$	68.36		$	65.40		$	62.10		$	70.12		$	62.18		$	34.17
Total Returnd		4.53	%		8.47	%		(9.51	%)		15.57	%		87.07	%		(24.35	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,272		$	1,695		$	2,627		$	3,839		$	2,534		$	1,526
Ratios to average net assets:
Net investment income (loss)		(0.47	%)		(0.18	%)		—	f		(0.27	%)		(0.34	%)		(0.23	%)
Total expenses		2.41	%		2.43	%		2.39	%		2.36	%		2.44	%		2.47	%
Net expensesc		2.36	%		2.40	%		2.39	%		2.36	%		2.44	%		2.47	%
Portfolio turnover rate		27	%		49	%		126	%		169	%		162	%		67	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 15

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	76.20		$	71.53		$	79.95		$	70.17		$	38.15		$	52.62
Income (loss) from investment operations:
Net investment income (loss)b		.13			.41			.28			.56			.19			.27
Net gain (loss) on investments (realized and unrealized)		3.62			6.01			(7.41	)		10.85			33.40			(12.08	)
Total from investment operations		3.75			6.42			(7.13	)		11.41			33.59			(11.81	)
Less distributions from:
Net investment income		—			(1.75	)		(1.29	)		—			(.54	)		(.90	)
Net realized gains		—			—			—			(1.63	)		(1.03	)		(1.76	)
Total distributions		—			(1.75	)		(1.29	)		(1.63	)		(1.57	)		(2.66	)
Net asset value, end of period	$	79.95		$	76.20		$	71.53		$	79.95		$	70.17		$	38.15
Total Return		4.92	%		9.29	%		(8.85	%)		16.42	%		88.51	%		(23.81	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,191		$	1,030		$	1,563		$	10,420		$	2,108		$	825
Ratios to average net assets:
Net investment income (loss)		0.35	%		0.59	%		0.38	%		0.73	%		0.33	%		0.51	%
Total expenses		1.67	%		1.68	%		1.65	%		1.60	%		1.68	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.65	%		1.60	%		1.68	%		1.72	%
Portfolio turnover rate		27	%		49	%		126	%		169	%		162	%		67	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	Less than $0.01 per share.
f	Less than 0.01% or (0.01%).

16 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
BIOTECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Biotechnology - 74.7%
Amgen, Inc.		20,720	$	6,676,191
Gilead Sciences, Inc.		61,905		5,190,115
Vertex Pharmaceuticals, Inc.*		9,565		4,448,490
Regeneron Pharmaceuticals, Inc.*		3,943		4,145,039
Corteva, Inc.		56,438		3,317,990
Alnylam Pharmaceuticals, Inc.*		11,100		3,052,833
Biogen, Inc.*		14,005		2,714,729
Moderna, Inc.*		40,346		2,696,323
Illumina, Inc.*		18,489		2,411,151
United Therapeutics Corp.*		5,787		2,073,771
Royalty Pharma plc — Class A		69,084		1,954,386
Insmed, Inc.*		24,177		1,764,921
Sarepta Therapeutics, Inc.*		13,751		1,717,362
Incyte Corp.*		25,900		1,711,990
BioMarin Pharmaceutical, Inc.*		24,243		1,704,041
Legend Biotech Corp. ADR*		30,903		1,505,903
BioNTech SE ADR*		11,994		1,424,527
Argenx SE ADR*		2,618		1,419,165
REVOLUTION Medicines, Inc.*		30,792		1,396,417
Exelixis, Inc.*		52,804		1,370,264
Intra-Cellular Therapies, Inc.*		18,511		1,354,450
CRISPR Therapeutics AG*,1		28,827		1,354,292
Halozyme Therapeutics, Inc.*		23,072		1,320,641
Viking Therapeutics, Inc.*		20,101		1,272,594
Cytokinetics, Inc.*		23,348		1,232,774
Blueprint Medicines Corp.*		13,165		1,217,763
Avidity Biosciences, Inc.*		26,463		1,215,446
Roivant Sciences Ltd.*		102,527		1,183,162
Ionis Pharmaceuticals, Inc.*		29,368		1,176,482
Ultragenyx Pharmaceutical, Inc.*		19,704		1,094,557
Crinetics Pharmaceuticals, Inc.*		20,024		1,023,226
Axsome Therapeutics, Inc.*		10,647		956,846
Bridgebio Pharma, Inc.*		36,536		930,207
Dyne Therapeutics, Inc.*		25,778		925,946
TG Therapeutics, Inc.*		39,286		918,900
Amicus Therapeutics, Inc.*		82,481		880,897
Iovance Biotherapeutics, Inc.*		88,004		826,358
PTC Therapeutics, Inc.*		21,857		810,895
Guardant Health, Inc.*		35,089		804,942
Nuvalent, Inc. — Class A*		7,820		799,986
Apellis Pharmaceuticals, Inc.*		27,159		783,266
Novavax, Inc.*,1		60,657		766,098
Arrowhead Pharmaceuticals, Inc.*		38,866		752,834
Intellia Therapeutics, Inc.*		35,674		733,101
ACADIA Pharmaceuticals, Inc.*		44,830		689,485
SpringWorks Therapeutics, Inc.*		21,493		688,636
Recursion Pharmaceuticals, Inc. — Class A*,1		103,389		681,334
Immunovant, Inc.*		23,790		678,253
Ardelyx, Inc.*		98,198		676,584
Dynavax Technologies Corp.*		56,493		629,332
Beam Therapeutics, Inc.*		23,602		578,249
Krystal Biotech, Inc.*		3,081		560,834
Akero Therapeutics, Inc.*		17,826		511,428
Sage Therapeutics, Inc.*		43,626		314,980
Total Biotechnology				83,040,386
Pharmaceuticals - 19.7%
AbbVie, Inc.		49,204		9,716,806
AstraZeneca plc ADR		38,104		2,968,683
Vaxcyte, Inc.*		16,335		1,866,600
Viatris, Inc.		159,683		1,853,920
Neurocrine Biosciences, Inc.*		14,645		1,687,397
Alkermes plc*		53,379		1,494,078
Jazz Pharmaceuticals plc*		12,083		1,346,167
Madrigal Pharmaceuticals, Inc.*		2,607		553,257
Ironwood Pharmaceuticals, Inc. — Class A*		89,285		367,854
Total Pharmaceuticals				21,854,762
Healthcare-Products - 4.1%
Natera, Inc.*		15,628		1,983,975
Exact Sciences Corp.*		26,518		1,806,406
Twist Bioscience Corp.*		18,478		834,836
Total Healthcare-Products				4,625,217
Healthcare-Services - 1.0%
Medpace Holdings, Inc.*		3,291		1,098,536
Total Common Stocks
(Cost $55,582,282)				110,618,901
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	399,392		399,392
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		329,879		329,879
Total Repurchase Agreements
(Cost $729,271)				729,271
	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		2,236,257		2,236,257
Total Securities Lending Collateral
(Cost $2,236,257)				2,236,257
Total Investments - 102.2%
(Cost $58,547,810)			$	113,584,429
Other Assets & Liabilities, net - (2.2)%				(2,487,884	)
Total Net Assets - 100.0%			$	111,096,545

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
BIOTECHNOLOGY FUND

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	110,618,901	$	—	$	—	$	110,618,901
Repurchase Agreements		—		729,271		—		729,271
Securities Lending Collateral		2,236,257		—		—		2,236,257
Total Assets	$	112,855,158	$	729,271	$	—	$	113,584,429

18 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

BIOTECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $2,101,267 of securities loaned (cost $57,818,539)	$	112,855,158
Repurchase agreements, at value (cost $729,271)		729,271
Receivables:
Fund shares sold		18,104
Foreign tax reclaims		4,335
Securities lending income		328
Interest		99
Total assets		113,607,295
Liabilities:
Payable for:
Return of securities lending collateral		2,236,257
Management fees		73,685
Fund shares redeemed		72,431
Transfer agent fees		47,973
Portfolio accounting and administration fees		8,896
Distribution and service fees		4,618
Trustees’ fees*		969
Miscellaneous		65,921
Total liabilities		2,510,750
Net assets	$	111,096,545
Net assets consist of:
Paid in capital	$	46,042,843
Total distributable earnings (loss)		65,053,702
Net assets	$	111,096,545
Investor Class:
Net assets	$	90,030,953
Capital shares outstanding		1,126,292
Net asset value per share	$	79.94
Class A:
Net assets	$	15,062,491
Capital shares outstanding		217,622
Net asset value per share	$	69.21
Maximum offering price per share (Net asset value divided by 95.25%)	$	72.66
Class C:
Net assets	$	897,141
Capital shares outstanding		16,583
Net asset value per share	$	54.10
Class H:
Net assets	$	5,105,960
Capital shares outstanding		77,316
Net asset value per share	$	66.04

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $596)	$	468,740
Interest		14,725
Income from securities lending, net		6,028
Total investment income		489,493
Expenses:
Management fees		463,681
Distribution and service fees:
Class A		18,343
Class C		4,437
Class H		6,434
Transfer agent fees		112,507
Portfolio accounting and administration fees		83,237
Registration fees		45,471
Professional fees		19,122
Custodian fees		6,975
Trustees’ fees*		5,940
Miscellaneous		37,264
Total expenses		803,411
Less:
Expenses reimbursed by Adviser		(27,252	)
Net expenses		776,159
Net investment loss		(286,666	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		5,095,479
Net realized gain		5,095,479
Net change in unrealized appreciation (depreciation) on:
Investments		2,582,249
Net change in unrealized appreciation (depreciation)		2,582,249
Net realized and unrealized gain		7,677,728
Net increase in net assets resulting from operations	$	7,391,062

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 19

BIOTECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(286,666	)	$	(480,703	)
Net realized gain on investments		5,095,479			14,859,997
Net change in unrealized appreciation (depreciation) on investments		2,582,249			(5,138,730	)
Net increase in net assets resulting from operations		7,391,062			9,240,564
Capital share transactions:
Proceeds from sale of shares
Investor Class		27,307,751			27,388,563
Class A		1,090,898			1,750,509
Class C		214,519			185,861
Class H		123,756			438,546
Cost of shares redeemed
Investor Class		(31,645,436	)		(40,330,995	)
Class A		(1,765,521	)		(4,351,712	)
Class C		(342,599	)		(1,010,807	)
Class H		(653,975	)		(1,653,324	)
Net decrease from capital share transactions		(5,670,607	)		(17,583,359	)
Net increase (decrease) in net assets		1,720,455			(8,342,795	)
Net assets:
Beginning of period		109,376,090			117,718,885
End of period	$	111,096,545		$	109,376,090
Capital share activity:
Shares sold
Investor Class		361,347			389,294
Class A		16,363			29,027
Class C		4,016			3,821
Class H		1,879			7,277
Shares redeemed
Investor Class		(418,452	)		(579,083	)
Class A		(26,988	)		(72,392	)
Class C		(6,729	)		(21,302	)
Class H		(10,389	)		(29,105	)
Net decrease in shares		(78,953	)		(272,463	)

20 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

BIOTECHNOLOGY FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	74.64		$	68.29		$	73.30		$	94.01		$	71.72		$	83.02
Income (loss) from investment operations:
Net investment income (loss)b		(.18	)		(.26	)		(.24	)		(.52	)		(.58	)		(.44	)
Net gain (loss) on investments (realized and unrealized)		5.48			6.61			(3.87	)		(4.42	)		29.82			(7.26	)
Total from investment operations		5.30			6.35			(4.11	)		(4.94	)		29.24			(7.70	)
Less distributions from:
Net realized gains		—			—			(.90	)		(15.77	)		(6.95	)		(3.60	)
Total distributions		—			—			(.90	)		(15.77	)		(6.95	)		(3.60	)
Net asset value, end of period	$	79.94		$	74.64		$	68.29		$	73.30		$	94.01		$	71.72
Total Return		7.10	%		9.30	%		(5.64	%)		(6.81	%)		40.80	%		(9.91	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	90,031		$	88,328		$	93,776		$	122,777		$	151,506		$	122,194
Ratios to average net assets:
Net investment income (loss)		(0.47	%)		(0.37	%)		(0.34	%)		(0.56	%)		(0.62	%)		(0.56	%)
Total expenses		1.42	%		1.43	%		1.39	%		1.36	%		1.45	%		1.48	%
Net expensesc		1.37	%		1.40	%		1.39	%		1.36	%		1.45	%		1.48	%
Portfolio turnover rate		32	%		51	%		61	%		65	%		115	%		64	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	64.71		$	59.35		$	63.98		$	84.21		$	64.92		$	75.66
Income (loss) from investment operations:
Net investment income (loss)b		(.24	)		(.38	)		(.35	)		(.65	)		(.73	)		(.57	)
Net gain (loss) on investments (realized and unrealized)		4.74			5.74			(3.38	)		(3.81	)		26.97			(6.57	)
Total from investment operations		4.50			5.36			(3.73	)		(4.46	)		26.24			(7.14	)
Less distributions from:
Net realized gains		—			—			(.90	)		(15.77	)		(6.95	)		(3.60	)
Total distributions		—			—			(.90	)		(15.77	)		(6.95	)		(3.60	)
Net asset value, end of period	$	69.21		$	64.71		$	59.35		$	63.98		$	84.21		$	64.92
Total Returnd		6.95	%		9.03	%		(5.87	%)		(7.04	%)		40.44	%		(10.14	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	15,062		$	14,770		$	16,121		$	19,263		$	22,317		$	14,565
Ratios to average net assets:
Net investment income (loss)		(0.72	%)		(0.62	%)		(0.59	%)		(0.80	%)		(0.87	%)		(0.80	%)
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.69	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.69	%		1.73	%
Portfolio turnover rate		32	%		51	%		61	%		65	%		115	%		64	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 21

BIOTECHNOLOGY 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	50.77		$	46.92		$	51.15		$	70.90		$	55.85		$	66.05
Income (loss) from investment operations:
Net investment income (loss)b		(.38	)		(.66	)		(.64	)		(1.09	)		(1.15	)		(.97	)
Net gain (loss) on investments (realized and unrealized)		3.71			4.51			(2.69	)		(2.89	)		23.15			(5.63	)
Total from investment operations		3.33			3.85			(3.33	)		(3.98	)		22.00			(6.60	)
Less distributions from:
Net realized gains		—			—			(.90	)		(15.77	)		(6.95	)		(3.60	)
Total distributions		—			—			(.90	)		(15.77	)		(6.95	)		(3.60	)
Net asset value, end of period	$	54.10		$	50.77		$	46.92		$	51.15		$	70.90		$	55.85
Total Returnd		6.56	%		8.21	%		(6.58	%)		(7.74	%)		39.39	%		(10.80	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	897		$	980		$	1,725		$	3,174		$	8,221		$	8,692
Ratios to average net assets:
Net investment income (loss)		(1.48	%)		(1.38	%)		(1.34	%)		(1.58	%)		(1.61	%)		(1.56	%)
Total expenses		2.42	%		2.43	%		2.39	%		2.36	%		2.45	%		2.48	%
Net expensesc		2.37	%		2.40	%		2.39	%		2.36	%		2.45	%		2.48	%
Portfolio turnover rate		32	%		51	%		61	%		65	%		115	%		64	%

22 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	61.74		$	56.63		$	61.09		$	81.10		$	62.70		$	73.18
Income (loss) from investment operations:
Net investment income (loss)b		(.23	)		(.36	)		(.34	)		(.64	)		(.66	)		(.59	)
Net gain (loss) on investments (realized and unrealized)		4.53			5.47			(3.22	)		(3.60	)		26.01			(6.29	)
Total from investment operations		4.30			5.11			(3.56	)		(4.24	)		25.35			(6.88	)
Less distributions from:
Net realized gains		—			—			(.90	)		(15.77	)		(6.95	)		(3.60	)
Total distributions		—			—			(.90	)		(15.77	)		(6.95	)		(3.60	)
Net asset value, end of period	$	66.04		$	61.74		$	56.63		$	61.09		$	81.10		$	62.70
Total Return		6.96	%		9.02	%		(5.87	%)		(7.04	%)		40.45	%		(10.12	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,106		$	5,299		$	6,096		$	9,352		$	9,565		$	8,365
Ratios to average net assets:
Net investment income (loss)		(0.72	%)		(0.62	%)		(0.59	%)		(0.82	%)		(0.83	%)		(0.85	%)
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.72	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.72	%		1.73	%
Portfolio turnover rate		32	%		51	%		61	%		65	%		115	%		64	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 23

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
CONSUMER PRODUCTS FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Food - 34.0%
Mondelez International, Inc. — Class A		25,224	$	1,858,252
General Mills, Inc.		16,423		1,212,838
Sysco Corp.		14,969		1,168,480
Kroger Co.		19,923		1,141,588
Hershey Co.		5,952		1,141,475
Kraft Heinz Co.		27,774		975,145
McCormick & Company, Inc.		10,661		877,400
Kellanova		10,830		874,089
Tyson Foods, Inc. — Class A		14,031		835,686
Conagra Brands, Inc.		22,858		743,342
US Foods Holding Corp.*		11,871		730,066
J M Smucker Co.		5,518		668,230
Performance Food Group Co.*		8,448		662,070
Sprouts Farmers Market, Inc.*		5,805		640,930
Campbell Soup Co.		11,855		579,947
Lamb Weston Holdings, Inc.		8,865		573,920
Hormel Foods Corp.		17,937		568,603
Ingredion, Inc.		4,091		562,226
Albertsons Companies, Inc. — Class A		24,502		452,797
Post Holdings, Inc.*		3,771		436,493
Flowers Foods, Inc.		17,270		398,419
Cal-Maine Foods, Inc.		4,639		347,183
Simply Good Foods Co.*		9,793		340,503
Lancaster Colony Corp.		1,769		312,352
Pilgrim’s Pride Corp.*		5,898		271,603
Grocery Outlet Holding Corp.*		13,743		241,190
Total Food				18,614,827
Beverages - 25.4%
Coca-Cola Co.		41,604		2,989,663
PepsiCo, Inc.		16,586		2,820,449
Constellation Brands, Inc. — Class A		4,726		1,217,843
Keurig Dr Pepper, Inc.		31,691		1,187,779
Monster Beverage Corp.*		22,451		1,171,269
Coca-Cola Europacific Partners plc		11,681		919,879
Brown-Forman Corp. — Class B		18,453		907,888
Anheuser-Busch InBev S.A. ADR		11,139		738,404
Fomento Economico Mexicano SAB de CV ADR		6,739		665,207
Molson Coors Beverage Co. — Class B		10,981		631,627
Celsius Holdings, Inc.*		13,434		421,290
Coca-Cola Consolidated, Inc.		195		256,698
Total Beverages				13,927,996
Cosmetics & Personal Care - 16.7%
Procter & Gamble Co.		21,871		3,788,057
Colgate-Palmolive Co.		16,461		1,708,817
Kenvue, Inc.		54,359		1,257,324
Estee Lauder Companies, Inc. — Class A		11,822		1,178,535
Unilever plc ADR		11,795		766,203
elf Beauty, Inc.*		4,102		447,241
Total Cosmetics & Personal Care				9,146,177
Agriculture - 13.0%
Philip Morris International, Inc.		21,106		2,562,268
Altria Group, Inc.		33,807		1,725,509
Archer-Daniels-Midland Co.		16,668		995,746
British American Tobacco plc ADR		18,963		693,667
Bunge Global S.A.		7,151		691,073
Darling Ingredients, Inc.*		12,712		472,378
Total Agriculture				7,140,641
Household Products & Housewares - 6.5%
Kimberly-Clark Corp.		9,142		1,300,724
Church & Dwight Company, Inc.		9,175		960,806
Clorox Co.		5,171		842,408
Spectrum Brands Holdings, Inc.		3,250		309,205
WD-40 Co.		662		170,716
Total Household Products & Housewares				3,583,859
Retail - 2.1%
Casey’s General Stores, Inc.		1,834		689,052
Freshpet, Inc.*		3,424		468,301
Total Retail				1,157,353
Pharmaceuticals - 1.0%
BellRing Brands, Inc.*		8,779		533,061
Internet - 0.9%
Maplebear, Inc.*		12,002		488,961
Total Common Stocks
(Cost $27,148,914)				54,592,875
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.1%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	29,376		29,376
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		24,263		24,263
Total Repurchase Agreements
(Cost $53,639)				53,639
Total Investments - 99.7%
(Cost $27,202,553)			$	54,646,514
Other Assets & Liabilities, net - 0.3%				184,727
Total Net Assets - 100.0%			$	54,831,241

24 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
CONSUMER PRODUCTS FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	54,592,875	$	—	$	—	$	54,592,875
Repurchase Agreements		—		53,639		—		53,639
Total Assets	$	54,592,875	$	53,639	$	—	$	54,646,514

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 25

CONSUMER PRODUCTS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $27,148,914)	$	54,592,875
Repurchase agreements, at value (cost $53,639)		53,639
Receivables:
Fund shares sold		168,803
Dividends		133,410
Foreign tax reclaims		1,389
Securities lending income		17
Interest		7
Total assets		54,950,140
Liabilities:
Payable for:
Management fees		35,927
Transfer agent		23,456
Fund shares redeemed		19,254
Portfolio accounting and administration fees		4,337
Distribution and service fees		3,305
Trustees’ fees*		471
Miscellaneous		32,149
Total liabilities		118,899
Net assets	$	54,831,241
Net assets consist of:
Paid in capital	$	25,585,474
Total distributable earnings (loss)		29,245,767
Net assets	$	54,831,241
Investor Class:
Net assets	$	43,185,286
Capital shares outstanding		783,729
Net asset value per share	$	55.10
Class A:
Net assets	$	8,208,289
Capital shares outstanding		176,023
Net asset value per share	$	46.63
Maximum offering price per share (Net asset value divided by 95.25%)	$	48.96
Class C:
Net assets	$	1,796,647
Capital shares outstanding		54,422
Net asset value per share	$	33.01
Class H:
Net assets	$	1,641,019
Capital shares outstanding		37,619
Net asset value per share	$	43.62

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends	$	761,346
Interest		6,179
Income from securities lending, net		666
Total investment income		768,191
Expenses:
Management fees		235,794
Distribution and service fees:
Class A		10,470
Class C		11,221
Class H		1,737
Transfer agent fees		56,975
Portfolio accounting and administration fees		42,328
Registration fees		24,527
Professional fees		9,741
Custodian fees		3,554
Trustees’ fees*		3,093
Line of credit fees		160
Miscellaneous		16,928
Total expenses		416,528
Less:
Expenses reimbursed by Adviser		(13,858	)
Net expenses		402,670
Net investment income		365,521
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,034,255
Net realized gain		3,034,255
Net change in unrealized appreciation (depreciation) on:
Investments		(1,318,261	)
Net change in unrealized appreciation (depreciation)		(1,318,261	)
Net realized and unrealized gain		1,715,994
Net increase in net assets resulting from operations	$	2,081,515

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

26 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSUMER PRODUCTS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	365,521		$	845,472
Net realized gain on investments		3,034,255			9,038,604
Net change in unrealized appreciation (depreciation) on investments		(1,318,261	)		(9,386,084	)
Net increase in net assets resulting from operations		2,081,515			497,992
Distributions to shareholders:
Investor Class		—			(4,528,074	)
Class A		—			(1,009,716	)
Class C		—			(579,599	)
Class H		—			(180,801	)
Total distributions to shareholders		—			(6,298,190	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		29,299,359			30,668,858
Class A		1,137,238			1,318,675
Class C		44,966			190,577
Class H		388,880			507,400
Distributions reinvested
Investor Class		—			4,402,722
Class A		—			991,237
Class C		—			568,974
Class H		—			180,564
Cost of shares redeemed
Investor Class		(35,954,735	)		(45,479,254	)
Class A		(1,673,741	)		(2,493,154	)
Class C		(1,399,058	)		(1,917,191	)
Class H		(186,475	)		(896,056	)
Net decrease from capital share transactions		(8,343,566	)		(11,956,648	)
Net decrease in net assets		(6,262,051	)		(17,756,846	)
Net assets:
Beginning of period		61,093,292			78,850,138
End of period	$	54,831,241		$	61,093,292
Capital share activity:
Shares sold
Investor Class		560,975			565,331
Class A		25,846			28,215
Class C		1,380			5,111
Class H		9,200			11,051
Shares issued from reinvestment of distributions
Investor Class		—			90,183
Class A		—			23,943
Class C		—			19,294
Class H		—			4,662
Shares redeemed
Investor Class		(692,164	)		(838,002	)
Class A		(37,748	)		(55,030	)
Class C		(44,744	)		(56,953	)
Class H		(4,513	)		(20,051	)
Net decrease in shares		(181,768	)		(222,246	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 27

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	52.71		$	57.24		$	60.53		$	66.72		$	52.88		$	59.56
Income (loss) from investment operations:
Net investment income (loss)b		.37			.75			.97			.66			.70			.72
Net gain (loss) on investments (realized and unrealized)		2.02			.35	e		(.17	)f		2.18			18.44			(5.71	)
Total from investment operations		2.39			1.10			.80			2.84			19.14			(4.99	)
Less distributions from:
Net investment income		—			(.88	)		(.62	)		(.62	)		(.73	)		(.77	)
Net realized gains		—			(4.75	)		(3.47	)		(8.41	)		(4.57	)		(.92	)
Total distributions		—			(5.63	)		(4.09	)		(9.03	)		(5.30	)		(1.69	)
Net asset value, end of period	$	55.10		$	52.71		$	57.24		$	60.53		$	66.72		$	52.88
Total Return		4.53	%		2.71	%		1.40	%		4.89	%		36.78	%		(8.81	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	43,185		$	48,221		$	62,816		$	67,612		$	83,023		$	79,890
Ratios to average net assets:
Net investment income (loss)		1.40	%		1.39	%		1.65	%		1.01	%		1.12	%		1.17	%
Total expenses		1.42	%		1.43	%		1.39	%		1.36	%		1.45	%		1.47	%
Net expensesc		1.37	%		1.40	%		1.39	%		1.36	%		1.45	%		1.47	%
Portfolio turnover rate		43	%		43	%		79	%		60	%		38	%		59	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	44.66		$	49.52		$	53.05		$	59.72		$	47.88		$	54.21
Income (loss) from investment operations:
Net investment income (loss)b		.26			.54			.68			.44			.50			.51
Net gain (loss) on investments (realized and unrealized)		1.71			.23	e		(.12	)f		1.92			16.64			(5.15	)
Total from investment operations		1.97			.77			.56			2.36			17.14			(4.64	)
Less distributions from:
Net investment income		—			(.88	)		(.62	)		(.62	)		(.73	)		(.77	)
Net realized gains		—			(4.75	)		(3.47	)		(8.41	)		(4.57	)		(.92	)
Total distributions		—			(5.63	)		(4.09	)		(9.03	)		(5.30	)		(1.69	)
Net asset value, end of period	$	46.63		$	44.66		$	49.52		$	53.05		$	59.72		$	47.88
Total Returnd		4.41	%		2.46	%		1.13	%		4.65	%		36.43	%		(9.04	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,208		$	8,393		$	9,449		$	9,820		$	10,751		$	8,561
Ratios to average net assets:
Net investment income (loss)		1.15	%		1.15	%		1.34	%		0.76	%		0.89	%		0.92	%
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.69	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.69	%		1.72	%
Portfolio turnover rate		43	%		43	%		79	%		60	%		38	%		59	%

28 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSUMER PRODUCTS 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	31.74		$	37.17		$	41.14		$	48.68		$	40.08		$	45.98
Income (loss) from investment operations:
Net investment income (loss)b		.06			.13			.22			—			.06			.08
Net gain (loss) on investments (realized and unrealized)		1.21			.07	e		(.10	)f		1.49			13.84			(4.29	)
Total from investment operations		1.27			.20			.12			1.49			13.90			(4.21	)
Less distributions from:
Net investment income		—			(.88	)		(.62	)		(.62	)		(.73	)		(.77	)
Net realized gains		—			(4.75	)		(3.47	)		(8.41	)		(4.57	)		(.92	)
Total distributions		—			(5.63	)		(4.09	)		(9.03	)		(5.30	)		(1.69	)
Net asset value, end of period	$	33.01		$	31.74		$	37.17		$	41.14		$	48.68		$	40.08
Total Returnd		4.00	%		1.70	%		0.37	%		3.87	%		35.40	%		(9.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,797		$	3,103		$	4,845		$	6,578		$	9,035		$	9,816
Ratios to average net assets:
Net investment income (loss)		0.36	%		0.38	%		0.56	%		—			0.12	%		0.16	%
Total expenses		2.41	%		2.43	%		2.39	%		2.36	%		2.45	%		2.47	%
Net expensesc		2.36	%		2.40	%		2.39	%		2.36	%		2.45	%		2.47	%
Portfolio turnover rate		43	%		43	%		79	%		60	%		38	%		59	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 29

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	41.78		$	46.71		$	50.27		$	57.06		$	45.93		$	52.07
Income (loss) from investment operations:
Net investment income (loss)b		.24			.50			.62			.38			.49			.46
Net gain (loss) on investments (realized and unrealized)		1.60			.20	e		(.09	)f		1.86			15.94			(4.91	)
Total from investment operations		1.84			.70			.53			2.24			16.43			(4.45	)
Less distributions from:
Net investment income		—			(.88	)		(.62	)		(.62	)		(.73	)		(.77	)
Net realized gains		—			(4.75	)		(3.47	)		(8.41	)		(4.57	)		(.92	)
Total distributions		—			(5.63	)		(4.09	)		(9.03	)		(5.30	)		(1.69	)
Net asset value, end of period	$	43.62		$	41.78		$	46.71		$	50.27		$	57.06		$	45.93
Total Return		4.40	%		2.45	%		1.14	%		4.65	%		36.43	%		(9.05	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,641		$	1,376		$	1,741		$	2,443		$	5,601		$	4,284
Ratios to average net assets:
Net investment income (loss)		1.17	%		1.15	%		1.28	%		0.68	%		0.90	%		0.86	%
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.69	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.69	%		1.72	%
Portfolio turnover rate		43	%		43	%		79	%		60	%		38	%		59	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
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	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.

30 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
ELECTRONICS FUND

	Shares		Value
COMMON STOCKS† - 99.7%
Semiconductors - 93.0%
NVIDIA Corp.		169,855	$	20,627,191
Broadcom, Inc.		62,852		10,841,970
Advanced Micro Devices, Inc.*		39,770		6,525,462
Texas Instruments, Inc.		26,219		5,416,059
QUALCOMM, Inc.		31,768		5,402,148
Applied Materials, Inc.		26,032		5,259,766
Micron Technology, Inc.		44,150		4,578,797
Intel Corp.*		181,789		4,264,770
Analog Devices, Inc.		18,255		4,201,753
Lam Research Corp.		5,102		4,163,640
KLA Corp.		5,239		4,057,134
Marvell Technology, Inc.		41,138		2,966,873
Microchip Technology, Inc.		32,129		2,579,637
Monolithic Power Systems, Inc.		2,762		2,553,469
NXP Semiconductor N.V.		10,589		2,541,466
ASML Holding N.V. — Class G		2,800		2,333,100
Taiwan Semiconductor Manufacturing Company Ltd. ADR		13,140		2,282,024
ON Semiconductor Corp.*		30,536		2,217,219
ARM Holdings plc ADR*		13,140		1,879,151
Teradyne, Inc.		13,787		1,846,493
Entegris, Inc.		14,422		1,622,908
Kulicke & Soffa Industries, Inc.		35,141		1,585,913
STMicroelectronics N.V. — Class Y		52,562		1,562,668
Skyworks Solutions, Inc.		15,368		1,517,897
ASE Technology Holding Company Ltd. ADR		147,245		1,437,111
United Microelectronics Corp. ADR1		164,292		1,383,339
Onto Innovation, Inc.*		6,122		1,270,682
Qorvo, Inc.*		11,548		1,192,908
Lattice Semiconductor Corp.*		21,614		1,147,055
MKS Instruments, Inc.		9,569		1,040,246
MACOM Technology Solutions Holdings, Inc.*		9,146		1,017,584
Cirrus Logic, Inc.*		7,578		941,263
Impinj, Inc.*		4,268		924,107
Rambus, Inc.*		19,984		843,725
Power Integrations, Inc.		11,821		757,963
FormFactor, Inc.*		16,425		755,550
Semtech Corp.*		16,326		745,445
Amkor Technology, Inc.		24,053		736,022
Silicon Laboratories, Inc.*		6,321		730,518
Axcelis Technologies, Inc.*		6,856		718,852
GLOBALFOUNDRIES, Inc.*		17,757		714,719
Synaptics, Inc.*		9,121		707,607
Allegro MicroSystems, Inc.*		29,840		695,272
Diodes, Inc.*		10,465		670,702
Ambarella, Inc.*		10,515		593,099
Veeco Instruments, Inc.*,1		16,513		547,076
Wolfspeed, Inc.*		47,111		456,977
Aehr Test Systems*,1		18,031		231,698
Total Semiconductors				123,087,028
Energy-Alternate Sources - 5.2%
First Solar, Inc.*		7,914		1,974,068
SolarEdge Technologies, Inc.*		77,262		1,770,072
Canadian Solar, Inc.*,1		98,864		1,656,961
Enphase Energy, Inc.*		13,489		1,524,527
Total Energy-Alternate Sources				6,925,628
Electrical Components & Equipment - 0.9%
Universal Display Corp.		5,699		1,196,220
Telecommunications - 0.6%
Credo Technology Group Holding Ltd.*		26,243		808,284
Total Common Stocks
(Cost $77,351,766)				132,017,160
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.9%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	667,015		667,015
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		550,923		550,923
Total Repurchase Agreements
(Cost $1,217,938)				1,217,938
	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		2,641,043		2,641,043
Total Securities Lending Collateral
(Cost $2,641,043)				2,641,043
Total Investments - 102.6%
(Cost $81,210,747)			$	135,876,141
Other Assets & Liabilities, net - (2.6)%				(3,423,760	)
Total Net Assets - 100.0%			$	132,452,381

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
ELECTRONICS FUND

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	132,017,160	$	—	$	—	$	132,017,160
Repurchase Agreements		—		1,217,938		—		1,217,938
Securities Lending Collateral		2,641,043		—		—		2,641,043
Total Assets	$	134,658,203	$	1,217,938	$	—	$	135,876,141

32 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ELECTRONICS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $2,576,405 of securities loaned (cost $79,992,809)	$	134,658,203
Repurchase agreements, at value (cost $1,217,938)		1,217,938
Receivables:
Securities sold		2,615,561
Fund shares sold		163,138
Dividends		44,905
Securities lending income		985
Interest		164
Total assets		138,700,894
Liabilities:
Payable for:
Fund shares redeemed		3,379,576
Return of securities lending collateral		2,641,043
Management fees		82,782
Transfer agent		55,149
Portfolio accounting and administration fees		9,994
Distribution and service fees		3,663
Trustees’ fees*		1,120
Miscellaneous		75,186
Total liabilities		6,248,513
Net assets	$	132,452,381
Net assets consist of:
Paid in capital	$	85,270,197
Total distributable earnings (loss)		47,182,184
Net assets	$	132,452,381
Investor Class:
Net assets	$	117,979,717
Capital shares outstanding		267,096
Net asset value per share	$	441.71
Class A:
Net assets	$	8,816,525
Capital shares outstanding		21,972
Net asset value per share	$	401.26
Maximum offering price per share (Net asset value divided by 95.25%)	$	421.27
Class C:
Net assets	$	1,797,294
Capital shares outstanding		5,308
Net asset value per share	$	338.58
Class H:
Net assets	$	3,858,845
Capital shares outstanding		9,925
Net asset value per share	$	388.80

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $5,626)	$	567,908
Interest		22,245
Income from securities lending, net		14,293
Total investment income		604,446
Expenses:
Management fees		546,319
Distribution and service fees:
Class A		10,652
Class C		9,206
Class H		4,299
Transfer agent		131,838
Portfolio accounting and administration fees		98,071
Registration fees		64,401
Professional fees		27,728
Custodian fees		8,256
Trustees’ fees*		5,704
Miscellaneous		29,916
Total expenses		936,390
Less:
Expenses reimbursed by Adviser		(32,110	)
Net expenses		904,280
Net investment loss		(299,834	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,597,733	)
Net realized loss		(1,597,733	)
Net change in unrealized appreciation (depreciation) on:
Investments		6,367,194
Net change in unrealized appreciation (depreciation)		6,367,194
Net realized and unrealized gain		4,769,461
Net increase in net assets resulting from operations	$	4,469,627

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 33

ELECTRONICS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(299,834	)	$	(258,356	)
Net realized gain (loss) on investments		(1,597,733	)		2,298,068
Net change in unrealized appreciation (depreciation) on investments		6,367,194			25,104,892
Net increase in net assets resulting from operations		4,469,627			27,144,604
Capital share transactions:
Proceeds from sale of shares
Investor Class		93,821,321			117,824,436
Class A		2,481,391			3,569,727
Class C		401,400			870,356
Class H		1,629,040			1,607,175
Cost of shares redeemed
Investor Class		(61,947,562	)		(101,602,963	)
Class A		(1,645,585	)		(4,009,456	)
Class C		(404,012	)		(848,357	)
Class H		(588,341	)		(5,124,430	)
Net increase from capital share transactions		33,747,652			12,286,488
Net increase in net assets		38,217,279			39,431,092
Net assets:
Beginning of period		94,235,102			54,804,010
End of period	$	132,452,381		$	94,235,102
Capital share activity:
Shares sold
Investor Class		218,645			369,137
Class A		6,207			12,025
Class C		1,155			3,332
Class H		3,980			5,523
Shares redeemed
Investor Class		(145,759	)		(318,257	)
Class A		(4,101	)		(13,692	)
Class C		(1,217	)		(3,413	)
Class H		(1,569	)		(19,867	)
Net increase in shares		77,341			34,788

34 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ELECTRONICS FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	422.50		$	293.83		$	304.55		$	281.78		$	137.65		$	126.31
Income (loss) from investment operations:
Net investment income (loss)b		(.94	)		(.90	)		(.35	)		(1.59	)		(.71	)		—	e
Net gain (loss) on investments (realized and unrealized)		20.15			129.57			(10.37	)		35.88			150.08			11.35
Total from investment operations		19.21			128.67			(10.72	)		34.29			149.37			11.35
Less distributions from:
Net investment income		—			—			—			—			—			(.01	)
Net realized gains		—			—			—			(11.52	)		(5.24	)		—
Total distributions		—			—			—			(11.52	)		(5.24	)		(.01	)
Net asset value, end of period	$	441.71		$	422.50		$	293.83		$	304.55		$	281.78		$	137.65
Total Return		4.55	%		43.79	%		(3.52	%)		11.63	%		109.05	%		8.99	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	117,980		$	82,055		$	42,114		$	60,738		$	55,324		$	38,634
Ratios to average net assets:
Net investment income (loss)		(0.43	%)		(0.27	%)		(0.14	%)		(0.51	%)		(0.33	%)		—	f
Total expenses		1.42	%		1.43	%		1.39	%		1.36	%		1.44	%		1.48	%
Net expensesc		1.37	%		1.39	%		1.39	%		1.36	%		1.44	%		1.48	%
Portfolio turnover rate		32	%		96	%		147	%		281	%		163	%		265	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	384.31		$	267.90		$	278.40		$	259.00		$	127.06		$	116.88
Income (loss) from investment operations:
Net investment income (loss)b		(1.35	)		(1.69	)		(.95	)		(2.15	)		(1.15	)		(.31	)
Net gain (loss) on investments (realized and unrealized)		18.30			118.10			(9.55	)		33.07			138.33			10.50
Total from investment operations		16.95			116.41			(10.50	)		30.92			137.18			10.19
Less distributions from:
Net investment income		—			—			—			—			—			(.01	)
Net realized gains		—			—			—			(11.52	)		(5.24	)		—
Total distributions		—			—			—			(11.52	)		(5.24	)		(.01	)
Net asset value, end of period	$	401.26		$	384.31		$	267.90		$	278.40		$	259.00		$	127.06
Total Returnd		4.41	%		43.45	%		(3.77	%)		11.35	%		108.53	%		8.72	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,817		$	7,635		$	5,769		$	8,827		$	5,156		$	2,120
Ratios to average net assets:
Net investment income (loss)		(0.68	%)		(0.56	%)		(0.41	%)		(0.76	%)		(0.58	%)		(0.23	%)
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.69	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.69	%		1.73	%
Portfolio turnover rate		32	%		96	%		147	%		281	%		163	%		265	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 35

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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	325.49		$	228.60		$	239.35		$	225.59		$	111.87		$	103.69
Income (loss) from investment operations:
Net investment income (loss)b		(2.40	)		(3.35	)		(2.30	)		(3.58	)		(2.32	)		(1.14	)
Net gain (loss) on investments (realized and unrealized)		15.51			100.24			(8.45	)		28.86			121.28			9.33
Total from investment operations		13.11			96.89			(10.75	)		25.28			118.96			8.19
Less distributions from:
Net investment income		—			—			—			—			—			(.01	)
Net realized gains		—			—			—			(11.52	)		(5.24	)		—
Total distributions		—			—			—			(11.52	)		(5.24	)		(.01	)
Net asset value, end of period	$	338.58		$	325.49		$	228.60		$	239.35		$	225.59		$	111.87
Total Returnd		4.02	%		42.38	%		(4.49	%)		10.51	%		106.98	%		7.91	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,797		$	1,748		$	1,246		$	1,838		$	2,987		$	1,701
Ratios to average net assets:
Net investment income (loss)		(1.43	%)		(1.31	%)		(1.16	%)		(1.48	%)		(1.34	%)		(0.96	%)
Total expenses		2.42	%		2.43	%		2.39	%		2.36	%		2.44	%		2.48	%
Net expensesc		2.37	%		2.40	%		2.39	%		2.36	%		2.44	%		2.48	%
Portfolio turnover rate		32	%		96	%		147	%		281	%		163	%		265	%

36 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	372.36		$	259.59		$	269.75		$	251.22		$	123.34		$	113.47
Income (loss) from investment operations:
Net investment income (loss)b		(1.32	)		(1.56	)		(.97	)		(2.32	)		(1.23	)		(.30	)
Net gain (loss) on investments (realized and unrealized)		17.76			114.33			(9.19	)		32.37			134.35			10.18
Total from investment operations		16.44			112.77			(10.16	)		30.05			133.12			9.88
Less distributions from:
Net investment income		—			—			—			—			—			(.01	)
Net realized gains		—			—			—			(11.52	)		(5.24	)		—
Total distributions		—			—			—			(11.52	)		(5.24	)		(.01	)
Net asset value, end of period	$	388.80		$	372.36		$	259.59		$	269.75		$	251.22		$	123.34
Total Return		4.42	%		43.44	%		(3.77	%)		11.35	%		108.53	%		8.72	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,859		$	2,798		$	5,674		$	2,051		$	8,383		$	2,142
Ratios to average net assets:
Net investment income (loss)		(0.68	%)		(0.56	%)		(0.43	%)		(0.85	%)		(0.60	%)		(0.22	%)
Total expenses		1.67	%		1.68	%		1.64	%		1.60	%		1.67	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.60	%		1.67	%		1.73	%
Portfolio turnover rate		32	%		96	%		147	%		281	%		163	%		265	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	Less than $0.01 per share.
f	Less than 0.01% or (0.01%).

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 37

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
ENERGY FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Oil & Gas - 64.5%
Exxon Mobil Corp.		12,665	$	1,484,591
Chevron Corp.		6,996		1,030,301
ConocoPhillips		6,673		702,533
EOG Resources, Inc.		4,373		537,573
Phillips 66		3,597		472,826
Marathon Petroleum Corp.		2,850		464,294
Diamondback Energy, Inc.		2,561		441,516
Equities Corp.		11,350		415,864
Valero Energy Corp.		3,038		410,221
Hess Corp.		2,944		399,795
Occidental Petroleum Corp.		7,115		366,707
Devon Energy Corp.		7,833		306,427
BP plc ADR		9,272		291,048
Petroleo Brasileiro S.A. ADR		19,865		286,255
Shell plc ADR		4,297		283,387
Coterra Energy, Inc. — Class A		11,213		268,551
Canadian Natural Resources Ltd.		7,702		255,783
Marathon Oil Corp.		9,223		245,608
Suncor Energy, Inc.		6,229		229,975
Cenovus Energy, Inc.		13,218		221,137
Chesapeake Energy Corp.1		2,613		214,919
Permian Resources Corp.		14,370		195,576
Ovintiv, Inc.		5,083		194,730
APA Corp.		7,799		190,764
Southwestern Energy Co.*		26,496		188,387
Antero Resources Corp.*		6,522		186,855
Viper Energy, Inc.		4,000		180,440
Range Resources Corp.		5,642		173,548
Chord Energy Corp.		1,330		173,206
Equinor ASA ADR1		6,803		172,320
HF Sinclair Corp.		3,771		168,073
Matador Resources Co.		3,001		148,309
CNX Resources Corp.*		4,537		147,770
Weatherford International plc		1,728		146,742
Noble Corporation plc1		3,980		143,837
Magnolia Oil & Gas Corp. — Class A		5,797		141,563
Civitas Resources, Inc.		2,710		137,316
Murphy Oil Corp.		4,044		136,445
SM Energy Co.		3,343		133,620
California Resources Corp.		2,513		131,857
Valaris Ltd.*		2,112		117,744
Northern Oil & Gas, Inc.		3,271		115,826
Transocean Ltd.*		26,084		110,857
PBF Energy, Inc. — Class A		3,365		104,147
Patterson-UTI Energy, Inc.		13,492		103,214
Helmerich & Payne, Inc.		3,319		100,964
Kosmos Energy Ltd.*		20,028		80,713
Delek US Holdings, Inc.		3,602		67,537
Comstock Resources, Inc.*		5,558		61,861
Vital Energy, Inc.*		2,098		56,436
Total Oil & Gas				13,339,968
Pipelines - 15.0%
Williams Companies, Inc.		10,354		472,660
ONEOK, Inc.		5,064		461,482
Kinder Morgan, Inc.		19,205		424,238
Cheniere Energy, Inc.		2,177		391,512
Targa Resources Corp.		2,402		355,520
Enbridge, Inc.		6,045		245,487
TC Energy Corp.		4,683		222,677
DT Midstream, Inc.		2,221		174,704
Golar LNG Ltd.		4,428		162,773
Pembina Pipeline Corp.		3,387		139,680
New Fortress Energy, Inc.1		5,855		53,222
Total Pipelines				3,103,955
Oil & Gas Services - 9.3%
Schlumberger N.V.		11,968		502,058
Baker Hughes Co.		10,782		389,769
Halliburton Co.		10,670		309,963
TechnipFMC plc		7,837		205,564
NOV, Inc.		9,672		154,462
ChampionX Corp.		5,075		153,011
Tidewater, Inc.*		1,588		114,003
Liberty Energy, Inc. — Class A		5,441		103,869
Total Oil & Gas Services				1,932,699
Energy-Alternate Sources - 5.2%
First Solar, Inc.*		1,307		326,018
SolarEdge Technologies, Inc.*		11,724		268,597
Enphase Energy, Inc.*		2,229		251,922
Sunrun, Inc.*		6,795		122,718
Green Plains, Inc.*		4,406		59,657
Plug Power, Inc.*,1		17,450		39,437
Total Energy-Alternate Sources				1,068,349
Mining - 1.7%
Cameco Corp.		5,212		248,925
Uranium Energy Corp.*		17,090		106,129
Total Mining				355,054
Transportation - 1.2%
Scorpio Tankers, Inc.		2,038		145,309
Frontline plc1		5,027		114,867
Total Transportation				260,176
Coal - 0.9%
Peabody Energy Corp.		4,631		122,907
CONSOL Energy, Inc.		693		72,522
Total Coal				195,429
Metal Fabricate & Hardware - 0.8%
Tenaris S.A. ADR		5,093		161,907
Retail - 0.7%
Murphy USA, Inc.		281		138,496
Total Common Stocks
(Cost $9,328,398)				20,556,033

38 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
ENERGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	67,431	$	67,431
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		55,695		55,695
Total Repurchase Agreements
(Cost $123,126)				123,126

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 2.8%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		570,260	$	570,260
Total Securities Lending Collateral
(Cost $570,260)				570,260
Total Investments - 102.7%
(Cost $10,021,784)			$	21,249,419
Other Assets & Liabilities, net - (2.7)%				(565,181	)
Total Net Assets - 100.0%			$	20,684,238

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	20,556,033	$	—	$	—	$	20,556,033
Repurchase Agreements		—		123,126		—		123,126
Securities Lending Collateral		570,260		—		—		570,260
Total Assets	$	21,126,293	$	123,126	$	—	$	21,249,419

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 39

ENERGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $552,248 of securities loaned (cost $9,898,658)	$	21,126,293
Repurchase agreements, at value (cost $123,126)		123,126
Cash		10,056
Receivables:
Dividends		22,419
Fund shares sold		20,736
Securities lending income		321
Interest		17
Total assets		21,302,968
Liabilities:
Payable for:
Return of securities lending collateral		570,260
Management fees		13,733
Transfer agent fees		10,554
Fund shares redeemed		5,457
Distribution and service fees		2,286
Portfolio accounting and administration fees		1,658
Trustees’ fees*		210
Miscellaneous		14,572
Total liabilities		618,730
Net assets	$	20,684,238
Net assets consist of:
Paid in capital	$	23,897,143
Total distributable earnings (loss)		(3,212,905	)
Net assets	$	20,684,238
Investor Class:
Net assets	$	13,953,667
Capital shares outstanding		53,147
Net asset value per share	$	262.55
Class A:
Net assets	$	3,968,024
Capital shares outstanding		16,550
Net asset value per share	$	239.76
Maximum offering price per share (Net asset value divided by 95.25%)	$	251.72
Class C:
Net assets	$	1,760,576
Capital shares outstanding		8,849
Net asset value per share	$	198.96
Class H:
Net assets	$	1,001,971
Capital shares outstanding		4,329
Net asset value per share	$	231.46

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $7,458)	$	477,192
Interest		3,424
Income from securities lending, net		1,958
Total investment income		482,574
Expenses:
Management fees		126,755
Distribution and service fees:
Class A		5,260
Class C		9,294
Class H		2,506
Transfer agent fees		30,381
Registration fees		14,651
Portfolio accounting and administration fees		22,754
Professional fees		7,093
Trustees’ fees*		2,023
Custodian fees		1,938
Line of credit fees		57
Miscellaneous		4,270
Total expenses		226,982
Less:
Expenses reimbursed by Adviser		(7,449	)
Net expenses		219,533
Net investment income		263,041
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,638,121
Net realized gain		2,638,121
Net change in unrealized appreciation (depreciation) on:
Investments		(5,343,781	)
Net change in unrealized appreciation (depreciation)		(5,343,781	)
Net realized and unrealized loss		(2,705,660	)
Net decrease in net assets resulting from operations	$	(2,442,619	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

40 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ENERGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	263,041		$	761,104
Net realized gain on investments		2,638,121			10,149,054
Net change in unrealized appreciation (depreciation) on investments		(5,343,781	)		(8,687,737	)
Net increase (decrease) in net assets resulting from operations		(2,442,619	)		2,222,421
Distributions to shareholders:
Investor Class		—			(1,379,867	)
Class A		—			(122,041	)
Class C		—			(71,490	)
Class H		—			(36,889	)
Total distributions to shareholders		—			(1,610,287	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		80,746,974			231,819,975
Class A		957,165			2,695,528
Class C		244,801			752,936
Class H		1,437,840			5,454,292
Distributions reinvested
Investor Class		—			1,308,347
Class A		—			117,682
Class C		—			69,867
Class H		—			36,342
Cost of shares redeemed
Investor Class		(89,573,747	)		(272,676,183	)
Class A		(1,081,146	)		(3,672,418	)
Class C		(216,406	)		(1,516,746	)
Class H		(2,910,778	)		(4,148,511	)
Net decrease from capital share transactions		(10,395,297	)		(39,758,889	)
Net decrease in net assets		(12,837,916	)		(39,146,755	)
Net assets:
Beginning of period		33,522,154			72,668,909
End of period	$	20,684,238		$	33,522,154
Capital share activity:
Shares sold
Investor Class		289,465			869,045
Class A		3,836			11,283
Class C		1,156			3,642
Class H		5,749			22,654
Shares issued from reinvestment of distributions
Investor Class		—			5,398
Class A		—			531
Class C		—			377
Class H		—			170
Shares redeemed
Investor Class		(323,046	)		(1,048,889	)
Class A		(4,318	)		(15,653	)
Class C		(1,042	)		(7,663	)
Class H		(11,986	)		(17,865	)
Net decrease in shares		(40,186	)		(176,970	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 41

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e
Per Share Data
Net asset value, beginning of period	$	283.41		$	246.39		$	239.96		$	152.94		$	81.74		$	204.01
Income (loss) from investment operations:
Net investment income (loss)b		2.62			4.93			7.06			3.62			1.44			2.91
Net gain (loss) on investments (realized and unrealized)		(23.48	)		38.98			6.01	f		84.29			72.59			(123.74	)
Total from investment operations		(20.86	)		43.91			13.07			87.91			74.03			(120.83	)
Less distributions from:
Net investment income		—			(6.89	)		(6.64	)		(.89	)		(2.83	)		(1.44	)
Total distributions		—			(6.89	)		(6.64	)		(.89	)		(2.83	)		(1.44	)
Net asset value, end of period	$	262.55		$	283.41		$	246.39		$	239.96		$	152.94		$	81.74
Total Return		(7.36	%)		18.30	%		5.34	%		57.65	%		91.43	%		(59.61	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,954		$	24,579		$	64,350		$	57,612		$	18,220		$	4,216
Ratios to average net assets:
Net investment income (loss)		1.89	%		1.91	%		2.79	%		1.99	%		2.02	%		1.65	%
Total expenses		1.41	%		1.45	%		1.39	%		1.36	%		1.42	%		1.48	%
Net expensesc		1.36	%		1.41	%		1.39	%		1.36	%		1.42	%		1.48	%
Portfolio turnover rate		219	%		500	%		363	%		382	%		939	%		428	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e
Per Share Data
Net asset value, beginning of period	$	259.15		$	226.42		$	221.55		$	141.62		$	76.01		$	190.30
Income (loss) from investment operations:
Net investment income (loss)b		1.96			3.80			5.79			2.67			1.00			2.46
Net gain (loss) on investments (realized and unrealized)		(21.35	)		35.82			5.72	f		78.15			67.44			(115.31	)
Total from investment operations		(19.39	)		39.62			11.51			80.82			68.44			(112.85	)
Less distributions from:
Net investment income		—			(6.89	)		(6.64	)		(.89	)		(2.83	)		(1.44	)
Total distributions		—			(6.89	)		(6.64	)		(.89	)		(2.83	)		(1.44	)
Net asset value, end of period	$	239.76		$	259.15		$	226.42		$	221.55		$	141.62		$	76.01
Total Returnd		(7.48	%)		18.02	%		5.08	%		57.25	%		90.89	%		(59.69	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,968		$	4,414		$	4,726		$	4,015		$	2,214		$	985
Ratios to average net assets:
Net investment income (loss)		1.56	%		1.61	%		2.48	%		1.60	%		1.60	%		1.50	%
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.68	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.68	%		1.73	%
Portfolio turnover rate		219	%		500	%		363	%		382	%		939	%		428	%

42 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ENERGY 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e
Per Share Data
Net asset value, beginning of period	$	215.84		$	191.16		$	189.40		$	122.07		$	66.27		$	167.39
Income (loss) from investment operations:
Net investment income (loss)b		.85			1.68			3.61			1.32			.56			1.08
Net gain (loss) on investments (realized and unrealized)		(17.73	)		29.89			4.79	f		66.90			58.07			(100.76	)
Total from investment operations		(16.88	)		31.57			8.40			68.22			58.63			(99.68	)
Less distributions from:
Net investment income		—			(6.89	)		(6.64	)		(.89	)		(2.83	)		(1.44	)
Total distributions		—			(6.89	)		(6.64	)		(.89	)		(2.83	)		(1.44	)
Net asset value, end of period	$	198.96		$	215.84		$	191.16		$	189.40		$	122.07		$	66.27
Total Returnd		(7.82	%)		17.14	%		4.29	%		56.07	%		89.48	%		(60.01	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,761		$	1,885		$	2,366		$	1,640		$	746		$	432
Ratios to average net assets:
Net investment income (loss)		0.81	%		0.84	%		1.82	%		0.91	%		1.05	%		0.76	%
Total expenses		2.42	%		2.43	%		2.39	%		2.36	%		2.44	%		2.48	%
Net expensesc		2.37	%		2.40	%		2.39	%		2.36	%		2.44	%		2.48	%
Portfolio turnover rate		219	%		500	%		363	%		382	%		939	%		428	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 43

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e
Per Share Data
Net asset value, beginning of period	$	250.19		$	218.83		$	214.30		$	137.02		$	73.61		$	184.50
Income (loss) from investment operations:
Net investment income (loss)b		2.09			2.97			5.41			2.80			1.06			1.92
Net gain (loss) on investments (realized and unrealized)		(20.82	)		35.28			5.76	f		75.37			65.18			(111.37	)
Total from investment operations		(18.73	)		38.25			11.17			78.17			66.24			(109.45	)
Less distributions from:
Net investment income		—			(6.89	)		(6.64	)		(.89	)		(2.83	)		(1.44	)
Total distributions		—			(6.89	)		(6.64	)		(.89	)		(2.83	)		(1.44	)
Net asset value, end of period	$	231.46		$	250.19		$	218.83		$	214.30		$	137.02		$	73.61
Total Return		(7.49	%)		18.02	%		5.08	%		57.25	%		90.87	%		(59.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,002		$	2,643		$	1,227		$	2,079		$	1,578		$	646
Ratios to average net assets:
Net investment income (loss)		1.70	%		1.28	%		2.40	%		1.73	%		1.60	%		1.25	%
Total expenses		1.65	%		1.68	%		1.65	%		1.61	%		1.68	%		1.72	%
Net expensesc		1.60	%		1.65	%		1.65	%		1.61	%		1.68	%		1.72	%
Portfolio turnover rate		219	%		500	%		363	%		382	%		939	%		428	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	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.
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 repurchased of fund shares in relation to fluctuating market value of the investments of the Fund.

44 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
ENERGY SERVICES FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Oil & Gas Services - 68.4%
Schlumberger N.V.		20,892	$	876,419
Baker Hughes Co.		18,850		681,428
Halliburton Co.		18,679		542,625
TechnipFMC plc		10,720		281,186
NOV, Inc.		17,033		272,017
ChampionX Corp.		8,941		269,571
Archrock, Inc.		10,270		207,865
Tidewater, Inc.*		2,795		200,653
Liberty Energy, Inc. — Class A		9,585		182,978
Oceaneering International, Inc.*		7,066		175,731
Helix Energy Solutions Group, Inc.*		13,206		146,587
Expro Group Holdings N.V.*		8,299		142,494
Atlas Energy Solutions, Inc.		6,048		131,846
Select Water Solutions, Inc. — Class A		10,754		119,692
ProPetro Holding Corp.*		11,762		90,097
Core Laboratories, Inc.		4,776		88,499
RPC, Inc.		13,904		88,429
Kodiak Gas Services, Inc.		2,842		82,418
ProFrac Holding Corp. — Class A*,1		4,689		31,838
Total Oil & Gas Services				4,612,373
Oil & Gas - 24.0%
Weatherford International plc		3,045		258,581
Noble Corporation plc1		7,014		253,493
Valaris Ltd.*		3,720		207,390
Transocean Ltd.*		44,564		189,397
Patterson-UTI Energy, Inc.		23,765		181,802
Helmerich & Payne, Inc.		5,844		177,775
Seadrill Ltd.*		4,391		174,498
Borr Drilling Ltd.		26,238		144,047
Nabors Industries Ltd.*		547		35,265
Total Oil & Gas				1,622,248
Machinery-Diversified - 3.6%
Cactus, Inc. — Class A		4,080		243,454
Metal Fabricate & Hardware - 3.3%
Tenaris S.A. ADR		7,080		225,073
Total Common Stocks
(Cost $3,402,190)				6,703,148

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	23,163	$	23,163
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		19,131		19,131
Total Repurchase Agreements
(Cost $42,294)				42,294
	Shares
SECURITIES LENDING COLLATERAL†,3 - 3.1%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		207,758		207,758
Total Securities Lending Collateral
(Cost $207,758)				207,758
Total Investments - 103.0%
(Cost $3,652,242)			$	6,953,200
Other Assets & Liabilities, net - (3.0)%				(204,823	)
Total Net Assets - 100.0%			$	6,748,377

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 45

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
ENERGY SERVICES FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	6,703,148	$	—	$	—	$	6,703,148
Repurchase Agreements		—		42,294		—		42,294
Securities Lending Collateral		207,758		—		—		207,758
Total Assets	$	6,910,906	$	42,294	$	—	$	6,953,200

46 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ENERGY SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $201,562 of securities loaned (cost $3,609,948)	$	6,910,906
Repurchase agreements, at value (cost $42,294)		42,294
Receivables:
Fund shares sold		476,041
Dividends		5,434
Foreign tax reclaims		160
Securities lending income		48
Total assets		7,434,883
Liabilities:
Payable for:
Securities purchased		389,007
Return of securities lending collateral		207,758
Fund shares redeemed		76,057
Management fees		4,206
Transfer agent fees		3,435
Distribution and service fees		615
Portfolio accounting and administration fees		507
Trustees’ fees*		67
Miscellaneous		4,854
Total liabilities		686,506
Net assets	$	6,748,377
Net assets consist of:
Paid in capital	$	43,184,522
Total distributable earnings (loss)		(36,436,145	)
Net assets	$	6,748,377
Investor Class:
Net assets	$	4,939,612
Capital shares outstanding		21,379
Net asset value per share	$	231.05
Class A:
Net assets	$	871,528
Capital shares outstanding		4,089
Net asset value per share	$	213.14
Maximum offering price per share (Net asset value divided by 95.25%)	$	223.77
Class C:
Net assets	$	419,637
Capital shares outstanding		2,318
Net asset value per share	$	181.03
Class H:
Net assets	$	517,600
Capital shares outstanding		2,506
Net asset value per share	$	206.54

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends	$	84,892
Interest		1,494
Income from securities lending, net		49
Total investment income		86,435
Expenses:
Management fees		39,342
Distribution and service fees:
Class A		1,295
Class C		2,668
Class H		905
Transfer agent fees		9,619
Registration fees		3,205
Portfolio accounting and administration fees		7,062
Professional fees		4,217
Trustees’ fees*		853
Custodian fees		601
Line of credit fees		67
Miscellaneous		305
Total expenses		70,139
Less:
Expenses reimbursed by Adviser		(2,312	)
Net expenses		67,827
Net investment income		18,608
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,987,379
Net realized gain		1,987,379
Net change in unrealized appreciation (depreciation) on:
Investments		(3,255,817	)
Net change in unrealized appreciation (depreciation)		(3,255,817	)
Net realized and unrealized loss		(1,268,438	)
Net decrease in net assets resulting from operations	$	(1,249,830	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 47

ENERGY SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	18,608		$	1,489
Net realized gain (loss) on investments		1,987,379			(1,622,348	)
Net change in unrealized appreciation (depreciation) on investments		(3,255,817	)		2,917,554
Net increase (decrease) in net assets resulting from operations		(1,249,830	)		1,296,695
Capital share transactions:
Proceeds from sale of shares
Investor Class		12,383,501			80,881,054
Class A		651,675			2,254,084
Class C		85,412			121,373
Class H		47,143			3,381,767
Cost of shares redeemed
Investor Class		(18,622,408	)		(102,094,522	)
Class A		(934,194	)		(2,540,156	)
Class C		(158,206	)		(662,919	)
Class H		(288,162	)		(3,827,092	)
Net decrease from capital share transactions		(6,835,239	)		(22,486,411	)
Net decrease in net assets		(8,085,069	)		(21,189,716	)
Net assets:
Beginning of period		14,833,446			36,023,162
End of period	$	6,748,377		$	14,833,446
Capital share activity:
Shares sold
Investor Class		48,992			317,141
Class A		2,805			10,056
Class C		430			645
Class H		220			14,895
Shares redeemed
Investor Class		(72,732	)		(424,550	)
Class A		(3,964	)		(11,542	)
Class C		(818	)		(3,706	)
Class H		(1,307	)		(16,942	)
Net decrease in shares		(26,374	)		(114,003	)

48 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ENERGY SERVICES FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e
Per Share Data
Net asset value, beginning of period	$	268.17		$	213.90		$	231.88		$	169.20		$	75.50		$	281.99
Income (loss) from investment operations:
Net investment income (loss)b		.66			.15			(.56	)		(.63	)		.20			2.40
Net gain (loss) on investments (realized and unrealized)		(37.78	)		54.12			(17.42	)		63.81			95.34			(208.59	)
Total from investment operations		(37.12	)		54.27			(17.98	)		63.18			95.54			(206.19	)
Less distributions from:
Net investment income		—			—			—			(.50	)		(1.84	)		(.30	)
Total distributions		—			—			—			(.50	)		(1.84	)		(.30	)
Net asset value, end of period	$	231.05		$	268.17		$	213.90		$	231.88		$	169.20		$	75.50
Total Return		(13.84	%)		25.37	%		(7.75	%)		37.44	%		127.06	%		(73.21	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,940		$	12,100		$	32,626		$	9,376		$	4,703		$	1,502
Ratios to average net assets:
Net investment income (loss)		0.52	%		0.06	%		(0.26	%)		(0.35	%)		0.82	%		1.11	%
Total expenses		1.41	%		1.45	%		1.39	%		1.36	%		1.42	%		1.48	%
Net expensesc		1.36	%		1.42	%		1.39	%		1.36	%		1.42	%		1.48	%
Portfolio turnover rate		95	%		296	%		242	%		290	%		770	%		810	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e
Per Share Data
Net asset value, beginning of period	$	247.69		$	198.04		$	215.25		$	157.49		$	70.51		$	264.03
Income (loss) from investment operations:
Net investment income (loss)b		.26			(.38	)		(1.16	)		(1.04	)		.19			1.95
Net gain (loss) on investments (realized and unrealized)		(34.81	)		50.03			(16.05	)		59.30			88.63			(195.17	)
Total from investment operations		(34.55	)		49.65			(17.21	)		58.26			88.82			(193.22	)
Less distributions from:
Net investment income		—			—			—			(.50	)		(1.84	)		(.30	)
Total distributions		—			—			—			(.50	)		(1.84	)		(.30	)
Net asset value, end of period	$	213.14		$	247.69		$	198.04		$	215.25		$	157.49		$	70.51
Total Returnd		(13.95	%)		25.07	%		(8.00	%)		37.09	%		126.39	%		(73.26	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	872		$	1,300		$	1,334		$	1,036		$	676		$	191
Ratios to average net assets:
Net investment income (loss)		0.22	%		(0.17	%)		(0.58	%)		(0.61	%)		0.87	%		0.94	%
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.68	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.68	%		1.73	%
Portfolio turnover rate		95	%		296	%		242	%		290	%		770	%		810	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 49

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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e
Per Share Data
Net asset value, beginning of period	$	211.16		$	170.13		$	186.29		$	137.36		$	62.08		$	234.26
Income (loss) from investment operations:
Net investment income (loss)b		(.50	)		(1.79	)		(2.20	)		(2.02	)		(.01	)		.30
Net gain (loss) on investments (realized and unrealized)		(29.63	)		42.82			(13.96	)		51.45			77.13			(172.18	)
Total from investment operations		(30.13	)		41.03			(16.16	)		49.43			77.12			(171.88	)
Less distributions from:
Net investment income		—			—			—			(.50	)		(1.84	)		(.30	)
Total distributions		—			—			—			(.50	)		(1.84	)		(.30	)
Net asset value, end of period	$	181.03		$	211.16		$	170.13		$	186.29		$	137.36		$	62.08
Total Returnd		(14.27	%)		24.12	%		(8.67	%)		36.07	%		124.62	%		(73.46	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	420		$	571		$	981		$	814		$	479		$	192
Ratios to average net assets:
Net investment income (loss)		(0.50	%)		(0.95	%)		(1.27	%)		(1.37	%)		(0.03	%)		0.20	%
Total expenses		2.42	%		2.43	%		2.40	%		2.36	%		2.43	%		2.48	%
Net expensesc		2.37	%		2.40	%		2.40	%		2.36	%		2.43	%		2.48	%
Portfolio turnover rate		95	%		296	%		242	%		290	%		770	%		810	%

50 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e
Per Share Data
Net asset value, beginning of period	$	240.05		$	191.93		$	208.59		$	152.63		$	68.37		$	255.45
Income (loss) from investment operations:
Net investment income (loss)b		.26			(.49	)		(1.52	)		(.75	)		.02			1.65
Net gain (loss) on investments (realized and unrealized)		(33.77	)		48.61			(15.14	)		57.21			86.08			(188.43	)
Total from investment operations		(33.51	)		48.12			(16.66	)		56.46			86.10			(186.78	)
Less distributions from:
Net investment income		—			—			—			(.50	)		(1.84	)		(.30	)
Total distributions		—			—			—			(.50	)		(1.84	)		(.30	)
Net asset value, end of period	$	206.54		$	240.05		$	191.93		$	208.59		$	152.63		$	68.37
Total Return		(13.96	%)		25.07	%		(7.99	%)		37.09	%		126.23	%		(73.19	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	518		$	863		$	1,082		$	11,057		$	689		$	528
Ratios to average net assets:
Net investment income (loss)		0.23	%		(0.23	%)		(0.76	%)		(0.43	%)		0.11	%		0.77	%
Total expenses		1.67	%		1.68	%		1.65	%		1.62	%		1.68	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.65	%		1.62	%		1.68	%		1.72	%
Portfolio turnover rate		95	%		296	%		242	%		290	%		770	%		810	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 51

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
FINANCIAL SERVICES FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Banks - 23.8%
JPMorgan Chase & Co.		1,989	$	419,401
Bank of America Corp.		7,112		282,204
Wells Fargo & Co.		4,269		241,156
Goldman Sachs Group, Inc.		445		220,324
Morgan Stanley		1,914		199,515
Citigroup, Inc.		3,033		189,866
PNC Financial Services Group, Inc.		803		148,435
U.S. Bancorp		3,177		145,284
Truist Financial Corp.		3,032		129,679
Bank of New York Mellon Corp.		1,743		125,252
NU Holdings Limited/Cayman Islands — Class A*		9,128		124,597
Toronto-Dominion Bank		1,770		111,970
ICICI Bank Ltd. ADR		3,691		110,176
HDFC Bank Ltd. ADR		1,751		109,543
Bank of Nova Scotia1		2,007		109,361
Royal Bank of Canada		827		103,152
M&T Bank Corp.		536		95,472
Fifth Third Bancorp		2,176		93,220
State Street Corp.		991		87,674
Regions Financial Corp.		3,451		80,512
Huntington Bancshares, Inc.		5,378		79,057
Citizens Financial Group, Inc.		1,759		72,242
Northern Trust Corp.		801		72,114
KeyCorp		4,036		67,603
East West Bancorp, Inc.		712		58,911
Western Alliance Bancorporation		615		53,191
Comerica, Inc.		821		49,186
First Horizon Corp.		3,116		48,391
Zions Bancorp North America		961		45,378
Old National Bancorp		2,225		41,519
Columbia Banking System, Inc.		1,590		41,515
Bank OZK		876		37,659
Valley National Bancorp		3,889		35,234
First Citizens BancShares, Inc. — Class A		19		34,978
Pinnacle Financial Partners, Inc.		327		32,036
Wintrust Financial Corp.		262		28,435
Total Banks				3,924,242
Diversified Financial Services - 21.6%
Visa, Inc. — Class A		1,434		394,278
Mastercard, Inc. — Class A		702		346,648
American Express Co.		761		206,383
BlackRock, Inc. — Class A		212		201,296
Charles Schwab Corp.		2,715		175,959
Intercontinental Exchange, Inc.		1,011		162,407
CME Group, Inc. — Class A		696		153,572
Interactive Brokers Group, Inc. — Class A		972		135,458
Capital One Financial Corp.		875		131,014
Apollo Global Management, Inc.		996		124,410
Ameriprise Financial, Inc.		255		119,802
Ares Management Corp. — Class A		750		116,880
Coinbase Global, Inc. — Class A*		651		115,989
XP, Inc. — Class A		6,464		115,964
Discover Financial Services		747		104,797
Nasdaq, Inc.		1,370		100,024
Blue Owl Capital, Inc.		4,855		93,993
Tradeweb Markets, Inc. — Class A		733		90,650
T. Rowe Price Group, Inc.		776		84,530
Raymond James Financial, Inc.		670		82,048
Synchrony Financial		1,560		77,813
Cboe Global Markets, Inc.		378		77,441
LPL Financial Holdings, Inc.		319		74,209
Ally Financial, Inc.		1,529		54,417
Invesco Ltd.		2,829		49,677
SEI Investments Co.		717		49,609
SoFi Technologies, Inc.*		6,191		48,661
Franklin Resources, Inc.		2,122		42,758
Upstart Holdings, Inc.*,1		776		31,048
Total Diversified Financial Services				3,561,735
REITs - 20.6%
Prologis, Inc.		1,446		182,601
American Tower Corp. — Class A		760		176,746
Equinix, Inc.		174		154,448
Welltower, Inc.		1,173		150,179
Public Storage		359		130,629
Realty Income Corp.		2,003		127,030
Digital Realty Trust, Inc.		781		126,389
Simon Property Group, Inc.		741		125,244
Crown Castle, Inc.		1,033		122,545
Extra Space Storage, Inc.		586		105,591
Iron Mountain, Inc.		849		100,887
VICI Properties, Inc.		2,988		99,530
AvalonBay Communities, Inc.		421		94,830
Weyerhaeuser Co.		2,589		87,664
Equity Residential		1,177		87,639
SBA Communications Corp.		361		86,893
Ventas, Inc.		1,352		86,704
Alexandria Real Estate Equities, Inc.		639		75,881
Invitation Homes, Inc.		2,147		75,703
Mid-America Apartment Communities, Inc.		453		71,982
Healthpeak Properties, Inc.		2,987		68,313
Essex Property Trust, Inc.		230		67,947
Sun Communities, Inc.		500		67,575
Kimco Realty Corp.		2,845		66,061
UDR, Inc.		1,426		64,655
Lamar Advertising Co. — Class A		479		63,994
Gaming and Leisure Properties, Inc.		1,205		61,997
Regency Centers Corp.		854		61,684
Camden Property Trust		496		61,271
Host Hotels & Resorts, Inc.		3,386		59,594
CubeSmart		1,094		58,890
BXP, Inc.		725		58,333
Equity LifeStyle Properties, Inc.		808		57,643
American Homes 4 Rent — Class A		1,497		57,470
Rexford Industrial Realty, Inc.		1,132		56,951
Omega Healthcare Investors, Inc.		1,352		55,026
Annaly Capital Management, Inc.		2,661		53,406
AGNC Investment Corp.1		4,685		49,005

52 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
FINANCIAL SERVICES FUND

	Shares		Value
Sabra Health Care REIT, Inc.		1,890	$	35,173
Total REITs				3,394,103
Insurance - 18.5%
Berkshire Hathaway, Inc. — Class B*		1,159		533,441
Progressive Corp.		822		208,591
Marsh & McLennan Companies, Inc.		789		176,018
Arch Capital Group Ltd.*		1,362		152,381
Aon plc — Class A		417		144,278
Aflac, Inc.		1,223		136,731
Willis Towers Watson plc		441		129,888
Chubb Ltd.		450		129,775
Arthur J Gallagher & Co.		461		129,712
MetLife, Inc.		1,502		123,885
Travelers Companies, Inc.		527		123,381
Allstate Corp.		627		118,911
American International Group, Inc.		1,592		116,582
Prudential Financial, Inc.		947		114,682
Everest Group Ltd.		259		101,484
Hartford Financial Services Group, Inc.		854		100,439
Brown & Brown, Inc.		814		84,330
Principal Financial Group, Inc.		915		78,598
Cincinnati Financial Corp.		572		77,861
W R Berkley Corp.		1,189		67,452
Equitable Holdings, Inc.		1,518		63,801
Globe Life, Inc.		504		53,379
Corebridge Financial, Inc.		1,603		46,743
Erie Indemnity Co. — Class A		62		33,469
Total Insurance				3,045,812
Commercial Services - 7.4%
S&P Global, Inc.		423		218,530
PayPal Holdings, Inc.*		2,043		159,415
Moody’s Corp.		307		145,699
Block, Inc. — Class A*		1,681		112,846
StoneCo Ltd. — Class A*		9,087		102,320
Global Payments, Inc.		827		84,701
Corpay, Inc.*		252		78,816
Toast, Inc. — Class A*		2,393		67,746
Affirm Holdings, Inc.*		1,395		56,944
Shift4 Payments, Inc. — Class A*,1		562		49,793
MarketAxess Holdings, Inc.		188		48,166
Euronet Worldwide, Inc.*		353		35,028
Morningstar, Inc.		101		32,231
Flywire Corp.*		1,406		23,044
Total Commercial Services				1,215,279
Private Equity - 3.5%
Blackstone, Inc. — Class A		1,542		236,126
KKR & Company, Inc. — Class A		1,263		164,923
Brookfield Corp.		2,152		114,379
Carlyle Group, Inc.		1,333		57,399
Total Private Equity				572,827
Software - 2.8%
Fiserv, Inc.*		974		174,979
MSCI, Inc. — Class A		200		116,586
Fidelity National Information Services, Inc.		1,365		114,319
Jack Henry & Associates, Inc.		346		61,083
Total Software				466,967
Internet - 0.5%
Robinhood Markets, Inc. — Class A*		3,282		76,864
Media - 0.4%
FactSet Research Systems, Inc.		160		73,576
Savings & Loans - 0.2%
New York Community Bancorp, Inc.		2,944		33,061
Total Common Stocks
(Cost $12,607,481)				16,364,466
PREFERRED STOCKS† - 0.6%
Financial - 0.6%
Itau Unibanco Holding S.A.
ADR		15,315		101,845
Total Preferred Stocks
(Cost $82,777)				101,845
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	43,486		43,486
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		35,917		35,917
Total Repurchase Agreements
(Cost $79,403)				79,403
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.9%
Money Market Fund***
First American Government Obligations Fund — Class X, 4.82%4		148,211		148,211
Total Securities Lending Collateral
(Cost $148,211)				148,211
Total Investments - 101.3%
(Cost $12,917,872)			$	16,693,925
Other Assets & Liabilities, net - (1.3)%				(214,945	)
Total Net Assets - 100.0%			$	16,478,980

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 53

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
FINANCIAL SERVICES FUND

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	16,364,466	$	—	$	—	$	16,364,466
Preferred Stocks		101,845		—		—		101,845
Repurchase Agreements		—		79,403		—		79,403
Securities Lending Collateral		148,211		—		—		148,211
Total Assets	$	16,614,522	$	79,403	$	—	$	16,693,925

54 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $144,254 of securities loaned (cost $12,838,469)	$	16,614,522
Repurchase agreements, at value (cost $79,403)		79,403
Cash		508
Receivables:
Dividends		21,171
Foreign tax reclaims		299
Fund shares sold		136
Interest		11
Securities lending income		4
Total assets		16,716,054
Liabilities:
Payable for:
Return of securities lending collateral		148,211
Fund shares redeemed		61,064
Management fees		10,570
Transfer agent fees		6,333
Portfolio accounting and administration fees		1,276
Distribution and service fees		922
Trustees’ fees*		121
Miscellaneous		8,577
Total liabilities		237,074
Net assets	$	16,478,980
Net assets consist of:
Paid in capital	$	14,507,297
Total distributable earnings (loss)		1,971,683
Net assets	$	16,478,980
Investor Class:
Net assets	$	13,497,376
Capital shares outstanding		144,809
Net asset value per share	$	93.21
Class A:
Net assets	$	1,905,096
Capital shares outstanding		22,648
Net asset value per share	$	84.12
Maximum offering price per share (Net asset value divided by 95.25%)	$	88.31
Class C:
Net assets	$	630,002
Capital shares outstanding		9,351
Net asset value per share	$	67.37
Class H:
Net assets	$	446,506
Capital shares outstanding		5,527
Net asset value per share	$	80.79

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $1,198)	$	144,074
Interest		1,806
Income from securities lending, net		110
Total investment income		145,990
Expenses:
Management fees		55,549
Distribution and service fees:
Class A		2,310
Class C		3,612
Class H		461
Transfer agent fees		13,663
Portfolio accounting and administration fees		9,972
Registration fees		4,478
Professional fees		4,216
Trustees’ fees*		1,011
Custodian fees		822
Line of credit fees		178
Miscellaneous		3,103
Total expenses		99,375
Less:
Expenses reimbursed by Adviser		(3,265	)
Net expenses		96,110
Net investment income		49,880
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,595,736
Net realized gain		1,595,736
Net change in unrealized appreciation (depreciation) on:
Investments		(1,041,912	)
Net change in unrealized appreciation (depreciation)		(1,041,912	)
Net realized and unrealized gain		553,824
Net increase in net assets resulting from operations	$	603,704

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 55

FINANCIAL SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	49,880		$	152,925
Net realized gain (loss) on investments		1,595,736			(195,131	)
Net change in unrealized appreciation (depreciation) on investments		(1,041,912	)		4,604,554
Net increase in net assets resulting from operations		603,704			4,562,348
Capital share transactions:
Proceeds from sale of shares
Investor Class		21,362,942			44,844,326
Class A		647,129			1,349,282
Class C		53,764			87,965
Class H		233,588			95,281
Cost of shares redeemed
Investor Class		(41,248,108	)		(19,986,831	)
Class A		(882,489	)		(1,342,196	)
Class C		(291,461	)		(280,194	)
Class H		(180,934	)		(197,524	)
Net increase (decrease) from capital share transactions		(20,305,569	)		24,570,109
Net increase (decrease) in net assets		(19,701,865	)		29,132,457
Net assets:
Beginning of period		36,180,845			7,048,388
End of period	$	16,478,980		$	36,180,845
Capital share activity:
Shares sold
Investor Class		248,223			597,215
Class A		8,318			20,506
Class C		851			1,688
Class H		3,180			1,600
Shares redeemed
Investor Class		(491,339	)		(273,868	)
Class A		(11,467	)		(21,022	)
Class C		(4,667	)		(5,621	)
Class H		(2,496	)		(3,256	)
Net increase (decrease) in shares		(249,397	)		317,242

56 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL SERVICES FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	85.13		$	66.11		$	101.95		$	88.84		$	54.80		$	68.68
Income (loss) from investment operations:
Net investment income (loss)b		.37			.86			.87			.64			.88			.83
Net gain (loss) on investments (realized and unrealized)		7.71			18.16			(19.17	)		13.35			33.16			(14.39	)
Total from investment operations		8.08			19.02			(18.30	)		13.99			34.04			(13.56	)
Less distributions from:
Net investment income		—			—			(2.30	)		(.34	)		—			(.32	)
Net realized gains		—			—			(15.24	)		(.54	)		—			—
Total distributions		—			—			(17.54	)		(.88	)		—			(.32	)
Net asset value, end of period	$	93.21		$	85.13		$	66.11		$	101.95		$	88.84		$	54.80
Total Return		9.49	%		28.77	%		(18.35	%)		15.72	%		62.12	%		(19.88	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,497		$	33,024		$	4,269		$	32,004		$	32,328		$	2,968
Ratios to average net assets:
Net investment income (loss)		0.87	%		1.12	%		1.00	%		0.63	%		1.19	%		1.12	%
Total expenses		1.42	%		1.43	%		1.40	%		1.36	%		1.41	%		1.48	%
Net expensesc		1.37	%		1.39	%		1.40	%		1.36	%		1.41	%		1.48	%
Portfolio turnover rate		122	%		119	%		177	%		406	%		246	%		249	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	76.92		$	59.89		$	94.54		$	82.65		$	51.10		$	64.22
Income (loss) from investment operations:
Net investment income (loss)b		.23			.63			.76			.36			.55			.54
Net gain (loss) on investments (realized and unrealized)		6.97			16.40			(17.87	)		12.41			31.00			(13.34	)
Total from investment operations		7.20			17.03			(17.11	)		12.77			31.55			(12.80	)
Less distributions from:
Net investment income		—			—			(2.30	)		(.34	)		—			(.32	)
Net realized gains		—			—			(15.24	)		(.54	)		—			—
Total distributions		—			—			(17.54	)		(.88	)		—			(.32	)
Net asset value, end of period	$	84.12		$	76.92		$	59.89		$	94.54		$	82.65		$	51.10
Total Returnd		9.36	%		28.44	%		(18.56	%)		15.42	%		61.74	%		(20.07	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,905		$	1,984		$	1,576		$	3,276		$	2,780		$	5,745
Ratios to average net assets:
Net investment income (loss)		0.59	%		0.96	%		0.97	%		0.39	%		0.86	%		0.78	%
Total expenses		1.67	%		1.69	%		1.64	%		1.61	%		1.70	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.70	%		1.72	%
Portfolio turnover rate		122	%		119	%		177	%		406	%		246	%		249	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 57

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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	61.84		$	48.51		$	81.13		$	71.57		$	44.59		$	56.49
Income (loss) from investment operations:
Net investment income (loss)b		(.06	)		.11			.15			(.28	)		(.03	)		.01
Net gain (loss) on investments (realized and unrealized)		5.59			13.22			(15.23	)		10.72			27.01			(11.59	)
Total from investment operations		5.53			13.33			(15.08	)		10.44			26.98			(11.58	)
Less distributions from:
Net investment income		—			—			(2.30	)		(.34	)		—			(.32	)
Net realized gains		—			—			(15.24	)		(.54	)		—			—
Total distributions		—			—			(17.54	)		(.88	)		—			(.32	)
Net asset value, end of period	$	67.37		$	61.84		$	48.51		$	81.13		$	71.57		$	44.59
Total Returnd		8.94	%		27.48	%		(19.17	%)		14.55	%		60.51	%		(20.66	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	630		$	814		$	829		$	1,216		$	1,036		$	638
Ratios to average net assets:
Net investment income (loss)		(0.19	%)		0.20	%		0.24	%		(0.35	%)		(0.06	%)		0.02	%
Total expenses		2.42	%		2.44	%		2.40	%		2.36	%		2.43	%		2.47	%
Net expensesc		2.37	%		2.40	%		2.40	%		2.36	%		2.43	%		2.47	%
Portfolio turnover rate		122	%		119	%		177	%		406	%		246	%		249	%

58 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	73.87		$	57.51		$	91.63		$	80.10		$	49.53		$	62.26
Income (loss) from investment operations:
Net investment income (loss)b		.23			.59			(.06	)		.41			.68			.54
Net gain (loss) on investments (realized and unrealized)		6.69			15.77			(16.52	)		12.00			29.89			(12.95	)
Total from investment operations		6.92			16.36			(16.58	)		12.41			30.57			(12.41	)
Less distributions from:
Net investment income		—			—			(2.30	)		(.34	)		—			(.32	)
Net realized gains		—			—			(15.24	)		(.54	)		—			—
Total distributions		—			—			(17.54	)		(.88	)		—			(.32	)
Net asset value, end of period	$	80.79		$	73.87		$	57.51		$	91.63		$	80.10		$	49.53
Total Return		9.37	%		28.45	%		(18.56	%)		15.47	%		61.72	%		(20.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	447		$	358		$	374		$	12,923		$	3,250		$	611
Ratios to average net assets:
Net investment income (loss)		0.63	%		0.95	%		(0.08	%)		0.45	%		1.07	%		0.81	%
Total expenses		1.67	%		1.68	%		1.66	%		1.61	%		1.69	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.66	%		1.61	%		1.69	%		1.72	%
Portfolio turnover rate		122	%		119	%		177	%		406	%		246	%		249	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 59

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
HEALTH CARE FUND

	Shares			Value
COMMON STOCKS† - 100.3%
Pharmaceuticals - 31.9%
Eli Lilly & Co.		1,079		$	955,929
Johnson & Johnson		4,353			705,447
AbbVie, Inc.		3,440			679,331
Merck & Company, Inc.		5,257			596,985
Pfizer, Inc.		15,834			458,236
Bristol-Myers Squibb Co.		7,339			379,720
Zoetis, Inc.		1,686			329,411
CVS Health Corp.		5,209			327,542
AstraZeneca plc ADR		4,057			316,081
Becton Dickinson & Co.		1,259			303,545
McKesson Corp.		562			277,864
Cencora, Inc. — Class A		960			216,077
Novo Nordisk A/S ADR		1,764			210,039
Alkermes plc*		7,028			196,714
Teva Pharmaceutical Industries Ltd. ADR*		10,238			184,489
Novartis AG ADR		1,600			184,032
Cardinal Health, Inc.		1,655			182,911
Dexcom, Inc.*		2,727			182,818
GSK plc ADR		4,320			176,602
Vaxcyte, Inc.*		1,143			130,611
Viatris, Inc.		11,168			129,660
Neurocrine Biosciences, Inc.*		1,024			117,985
Henry Schein, Inc.*		1,536			111,974
Jazz Pharmaceuticals plc*		846			94,253
Option Care Health, Inc.*		2,618			81,943
Madrigal Pharmaceuticals, Inc.*		204			43,293
Total Pharmaceuticals					7,573,492
Healthcare-Products - 29.3%
Thermo Fisher Scientific, Inc.		901			557,332
Abbott Laboratories		4,353			496,286
Danaher Corp.		1,774			493,207
Intuitive Surgical, Inc.*		965			474,076
Boston Scientific Corp.*		4,756			398,553
Stryker Corp.		1,095			395,580
Medtronic plc		3,156			284,135
Agilent Technologies, Inc.		1,669			247,813
GE HealthCare Technologies, Inc.		2,513			235,845
IDEXX Laboratories, Inc.*		465			234,927
Edwards Lifesciences Corp.*		3,379			222,980
ResMed, Inc.		868			211,896
Waters Corp.*		496			178,505
Zimmer Biomet Holdings, Inc.		1,584			170,993
Cooper Companies, Inc.*		1,529			168,710
West Pharmaceutical Services, Inc.		560			168,090
Align Technology, Inc.*		626			159,204
Hologic, Inc.*		1,925			156,811
Baxter International, Inc.		4,062			154,234
Avantor, Inc.*		5,695			147,330
Insulet Corp.*		626			145,702
Natera, Inc.*		1,093			138,756
Bio-Techne Corp.		1,683			134,522
Exact Sciences Corp.*		1,854			126,294
Repligen Corp.*		681			101,346
Masimo Corp.*		756			100,797
Bruker Corp.		1,432			98,894
Lantheus Holdings, Inc.*		899	��		98,665
Penumbra, Inc.*		448			87,051
Dentsply Sirona, Inc.		3,201			86,619
Inspire Medical Systems, Inc.*		377			79,566
TransMedics Group, Inc.*		496			77,872
Azenta, Inc.*		1,129			54,689
Inari Medical, Inc.*		1,206			49,735
Total Healthcare-Products					6,937,015
Biotechnology - 20.4%
Amgen, Inc.		1,449			466,882
Vertex Pharmaceuticals, Inc.*		837			389,272
Gilead Sciences, Inc.		4,330			363,027
Regeneron Pharmaceuticals, Inc.*		344			361,627
Alnylam Pharmaceuticals, Inc.*		775			213,148
Biogen, Inc.*		979			189,769
Moderna, Inc.*		2,822			188,594
Argenx SE ADR*		344			186,476
CRISPR Therapeutics AG*,1		3,900			183,222
Illumina, Inc.*		1,292			168,490
United Therapeutics Corp.*		405			145,132
Royalty Pharma plc — Class A		4,832			136,697
Insmed, Inc.*		1,691			123,443
Sarepta Therapeutics, Inc.*		963			120,269
Incyte Corp.*		1,812			119,773
BioMarin Pharmaceutical, Inc.*		1,695			119,142
REVOLUTION Medicines, Inc.*		2,153			97,639
Exelixis, Inc.*		3,692			95,807
Intra-Cellular Therapies, Inc.*		1,295			94,755
Halozyme Therapeutics, Inc.*		1,615			92,443
Blueprint Medicines Corp.*		967			89,448
Viking Therapeutics, Inc.*		1,406			89,014
Cytokinetics, Inc.*		1,634			86,275
Roivant Sciences Ltd.*		7,170			82,742
Ionis Pharmaceuticals, Inc.*		2,053			82,243
Ultragenyx Pharmaceutical, Inc.*		1,378			76,548
Axsome Therapeutics, Inc.*		745			66,953
Bridgebio Pharma, Inc.*		2,556			65,076
TG Therapeutics, Inc.*		2,748			64,276
Iovance Biotherapeutics, Inc.*		6,155			57,795
Guardant Health, Inc.*		2,454			56,295
Apellis Pharmaceuticals, Inc.*		1,899			54,767
Arrowhead Pharmaceuticals, Inc.*		2,720			52,686
ACADIA Pharmaceuticals, Inc.*		3,135			48,216
Total Biotechnology					4,827,941
Healthcare-Services - 17.0%
UnitedHealth Group, Inc.		1,420			830,246
Elevance Health, Inc.		737			383,240
Cigna Group		991			343,322
HCA Healthcare, Inc.		778			316,202
IQVIA Holdings, Inc.*		982			232,704
Centene Corp.*		3,014			226,894
Humana, Inc.		685			216,967
ICON plc*		735			211,173

60 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
HEALTH CARE FUND

	Shares		Value
Molina Healthcare, Inc.*		462	$	159,187
Labcorp Holdings, Inc.		702		156,883
Quest Diagnostics, Inc.		965		149,816
Tenet Healthcare Corp.*		868		144,261
Universal Health Services, Inc. — Class B		590		135,116
Catalent, Inc.*		1,961		118,778
HealthEquity, Inc.*		1,176		96,256
DaVita, Inc.*		581		95,243
Medpace Holdings, Inc.*		258		86,120
Acadia Healthcare Company, Inc.*		1,214		76,980
Teladoc Health, Inc.*		5,328		48,911
Total Healthcare-Services				4,028,299
Software - 0.8%
Veeva Systems, Inc. — Class A*		932		195,599
Electronics - 0.7%
Mettler-Toledo International, Inc.*		107		160,468
Commercial Services - 0.2%
R1 RCM, Inc.*		3,763		53,322
Total Common Stocks
(Cost $14,041,173)				23,776,136
RIGHTS††† - 0.0%
Pharmaceuticals - 0.0%
Johnson & Johnson
Expires 12/31/29		752		—
Total Rights
(Cost $—)				—

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.9%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	111,253	$	111,253
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		91,889		91,889
Total Repurchase Agreements
(Cost $203,142)				203,142
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.6%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		136,964		136,964
Total Securities Lending Collateral
(Cost $136,964)				136,964
Total Investments - 101.8%
(Cost $14,381,279)			$	24,116,242
Other Assets & Liabilities, net - (1.8)%				(427,311	)
Total Net Assets - 100.0%			$	23,688,931

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 61

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
HEALTH CARE FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	23,776,136	$	—	$	—		$	23,776,136
Rights		—		—		—	*		—
Repurchase Agreements		—		203,142		—			203,142
Securities Lending Collateral		136,964		—		—			136,964
Total Assets	$	23,913,100	$	203,142	$	—		$	24,116,242

* Security has a market value of $0.

62 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

HEALTH CARE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $132,672 of securities loaned (cost $14,178,137)	$	23,913,100
Repurchase agreements, at value (cost $203,142)		203,142
Receivables:
Securities sold		1,171,261
Fund shares sold		59,517
Dividends		14,736
Foreign tax reclaims		1,277
Interest		27
Securities lending income		17
Total assets		25,363,077
Liabilities:
Payable for:
Fund shares redeemed		1,486,928
Return of securities lending collateral		136,964
Management fees		18,286
Transfer agent fees		11,571
Portfolio accounting and administration fees		2,207
Distribution and service fees		1,749
Trustees’ fees*		239
Miscellaneous		16,202
Total liabilities		1,674,146
Net assets	$	23,688,931
Net assets consist of:
Paid in capital	$	16,464,373
Total distributable earnings (loss)		7,224,558
Net assets	$	23,688,931
Investor Class:
Net assets	$	16,769,599
Capital shares outstanding		372,622
Net asset value per share	$	45.00
Class A:
Net assets	$	5,043,048
Capital shares outstanding		127,563
Net asset value per share	$	39.53
Maximum offering price per share (Net asset value divided by 95.25%)	$	41.50
Class C:
Net assets	$	687,314
Capital shares outstanding		21,833
Net asset value per share	$	31.48
Class H:
Net assets	$	1,188,970
Capital shares outstanding		31,418
Net asset value per share	$	37.84

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $234)	$	141,072
Interest		3,791
Income from securities lending, net		68
Total investment income		144,931
Expenses:
Management fees		108,209
Distribution and service fees:
Class A		6,506
Class C		4,093
Class H		1,327
Transfer agent fees		26,232
Portfolio accounting and administration fees		19,425
Professional fees		4,310
Custodian fees		1,622
Trustees’ fees*		1,305
Miscellaneous		19,863
Total expenses		192,892
Less:
Expenses reimbursed by Adviser		(6,360	)
Net expenses		186,532
Net investment loss		(41,601	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		399,221
Net realized gain		399,221
Net change in unrealized appreciation (depreciation) on:
Investments		416,522
Net change in unrealized appreciation (depreciation)		416,522
Net realized and unrealized gain		815,743
Net increase in net assets resulting from operations	$	774,142

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 63

HEALTH CARE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(41,601	)	$	(71,670	)
Net realized gain on investments		399,221			1,685,621
Net change in unrealized appreciation (depreciation) on investments		416,522			1,402,616
Net increase in net assets resulting from operations		774,142			3,016,567
Capital share transactions:
Proceeds from sale of shares
Investor Class		20,025,335			29,374,905
Class A		648,799			2,065,989
Class C		80,649			425,218
Class H		274,498			732,223
Cost of shares redeemed
Investor Class		(20,787,060	)		(32,465,824	)
Class A		(1,285,803	)		(2,082,409	)
Class C		(401,028	)		(1,051,086	)
Class H		(353,519	)		(945,315	)
Net decrease from capital share transactions		(1,798,129	)		(3,946,299	)
Net decrease in net assets		(1,023,987	)		(929,732	)
Net assets:
Beginning of period		24,712,918			25,642,650
End of period	$	23,688,931		$	24,712,918
Capital share activity:
Shares sold
Investor Class		460,013			734,248
Class A		17,076			58,855
Class C		2,595			14,625
Class H		7,384			21,681
Shares redeemed
Investor Class		(474,855	)		(812,620	)
Class A		(33,768	)		(60,114	)
Class C		(13,179	)		(38,320	)
Class H		(9,796	)		(28,553	)
Net decrease in shares		(44,530	)		(110,198	)

64 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

HEALTH CARE FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	43.69		$	38.37		$	41.55		$	39.24		$	30.27		$	32.03
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		(.07	)		(.10	)		(.12	)		(.15	)		(.06	)
Net gain (loss) on investments (realized and unrealized)		1.36			5.39			(2.45	)		3.84			12.50			(1.70	)
Total from investment operations		1.31			5.32			(2.55	)		3.72			12.35			(1.76	)
Less distributions from:
Net realized gains		—			—			(.63	)		(1.41	)		(3.38	)		—
Total distributions		—			—			(.63	)		(1.41	)		(3.38	)		—
Net asset value, end of period	$	45.00		$	43.69		$	38.37		$	41.55		$	39.24		$	30.27
Total Return		3.00	%		13.86	%		(6.16	%)		9.40	%		41.24	%		(5.49	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,770		$	16,929		$	17,873		$	25,478		$	20,831		$	12,408
Ratios to average net assets:
Net investment income (loss)		(0.24	%)		(0.19	%)		(0.26	%)		(0.29	%)		(0.41	%)		(0.19	%)
Total expenses		1.42	%		1.43	%		1.39	%		1.35	%		1.46	%		1.47	%
Net expensesc		1.37	%		1.40	%		1.39	%		1.35	%		1.46	%		1.47	%
Portfolio turnover rate		67	%		116	%		268	%		238	%		256	%		248	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	38.43		$	33.83		$	36.81		$	34.99		$	27.33		$	29.00
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(.15	)		(.16	)		(.19	)		(.21	)		(.12	)
Net gain (loss) on investments (realized and unrealized)		1.19			4.75			(2.19	)		3.42			11.25			(1.55	)
Total from investment operations		1.10			4.60			(2.35	)		3.23			11.04			(1.67	)
Less distributions from:
Net realized gains		—			—			(.63	)		(1.41	)		(3.38	)		—
Total distributions		—			—			(.63	)		(1.41	)		(3.38	)		—
Net asset value, end of period	$	39.53		$	38.43		$	33.83		$	36.81		$	34.99		$	27.33
Total Returnd		2.86	%		13.60	%		(6.38	%)		9.14	%		40.87	%		(5.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,043		$	5,544		$	4,923		$	5,650		$	5,575		$	3,606
Ratios to average net assets:
Net investment income (loss)		(0.47	%)		(0.43	%)		(0.49	%)		(0.50	%)		(0.63	%)		(0.43	%)
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.69	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.69	%		1.73	%
Portfolio turnover rate		67	%		116	%		268	%		238	%		256	%		248	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 65

HEALTH CARE 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	30.72		$	27.24		$	29.99		$	28.95		$	23.21		$	24.81
Income (loss) from investment operations:
Net investment income (loss)b		(.18	)		(.33	)		(.34	)		(.39	)		(.40	)		(.30	)
Net gain (loss) on investments (realized and unrealized)		.94			3.81			(1.78	)		2.84			9.52			(1.30	)
Total from investment operations		.76			3.48			(2.12	)		2.45			9.12			(1.60	)
Less distributions from:
Net realized gains		—			—			(.63	)		(1.41	)		(3.38	)		—
Total distributions		—			—			(.63	)		(1.41	)		(3.38	)		—
Net asset value, end of period	$	31.48		$	30.72		$	27.24		$	29.99		$	28.95		$	23.21
Total Returnd		2.47	%		12.78	%		(7.07	%)		8.34	%		39.82	%		(6.45	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	687		$	996		$	1,529		$	2,699		$	3,147		$	2,826
Ratios to average net assets:
Net investment income (loss)		(1.22	%)		(1.20	%)		(1.25	%)		(1.26	%)		(1.39	%)		(1.20	%)
Total expenses		2.41	%		2.43	%		2.39	%		2.36	%		2.45	%		2.48	%
Net expensesc		2.36	%		2.40	%		2.39	%		2.36	%		2.45	%		2.48	%
Portfolio turnover rate		67	%		116	%		268	%		238	%		256	%		248	%

66 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	36.79		$	32.39		$	35.26		$	33.57		$	26.31		$	27.91
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(.14	)		(.21	)		(.17	)		(.21	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		1.14			4.54			(2.03	)		3.27			10.85			(1.47	)
Total from investment operations		1.05			4.40			(2.24	)		3.10			10.64			(1.60	)
Less distributions from:
Net realized gains		—			—			(.63	)		(1.41	)		(3.38	)		—
Total distributions		—			—			(.63	)		(1.41	)		(3.38	)		—
Net asset value, end of period	$	37.84		$	36.79		$	32.39		$	35.26		$	33.57		$	26.31
Total Return		2.85	%		13.58	%		(6.38	%)		9.14	%		40.93	%		(5.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,189		$	1,245		$	1,318		$	10,297		$	1,760		$	1,021
Ratios to average net assets:
Net investment income (loss)		(0.47	%)		(0.43	%)		(0.64	%)		(0.46	%)		(0.68	%)		(0.45	%)
Total expenses		1.67	%		1.68	%		1.65	%		1.61	%		1.76	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.65	%		1.61	%		1.76	%		1.72	%
Portfolio turnover rate		67	%		116	%		268	%		238	%		256	%		248	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 67

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INTERNET FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Internet - 57.3%
Alphabet, Inc. — Class A		5,023	$	833,065
Amazon.com, Inc.*		4,287		798,797
Meta Platforms, Inc. — Class A		1,286		736,158
Netflix, Inc.*		655		464,572
Uber Technologies, Inc.*		4,522		339,874
Booking Holdings, Inc.		56		235,879
Airbnb, Inc. — Class A*		1,850		234,599
DoorDash, Inc. — Class A*		1,364		194,684
JD.com, Inc. ADR		4,738		189,520
Alibaba Group Holding Ltd. ADR		1,784		189,318
Shopify, Inc. — Class A*		1,932		154,830
Bilibili, Inc. ADR*		6,479		151,479
eBay, Inc.		2,295		149,427
Baidu, Inc. ADR*		1,402		147,617
Spotify Technology S.A.*		388		142,990
Trip.com Group Ltd. ADR*		2,378		141,325
Sea Ltd. ADR*		1,452		136,895
MercadoLibre, Inc.*		63		129,273
Pinterest, Inc. — Class A*		3,966		128,379
GoDaddy, Inc. — Class A*		799		125,267
Expedia Group, Inc.*		819		121,228
VeriSign, Inc.*		577		109,607
Zillow Group, Inc. — Class C*		1,598		102,032
Snap, Inc. — Class A*		9,458		101,201
F5, Inc.*		443		97,549
Okta, Inc.*		1,251		92,999
Match Group, Inc.*		2,267		85,783
Roku, Inc.*		1,141		85,187
Chewy, Inc. — Class A*		2,793		81,807
Wayfair, Inc. — Class A*		1,380		77,528
Etsy, Inc.*		1,236		68,635
Wix.com Ltd.*		400		66,868
Lyft, Inc. — Class A*		4,538		57,859
IAC, Inc.*		1,015		54,627
Cargurus, Inc.*		1,560		46,847
Ziff Davis, Inc.*		801		38,977
TripAdvisor, Inc.*		2,425		35,138
Trump Media & Technology Group Corp.*,1		1,971		31,674
Bumble, Inc. — Class A*		3,975		25,360
Total Internet				7,004,854
Software - 25.5%
Salesforce, Inc.		1,593		436,020
Adobe, Inc.*		733		379,533
Workday, Inc. — Class A*		855		208,970
Datadog, Inc. — Class A*		1,418		163,155
Electronic Arts, Inc.		1,125		161,370
Snowflake, Inc. — Class A*		1,354		155,520
Veeva Systems, Inc. — Class A*		688		144,391
Cloudflare, Inc. — Class A*		1,674		135,410
Take-Two Interactive Software, Inc.*		875		134,496
ROBLOX Corp. — Class A*		2,953		130,700
NetEase, Inc. ADR		1,370		128,109
Zoom Video Communications, Inc. — Class A*		1,730		120,650
MongoDB, Inc.*		413		111,655
Akamai Technologies, Inc.*		1,034		104,382
Nutanix, Inc. — Class A*		1,670		98,947
DocuSign, Inc.*		1,575		97,792
Twilio, Inc. — Class A*		1,306		85,177
Smartsheet, Inc. — Class A*		1,365		75,566
Dropbox, Inc. — Class A*		2,962		75,324
Box, Inc. — Class A*		1,709		55,936
ZoomInfo Technologies, Inc. — Class A*		4,715		48,659
DigitalOcean Holdings, Inc.*		963		38,896
Fastly, Inc. — Class A*		3,732		28,251
Total Software				3,118,909
Telecommunications - 11.0%
Cisco Systems, Inc.		7,192		382,758
Arista Networks, Inc.*		689		264,452
Motorola Solutions, Inc.		511		229,761
Telefonaktiebolaget LM Ericsson ADR		13,000		98,540
Juniper Networks, Inc.		2,424		94,488
Nokia Oyj ADR1		21,160		92,469
Ciena Corp.*		1,343		82,715
Viavi Solutions, Inc.*		4,254		38,371
Extreme Networks, Inc.*		2,406		36,162
Viasat, Inc.*		2,265		27,044
Total Telecommunications				1,346,760
Commercial Services - 2.5%
PayPal Holdings, Inc.*		3,182		248,292
Paylocity Holding Corp.*		336		55,430
Total Commercial Services				303,722
Real Estate - 1.2%
CoStar Group, Inc.*		1,919		144,769
Entertainment - 0.9%
DraftKings, Inc. — Class A*		2,979		116,777
Computers - 0.5%
Lumentum Holdings, Inc.*		919		58,246
Investment Companies - 0.3%
Core Scientific, Inc.*		3,831		45,436
Healthcare-Services - 0.3%
Teladoc Health, Inc.*		3,939		36,160
Total Common Stocks
(Cost $5,940,556)				12,175,633

68 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INTERNET FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	42,490	$	42,490
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		35,095		35,095
Total Repurchase Agreements
(Cost $77,585)				77,585

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 0.7%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		81,434	$	81,434
Total Securities Lending Collateral
(Cost $81,434)				81,434
Total Investments - 100.8%
(Cost $6,099,575)			$	12,334,652
Other Assets & Liabilities, net - (0.8)%				(99,859	)
Total Net Assets - 100.0%			$	12,234,793

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	12,175,633	$	—	$	—	$	12,175,633
Repurchase Agreements		—		77,585		—		77,585
Securities Lending Collateral		81,434		—		—		81,434
Total Assets	$	12,257,067	$	77,585	$	—	$	12,334,652

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 69

INTERNET FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $79,910 of securities loaned (cost $6,021,990)	$	12,257,067
Repurchase agreements, at value (cost $77,585)		77,585
Receivables:
Fund shares sold		35,565
Dividends		1,165
Securities lending income		121
Interest		10
Total assets		12,371,513
Liabilities:
Payable for:
Return of securities lending collateral		81,434
Fund shares redeemed		30,731
Management fees		7,619
Transfer agent fees		5,429
Distribution and service fees		3,272
Portfolio accounting and administration fees		920
Trustees’ fees*		102
Miscellaneous		7, 213
Total liabilities		136,720
Net assets	$	12,234,793
Net assets consist of:
Paid in capital	$	7,455,318
Total distributable earnings (loss)		4,779,475
Net assets	$	12,234,793
Investor Class:
Net assets	$	6,000,531
Capital shares outstanding		45,106
Net asset value per share	$	133.03
Class A:
Net assets	$	1,686,068
Capital shares outstanding		14,266
Net asset value per share	$	118.19
Maximum offering price per share (Net asset value divided by 95.25%)	$	124.08
Class C:
Net assets	$	3,870,439
Capital shares outstanding		42,250
Net asset value per share	$	91.61
Class H:
Net assets	$	677,755
Capital shares outstanding		6,013
Net asset value per share	$	112.71

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $792)	$	29,942
Interest		1,961
Income from securities lending, net		649
Total investment income		32,552
Expenses:
Management fees		52,017
Distribution and service fees:
Class A		2,030
Class C		17,486
Class H		803
Transfer agent fees		12,851
Portfolio accounting and administration fees		9,338
Professional fees		6,032
Trustees’ fees*		1,196
Custodian fees		773
Miscellaneous		4,358
Total expenses		106,884
Less:
Expenses reimbursed by Adviser		(3,057	)
Net expenses		103,827
Net investment loss		(71,275	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,678,719
Net realized gain		3,678,719
Net change in unrealized appreciation (depreciation) on:
Investments		(2,820,538	)
Net change in unrealized appreciation (depreciation)		(2,820,538	)
Net realized and unrealized gain		858,181
Net increase in net assets resulting from operations	$	786,906

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

70 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INTERNET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(71,275	)	$	(321,230	)
Net realized gain on investments		3,678,719			230,876
Net change in unrealized appreciation (depreciation) on investments		(2,820,538	)		5,041,324
Net increase in net assets resulting from operations		786,906			4,950,970
Capital share transactions:
Proceeds from sale of shares
Investor Class		6,597,600			67,759,919
Class A		748,729			2,033,502
Class C		354,648			382,516
Class H		18,936			141,027
Cost of shares redeemed
Investor Class		(33,517,582	)		(54,950,256	)
Class A		(1,056,624	)		(1,922,686	)
Class C		(87,741	)		(325,691	)
Class H		(44,127	)		(226,709	)
Net increase (decrease) from capital share transactions		(26,986,161	)		12,891,622
Net increase (decrease) in net assets		(26,199,255	)		17,842,592
Net assets:
Beginning of period		38,434,048			20,591,456
End of period	$	12,234,793		$	38,434,048
Capital share activity:
Shares sold
Investor Class		53,569			632,253
Class A		6,852			21,711
Class C		4,242			5,346
Class H		183			1,586
Shares redeemed
Investor Class		(271,792	)		(539,260	)
Class A		(9,666	)		(20,504	)
Class C		(1,045	)		(4,358	)
Class H		(427	)		(2,516	)
Net increase (decrease) in shares		(218,084	)		94,258

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 71

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	123.64		$	94.80		$	115.59		$	195.59		$	105.23		$	118.80
Income (loss) from investment operations:
Net investment income (loss)b		(.50	)		(1.18	)		(.99	)		(2.11	)		(2.03	)		(1.30	)
Net gain (loss) on investments (realized and unrealized)		9.89			30.02			(19.80	)		(34.69	)		92.39			(8.17	)
Total from investment operations		9.39			28.84			(20.79	)		(36.80	)		90.36			(9.47	)
Less distributions from:
Net realized gains		—			—			—			(43.20	)		—			(4.10	)
Total distributions		—			—			—			(43.20	)		—			(4.10	)
Net asset value, end of period	$	133.03		$	123.64		$	94.80		$	115.59		$	195.59		$	105.23
Total Return		7.59	%		30.42	%		(17.99	%)		(23.48	%)		85.87	%		(8.25	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,001		$	32,558		$	16,148		$	8,777		$	25,113		$	10,741
Ratios to average net assets:
Net investment income (loss)		(0.81	%)		(1.09	%)		(1.13	%)		(1.18	%)		(1.21	%)		(1.08	%)
Total expenses		1.41	%		1.42	%		1.39	%		1.36	%		1.44	%		1.47	%
Net expensesc		1.36	%		1.38	%		1.39	%		1.36	%		1.44	%		1.47	%
Portfolio turnover rate		43	%		205	%		133	%		150	%		284	%		359	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	109.97		$	84.53		$	103.33		$	179.98		$	97.07		$	110.18
Income (loss) from investment operations:
Net investment income (loss)b		(.59	)		(1.26	)		(1.10	)		(2.28	)		(2.22	)		(1.32	)
Net gain (loss) on investments (realized and unrealized)		8.81			26.70			(17.70	)		(31.17	)		85.13			(7.69	)
Total from investment operations		8.22			25.44			(18.80	)		(33.45	)		82.91			(9.01	)
Less distributions from:
Net realized gains		—			—			—			(43.20	)		—			(4.10	)
Total distributions		—			—			—			(43.20	)		—			(4.10	)
Net asset value, end of period	$	118.19		$	109.97		$	84.53		$	103.33		$	179.98		$	97.07
Total Returnd		7.47	%		30.10	%		(18.19	%)		(23.67	%)		85.41	%		(8.48	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,686		$	1,878		$	1,342		$	2,240		$	2,952		$	2,060
Ratios to average net assets:
Net investment income (loss)		(1.08	%)		(1.33	%)		(1.39	%)		(1.44	%)		(1.45	%)		(1.20	%)
Total expenses		1.67	%		1.69	%		1.65	%		1.61	%		1.69	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.65	%		1.61	%		1.69	%		1.73	%
Portfolio turnover rate		43	%		205	%		133	%		150	%		284	%		359	%

72 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INTERNET 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	85.56		$	66.26		$	81.61		$	152.56		$	82.90		$	95.40
Income (loss) from investment operations:
Net investment income (loss)b		(.79	)		(1.54	)		(1.32	)		(2.89	)		(2.91	)		(1.96	)
Net gain (loss) on investments (realized and unrealized)		6.84			20.84			(14.03	)		(24.86	)		72.57			(6.44	)
Total from investment operations		6.05			19.30			(15.35	)		(27.75	)		69.66			(8.40	)
Less distributions from:
Net realized gains		—			—			—			(43.20	)		—			(4.10	)
Total distributions		—			—			—			(43.20	)		—			(4.10	)
Net asset value, end of period	$	91.61		$	85.56		$	66.26		$	81.61		$	152.56		$	82.90
Total Returnd		7.07	%		29.13	%		(18.81	%)		(24.24	%)		84.03	%		(9.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,870		$	3,341		$	2,522		$	2,821		$	4,124		$	1,931
Ratios to average net assets:
Net investment income (loss)		(1.86	%)		(2.08	%)		(2.14	%)		(2.19	%)		(2.21	%)		(2.06	%)
Total expenses		2.42	%		2.44	%		2.40	%		2.36	%		2.43	%		2.47	%
Net expensesc		2.37	%		2.40	%		2.40	%		2.36	%		2.43	%		2.47	%
Portfolio turnover rate		43	%		205	%		133	%		150	%		284	%		359	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 73

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	104.88		$	80.62		$	98.55		$	173.71		$	93.70		$	106.51
Income (loss) from investment operations:
Net investment income (loss)b		(.58	)		(1.19	)		(1.09	)		(2.23	)		(1.75	)		(1.41	)
Net gain (loss) on investments (realized and unrealized)		8.41			25.45			(16.84	)		(29.73	)		81.76			(7.30	)
Total from investment operations		7.83			24.26			(17.93	)		(31.96	)		80.01			(8.71	)
Less distributions from:
Net realized gains		—			—			—			(43.20	)		—			(4.10	)
Total distributions		—			—			—			(43.20	)		—			(4.10	)
Net asset value, end of period	$	112.71		$	104.88		$	80.62		$	98.55		$	173.71		$	93.70
Total Return		7.47	%		30.09	%		(18.19	%)		(23.67	%)		85.39	%		(8.49	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	678		$	656		$	579		$	947		$	1,067		$	825
Ratios to average net assets:
Net investment income (loss)		(1.10	%)		(1.33	%)		(1.39	%)		(1.45	%)		(1.42	%)		(1.30	%)
Total expenses		1.67	%		1.68	%		1.65	%		1.61	%		1.76	%		1.71	%
Net expensesc		1.62	%		1.65	%		1.65	%		1.61	%		1.76	%		1.71	%
Portfolio turnover rate		43	%		205	%		133	%		150	%		284	%		359	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

74 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
LEISURE FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Retail - 20.8%
McDonald’s Corp.		881	$	268,273
Starbucks Corp.		1,889		184,159
Chipotle Mexican Grill, Inc. — Class A*		2,769		159,550
Yum! Brands, Inc.		815		113,864
Yum China Holdings, Inc.		1,790		80,586
Darden Restaurants, Inc.		487		79,931
Domino’s Pizza, Inc.		165		70,973
Restaurant Brands International, Inc.		957		69,019
Texas Roadhouse, Inc. — Class A		360		63,576
Cava Group, Inc.*		433		53,627
Wingstop, Inc.		110		45,769
Dutch Bros, Inc. — Class A*		1,155		36,995
Shake Shack, Inc. — Class A*		356		36,743
Sweetgreen, Inc. — Class A*		975		34,564
Brinker International, Inc.*		440		33,673
Wendy’s Co.		1,791		31,378
Cheesecake Factory, Inc.		629		25,506
Papa John’s International, Inc.		459		24,726
Bloomin’ Brands, Inc.		1,272		21,026
Cracker Barrel Old Country Store, Inc.		433		19,636
Dave & Buster’s Entertainment, Inc.*		561		19,102
Jack in the Box, Inc.		350		16,289
Total Retail				1,488,965
Internet - 17.9%
Netflix, Inc.*		441		312,788
Booking Holdings, Inc.		40		168,485
Airbnb, Inc. — Class A*		1,246		158,005
DoorDash, Inc. — Class A*		918		131,026
Spotify Technology S.A.*		266		98,029
Bilibili, Inc. ADR*		4,063		94,993
Trip.com Group Ltd. ADR*		1,548		91,998
Sea Ltd. ADR*		955		90,037
Expedia Group, Inc.*		551		81,559
Roku, Inc.*		768		57,339
Total Internet				1,284,259
Media - 15.2%
Walt Disney Co.		2,527		243,072
Comcast Corp. — Class A		5,600		233,912
Charter Communications, Inc. — Class A*		303		98,196
Fox Corp. — Class A		1,902		80,512
Warner Bros Discovery, Inc.*		9,054		74,695
News Corp. — Class A		2,647		70,490
Liberty Broadband Corp. — Class C*		824		63,687
New York Times Co. — Class A		959		53,387
Paramount Global — Class B1		4,288		45,539
Endeavor Group Holdings, Inc. — Class A1		1,578		45,068
Nexstar Media Group, Inc. — Class A		244		40,345
Sirius XM Holdings, Inc.		1,498		35,435
Total Media				1,084,338
Entertainment - 10.8%
DraftKings, Inc. — Class A*		2,006		78,635
Live Nation Entertainment, Inc.*		711		77,848
TKO Group Holdings, Inc.*		628		77,690
Warner Music Group Corp. — Class A		2,281		71,395
Flutter Entertainment plc*		293		69,523
Caesars Entertainment, Inc.*		1,364		56,933
Churchill Downs, Inc.		386		52,191
Light & Wonder, Inc. — Class A*		500		45,365
Vail Resorts, Inc.		250		43,573
Red Rock Resorts, Inc. — Class A		718		39,088
Cinemark Holdings, Inc.*		1,087		30,262
Penn Entertainment, Inc.*		1,600		30,176
International Game Technology plc		1,293		27,541
Marriott Vacations Worldwide Corp.		374		27,482
United Parks & Resorts, Inc.*		432		21,859
AMC Entertainment Holdings, Inc. — Class A*		4,791		21,799
Total Entertainment				771,360
Lodging - 9.2%
Marriott International, Inc. — Class A		551		136,979
Hilton Worldwide Holdings, Inc.		590		135,995
Las Vegas Sands Corp.		1,692		85,175
Hyatt Hotels Corp. — Class A		460		70,012
Wynn Resorts Ltd.		625		59,925
MGM Resorts International*		1,390		54,335
Wyndham Hotels & Resorts, Inc.		556		43,446
Boyd Gaming Corp.		583		37,691
Choice Hotels International, Inc.1		262		34,138
Total Lodging				657,696
Leisure Time - 7.3%
Royal Caribbean Cruises Ltd.		641		113,688
Carnival Corp.*		4,375		80,850
Planet Fitness, Inc. — Class A*		677		54,986
Norwegian Cruise Line Holdings Ltd.*		2,657		54,495
Brunswick Corp.		524		43,922
Harley-Davidson, Inc.		1,028		39,609
Polaris, Inc.		460		38,290
YETI Holdings, Inc.*		840		34,465
Peloton Interactive, Inc. — Class A*		5,275		24,687
Topgolf Callaway Brands Corp.*		2,204		24,200
Sabre Corp.*		4,315		15,836
Total Leisure Time				525,028
Agriculture - 6.5%
Philip Morris International, Inc.		2,007		243,650
Altria Group, Inc.		3,215		164,093
British American Tobacco plc ADR		1,588		58,089
Total Agriculture				465,832
Software - 5.2%
Electronic Arts, Inc.		757		108,584
Take-Two Interactive Software, Inc.*		588		90,382
ROBLOX Corp. — Class A*		1,988		87,989

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 75

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
LEISURE FUND

	Shares		Value
NetEase, Inc. ADR		879	$	82,195
Total Software				369,150
Beverages - 4.5%
Constellation Brands, Inc. — Class A		450		115,961
Brown-Forman Corp. — Class B		1,755		86,346
Anheuser-Busch InBev S.A. ADR		936		62,047
Molson Coors Beverage Co. — Class B		1,044		60,051
Total Beverages				324,405
Toys, Games & Hobbies - 1.4%
Hasbro, Inc.		775		56,048
Mattel, Inc.*		2,383		45,396
Total Toys, Games & Hobbies				101,444
Food Service - 0.8%
Aramark		1,469		56,894
Total Common Stocks
(Cost $3,924,980)				7,129,371

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	20,315	$	20,315
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		16,780		16,780
Total Repurchase Agreements
(Cost $37,095)				37,095
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.4%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		96,913		96,913
Total Securities Lending Collateral
(Cost $96,913)				96,913
Total Investments - 101.5%
(Cost $4,058,988)			$	7,263,379
Other Assets & Liabilities, net - (1.5)%				(108,449	)
Total Net Assets - 100.0%			$	7,154,930

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,129,371	$	—	$	—	$	7,129,371
Repurchase Agreements		—		37,095		—		37,095
Securities Lending Collateral		96,913		—		—		96,913
Total Assets	$	7,226,284	$	37,095	$	—	$	7,263,379

76 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

LEISURE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $93,073 of securities loaned (cost $4,021,893)	$	7,226,284
Repurchase agreements, at value (cost $37,095)		37,095
Receivables:
Dividends		9,142
Fund shares sold		1,004
Securities lending income		557
Interest		5
Total assets		7,274,087
Liabilities:
Payable for:
Return of securities lending collateral		96,913
Fund shares redeemed		9,370
Management fees		4,479
Transfer agent fees		2,987
Distribution and service fees		694
Portfolio accounting and administration fees		541
Trustees’ fees*		59
Miscellaneous		4,114
Total liabilities		119,157
Net assets	$	7,154,930
Net assets consist of:
Paid in capital	$	5,497,806
Total distributable earnings (loss)		1,657,124
Net assets	$	7,154,930
Investor Class:
Net assets	$	4,236,601
Capital shares outstanding		47,961
Net asset value per share	$	88.33
Class A:
Net assets	$	1,710,164
Capital shares outstanding		21,575
Net asset value per share	$	79.27
Maximum offering price per share (Net asset value divided by 95.25%)	$	83.22
Class C:
Net assets	$	272,915
Capital shares outstanding		4,107
Net asset value per share	$	66.45
Class H:
Net assets	$	935,250
Capital shares outstanding		12,175
Net asset value per share	$	76.82

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $194)	$	52,537
Interest		851
Income from securities lending, net		3,434
Total investment income		56,822
Expenses:
Management fees		29,686
Distribution and service fees:
Class A		2,171
Class C		1,342
Class H		1,392
Transfer agent fees		7,223
Portfolio accounting and administration fees		5,329
Registration fees		4,276
Professional fees		1,455
Trustees’ fees*		463
Custodian fees		447
Line of credit fees		14
Miscellaneous		584
Total expenses		54,382
Less:
Expenses reimbursed by Adviser		(1,745	)
Net expenses		52,637
Net investment income		4,185
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		652,784
Net realized gain		652,784
Net change in unrealized appreciation (depreciation) on:
Investments		(331,094	)
Net change in unrealized appreciation (depreciation)		(331,094	)
Net realized and unrealized gain		321,690
Net increase in net assets resulting from operations	$	325,875

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 77

LEISURE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	4,185		$	35,412
Net realized gain on investments		652,784			445,439
Net change in unrealized appreciation (depreciation) on investments		(331,094	)		(86,095	)
Net increase in net assets resulting from operations		325,875			394,756
Distributions to shareholders:
Investor Class		—			(4,283	)
Class A		—			(1,567	)
Class C		—			(220	)
Class H		—			(1,111	)
Total distributions to shareholders		—			(7,181	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		2,822,419			28,182,518
Class A		12,869			320,756
Class C		26,125			19,815
Class H		56,147			1,246,731
Distributions reinvested
Investor Class		—			4,166
Class A		—			1,122
Class C		—			220
Class H		—			1,103
Cost of shares redeemed
Investor Class		(3,563,749	)		(43,870,062	)
Class A		(280,728	)		(1,314,667	)
Class C		(44,566	)		(96,413	)
Class H		(538,789	)		(1,868,660	)
Net decrease from capital share transactions		(1,510,272	)		(17,373,371	)
Net decrease in net assets		(1,184,397	)		(16,985,796	)
Net assets:
Beginning of period		8,339,327			25,325,123
End of period	$	7,154,930		$	8,339,327
Capital share activity:
Shares sold
Investor Class		34,586			368,511
Class A		177			4,855
Class C		430			347
Class H		795			19,672
Shares issued from reinvestment of distributions
Investor Class		—			54
Class A		—			16
Class C		—			4
Class H		—			16
Shares redeemed
Investor Class		(43,936	)		(594,121	)
Class A		(3,853	)		(19,188	)
Class C		(717	)		(1,664	)
Class H		(7,629	)		(28,613	)
Net decrease in shares		(20,147	)		(250,111	)

78 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

LEISURE FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	83.50		$	72.93		$	80.27		$	100.94		$	53.01		$	68.98
Income (loss) from investment operations:
Net investment income (loss)b		.11			.27			.21			(.44	)		(.34	)		.08
Net gain (loss) on investments (realized and unrealized)		4.72			10.35			(7.55	)		(14.80	)		48.27			(15.86	)
Total from investment operations		4.83			10.62			(7.34	)		(15.24	)		47.93			(15.78	)
Less distributions from:
Net investment income		—			(.05	)		—			—			—			(.19	)
Net realized gains		—			—			—			(5.43	)		—			—
Total distributions		—			(.05	)		—			(5.43	)		—			(.19	)
Net asset value, end of period	$	88.33		$	83.50		$	72.93		$	80.27		$	100.94		$	53.01
Total Return		5.78	%		14.58	%		(9.14	%)		(15.52	%)		90.42	%		(22.96	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,237		$	4,786		$	20,629		$	5,574		$	40,995		$	2,839
Ratios to average net assets:
Net investment income (loss)		0.26	%		0.36	%		0.30	%		(0.45	%)		(0.39	%)		0.11	%
Total expenses		1.42	%		1.43	%		1.39	%		1.36	%		1.41	%		1.48	%
Net expensesc		1.37	%		1.40	%		1.39	%		1.36	%		1.41	%		1.48	%
Portfolio turnover rate		37	%		214	%		145	%		168	%		144	%		369	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	75.02		$	65.70		$	72.50		$	91.96		$	48.41		$	63.17
Income (loss) from investment operations:
Net investment income (loss)b		.01			.10			(.12	)		(.51	)		(.41	)		.01
Net gain (loss) on investments (realized and unrealized)		4.24			9.27			(6.68	)		(13.52	)		43.96			(14.58	)
Total from investment operations		4.25			9.37			(6.80	)		(14.03	)		43.55			(14.57	)
Less distributions from:
Net investment income		—			(.05	)		—			—			—			(.19	)
Net realized gains		—			—			—			(5.43	)		—			—
Total distributions		—			(.05	)		—			(5.43	)		—			(.19	)
Net asset value, end of period	$	79.27		$	75.02		$	65.70		$	72.50		$	91.96		$	48.41
Total Returnd		5.67	%		14.28	%		(9.38	%)		(15.72	%)		89.96	%		(23.15	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,710		$	1,894		$	2,600		$	4,351		$	4,291		$	816
Ratios to average net assets:
Net investment income (loss)		0.02	%		0.15	%		(0.20	%)		(0.59	%)		(0.56	%)		0.02	%
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.68	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.68	%		1.73	%
Portfolio turnover rate		37	%		214	%		145	%		168	%		144	%		369	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 79

LEISURE 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	63.14		$	55.72		$	61.94		$	80.01		$	42.44		$	55.82
Income (loss) from investment operations:
Net investment income (loss)b		(.22	)		(.35	)		(.50	)		(1.04	)		(.87	)		(.42	)
Net gain (loss) on investments (realized and unrealized)		3.53			7.82			(5.72	)		(11.60	)		38.44			(12.77	)
Total from investment operations		3.31			7.47			(6.22	)		(12.64	)		37.57			(13.19	)
Less distributions from:
Net investment income		—			(.05	)		—			—			—			(.19	)
Net realized gains		—			—			—			(5.43	)		—			—
Total distributions		—			(.05	)		—			(5.43	)		—			(.19	)
Net asset value, end of period	$	66.45		$	63.14		$	55.72		$	61.94		$	80.01		$	42.44
Total Returnd		5.24	%		13.43	%		(10.04	%)		(16.35	%)		88.52	%		(23.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	273		$	277		$	318		$	591		$	942		$	398
Ratios to average net assets:
Net investment income (loss)		(0.73	%)		(0.60	%)		(0.96	%)		(1.38	%)		(1.36	%)		(0.74	%)
Total expenses		2.42	%		2.43	%		2.39	%		2.36	%		2.44	%		2.48	%
Net expensesc		2.37	%		2.40	%		2.39	%		2.36	%		2.44	%		2.48	%
Portfolio turnover rate		37	%		214	%		145	%		168	%		144	%		369	%

80 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	72.70		$	63.67		$	70.26		$	89.30		$	47.01		$	61.36
Income (loss) from investment operations:
Net investment income (loss)b		—			.10			(.10	)		(.59	)		(.40	)		(.01	)
Net gain (loss) on investments (realized and unrealized)		4.12			8.98			(6.49	)		(13.02	)		42.69			(14.15	)
Total from investment operations		4.12			9.08			(6.59	)		(13.61	)		42.29			(14.16	)
Less distributions from:
Net investment income		—			(.05	)		—			—			—			(.19	)
Net realized gains		—			—			—			(5.43	)		—			—
Total distributions		—			(.05	)		—			(5.43	)		—			(.19	)
Net asset value, end of period	$	76.82		$	72.70		$	63.67		$	70.26		$	89.30		$	47.01
Total Return		5.67	%		14.26	%		(9.38	%)		(15.72	%)		89.96	%		(23.17	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	935		$	1,382		$	1,779		$	2,023		$	6,594		$	976
Ratios to average net assets:
Net investment income (loss)		(0.01	%)		0.15	%		(0.16	%)		(0.69	%)		(0.55	%)		(0.01	%)
Total expenses		1.66	%		1.68	%		1.64	%		1.61	%		1.68	%		1.72	%
Net expensesc		1.61	%		1.65	%		1.64	%		1.61	%		1.68	%		1.72	%
Portfolio turnover rate		37	%		214	%		145	%		168	%		144	%		369	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 81

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
PRECIOUS METALS FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Mining - 99.5%
Freeport-McMoRan, Inc.		215,442	$	10,754,865
Newmont Corp.		171,366		9,159,513
Agnico Eagle Mines Ltd.		87,701		7,065,193
Barrick Gold Corp.		336,207		6,687,157
Wheaton Precious Metals Corp.		99,491		6,076,910
Gold Fields Ltd. ADR		288,057		4,421,675
Franco-Nevada Corp.		32,949		4,093,913
Kinross Gold Corp.		410,052		3,838,087
Anglogold Ashanti plc1		133,631		3,558,593
Royal Gold, Inc.		25,022		3,510,587
Alamos Gold, Inc. — Class A		166,033		3,310,698
Pan American Silver Corp.		151,946		3,171,113
Hecla Mining Co.		353,061		2,354,917
Osisko Gold Royalties Ltd.		117,950		2,183,254
Eldorado Gold Corp.*		122,754		2,132,237
Harmony Gold Mining Company Ltd. ADR		200,135		2,035,373
IAMGOLD Corp.*		369,242		1,931,136
Coeur Mining, Inc.*		257,491		1,771,538
Equinox Gold Corp.*		288,941		1,759,651
B2Gold Corp.		558,518		1,720,235
Sibanye Stillwater Ltd. ADR1		411,627		1,691,787
Sandstorm Gold Ltd.		256,712		1,540,272
First Majestic Silver Corp.1		251,456		1,508,736
MAG Silver Corp.*,1		99,481		1,396,713
Fortuna Mining Corp.*,1		295,465		1,368,003
SilverCrest Metals, Inc.*		147,593		1,365,235
Seabridge Gold, Inc.*		76,775		1,289,052
SSR Mining, Inc.*		214,740		1,219,723
New Gold, Inc.*,1		403,979		1,163,459
Silvercorp Metals, Inc.1		263,544		1,151,687
Novagold Resources, Inc.*		272,298		1,116,422
Endeavour Silver Corp.*,1		251,197		989,716
Gatos Silver, Inc.*		63,957		964,472
McEwen Mining, Inc.*		78,534		730,366
Total Mining				99,032,288
Total Common Stocks
(Cost $64,670,668)				99,032,288

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	377,942	$	377,942
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		312,163		312,163
Total Repurchase Agreements
(Cost $690,105)				690,105
	Shares
SECURITIES LENDING COLLATERAL†,3 - 7.6%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		7,547,657		7,547,657
Total Securities Lending Collateral
(Cost $7,547,657)				7,547,657
Total Investments - 107.8%
(Cost $72,908,430)			$	107,270,050
Other Assets & Liabilities, net - (7.8)%				(7,766,498	)
Total Net Assets - 100.0%			$	99,503,552

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

82 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
PRECIOUS METALS FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	99,032,288	$	—	$	—	$	99,032,288
Repurchase Agreements		—		690,105		—		690,105
Securities Lending Collateral		7,547,657		—		—		7,547,657
Total Assets	$	106,579,945	$	690,105	$	—	$	107,270,050

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 83

PRECIOUS METALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $6,982,138 of securities loaned (cost $72,218,325)	$	106,579,945
Repurchase agreements, at value (cost $690,105)		690,105
Receivables:
Securities sold		6,875,051
Fund shares sold		935,281
Dividends		5,157
Foreign tax reclaims		1,956
Securities lending income		1,319
Interest		93
Total assets		115,088,907
Liabilities:
Payable for:
Fund shares redeemed		7,877,492
Return of securities lending collateral		7,547,657
Management fees		56,156
Transfer agent fees		38,913
Portfolio accounting and administration fees		7,683
Distribution and service fees		2,721
Trustees’ fees*		802
Miscellaneous		53,931
Total liabilities		15,585,355
Net assets	$	99,503,552
Net assets consist of:
Paid in capital	$	136,370,817
Total distributable earnings (loss)		(36,867,265	)
Net assets	$	99,503,552
Investor Class:
Net assets	$	87,731,152
Capital shares outstanding		2,012,711
Net asset value per share	$	43.59
Class A:
Net assets	$	8,532,808
Capital shares outstanding		211,184
Net asset value per share	$	40.40
Maximum offering price per share (Net asset value divided by 95.25%)	$	42.41
Class C:
Net assets	$	988,491
Capital shares outstanding		31,484
Net asset value per share	$	31.40
Class H:
Net assets	$	2,251,101
Capital shares outstanding		58,071
Net asset value per share	$	38.76

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $53,461)	$	486,060
Interest		11,384
Income from securities lending, net		6,242
Total investment income		503,686
Expenses:
Management fees		299,897
Distribution and service fees:
Class A		9,866
Class C		4,993
Class H		3,883
Transfer agent fees		82,773
Portfolio accounting and administration fees		61,008
Registration fees		16,996
Professional fees		16,192
Custodian fees		5,055
Trustees’ fees*		3,090
Miscellaneous		45,297
Total expenses		549,050
Less:
Expenses reimbursed by Adviser		(19,975	)
Net expenses		529,075
Net investment loss		(25,389	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(702,626	)
Foreign currency transactions		3
Net realized loss		(702,623	)
Net change in unrealized appreciation (depreciation) on:
Investments		17,584,067
Net change in unrealized appreciation (depreciation)		17,584,067
Net realized and unrealized gain		16,881,444
Net increase in net assets resulting from operations	$	16,856,055

* 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 FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PRECIOUS METALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(25,389	)	$	77,389
Net realized loss on investments		(702,623	)		(3,579,217	)
Net change in unrealized appreciation (depreciation) on investments		17,584,067			(2,840,129	)
Net increase (decrease) in net assets resulting from operations		16,856,055			(6,341,957	)
Distributions to shareholders:
Investor Class		—			(1,400,288	)
Class A		—			(280,268	)
Class C		—			(63,185	)
Class H		—			(78,773	)
Total distributions to shareholders		—			(1,822,514	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		298,705,388			313,283,695
Class A		1,314,818			2,870,709
Class C		277,844			691,727
Class H		4,107,151			2,898,452
Distributions reinvested
Investor Class		—			1,350,549
Class A		—			272,009
Class C		—			63,121
Class H		—			78,773
Cost of shares redeemed
Investor Class		(276,543,641	)		(330,913,484	)
Class A		(1,653,448	)		(3,922,482	)
Class C		(529,982	)		(1,371,976	)
Class H		(4,580,102	)		(3,056,070	)
Net increase (decrease) from capital share transactions		21,098,028			(17,754,977	)
Net increase (decrease) in net assets		37,954,083			(25,919,448	)
Net assets:
Beginning of period		61,549,469			87,468,917
End of period	$	99,503,552		$	61,549,469
Capital share activity:
Shares sold
Investor Class		7,556,188			9,492,990
Class A		35,603			90,664
Class C		9,554			26,656
Class H		117,673			92,253
Shares issued from reinvestment of distributions
Investor Class		—			43,176
Class A		—			9,363
Class C		—			2,779
Class H		—			2,826
Shares redeemed
Investor Class		(7,013,908	)		(10,049,980	)
Class A		(45,487	)		(127,787	)
Class C		(18,749	)		(54,849	)
Class H		(129,469	)		(102,337	)
Net increase (decrease) in shares		511,405			(574,246	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 85

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	34.83		$	37.47		$	47.98		$	44.22		$	26.50		$	26.14
Income (loss) from investment operations:
Net investment income (loss)b		—	f		.06			.18			.16			(.06	)		(.12	)
Net gain (loss) on investments (realized and unrealized)		8.76			(1.50	)		(8.26	)		6.21			18.28			1.23	e
Total from investment operations		8.76			(1.44	)		(8.08	)		6.37			18.22			1.11
Less distributions from:
Net investment income		—			(1.20	)		(2.43	)		(2.61	)		(.50	)		(.75	)
Total distributions		—			(1.20	)		(2.43	)		(2.61	)		(.50	)		(.75	)
Net asset value, end of period	$	43.59		$	34.83		$	37.47		$	47.98		$	44.22		$	26.50
Total Return		25.15	%		(3.46	%)		(16.34	%)		15.84	%		68.71	%		3.65	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	87,731		$	51,211		$	74,345		$	63,069		$	87,174		$	46,153
Ratios to average net assets:
Net investment income (loss)		(0.01	%)		0.19	%		0.48	%		0.35	%		(0.13	%)		(0.40	%)
Total expenses		1.33	%		1.33	%		1.30	%		1.26	%		1.34	%		1.38	%
Net expensesc		1.28	%		1.30	%		1.30	%		1.26	%		1.34	%		1.38	%
Portfolio turnover rate		250	%		387	%		424	%		114	%		281	%		277	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	32.33		$	34.96		$	45.09		$	41.82		$	25.14		$	24.89
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		(.01	)		.08			.04			(.17	)		(.19	)
Net gain (loss) on investments (realized and unrealized)		8.12			(1.42	)		(7.78	)		5.84			17.35			1.19	e
Total from investment operations		8.07			(1.43	)		(7.70	)		5.88			17.18			1.00
Less distributions from:
Net investment income		—			(1.20	)		(2.43	)		(2.61	)		(.50	)		(.75	)
Total distributions		—			(1.20	)		(2.43	)		(2.61	)		(.50	)		(.75	)
Net asset value, end of period	$	40.40		$	32.33		$	34.96		$	45.09		$	41.82		$	25.14
Total Returnd		24.96	%		(3.68	%)		(16.54	%)		15.57	%		68.28	%		3.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,533		$	7,146		$	8,698		$	11,664		$	18,801		$	12,803
Ratios to average net assets:
Net investment income (loss)		(0.26	%)		(0.02	%)		0.23	%		0.08	%		(0.41	%)		(0.67	%)
Total expenses		1.57	%		1.58	%		1.54	%		1.51	%		1.59	%		1.63	%
Net expensesc		1.52	%		1.55	%		1.54	%		1.51	%		1.59	%		1.63	%
Portfolio turnover rate		250	%		387	%		424	%		114	%		281	%		277	%

86 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PRECIOUS METALS 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	25.21		$	27.77		$	36.75		$	34.86		$	21.16		$	21.19
Income (loss) from investment operations:
Net investment income (loss)b		(.14	)		(.19	)		(.13	)		(.21	)		(.43	)		(.35	)
Net gain (loss) on investments (realized and unrealized)		6.33			(1.17	)		(6.42	)		4.71			14.63			1.07	e
Total from investment operations		6.19			(1.36	)		(6.55	)		4.50			14.20			.72
Less distributions from:
Net investment income		—			(1.20	)		(2.43	)		(2.61	)		(.50	)		(.75	)
Total distributions		—			(1.20	)		(2.43	)		(2.61	)		(.50	)		(.75	)
Net asset value, end of period	$	31.40		$	25.21		$	27.77		$	36.75		$	34.86		$	21.16
Total Returnd		24.55	%		(4.43	%)		(17.16	%)		14.70	%		67.04	%		2.65	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	988		$	1,026		$	1,836		$	2,231		$	2,086		$	1,686
Ratios to average net assets:
Net investment income (loss)		(1.00	%)		(0.76	%)		(0.48	%)		(0.59	%)		(1.20	%)		(1.41	%)
Total expenses		2.31	%		2.33	%		2.29	%		2.26	%		2.35	%		2.38	%
Net expensesc		2.26	%		2.30	%		2.29	%		2.26	%		2.35	%		2.38	%
Portfolio turnover rate		250	%		387	%		424	%		114	%		281	%		277	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 87

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	31.01		$	33.59		$	43.46		$	40.41		$	24.30		$	24.06
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(.02	)		.06			.08			(.25	)		(.22	)
Net gain (loss) on investments (realized and unrealized)		7.84			(1.36	)		(7.50	)		5.58			16.86			1.21	e
Total from investment operations		7.75			(1.38	)		(7.44	)		5.66			16.61			.99
Less distributions from:
Net investment income		—			(1.20	)		(2.43	)		(2.61	)		(.50	)		(.75	)
Total distributions		—			(1.20	)		(2.43	)		(2.61	)		(.50	)		(.75	)
Net asset value, end of period	$	38.76		$	31.01		$	33.59		$	43.46		$	40.41		$	24.30
Total Return		24.99	%		(3.71	%)		(16.54	%)		15.57	%		68.30	%		3.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,251		$	2,167		$	2,591		$	4,028		$	2,628		$	1,830
Ratios to average net assets:
Net investment income (loss)		(0.52	%)		(0.05	%)		0.18	%		0.20	%		(0.59	%)		(0.78	%)
Total expenses		1.57	%		1.58	%		1.54	%		1.51	%		1.60	%		1.63	%
Net expensesc		1.52	%		1.55	%		1.54	%		1.51	%		1.60	%		1.63	%
Portfolio turnover rate		250	%		387	%		424	%		114	%		281	%		277	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
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 investments of the Fund.
f	Less than $0.01 per share.

88 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 99.3%
REITs - 91.3%
REITs-Diversified - 23.7%
American Tower Corp. — Class A		1,111	$	258,374
Equinix, Inc.		256		227,233
Digital Realty Trust, Inc.		1,140		184,486
Crown Castle, Inc.		1,510		179,131
VICI Properties, Inc.		4,367		145,465
Weyerhaeuser Co.		3,783		128,092
SBA Communications Corp.		527		126,849
Lamar Advertising Co. — Class A		701		93,654
Gaming and Leisure Properties, Inc.		1,761		90,603
WP Carey, Inc.		1,453		90,522
Vornado Realty Trust		1,708		67,295
National Storage Affiliates Trust		1,182		56,972
EPR Properties		978		47,961
PotlatchDeltic Corp.		1,023		46,086
Outfront Media, Inc.		2,276		41,833
Uniti Group, Inc.*		5,352		30,185
Total REITs-Diversified				1,814,741
REITs-Apartments - 11.8%
AvalonBay Communities, Inc.		617		138,979
Equity Residential		1,720		128,071
Invitation Homes, Inc.		3,137		110,611
Mid-America Apartment Communities, Inc.		662		105,192
Essex Property Trust, Inc.		339		100,147
UDR, Inc.		2,084		94,489
Camden Property Trust		727		89,806
American Homes 4 Rent — Class A		2,189		84,036
Independence Realty Trust, Inc.		2,583		52,951
Total REITs-Apartments				904,282
REITs-Health Care - 9.7%
Welltower, Inc.		1,715		219,571
Ventas, Inc.		1,975		126,657
Healthpeak Properties, Inc.		4,365		99,828
Omega Healthcare Investors, Inc.		1,976		80,423
Healthcare Realty Trust, Inc.		3,424		62,146
CareTrust REIT, Inc.		1,755		54,159
Sabra Health Care REIT, Inc.		2,762		51,401
Medical Properties Trust, Inc.1		7,805		45,659
Total REITs-Health Care				739,844
REITs-Warehouse/Industries - 9.1%
Prologis, Inc.		2,113		266,830
Rexford Industrial Realty, Inc.		1,655		83,263
EastGroup Properties, Inc.		403		75,288
Americold Realty Trust, Inc.		2,450		69,262
First Industrial Realty Trust, Inc.		1,207		67,568
STAG Industrial, Inc.		1,717		67,118
Terreno Realty Corp.		929		62,085
Total REITs-Warehouse/Industries				691,414
REITs-Storage - 7.6%
Public Storage		525		191,032
Extra Space Storage, Inc.		857		154,423
Iron Mountain, Inc.		1,241		147,468
CubeSmart		1,599		86,074
Total REITs-Storage				578,997
REITs-Office Property - 7.1%
Alexandria Real Estate Equities, Inc.		932		110,675
BXP, Inc.		1,059		85,207
Kilroy Realty Corp.		1,416		54,799
Cousins Properties, Inc.		1,784		52,592
SL Green Realty Corp.		751		52,277
Highwoods Properties, Inc.		1,399		46,880
Douglas Emmett, Inc.		2,475		43,486
LXP Industrial Trust		4,228		42,491
JBG SMITH Properties		1,724		30,136
Hudson Pacific Properties, Inc.*		4,249		20,310
Total REITs-Office Property				538,853
REITs-Shopping Centers - 6.8%
Kimco Realty Corp.		4,157		96,526
Regency Centers Corp.		1,247		90,071
Federal Realty Investment Trust		659		75,765
Brixmor Property Group, Inc.		2,585		72,018
Kite Realty Group Trust		2,246		59,654
Phillips Edison & Company, Inc.		1,479		55,773
SITE Centers Corp.		605		36,603
Retail Opportunity Investments Corp.		2,166		34,071
Total REITs-Shopping Centers				520,481
REITs-Single Tenant - 5.1%
Realty Income Corp.		2,928		185,694
NNN REIT, Inc.		1,524		73,899
Agree Realty Corp.		895		67,420
Essential Properties Realty Trust, Inc.		1,809		61,777
Total REITs-Single Tenant				388,790
REITs-Hotels - 3.9%
Host Hotels & Resorts, Inc.		4,950		87,120
Ryman Hospitality Properties, Inc.		528		56,623
Apple Hospitality REIT, Inc.		3,037		45,099
Park Hotels & Resorts, Inc.		2,931		41,327
Sunstone Hotel Investors, Inc.		3,486		35,976
Pebblebrook Hotel Trust		2,377		31,448
Total REITs-Hotels				297,593
REITs-Regional Malls - 3.7%
Simon Property Group, Inc.		1,083		183,049
Macerich Co.		2,823		51,492
Tanger, Inc.		1,439		47,746
Total REITs-Regional Malls				282,287
REITs-Manufactured Homes - 2.4%
Sun Communities, Inc.		730		98,660
Equity LifeStyle Properties, Inc.		1,181		84,253
Total REITs-Manufactured Homes				182,913

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 89

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
REAL ESTATE FUND

	Shares		Value
Specialized Reit’s - 0.4%
DiamondRock Hospitality Co.		3,813	$	33,287
Total REITs				6,973,482
Real Estate - 6.1%
Real Estate Management/Services - 4.3%
CBRE Group, Inc. — Class A*		1,259		156,720
Jones Lang LaSalle, Inc.*		255		68,802
Cushman & Wakefield plc*		3,302		45,006
Redfin Corp.*		2,540		31,826
eXp World Holdings, Inc.		1,959		27,602
Total Real Estate Management/Services				329,956
Research & Consulting Services - 1.8%
CoStar Group, Inc.*		1,801		135,868
Total Real Estate				465,824
Internet - 1.4%
E-Commerce/Services - 1.4%
Zillow Group, Inc. — Class C*		1,500		95,775
Opendoor Technologies, Inc.*		5,819		11,638
Total E-Commerce/Services				107,413
Total Internet				107,413
Telecommunications - 0.5%
Telecom Services - 0.5%
DigitalBridge Group, Inc.		2,733		38,618
Total Common Stocks
(Cost $6,003,093)				7,585,337

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	17,551	$	17,551
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		14,496		14,496
Total Repurchase Agreements
(Cost $32,047)				32,047
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		36,581		36,581
Total Securities Lending Collateral
(Cost $36,581)				36,581
Total Investments - 100.2%
(Cost $6,071,721)			$	7,653,965
Other Assets & Liabilities, net - (0.2)%				(15,534	)
Total Net Assets - 100.0%			$	7,638,431

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

90 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
REAL ESTATE FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,585,337	$	—	$	—	$	7,585,337
Repurchase Agreements		—		32,047		—		32,047
Securities Lending Collateral		36,581		—		—		36,581
Total Assets	$	7,621,918	$	32,047	$	—	$	7,653,965

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 91

REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $34,240 of securities loaned (cost $6,039,674)	$	7,621,918
Repurchase agreements, at value (cost $32,047)		32,047
Receivables:
Dividends		24,262
Fund shares sold		14,013
Securities lending income		36
Interest		4
Total assets		7,692,280
Liabilities:
Payable for:
Return of securities lending collateral		36,581
Management fees		5,058
Fund shares redeemed		3,748
Transfer agent fees		2,612
Distribution and service fees		1,509
Portfolio accounting and administration fees		611
Trustees’ fees*		55
Miscellaneous		3,675
Total liabilities		53,849
Net assets	$	7,638,431
Net assets consist of:
Paid in capital	$	13,424,907
Total distributable earnings (loss)		(5,786,476	)
Net assets	$	7,638,431
Class A:
Net assets	$	464,391
Capital shares outstanding		10,746
Net asset value per share	$	43.22
Maximum offering price per share (Net asset value divided by 95.25%)	$	45.38
Class C:
Net assets	$	37,567
Capital shares outstanding		1,064
Net asset value per share	$	35.31
Class H:
Net assets	$	7,136,473
Capital shares outstanding		165,480
Net asset value per share	$	43.13

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends	$	83,284
Interest		726
Income from securities lending, net		203
Total investment income		84,213
Expenses:
Management fees		21,741
Distribution and service fees:
Class A		503
Class C		256
Class H		5,828
Transfer agent fees		5,278
Portfolio accounting and administration fees		3,903
Professional fees		1,177
Custodian fees		328
Trustees’ fees*		197
Line of credit fees		36
Miscellaneous		3,952
Total expenses		43,199
Less:
Expenses reimbursed by Adviser		(1,278	)
Net expenses		41,921
Net investment income		42,292
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		42,194
Net realized gain		42,194
Net change in unrealized appreciation (depreciation) on:
Investments		952,404
Net change in unrealized appreciation (depreciation)		952,404
Net realized and unrealized gain		994,598
Net increase in net assets resulting from operations	$	1,036,890

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

92 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	42,292		$	32,581
Net realized gain (loss) on investments		42,194			(36,172	)
Net change in unrealized appreciation (depreciation) on investments		952,404			194,275
Net increase in net assets resulting from operations		1,036,890			190,684
Distributions to shareholders:
Class A		—			(6,465	)
Class C		—			(2,581	)
Class H		—			(45,070	)
Total distributions to shareholders		—			(54,116	)
Capital share transactions:
Proceeds from sale of shares
Class A		491,422			591,538
Class C		26,792			50,541
Class H		10,924,018			5,981,741
Distributions reinvested
Class A		—			6,454
Class C		—			2,581
Class H		—			43,900
Cost of shares redeemed
Class A		(429,847	)		(774,547	)
Class C		(100,104	)		(69,641	)
Class H		(6,768,800	)		(6,169,856	)
Net increase (decrease) from capital share transactions		4,143,481			(337,289	)
Net increase (decrease) in net assets		5,180,371			(200,721	)
Net assets:
Beginning of period		2,458,060			2,658,781
End of period	$	7,638,431		$	2,458,060
Capital share activity:
Shares sold
Class A		12,760			16,705
Class C		842			1,715
Class H		288,665			169,328
Shares issued from reinvestment of distributions
Class A		—			182
Class C		—			88
Class H		—			1,238
Shares redeemed
Class A		(11,055	)		(21,815	)
Class C		(3,304	)		(2,401	)
Class H		(176,686	)		(175,501	)
Net increase (decrease) in shares		111,222			(10,461	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 93

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	37.63		$	35.12		$	47.38		$	40.87		$	30.70		$	41.24
Income (loss) from investment operations:
Net investment income (loss)b		.27			.50			.65			.21			.32			.56
Net gain (loss) on investments (realized and unrealized)		5.32			2.74			(11.59	)		6.48			13.33			(10.37	)
Total from investment operations		5.59			3.24			(10.94	)		6.69			13.65			(9.81	)
Less distributions from:
Net investment income		—			(.73	)		(1.32	)		(.18	)		(3.48	)		(.73	)
Total distributions		—			(.73	)		(1.32	)		(.18	)		(3.48	)		(.73	)
Net asset value, end of period	$	43.22		$	37.63		$	35.12		$	47.38		$	40.87		$	30.70
Total Returnc		14.86	%		9.34	%		(23.05	%)		16.36	%		45.79	%		(24.28	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	464		$	340		$	491		$	988		$	1,049		$	781
Ratios to average net assets:
Net investment income (loss)		1.39	%		1.42	%		1.65	%		0.46	%		0.87	%		1.33	%
Total expenses		1.67	%		1.69	%		1.65	%		1.61	%		1.70	%		1.72	%
Net expensesd		1.62	%		1.66	%		1.65	%		1.61	%		1.70	%		1.72	%
Portfolio turnover rate		114	%		249	%		308	%		380	%		499	%		539	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	30.85		$	29.13		$	39.90		$	34.44		$	26.48		$	35.94
Income (loss) from investment operations:
Net investment income (loss)b		.01			.20			.31			(.09	)		(.03	)		.26
Net gain (loss) on investments (realized and unrealized)		4.45			2.25			(9.76	)		5.73			11.47			(8.99	)
Total from investment operations		4.46			2.45			(9.45	)		5.64			11.44			(8.73	)
Less distributions from:
Net investment income		—			(.73	)		(1.32	)		(.18	)		(3.48	)		(.73	)
Total distributions		—			(.73	)		(1.32	)		(.18	)		(3.48	)		(.73	)
Net asset value, end of period	$	35.31		$	30.85		$	29.13		$	39.90		$	34.44		$	26.48
Total Returnc		14.46	%		8.55	%		(23.65	%)		16.37	%		44.71	%		(24.86	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	38		$	109		$	120		$	322		$	194		$	430
Ratios to average net assets:
Net investment income (loss)		0.09	%		0.68	%		0.94	%		(0.22	%)		(0.09	%)		0.71	%
Total expenses		2.41	%		2.44	%		2.40	%		2.36	%		2.45	%		2.47	%
Net expensesd		2.35	%		2.41	%		2.40	%		2.36	%		2.45	%		2.47	%
Portfolio turnover rate		114	%		249	%		308	%		380	%		499	%		539	%

94 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	37.55		$	35.05		$	47.28		$	40.78		$	30.63		$	41.14
Income (loss) from investment operations:
Net investment income (loss)b		.33			.53			.54			.22			.23			.55
Net gain (loss) on investments (realized and unrealized)		5.25			2.70			(11.45	)		6.46			13.40			(10.33	)
Total from investment operations		5.58			3.23			(10.91	)		6.68			13.63			(9.78	)
Less distributions from:
Net investment income		—			(.73	)		(1.32	)		(.18	)		(3.48	)		(.73	)
Total distributions		—			(.73	)		(1.32	)		(.18	)		(3.48	)		(.73	)
Net asset value, end of period	$	43.13		$	37.55		$	35.05		$	47.28		$	40.78		$	30.63
Total Return		14.86	%		9.33	%		(23.04	%)		16.37	%		45.83	%		(24.27	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,136		$	2,009		$	2,048		$	36,643		$	10,907		$	2,284
Ratios to average net assets:
Net investment income (loss)		1.69	%		1.50	%		1.33	%		0.49	%		0.60	%		1.30	%
Total expenses		1.68	%		1.70	%		1.65	%		1.62	%		1.66	%		1.72	%
Net expensesd		1.63	%		1.66	%		1.65	%		1.62	%		1.66	%		1.72	%
Portfolio turnover rate		114	%		249	%		308	%		380	%		499	%		539	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 95

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
RETAILING FUND

	Shares		Value
COMMON STOCKS† - 99.7%
Retail - 68.1%
Walmart, Inc.		4,681	$	377,991
Costco Wholesale Corp.		396		351,062
Home Depot, Inc.		859		348,067
Lowe’s Companies, Inc.		1,278		346,146
TJX Companies, Inc.		2,630		309,130
Target Corp.		1,476		230,049
O’Reilly Automotive, Inc.*		194		223,410
Ross Stores, Inc.		1,241		186,783
Tractor Supply Co.		530		154,193
Carvana Co.*		770		134,065
Williams-Sonoma, Inc.		818		126,725
Best Buy Company, Inc.		1,220		126,026
AutoZone, Inc.*		40		126,002
Genuine Parts Co.		861		120,264
Ulta Beauty, Inc.*		302		117,514
Dollar General Corp.		1,363		115,269
Dick’s Sporting Goods, Inc.		517		107,898
Burlington Stores, Inc.*		406		106,973
Floor & Decor Holdings, Inc. — Class A*		828		102,813
Dollar Tree, Inc.*		1,430		100,558
CarMax, Inc.*		1,217		94,171
BJ’s Wholesale Club Holdings, Inc.*		1,083		89,326
GameStop Corp. — Class A*		3,749		85,965
Bath & Body Works, Inc.		2,415		77,087
Murphy USA, Inc.		154		75,902
Lithia Motors, Inc. — Class A		237		75,281
Abercrombie & Fitch Co. — Class A*		504		70,510
Walgreens Boots Alliance, Inc.		7,513		67,316
RH*		196		65,548
Gap, Inc.		2,949		65,025
Ollie’s Bargain Outlet Holdings, Inc.*		663		64,444
Boot Barn Holdings, Inc.*		380		63,566
AutoNation, Inc.*		353		63,159
Five Below, Inc.*		653		57,693
American Eagle Outfitters, Inc.		2,568		57,497
Macy’s, Inc.		3,621		56,813
Signet Jewelers Ltd.		542		55,902
Academy Sports & Outdoors, Inc.		945		55,150
Nordstrom, Inc.		2,039		45,857
Urban Outfitters, Inc.*		1,162		44,516
Kohl’s Corp.		2,034		42,917
Foot Locker, Inc.*		1,619		41,835
Advance Auto Parts, Inc.		1,044		40,706
Victoria’s Secret & Co.*		1,563		40,169
National Vision Holdings, Inc.*		2,314		25,246
Leslie’s, Inc.*		6,047		19,108
Total Retail				5,351,647
Internet - 26.9%
Amazon.com, Inc.*		3,928		731,904
PDD Holdings, Inc. ADR*		2,094		282,292
JD.com, Inc. ADR		4,950		198,000
Alibaba Group Holding Ltd. ADR		1,838		195,049
eBay, Inc.		2,339		152,292
MercadoLibre, Inc.*		74		151,845
Coupang, Inc.*		6,185		151,842
Chewy, Inc. — Class A*		2,847		83,389
Wayfair, Inc. — Class A*		1,406		78,989
Etsy, Inc.*		1,258		69,857
Beyond, Inc.*		1,728		17,418
Total Internet				2,112,877
Distribution & Wholesale - 2.5%
Pool Corp.		281		105,881
LKQ Corp.		2,171		86,666
Total Distribution & Wholesale				192,547
Software - 1.4%
Global-e Online Ltd*		2,760		106,094
Commercial Services - 0.8%
Valvoline, Inc.*		1,515		63,403
Total Common Stocks
(Cost $4,222,697)				7,826,568
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.8%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	36,325		36,325
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		30,003		30,003
Total Repurchase Agreements
(Cost $66,328)				66,328
Total Investments - 100.5%
(Cost $4,289,025)			$	7,892,896
Other Assets & Liabilities, net - (0.5)%				(36,893	)
Total Net Assets - 100.0%			$	7,856,003

96 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
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	Repurchase Agreements — See Note 6.
	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, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,826,568	$	—	$	—	$	7,826,568
Repurchase Agreements		—		66,328		—		66,328
Total Assets	$	7,826,568	$	66,328	$	—	$	7,892,896

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 97

RETAILING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $4,222,697)	$	7,826,568
Repurchase agreements, at value (cost $66,328)		66,328
Receivables:
Securities sold		2,308,670
Fund shares sold		9,290
Dividends		3,885
Interest		9
Total assets		10,214,750
Liabilities:
Payable for:
Fund shares redeemed		2,342,075
Management fees		5,937
Transfer agent fees		4,123
Portfolio accounting and administration fees		717
Distribution and service fees		277
Trustees’ fees*		82
Miscellaneous		5,536
Total liabilities		2,358,747
Net assets	$	7,856,003
Net assets consist of:
Paid in capital	$	6,479,136
Total distributable earnings (loss)		1,376,867
Net assets	$	7,856,003
Investor Class:
Net assets	$	6,563,370
Capital shares outstanding		122,170
Net asset value per share	$	53.72
Class A:
Net assets	$	873,905
Capital shares outstanding		17,539
Net asset value per share	$	49.83
Maximum offering price per share (Net asset value divided by 95.25%)	$	52.31
Class C:
Net assets	$	73,134
Capital shares outstanding		1,759
Net asset value per share	$	41.58
Class H:
Net assets	$	345,594
Capital shares outstanding		7,129
Net asset value per share	$	48.48

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $43)	$	69,327
Interest		1,733
Income from securities lending, net		317
Total investment income		71,377
Expenses:
Management fees		47,691
Distribution and service fees:
Class A		1,043
Class C		357
Class H		434
Transfer agent fees		11,329
Portfolio accounting and administration fees		8,561
Registration fees		4,024
Professional fees		2,261
Custodian fees		723
Trustees’ fees*		495
Line of credit fees		19
Miscellaneous		3,988
Total expenses		80,925
Less:
Expenses reimbursed by Adviser		(2,803	)
Net expenses		78,122
Net investment loss		(6,745	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(125,917	)
Net realized loss		(125,917	)
Net change in unrealized appreciation (depreciation) on:
Investments		417,939
Net change in unrealized appreciation (depreciation)		417,939
Net realized and unrealized gain		292,022
Net increase in net assets resulting from operations	$	285,277

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

98 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RETAILING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(6,745	)	$	(9,976	)
Net realized gain (loss) on investments		(125,917	)		690,181
Net change in unrealized appreciation (depreciation) on investments		417,939			648,186
Net increase in net assets resulting from operations		285,277			1,328,391
Capital share transactions:
Proceeds from sale of shares
Investor Class		14,589,759			27,699,473
Class A		159,537			244,458
Class C		12,729			108,390
Class H		3,256			16,566
Cost of shares redeemed
Investor Class		(16,790,279	)		(27,611,388	)
Class A		(75,905	)		(620,195	)
Class C		(12,989	)		(194,132	)
Class H		(63,465	)		(292,400	)
Net decrease from capital share transactions		(2,177,357	)		(649,228	)
Net increase (decrease) in net assets		(1,892,080	)		679,163
Net assets:
Beginning of period		9,748,083			9,068,920
End of period	$	7,856,003		$	9,748,083
Capital share activity:
Shares sold
Investor Class		289,657			622,418
Class A		3,475			6,259
Class C		324			3,140
Class H		72			425
Shares redeemed
Investor Class		(333,418	)		(629,522	)
Class A		(1,644	)		(15,500	)
Class C		(335	)		(5,786	)
Class H		(1,413	)		(7,656	)
Net decrease in shares		(43,282	)		(26,222	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 99

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	51.43		$	42.39		$	46.75		$	57.11		$	28.62		$	33.46
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(.03	)		(.08	)		(.30	)		(.25	)		(.06	)
Net gain (loss) on investments (realized and unrealized)		2.31			9.07			(4.28	)		(5.31	)		28.74			(4.78	)
Total from investment operations		2.29			9.04			(4.36	)		(5.61	)		28.49			(4.84	)
Less distributions from:
Net realized gains		—			—			—			(4.75	)		—			—
Total distributions		—			—			—			(4.75	)		—			—
Net asset value, end of period	$	53.72		$	51.43		$	42.39		$	46.75		$	57.11		$	28.62
Total Return		4.45	%		21.33	%		(9.33	%)		(10.94	%)		99.55	%		(14.47	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,563		$	8,533		$	7,334		$	7,998		$	24,987		$	3,316
Ratios to average net assets:
Net investment income (loss)		(0.08	%)		(0.08	%)		(0.19	%)		(0.53	%)		(0.52	%)		(0.17	%)
Total expenses		1.41	%		1.43	%		1.40	%		1.36	%		1.43	%		1.47	%
Net expensesc		1.36	%		1.40	%		1.40	%		1.36	%		1.43	%		1.47	%
Portfolio turnover rate		135	%		299	%		371	%		214	%		270	%		228	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	47.76		$	39.46		$	43.64		$	53.75		$	27.00		$	31.64
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(.11	)		(.17	)		(.42	)		(.38	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		2.16			8.41			(4.01	)		(4.94	)		27.13			(4.51	)
Total from investment operations		2.07			8.30			(4.18	)		(5.36	)		26.75			(4.64	)
Less distributions from:
Net realized gains		—			—			—			(4.75	)		—			—
Total distributions		—			—			—			(4.75	)		—			—
Net asset value, end of period	$	49.83		$	47.76		$	39.46		$	43.64		$	53.75		$	27.00
Total Returnd		4.33	%		21.03	%		(9.58	%)		(11.17	%)		99.07	%		(14.66	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	874		$	750		$	985		$	1,917		$	2,133		$	456
Ratios to average net assets:
Net investment income (loss)		(0.37	%)		(0.27	%)		(0.45	%)		(0.79	%)		(0.83	%)		(0.42	%)
Total expenses		1.67	%		1.69	%		1.65	%		1.61	%		1.67	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.65	%		1.61	%		1.67	%		1.72	%
Portfolio turnover rate		135	%		299	%		371	%		214	%		270	%		228	%

100 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RETAILING 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	40.01		$	33.31		$	37.12		$	46.74		$	23.67		$	27.95
Income (loss) from investment operations:
Net investment income (loss)b		(.21	)		(.34	)		(.39	)		(.70	)		(.62	)		(.33	)
Net gain (loss) on investments (realized and unrealized)		1.78			7.04			(3.42	)		(4.17	)		23.69			(3.95	)
Total from investment operations		1.57			6.70			(3.81	)		(4.87	)		23.07			(4.28	)
Less distributions from:
Net realized gains		—			—			—			(4.75	)		—			—
Total distributions		—			—			—			(4.75	)		—			—
Net asset value, end of period	$	41.58		$	40.01		$	33.31		$	37.12		$	46.74		$	23.67
Total Returnd		3.92	%		20.11	%		(10.26	%)		(11.84	%)		97.47	%		(15.31	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	73		$	71		$	147		$	196		$	294		$	230
Ratios to average net assets:
Net investment income (loss)		(1.09	%)		(1.01	%)		(1.18	%)		(1.54	%)		(1.65	%)		(1.16	%)
Total expenses		2.42	%		2.43	%		2.40	%		2.36	%		2.44	%		2.48	%
Net expensesc		2.37	%		2.40	%		2.40	%		2.36	%		2.44	%		2.48	%
Portfolio turnover rate		135	%		299	%		371	%		214	%		270	%		228	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 101

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	46.47		$	38.40		$	42.47		$	52.44		$	26.35		$	30.87
Income (loss) from investment operations:
Net investment income (loss)b		(.08	)		(.10	)		(.18	)		(.38	)		(.39	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		2.09			8.17			(3.89	)		(4.84	)		26.48			(4.32	)
Total from investment operations		2.01			8.07			(4.07	)		(5.22	)		26.09			(4.52	)
Less distributions from:
Net realized gains		—			—			—			(4.75	)		—			—
Total distributions		—			—			—			(4.75	)		—			—
Net asset value, end of period	$	48.48		$	46.47		$	38.40		$	42.47		$	52.44		$	26.35
Total Return		4.33	%		21.02	%		(9.58	%)		(11.18	%)		99.01	%		(14.64	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	346		$	394		$	603		$	673		$	661		$	345
Ratios to average net assets:
Net investment income (loss)		(0.35	%)		(0.26	%)		(0.47	%)		(0.73	%)		(0.91	%)		(0.64	%)
Total expenses		1.67	%		1.68	%		1.65	%		1.60	%		1.69	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.65	%		1.60	%		1.69	%		1.72	%
Portfolio turnover rate		135	%		299	%		371	%		214	%		270	%		228	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

102 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
TECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Software - 30.2%
Microsoft Corp.		8,313	$	3,577,084
Oracle Corp.		6,215		1,059,036
Salesforce, Inc.		3,761		1,029,423
Adobe, Inc.*		1,735		898,348
ServiceNow, Inc.*		949		848,776
Intuit, Inc.		1,288		799,848
Palantir Technologies, Inc. — Class A*		15,387		572,397
Synopsys, Inc.*		1,088		550,952
Cadence Design Systems, Inc.*		1,965		532,574
Autodesk, Inc.*		1,802		496,415
Workday, Inc. — Class A*		2,019		493,464
Roper Technologies, Inc.		871		484,659
NetEase, Inc. ADR		4,698		439,310
MicroStrategy, Inc. — Class A*		2,400		404,640
Atlassian Corp. — Class A*		2,515		399,407
AppLovin Corp. — Class A*		3,053		398,569
Datadog, Inc. — Class A*		3,349		385,336
Electronic Arts, Inc.		2,660		381,551
Snowflake, Inc. — Class A*		3,198		367,322
ANSYS, Inc.*		1,040		331,375
Monday.com Ltd.*		1,167		324,158
Cloudflare, Inc. — Class A*		3,954		319,839
Take-Two Interactive Software, Inc.*		2,068		317,872
ROBLOX Corp. — Class A*		6,977		308,802
PTC, Inc.*		1,602		289,417
Zoom Video Communications, Inc. — Class A*		4,087		285,027
HubSpot, Inc.*		526		279,622
MongoDB, Inc.*		973		263,051
Manhattan Associates, Inc.*		919		258,588
Dynatrace, Inc.*		4,710		251,844
Akamai Technologies, Inc.*		2,443		246,621
Nutanix, Inc. — Class A*		3,942		233,564
DocuSign, Inc.*		3,718		230,851
Twilio, Inc. — Class A*		3,083		201,073
Unity Software, Inc.*		8,023		181,480
Dropbox, Inc. — Class A*		6,995		177,883
Gitlab, Inc. — Class A*		3,198		164,825
Confluent, Inc. — Class A*		7,443		151,688
BILL Holdings, Inc.*		2,763		145,776
ZoomInfo Technologies, Inc. — Class A*		11,137		114,934
C3.ai, Inc. — Class A*,1		4,426		107,242
Five9, Inc.*		3,174		91,189
Total Software				19,395,832
Semiconductors - 28.0%
NVIDIA Corp.		27,636		3,356,116
Broadcom, Inc.		10,230		1,764,675
Advanced Micro Devices, Inc.*		6,469		1,061,434
Texas Instruments, Inc.		4,262		880,401
QUALCOMM, Inc.		5,169		878,988
Applied Materials, Inc.		4,238		856,288
Micron Technology, Inc.		7,183		744,949
Intel Corp.*		29,577		693,876
Analog Devices, Inc.		2,969		683,375
Lam Research Corp.		828		675,714
KLA Corp.		828		641,212
NXP Semiconductor N.V.		2,443		586,344
ASML Holding N.V. — Class G		653		544,112
Taiwan Semiconductor Manufacturing Company Ltd. ADR		3,053		530,215
Marvell Technology, Inc.		6,693		482,699
ARM Holdings plc ADR*		3,138		448,765
Microchip Technology, Inc.		5,230		419,917
STMicroelectronics N.V. — Class Y		12,999		386,460
ON Semiconductor Corp.*		4,970		360,872
Teradyne, Inc.		2,243		300,405
Monolithic Power Systems, Inc.		302		279,199
Entegris, Inc.		2,346		263,995
Skyworks Solutions, Inc.		2,503		247,221
Qorvo, Inc.*		1,880		194,204
Lattice Semiconductor Corp.*		3,519		186,753
Rambus, Inc.*		3,253		137,342
MKS Instruments, Inc.		1,203		130,778
GLOBALFOUNDRIES, Inc.*		2,890		116,323
Axcelis Technologies, Inc.*		689		72,242
Total Semiconductors				17,924,874
Computers - 17.7%
Apple, Inc.		16,088		3,748,504
International Business Machines Corp.		4,111		908,860
Dell Technologies, Inc. — Class C		4,686		555,478
Crowdstrike Holdings, Inc. — Class A*		1,917		537,661
Fortinet, Inc.*		5,683		440,717
Accenture plc — Class A		1,233		435,841
TE Connectivity plc		2,884		435,455
Cognizant Technology Solutions Corp. — Class A		5,048		389,605
Gartner, Inc.*		756		383,111
HP, Inc.		10,605		380,401
Check Point Software Technologies Ltd.*		1,929		371,930
Infosys Ltd. ADR1		16,004		356,409
Hewlett Packard Enterprise Co.		17,400		356,004
NetApp, Inc.		2,594		320,385
Seagate Technology Holdings plc		2,872		314,570
Western Digital Corp.*		4,595		313,792
Super Micro Computer, Inc.*		659		274,408
Pure Storage, Inc. — Class A*		4,976		249,994
Zscaler, Inc.*		1,445		247,008
Amdocs Ltd.		2,304		201,554
Lumentum Holdings, Inc.*		2,170		137,535
Total Computers				11,359,222
Internet - 14.8%
Alphabet, Inc. — Class A		17,509		2,903,868
Meta Platforms, Inc. — Class A		4,317		2,471,224
Palo Alto Networks, Inc.*		1,898		648,736
Baidu, Inc. ADR*		4,504		474,226
Shopify, Inc. — Class A*		5,719		458,321
Sea Ltd. ADR*		4,722		445,190
CDW Corp.		1,548		350,313

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 103

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
TECHNOLOGY FUND

	Shares		Value
Pinterest, Inc. — Class A*		9,371	$	303,339
VeriSign, Inc.*		1,366		259,485
Gen Digital, Inc.		8,978		246,267
Snap, Inc. — Class A*		22,346		239,102
F5, Inc.*		1,046		230,329
Okta, Inc.*		2,956		219,749
Match Group, Inc.*		5,357		202,709
Total Internet				9,452,858
Telecommunications - 3.8%
Cisco Systems, Inc.		16,995		904,474
Arista Networks, Inc.*		1,626		624,091
Motorola Solutions, Inc.		1,209		543,603
Corning, Inc.		8,549		385,987
Total Telecommunications				2,458,155
Electronics - 2.5%
Amphenol Corp. — Class A		8,525		555,489
Keysight Technologies, Inc.*		2,134		339,157
Trimble, Inc.*		4,117		255,624
Jabil, Inc.		2,013		241,218
Flex Ltd.*		7,201		240,729
Total Electronics				1,632,217
Energy-Alternate Sources - 1.6%
SolarEdge Technologies, Inc.*		19,129		438,245
First Solar, Inc.*		1,288		321,279
Enphase Energy, Inc.*		2,195		248,079
Total Energy-Alternate Sources				1,007,603
Investment Companies - 0.5%
MARA Holdings, Inc.*,1		8,392		136,118
Cleanspark, Inc.*		10,145		94,754
Riot Platforms, Inc.*,1		12,449		92,372
Total Investment Companies				323,244
Office & Business Equipment - 0.4%
Zebra Technologies Corp. — Class A*		732		271,074
Total Common Stocks
(Cost $32,381,483)				63,825,079
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	153,306		153,306
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		126,623		126,623
Total Repurchase Agreements
(Cost $279,929)				279,929
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.9%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		569,606		569,606
Total Securities Lending Collateral
(Cost $569,606)				569,606
Total Investments - 100.8%
(Cost $33,231,018)			$	64,674,614
Other Assets & Liabilities, net - (0.8)%				(521,492	)
Total Net Assets - 100.0%			$	64,153,122

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

104 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
TECHNOLOGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	63,825,079	$	—	$	—	$	63,825,079
Repurchase Agreements		—		279,929		—		279,929
Securities Lending Collateral		569,606		—		—		569,606
Total Assets	$	64,394,685	$	279,929	$	—	$	64,674,614

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 105

TECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $542,871 of securities loaned (cost $32,951,089)	$	64,394,685
Repurchase agreements, at value (cost $279,929)		279,929
Receivables:
Securities sold		3,166,527
Fund shares sold		463,118
Dividends		20,385
Foreign tax reclaims		1,108
Securities lending income		87
Interest		38
Total assets		68,325,877
Liabilities:
Payable for:
Fund shares redeemed		3,482,271
Return of securities lending collateral		569,606
Management fees		42,590
Transfer agent fees		28,884
Portfolio accounting and administration fees		5,142
Distribution and service fees		3,953
Trustees’ fees*		587
Miscellaneous		39,722
Total liabilities		4,172,755
Net assets	$	64,153,122
Net assets consist of:
Paid in capital	$	34,385,780
Total distributable earnings (loss)		29,767,342
Net assets	$	64,153,122
Investor Class:
Net assets	$	51,179,111
Capital shares outstanding		251,045
Net asset value per share	$	203.86
Class A:
Net assets	$	9,107,457
Capital shares outstanding		49,539
Net asset value per share	$	183.84
Maximum offering price per share (Net asset value divided by 95.25%)	$	193.01
Class C:
Net assets	$	2,842,599
Capital shares outstanding		18,579
Net asset value per share	$	153.00
Class H:
Net assets	$	1,023,955
Capital shares outstanding		5,724
Net asset value per share	$	178.89

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $812)	$	229,795
Interest		10,218
Income from securities lending, net		391
Total investment income		240,404
Expenses:
Management fees		290,306
Distribution and service fees:
Class A		11,230
Class C		14,450
Class H		2,465
Transfer agent fees		70,186
Portfolio accounting and administration fees		52,114
Registration fees		26,342
Professional fees		13,792
Custodian fees		4,386
Trustees’ fees*		3,479
Miscellaneous		23,702
Total expenses		512,452
Less:
Expenses reimbursed by Adviser		(17,062	)
Net expenses		495,390
Net investment loss		(254,986	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		48,134
Net realized gain		48,134
Net change in unrealized appreciation (depreciation) on:
Investments		4,164,428
Net change in unrealized appreciation (depreciation)		4,164,428
Net realized and unrealized gain		4,212,562
Net increase in net assets resulting from operations	$	3,957,576

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

106 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(254,986	)	$	(400,991	)
Net realized gain on investments		48,134			4,495,145
Net change in unrealized appreciation (depreciation) on investments		4,164,428			11,784,979
Net increase in net assets resulting from operations		3,957,576			15,879,133
Distributions to shareholders:
Investor Class		—			(1,548,617	)
Class A		—			(227,970	)
Class C		—			(91,187	)
Class H		—			(87,573	)
Total distributions to shareholders		—			(1,955,347	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		47,792,239			120,416,346
Class A		1,462,899			2,572,213
Class C		331,717			747,840
Class H		2,808,069			4,472,665
Distributions reinvested
Investor Class		—			1,514,370
Class A		—			226,883
Class C		—			90,293
Class H		—			87,101
Cost of shares redeemed
Investor Class		(35,865,430	)		(119,846,391	)
Class A		(1,884,730	)		(2,736,773	)
Class C		(691,166	)		(1,447,009	)
Class H		(3,112,825	)		(4,714,179	)
Net increase from capital share transactions		10,840,773			1,383,359
Net increase in net assets		14,798,349			15,307,145
Net assets:
Beginning of period		49,354,773			34,047,628
End of period	$	64,153,122		$	49,354,773
Capital share activity:
Shares sold
Investor Class		247,187			767,301
Class A		8,282			18,121
Class C		2,247			6,073
Class H		16,536			31,365
Shares issued from reinvestment of distributions
Investor Class		—			9,148
Class A		—			1,517
Class C		—			721
Class H		—			598
Shares redeemed
Investor Class		(184,418	)		(755,479	)
Class A		(10,664	)		(18,662	)
Class C		(4,578	)		(12,187	)
Class H		(18,249	)		(32,507	)
Net increase in shares		56,343			16,009

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 107

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	191.70		$	141.40		$	168.83		$	177.69		$	100.21		$	101.77
Income (loss) from investment operations:
Net investment income (loss)b		(.65	)		(.97	)		(.68	)		(1.32	)		(.96	)		(.22	)
Net gain (loss) on investments (realized and unrealized)		12.81			55.52			(20.64	)		6.56			81.24			(.80	)
Total from investment operations		12.16			54.55			(21.32	)		5.24			80.28			(1.02	)
Less distributions from:
Net realized gains		—			(4.25	)		(6.11	)		(14.10	)		(2.80	)		(.54	)
Total distributions		—			(4.25	)		(6.11	)		(14.10	)		(2.80	)		(.54	)
Net asset value, end of period	$	203.86		$	191.70		$	141.40		$	168.83		$	177.69		$	100.21
Total Return		6.34	%		39.06	%		(11.94	%)		1.94	%		80.31	%		(1.06	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	51,179		$	36,092		$	23,656		$	32,397		$	35,562		$	23,190
Ratios to average net assets:
Net investment income (loss)		(0.66	%)		(0.61	%)		(0.50	%)		(0.68	%)		(0.65	%)		(0.20	%)
Total expenses		1.42	%		1.44	%		1.39	%		1.36	%		1.44	%		1.47	%
Net expensesc		1.37	%		1.40	%		1.39	%		1.36	%		1.44	%		1.47	%
Portfolio turnover rate		53	%		211	%		121	%		175	%		195	%		165	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	173.09		$	128.33		$	154.37		$	163.90		$	92.79		$	94.51
Income (loss) from investment operations:
Net investment income (loss)b		(.80	)		(1.27	)		(.93	)		(1.68	)		(1.24	)		(.41	)
Net gain (loss) on investments (realized and unrealized)		11.55			50.28			(19.00	)		6.25			75.15			(.77	)
Total from investment operations		10.75			49.01			(19.93	)		4.57			73.91			(1.18	)
Less distributions from:
Net realized gains		—			(4.25	)		(6.11	)		(14.10	)		(2.80	)		(.54	)
Total distributions		—			(4.25	)		(6.11	)		(14.10	)		(2.80	)		(.54	)
Net asset value, end of period	$	183.84		$	173.09		$	128.33		$	154.37		$	163.90		$	92.79
Total Returnd		6.21	%		38.72	%		(12.16	%)		1.69	%		79.86	%		(1.31	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,107		$	8,987		$	6,538		$	8,305		$	9,190		$	5,321
Ratios to average net assets:
Net investment income (loss)		(0.92	%)		(0.87	%)		(0.75	%)		(0.96	%)		(0.90	%)		(0.40	%)
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.69	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.69	%		1.73	%
Portfolio turnover rate		53	%		211	%		121	%		175	%		195	%		165	%

108 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TECHNOLOGY 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	144.59		$	108.59		$	132.87		$	143.81		$	82.23		$	84.44
Income (loss) from investment operations:
Net investment income (loss)b		(1.22	)		(1.97	)		(1.59	)		(2.60	)		(2.01	)		(1.06	)
Net gain (loss) on investments (realized and unrealized)		9.63			42.22			(16.58	)		5.76			66.39			(.61	)
Total from investment operations		8.41			40.25			(18.17	)		3.16			64.38			(1.67	)
Less distributions from:
Net realized gains		—			(4.25	)		(6.11	)		(14.10	)		(2.80	)		(.54	)
Total distributions		—			(4.25	)		(6.11	)		(14.10	)		(2.80	)		(.54	)
Net asset value, end of period	$	153.00		$	144.59		$	108.59		$	132.87		$	143.81		$	82.23
Total Returnd		5.82	%		37.69	%		(12.82	%)		0.92	%		78.52	%		(2.05	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,843		$	3,023		$	2,856		$	4,194		$	6,214		$	3,796
Ratios to average net assets:
Net investment income (loss)		(1.66	%)		(1.62	%)		(1.51	%)		(1.70	%)		(1.65	%)		(1.17	%)
Total expenses		2.42	%		2.43	%		2.39	%		2.36	%		2.44	%		2.48	%
Net expensesc		2.37	%		2.40	%		2.39	%		2.36	%		2.44	%		2.48	%
Portfolio turnover rate		53	%		211	%		121	%		175	%		195	%		165	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 109

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	168.44		$	124.98		$	150.57		$	160.17		$	90.72		$	92.40
Income (loss) from investment operations:
Net investment income (loss)b		(.80	)		(1.26	)		(.92	)		(1.62	)		(1.01	)		(.47	)
Net gain (loss) on investments (realized and unrealized)		11.25			48.97			(18.56	)		6.12			73.26			(.67	)
Total from investment operations		10.45			47.71			(19.48	)		4.50			72.25			(1.14	)
Less distributions from:
Net realized gains		—			(4.25	)		(6.11	)		(14.10	)		(2.80	)		(.54	)
Total distributions		—			(4.25	)		(6.11	)		(14.10	)		(2.80	)		(.54	)
Net asset value, end of period	$	178.89		$	168.44		$	124.98		$	150.57		$	160.17		$	90.72
Total Return		6.20	%		38.72	%		(12.17	%)		1.68	%		79.85	%		(1.30	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,024		$	1,253		$	997		$	1,355		$	1,734		$	3,435
Ratios to average net assets:
Net investment income (loss)		(0.93	%)		(0.88	%)		(0.76	%)		(0.93	%)		(0.83	%)		(0.47	%)
Total expenses		1.67	%		1.69	%		1.64	%		1.60	%		1.74	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.60	%		1.74	%		1.72	%
Portfolio turnover rate		53	%		211	%		121	%		175	%		195	%		165	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

110 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
TELECOMMUNICATIONS FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Telecommunications - 71.9%
Cisco Systems, Inc.		11,043	$	587,708
Verizon Communications, Inc.		12,043		540,851
AT&T, Inc.		23,973		527,406
T-Mobile US, Inc.		2,020		416,847
Arista Networks, Inc.*		827		317,419
Motorola Solutions, Inc.		663		298,105
Juniper Networks, Inc.		4,695		183,011
Ciena Corp.*		2,601		160,196
Frontier Communications Parent, Inc.*		4,241		150,683
Lumen Technologies, Inc.*		20,247		143,754
AST SpaceMobile, Inc.*,1		5,129		134,123
Telefonaktiebolaget LM Ericsson ADR		17,326		131,331
BCE, Inc.		3,704		128,899
EchoStar Corp. — Class A*		5,190		128,816
Vodafone Group plc ADR		12,291		123,156
TELUS Corp.		7,262		121,856
Rogers Communications, Inc. — Class B		2,900		116,609
America Movil SAB de CV ADR		7,044		115,240
Nokia Oyj ADR1		24,645		107,699
Iridium Communications, Inc.		3,249		98,932
InterDigital, Inc.		626		88,660
Calix, Inc.*		2,059		79,869
Telephone & Data Systems, Inc.		3,230		75,097
Viavi Solutions, Inc.*		8,240		74,325
Extreme Networks, Inc.*		4,659		70,025
Harmonic, Inc.*		4,648		67,721
Infinera Corp.*,1		9,055		61,121
CommScope Holding Company, Inc.*		8,802		53,780
Viasat, Inc.*		4,117		49,157
Gogo, Inc.*		4,660		33,459
ADTRAN Holdings, Inc.*		5,473		32,455
Total Telecommunications				5,218,310
Media - 16.4%
Comcast Corp. — Class A		12,873		537,705
Charter Communications, Inc. — Class A*		818		265,098
Liberty Broadband Corp. — Class C*		2,373		183,409
Liberty Global Ltd. — Class C*		6,373		137,721
Liberty Latin America Ltd. — Class C*		6,570		62,349
Total Media				1,186,282
Internet - 5.9%
F5, Inc.*		858		188,932
Roku, Inc.*		2,210		164,998
Cogent Communications Holdings, Inc.		995		75,540
Total Internet				429,470
Computers - 2.5%
Lumentum Holdings, Inc.*		1,780		112,817
NetScout Systems, Inc.*		3,024		65,772
Total Computers				178,589
Software - 2.2%
Nice Ltd. ADR*		733		127,300
Digi International, Inc.*		1,157		31,852
Total Software				159,152
Electronics - 0.4%
Applied Optoelectronics, Inc.*		2,259		32,326
Total Common Stocks
(Cost $6,475,103)				7,204,129
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.3%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	13,519		13,519
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		11,166		11,166
Total Repurchase Agreements
(Cost $24,685)				24,685
	Shares
SECURITIES LENDING COLLATERAL†,3 - 3.1%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		223,330		223,330
Total Securities Lending Collateral
(Cost $223,330)				223,330
Total Investments - 102.7%
(Cost $6,723,118)			$	7,452,144
Other Assets & Liabilities, net - (2.7)%				(199,364	)
Total Net Assets - 100.0%			$	7,252,780

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 111

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
TELECOMMUNICATIONS FUND

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	7,204,129	$	—	$	—	$	7,204,129
Repurchase Agreements		—		24,685		—		24,685
Securities Lending Collateral		223,330		—		—		223,330
Total Assets	$	7,427,459	$	24,685	$	—	$	7,452,144

112 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $219,919 of securities loaned (cost $6,698,433)	$	7,427,459
Repurchase agreements, at value (cost $24,685)		24,685
Receivables:
Fund shares sold		1,102,766
Dividends		5,046
Securities lending income		190
Total assets		8,560,146
Liabilities:
Payable for:
Fund shares redeemed		845,891
Securities purchased		229,894
Return of securities lending collateral		223,330
Management fees		4,181
Transfer agent fees		1,524
Portfolio accounting and administration fees		505
Distribution and service fees		61
Trustees’ fees*		28
Miscellaneous		1,952
Total liabilities		1,307,366
Net assets	$	7,252,780
Net assets consist of:
Paid in capital	$	9,540,008
Total distributable earnings (loss)		(2,287,228	)
Net assets	$	7,252,780
Investor Class:
Net assets	$	6,964,466
Capital shares outstanding		136,727
Net asset value per share	$	50.94
Class A:
Net assets	$	109,776
Capital shares outstanding		2,403
Net asset value per share	$	45.68
Maximum offering price per share (Net asset value divided by 95.25%)	$	47.96
Class C:
Net assets	$	12,062
Capital shares outstanding		315
Net asset value per share	$	38.29
Class H:
Net assets	$	166,476
Capital shares outstanding		3,749
Net asset value per share	$	44.41

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $1,242)	$	34,339
Interest		436
Income from securities lending, net		421
Total investment income		35,196
Expenses:
Management fees		12,730
Distribution and service fees:
Class A		137
Class C		104
Class H		155
Transfer agent fees		3,028
Portfolio accounting and administration fees		2,285
Professional fees		706
Custodian fees		189
Trustees’ fees*		120
Line of credit fees		26
Miscellaneous		2,170
Total expenses		21,650
Less:
Expenses reimbursed by Adviser		(748	)
Net expenses		20,902
Net investment income		14,294
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(12,269	)
Net realized loss		(12,269	)
Net change in unrealized appreciation (depreciation) on:
Investments		482,438
Net change in unrealized appreciation (depreciation)		482,438
Net realized and unrealized gain		470,169
Net increase in net assets resulting from operations	$	484,463

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 113

TELECOMMUNICATIONS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	14,294		$	34,191
Net realized loss on investments		(12,269	)		(342,667	)
Net change in unrealized appreciation (depreciation) on investments		482,438			(142,776	)
Net increase (decrease) in net assets resulting from operations		484,463			(451,252	)
Distributions to shareholders:
Investor Class		—			(26,701	)
Class A		—			(2,067	)
Class C		—			(525	)
Class H		—			(1,690	)
Total distributions to shareholders		—			(30,983	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		11,566,285			16,845,642
Class A		487,520			356,728
Class C		38,199			30,651
Class H		71,217			2,683
Distributions reinvested
Investor Class		—			26,583
Class A		—			2,067
Class C		—			525
Class H		—			1,690
Cost of shares redeemed
Investor Class		(8,842,790	)		(20,759,144	)
Class A		(499,767	)		(501,197	)
Class C		(53,574	)		(37,327	)
Class H		(23,472	)		(17,010	)
Net increase (decrease) from capital share transactions		2,743,618			(4,048,109	)
Net increase (decrease) in net assets		3,228,081			(4,530,344	)
Net assets:
Beginning of period		4,024,699			8,555,043
End of period	$	7,252,780		$	4,024,699
Capital share activity:
Shares sold
Investor Class		241,874			384,658
Class A		11,949			9,249
Class C		1,126			936
Class H		1,895			71
Shares issued from reinvestment of distributions
Investor Class		—			619
Class A		—			54
Class C		—			16
Class H		—			45
Shares redeemed
Investor Class		(192,164	)		(480,325	)
Class A		(12,235	)		(13,018	)
Class C		(1,576	)		(1,155	)
Class H		(633	)		(460	)
Net increase (decrease) in shares		50,236			(99,310	)

114 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TELECOMMUNICATIONS FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	43.66		$	44.78		$	53.37		$	56.03		$	43.19		$	50.17
Income (loss) from investment operations:
Net investment income (loss)b		.22			.49			.11			.58			.66			.69
Net gain (loss) on investments (realized and unrealized)		7.06			(.92	)		(8.10	)		(3.00	)		13.33			(5.91	)
Total from investment operations		7.28			(.43	)		(7.99	)		(2.42	)		13.99			(5.22	)
Less distributions from:
Net investment income		—			(.69	)		(.60	)		(.24	)		(1.15	)		(1.76	)
Total distributions		—			(.69	)		(.60	)		(.24	)		(1.15	)		(1.76	)
Net asset value, end of period	$	50.94		$	43.66		$	44.78		$	53.37		$	56.03		$	43.19
Total Return		16.67	%		(0.91	%)		(14.87	%)		(4.36	%)		32.55	%		(10.74	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,964		$	3,799		$	8,152		$	997		$	1,773		$	2,984
Ratios to average net assets:
Net investment income (loss)		0.97	%		1.13	%		0.26	%		1.02	%		1.33	%		1.38	%
Total expenses		1.42	%		1.42	%		1.40	%		1.36	%		1.46	%		1.48	%
Net expensesc		1.37	%		1.39	%		1.40	%		1.36	%		1.46	%		1.48	%
Portfolio turnover rate		243	%		466	%		471	%		551	%		344	%		561	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	39.20		$	40.35		$	48.30		$	50.87		$	39.40		$	46.03
Income (loss) from investment operations:
Net investment income (loss)b		.17			.32			.22			.37			.41			.31
Net gain (loss) on investments (realized and unrealized)		6.31			(.78	)		(7.57	)		(2.70	)		12.21			(5.18	)
Total from investment operations		6.48			(.46	)		(7.35	)		(2.33	)		12.62			(4.87	)
Less distributions from:
Net investment income		—			(.69	)		(.60	)		(.24	)		(1.15	)		(1.76	)
Total distributions		—			(.69	)		(.60	)		(.24	)		(1.15	)		(1.76	)
Net asset value, end of period	$	45.68		$	39.20		$	40.35		$	48.30		$	50.87		$	39.40
Total Returnd		16.53	%		(1.08	%)		(15.12	%)		(4.59	%)		32.20	%		(10.95	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	110		$	105		$	258		$	368		$	467		$	446
Ratios to average net assets:
Net investment income (loss)		0.85	%		0.82	%		0.54	%		0.71	%		0.90	%		0.69	%
Total expenses		1.67	%		1.69	%		1.65	%		1.61	%		1.70	%		1.73	%
Net expensesc		1.62	%		1.66	%		1.65	%		1.61	%		1.70	%		1.73	%
Portfolio turnover rate		243	%		466	%		471	%		551	%		344	%		561	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 115

TELECOMMUNICATIONS 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	32.95		$	34.29		$	41.46		$	44.03		$	34.47		$	40.81
Income (loss) from investment operations:
Net investment income (loss)b		.08			—	e		(.08	)		(.01	)		.01			.04
Net gain (loss) on investments (realized and unrealized)		5.26			(.65	)		(6.49	)		(2.32	)		10.70			(4.62	)
Total from investment operations		5.34			(.65	)		(6.57	)		(2.33	)		10.71			(4.58	)
Less distributions from:
Net investment income		—			(.69	)		(.60	)		(.24	)		(1.15	)		(1.76	)
Total distributions		—			(.69	)		(.60	)		(.24	)		(1.15	)		(1.76	)
Net asset value, end of period	$	38.29		$	32.95		$	34.29		$	41.46		$	44.03		$	34.47
Total Returnd		16.21	%		(1.84	%)		(15.76	%)		(5.30	%)		31.22	%		(11.62	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12		$	25		$	33		$	122		$	188		$	116
Ratios to average net assets:
Net investment income (loss)		0.49	%		—	f		(0.22	%)		(0.02	%)		0.03	%		0.10	%
Total expenses		2.41	%		2.45	%		2.39	%		2.36	%		2.43	%		2.48	%
Net expensesc		2.36	%		2.42	%		2.39	%		2.36	%		2.43	%		2.48	%
Portfolio turnover rate		243	%		466	%		471	%		551	%		344	%		561	%

116 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	38.11		$	39.24		$	47.00		$	49.50		$	38.36		$	44.88
Income (loss) from investment operations:
Net investment income (loss)b		.16			.28			.22			.44			.28			.44
Net gain (loss) on investments (realized and unrealized)		6.14			(.72	)		(7.38	)		(2.70	)		12.01			(5.20	)
Total from investment operations		6.30			(.44	)		(7.16	)		(2.26	)		12.29			(4.76	)
Less distributions from:
Net investment income		—			(.69	)		(.60	)		(.24	)		(1.15	)		(1.76	)
Total distributions		—			(.69	)		(.60	)		(.24	)		(1.15	)		(1.76	)
Net asset value, end of period	$	44.41		$	38.11		$	39.24		$	47.00		$	49.50		$	38.36
Total Return		16.53	%		(1.12	%)		(15.14	%)		(4.60	%)		32.24	%		(10.98	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	166		$	95		$	111		$	124		$	245		$	104
Ratios to average net assets:
Net investment income (loss)		0.79	%		0.73	%		0.55	%		0.86	%		0.61	%		0.99	%
Total expenses		1.68	%		1.70	%		1.65	%		1.61	%		1.68	%		1.73	%
Net expensesc		1.63	%		1.67	%		1.65	%		1.61	%		1.68	%		1.73	%
Portfolio turnover rate		243	%		466	%		471	%		551	%		344	%		561	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	Less than $0.01 per share.
f	Less than 0.01% or (0.01%).

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 117

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
TRANSPORTATION FUND

	Shares		Value
COMMON STOCKS† - 99.8%
Transportation - 37.2%
Union Pacific Corp.		1,585	$	390,671
United Parcel Service, Inc. — Class B		2,630		358,574
CSX Corp.		7,713		266,330
FedEx Corp.		897		245,491
Norfolk Southern Corp.		957		237,815
Old Dominion Freight Line, Inc.		1,029		204,401
Expeditors International of Washington, Inc.		1,100		144,540
ZTO Express Cayman, Inc. ADR		5,299		131,256
J.B. Hunt Transport Services, Inc.		713		122,871
CH Robinson Worldwide, Inc.		1,092		120,524
Canadian Pacific Kansas City Ltd.		1,402		119,927
Canadian National Railway Co.		1,003		117,501
XPO, Inc.*		1,034		111,165
TFI International, Inc.		784		107,322
Knight-Swift Transportation Holdings, Inc.		1,785		96,301
Saia, Inc.*		210		91,825
Kirby Corp.*		704		86,191
Landstar System, Inc.		446		84,236
Hub Group, Inc. — Class A		1,192		54,176
ArcBest Corp.		481		52,164
Werner Enterprises, Inc.		1,297		50,051
Forward Air Corp.*		1,022		36,179
Total Transportation				3,229,511
Auto Manufacturers - 26.1%
Tesla, Inc.*		3,537		925,385
General Motors Co.		4,925		220,837
Ford Motor Co.		19,641		207,409
Li Auto, Inc. ADR*		6,497		166,648
NIO, Inc. ADR*,1		22,500		150,300
Ferrari N.V.		240		112,826
Toyota Motor Corp. ADR		630		112,499
Stellantis N.V.		8,005		112,470
Honda Motor Company Ltd. ADR		3,533		112,102
Rivian Automotive, Inc. — Class A*,1		7,902		88,661
Lucid Group, Inc.*,1		15,268		53,896
Total Auto Manufacturers				2,263,033
Auto Parts & Equipment - 12.1%
Mobileye Global, Inc. — Class A*,1		11,039		151,234
Aptiv plc*		1,830		131,778
Magna International, Inc.		2,897		118,893
Autoliv, Inc.		1,216		113,538
BorgWarner, Inc.		2,709		98,310
Gentex Corp.		2,855		84,765
Lear Corp.		749		81,753
Goodyear Tire & Rubber Co.*		6,130		54,251
Visteon Corp.*		550		52,382
Adient plc*		2,134		48,164
QuantumScape Corp.*,1		8,269		47,547
Fox Factory Holding Corp.*		1,082		44,903
Luminar Technologies, Inc.*,1		24,489		22,033
Total Auto Parts & Equipment				1,049,551
Airlines - 11.8%
Delta Air Lines, Inc.		3,824		194,221
United Airlines Holdings, Inc.*		2,597		148,185
Southwest Airlines Co.		4,595		136,150
Ryanair Holdings plc ADR		2,685		121,308
Copa Holdings S.A. — Class A		1,238		116,174
American Airlines Group, Inc.*		7,768		87,312
Alaska Air Group, Inc.*		1,789		80,881
SkyWest, Inc.*		717		60,959
JetBlue Airways Corp.*		7,156		46,943
Allegiant Travel Co. — Class A*		590		32,486
Total Airlines				1,024,619
Internet - 7.1%
Uber Technologies, Inc.*		5,500		413,380
Grab Holdings Ltd. — Class A*		33,961		129,052
Lyft, Inc. — Class A*		5,520		70,380
Total Internet				612,812
Commercial Services - 1.7%
GXO Logistics, Inc.*		1,566		81,541
Avis Budget Group, Inc.		496		43,445
Hertz Global Holdings, Inc.*		6,447		21,275
Total Commercial Services				146,261
Home Builders - 1.4%
Thor Industries, Inc.		731		80,330
Winnebago Industries, Inc.		723		42,013
Total Home Builders				122,343
Building Materials - 1.0%
Modine Manufacturing Co.*		633		84,056
Leisure Time - 0.8%
Harley-Davidson, Inc.		1,858		71,589
Retail - 0.6%
Patrick Industries, Inc.		340		48,406
Total Common Stocks
(Cost $4,880,088)				8,652,181
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	29,363		29,363
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		24,252		24,252
Total Repurchase Agreements
(Cost $53,615)				53,615

118 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
TRANSPORTATION FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 4.6%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		403,056	$	403,056
Total Securities Lending Collateral
(Cost $403,056)				403,056
Total Investments - 105.0%
(Cost $5,336,759)			$	9,108,852
Other Assets & Liabilities, net - (5.0)%				(437,087	)
Total Net Assets - 100.0%			$	8,671,765

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	8,652,181	$	—	$	—	$	8,652,181
Repurchase Agreements		—		53,615		—		53,615
Securities Lending Collateral		403,056		—		—		403,056
Total Assets	$	9,055,237	$	53,615	$	—	$	9,108,852

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 119

TRANSPORTATION FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $381,436 of securities loaned (cost $5,283,144)	$	9,055,237
Repurchase agreements, at value (cost $53,615)		53,615
Cash		502
Receivables:
Dividends		4,513
Securities lending income		318
Foreign tax reclaims		117
Interest		7
Total assets		9,114,309
Liabilities:
Payable for:
Return of securities lending collateral		403,056
Fund shares redeemed		22,877
Management fees		5,612
Transfer agent fees		3,937
Distribution and service fees		922
Portfolio accounting and administration fees		678
Trustees’ fees*		78
Miscellaneous		5,384
Total liabilities		442,544
Net assets	$	8,671,765
Net assets consist of:
Paid in capital	$	6,401,952
Total distributable earnings (loss)		2,269,813
Net assets	$	8,671,765
Investor Class:
Net assets	$	4,633,998
Capital shares outstanding		77,808
Net asset value per share	$	59.56
Class A:
Net assets	$	3,422,429
Capital shares outstanding		65,933
Net asset value per share	$	51.91
Maximum offering price per share (Net asset value divided by 95.25%)	$	54.50
Class C:
Net assets	$	258,482
Capital shares outstanding		5,994
Net asset value per share	$	43.12
Class H:
Net assets	$	356,856
Capital shares outstanding		7,171
Net asset value per share	$	49.76

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $3,236)	$	79,007
Interest		1,328
Income from securities lending, net		6,264
Total investment income		86,599
Expenses:
Management fees		41,302
Distribution and service fees:
Class A		4,781
Class C		1,559
Class H		432
Transfer agent fees		10,022
Registration fees		6,362
Portfolio accounting and administration fees		7,414
Professional fees		2,031
Trustees’ fees*		667
Custodian fees		625
Line of credit fees		16
Miscellaneous		261
Total expenses		75,472
Less:
Expenses reimbursed by Adviser		(2,427	)
Net expenses		73,045
Net investment income		13,554
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		849,165
Net realized gain		849,165
Net change in unrealized appreciation (depreciation) on:
Investments		(1,280,252	)
Net change in unrealized appreciation (depreciation)		(1,280,252	)
Net realized and unrealized loss		(431,087	)
Net decrease in net assets resulting from operations	$	(417,533	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

120 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TRANSPORTATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	13,554		$	41,418
Net realized gain (loss) on investments		849,165			(287,164	)
Net change in unrealized appreciation (depreciation) on investments		(1,280,252	)		586,127
Net increase (decrease) in net assets resulting from operations		(417,533	)		340,381
Distributions to shareholders:
Investor Class		—			(12,384	)
Class A		—			(8,129	)
Class C		—			(1,000	)
Class H		—			(725	)
Total distributions to shareholders		—			(22,238	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		3,439,259			31,587,618
Class A		555,011			1,457,449
Class C		34,622			194,980
Class H		302			1,200,445
Distributions reinvested
Investor Class		—			12,097
Class A		—			8,065
Class C		—			930
Class H		—			703
Cost of shares redeemed
Investor Class		(4,965,045	)		(32,364,144	)
Class A		(1,491,169	)		(2,285,805	)
Class C		(236,818	)		(748,914	)
Class H		(9,345	)		(1,373,938	)
Net decrease from capital share transactions		(2,673,183	)		(2,310,514	)
Net decrease in net assets		(3,090,716	)		(1,992,371	)
Net assets:
Beginning of period		11,762,481			13,754,852
End of period	$	8,671,765		$	11,762,481
Capital share activity:
Shares sold
Investor Class		58,959			547,710
Class A		11,229			28,562
Class C		845			4,639
Class H		6			27,017
Shares issued from reinvestment of distributions
Investor Class		—			208
Class A		—			159
Class C		—			22
Class H		—			14
Shares redeemed
Investor Class		(86,314	)		(575,081	)
Class A		(30,153	)		(45,165	)
Class C		(5,721	)		(16,906	)
Class H		(197	)		(30,498	)
Net decrease in shares		(51,346	)		(59,319	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 121

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	60.86		$	55.68		$	74.70		$	84.28		$	37.39		$	50.08
Income (loss) from investment operations:
Net investment income (loss)b		.12			.21			.19			.04			(.20	)		.30
Net gain (loss) on investments (realized and unrealized)		(1.42	)		5.06			(14.50	)		.07			47.09			(11.07	)
Total from investment operations		(1.30	)		5.27			(14.31	)		.11			46.89			(10.77	)
Less distributions from:
Net investment income		—			(.09	)		—			—			—			(.15	)
Net realized gains		—			—			(4.71	)		(9.69	)		—			(1.77	)
Total distributions		—			(.09	)		(4.71	)		(9.69	)		—			(1.92	)
Net asset value, end of period	$	59.56		$	60.86		$	55.68		$	74.70		$	84.28		$	37.39
Total Return		(2.14	%)		9.49	%		(18.40	%)		(0.71	%)		125.41	%		(22.59	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,634		$	6,400		$	7,367		$	10,814		$	65,281		$	3,283
Ratios to average net assets:
Net investment income (loss)		0.42	%		0.36	%		0.32	%		0.05	%		(0.29	%)		0.58	%
Total expenses		1.41	%		1.43	%		1.39	%		1.35	%		1.41	%		1.48	%
Net expensesc		1.36	%		1.40	%		1.39	%		1.35	%		1.41	%		1.48	%
Portfolio turnover rate		34	%		207	%		185	%		162	%		205	%		483	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	53.11		$	48.72		$	66.33		$	76.03		$	33.82		$	45.58
Income (loss) from investment operations:
Net investment income (loss)b		.04			.10			.03			(.04	)		(.34	)		.17
Net gain (loss) on investments (realized and unrealized)		(1.24	)		4.38			(12.93	)		.03			42.55			(10.01	)
Total from investment operations		(1.20	)		4.48			(12.90	)		(.01	)		42.21			(9.84	)
Less distributions from:
Net investment income		—			(.09	)		—			—			—			(.15	)
Net realized gains		—			—			(4.71	)		(9.69	)		—			(1.77	)
Total distributions		—			(.09	)		(4.71	)		(9.69	)		—			(1.92	)
Net asset value, end of period	$	51.91		$	53.11		$	48.72		$	66.33		$	76.03		$	33.82
Total Returnd		(2.26	%)		9.23	%		(18.60	%)		(0.95	%)		124.81	%		(22.78	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,422		$	4,506		$	4,935		$	7,123		$	7,785		$	1,757
Ratios to average net assets:
Net investment income (loss)		0.16	%		0.20	%		0.07	%		(0.05	%)		(0.59	%)		0.37	%
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.68	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.68	%		1.73	%
Portfolio turnover rate		34	%		207	%		185	%		162	%		205	%		483	%

122 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TRANSPORTATION 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	44.28		$	40.94		$	57.20		$	67.28		$	30.15		$	41.14
Income (loss) from investment operations:
Net investment income (loss)b		(.12	)		(.17	)		(.32	)		(.52	)		(.67	)		(.18	)
Net gain (loss) on investments (realized and unrealized)		(1.04	)		3.60			(11.23	)		.13			37.80			(8.89	)
Total from investment operations		(1.16	)		3.43			(11.55	)		(.39	)		37.13			(9.07	)
Less distributions from:
Net investment income		—			(.09	)		—			—			—			(.15	)
Net realized gains		—			—			(4.71	)		(9.69	)		—			(1.77	)
Total distributions		—			(.09	)		(4.71	)		(9.69	)		—			(1.92	)
Net asset value, end of period	$	43.12		$	44.28		$	40.94		$	57.20		$	67.28		$	30.15
Total Returnd		(2.62	%)		8.39	%		(19.21	%)		(1.68	%)		123.15	%		(23.37	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	258		$	481		$	946		$	1,772		$	1,954		$	632
Ratios to average net assets:
Net investment income (loss)		(0.56	%)		(0.40	%)		(0.70	%)		(0.80	%)		(1.33	%)		(0.43	%)
Total expenses		2.41	%		2.43	%		2.39	%		2.36	%		2.43	%		2.48	%
Net expensesc		2.36	%		2.40	%		2.39	%		2.36	%		2.43	%		2.48	%
Portfolio turnover rate		34	%		207	%		185	%		162	%		205	%		483	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 123

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	50.92		$	46.71		$	63.86		$	73.53		$	32.70		$	44.14
Income (loss) from investment operations:
Net investment income (loss)b		.03			.08			.03			(.25	)		(.32	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		(1.19	)		4.22			(12.47	)		.27			41.15			(9.50	)
Total from investment operations		(1.16	)		4.30			(12.44	)		.02			40.83			(9.52	)
Less distributions from:
Net investment income		—			(.09	)		—			—			—			(.15	)
Net realized gains		—			—			(4.71	)		(9.69	)		—			(1.77	)
Total distributions		—			(.09	)		(4.71	)		(9.69	)		—			(1.92	)
Net asset value, end of period	$	49.76		$	50.92		$	46.71		$	63.86		$	73.53		$	32.70
Total Return		(2.28	%)		9.24	%		(18.60	%)		(0.94	%)		124.86	%		(22.78	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	357		$	375		$	506		$	600		$	1,169		$	325
Ratios to average net assets:
Net investment income (loss)		0.14	%		0.17	%		0.07	%		(0.35	%)		(0.56	%)		(0.03	%)
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.68	%		1.72	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.68	%		1.72	%
Portfolio turnover rate		34	%		207	%		185	%		162	%		205	%		483	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

124 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
UTILITIES FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Electric - 85.6%
NextEra Energy, Inc.		20,160	$	1,704,125
Constellation Energy Corp.		5,208		1,354,184
Southern Co.		14,235		1,283,712
Duke Energy Corp.		10,427		1,202,233
Vistra Corp.		8,292		982,934
American Electric Power Company, Inc.		9,247		948,742
Sempra		11,326		947,193
Dominion Energy, Inc.		15,582		900,484
Public Service Enterprise Group, Inc.		9,936		886,391
PG&E Corp.		42,097		832,258
Exelon Corp.		20,355		825,395
Xcel Energy, Inc.		11,975		781,968
Consolidated Edison, Inc.		7,417		772,332
Edison International		8,623		750,977
WEC Energy Group, Inc.		7,431		714,714
Entergy Corp.		5,346		703,587
PPL Corp.		19,251		636,823
Eversource Energy		9,337		635,383
Ameren Corp.		7,256		634,610
FirstEnergy Corp.		14,297		634,072
DTE Energy Co.		4,909		630,365
CMS Energy Corp.		8,357		590,255
NRG Energy, Inc.		6,423		585,135
CenterPoint Energy, Inc.		19,669		578,662
Alliant Energy Corp.		8,484		514,894
AES Corp.		25,060		502,704
Evergy, Inc.		7,843		486,344
Fortis, Inc.		10,021		455,354
Pinnacle West Capital Corp.		4,590		406,628
OGE Energy Corp.		9,077		372,339
Clearway Energy, Inc. — Class C		10,543		323,459
Portland General Electric Co.		5,985		286,682
Black Hills Corp.		4,392		268,439
Ormat Technologies, Inc.		3,225		248,131
Northwestern Energy Group, Inc.		4,197		240,152
Avista Corp.		5,818		225,447
Avangrid, Inc.		5,716		204,576
Otter Tail Corp.		2,559		200,011
Talen Energy Corp.*		955		170,219
Hawaiian Electric Industries, Inc.*		12,664		122,588
Total Electric				25,544,501
Gas - 9.1%
Atmos Energy Corp.		4,361		604,914
NiSource, Inc.		14,870		515,246
Brookfield Infrastructure Corp. — Class A		10,605		460,575
UGI Corp.		12,218		305,694
Southwest Gas Holdings, Inc.		3,771		278,149
New Jersey Resources Corp.		5,892		278,102
ONE Gas, Inc.		3,601		267,987
Total Gas				2,710,667
Water - 3.6%
American Water Works Company, Inc.		4,697		686,889
Essential Utilities, Inc.		10,371		400,010
Total Water				1,086,899
Energy-Alternate Sources - 1.2%
NextEra Energy Partners, LP		7,866		217,259
Sunnova Energy International, Inc.*,1		14,133		137,655
Total Energy-Alternate Sources				354,914
Total Common Stocks
(Cost $21,620,982)				29,696,981
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	92,078		92,078
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		76,053		76,053
Total Repurchase Agreements
(Cost $168,131)				168,131
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		14,674		14,674
Total Securities Lending Collateral
(Cost $14,674)				14,674
Total Investments - 100.1%
(Cost $21,803,787)			$	29,879,786
Other Assets & Liabilities, net - (0.1)%				(36,976	)
Total Net Assets - 100.0%			$	29,842,810

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 125

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
UTILITIES FUND

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	29,696,981	$	—	$	—	$	29,696,981
Repurchase Agreements		—		168,131		—		168,131
Securities Lending Collateral		14,674		—		—		14,674
Total Assets	$	29,711,655	$	168,131	$	—	$	29,879,786

126 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

UTILITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $13,295 of securities loaned (cost $21,635,656)	$	29,711,655
Repurchase agreements, at value (cost $168,131)		168,131
Receivables:
Securities sold		437,274
Dividends		37,969
Fund shares sold		19,713
Securities lending income		37
Interest		22
Total assets		30,374,801
Liabilities:
Payable for:
Fund shares redeemed		466,271
Management fees		19,165
Return of securities lending collateral		14,674
Transfer agent fees		11,419
Portfolio accounting and administration fees		2,314
Distribution and service fees		1,834
Trustees’ fees*		238
Miscellaneous		16,076
Total liabilities		531,991
Net assets	$	29,842,810
Net assets consist of:
Paid in capital	$	25,268,484
Total distributable earnings (loss)		4,574,326
Net assets	$	29,842,810
Investor Class:
Net assets	$	21,802,151
Capital shares outstanding		364,745
Net asset value per share	$	59.77
Class A:
Net assets	$	6,383,249
Capital shares outstanding		118,926
Net asset value per share	$	53.67
Maximum offering price per share (Net asset value divided by 95.25%)	$	56.35
Class C:
Net assets	$	646,025
Capital shares outstanding		15,350
Net asset value per share	$	42.09
Class H:
Net assets	$	1,011,385
Capital shares outstanding		19,659
Net asset value per share	$	51.45

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $2,305)	$	417,642
Interest		2,858
Income from securities lending, net		403
Total investment income		420,903
Expenses:
Management fees		98,787
Distribution and service fees:
Class A		6,916
Class C		3,127
Class H		1,019
Transfer agent fees		24,079
Portfolio accounting and administration fees		17,733
Registration fees		5,321
Professional fees		4,404
Custodian fees		1,482
Trustees’ fees*		1,008
Line of credit fees		70
Miscellaneous		13,088
Total expenses		177,034
Less:
Expenses reimbursed by Adviser		(5,807	)
Net expenses		171,227
Net investment income		249,676
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		208,463
Net realized gain		208,463
Net change in unrealized appreciation (depreciation) on:
Investments		4,577,802
Net change in unrealized appreciation (depreciation)		4,577,802
Net realized and unrealized gain		4,786,265
Net increase in net assets resulting from operations	$	5,035,941

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 127

UTILITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	249,676		$	303,851
Net realized gain on investments		208,463			602,047
Net change in unrealized appreciation (depreciation) on investments		4,577,802			(1,034,402	)
Net increase (decrease) in net assets resulting from operations		5,035,941			(128,504	)
Distributions to shareholders:
Investor Class		—			(335,092	)
Class A		—			(172,630	)
Class C		—			(34,955	)
Class H		—			(28,809	)
Total distributions to shareholders		—			(571,486	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		46,508,881			33,347,601
Class A		1,113,638			993,331
Class C		137,000			628,816
Class H		572,134			1,058,498
Distributions reinvested
Investor Class		—			331,250
Class A		—			171,729
Class C		—			33,611
Class H		—			27,589
Cost of shares redeemed
Investor Class		(36,487,309	)		(36,872,854	)
Class A		(891,396	)		(1,754,754	)
Class C		(278,700	)		(1,138,951	)
Class H		(381,478	)		(2,083,156	)
Net increase (decrease) from capital share transactions		10,292,770			(5,257,290	)
Net increase (decrease) in net assets		15,328,711			(5,957,280	)
Net assets:
Beginning of period		14,514,099			20,471,379
End of period	$	29,842,810		$	14,514,099
Capital share activity:
Shares sold
Investor Class		877,107			703,176
Class A		23,434			23,160
Class C		3,604			18,640
Class H		12,480			24,643
Shares issued from reinvestment of distributions
Investor Class		—			7,145
Class A		—			4,116
Class C		—			1,021
Class H		—			690
Shares redeemed
Investor Class		(678,261	)		(774,299	)
Class A		(18,570	)		(40,855	)
Class C		(7,542	)		(33,733	)
Class H		(8,363	)		(48,639	)
Net increase (decrease) in shares		203,889			(114,935	)

128 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

UTILITIES FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	49.12		$	50.77		$	54.36		$	47.92		$	41.80		$	46.23
Income (loss) from investment operations:
Net investment income (loss)b		.63			.91			.69			.77			.76			.74
Net gain (loss) on investments (realized and unrealized)		10.02			(1.07	)		(3.86	)		7.02			6.37			(4.72	)
Total from investment operations		10.65			(.16	)		(3.17	)		7.79			7.13			(3.98	)
Less distributions from:
Net investment income		—			(1.49	)		(.42	)		(1.35	)		(1.01	)		(.45	)
Total distributions		—			(1.49	)		(.42	)		(1.35	)		(1.01	)		(.45	)
Net asset value, end of period	$	59.77		$	49.12		$	50.77		$	54.36		$	47.92		$	41.80
Total Return		21.68	%		(0.14	%)		(5.84	%)		16.53	%		17.17	%		(8.74	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21,802		$	8,148		$	11,671		$	52,202		$	21,099		$	34,073
Ratios to average net assets:
Net investment income (loss)		2.34	%		1.90	%		1.30	%		1.55	%		1.68	%		1.53	%
Total expenses		1.43	%		1.43	%		1.39	%		1.36	%		1.45	%		1.48	%
Net expensesc		1.38	%		1.40	%		1.39	%		1.36	%		1.45	%		1.48	%
Portfolio turnover rate		116	%		163	%		293	%		175	%		156	%		169	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	44.16		$	45.92		$	49.34		$	43.72		$	38.30		$	42.50
Income (loss) from investment operations:
Net investment income (loss)b		.42			.76			.56			.57			.57			.57
Net gain (loss) on investments (realized and unrealized)		9.09			(1.03	)		(3.56	)		6.40			5.86			(4.32	)
Total from investment operations		9.51			(.27	)		(3.00	)		6.97			6.43			(3.75	)
Less distributions from:
Net investment income		—			(1.49	)		(.42	)		(1.35	)		(1.01	)		(.45	)
Total distributions		—			(1.49	)		(.42	)		(1.35	)		(1.01	)		(.45	)
Net asset value, end of period	$	53.67		$	44.16		$	45.92		$	49.34		$	43.72		$	38.30
Total Returnd		21.54	%		(0.40	%)		(6.09	%)		16.24	%		16.91	%		(8.96	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,383		$	5,037		$	5,862		$	6,522		$	5,399		$	4,225
Ratios to average net assets:
Net investment income (loss)		1.77	%		1.76	%		1.18	%		1.26	%		1.39	%		1.29	%
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.70	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.70	%		1.73	%
Portfolio turnover rate		116	%		163	%		293	%		175	%		156	%		169	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 129

UTILITIES 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	34.76		$	36.75		$	39.87		$	35.84		$	31.80		$	35.63
Income (loss) from investment operations:
Net investment income (loss)b		.19			.33			.16			.18			.21			.21
Net gain (loss) on investments (realized and unrealized)		7.14			(.83	)		(2.86	)		5.20			4.84			(3.59	)
Total from investment operations		7.33			(.50	)		(2.70	)		5.38			5.05			(3.38	)
Less distributions from:
Net investment income		—			(1.49	)		(.42	)		(1.35	)		(1.01	)		(.45	)
Total distributions		—			(1.49	)		(.42	)		(1.35	)		(1.01	)		(.45	)
Net asset value, end of period	$	42.09		$	34.76		$	36.75		$	39.87		$	35.84		$	31.80
Total Returnd		21.09	%		(1.13	%)		(6.79	%)		15.37	%		16.02	%		(9.65	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	646		$	670		$	1,226		$	1,556		$	2,646		$	5,093
Ratios to average net assets:
Net investment income (loss)		1.03	%		0.95	%		0.43	%		0.48	%		0.61	%		0.57	%
Total expenses		2.42	%		2.43	%		2.39	%		2.36	%		2.45	%		2.47	%
Net expensesc		2.37	%		2.40	%		2.39	%		2.36	%		2.45	%		2.47	%
Portfolio turnover rate		116	%		163	%		293	%		175	%		156	%		169	%

130 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	42.33		$	44.08		$	47.38		$	42.04		$	36.86		$	40.92
Income (loss) from investment operations:
Net investment income (loss)b		.41			.67			.52			.63			.42			.50
Net gain (loss) on investments (realized and unrealized)		8.71			(.93	)		(3.40	)		6.06			5.77			(4.11	)
Total from investment operations		9.12			(.26	)		(2.88	)		6.69			6.19			(3.61	)
Less distributions from:
Net investment income		—			(1.49	)		(.42	)		(1.35	)		(1.01	)		(.45	)
Total distributions		—			(1.49	)		(.42	)		(1.35	)		(1.01	)		(.45	)
Net asset value, end of period	$	51.45		$	42.33		$	44.08		$	47.38		$	42.04		$	36.86
Total Return		21.55	%		(0.39	%)		(6.09	%)		16.23	%		16.92	%		(8.97	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,011		$	658		$	1,713		$	2,148		$	719		$	2,427
Ratios to average net assets:
Net investment income (loss)		1.81	%		1.61	%		1.14	%		1.45	%		1.08	%		1.18	%
Total expenses		1.67	%		1.68	%		1.64	%		1.61	%		1.72	%		1.73	%
Net expensesc		1.62	%		1.65	%		1.64	%		1.61	%		1.72	%		1.73	%
Portfolio turnover rate		116	%		163	%		293	%		175	%		156	%		169	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 131

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
DOW JONES INDUSTRIAL AVERAGE® FUND

	Shares		Value
COMMON STOCKS† - 86.6%
Financial - 20.0%
Goldman Sachs Group, Inc.		2,650	$	1,312,041
Visa, Inc. — Class A		2,650		728,618
American Express Co.		2,650		718,680
Travelers Companies, Inc.		2,650		620,418
JPMorgan Chase & Co.		2,650		558,779
Total Financial				3,938,536
Consumer, Non-cyclical - 19.2%
UnitedHealth Group, Inc.		2,650		1,549,402
Amgen, Inc.		2,650		853,856
Procter & Gamble Co.		2,650		458,980
Johnson & Johnson		2,650		429,459
Merck & Company, Inc.		2,650		300,934
Coca-Cola Co.		2,650		190,429
Total Consumer, Non-cyclical				3,783,060
Technology - 15.9%
Microsoft Corp.		2,650		1,140,295
Salesforce, Inc.		2,650		725,331
Apple, Inc.		2,650		617,450
International Business Machines Corp.		2,650		585,862
Intel Corp.*		2,650		62,169
Total Technology				3,131,107
Industrial - 11.9%
Caterpillar, Inc.		2,650		1,036,468
Honeywell International, Inc.		2,650		547,781
Boeing Co.*		2,650		402,906
3M Co.		2,650		362,255
Total Industrial				2,349,410
Consumer, Cyclical - 11.8%
Home Depot, Inc.		2,650		1,073,780
McDonald’s Corp.		2,650		806,951
NIKE, Inc. — Class B		2,650		234,260
Walmart, Inc.		2,650		213,988
Total Consumer, Cyclical				2,328,979
Communications - 5.1%
Amazon.com, Inc.*		2,650		493,774
Walt Disney Co.		2,650		254,904
Cisco Systems, Inc.		2,650		141,033
Verizon Communications, Inc.		2,650		119,012
Total Communications				1,008,723
Energy - 2.0%
Chevron Corp.		2,650		390,266
Basic Materials - 0.7%
Dow, Inc.		2,650		144,770
Total Common Stocks
(Cost $11,320,020)				17,074,851
MUTUAL FUNDS† - 6.6%
Guggenheim Ultra Short Duration Fund — Institutional Class1		67,906		680,422
Guggenheim Strategy Fund II1		24,698		612,519
Total Mutual Funds
(Cost $1,285,414)				1,292,941
	Face Amount
U.S. TREASURY BILLS†† - 0.6%
U.S. Treasury Bills
4.85% due 12/12/242,3	$	100,000		99,106
4.63% due 10/10/243,4		29,000		28,966
Total U.S. Treasury Bills
(Cost $127,992)				128,072
REPURCHASE AGREEMENTS††,5 - 6.7%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/242		719,962		719,962
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/242		594,655		594,655
Total Repurchase Agreements
(Cost $1,314,617)				1,314,617
Total Investments - 100.5%
(Cost $14,048,043)			$	19,810,481
Other Assets & Liabilities, net - (0.5)%				(90,222	)
Total Net Assets - 100.0%			$	19,720,259

132 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
DOW JONES INDUSTRIAL AVERAGE® FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
Dow Jones Industrial Average Mini Futures Contracts		1		Dec 2024	$	213,260	$	253

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

BNP Paribas

Dow Jones Industrial Average

Pay

5.73% (Federal Funds Rate + 0.90%)

At Maturity

12/19/24

41

$

1,714,790

$

16,817

Barclays Bank plc

Dow Jones Industrial Average

Pay

5.44% (SOFR + 0.60%)

At Maturity

12/19/24

18

770,058

2,902

$

2,484,848

$

19,719

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	All or a portion of this security is pledged as equity index swap collateral at September 30, 2024.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at September 30, 2024.
5	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	17,074,851	$	—	$	—	$	17,074,851
Mutual Funds		1,292,941		—		—		1,292,941
U.S. Treasury Bills		—		128,072		—		128,072
Repurchase Agreements		—		1,314,617		—		1,314,617
Equity Futures Contracts**		253		—		—		253
Equity Index Swap Agreements**		—		19,719		—		19,719
Total Assets	$	18,368,045	$	1,462,408	$	—	$	19,830,453

** This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 133

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	607,579	$	—	$	—	$	—	$	4,940	$	612,519		24,698	$	17,396
Guggenheim Ultra Short Duration Fund — Institutional Class		672,952		—		—		—		7,470		680,422		67,906		17,513
	$	1,280,531	$	—	$	—	$	—	$	12,410	$	1,292,941			$	34,909

134 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

DOW JONES INDUSTRIAL AVERAGE^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $11,448,012)	$	17,202,923
Investments in affiliated issuers, at value (cost $1,285,414)		1,292,941
Repurchase agreements, at value (cost $1,314,617)		1,314,617
Unrealized appreciation on OTC swap agreements		19,719
Receivables:
Dividends		11,007
Fund shares sold		4,765
Interest		177
Total assets		19,846,149
Liabilities:
Payable for:
Fund shares redeemed		72,977
Management fees		11,306
Licensing fees		11,113
Transfer agent fees		9,580
Distribution and service fees		5,214
Portfolio accounting and administration fees		1,566
Swap settlement		765
Trustees’ fees*		194
Variation margin on futures contracts		20
Miscellaneous		13,155
Total liabilities		125,890
Net assets	$	19,720,259
Net assets consist of:
Paid in capital	$	14,100,925
Total distributable earnings (loss)		5,619,334
Net assets	$	19,720,259
Class A:
Net assets	$	3,656,469
Capital shares outstanding		35,890
Net asset value per share	$	101.88
Maximum offering price per share (Net asset value divided by 95.25%)	$	106.96
Class C:
Net assets	$	2,486,413
Capital shares outstanding		26,264
Net asset value per share	$	94.67
Class H:
Net assets	$	13,577,377
Capital shares outstanding		133,142
Net asset value per share	$	101.98

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers	$	184,017
Dividends from securities of affiliated issuers		34,909
Interest		54,213
Total investment income		273,139
Expenses:
Management fees		85,804
Distribution and service fees:
Class A		3,954
Class C		12,491
Class H		21,524
Transfer agent fees		23,558
Portfolio accounting and administration fees		17,455
Registration fees		10,328
Professional fees		3,265
Custodian fees		1,462
Trustees’ fees*		1,261
Miscellaneous		13,960
Total expenses		195,062
Less:
Expenses reimbursed by Adviser		(5,704	)
Expenses waived by Adviser		(845	)
Total waived/reimbursed expenses		(6,549	)
Net expenses		188,513
Net investment income		84,626
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		777,623
Swap agreements		53,012
Futures contracts		(3,700	)
Net realized gain		826,935
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		296,202
Investments in affiliated issuers		12,410
Swap agreements		(29,860	)
Futures contracts		(45,967	)
Net change in unrealized appreciation (depreciation)		232,785
Net realized and unrealized gain		1,059,720
Net increase in net assets resulting from operations	$	1,144,346

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 135

DOW JONES INDUSTRIAL AVERAGE^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	84,626		$	200,734
Net realized gain on investments		826,935			1,257,583
Net change in unrealized appreciation (depreciation) on investments		232,785			2,422,418
Net increase in net assets resulting from operations		1,144,346			3,880,735
Distributions to shareholders:
Class A		—			(21,691	)
Class C		—			(22,672	)
Class H		—			(125,457	)
Total distributions to shareholders		—			(169,820	)
Capital share transactions:
Proceeds from sale of shares
Class A		784,989			3,228,603
Class C		355,818			1,275,512
Class H		21,680,206			60,224,253
Distributions reinvested
Class A		—			21,667
Class C		—			21,421
Class H		—			125,178
Cost of shares redeemed
Class A		(1,430,030	)		(3,459,658	)
Class C		(788,164	)		(1,846,636	)
Class H		(28,699,414	)		(61,937,128	)
Net decrease from capital share transactions		(8,096,595	)		(2,346,788	)
Net increase (decrease) in net assets		(6,952,249	)		1,364,127
Net assets:
Beginning of period		26,672,508			25,308,381
End of period	$	19,720,259		$	26,672,508
Capital share activity:
Shares sold
Class A		8,200			37,560
Class C		3,999			16,180
Class H		226,261			695,077
Shares issued from reinvestment of distributions
Class A		—			247
Class C		—			261
Class H		—			1,423
Shares redeemed
Class A		(15,294	)		(41,584	)
Class C		(8,843	)		(23,085	)
Class H		(299,801	)		(722,979	)
Net decrease in shares		(85,478	)		(36,900	)

136 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	95.64		$	80.18		$	86.09		$	82.82		$	57.33		$	70.54
Income (loss) from investment operations:
Net investment income (loss)b		.40			.79			.52			.05			.02			.47
Net gain (loss) on investments (realized and unrealized)		5.84			15.35			(3.90	)f		4.32	g		29.21			(10.67	)
Total from investment operations		6.24			16.14			(3.38	)		4.37			29.23			(10.20	)
Less distributions from:
Net investment income		—			(.59	)		(.47	)		—			(.06	)		(.31	)
Net realized gains		—			(.09	)		(2.06	)		(1.10	)		(3.68	)		(2.70	)
Total distributions		—			(.68	)		(2.53	)		(1.10	)		(3.74	)		(3.01	)
Net asset value, end of period	$	101.88		$	95.64		$	80.18		$	86.09		$	82.82		$	57.33
Total Returnc		6.52	%		20.22	%		(3.90	%)		5.23	%		51.61	%		(15.38	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,656		$	4,111		$	3,749		$	4,632		$	2,952		$	2,652
Ratios to average net assets:
Net investment income (loss)		0.83	%		0.93	%		0.65	%		0.05	%		0.02	%		0.65	%
Total expensesd		1.63	%		1.67	%		1.57	%		1.56	%		1.69	%		1.66	%
Net expensese		1.57	%		1.63	%		1.55	%		1.55	%		1.68	%		1.64	%
Portfolio turnover rate		14	%		140	%		414	%		240	%		110	%		186	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	89.21		$	75.39		$	81.70		$	79.25		$	55.37		$	68.74
Income (loss) from investment operations:
Net investment income (loss)b		.03			.14			(.03	)		(.56	)		(.49	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		5.43			14.36			(3.75	)f		4.11	g		28.11			(10.34	)
Total from investment operations		5.46			14.50			(3.78	)		3.55			27.62			(10.36	)
Less distributions from:
Net investment income		—			(.59	)		(.47	)		—			(.06	)		(.31	)
Net realized gains		—			(.09	)		(2.06	)		(1.10	)		(3.68	)		(2.70	)
Total distributions		—			(.68	)		(2.53	)		(1.10	)		(3.74	)		(3.01	)
Net asset value, end of period	$	94.67		$	89.21		$	75.39		$	81.70		$	79.25		$	55.37
Total Returnc		6.12	%		19.32	%		(4.61	%)		4.43	%		50.52	%		(16.03	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,486		$	2,775		$	2,846		$	3,001		$	2,842		$	1,637
Ratios to average net assets:
Net investment income (loss)		0.06	%		0.17	%		(0.04	%)		(0.68	%)		(0.70	%)		(0.03	%)
Total expensesd		2.37	%		2.42	%		2.32	%		2.32	%		2.44	%		2.42	%
Net expensese		2.32	%		2.38	%		2.30	%		2.31	%		2.43	%		2.40	%
Portfolio turnover rate		14	%		140	%		414	%		240	%		110	%		186	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 137

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	95.73		$	80.26		$	86.15		$	82.88		$	57.36		$	70.59
Income (loss) from investment operations:
Net investment income (loss)b		.39			.79			.60			.17			.03			.51
Net gain (loss) on investments (realized and unrealized)		5.86			15.36			(3.96	)f		4.20	g		29.23			(10.73	)
Total from investment operations		6.25			16.15			(3.36	)		4.37			29.26			(10.22	)
Less distributions from:
Net investment income		—			(.59	)		(.47	)		—			(.06	)		(.31	)
Net realized gains		—			(.09	)		(2.06	)		(1.10	)		(3.68	)		(2.70	)
Total distributions		—			(.68	)		(2.53	)		(1.10	)		(3.74	)		(3.01	)
Net asset value, end of period	$	101.98		$	95.73		$	80.26		$	86.15		$	82.88		$	57.36
Total Return		6.53	%		20.21	%		(3.87	%)		5.23	%		51.64	%		(15.40	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,577		$	19,786		$	18,713		$	23,009		$	17,500		$	24,331
Ratios to average net assets:
Net investment income (loss)		0.82	%		0.93	%		0.74	%		0.19	%		0.05	%		0.70	%
Total expensesd		1.62	%		1.67	%		1.57	%		1.57	%		1.70	%		1.66	%
Net expensese		1.57	%		1.63	%		1.56	%		1.55	%		1.69	%		1.64	%
Portfolio turnover rate		14	%		140	%		414	%		240	%		110	%		186	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
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 purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
g	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

138 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
NOVA FUND

	Shares		Value
COMMON STOCKS† - 79.6%
Technology - 24.5%
Apple, Inc.		59,643	$	13,896,819
Microsoft Corp.		29,160		12,547,548
NVIDIA Corp.		96,506		11,719,689
Broadcom, Inc.		18,261		3,150,023
Oracle Corp.		6,270		1,068,408
Advanced Micro Devices, Inc.*		6,349		1,041,744
Salesforce, Inc.		3,802		1,040,645
Adobe, Inc.*		1,739		900,420
Accenture plc — Class A		2,457		868,500
International Business Machines Corp.		3,613		798,762
QUALCOMM, Inc.		4,370		743,118
Texas Instruments, Inc.		3,582		739,934
ServiceNow, Inc.*		808		722,667
Intuit, Inc.		1,096		680,616
Applied Materials, Inc.		3,248		656,258
Micron Technology, Inc.		4,350		451,138
Analog Devices, Inc.		1,946		447,911
Lam Research Corp.		511		417,017
KLA Corp.		527		408,114
Fiserv, Inc.*		2,258		405,650
Intel Corp.*		16,741		392,744
Synopsys, Inc.*		601		304,340
Palantir Technologies, Inc. — Class A*		7,900		293,880
Cadence Design Systems, Inc.*		1,074		291,086
Crowdstrike Holdings, Inc. — Class A*		906		254,106
NXP Semiconductor N.V.		999		239,770
Roper Technologies, Inc.		420		233,705
Autodesk, Inc.*		844		232,505
Fortinet, Inc.*		2,490		193,100
Fair Isaac Corp.*		96		186,578
MSCI, Inc. — Class A		309		180,125
TE Connectivity plc		1,192		179,980
Fidelity National Information Services, Inc.		2,139		179,141
Monolithic Power Systems, Inc.		191		176,579
Microchip Technology, Inc.		2,105		169,010
Paychex, Inc.		1,257		168,677
Gartner, Inc.*		302		153,042
Cognizant Technology Solutions Corp. — Class A		1,945		150,115
HP, Inc.		3,838		137,669
Electronic Arts, Inc.		943		135,264
Dell Technologies, Inc. — Class C		1,129		133,832
ON Semiconductor Corp.*		1,680		121,985
ANSYS, Inc.*		343		109,290
Hewlett Packard Enterprise Co.		5,098		104,305
NetApp, Inc.		806		99,549
Broadridge Financial Solutions, Inc.		458		98,484
Take-Two Interactive Software, Inc.*		640		98,374
Tyler Technologies, Inc.*		167		97,481
Seagate Technology Holdings plc		823		90,143
Western Digital Corp.*		1,281		87,479
Leidos Holdings, Inc.		527		85,901
Teradyne, Inc.		640		85,715
PTC, Inc.*		471		85,091
Super Micro Computer, Inc.*		198		82,447
Zebra Technologies Corp. — Class A*		202		74,805
Skyworks Solutions, Inc.		627		61,929
Akamai Technologies, Inc.*		594		59,964
Jack Henry & Associates, Inc.		286		50,491
EPAM Systems, Inc.*		223		44,384
Qorvo, Inc.*		372		38,428
Dayforce, Inc.*		620		37,975
Paycom Software, Inc.		191		31,815
Amentum Holdings, Inc.*		491		15,835
Total Technology				58,752,099
Consumer, Non-cyclical - 13.8%
Eli Lilly & Co.		3,094		2,741,098
UnitedHealth Group, Inc.		3,623		2,118,296
Procter & Gamble Co.		9,236		1,599,675
Johnson & Johnson		9,443		1,530,333
AbbVie, Inc.		6,929		1,368,339
Merck & Company, Inc.		9,944		1,129,241
Coca-Cola Co.		15,216		1,093,422
Thermo Fisher Scientific, Inc.		1,499		927,236
PepsiCo, Inc.		5,389		916,399
Abbott Laboratories		6,825		778,118
Philip Morris International, Inc.		6,100		740,540
Danaher Corp.		2,522		701,167
Intuitive Surgical, Inc.*		1,392		683,848
Amgen, Inc.		2,108		679,219
S&P Global, Inc.		1,256		648,875
Pfizer, Inc.		22,231		643,365
Stryker Corp.		1,345		485,895
Boston Scientific Corp.*		5,778		484,196
Elevance Health, Inc.		909		472,680
Vertex Pharmaceuticals, Inc.*		1,012		470,661
Medtronic plc		5,032		453,031
Automatic Data Processing, Inc.		1,599		442,491
Regeneron Pharmaceuticals, Inc.*		416		437,316
Bristol-Myers Squibb Co.		7,953		411,488
Gilead Sciences, Inc.		4,884		409,474
Mondelez International, Inc. — Class A		5,240		386,031
Cigna Group		1,096		379,698
Zoetis, Inc.		1,777		347,190
Altria Group, Inc.		6,693		341,611
Colgate-Palmolive Co.		3,205		332,711
PayPal Holdings, Inc.*		4,011		312,978
CVS Health Corp.		4,935		310,313
HCA Healthcare, Inc.		729		296,287
Moody’s Corp.		614		291,398
Cintas Corp.		1,343		276,497
Becton Dickinson & Co.		1,134		273,407
McKesson Corp.		509		251,660
United Rentals, Inc.		261		211,339
Kimberly-Clark Corp.		1,321		187,952
Kenvue, Inc.		7,513		173,776
Quanta Services, Inc.		578		172,331
Agilent Technologies, Inc.		1,144		169,861
GE HealthCare Technologies, Inc.		1,792		168,179
IDEXX Laboratories, Inc.*		322		162,681

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 139

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
NOVA FUND

	Shares		Value
General Mills, Inc.		2,184	$	161,288
IQVIA Holdings, Inc.*		679		160,903
Corteva, Inc.		2,715		159,615
Constellation Brands, Inc. — Class A		614		158,222
Edwards Lifesciences Corp.*		2,363		155,934
Keurig Dr Pepper, Inc.		4,149		155,504
Centene Corp.*		2,064		155,378
Cencora, Inc. — Class A		684		153,955
Sysco Corp.		1,929		150,578
Verisk Analytics, Inc. — Class A		558		149,522
Humana, Inc.		472		149,501
Kroger Co.		2,605		149,266
Monster Beverage Corp.*		2,766		144,302
Equifax, Inc.		485		142,522
ResMed, Inc.		576		140,613
Kraft Heinz Co.		3,463		121,586
Archer-Daniels-Midland Co.		1,876		112,072
Hershey Co.		579		111,041
Biogen, Inc.*		571		110,683
Cardinal Health, Inc.		956		105,657
Dexcom, Inc.*		1,571		105,320
Global Payments, Inc.		998		102,215
Church & Dwight Company, Inc.		960		100,531
STERIS plc		386		93,620
Estee Lauder Companies, Inc. — Class A		914		91,117
Moderna, Inc.*		1,327		88,683
Zimmer Biomet Holdings, Inc.		799		86,252
Cooper Companies, Inc.*		781		86,176
West Pharmaceutical Services, Inc.		284		85,246
Corpay, Inc.*		272		85,071
Kellanova		1,052		84,907
Waters Corp.*		233		83,854
McCormick & Company, Inc.		988		81,312
Molina Healthcare, Inc.*		230		79,249
Clorox Co.		486		79,174
Baxter International, Inc.		2,002		76,016
Hologic, Inc.*		911		74,210
Labcorp Holdings, Inc.		329		73,525
Avery Dennison Corp.		316		69,760
Align Technology, Inc.*		274		69,684
Quest Diagnostics, Inc.		436		67,689
Tyson Foods, Inc. — Class A		1,121		66,767
Insulet Corp.*		275		64,006
Revvity, Inc.		484		61,831
Conagra Brands, Inc.		1,879		61,105
Rollins, Inc.		1,102		55,739
Viatris, Inc.		4,682		54,358
Bunge Global S.A.		556		53,732
Universal Health Services, Inc. — Class B		233		53,359
J M Smucker Co.		418		50,620
Bio-Techne Corp.		618		49,397
Teleflex, Inc.		185		45,754
Catalent, Inc.*		710		43,005
Incyte Corp.*		627		41,445
Charles River Laboratories International, Inc.*		203		39,985
Molson Coors Beverage Co. — Class B		689		39,631
MarketAxess Holdings, Inc.		148		37,918
Campbell Soup Co.		773		37,815
Solventum Corp.*		541		37,719
Lamb Weston Holdings, Inc.		562		36,384
Henry Schein, Inc.*		497		36,231
Hormel Foods Corp.		1,140		36,138
Brown-Forman Corp. — Class B		718		35,326
DaVita, Inc.*		180		29,507
Total Consumer, Non-cyclical				33,091,828
Communications - 11.5%
Amazon.com, Inc.*		36,644		6,827,876
Meta Platforms, Inc. — Class A		8,570		4,905,811
Alphabet, Inc. — Class A		22,986		3,812,228
Alphabet, Inc. — Class C		18,842		3,150,194
Netflix, Inc.*		1,684		1,194,411
Cisco Systems, Inc.		15,804		841,089
Verizon Communications, Inc.		16,514		741,644
Walt Disney Co.		7,114		684,296
Comcast Corp. — Class A		15,155		633,024
Uber Technologies, Inc.*		8,242		619,469
AT&T, Inc.		28,129		618,838
Booking Holdings, Inc.		131		551,788
Palo Alto Networks, Inc.*		1,270		434,086
T-Mobile US, Inc.		1,922		396,624
Arista Networks, Inc.*		1,011		388,042
Motorola Solutions, Inc.		654		294,058
Airbnb, Inc. — Class A*		1,726		218,874
Corning, Inc.		3,021		136,398
eBay, Inc.		1,918		124,881
Charter Communications, Inc. — Class A*		381		123,475
CDW Corp.		524		118,581
GoDaddy, Inc. — Class A*		553		86,699
Omnicom Group, Inc.		767		79,300
Expedia Group, Inc.*		489		72,382
Warner Bros Discovery, Inc.*		8,752		72,204
FactSet Research Systems, Inc.		149		68,518
VeriSign, Inc.*		329		62,497
Gen Digital, Inc.		2,125		58,289
F5, Inc.*		229		50,426
Juniper Networks, Inc.		1,291		50,323
Interpublic Group of Companies, Inc.		1,473		46,591
News Corp. — Class A		1,484		39,519
Match Group, Inc.*		1,012		38,294
Fox Corp. — Class A		880		37,250
Paramount Global — Class B1		2,333		24,776
Fox Corp. — Class B		518		20,098
News Corp. — Class B		440		12,298
Total Communications				27,635,151
Financial - 11.2%
Berkshire Hathaway, Inc. — Class B*		7,185		3,306,968
JPMorgan Chase & Co.		11,160		2,353,198
Visa, Inc. — Class A		6,553		1,801,747
Mastercard, Inc. — Class A		3,237		1,598,431
Bank of America Corp.		26,483		1,050,845

140 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
NOVA FUND

	Shares		Value
Wells Fargo & Co.		13,351	$	754,198
Goldman Sachs Group, Inc.		1,238		612,946
American Express Co.		2,203		597,454
Progressive Corp.		2,298		583,141
BlackRock, Inc. — Class A		546		518,432
Morgan Stanley		4,887		509,421
Citigroup, Inc.		7,484		468,498
Prologis, Inc. REIT		3,631		458,523
Blackstone, Inc. — Class A		2,825		432,592
Marsh & McLennan Companies, Inc.		1,929		430,341
American Tower Corp. — Class A REIT		1,832		426,050
Chubb Ltd.		1,473		424,798
Charles Schwab Corp.		5,861		379,851
Intercontinental Exchange, Inc.		2,252		361,761
KKR & Company, Inc. — Class A		2,645		345,384
Equinix, Inc. REIT		372		330,198
CME Group, Inc. — Class A		1,412		311,558
Aon plc — Class A		852		294,783
Welltower, Inc. REIT		2,270		290,628
PNC Financial Services Group, Inc.		1,559		288,181
U.S. Bancorp		6,121		279,913
Arthur J Gallagher & Co.		859		241,697
Public Storage REIT		618		224,872
Truist Financial Corp.		5,253		224,671
Capital One Financial Corp.		1,498		224,296
Aflac, Inc.		1,977		221,029
Realty Income Corp. REIT		3,417		216,706
Travelers Companies, Inc.		894		209,303
Bank of New York Mellon Corp.		2,895		208,035
Simon Property Group, Inc. REIT		1,202		203,162
Crown Castle, Inc. REIT		1,705		202,264
Allstate Corp.		1,035		196,288
Digital Realty Trust, Inc. REIT		1,207		195,329
MetLife, Inc.		2,308		190,364
American International Group, Inc.		2,526		184,979
Ameriprise Financial, Inc.		385		180,877
Prudential Financial, Inc.		1,401		169,661
Arch Capital Group Ltd.*		1,469		164,352
Extra Space Storage, Inc. REIT		831		149,738
CBRE Group, Inc. — Class A*		1,182		147,135
Discover Financial Services		985		138,186
VICI Properties, Inc. REIT		4,107		136,804
Iron Mountain, Inc. REIT		1,151		136,773
Hartford Financial Services Group, Inc.		1,149		135,134
AvalonBay Communities, Inc. REIT		557		125,464
CoStar Group, Inc.*		1,608		121,308
Nasdaq, Inc.		1,624		118,568
Willis Towers Watson plc		398		117,223
M&T Bank Corp.		655		116,669
Fifth Third Bancorp		2,655		113,740
Ventas, Inc. REIT		1,620		103,891
State Street Corp.		1,172		103,687
SBA Communications Corp. REIT		422		101,575
Equity Residential REIT		1,338		99,627
Weyerhaeuser Co. REIT		2,853		96,603
Brown & Brown, Inc.		929		96,244
T. Rowe Price Group, Inc.		873		95,096
Raymond James Financial, Inc.		727		89,028
Cboe Global Markets, Inc.		410		83,997
Huntington Bancshares, Inc.		5,698		83,760
Regions Financial Corp.		3,590		83,755
Cincinnati Financial Corp.		612		83,305
Invitation Homes, Inc. REIT		2,235		78,806
Synchrony Financial		1,550		77,314
Essex Property Trust, Inc. REIT		252		74,446
Mid-America Apartment Communities, Inc. REIT		458		72,776
Alexandria Real Estate Equities, Inc. REIT		610		72,438
Citizens Financial Group, Inc.		1,759		72,242
Principal Financial Group, Inc.		836		71,812
Northern Trust Corp.		790		71,124
W R Berkley Corp.		1,179		66,885
Everest Group Ltd.		169		66,219
Healthpeak Properties, Inc. REIT		2,760		63,121
Kimco Realty Corp. REIT		2,644		61,394
KeyCorp		3,641		60,987
Loews Corp.		715		56,521
UDR, Inc. REIT		1,177		53,365
Erie Indemnity Co. — Class A		98		52,902
Camden Property Trust REIT		418		51,636
Host Hotels & Resorts, Inc. REIT		2,756		48,506
Regency Centers Corp. REIT		640		46,227
BXP, Inc. REIT		570		45,862
Assurant, Inc.		203		40,369
Globe Life, Inc.		352		37,280
Federal Realty Investment Trust REIT		295		33,916
Invesco Ltd.		1,765		30,993
Franklin Resources, Inc.		1,210		24,382
Total Financial				26,776,558
Consumer, Cyclical - 6.6%
Tesla, Inc.*		10,884		2,847,581
Home Depot, Inc.		3,890		1,576,228
Costco Wholesale Corp.		1,739		1,541,658
Walmart, Inc.		17,039		1,375,899
McDonald’s Corp.		2,814		856,891
Lowe’s Companies, Inc.		2,234		605,079
TJX Companies, Inc.		4,433		521,055
Starbucks Corp.		4,445		433,343
NIKE, Inc. — Class B		4,714		416,718
Chipotle Mexican Grill, Inc. — Class A*		5,372		309,535
Target Corp.		1,815		282,886
O’Reilly Automotive, Inc.*		227		261,413
Marriott International, Inc. — Class A		916		227,718
Hilton Worldwide Holdings, Inc.		966		222,663
DR Horton, Inc.		1,151		219,576
AutoZone, Inc.*		67		211,053
PACCAR, Inc.		2,057		202,985
General Motors Co.		4,409		197,699
Ross Stores, Inc.		1,308		196,867
Copart, Inc.*		3,435		179,994
WW Grainger, Inc.		173		179,714
Lennar Corp. — Class A		948		177,731

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 141

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
NOVA FUND

	Shares		Value
Cummins, Inc.		538	$	174,199
Royal Caribbean Cruises Ltd.		929		164,768
Ford Motor Co.		15,316		161,737
Fastenal Co.		2,247		160,481
Yum! Brands, Inc.		1,103		154,100
Delta Air Lines, Inc.		2,514		127,686
Tractor Supply Co.		423		123,063
Lululemon Athletica, Inc.*		451		122,379
NVR, Inc.*		12		117,742
PulteGroup, Inc.		814		116,833
Deckers Outdoor Corp.*		597		95,192
Best Buy Company, Inc.		769		79,438
Genuine Parts Co.		547		76,405
Darden Restaurants, Inc.		465		76,321
Aptiv plc*		1,042		75,035
United Airlines Holdings, Inc.*		1,290		73,608
Carnival Corp.*		3,963		73,236
Dollar General Corp.		863		72,984
Ulta Beauty, Inc.*		187		72,765
Las Vegas Sands Corp.		1,386		69,771
Southwest Airlines Co.		2,351		69,660
Live Nation Entertainment, Inc.*		614		67,227
Domino’s Pizza, Inc.		137		58,929
Pool Corp.		150		56,520
Dollar Tree, Inc.*		792		55,693
CarMax, Inc.*		612		47,357
Tapestry, Inc.		903		42,423
LKQ Corp.		1,033		41,237
Hasbro, Inc.		514		37,172
MGM Resorts International*		906		35,415
Caesars Entertainment, Inc.*		848		35,395
Norwegian Cruise Line Holdings Ltd.*		1,724		35,359
Wynn Resorts Ltd.		367		35,188
BorgWarner, Inc.		894		32,443
Ralph Lauren Corp. — Class A		157		30,437
Walgreens Boots Alliance, Inc.		2,811		25,187
Total Consumer, Cyclical				15,937,671
Industrial - 5.9%
General Electric Co.		4,254		802,219
Caterpillar, Inc.		1,902		743,910
RTX Corp.		5,218		632,213
Union Pacific Corp.		2,390		589,087
Honeywell International, Inc.		2,554		527,937
Eaton Corporation plc		1,561		517,378
Lockheed Martin Corp.		832		486,354
Deere & Co.		1,005		419,417
United Parcel Service, Inc. — Class B		2,874		391,841
Boeing Co.*		2,297		349,236
Trane Technologies plc		885		344,026
Parker-Hannifin Corp.		504		318,437
TransDigm Group, Inc.		220		313,969
Amphenol Corp. — Class A		4,723		307,751
General Dynamics Corp.		1,011		305,524
Waste Management, Inc.		1,433		297,491
3M Co.		2,155		294,589
Northrop Grumman Corp.		539		284,630
Illinois Tool Works, Inc.		1,059		277,532
GE Vernova, Inc.*		1,078		274,869
Carrier Global Corp.		3,294		265,134
CSX Corp.		7,605		262,601
Emerson Electric Co.		2,246		245,645
FedEx Corp.		884		241,933
Norfolk Southern Corp.		886		220,171
Johnson Controls International plc		2,621		203,416
L3Harris Technologies, Inc.		744		176,975
Otis Worldwide Corp.		1,571		163,290
Republic Services, Inc. — Class A		800		160,672
Howmet Aerospace, Inc.		1,601		160,500
AMETEK, Inc.		908		155,913
Ingersoll Rand, Inc.		1,582		155,289
Old Dominion Freight Line, Inc.		739		146,795
Vulcan Materials Co.		518		129,723
Martin Marietta Materials, Inc.		240		129,180
Xylem, Inc.		953		128,683
Westinghouse Air Brake Technologies Corp.		687		124,876
Mettler-Toledo International, Inc.*		83		124,475
Rockwell Automation, Inc.		445		119,465
Axon Enterprise, Inc.*		282		112,687
Keysight Technologies, Inc.*		685		108,867
Fortive Corp.		1,374		108,450
Veralto Corp.		969		108,392
Garmin Ltd.		603		106,146
Dover Corp.		539		103,348
Smurfit WestRock plc		1,936		95,677
Hubbell, Inc.		210		89,953
Builders FirstSource, Inc.*		457		88,594
Ball Corp.		1,191		80,881
Teledyne Technologies, Inc.*		182		79,654
Packaging Corporation of America		350		75,390
Expeditors International of Washington, Inc.		554		72,796
Masco Corp.		856		71,853
Stanley Black & Decker, Inc.		604		66,519
Textron, Inc.		734		65,018
Jacobs Solutions, Inc.		491		64,272
Amcor plc		5,670		64,241
IDEX Corp.		297		63,706
Pentair plc		649		63,466
Snap-on, Inc.		206		59,680
Trimble, Inc.*		958		59,482
Nordson Corp.		213		55,940
J.B. Hunt Transport Services, Inc.		316		54,456
Jabil, Inc.		444		53,205
CH Robinson Worldwide, Inc.		460		50,770
Allegion plc		342		49,843
A O Smith Corp.		471		42,310
Huntington Ingalls Industries, Inc.		154		40,715
Generac Holdings, Inc.*		236		37,495
Mohawk Industries, Inc.*		205		32,939
Total Industrial				14,019,891

142 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
NOVA FUND

	Shares		Value
Energy - 2.7%
Exxon Mobil Corp.		17,430	$	2,043,144
Chevron Corp.		6,673		982,733
ConocoPhillips		4,555		479,550
EOG Resources, Inc.		2,231		274,257
Schlumberger N.V.		5,571		233,703
Williams Companies, Inc.		4,782		218,298
Phillips 66		1,642		215,841
Marathon Petroleum Corp.		1,313		213,901
ONEOK, Inc.		2,291		208,779
Valero Energy Corp.		1,257		169,733
Kinder Morgan, Inc.		7,574		167,310
Hess Corp.		1,084		147,207
Baker Hughes Co.		3,897		140,877
Occidental Petroleum Corp.		2,642		136,169
Targa Resources Corp.		859		127,140
Diamondback Energy, Inc.		709		122,231
First Solar, Inc.*		420		104,765
Halliburton Co.		3,463		100,600
Devon Energy Corp.		2,457		96,118
Equities Corp.		2,331		85,408
Coterra Energy, Inc. — Class A		2,900		69,455
Enphase Energy, Inc.*		531		60,014
Marathon Oil Corp.		2,194		58,426
APA Corp.		1,450		35,467
Total Energy				6,491,126
Utilities - 2.0%
NextEra Energy, Inc.		8,059		681,227
Southern Co.		4,289		386,782
Duke Energy Corp.		3,028		349,128
Constellation Energy Corp.		1,227		319,045
American Electric Power Company, Inc.		2,087		214,126
Sempra		2,484		207,737
Dominion Energy, Inc.		3,291		190,187
Public Service Enterprise Group, Inc.		1,954		174,316
PG&E Corp.		8,386		165,791
Vistra Corp.		1,347		159,673
Exelon Corp.		3,923		159,078
Xcel Energy, Inc.		2,187		142,811
Consolidated Edison, Inc.		1,357		141,305
Edison International		1,515		131,941
WEC Energy Group, Inc.		1,240		119,263
American Water Works Company, Inc.		764		111,727
Entergy Corp.		838		110,289
DTE Energy Co.		812		104,269
PPL Corp.		2,894		95,734
Eversource Energy		1,402		95,406
Ameren Corp.		1,047		91,571
FirstEnergy Corp.		2,011		89,188
Atmos Energy Corp.		609		84,475
CMS Energy Corp.		1,171		82,708
CenterPoint Energy, Inc.		2,557		75,227
NRG Energy, Inc.		810		73,791
Alliant Energy Corp.		1,006		61,054
NiSource, Inc.		1,760		60,984
AES Corp.		2,789		55,947
Evergy, Inc.		901		55,871
Pinnacle West Capital Corp.		446		39,511
Total Utilities				4,830,162
Basic Materials - 1.4%
Linde plc		1,886		899,358
Sherwin-Williams Co.		911		347,701
Freeport-McMoRan, Inc.		5,636		281,349
Air Products and Chemicals, Inc.		872		259,629
Ecolab, Inc.		994		253,798
Newmont Corp.		4,502		240,632
Dow, Inc.		2,750		150,233
DuPont de Nemours, Inc.		1,638		145,962
Nucor Corp.		931		139,967
PPG Industries, Inc.		915		121,201
International Flavors & Fragrances, Inc.		1,003		105,245
LyondellBasell Industries N.V. — Class A		1,020		97,818
Steel Dynamics, Inc.		562		70,857
International Paper Co.		1,362		66,534
CF Industries Holdings, Inc.		708		60,746
Celanese Corp. — Class A		429		58,327
Eastman Chemical Co.		458		51,273
Albemarle Corp.		461		43,661
Mosaic Co.		1,250		33,475
FMC Corp.		490		32,311
Total Basic Materials				3,460,077
Total Common Stocks
(Cost $159,287,676)				190,994,563
MUTUAL FUNDS† - 7.3%
Guggenheim Ultra Short Duration Fund — Institutional Class2		733,906		7,353,741
Guggenheim Strategy Fund II2		225,195		5,584,832
Guggenheim Strategy Fund III2		184,563		4,593,764
Total Mutual Funds
(Cost $17,418,465)				17,532,337
	Face Amount
U.S. TREASURY BILLS†† - 3.1%
U.S. Treasury Bills
4.63% due 10/10/243,4	$	3,953,000		3,948,410
4.85% due 12/12/244,5		3,400,000		3,369,604
4.81% due 12/12/244		50,000		49,553
Total U.S. Treasury Bills
(Cost $7,364,457)				7,367,567

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 143

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
NOVA FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,6 - 8.7%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/245	$	11,413,072	$	11,413,072
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/245		9,426,666		9,426,666
Total Repurchase Agreements
(Cost $20,839,738)				20,839,738

	Shares		Value
SECURITIES LENDING COLLATERAL†,7 - 0.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%8		8,820	$	8,820
Total Securities Lending Collateral
(Cost $8,820)				8,820
Total Investments - 98.7%
(Cost $204,919,156)			$	236,743,025
Other Assets & Liabilities, net - 1.3%				3,188,880
Total Net Assets - 100.0%			$	239,931,905

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		182		Dec 2024	$	52,925,600	$	871,885

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

S&P 500 Index

Pay

5.33% (Federal Funds Rate + 0.50%)

At Maturity

12/18/24

15,154

$

87,324,020

$

364,478

Barclays Bank plc

S&P 500 Index

Pay

5.44% (SOFR + 0.60%)

At Maturity

12/19/24

3,705

21,351,805

109,491

BNP Paribas

S&P 500 Index

Pay

5.68% (Federal Funds Rate + 0.85%)

At Maturity

12/19/24

1,420

8,184,998

44,860

$

116,860,823

$

518,829

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at September 30, 2024.
4	Rate indicated is the effective yield at the time of purchase.
5	All or a portion of this security is pledged as equity index swap collateral at September 30, 2024.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

144 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
NOVA FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	190,994,563	$	—	$	—	$	190,994,563
Mutual Funds		17,532,337		—		—		17,532,337
U.S. Treasury Bills		—		7,367,567		—		7,367,567
Repurchase Agreements		—		20,839,738		—		20,839,738
Securities Lending Collateral		8,820		—		—		8,820
Equity Futures Contracts**		871,885		—		—		871,885
Equity Index Swap Agreements**		—		518,829		—		518,829
Total Assets	$	209,407,605	$	28,726,134	$	—	$	238,133,739

** 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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,539,793	$	—	$	—	$	—	$	45,039	$	5,584,832		225,195	$	158,612
Guggenheim Strategy Fund III		4,553,161		—		—		—		40,603		4,593,764		184,563		124,609
Guggenheim Ultra Short Duration Fund — Institutional Class		7,273,011		—		—		—		80,730		7,353,741		733,906		189,271
	$	17,365,965	$	—	$	—	$	—	$	166,372	$	17,532,337			$	472,492

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 145

NOVA FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value - including $8,326 of securities loaned (cost $166,660,953)	$	198,370,950
Investments in affiliated issuers, at value (cost $17,418,465)		17,532,337
Repurchase agreements, at value (cost $20,839,738)		20,839,738
Cash		1,795
Unrealized appreciation on OTC swap agreements		518,829
Receivables:
Fund shares sold		28,118,465
Variation margin on futures contracts		225,225
Dividends		158,888
Securities sold		24,253
Interest		2,811
Securities lending income		3
Total assets		265,793,294
Liabilities:
Segregated cash due to broker		120,000
Payable for:
Securities purchased		25,126,300
Fund shares redeemed		155,208
Management fees		111,779
Transfer agent fees		103,515
Swap settlement		48,167
Portfolio accounting and administration fees		15,449
Return of securities lending collateral		8,820
Distribution and service fees		3,937
Trustees’ fees*		2,136
Miscellaneous		166,078
Total liabilities		25,861,389
Net assets	$	239,931,905
Net assets consist of:
Paid in capital	$	292,106,708
Total distributable earnings (loss)		(52,174,803	)
Net assets	$	239,931,905
Investor Class:
Net assets	$	221,277,717
Capital shares outstanding		1,527,643
Net asset value per share	$	144.85
Class A:
Net assets	$	14,039,540
Capital shares outstanding		109,210
Net asset value per share	$	128.56
Maximum offering price per share (Net asset value divided by 95.25%)	$	134.97
Class C:
Net assets	$	712,129
Capital shares outstanding		6,951
Net asset value per share	$	102.45
Class H:
Net assets	$	3,902,519
Capital shares outstanding		30,313
Net asset value per share	$	128.74

* 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 FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOVA FUND

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $375)	$	1,540,328
Dividends from securities of affiliated issuers		472,492
Interest		529,496
Income from securities lending, net		45
Total investment income		2,542,361
Expenses:
Management fees		972,063
Distribution and service fees:
Class A		16,073
Class C		4,343
Class H		8,561
Transfer agent fees		265,216
Portfolio accounting and administration fees		195,751
Registration fees		91,738
Professional fees		35,525
Interest expense		26,017
Custodian fees		16,660
Trustees’ fees*		12,446
Line of credit fees		116
Miscellaneous		120,976
Total expenses		1,765,485
Less:
Expenses reimbursed by Adviser		(64,743	)
Expenses waived by Adviser		(9,131	)
Total waived/reimbursed expenses		(73,874	)
Net expenses		1,691,611
Net investment income		850,750
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	17,245,056
Swap agreements		6,713,434
Futures contracts		5,822,284
Net realized gain		29,780,774
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		1,499,169
Investments in affiliated issuers		166,372
Swap agreements		(458,942	)
Futures contracts		(514,432	)
Net change in unrealized appreciation (depreciation)		692,167
Net realized and unrealized gain		30,472,941
Net increase in net assets resulting from operations	$	31,323,691

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 147

NOVA FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	850,750		$	1,654,145
Net realized gain on investments		29,780,774			37,976,910
Net change in unrealized appreciation (depreciation) on investments		692,167			19,115,218
Net increase in net assets resulting from operations		31,323,691			58,746,273
Distributions to shareholders:
Investor Class		—			(1,201,986	)
Class A		—			(73,774	)
Class C		—			(7,850	)
Class H		—			(28,368	)
Total distributions to shareholders		—			(1,311,978	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		372,842,366			2,323,334,615
Class A		498,323			27,827,480
Class C		58,839			723,309
Class H		3,621,688			51,548,688
Distributions reinvested
Investor Class		—			1,187,760
Class A		—			64,707
Class C		—			1,489
Class H		—			28,368
Cost of shares redeemed
Investor Class		(433,239,063	)		(2,348,796,915	)
Class A		(850,096	)		(37,738,187	)
Class C		(475,549	)		(1,025,931	)
Class H		(7,484,085	)		(57,853,426	)
Net decrease from capital share transactions		(65,027,577	)		(40,698,043	)
Net increase (decrease) in net assets		(33,703,886	)		16,736,252
Net assets:
Beginning of period		273,635,791			256,899,539
End of period	$	239,931,905		$	273,635,791
Capital share activity:
Shares sold
Investor Class		2,715,087			22,584,221
Class A		4,146			320,857
Class C		623			9,605
Class H		29,634			584,271
Shares issued from reinvestment of distributions
Investor Class		—			11,089
Class A		—			679
Class C		—			20
Class H		—			297
Shares redeemed
Investor Class		(3,160,439	)		(23,090,070	)
Class A		(7,306	)		(437,561	)
Class C		(5,027	)		(13,813	)
Class H		(63,506	)		(667,576	)
Net decrease in shares		(486,788	)		(697,981	)

148 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOVA FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	127.98		$	91.30		$	133.16		$	120.51		$	63.62		$	76.83
Income (loss) from investment operations:
Net investment income (loss)b		.45			1.04			.77			(.16	)		.05			.61
Net gain (loss) on investments (realized and unrealized)		16.42			36.30			(24.31	)		25.92			57.43			(13.82	)
Total from investment operations		16.87			37.34			(23.54	)		25.76			57.48			(13.21	)
Less distributions from:
Net investment income		—			(.66	)		—			—			(.59	)		—
Net realized gains		—			—			(18.32	)		(13.11	)		—			—
Total distributions		—			(.66	)		(18.32	)		(13.11	)		(.59	)		—
Net asset value, end of period	$	144.85		$	127.98		$	91.30		$	133.16		$	120.51		$	63.62
Total Return		13.18	%		41.05	%		(16.18	%)		20.83	%		90.46	%		(17.19	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	221,278		$	252,513		$	225,298		$	380,170		$	326,237		$	37,874
Ratios to average net assets:
Net investment income (loss)		0.68	%		0.99	%		0.74	%		(0.12	%)		0.05	%		0.71	%
Total expensesc		1.34	%		1.43	%		1.30	%		1.25	%		1.33	%		1.37	%
Net expensesd		1.28	%		1.39	%		1.29	%		1.23	%		1.32	%		1.36	%
Portfolio turnover rate		113	%		1,047	%		973	%		1,027	%		785	%		690	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	113.73		$	81.37		$	121.63		$	111.23		$	58.89		$	71.28
Income (loss) from investment operations:
Net investment income (loss)b		.25			.73			.62			(.45	)		(.18	)		.40
Net gain (loss) on investments (realized and unrealized)		14.58			32.29			(22.56	)		23.96			53.11			(12.79	)
Total from investment operations		14.83			33.02			(21.94	)		23.51			52.93			(12.39	)
Less distributions from:
Net investment income		—			(.66	)		—			—			(.59	)		—
Net realized gains		—			—			(18.32	)		(13.11	)		—			—
Total distributions		—			(.66	)		(18.32	)		(13.11	)		(.59	)		—
Net asset value, end of period	$	128.56		$	113.73		$	81.37		$	121.63		$	111.23		$	58.89
Total Returne		13.04	%		40.75	%		(16.42	%)		20.54	%		90.00	%		(17.38	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,040		$	12,780		$	18,585		$	21,403		$	18,596		$	7,435
Ratios to average net assets:
Net investment income (loss)		0.42	%		0.79	%		0.67	%		(0.35	%)		(0.20	%)		0.52	%
Total expensesc		1.60	%		1.70	%		1.55	%		1.50	%		1.59	%		1.62	%
Net expensesd		1.54	%		1.66	%		1.53	%		1.48	%		1.58	%		1.61	%
Portfolio turnover rate		113	%		1,047	%		973	%		1,027	%		785	%		690	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 149

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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	90.97		$	65.69		$	103.59		$	96.96		$	51.77		$	63.15
Income (loss) from investment operations:
Net investment income (loss)b		(.15	)		.05			(.06	)		(1.19	)		(.74	)		(.22	)
Net gain (loss) on investments (realized and unrealized)		11.63			25.89			(19.52	)		20.93			46.52			(11.16	)
Total from investment operations		11.48			25.94			(19.58	)		19.74			45.78			(11.38	)
Less distributions from:
Net investment income		—			(.66	)		—			—			(.59	)		—
Net realized gains		—			—			(18.32	)		(13.11	)		—			—
Total distributions		—			(.66	)		(18.32	)		(13.11	)		(.59	)		—
Net asset value, end of period	$	102.45		$	90.97		$	65.69		$	103.59		$	96.96		$	51.77
Total Returne		12.62	%		39.70	%		(17.04	%)		19.64	%		88.56	%		(18.02	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	712		$	1,033		$	1,021		$	1,929		$	3,576		$	3,333
Ratios to average net assets:
Net investment income (loss)		(0.33	%)		0.07	%		(0.08	%)		(1.09	%)		(0.97	%)		(0.32	%)
Total expensesc		2.34	%		2.46	%		2.30	%		2.25	%		2.35	%		2.38	%
Net expensesd		2.28	%		2.41	%		2.27	%		2.23	%		2.33	%		2.37	%
Portfolio turnover rate		113	%		1,047	%		973	%		1,027	%		785	%		690	%

150 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	113.89		$	81.50		$	121.73		$	111.34		$	58.94		$	71.35
Income (loss) from investment operations:
Net investment income (loss)b		.22			.72			.37			(.48	)		(.18	)		.36
Net gain (loss) on investments (realized and unrealized)		14.63			32.33			(22.28	)		23.98			53.17			(12.77	)
Total from investment operations		14.85			33.05			(21.91	)		23.50			52.99			(12.41	)
Less distributions from:
Net investment income		—			(.66	)		—			—			(.59	)		—
Net realized gains		—			—			(18.32	)		(13.11	)		—			—
Total distributions		—			(.66	)		(18.32	)		(13.11	)		(.59	)		—
Net asset value, end of period	$	128.74		$	113.89		$	81.50		$	121.73		$	111.34		$	58.94
Total Return		13.04	%		40.73	%		(16.38	%)		20.51	%		90.03	%		(17.39	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,903		$	7,310		$	11,996		$	40,702		$	53,660		$	4,057
Ratios to average net assets:
Net investment income (loss)		0.38	%		0.77	%		0.39	%		(0.37	%)		(0.20	%)		0.46	%
Total expensesc		1.59	%		1.69	%		1.55	%		1.50	%		1.59	%		1.62	%
Net expensesd		1.53	%		1.65	%		1.54	%		1.48	%		1.58	%		1.61	%
Portfolio turnover rate		113	%		1,047	%		973	%		1,027	%		785	%		690	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 151

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
S&P 500® FUND

	Shares		Value
COMMON STOCKS† - 95.5%
Technology - 29.4%
Apple, Inc.		71,393	$	16,634,569
Microsoft Corp.		34,902		15,018,331
NVIDIA Corp.		115,511		14,027,656
Broadcom, Inc.		21,858		3,770,505
Oracle Corp.		7,505		1,278,852
Advanced Micro Devices, Inc.*		7,599		1,246,844
Salesforce, Inc.		4,550		1,245,381
Adobe, Inc.*		2,082		1,078,018
Accenture plc — Class A		2,942		1,039,938
International Business Machines Corp.		4,325		956,171
QUALCOMM, Inc.		5,231		889,532
Texas Instruments, Inc.		4,287		885,566
ServiceNow, Inc.*		968		865,770
Intuit, Inc.		1,313		815,373
Applied Materials, Inc.		3,889		785,772
Micron Technology, Inc.		5,206		539,914
Analog Devices, Inc.		2,330		536,296
Lam Research Corp.		612		499,441
KLA Corp.		631		488,653
Fiserv, Inc.*		2,703		485,594
Intel Corp.*		20,036		470,045
Synopsys, Inc.*		719		364,094
Palantir Technologies, Inc. — Class A*		9,456		351,763
Cadence Design Systems, Inc.*		1,286		348,545
Crowdstrike Holdings, Inc. — Class A*		1,085		304,310
NXP Semiconductor N.V.		1,196		287,052
Roper Technologies, Inc.		503		279,889
Autodesk, Inc.*		1,012		278,786
Fortinet, Inc.*		2,981		231,176
Fair Isaac Corp.*		115		223,505
TE Connectivity plc		1,427		215,463
MSCI, Inc. — Class A		369		215,101
Fidelity National Information Services, Inc.		2,562		214,567
Monolithic Power Systems, Inc.		229		211,710
Microchip Technology, Inc.		2,519		202,251
Paychex, Inc.		1,505		201,956
Gartner, Inc.*		363		183,954
Cognizant Technology Solutions Corp. — Class A		2,327		179,598
HP, Inc.		4,595		164,823
Electronic Arts, Inc.		1,130		162,087
Dell Technologies, Inc. — Class C		1,351		160,147
ON Semiconductor Corp.*		2,011		146,019
ANSYS, Inc.*		410		130,638
Hewlett Packard Enterprise Co.		6,102		124,847
NetApp, Inc.		965		119,187
Broadridge Financial Solutions, Inc.		549		118,051
Take-Two Interactive Software, Inc.*		765		117,588
Tyler Technologies, Inc.*		200		116,744
Seagate Technology Holdings plc		986		107,997
Western Digital Corp.*		1,533		104,688
Leidos Holdings, Inc.		633		103,179
Teradyne, Inc.		767		102,724
PTC, Inc.*		564		101,892
Super Micro Computer, Inc.*		237		98,687
Zebra Technologies Corp. — Class A*		243		89,988
Skyworks Solutions, Inc.		750		74,077
Akamai Technologies, Inc.*		712		71,876
Jack Henry & Associates, Inc.		342		60,377
EPAM Systems, Inc.*		267		53,141
Qorvo, Inc.*		445		45,968
Dayforce, Inc.*		743		45,509
Paycom Software, Inc.		229		38,145
Amentum Holdings, Inc.*		589		18,995
Total Technology				70,329,315
Consumer, Non-cyclical - 16.5%
Eli Lilly & Co.		3,704		3,281,522
UnitedHealth Group, Inc.		4,336		2,535,172
Procter & Gamble Co.		11,053		1,914,380
Johnson & Johnson		11,303		1,831,764
AbbVie, Inc.		8,294		1,637,899
Merck & Company, Inc.		11,902		1,351,591
Coca-Cola Co.		18,214		1,308,858
Thermo Fisher Scientific, Inc.		1,794		1,109,715
PepsiCo, Inc.		6,449		1,096,653
Abbott Laboratories		8,170		931,462
Philip Morris International, Inc.		7,300		886,220
Danaher Corp.		3,018		839,064
Intuitive Surgical, Inc.*		1,665		817,964
Amgen, Inc.		2,523		812,936
S&P Global, Inc.		1,504		776,996
Pfizer, Inc.		26,608		770,036
Stryker Corp.		1,610		581,629
Boston Scientific Corp.*		6,915		579,477
Elevance Health, Inc.		1,089		566,280
Vertex Pharmaceuticals, Inc.*		1,212		563,677
Medtronic plc		6,022		542,161
Automatic Data Processing, Inc.		1,915		529,938
Regeneron Pharmaceuticals, Inc.*		498		523,517
Bristol-Myers Squibb Co.		9,519		492,513
Gilead Sciences, Inc.		5,846		490,129
Mondelez International, Inc. — Class A		6,272		462,058
Cigna Group		1,313		454,876
Zoetis, Inc.		2,127		415,573
Altria Group, Inc.		8,011		408,881
Colgate-Palmolive Co.		3,837		398,319
PayPal Holdings, Inc.*		4,800		374,544
CVS Health Corp.		5,907		371,432
HCA Healthcare, Inc.		873		354,813
Moody’s Corp.		736		349,298
Cintas Corp.		1,609		331,261
Becton Dickinson & Co.		1,358		327,414
McKesson Corp.		609		301,102
United Rentals, Inc.		313		253,445
Kimberly-Clark Corp.		1,582		225,087
Kenvue, Inc.		8,992		207,985
Quanta Services, Inc.		692		206,320
Agilent Technologies, Inc.		1,370		203,418
GE HealthCare Technologies, Inc.		2,144		201,214
IDEXX Laboratories, Inc.*		386		195,015

152 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P 500® FUND

	Shares		Value
General Mills, Inc.		2,614	$	193,044
IQVIA Holdings, Inc.*		813		192,657
Corteva, Inc.		3,250		191,067
Constellation Brands, Inc. — Class A		736		189,660
Edwards Lifesciences Corp.*		2,829		186,686
Keurig Dr Pepper, Inc.		4,967		186,163
Centene Corp.*		2,470		185,941
Cencora, Inc. — Class A		819		184,341
Sysco Corp.		2,309		180,241
Verisk Analytics, Inc. — Class A		669		179,265
Humana, Inc.		565		178,958
Kroger Co.		3,118		178,661
Monster Beverage Corp.*		3,312		172,787
Equifax, Inc.		582		171,027
ResMed, Inc.		690		168,443
Kraft Heinz Co.		4,144		145,496
Archer-Daniels-Midland Co.		2,245		134,116
Hershey Co.		694		133,095
Biogen, Inc.*		684		132,587
Cardinal Health, Inc.		1,145		126,545
Dexcom, Inc.*		1,882		126,169
Global Payments, Inc.		1,195		122,392
Church & Dwight Company, Inc.		1,150		120,428
STERIS plc		463		112,296
Estee Lauder Companies, Inc. — Class A		1,095		109,160
Moderna, Inc.*		1,588		106,126
Zimmer Biomet Holdings, Inc.		956		103,200
Cooper Companies, Inc.*		935		103,168
West Pharmaceutical Services, Inc.		341		102,354
Corpay, Inc.*		327		102,273
Kellanova		1,260		101,695
Waters Corp.*		279		100,409
McCormick & Company, Inc.		1,183		97,361
Clorox Co.		582		94,814
Molina Healthcare, Inc.*		275		94,754
Baxter International, Inc.		2,395		90,938
Hologic, Inc.*		1,091		88,873
Labcorp Holdings, Inc.		395		88,275
Align Technology, Inc.*		330		83,926
Avery Dennison Corp.		378		83,447
Quest Diagnostics, Inc.		523		81,196
Tyson Foods, Inc. — Class A		1,343		79,989
Insulet Corp.*		330		76,807
Revvity, Inc.		580		74,095
Conagra Brands, Inc.		2,249		73,137
Rollins, Inc.		1,319		66,715
Viatris, Inc.		5,604		65,062
Bunge Global S.A.		665		64,266
Universal Health Services, Inc. — Class B		279		63,894
J M Smucker Co.		500		60,550
Bio-Techne Corp.		740		59,148
Teleflex, Inc.		221		54,658
Catalent, Inc.*		850		51,484
Incyte Corp.*		751		49,641
Charles River Laboratories International, Inc.*		242		47,667
Molson Coors Beverage Co. — Class B		825		47,454
MarketAxess Holdings, Inc.		178		45,604
Campbell Soup Co.		925		45,251
Solventum Corp.*		649		45,248
Lamb Weston Holdings, Inc.		675		43,700
Henry Schein, Inc.*		595		43,376
Hormel Foods Corp.		1,365		43,270
Brown-Forman Corp. — Class B		861		42,361
DaVita, Inc.*		217		35,573
Total Consumer, Non-cyclical				39,616,592
Communications - 13.8%
Amazon.com, Inc.*		43,862		8,172,806
Meta Platforms, Inc. — Class A		10,258		5,872,090
Alphabet, Inc. — Class A		27,511		4,562,699
Alphabet, Inc. — Class C		22,554		3,770,803
Netflix, Inc.*		2,015		1,429,179
Cisco Systems, Inc.		18,918		1,006,816
Verizon Communications, Inc.		19,766		887,691
Walt Disney Co.		8,516		819,154
Comcast Corp. — Class A		18,140		757,708
Uber Technologies, Inc.*		9,865		741,453
AT&T, Inc.		33,668		740,696
Booking Holdings, Inc.		157		661,303
Palo Alto Networks, Inc.*		1,521		519,878
T-Mobile US, Inc.		2,301		474,834
Arista Networks, Inc.*		1,210		464,422
Motorola Solutions, Inc.		783		352,060
Airbnb, Inc. — Class A*		2,066		261,990
Corning, Inc.		3,616		163,263
eBay, Inc.		2,297		149,558
Charter Communications, Inc. — Class A*		456		147,780
CDW Corp.		627		141,890
GoDaddy, Inc. — Class A*		662		103,788
Omnicom Group, Inc.		919		95,016
Expedia Group, Inc.*		586		86,740
Warner Bros Discovery, Inc.*		10,477		86,435
FactSet Research Systems, Inc.		179		82,313
VeriSign, Inc.*		394		74,844
Gen Digital, Inc.		2,543		69,755
F5, Inc.*		275		60,555
Juniper Networks, Inc.		1,546		60,263
Interpublic Group of Companies, Inc.		1,764		55,795
News Corp. — Class A		1,777		47,322
Match Group, Inc.*		1,211		45,824
Fox Corp. — Class A		1,055		44,658
Paramount Global — Class B1		2,792		29,651
Fox Corp. — Class B		619		24,017
News Corp. — Class B		527		14,730
Total Communications				33,079,779
Financial - 13.4%
Berkshire Hathaway, Inc. — Class B*		8,601		3,958,696
JPMorgan Chase & Co.		13,360		2,817,090
Visa, Inc. — Class A		7,843		2,156,433
Mastercard, Inc. — Class A		3,874		1,912,981
Bank of America Corp.		31,699		1,257,816

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 153

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P 500® FUND

		Shares		Value
Wells Fargo & Co.			15,983	$	902,880
Goldman Sachs Group, Inc.			1,483		734,248
American Express Co.			2,637		715,154
Progressive Corp.			2,750		697,840
BlackRock, Inc. — Class A			654		620,980
Morgan Stanley			5,850		609,804
Citigroup, Inc.			8,958		560,771
Prologis, Inc. REIT			4,348		549,066
Blackstone, Inc. — Class A			3,381		517,733
Marsh & McLennan Companies, Inc.			2,309		515,115
American Tower Corp. — Class A REIT			2,193		510,004
Chubb Ltd.			1,764		508,720
Charles Schwab Corp.			7,014		454,577
Intercontinental Exchange, Inc.			2,696		433,086
KKR & Company, Inc. — Class A			3,167		413,547
Equinix, Inc. REIT			446		395,883
CME Group, Inc. — Class A			1,691		373,119
Aon plc — Class A			1,020		352,910
Welltower, Inc. REIT			2,718		347,986
PNC Financial Services Group, Inc.			1,867		345,115
U.S. Bancorp			7,327		335,064
Arthur J Gallagher & Co.			1,029		289,530
Public Storage REIT			740		269,264
Truist Financial Corp.			6,288		268,938
Capital One Financial Corp.			1,793		268,466
Aflac, Inc.			2,367		264,631
Realty Income Corp. REIT			4,089		259,324
Travelers Companies, Inc.			1,070		250,508
Bank of New York Mellon Corp.	��		3,465		248,995
Simon Property Group, Inc. REIT			1,439		243,220
Crown Castle, Inc. REIT			2,040		242,005
Allstate Corp.			1,240		235,166
Digital Realty Trust, Inc. REIT			1,445		233,844
MetLife, Inc.			2,763		227,892
American International Group, Inc.			3,024		221,447
Ameriprise Financial, Inc.			461		216,582
Prudential Financial, Inc.			1,676		202,964
Arch Capital Group Ltd.*			1,759		196,797
Extra Space Storage, Inc. REIT			995		179,289
CBRE Group, Inc. — Class A*			1,415		176,139
Discover Financial Services			1,179		165,402
VICI Properties, Inc. REIT			4,917		163,785
Iron Mountain, Inc. REIT			1,377		163,629
Hartford Financial Services Group, Inc.			1,376		161,831
AvalonBay Communities, Inc. REIT			667		150,242
CoStar Group, Inc.*			1,924		145,147
Nasdaq, Inc.			1,943		141,859
Willis Towers Watson plc			478		140,785
M&T Bank Corp.			785		139,824
Fifth Third Bancorp			3,179		136,188
Ventas, Inc. REIT			1,940		124,412
State Street Corp.			1,402		124,035
SBA Communications Corp. REIT			505		121,554
Equity Residential REIT			1,602		119,285
Weyerhaeuser Co. REIT			3,415		115,632
Brown & Brown, Inc.			1,113		115,307
T. Rowe Price Group, Inc.			1,045		113,832
Raymond James Financial, Inc.			870		106,540
Cboe Global Markets, Inc.			491		100,591
Huntington Bancshares, Inc.			6,820		100,254
Regions Financial Corp.			4,297		100,249
Cincinnati Financial Corp.			734		99,912
Invitation Homes, Inc. REIT			2,676		94,356
Synchrony Financial			1,856		92,577
Essex Property Trust, Inc. REIT			302		89,217
Mid-America Apartment Communities, Inc. REIT			549		87,236
Alexandria Real Estate Equities, Inc. REIT			731		86,806
Citizens Financial Group, Inc.			2,105		86,452
Principal Financial Group, Inc.			1,000		85,900
Northern Trust Corp.			947		85,258
W R Berkley Corp.			1,412		80,103
Everest Group Ltd.			203		79,541
Healthpeak Properties, Inc. REIT			3,305		75,585
Kimco Realty Corp. REIT			3,165		73,491
KeyCorp			4,359		73,013
Loews Corp.			855		67,588
UDR, Inc. REIT			1,409		63,884
Erie Indemnity Co. — Class A			117		63,159
Camden Property Trust REIT			501		61,889
Host Hotels & Resorts, Inc. REIT			3,298		58,045
Regency Centers Corp. REIT			767		55,400
BXP, Inc. REIT			682		54,874
Assurant, Inc.			243		48,323
Globe Life, Inc.			422		44,694
Federal Realty Investment Trust REIT			353		40,584
Invesco Ltd.			2,114		37,122
Franklin Resources, Inc.			1,449		29,197
Total Financial					32,056,208
Consumer, Cyclical - 8.0%
Tesla, Inc.*			13,029		3,408,777
Home Depot, Inc.			4,656		1,886,611
Costco Wholesale Corp.			2,082		1,845,735
Walmart, Inc.			20,396		1,646,977
McDonald’s Corp.			3,368		1,025,590
Lowe’s Companies, Inc.			2,676		724,795
TJX Companies, Inc.			5,307		623,785
Starbucks Corp.			5,321		518,744
NIKE, Inc. — Class B			5,641		498,664
Chipotle Mexican Grill, Inc. — Class A*			6,430		370,497
Target Corp.			2,173		338,684
O’Reilly Automotive, Inc.*			272		313,235
Marriott International, Inc. — Class A			1,097		272,714
Hilton Worldwide Holdings, Inc.			1,157		266,689
DR Horton, Inc.			1,378		262,881
AutoZone, Inc.*			80		252,003
PACCAR, Inc.			2,461		242,851
General Motors Co.			5,277		236,621
Ross Stores, Inc.			1,566		235,699
WW Grainger, Inc.			209		217,111
Copart, Inc.*			4,112		215,469
Lennar Corp. — Class A			1,135		212,790

154 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P 500® FUND

	Shares		Value
Cummins, Inc.		643	$	208,197
Royal Caribbean Cruises Ltd.		1,112		197,224
Ford Motor Co.		18,334		193,607
Fastenal Co.		2,689		192,049
Yum! Brands, Inc.		1,320		184,417
Delta Air Lines, Inc.		3,011		152,929
Tractor Supply Co.		506		147,210
Lululemon Athletica, Inc.*		540		146,529
PulteGroup, Inc.		975		139,942
NVR, Inc.*		14		137,365
Deckers Outdoor Corp.*		716		114,166
Best Buy Company, Inc.		922		95,243
Darden Restaurants, Inc.		557		91,420
Genuine Parts Co.		654		91,351
Aptiv plc*		1,248		89,869
United Airlines Holdings, Inc.*		1,544		88,101
Carnival Corp.*		4,743		87,651
Ulta Beauty, Inc.*		225		87,552
Dollar General Corp.		1,032		87,276
Las Vegas Sands Corp.		1,660		83,564
Southwest Airlines Co.		2,813		83,349
Live Nation Entertainment, Inc.*		736		80,584
Domino’s Pizza, Inc.		164		70,543
Pool Corp.		180		67,824
Dollar Tree, Inc.*		949		66,734
CarMax, Inc.*		733		56,719
Tapestry, Inc.		1,081		50,785
LKQ Corp.		1,236		49,341
Hasbro, Inc.		615		44,477
Caesars Entertainment, Inc.*		1,016		42,408
MGM Resorts International*		1,084		42,374
Norwegian Cruise Line Holdings Ltd.*		2,065		42,353
Wynn Resorts Ltd.		439		42,091
BorgWarner, Inc.		1,070		38,830
Ralph Lauren Corp. — Class A		188		36,448
Walgreens Boots Alliance, Inc.		3,364		30,141
Total Consumer, Cyclical				19,077,585
Industrial - 7.0%
General Electric Co.		5,091		960,061
Caterpillar, Inc.		2,277		890,580
RTX Corp.		6,246		756,766
Union Pacific Corp.		2,860		704,933
Honeywell International, Inc.		3,058		632,119
Eaton Corporation plc		1,869		619,461
Lockheed Martin Corp.		997		582,806
Deere & Co.		1,203		502,048
United Parcel Service, Inc. — Class B		3,439		468,873
Boeing Co.*		2,748		417,806
Trane Technologies plc		1,060		412,054
Parker-Hannifin Corp.		604		381,619
TransDigm Group, Inc.		263		375,335
Amphenol Corp. — Class A		5,655		368,480
General Dynamics Corp.		1,211		365,964
Waste Management, Inc.		1,715		356,034
3M Co.		2,579		352,550
Northrop Grumman Corp.		646		341,133
Illinois Tool Works, Inc.		1,269		332,567
GE Vernova, Inc.*		1,290		328,924
Carrier Global Corp.		3,942		317,292
CSX Corp.		9,103		314,327
Emerson Electric Co.		2,689		294,096
FedEx Corp.		1,059		289,827
Norfolk Southern Corp.		1,062		263,907
Johnson Controls International plc		3,137		243,463
L3Harris Technologies, Inc.		891		211,942
Otis Worldwide Corp.		1,881		195,511
Republic Services, Inc. — Class A		959		192,606
Howmet Aerospace, Inc.		1,916		192,079
AMETEK, Inc.		1,088		186,821
Ingersoll Rand, Inc.		1,895		186,013
Old Dominion Freight Line, Inc.		885		175,796
Vulcan Materials Co.		620		155,267
Martin Marietta Materials, Inc.		287		154,478
Xylem, Inc.		1,140		153,934
Mettler-Toledo International, Inc.*		100		149,970
Westinghouse Air Brake Technologies Corp.		823		149,597
Rockwell Automation, Inc.		533		143,089
Axon Enterprise, Inc.*		337		134,665
Keysight Technologies, Inc.*		820		130,323
Veralto Corp.		1,161		129,869
Fortive Corp.		1,645		129,840
Garmin Ltd.		722		127,094
Dover Corp.		646		123,864
Smurfit WestRock plc		2,317		114,506
Hubbell, Inc.		252		107,944
Builders FirstSource, Inc.*		547		106,041
Ball Corp.		1,425		96,772
Teledyne Technologies, Inc.*		220		96,285
Packaging Corporation of America		419		90,252
Expeditors International of Washington, Inc.		663		87,118
Masco Corp.		1,025		86,038
Stanley Black & Decker, Inc.		723		79,624
Textron, Inc.		880		77,951
Jacobs Solutions, Inc.		589		77,100
Amcor plc		6,787		76,897
IDEX Corp.		355		76,148
Pentair plc		777		75,983
Snap-on, Inc.		247		71,558
Trimble, Inc.*		1,147		71,217
Nordson Corp.		256		67,233
J.B. Hunt Transport Services, Inc.		378		65,141
Jabil, Inc.		533		63,869
CH Robinson Worldwide, Inc.		552		60,924
Allegion plc		409		59,608
A O Smith Corp.		563		50,574
Huntington Ingalls Industries, Inc.		184		48,646
Generac Holdings, Inc.*		283		44,963
Mohawk Industries, Inc.*		246		39,527
Total Industrial				16,787,702

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 155

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P 500® FUND

	Shares		Value
Energy - 3.3%
Exxon Mobil Corp.		20,862	$	2,445,444
Chevron Corp.		7,986		1,176,098
ConocoPhillips		5,453		574,092
EOG Resources, Inc.		2,670		328,223
Schlumberger N.V.		6,667		279,681
Williams Companies, Inc.		5,723		261,255
Phillips 66		1,966		258,431
Marathon Petroleum Corp.		1,572		256,095
ONEOK, Inc.		2,743		249,970
Valero Energy Corp.		1,504		203,085
Kinder Morgan, Inc.		9,067		200,290
Hess Corp.		1,299		176,404
Baker Hughes Co.		4,665		168,640
Occidental Petroleum Corp.		3,162		162,969
Targa Resources Corp.		1,029		152,302
Diamondback Energy, Inc.		880		151,712
First Solar, Inc.*		503		125,468
Halliburton Co.		4,145		120,412
Devon Energy Corp.		2,940		115,013
Equities Corp.		2,789		102,189
Coterra Energy, Inc. — Class A		3,471		83,130
Enphase Energy, Inc.*		636		71,881
Marathon Oil Corp.		2,627		69,957
APA Corp.		1,737		42,487
Total Energy				7,775,228
Utilities - 2.4%
NextEra Energy, Inc.		9,647		815,461
Southern Co.		5,134		462,984
Duke Energy Corp.		3,625		417,963
Constellation Energy Corp.		1,468		381,709
American Electric Power Company, Inc.		2,499		256,397
Sempra		2,973		248,632
Dominion Energy, Inc.		3,939		227,635
Public Service Enterprise Group, Inc.		2,339		208,662
PG&E Corp.		10,036		198,412
Vistra Corp.		1,613		191,205
Exelon Corp.		4,695		190,382
Xcel Energy, Inc.		2,618		170,955
Consolidated Edison, Inc.		1,624		169,107
Edison International		1,814		157,981
WEC Energy Group, Inc.		1,484		142,731
American Water Works Company, Inc.		915		133,810
Entergy Corp.		1,004		132,136
DTE Energy Co.		972		124,815
PPL Corp.		3,464		114,589
Eversource Energy		1,678		114,188
Ameren Corp.		1,253		109,587
FirstEnergy Corp.		2,407		106,751
Atmos Energy Corp.		729		101,120
CMS Energy Corp.		1,403		99,094
CenterPoint Energy, Inc.		3,060		90,025
NRG Energy, Inc.		969		88,276
Alliant Energy Corp.		1,204		73,071
NiSource, Inc.		2,106		72,973
AES Corp.		3,339		66,980
Evergy, Inc.		1,080		66,971
Pinnacle West Capital Corp.		533		47,219
Total Utilities				5,781,821
Basic Materials - 1.7%
Linde plc		2,257		1,076,273
Sherwin-Williams Co.		1,090		416,020
Freeport-McMoRan, Inc.		6,747		336,810
Air Products and Chemicals, Inc.		1,044		310,841
Ecolab, Inc.		1,189		303,587
Newmont Corp.		5,388		287,989
Dow, Inc.		3,291		179,787
DuPont de Nemours, Inc.		1,960		174,656
Nucor Corp.		1,114		167,479
PPG Industries, Inc.		1,096		145,176
International Flavors & Fragrances, Inc.		1,200		125,916
LyondellBasell Industries N.V. — Class A		1,222		117,190
Steel Dynamics, Inc.		674		84,978
International Paper Co.		1,631		79,674
CF Industries Holdings, Inc.		847		72,673
Celanese Corp. — Class A		513		69,747
Eastman Chemical Co.		549		61,460
Albemarle Corp.		552		52,280
Mosaic Co.		1,496		40,063
FMC Corp.		586		38,641
Total Basic Materials				4,141,240
Total Common Stocks
(Cost $138,715,426)				228,645,470
	Face Amount
U.S. TREASURY BILLS†† - 0.1%
U.S. Treasury Bills
4.85% due 12/12/242,3	$	200,000		198,212
4.81% due 12/12/243		50,000		49,553
4.63% due 10/10/243,4		13,000		12,985
Total U.S. Treasury Bills
(Cost $260,562)				260,750
REPURCHASE AGREEMENTS††,5 - 4.4%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/242		5,823,700		5,823,700
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/242		4,810,106		4,810,106
Total Repurchase Agreements
(Cost $10,633,806)				10,633,806

156 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P 500® FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,6 - 0.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%7		24,671	$	24,671
Total Securities Lending Collateral
(Cost $24,671)				24,671
Total Investments - 100.0%
(Cost $149,634,465)			$	239,564,697
Other Assets & Liabilities, net - 0.0%				(22,768	)
Total Net Assets - 100.0%			$	239,541,929

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		10		Dec 2024	$	2,908,000	$	62,746

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

S&P 500 Index

Pay

5.33% (Federal Funds Rate + 0.50%)

At Maturity

12/18/24

661

$

3,808,782

$

23,631

Barclays Bank plc

S&P 500 Index

Pay

5.44% (SOFR + 0.60%)

At Maturity

12/19/24

435

2,509,363

12,866

BNP Paribas

S&P 500 Index

Pay

5.68% (Federal Funds Rate + 0.85%)

At Maturity

12/19/24

277

1,597,271

11,145

$

7,915,416

$

47,642

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	All or a portion of this security is pledged as equity index swap collateral at September 30, 2024.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at September 30, 2024.
5	Repurchase Agreements — See Note 6.
6	Securities lending collateral — See Note 7.
7	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 157

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
S&P 500® FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	228,645,470	$	—	$	—	$	228,645,470
U.S. Treasury Bills		—		260,750		—		260,750
Repurchase Agreements		—		10,633,806		—		10,633,806
Securities Lending Collateral		24,671		—		—		24,671
Equity Futures Contracts**		62,746		—		—		62,746
Equity Index Swap Agreements**		—		47,642		—		47,642
Total Assets	$	228,732,887	$	10,942,198	$	—	$	239,675,085

** This derivative is reported as unrealized appreciation/depreciation at period end.

158 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P 500^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $23,290 of securities loaned (cost $139,000,659)	$	228,930,891
Repurchase agreements, at value (cost $10,633,806)		10,633,806
Cash		2,040
Segregated cash with broker		139,082
Unrealized appreciation on OTC swap agreements		47,642
Receivables:
Securities sold		15,077,877
Fund shares sold		497,832
Dividends		115,057
Variation margin on futures contracts		12,375
Interest		1,434
Securities lending income		5
Total assets		255,458,041
Liabilities:
Segregated cash due to broker		20,000
Payable for:
Fund shares redeemed		15,393,702
Management fees		138,641
Transfer agent fees		102,797
Distribution and service fees		49,895
Portfolio accounting and administration fees		28,665
Return of securities lending collateral		24,671
Swap settlement		4,736
Trustees’ fees*		2,033
Miscellaneous		150,972
Total liabilities		15,916,112
Net assets	$	239,541,929
Net assets consist of:
Paid in capital	$	177,391,413
Total distributable earnings (loss)		62,150,516
Net assets	$	239,541,929
Class A:
Net assets	$	17,892,317
Capital shares outstanding		202,564
Net asset value per share	$	88.33
Maximum offering price per share (Net asset value divided by 95.25%)	$	92.73
Class C:
Net assets	$	6,513,698
Capital shares outstanding		88,027
Net asset value per share	$	74.00
Class H:
Net assets	$	215,135,914
Capital shares outstanding		2,435,432
Net asset value per share	$	88.34

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $372)	$	1,463,404
Interest		297,771
Income from securities lending, net		49
Total investment income		1,761,224
Expenses:
Management fees		857,833
Distribution and service fees:
Class A		22,612
Class C		39,766
Class H		253,391
Transfer agent fees		244,456
Portfolio accounting and administration fees		234,506
Registration fees		136,326
Professional fees		58,706
Custodian fees		14,630
Trustees’ fees*		11,184
Interest expense		1,628
Miscellaneous		24,823
Total expenses		1,899,861
Less:
Expenses reimbursed by Adviser		(57,134	)
Net expenses		1,842,727
Net investment loss		(81,503	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,214,943	)
Swap agreements		650,762
Futures contracts		(256,889	)
Net realized loss		(821,070	)
Net change in unrealized appreciation (depreciation) on:
Investments		20,400,894
Swap agreements		(7,576	)
Futures contracts		28,720
Net change in unrealized appreciation (depreciation)		20,422,038
Net realized and unrealized gain		19,600,968
Net increase in net assets resulting from operations	$	19,519,465

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 159

S&P 500^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(81,503	)	$	284,404
Net realized gain (loss) on investments		(821,070	)		55,511
Net change in unrealized appreciation (depreciation) on investments		20,422,038			40,190,233
Net increase in net assets resulting from operations		19,519,465			40,530,148
Distributions to shareholders:
Class A		—			(117,707	)
Class C		—			(83,641	)
Class H		—			(818,361	)
Total distributions to shareholders		—			(1,019,709	)
Capital share transactions:
Proceeds from sale of shares
Class A		6,605,292			22,882,679
Class C		3,449,902			7,164,456
Class H		324,475,717			890,992,827
Distributions reinvested
Class A		—			114,592
Class C		—			78,106
Class H		—			812,458
Cost of shares redeemed
Class A		(7,186,587	)		(26,229,266	)
Class C		(4,850,171	)		(9,448,939	)
Class H		(319,409,790	)		(809,555,290	)
Net increase from capital share transactions		3,084,363			76,811,623
Net increase in net assets		22,603,828			116,322,062
Net assets:
Beginning of period		216,938,101			100,616,039
End of period	$	239,541,929		$	216,938,101
Capital share activity:
Shares sold
Class A		81,663			347,472
Class C		50,560			125,678
Class H		3,944,597			12,992,625
Shares issued from reinvestment of distributions
Class A		—			1,607
Class C		—			1,299
Class H		—			11,390
Shares redeemed
Class A		(87,141	)		(388,197	)
Class C		(69,914	)		(158,653	)
Class H		(3,900,769	)		(11,830,812	)
Net increase in shares		18,996			1,102,409

160 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	80.64		$	63.54		$	70.89		$	63.06		$	46.64		$	51.55
Income (loss) from investment operations:
Net investment income (loss)b		(.01	)		.15			.18			(.18	)		(.08	)		.17
Net gain (loss) on investments (realized and unrealized)		7.70			17.39			(6.83	)		8.94			24.50			(4.54	)
Total from investment operations		7.69			17.54			(6.65	)		8.76			24.42			(4.37	)
Less distributions from:
Net investment income		—			(.09	)		—			—			(.02	)		(.12	)
Net realized gains		—			(.35	)		(.70	)		(.93	)		(7.98	)		(.42	)
Total distributions		—			(.44	)		(.70	)		(.93	)		(8.00	)		(.54	)
Net asset value, end of period	$	88.33		$	80.64		$	63.54		$	70.89		$	63.06		$	46.64
Total Returnc		9.54	%		27.72	%		(9.32	%)		13.82	%		53.64	%		(8.67	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	17,892		$	16,777		$	15,703		$	18,856		$	18,653		$	12,798
Ratios to average net assets:
Net investment income (loss)		(0.03	%)		0.21	%		0.30	%		(0.25	%)		(0.13	%)		0.31	%
Total expenses		1.63	%		1.66	%		1.60	%		1.56	%		1.65	%		1.68	%
Net expensesd		1.58	%		1.62	%		1.60	%		1.56	%		1.65	%		1.68	%
Portfolio turnover rate		50	%		243	%		701	%		268	%		284	%		227	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	67.81		$	53.89		$	60.71		$	54.52		$	41.37		$	46.12
Income (loss) from investment operations:
Net investment income (loss)b		(.28	)		(.31	)		(.30	)		(.60	)		(.46	)		(.24	)
Net gain (loss) on investments (realized and unrealized)		6.47			14.67			(5.82	)		7.72			21.61			(3.97	)
Total from investment operations		6.19			14.36			(6.12	)		7.12			21.15			(4.21	)
Less distributions from:
Net investment income		—			(.09	)		—			—			(.02	)		(.12	)
Net realized gains		—			(.35	)		(.70	)		(.93	)		(7.98	)		(.42	)
Total distributions		—			(.44	)		(.70	)		(.93	)		(8.00	)		(.54	)
Net asset value, end of period	$	74.00		$	67.81		$	53.89		$	60.71		$	54.52		$	41.37
Total Returnc		9.13	%		26.78	%		(10.02	%)		12.99	%		52.49	%		(9.35	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,514		$	7,282		$	7,494		$	10,273		$	12,040		$	8,981
Ratios to average net assets:
Net investment income (loss)		(0.80	%)		(0.53	%)		(0.57	%)		(1.00	%)		(0.88	%)		(0.50	%)
Total expenses		2.38	%		2.41	%		2.36	%		2.31	%		2.39	%		2.43	%
Net expensesd		2.33	%		2.38	%		2.36	%		2.31	%		2.39	%		2.43	%
Portfolio turnover rate		50	%		243	%		701	%		268	%		284	%		227	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 161

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	80.65		$	63.54		$	70.90		$	63.07		$	46.64		$	51.54
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		.14			.15			(.18	)		(.08	)		.15
Net gain (loss) on investments (realized and unrealized)		7.71			17.41			(6.81	)		8.94			24.51			(4.51	)
Total from investment operations		7.69			17.55			(6.66	)		8.76			24.43			(4.36	)
Less distributions from:
Net investment income		—			(.09	)		—			—			(.02	)		(.12	)
Net realized gains		—			(.35	)		(.70	)		(.93	)		(7.98	)		(.42	)
Total distributions		—			(.44	)		(.70	)		(.93	)		(8.00	)		(.54	)
Net asset value, end of period	$	88.34		$	80.65		$	63.54		$	70.90		$	63.07		$	46.64
Total Return		9.54	%		27.71	%		(9.32	%)		13.84	%		53.64	%		(8.65	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	215,136		$	192,879		$	77,419		$	130,055		$	123,613		$	112,799
Ratios to average net assets:
Net investment income (loss)		(0.05	%)		0.21	%		0.23	%		(0.25	%)		(0.13	%)		0.28	%
Total expenses		1.64	%		1.65	%		1.61	%		1.56	%		1.65	%		1.68	%
Net expensesd		1.59	%		1.62	%		1.61	%		1.56	%		1.65	%		1.68	%
Portfolio turnover rate		50	%		243	%		701	%		268	%		284	%		227	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

162 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE S&P 500® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 24.0%
Guggenheim Strategy Fund II1		262,625	$	6,513,103
Guggenheim Ultra Short Duration Fund — Institutional Class1		426,990		4,278,442
Total Mutual Funds
(Cost $10,738,043)				10,791,545
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 26.0%
Federal Home Loan Bank
4.69% due 11/13/242	$	4,000,000		3,977,210
4.68% due 10/23/242		3,000,000		2,991,420
5.18% due 10/04/242		2,700,000		2,698,963
Federal Farm Credit Bank
4.73% due 10/18/242		2,000,000		1,995,533
Total Federal Agency Discount Notes
(Cost $11,662,997)				11,663,126
FEDERAL AGENCY NOTES†† - 21.1%
Federal Home Loan Bank
4.96% (SOFR + 0.12%, Rate Floor: 0.00%) due 11/18/24◊		3,000,000		3,000,378
4.88% (SOFR + 0.04%, Rate Floor: 0.00%) due 06/20/25◊		2,500,000		2,499,890
4.84% (SOFR — 0.00%, Rate Floor: 0.00%) due 11/15/24◊		2,000,000		1,999,896
Federal Farm Credit Bank
5.50% due 11/25/24		2,000,000		2,002,160
Total Federal Agency Notes
(Cost $9,500,778)				9,502,324

U.S. TREASURY BILLS†† - 11.9%
U.S. Treasury Bills
4.70% due 10/22/242	4,000,000		3,989,008
4.85% due 12/12/242,3	900,000		891,954
4.75% due 12/12/242	300,000		297,318
4.50% due 12/12/242	150,000		148,659
4.63% due 10/10/242,4	13,000		12,985
Total U.S. Treasury Bills
(Cost $5,338,100)			5,339,924
REPURCHASE AGREEMENTS††,5 - 67.2%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/243	16,553,727		16,553,727
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/243	13,672,608		13,672,608
Total Repurchase Agreements
(Cost $30,226,335)			30,226,335
Total Investments - 150.2%
(Cost $67,466,253)		$	67,523,254
Other Assets & Liabilities, net - (50.2)%			(22,559,940	)
Total Net Assets - 100.0%		$	44,963,314

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Sold Short†
S&P 500 Index Mini Futures Contracts		28		Dec 2024	$	8,142,400	$	(54,769	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

Goldman Sachs International

S&P 500 Index

Receive

5.13% (Federal Funds Rate + 0.30%)

At Maturity

12/18/24

1,153

$

6,646,395

$

(46,389

)

Barclays Bank plc

S&P 500 Index

Receive

5.14% (SOFR + 0.30%)

At Maturity

12/19/24

1,697

9,779,426

(50,149

)

BNP Paribas

S&P 500 Index

Receive

5.28% (Federal Funds Rate + 0.45%)

At Maturity

12/19/24

3,537

20,381,552

(142,255

)

$

36,807,373

$

(238,793

)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 163

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
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, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	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, 2024.
4	All or a portion of this security is pledged as futures collateral at September 30, 2024.
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, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	10,791,545	$	—	$	—	$	10,791,545
Federal Agency Discount Notes		—		11,663,126		—		11,663,126
Federal Agency Notes		—		9,502,324		—		9,502,324
U.S. Treasury Bills		—		5,339,924		—		5,339,924
Repurchase Agreements		—		30,226,335		—		30,226,335
Total Assets	$	10,791,545	$	56,731,709	$	—	$	67,523,254

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	54,769	$	—	$	—	$	54,769
Equity Index Swap Agreements**		—		238,793		—		238,793
Total Liabilities	$	54,769	$	238,793	$	—	$	293,562

** This derivative is reported as unrealized appreciation/depreciation at period end.

164 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INVERSE S&P 500® STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	6,460,578	$	—	$	—	$	—	$	52,525	$	6,513,103		262,625	$	184,975
Guggenheim Ultra Short Duration Fund — Institutional Class	$	4,231,473	$	—	$	—	$	—	$	46,969	$	4,278,442		426,990	$	110,119
	$	10,692,051	$	—	$	—	$	—	$	99,494	$	10,791,545			$	295,094

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 165

INVERSE S&P 500^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $26,501,875)	$	26,505,374
Investments in affiliated issuers, at value (cost $10,738,043)		10,791,545
Repurchase agreements, at value (cost $30,226,335)		30,226,335
Segregated cash with broker		395,882
Receivables:
Fund shares sold		268,653
Interest		79,158
Dividends		46,192
Total assets		68,313,139
Liabilities:
Unrealized depreciation on OTC swap agreements		238,793
Payable for:
Fund shares redeemed		22,638,848
Swap settlement		323,692
Management fees		52,917
Variation margin on futures contracts		34,650
Transfer agent fees		22,909
Portfolio accounting and administration fees		3,138
Distribution and service fees		652
Trustees’ fees*		438
Miscellaneous		33,788
Total liabilities		23,349,825
Net assets	$	44,963,314
Net assets consist of:
Paid in capital	$	325,242,449
Total distributable earnings (loss)		(280,279,135	)
Net assets	$	44,963,314
Investor Class:
Net assets	$	42,570,603
Capital shares outstanding		1,782,187
Net asset value per share	$	23.89
Class A:
Net assets	$	1,053,391
Capital shares outstanding		48,649
Net asset value per share	$	21.65
Maximum offering price per share (Net asset value divided by 95.25%)	$	22.73
Class C:
Net assets	$	199,775
Capital shares outstanding		10,797
Net asset value per share	$	18.50
Class H:
Net assets	$	1,139,545
Capital shares outstanding		52,578
Net asset value per share	$	21.67

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	295,094
Interest		952,408
Total investment income		1,247,502
Expenses:
Management fees		209,142
Distribution and service fees:
Class A		1,964
Class C		1,599
Class H		1,541
Transfer agent fees		47,759
Portfolio accounting and administration fees		35,455
Registration fees		12,856
Professional fees		12,395
Interest expense		5,528
Custodian fees		2,963
Trustees’ fees*		2,327
Miscellaneous		20,087
Total expenses		353,616
Less:
Expenses reimbursed by Adviser		(23,243	)
Expenses waived by Adviser		(5,313	)
Total waived/reimbursed expenses		(28,556	)
Net expenses		325,060
Net investment income		922,442
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		52
Swap agreements		(4,360,718	)
Futures contracts		(260,014	)
Net realized loss		(4,620,680	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		3,164
Investments in affiliated issuers		99,494
Swap agreements		66,768
Futures contracts		(823	)
Net change in unrealized appreciation (depreciation)		168,603
Net realized and unrealized loss		(4,452,077	)
Net decrease in net assets resulting from operations	$	(3,529,635	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

166 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE S&P 500^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	922,442		$	1,976,484
Net realized loss on investments		(4,620,680	)		(12,570,407	)
Net change in unrealized appreciation (depreciation) on investments		168,603			2,115,246
Net decrease in net assets resulting from operations		(3,529,635	)		(8,478,677	)
Distributions to shareholders:
Investor Class		—			(946,025	)
Class A		—			(110,261	)
Class C		—			(16,224	)
Class H		—			(21,482	)
Total distributions to shareholders		—			(1,093,992	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		164,565,647			110,588,564
Class A		9,148,317			5,459,230
Class C		35,011			147,798
Class H		5,767,845			15,057,008
Distributions reinvested
Investor Class		—			931,300
Class A		—			109,255
Class C		—			16,224
Class H		—			21,466
Cost of shares redeemed
Investor Class		(154,458,736	)		(123,376,671	)
Class A		(9,119,142	)		(7,927,015	)
Class C		(236,795	)		(423,222	)
Class H		(5,808,098	)		(15,201,206	)
Net increase (decrease) from capital share transactions		9,894,049			(14,597,269	)
Net increase (decrease) in net assets		6,364,414			(24,169,938	)
Net assets:
Beginning of period		38,598,900			62,768,838
End of period	$	44,963,314		$	38,598,900
Capital share activity:
Shares sold
Investor Class		6,736,253			3,824,309
Class A		396,485			199,424
Class C		1,855			6,382
Class H		244,777			601,861
Shares issued from reinvestment of distributions
Investor Class		—			33,308
Class A		—			4,305
Class C		—			744
Class H		—			845
Shares redeemed
Investor Class		(6,366,034	)		(4,258,649	)
Class A		(400,619	)		(298,253	)
Class C		(12,250	)		(18,572	)
Class H		(246,410	)		(605,047	)
Net increase (decrease) in shares		354,057			(509,343	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 167

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	25.30		$	31.00		$	28.88		$	34.46		$	56.92		$	56.77
Income (loss) from investment operations:
Net investment income (loss)b		.50			1.17			.42			(.28	)		(.47	)		.31
Net gain (loss) on investments (realized and unrealized)		(1.91	)		(6.11	)		1.70			(5.30	)		(21.84	)		.26
Total from investment operations		(1.41	)		(4.94	)		2.12			(5.58	)		(22.31	)		.57
Less distributions from:
Net investment income		—			(.76	)		—			—			(.15	)		(.42	)
Total distributions		—			(.76	)		—			—			(.15	)		(.42	)
Net asset value, end of period	$	23.89		$	25.30		$	31.00		$	28.88		$	34.46		$	56.92
Total Return		(5.57	%)		(16.19	%)		7.34	%		(16.19	%)		(39.21	%)		1.10	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	42,571		$	35,725		$	56,203		$	47,555		$	53,937		$	85,839
Ratios to average net assets:
Net investment income (loss)		3.99	%		4.04	%		1.31	%		(0.91	%)		(1.12	%)		0.58	%
Total expensesc		1.50	%		1.50	%		1.53	%		1.41	%		1.51	%		1.53	%
Net expensesd		1.38	%		1.40	%		1.49	%		1.39	%		1.50	%		1.51	%
Portfolio turnover rate		—			—			—			—			—			—

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	22.95		$	28.27		$	26.40		$	31.58		$	52.33		$	52.36
Income (loss) from investment operations:
Net investment income (loss)b		.44			1.02			.40			(.32	)		(.56	)		.21
Net gain (loss) on investments (realized and unrealized)		(1.74	)		(5.58	)		1.47			(4.86	)		(20.04	)		.18
Total from investment operations		(1.30	)		(4.56	)		1.87			(5.18	)		(20.60	)		.39
Less distributions from:
Net investment income		—			(.76	)		—			—			(.15	)		(.42	)
Total distributions		—			(.76	)		—			—			(.15	)		(.42	)
Net asset value, end of period	$	21.65		$	22.95		$	28.27		$	26.40		$	31.58		$	52.33
Total Returne		(5.66	%)		(16.38	%)		7.08	%		(16.40	%)		(39.38	%)		0.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,053		$	1,211		$	4,164		$	1,829		$	1,540		$	7,575
Ratios to average net assets:
Net investment income (loss)		3.82	%		3.77	%		1.34	%		(1.15	%)		(1.39	%)		0.43	%
Total expensesc		1.75	%		1.76	%		1.79	%		1.66	%		1.78	%		1.78	%
Net expensesd		1.63	%		1.66	%		1.74	%		1.64	%		1.77	%		1.76	%
Portfolio turnover rate		—			—			—			—			—			—

168 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	19.69		$	24.55		$	23.10		$	27.84		$	46.49		$	46.92
Income (loss) from investment operations:
Net investment income (loss)b		.30			.70			.09			(.46	)		(.80	)		(.22	)
Net gain (loss) on investments (realized and unrealized)		(1.49	)		(4.80	)		1.36			(4.28	)		(17.70	)		.21
Total from investment operations		(1.19	)		(4.10	)		1.45			(4.74	)		(18.50	)		(.01	)
Less distributions from:
Net investment income		—			(.76	)		—			—			(.15	)		(.42	)
Total distributions		—			(.76	)		—			—			(.15	)		(.42	)
Net asset value, end of period	$	18.50		$	19.69		$	24.55		$	23.10		$	27.84		$	46.49
Total Returne		(6.04	%)		(16.99	%)		6.28	%		(17.03	%)		(39.82	%)		0.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	200		$	417		$	801		$	762		$	449		$	6,376
Ratios to average net assets:
Net investment income (loss)		3.08	%		3.03	%		0.35	%		(1.92	%)		(2.16	%)		(0.51	%)
Total expensesc		2.49	%		2.49	%		2.53	%		2.41	%		2.54	%		2.53	%
Net expensesd		2.37	%		2.39	%		2.48	%		2.39	%		2.53	%		2.51	%
Portfolio turnover rate		—			—			—			—			—			—

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 169

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	22.98		$	28.29		$	26.41		$	31.58		$	52.32		$	52.35
Income (loss) from investment operations:
Net investment income (loss)b		.44			1.00			.25			(.32	)		(.56	)		.17
Net gain (loss) on investments (realized and unrealized)		(1.75	)		(5.55	)		1.63			(4.85	)		(20.03	)		.22
Total from investment operations		(1.31	)		(4.55	)		1.88			(5.17	)		(20.59	)		.39
Less distributions from:
Net investment income		—			(.76	)		—			—			(.15	)		(.42	)
Total distributions		—			(.76	)		—			—			(.15	)		(.42	)
Net asset value, end of period	$	21.67		$	22.98		$	28.29		$	26.41		$	31.58		$	52.32
Total Return		(5.70	%)		(16.36	%)		7.12	%		(16.37	%)		(39.37	%)		0.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,140		$	1,246		$	1,600		$	2,618		$	933		$	8,890
Ratios to average net assets:
Net investment income (loss)		3.82	%		3.81	%		0.86	%		(1.15	%)		(1.38	%)		0.34	%
Total expensesc		1.75	%		1.75	%		1.78	%		1.66	%		1.78	%		1.78	%
Net expensesd		1.62	%		1.64	%		1.74	%		1.64	%		1.76	%		1.76	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	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.

170 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 81.8%
Technology - 39.8%
Apple, Inc.		250,893	$	58,458,069
Microsoft Corp.		122,658		52,779,737
NVIDIA Corp.		404,786		49,157,212
Broadcom, Inc.		197,518		34,071,855
Advanced Micro Devices, Inc.*		68,982		11,318,567
Adobe, Inc.*		18,898		9,785,007
QUALCOMM, Inc.		47,480		8,073,974
Texas Instruments, Inc.		38,915		8,038,672
Intuit, Inc.		11,915		7,399,215
Applied Materials, Inc.		35,137		7,099,431
Micron Technology, Inc.		47,261		4,901,438
Analog Devices, Inc.		21,161		4,870,627
Lam Research Corp.		5,536		4,517,819
KLA Corp.		5,729		4,436,595
Intel Corp.*		182,250		4,275,585
ASML Holding N.V. — Class G		4,017		3,347,165
Synopsys, Inc.*		6,547		3,315,335
Cadence Design Systems, Inc.*		11,671		3,163,191
Crowdstrike Holdings, Inc. — Class A*		9,919		2,781,982
Marvell Technology, Inc.		36,919		2,662,598
NXP Semiconductor N.V.		10,857		2,605,789
Roper Technologies, Inc.		4,569		2,542,374
Autodesk, Inc.*		9,185		2,530,284
Fortinet, Inc.*		32,602		2,528,285
Workday, Inc. — Class A*		9,078		2,218,754
Paychex, Inc.		15,333		2,057,535
Microchip Technology, Inc.		22,867		1,835,991
Cognizant Technology Solutions Corp. — Class A		21,126		1,630,505
Electronic Arts, Inc.		11,261		1,615,278
Datadog, Inc. — Class A*		13,260		1,525,696
ON Semiconductor Corp.*		18,257		1,325,641
ANSYS, Inc.*		3,725		1,186,897
Take-Two Interactive Software, Inc.*		7,471		1,148,367
Zscaler, Inc.*		6,442		1,101,196
Atlassian Corp. — Class A*		6,821		1,083,243
Super Micro Computer, Inc.*		2,496		1,039,334
GLOBALFOUNDRIES, Inc.*		23,509		946,237
MongoDB, Inc.*		3,148		851,062
ARM Holdings plc ADR*		5,333		762,672
Total Technology				314,989,214
Communications - 21.0%
Meta Platforms, Inc. — Class A		57,354		32,831,724
Amazon.com, Inc.*		173,195		32,271,424
Alphabet, Inc. — Class A		96,683		16,034,875
Alphabet, Inc. — Class C		92,162		15,408,565
Netflix, Inc.*		18,292		12,973,967
T-Mobile US, Inc.		49,730		10,262,283
Cisco Systems, Inc.		171,715		9,138,672
Comcast Corp. — Class A		164,650		6,877,430
Booking Holdings, Inc.		1,429		6,019,119
Palo Alto Networks, Inc.*		13,801		4,717,182
MercadoLibre, Inc.*		2,161		4,434,286
PDD Holdings, Inc. ADR*		28,468		3,837,771
Airbnb, Inc. — Class A*		18,754		2,378,195
DoorDash, Inc. — Class A*		16,393		2,339,773
Trade Desk, Inc. — Class A*		19,080		2,092,122
Charter Communications, Inc. — Class A*		6,084		1,971,703
CDW Corp.		5,693		1,288,326
Warner Bros Discovery, Inc.*		104,504		862,158
Total Communications				165,739,575
Consumer, Non-cyclical - 9.4%
PepsiCo, Inc.		58,544		9,955,407
Intuitive Surgical, Inc.*		15,146		7,440,776
Amgen, Inc.		22,902		7,379,253
Vertex Pharmaceuticals, Inc.*		11,001		5,116,345
Regeneron Pharmaceuticals, Inc.*		4,621		4,857,780
Automatic Data Processing, Inc.		17,381		4,809,844
Gilead Sciences, Inc.		53,064		4,448,886
Mondelez International, Inc. — Class A		56,934		4,194,328
Cintas Corp.		17,180		3,537,019
PayPal Holdings, Inc.*		43,574		3,400,079
Monster Beverage Corp.*		41,750		2,178,097
Keurig Dr Pepper, Inc.		57,799		2,166,307
AstraZeneca plc ADR		24,819		1,933,648
GE HealthCare Technologies, Inc.		19,464		1,826,696
Kraft Heinz Co.		51,533		1,809,323
IDEXX Laboratories, Inc.*		3,508		1,772,312
Verisk Analytics, Inc. — Class A		6,070		1,626,517
Coca-Cola Europacific Partners plc		19,572		1,541,295
Biogen, Inc.*		6,208		1,203,359
Dexcom, Inc.*		17,080		1,145,043
Moderna, Inc.*		16,384		1,094,943
Illumina, Inc.*		6,790		885,484
Total Consumer, Non-cyclical				74,322,741
Consumer, Cyclical - 7.4%
Tesla, Inc.*		79,796		20,877,028
Costco Wholesale Corp.		18,896		16,751,682
Starbucks Corp.		48,299		4,708,670
Marriott International, Inc. — Class A		11,999		2,982,951
O’Reilly Automotive, Inc.*		2,472		2,846,755
PACCAR, Inc.		22,343		2,204,807
Copart, Inc.*		41,015		2,149,186
Ross Stores, Inc.		14,218		2,139,951
Fastenal Co.		24,407		1,743,148
Lululemon Athletica, Inc.*		5,015		1,360,820
Dollar Tree, Inc.*		9,161		644,202
Total Consumer, Cyclical				58,409,200
Industrial - 1.3%
Honeywell International, Inc.		27,690		5,723,800
CSX Corp.		82,632		2,853,283
Old Dominion Freight Line, Inc.		9,134		1,814,378
Total Industrial				10,391,461
Basic Materials - 1.2%
Linde plc		20,352		9,705,055

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 171

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
Utilities - 1.1%
Constellation Energy Corp.		13,327	$	3,465,286
American Electric Power Company, Inc.		22,680		2,326,968
Exelon Corp.		42,643		1,729,174
Xcel Energy, Inc.		23,762		1,551,659
Total Utilities				9,073,087
Energy - 0.4%
Baker Hughes Co.		42,341		1,530,627
Diamondback Energy, Inc.		7,603		1,310,757
Total Energy				2,841,384
Financial - 0.2%
CoStar Group, Inc.*		17,467		1,317,710
Total Common Stocks
(Cost $543,737,138)				646,789,427
MUTUAL FUNDS† - 0.7%
Guggenheim Ultra Short Duration Fund — Institutional Class1		301,467		3,020,703
Guggenheim Strategy Fund II1		115,431		2,862,700
Total Mutual Funds
(Cost $5,770,077)				5,883,403
	Face Amount
U.S. TREASURY BILLS†† - 12.7%
U.S. Treasury Bills
4.68% due 12/05/242,3	$	58,500,000		58,022,377
4.63% due 10/10/243,4		29,323,000		29,288,949
4.85% due 12/12/242,3		13,650,000		13,527,969
Total U.S. Treasury Bills
(Cost $100,802,294)				100,839,295

REPURCHASE AGREEMENTS††,5 - 3.5%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/242	15,028,581		15,028,581
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/242	12,412,909		12,412,909
Total Repurchase Agreements
(Cost $27,441,490)			27,441,490
Total Investments - 98.7%
(Cost $677,750,999)		$	780,953,615
Other Assets & Liabilities, net - 1.3%			10,248,831
Total Net Assets - 100.0%		$	791,202,446

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		627		Dec 2024	$	254,195,205	$	4,467,184

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

NASDAQ-100 Index

Pay

5.33% (Federal Funds Rate + 0.50%)

At Maturity

12/18/24

25,126

$

504,044,474

$

1,613,108

Barclays Bank plc

NASDAQ-100 Index

Pay

5.54% (SOFR + 0.70%)

At Maturity

12/19/24

6,600

132,391,982

764,548

BNP Paribas

NASDAQ-100 Index

Pay

5.73% (Federal Funds Rate + 0.90%)

At Maturity

12/19/24

2,254

45,207,920

198,493

$

681,644,376

$

2,576,149

* Non-income producing security.

172 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
MONTHLY REBALANCE NASDAQ-100® 2x 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 equity index swap collateral at September 30, 2024.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at September 30, 2024.
5	Repurchase Agreements — See Note 6.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	646,789,427	$	—	$	—	$	646,789,427
Mutual Funds		5,883,403		—		—		5,883,403
U.S. Treasury Bills		—		100,839,295		—		100,839,295
Repurchase Agreements		—		27,441,490		—		27,441,490
Equity Futures Contracts**		4,467,184		—		—		4,467,184
Equity Index Swap Agreements**		—		2,576,149		—		2,576,149
Total Assets	$	657,140,014	$	130,856,934	$	—	$	787,996,948

** This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 173

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	2,839,614	$	—	$	—	$	—	$	23,086	$	2,862,700		115,431	$	81,302
Guggenheim Ultra Short Duration Fund — Institutional Class		2,987,542		—		—		—		33,161		3,020,703		301,467		77,747
	$	5,827,156	$	—	$	—	$	—	$	56,247	$	5,883,403			$	159,049

174 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $644,539,432)	$	747,628,722
Investments in affiliated issuers, at value (cost $5,770,077)		5,883,403
Repurchase agreements, at value (cost $27,441,490)		27,441,490
Unrealized appreciation on OTC swap agreements		2,576,149
Receivables:
Fund shares sold		166,303,477
Variation margin on futures contracts		431,706
Investment Adviser		266,463
Dividends		119,537
Interest		3,701
Securities lending income		23
Total assets		950,654,671
Liabilities:
Segregated cash due to broker		390,000
Payable for:
Securities purchased		150,887,916
Fund shares redeemed		5,326,952
Swap settlement		1,218,184
Management fees		522,500
Transfer agent fees		332,646
Distribution and service fees		146,265
Portfolio accounting and administration fees		17,360
Trustees’ fees*		6,682
Miscellaneous		603,720
Total liabilities		159,452,225
Net assets	$	791,202,446
Net assets consist of:
Paid in capital	$	586,694,935
Total distributable earnings (loss)		204,507,511
Net assets	$	791,202,446
Class A:
Net assets	$	8,591,975
Capital shares outstanding		14,557
Net asset value per share	$	590.23
Maximum offering price per share (Net asset value divided by 95.25%)	$	619.66
Class C:
Net assets	$	1,796,276
Capital shares outstanding		3,308
Net asset value per share	$	543.01
Class H:
Net assets	$	780,814,195
Capital shares outstanding		1,290,006
Net asset value per share	$	605.28

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $3,588)	$	2,287,260
Dividends from securities of affiliated issuers		159,049
Interest		3,967,147
Income from securities lending, net		10,253
Total investment income		6,423,709
Expenses:
Management fees		3,397,745
Distribution and service fees:
Class A		9,898
Class C		9,131
Class H		931,653
Transfer agent fees		777,013
Portfolio accounting and administration fees		487,124
Registration fees		246,723
Interest expense		115,775
Professional fees		104,019
Custodian fees		48,072
Trustees’ fees*		36,785
Miscellaneous		511,377
Total expenses		6,675,315
Less:
Expenses reimbursed by Adviser		(377,605	)
Expenses waived by Adviser		(1,533,336	)
Total waived/reimbursed expenses		(1,910,941	)
Net expenses		4,764,374
Net investment income		1,659,335
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		81,803,145
Swap agreements		6,657,756
Futures contracts		14,416,015
Net realized gain		102,876,916
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(55,473,276	)
Investments in affiliated issuers		56,247
Swap agreements		(864,493	)
Futures contracts		2,833,321
Net change in unrealized appreciation (depreciation)		(53,448,201	)
Net realized and unrealized gain		49,428,715
Net increase in net assets resulting from operations	$	51,088,050

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 175

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,659,335		$	1,215,164
Net realized gain on investments		102,876,916			204,655,816
Net change in unrealized appreciation (depreciation) on investments		(53,448,201	)		99,936,035
Net increase in net assets resulting from operations		51,088,050			305,807,015
Distributions to shareholders:
Class A		—			(229,861	)
Class C		—			(52,499	)
Class H		—			(16,565,287	)
Total distributions to shareholders		—			(16,847,647	)
Capital share transactions:
Proceeds from sale of shares
Class A		3,218,626			5,788,991
Class C		278,979			442,703
Class H		2,231,649,200			2,095,676,099
Distributions reinvested
Class A		—			211,140
Class C		—			36,396
Class H		—			16,560,168
Cost of shares redeemed
Class A		(3,133,141	)		(6,391,583	)
Class C		(481,998	)		(326,833	)
Class H		(2,139,554,946	)		(2,138,872,563	)
Net increase (decrease) from capital share transactions		91,976,720			(26,875,482	)
Net increase in net assets		143,064,770			262,083,886
Net assets:
Beginning of period		648,137,676			386,053,790
End of period	$	791,202,446		$	648,137,676
Capital share activity:
Shares sold
Class A		6,027			14,718
Class C		589			1,149
Class H		4,018,333			4,803,990
Shares issued from reinvestment of distributions
Class A		—			507
Class C		—			94
Class H		—			38,772
Shares redeemed
Class A		(5,907	)		(16,225	)
Class C		(999	)		(933	)
Class H		(3,954,682	)		(4,858,568	)
Net increase (decrease) in shares		63,361			(16,496	)

176 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	508.07		$	298.90		$	429.31		$	355.42		$	141.86		$	134.54
Income (loss) from investment operations:
Net investment income (loss)b		1.45			1.04			.32			(3.11	)		(1.74	)		.23
Net gain (loss) on investments (realized and unrealized)		80.71			224.62			(130.73	)		88.53			233.57			7.28
Total from investment operations		82.16			225.66			(130.41	)		85.42			231.83			7.51
Less distributions from:
Net investment income		—			(.60	)		—			—			—			(.19	)
Net realized gains		—			(15.89	)		—			(11.53	)		(18.27	)		—
Total distributions		—			(16.49	)		—			(11.53	)		(18.27	)		(.19	)
Net asset value, end of period	$	590.23		$	508.07		$	298.90		$	429.31		$	355.42		$	141.86
Total Returnc		16.17	%		76.76	%		(30.38	%)		23.48	%		164.83	%		5.56	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,592		$	7,335		$	4,614		$	8,376		$	5,504		$	2,434
Ratios to average net assets:
Net investment income (loss)		0.54	%		0.26	%		0.12	%		(0.70	%)		(0.60	%)		0.15	%
Total expensesd		1.77	%		1.95	%		1.77	%		1.69	%		1.77	%		1.83	%
Net expensese,f		1.24	%		1.42	%		1.31	%		1.32	%		1.33	%		1.34	%
Portfolio turnover rate		248	%		334	%		1,054	%		922	%		509	%		990	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	469.27		$	278.89		$	403.95		$	337.38		$	136.06		$	130.01
Income (loss) from investment operations:
Net investment income (loss)b		(.55	)		(1.79	)		(1.56	)		(6.08	)		(3.70	)		(.83	)
Net gain (loss) on investments (realized and unrealized)		74.29			208.66			(123.50	)		84.18			223.29			7.07
Total from investment operations		73.74			206.87			(125.06	)		78.10			219.59			6.24
Less distributions from:
Net investment income		—			(.60	)		—			—			—			(.19	)
Net realized gains		—			(15.89	)		—			(11.53	)		(18.27	)		—
Total distributions		—			(16.49	)		—			(11.53	)		(18.27	)		(.19	)
Net asset value, end of period	$	543.01		$	469.27		$	278.89		$	403.95		$	337.38		$	136.06
Total Returnc		15.71	%		75.44	%		(30.96	%)		22.55	%		162.86	%		4.77	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,796		$	1,745		$	951		$	1,433		$	1,751		$	552
Ratios to average net assets:
Net investment income (loss)		(0.22	%)		(0.49	%)		(0.61	%)		(1.44	%)		(1.34	%)		(0.55	%)
Total expensesd		2.52	%		2.71	%		2.52	%		2.44	%		2.52	%		2.58	%
Net expensese,f		1.99	%		2.17	%		2.06	%		2.07	%		2.08	%		2.09	%
Portfolio turnover rate		248	%		334	%		1,054	%		922	%		509	%		990	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 177

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	521.10		$	306.31		$	440.25		$	364.34		$	145.23		$	137.80
Income (loss) from investment operations:
Net investment income (loss)b		1.22			.96			.27			(3.35	)		(1.81	)		.12
Net gain (loss) on investments (realized and unrealized)		82.96			230.32			(134.21	)		90.79			239.19			7.50
Total from investment operations		84.18			231.28			(133.94	)		87.44			237.38			7.62
Less distributions from:
Net investment income		—			(.60	)		—			—			—			(.19	)
Net realized gains		—			(15.89	)		—			(11.53	)		(18.27	)		—
Total distributions		—			(16.49	)		—			(11.53	)		(18.27	)		(.19	)
Net asset value, end of period	$	605.28		$	521.10		$	306.31		$	440.25		$	364.34		$	145.23
Total Return		16.15	%		76.74	%		(30.42	%)		23.46	%		164.81	%		5.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	780,814		$	639,058		$	380,489		$	113,538		$	90,776		$	22,586
Ratios to average net assets:
Net investment income (loss)		0.44	%		0.24	%		0.10	%		(0.71	%)		(0.60	%)		0.08	%
Total expensesd		1.77	%		1.95	%		1.77	%		1.69	%		1.77	%		1.82	%
Net expensese,f		1.26	%		1.43	%		1.32	%		1.33	%		1.33	%		1.34	%
Portfolio turnover rate		248	%		334	%		1,054	%		922	%		509	%		990	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the periods presented would be:

	09/30/24a	03/31/24	03/31/23	03/31/22	03/31/21	03/31/20
Class A	1.21%	1.22%	1.27%	1.32%	1.33%	1.33%
Class C	1.96%	1.97%	2.02%	2.06%	2.08%	2.08%
Class H	1.23%	1.24%	1.28%	1.33%	1.33%	1.33%

178 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
NASDAQ-100® FUND

	Shares		Value
COMMON STOCKS† - 95.7%
Technology - 46.6%
Apple, Inc.		691,783	$	161,185,439
Microsoft Corp.		338,201		145,527,890
NVIDIA Corp.		1,116,107		135,540,034
Broadcom, Inc.		544,611		93,945,398
Advanced Micro Devices, Inc.*		190,203		31,208,508
Adobe, Inc.*		52,108		26,980,480
QUALCOMM, Inc.		130,917		22,262,436
Texas Instruments, Inc.		107,301		22,165,168
Intuit, Inc.		32,852		20,401,092
Applied Materials, Inc.		96,884		19,575,412
Micron Technology, Inc.		130,310		13,514,450
Analog Devices, Inc.		58,348		13,429,959
Lam Research Corp.		15,264		12,456,645
KLA Corp.		15,798		12,234,129
Intel Corp.*		502,513		11,788,955
ASML Holding N.V. — Class G		11,076		9,229,077
Synopsys, Inc.*		18,054		9,142,365
Cadence Design Systems, Inc.*		32,179		8,721,474
Crowdstrike Holdings, Inc. — Class A*		27,349		7,670,574
Marvell Technology, Inc.		101,795		7,341,455
NXP Semiconductor N.V.		29,936		7,184,939
Roper Technologies, Inc.		12,598		7,010,031
Autodesk, Inc.*		25,326		6,976,807
Fortinet, Inc.*		89,892		6,971,124
Workday, Inc. — Class A*		25,032		6,118,071
Paychex, Inc.		42,277		5,673,151
Microchip Technology, Inc.		63,050		5,062,285
Cognizant Technology Solutions Corp. — Class A		58,249		4,495,658
Electronic Arts, Inc.		31,049		4,453,669
Datadog, Inc. — Class A*		36,561		4,206,709
ON Semiconductor Corp.*		50,340		3,655,188
ANSYS, Inc.*		10,270		3,272,330
Take-Two Interactive Software, Inc.*		20,599		3,166,272
Zscaler, Inc.*		17,763		3,036,407
Atlassian Corp. — Class A*		18,807		2,986,740
Super Micro Computer, Inc.*		6,882		2,865,665
GLOBALFOUNDRIES, Inc.*,1		64,820		2,609,005
MongoDB, Inc.*		8,681		2,346,908
ARM Holdings plc ADR*,1		14,706		2,103,105
Total Technology				868,515,004
Communications - 24.5%
Meta Platforms, Inc. — Class A		158,142		90,526,807
Amazon.com, Inc.*		477,545		88,980,960
Alphabet, Inc. — Class A		266,583		44,212,791
Alphabet, Inc. — Class C		254,117		42,485,821
Netflix, Inc.*		50,435		35,772,032
T-Mobile US, Inc.		137,120		28,296,083
Cisco Systems, Inc.		473,464		25,197,754
Comcast Corp. — Class A		453,985		18,962,953
Booking Holdings, Inc.		3,940		16,595,753
Palo Alto Networks, Inc.*		38,053		13,006,515
MercadoLibre, Inc.*		5,958		12,225,578
PDD Holdings, Inc. ADR*		78,494		10,581,776
Airbnb, Inc. — Class A*		51,709		6,557,218
DoorDash, Inc. — Class A*		45,201		6,451,539
Trade Desk, Inc. — Class A*		52,609		5,768,577
Charter Communications, Inc. — Class A*		16,775		5,436,442
CDW Corp.		15,698		3,552,457
Warner Bros Discovery, Inc.*		288,147		2,377,213
Total Communications				456,988,269
Consumer, Non-cyclical - 11.0%
PepsiCo, Inc.		161,422		27,449,811
Intuitive Surgical, Inc.*		41,761		20,515,926
Amgen, Inc.		63,147		20,346,595
Vertex Pharmaceuticals, Inc.*		30,332		14,106,807
Regeneron Pharmaceuticals, Inc.*		12,741		13,393,849
Automatic Data Processing, Inc.		47,924		13,262,009
Gilead Sciences, Inc.		146,311		12,266,714
Mondelez International, Inc. — Class A		156,982		11,564,864
Cintas Corp.		47,369		9,752,330
PayPal Holdings, Inc.*		120,144		9,374,836
Monster Beverage Corp.*		115,116		6,005,602
Keurig Dr Pepper, Inc.		159,367		5,973,075
AstraZeneca plc ADR		68,432		5,331,537
GE HealthCare Technologies, Inc.		53,667		5,036,648
Kraft Heinz Co.		142,090		4,988,780
IDEXX Laboratories, Inc.*		9,673		4,886,993
Verisk Analytics, Inc. — Class A		16,739		4,485,382
Coca-Cola Europacific Partners plc		53,965		4,249,744
Biogen, Inc.*		17,118		3,318,153
Dexcom, Inc.*		47,093		3,157,115
Moderna, Inc.*		45,174		3,018,978
Illumina, Inc.*		18,721		2,441,406
Total Consumer, Non-cyclical				204,927,154
Consumer, Cyclical - 8.7%
Tesla, Inc.*,1		220,018		57,563,310
Costco Wholesale Corp.		52,100		46,187,692
Starbucks Corp.		133,173		12,983,036
Marriott International, Inc. — Class A		33,084		8,224,682
O’Reilly Automotive, Inc.*		6,817		7,850,457
PACCAR, Inc.		61,606		6,079,280
Copart, Inc.*		113,089		5,925,863
Ross Stores, Inc.		39,202		5,900,293
Fastenal Co.		67,297		4,806,352
Lululemon Athletica, Inc.*		13,827		3,751,956
Dollar Tree, Inc.*		25,261		1,776,354
Total Consumer, Cyclical				161,049,275
Industrial - 1.6%
Honeywell International, Inc.		76,349		15,782,102
CSX Corp.		227,840		7,867,315
Old Dominion Freight Line, Inc.		25,185		5,002,748
Total Industrial				28,652,165
Basic Materials - 1.4%
Linde plc		56,117		26,759,953

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 179

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
NASDAQ-100® FUND

	Shares		Value
Utilities - 1.3%
Constellation Energy Corp.		36,747	$	9,554,955
American Electric Power Company, Inc.		62,534		6,415,988
Exelon Corp.		117,578		4,767,788
Xcel Energy, Inc.		65,517		4,278,260
Total Utilities				25,016,991
Energy - 0.4%
Baker Hughes Co.		116,747		4,220,404
Diamondback Energy, Inc.		20,965		3,614,366
Total Energy				7,834,770
Financial - 0.2%
CoStar Group, Inc.*		48,161		3,633,266
Total Common Stocks
(Cost $473,852,047)				1,783,376,847
MUTUAL FUNDS† - 2.7%
Guggenheim Ultra Short Duration Fund — Institutional Class2		2,756,359		27,618,720
Guggenheim Strategy Fund II2		575,584		14,274,495
Guggenheim Strategy Fund III2		370,504		9,221,839
Total Mutual Funds
(Cost $51,083,879)				51,115,054
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 0.2%
Federal Farm Credit Bank
4.73% due 10/18/243	$	4,000,000		3,991,066
Total Federal Agency Discount Notes
(Cost $3,991,066)				3,991,066

U.S. TREASURY BILLS†† - 0.1%
U.S. Treasury Bills
4.85% due 12/12/243,4		950,000		941,507
4.63% due 10/10/243,5		591,000		590,314
4.49% due 12/12/243		50,000		49,553
Total U.S. Treasury Bills
(Cost $1,580,574)				1,581,374
REPURCHASE AGREEMENTS††,6 - 1.4%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/244		14,243,034		14,243,034
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/244		11,764,083		11,764,083
Total Repurchase Agreements
(Cost $26,007,117)				26,007,117
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.1%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%8		1,746,916		1,746,916
Total Securities Lending Collateral
(Cost $1,746,916)				1,746,916
Total Investments - 100.2%
(Cost $558,261,599)			$	1,867,818,374
Other Assets & Liabilities, net - (0.2)%				(5,178,185	)
Total Net Assets - 100.0%			$	1,862,640,189

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		14		Dec 2024	$	5,675,810	$	71,746

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

NASDAQ-100 Index

Pay

5.33% (Federal Funds Rate + 0.50%)

At Maturity

12/18/24

2,466

$

49,476,167

$

213,560

BNP Paribas

NASDAQ-100 Index

Pay

5.73% (Federal Funds Rate + 0.90%)

At Maturity

12/19/24

713

14,293,984

62,757

Barclays Bank plc

NASDAQ-100 Index

Pay

5.54% (SOFR + 0.70%)

At Maturity

12/19/24

501

10,041,709

58,005

$

73,811,860

$

334,322

180 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
NASDAQ-100® FUND

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Affiliated issuer.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as equity index swap collateral at September 30, 2024.
5	All or a portion of this security is pledged as futures collateral at September 30, 2024.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	1,783,376,847	$	—	$	—	$	1,783,376,847
Mutual Funds		51,115,054		—		—		51,115,054
Federal Agency Discount Notes		—		3,991,066		—		3,991,066
U.S. Treasury Bills		—		1,581,374		—		1,581,374
Repurchase Agreements		—		26,007,117		—		26,007,117
Securities Lending Collateral		1,746,916		—		—		1,746,916
Equity Futures Contracts**		71,746		—		—		71,746
Equity Index Swap Agreements**		—		334,322		—		334,322
Total Assets	$	1,836,310,563	$	31,913,879	$	—	$	1,868,224,442

** This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 181

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
NASDAQ-100® FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	14,159,378	$	—	$	—	$	—	$	115,117	$	14,274,495		575,584	$	405,403
Guggenheim Strategy Fund III		9,140,329		—		—		—		81,510		9,221,839		370,504		250,148
Guggenheim Ultra Short Duration Fund — Institutional Class		27,315,520		—		—		—		303,200		27,618,720		2,756,359		710,853
	$	50,615,227	$	—	$	—	$	—	$	499,827	$	51,115,054			$	1,366,404

182 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NASDAQ-100^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value - including $1,682,430 of securities loaned (cost $481,170,603)	$	1,790,696,203
Investments in affiliated issuers, at value (cost $51,083,879)		51,115,054
Repurchase agreements, at value (cost $26,007,117)		26,007,117
Segregated cash with broker		24,133
Unrealized appreciation on OTC swap agreements		334,322
Receivables:
Fund shares sold		692,956
Dividends		500,368
Investment Adviser		50,479
Variation margin on futures contracts		13,790
Interest		3,508
Securities lending income		244
Total assets		1,869,438,174
Liabilities:
Segregated cash due to broker		470,000
Payable for:
Return of securities lending collateral		1,746,916
Fund shares redeemed		1,088,350
Management fees		1,040,173
Transfer agent fees		796,498
Licensing fees		370,244
Distribution and service fees		86,417
Portfolio accounting and administration fees		79,364
Swap settlement		16,606
Trustees’ fees*		16,019
Miscellaneous		1,087,398
Total liabilities		6,797,985
Net assets	$	1,862,640,189
Net assets consist of:
Paid in capital	$	436,508,485
Total distributable earnings (loss)		1,426,131,704
Net assets	$	1,862,640,189
Investor Class:
Net assets	$	1,637,404,481
Capital shares outstanding		19,439,473
Net asset value per share	$	84.23
Class A:
Net assets	$	105,559,789
Capital shares outstanding		1,411,679
Net asset value per share	$	74.78
Maximum offering price per share (Net asset value divided by 95.25%)	$	78.51
Class C:
Net assets	$	79,271,511
Capital shares outstanding		1,325,476
Net asset value per share	$	59.81
Class H:
Net assets	$	40,404,408
Capital shares outstanding		540,486
Net asset value per share	$	74.76

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $9,992)	$	7,181,820
Dividends from securities of affiliated issuers		1,366,404
Interest		1,193,170
Income from securities lending, net		33,593
Total investment income		9,774,987
Expenses:
Management fees		6,960,676
Distribution and service fees:
Class A		126,011
Class C		396,169
Class H		49,611
Transfer agent fees		1,910,922
Portfolio accounting and administration fees		989,222
Registration fees		728,274
Professional fees		305,378
Custodian fees		119,094
Trustees’ fees*		98,646
Interest expense		27,878
Miscellaneous		1,066,309
Total expenses		12,778,190
Less:
Expenses reimbursed by Adviser		(463,612	)
Expenses waived by Adviser		(372,732	)
Total waived/reimbursed expenses		(836,344	)
Net expenses		11,941,846
Net investment loss		(2,166,859	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in affiliated issuers		32,901,647
Swap agreements		6,664,468
Futures contracts		(1,422,605	)
Net realized gain		38,143,510
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		134,701,307
Investments in affiliated issuers		499,827
Swap agreements		(68,856	)
Futures contracts		(121,897	)
Net change in unrealized appreciation (depreciation)		135,010,381
Net realized and unrealized gain		173,153,891
Net increase in net assets resulting from operations	$	170,987,032

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 183

NASDAQ-100^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(2,166,859	)	$	(2,716,420	)
Net realized gain on investments		38,143,510			212,641,501
Net change in unrealized appreciation (depreciation) on investments		135,010,381			293,377,084
Net increase in net assets resulting from operations		170,987,032			503,302,165
Capital share transactions:
Proceeds from sale of shares
Investor Class		692,777,409			1,542,602,229
Class A		9,708,912			19,822,679
Class C		3,607,877			10,446,786
Class H		24,297,220			37,156,428
Cost of shares redeemed
Investor Class		(766,868,086	)		(1,651,676,803	)
Class A		(8,570,555	)		(14,123,233	)
Class C		(12,444,250	)		(25,335,049	)
Class H		(24,130,482	)		(32,030,171	)
Net decrease from capital share transactions		(81,621,955	)		(113,137,134	)
Net increase in net assets		89,365,077			390,165,031
Net assets:
Beginning of period		1,773,275,112			1,383,110,081
End of period	$	1,862,640,189		$	1,773,275,112
Capital share activity:
Shares sold
Investor Class		8,615,191			23,161,963
Class A		138,872			343,412
Class C		63,966			222,984
Class H		345,392			633,174
Shares redeemed
Investor Class		(9,492,542	)		(24,846,491	)
Class A		(120,353	)		(243,576	)
Class C		(221,262	)		(543,161	)
Class H		(345,005	)		(543,569	)
Net decrease in shares		(1,015,741	)		(1,815,264	)

184 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NASDAQ-100^® FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	76.79		$	55.65		$	68.39		$	63.43		$	39.68		$	38.39
Income (loss) from investment operations:
Net investment income (loss)b		(.07	)		(.07	)		(.10	)		(.37	)		(.28	)		(.08	)
Net gain (loss) on investments (realized and unrealized)		7.51			21.21			(8.57	)		8.70			26.64			2.21
Total from investment operations		7.44			21.14			(8.67	)		8.33			26.36			2.13
Less distributions from:
Net realized gains		—			—			(4.07	)		(3.37	)		(2.61	)		(.84	)
Total distributions		—			—			(4.07	)		(3.37	)		(2.61	)		(.84	)
Net asset value, end of period	$	84.23		$	76.79		$	55.65		$	68.39		$	63.43		$	39.68
Total Return		9.69	%		37.99	%		(11.56	%)		12.69	%		66.78	%		5.40	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,637,404		$	1,560,083		$	1,224,330		$	1,424,456		$	1,386,721		$	888,189
Ratios to average net assets:
Net investment income (loss)		(0.17	%)		(0.11	%)		(0.19	%)		(0.53	%)		(0.50	%)		(0.19	%)
Total expensesc		1.32	%		1.34	%		1.30	%		1.25	%		1.33	%		1.37	%
Net expensesd		1.23	%		1.27	%		1.27	%		1.24	%		1.33	%		1.37	%
Portfolio turnover rate		14	%		70	%		50	%		44	%		57	%		54	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	68.25		$	49.59		$	61.69		$	57.63		$	36.29		$	35.26
Income (loss) from investment operations:
Net investment income (loss)b		(.15	)		(.21	)		(.21	)		(.50	)		(.39	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		6.68			18.87			(7.82	)		7.93			24.34			2.04
Total from investment operations		6.53			18.66			(8.03	)		7.43			23.95			1.87
Less distributions from:
Net realized gains		—			—			(4.07	)		(3.37	)		(2.61	)		(.84	)
Total distributions		—			—			(4.07	)		(3.37	)		(2.61	)		(.84	)
Net asset value, end of period	$	74.78		$	68.25		$	49.59		$	61.69		$	57.63		$	36.29
Total Returne		9.57	%		37.63	%		(11.78	%)		12.40	%		66.37	%		5.14	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	105,560		$	95,089		$	64,133		$	74,179		$	69,808		$	41,054
Ratios to average net assets:
Net investment income (loss)		(0.42	%)		(0.36	%)		(0.43	%)		(0.78	%)		(0.75	%)		(0.44	%)
Total expensesc		1.57	%		1.59	%		1.54	%		1.50	%		1.58	%		1.62	%
Net expensesd		1.48	%		1.51	%		1.52	%		1.49	%		1.58	%		1.62	%
Portfolio turnover rate		14	%		70	%		50	%		44	%		57	%		54	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 185

NASDAQ-100^® 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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	54.80		$	40.11		$	51.32		$	48.76		$	31.18		$	30.64
Income (loss) from investment operations:
Net investment income (loss)b		(.33	)		(.52	)		(.48	)		(.82	)		(.66	)		(.39	)
Net gain (loss) on investments (realized and unrealized)		5.34			15.21			(6.66	)		6.75			20.85			1.77
Total from investment operations		5.01			14.69			(7.14	)		5.93			20.19			1.38
Less distributions from:
Net realized gains		—			—			(4.07	)		(3.37	)		(2.61	)		(.84	)
Total distributions		—			—			(4.07	)		(3.37	)		(2.61	)		(.84	)
Net asset value, end of period	$	59.81		$	54.80		$	40.11		$	51.32		$	48.76		$	31.18
Total Returne		9.14	%		36.62	%		(12.45	%)		11.57	%		65.17	%		4.31	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	79,272		$	81,249		$	72,314		$	106,419		$	115,315		$	80,633
Ratios to average net assets:
Net investment income (loss)		(1.17	%)		(1.12	%)		(1.19	%)		(1.53	%)		(1.50	%)		(1.19	%)
Total expensesc		2.31	%		2.34	%		2.29	%		2.25	%		2.33	%		2.37	%
Net expensesd		2.22	%		2.27	%		2.27	%		2.24	%		2.33	%		2.37	%
Portfolio turnover rate		14	%		70	%		50	%		44	%		57	%		54	%

186 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NASDAQ-100^® FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	68.24		$	49.57		$	61.67		$	57.61		$	36.28		$	35.26
Income (loss) from investment operations:
Net investment income (loss)b		(.15	)		(.20	)		(.21	)		(.51	)		(.38	)		(.16	)
Net gain (loss) on investments (realized and unrealized)		6.67			18.87			(7.82	)		7.94			24.32			2.02
Total from investment operations		6.52			18.67			(8.03	)		7.43			23.94			1.86
Less distributions from:
Net realized gains		—			—			(4.07	)		(3.37	)		(2.61	)		(.84	)
Total distributions		—			—			(4.07	)		(3.37	)		(2.61	)		(.84	)
Net asset value, end of period	$	74.76		$	68.24		$	49.57		$	61.67		$	57.61		$	36.28
Total Return		9.55	%		37.66	%		(11.77	%)		12.41	%		66.36	%		5.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	40,404		$	36,854		$	22,333		$	28,879		$	24,532		$	23,777
Ratios to average net assets:
Net investment income (loss)		(0.42	%)		(0.35	%)		(0.42	%)		(0.79	%)		(0.75	%)		(0.43	%)
Total expensesc		1.57	%		1.59	%		1.54	%		1.50	%		1.59	%		1.62	%
Net expensesd		1.48	%		1.51	%		1.52	%		1.49	%		1.59	%		1.62	%
Portfolio turnover rate		14	%		70	%		50	%		44	%		57	%		54	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 187

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE NASDAQ-100® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 14.1%
Guggenheim Strategy Fund II1		49,399	$	1,225,103
Guggenheim Ultra Short Duration Fund — Institutional Class1		87,169		873,430
Total Mutual Funds
(Cost $2,033,556)				2,098,533
	Face Amount
U.S. TREASURY BILLS†† - 23.3%
U.S. Treasury Bills
4.70% due 10/22/242	$	3,000,000		2,991,756
4.85% due 12/12/242,3		350,000		346,871
4.63% due 10/10/242,4		126,000		125,854
Total U.S. Treasury Bills
(Cost $3,463,479)				3,464,481
FEDERAL AGENCY DISCOUNT NOTES†† - 22.1%
Federal Home Loan Bank
4.68% due 11/13/242		2,000,000		1,988,605
5.18% due 10/04/242		1,300,000		1,299,501
Total Federal Agency Discount Notes
(Cost $3,288,044)				3,288,106

REPURCHASE AGREEMENTS††,5 - 40.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/243	3,311,559		3,311,559
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/243	2,735,193		2,735,193
Total Repurchase Agreements
(Cost $6,046,752)			6,046,752
Total Investments - 100.1%
(Cost $14,831,831)		$	14,897,872
Other Assets & Liabilities, net - (0.1)%			(18,153	)
Total Net Assets - 100.0%		$	14,879,719

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Sold Short†
NASDAQ-100 Index Mini Futures Contracts		6		Dec 2024	$	2,432,490	$	(60,801	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

Goldman Sachs International

NASDAQ-100 Index

Receive

5.13% (Federal Funds Rate + 0.30%)

At Maturity

12/18/24

99

$

1,981,527

$

(8,529

)

Barclays Bank plc

NASDAQ-100 Index

Receive

5.19% (SOFR + 0.35%)

At Maturity

12/19/24

185

3,710,806

(21,424

)

BNP Paribas

NASDAQ-100 Index

Receive

5.33% (Federal Funds Rate + 0.50%)

At Maturity

12/19/24

339

6,794,387

(29,848

)

$

12,486,720

$

(59,801

)

188 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
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 equity index swap collateral at September 30, 2024.
4	All or a portion of this security is pledged as futures collateral at September 30, 2024.
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, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	2,098,533	$	—	$	—	$	2,098,533
U.S. Treasury Bills		—		3,464,481		—		3,464,481
Federal Agency Discount Notes		—		3,288,106		—		3,288,106
Repurchase Agreements		—		6,046,752		—		6,046,752
Total Assets	$	2,098,533	$	12,799,339	$	—	$	14,897,872

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	60,801	$	—	$	—	$	60,801
Equity Index Swap Agreements**		—		59,801		—		59,801
Total Liabilities	$	60,801	$	59,801	$	—	$	120,602

** This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 189

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,215,224	$	—	$	—	$	—	$	9,879	$	1,225,103		49,399	$	34,794
Guggenheim Ultra Short Duration Fund — Institutional Class		863,841		—		—		—		9,589		873,430		87,169		22,480
	$	2,079,065	$	—	$	—	$	—	$	19,468	$	2,098,533			$	57,274

190 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $6,751,523)	$	6,752,587
Investments in affiliated issuers, at value (cost $2,033,556)		2,098,533
Repurchase agreements, at value (cost $6,046,752)		6,046,752
Segregated cash with broker		34,285
Receivables:
Fund shares sold		54,153
Dividends		8,965
Swap settlement		7,389
Interest		816
Total assets		15,003,480
Liabilities:
Unrealized depreciation on OTC swap agreements		59,801
Payable for:
Fund shares redeemed		23,918
Management fees		10,636
Transfer agent fees		7,537
Variation margin on futures contracts		5,910
Portfolio accounting and administration fees		631
Distribution and service fees		474
Trustees’ fees*		153
Miscellaneous		14,701
Total liabilities		123,761
Net assets	$	14,879,719
Net assets consist of:
Paid in capital	$	96,923,940
Total distributable earnings (loss)		(82,044,221	)
Net assets	$	14,879,719
Investor Class:
Net assets	$	13,417,449
Capital shares outstanding		852,050
Net asset value per share	$	15.75
Class A:
Net assets	$	660,361
Capital shares outstanding		43,988
Net asset value per share	$	15.01
Maximum offering price per share (Net asset value divided by 95.25%)	$	15.76
Class C:
Net assets	$	310,779
Capital shares outstanding		25,717
Net asset value per share	$	12.08
Class H:
Net assets	$	491,130
Capital shares outstanding		33,243
Net asset value per share	$	14.77

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	57,274
Interest		444,200
Total investment income		501,474
Expenses:
Management fees		83,027
Distribution and service fees:
Class A		863
Class C		1,137
Class H		617
Transfer agent fees		18,955
Portfolio accounting and administration fees		14,076
Registration fees		8,371
Interest expense		5,518
Professional fees		3,167
Custodian fees		1,186
Trustees’ fees*		1,006
Miscellaneous		9,136
Total expenses		147,059
Less:
Expenses reimbursed by Adviser		(9,227	)
Expenses waived by Adviser		(1,085	)
Total waived/reimbursed expenses		(10,312	)
Net expenses		136,747
Net investment income		364,727
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		33
Swap agreements		(1,370,976	)
Futures contracts		(256,109	)
Net realized loss		(1,627,052	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		943
Investments in affiliated issuers		19,468
Swap agreements		10,468
Futures contracts		(46,054	)
Net change in unrealized appreciation (depreciation)		(15,175	)
Net realized and unrealized loss		(1,642,227	)
Net decrease in net assets resulting from operations	$	(1,277,500	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 191

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	364,727		$	857,387
Net realized loss on investments		(1,627,052	)		(7,363,158	)
Net change in unrealized appreciation (depreciation) on investments		(15,175	)		1,233,909
Net decrease in net assets resulting from operations		(1,277,500	)		(5,271,862	)
Distributions to shareholders:
Investor Class		—			(633,663	)
Class A		—			(43,792	)
Class C		—			(10,242	)
Class H		—			(14,762	)
Total distributions to shareholders		—			(702,459	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		29,299,002			64,417,535
Class A		434,248			3,458,929
Class C		461,936			737,897
Class H		1,578,935			8,247,456
Distributions reinvested
Investor Class		—			625,369
Class A		—			43,782
Class C		—			10,242
Class H		—			14,762
Cost of shares redeemed
Investor Class		(30,272,683	)		(73,872,760	)
Class A		(563,292	)		(3,531,658	)
Class C		(305,611	)		(563,509	)
Class H		(1,370,726	)		(8,405,636	)
Net decrease from capital share transactions		(738,191	)		(8,817,591	)
Net decrease in net assets		(2,015,691	)		(14,791,912	)
Net assets:
Beginning of period		16,895,410			31,687,322
End of period	$	14,879,719		$	16,895,410
Capital share activity:
Shares sold
Investor Class		1,731,477			3,193,707
Class A		28,019			167,977
Class C		37,770			44,959
Class H		103,271			427,115
Shares issued from reinvestment of distributions
Investor Class		—			33,822
Class A		—			2,479
Class C		—			716
Class H		—			849
Shares redeemed
Investor Class		(1,800,812	)		(3,597,299	)
Class A		(35,864	)		(177,952	)
Class C		(24,325	)		(35,610	)
Class H		(90,965	)		(433,402	)
Net decrease in shares		(51,429	)		(372,639	)

192 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE NASDAQ-100^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	16.90		$	23.05		$	21.73		$	26.17		$	47.65		$	54.72
Income (loss) from investment operations:
Net investment income (loss)b		.33			.81			.40			(.28	)		(.40	)		.09
Net gain (loss) on investments (realized and unrealized)		(1.48	)		(6.09	)		.92	f		(4.16	)		(21.05	)		(6.83	)
Total from investment operations		(1.15	)		(5.28	)		1.32			(4.44	)		(21.45	)		(6.74	)
Less distributions from:
Net investment income		—			(.87	)		—			—			(.03	)		(.33	)
Total distributions		—			(.87	)		—			—			(.03	)		(.33	)
Net asset value, end of period	$	15.75		$	16.90		$	23.05		$	21.73		$	26.17		$	47.65
Total Return		(6.80	%)		(23.27	%)		6.07	%		(16.97	%)		(45.03	%)		(12.32	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,417		$	15,568		$	29,762		$	14,902		$	26,018		$	59,321
Ratios to average net assets:
Net investment income (loss)		3.98	%		4.04	%		1.55	%		(1.22	%)		(1.28	%)		0.17	%
Total expensesc		1.57	%		1.54	%		1.59	%		1.46	%		1.54	%		1.57	%
Net expensesd		1.45	%		1.45	%		1.55	%		1.44	%		1.52	%		1.54	%
Portfolio turnover rate		—			—			—			23	%		37	%		37	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	16.12		$	22.10		$	20.88		$	25.22		$	46.04		$	53.01
Income (loss) from investment operations:
Net investment income (loss)b		.30			.74			.33			(.31	)		(.45	)		.19
Net gain (loss) on investments (realized and unrealized)		(1.41	)		(5.85	)		.89	f		(4.03	)		(20.34	)		(6.83	)
Total from investment operations		(1.11	)		(5.11	)		1.22			(4.34	)		(20.79	)		(6.64	)
Less distributions from:
Net investment income		—			(.87	)		—			—			(.03	)		(.33	)
Total distributions		—			(.87	)		—			—			(.03	)		(.33	)
Net asset value, end of period	$	15.01		$	16.12		$	22.10		$	20.88		$	25.22		$	46.04
Total Returne		(6.89	%)		(23.51	%)		5.84	%		(17.21	%)		(45.17	%)		(12.53	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	660		$	836		$	1,311		$	1,885		$	1,489		$	523
Ratios to average net assets:
Net investment income (loss)		3.73	%		3.80	%		1.35	%		(1.41	%)		(1.51	%)		0.39	%
Total expensesc		1.81	%		1.78	%		1.82	%		1.70	%		1.78	%		1.81	%
Net expensesd		1.70	%		1.69	%		1.78	%		1.68	%		1.76	%		1.76	%
Portfolio turnover rate		—			—			—			23	%		37	%		37	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 193

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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	13.03		$	18.19		$	17.31		$	21.07		$	38.76		$	45.03
Income (loss) from investment operations:
Net investment income (loss)b		.19			.48			(.24	)		(.38	)		(.60	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		(1.14	)		(4.77	)		1.12	f		(3.38	)		(17.06	)		(5.77	)
Total from investment operations		(.95	)		(4.29	)		.88			(3.76	)		(17.66	)		(5.94	)
Less distributions from:
Net investment income		—			(.87	)		—			—			(.03	)		(.33	)
Total distributions		—			(.87	)		—			—			(.03	)		(.33	)
Net asset value, end of period	$	12.08		$	13.03		$	18.19		$	17.31		$	21.07		$	38.76
Total Returne		(7.29	%)		(24.06	%)		5.08	%		(17.85	%)		(45.58	%)		(13.19	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	311		$	160		$	40		$	707		$	73		$	234
Ratios to average net assets:
Net investment income (loss)		2.95	%		3.10	%		(1.22	%)		(2.16	%)		(2.26	%)		(0.41	%)
Total expensesc		2.58	%		2.55	%		2.56	%		2.45	%		2.55	%		2.57	%
Net expensesd		2.47	%		2.46	%		2.55	%		2.43	%		2.54	%		2.53	%
Portfolio turnover rate		—			—			—			23	%		37	%		37	%

194 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	15.87		$	21.77		$	20.57		$	24.83		$	45.36		$	52.24
Income (loss) from investment operations:
Net investment income (loss)b		.29			.71			.09			(.32	)		(.46	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		(1.39	)		(5.74	)		1.11	f		(3.94	)		(20.04	)		(6.53	)
Total from investment operations		(1.10	)		(5.03	)		1.20			(4.26	)		(20.50	)		(6.55	)
Less distributions from:
Net investment income		—			(.87	)		—			—			(.03	)		(.33	)
Total distributions		—			(.87	)		—			—			(.03	)		(.33	)
Net asset value, end of period	$	14.77		$	15.87		$	21.77		$	20.57		$	24.83		$	45.36
Total Return		(6.93	%)		(23.41	%)		5.83	%		(17.16	%)		(45.21	%)		(12.54	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	491		$	332		$	574		$	2,567		$	337		$	583
Ratios to average net assets:
Net investment income (loss)		3.72	%		3.79	%		0.39	%		(1.49	%)		(1.51	%)		(0.05	%)
Total expensesc		1.83	%		1.80	%		1.83	%		1.72	%		1.79	%		1.82	%
Net expensesd		1.72	%		1.71	%		1.80	%		1.71	%		1.78	%		1.79	%
Portfolio turnover rate		—			—			—			23	%		37	%		37	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	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.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 195

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 79.2%
Industrial - 18.5%
Carlisle Companies, Inc.		158	$	71,060
EMCOR Group, Inc.		159		68,454
Lennox International, Inc.		110		66,472
Owens Corning		297		52,426
Graco, Inc.		577		50,493
Comfort Systems USA, Inc.		122		47,623
AECOM		458		47,298
Coherent Corp.*		524		46,589
Tetra Tech, Inc.		914		43,104
Curtiss-Wright Corp.		131		43,058
XPO, Inc.*		398		42,789
Clean Harbors, Inc.*		173		41,816
ITT, Inc.		279		41,713
TopBuild Corp.*		102		41,495
nVent Electric plc		568		39,908
Saia, Inc.*		91		39,791
Crown Holdings, Inc.		407		39,023
Fortune Brands Innovations, Inc.		424		37,961
Advanced Drainage Systems, Inc.		241		37,876
Regal Rexnord Corp.		227		37,655
Lincoln Electric Holdings, Inc.		194		37,252
AptarGroup, Inc.		227		36,363
Woodward, Inc.		204		34,988
BWX Technologies, Inc.		312		33,914
CNH Industrial N.V.		2,999		33,289
Eagle Materials, Inc.		115		33,080
Universal Display Corp.		151		31,695
TD SYNNEX Corp.		260		31,221
Toro Co.		355		30,789
Graphic Packaging Holding Co.		1,026		30,359
Donaldson Company, Inc.		411		30,291
Knight-Swift Transportation Holdings, Inc.		553		29,834
RBC Bearings, Inc.*		99		29,639
Fabrinet*		124		29,319
Applied Industrial Technologies, Inc.		131		29,230
Acuity Brands, Inc.		105		28,916
Fluor Corp.*		585		27,910
Simpson Manufacturing Company, Inc.		144		27,543
UFP Industries, Inc.		208		27,292
Berry Global Group, Inc.		392		26,648
Crane Co.		166		26,275
MasTec, Inc.*		210		25,851
Middleby Corp.*		184		25,600
AAON, Inc.		230		24,803
Trex Company, Inc.*		371		24,701
Kirby Corp.*		198		24,241
Arrow Electronics, Inc.*		181		24,042
MSA Safety, Inc.		134		23,763
Cognex Corp.		586		23,733
Flowserve Corp.		449		23,209
Louisiana-Pacific Corp.		214		22,996
Landstar System, Inc.		121		22,853
Littelfuse, Inc.		85		22,546
Oshkosh Corp.		222		22,247
Novanta, Inc.*		123		22,007
Ryder System, Inc.		148		21,579
AGCO Corp.		212		20,746
Esab Corp.		194		20,624
Valmont Industries, Inc.		69		20,006
Exponent, Inc.		173		19,943
Watts Water Technologies, Inc. — Class A		94		19,476
Stericycle, Inc.*		317		19,337
MDU Resources Group, Inc.		697		19,105
Sensata Technologies Holding plc		516		18,504
Timken Co.		218		18,375
NEXTracker, Inc. — Class A*		490		18,365
Sonoco Products Co.		336		18,356
Chart Industries, Inc.*		144		17,876
Vontier Corp.		525		17,714
Knife River Corp.*		193		17,252
Hexcel Corp.		279		17,251
Avnet, Inc.		301		16,347
Belden, Inc.		139		16,281
GATX Corp.		122		16,159
Silgan Holdings, Inc.		277		14,543
EnerSys		138		14,083
Terex Corp.		229		12,116
Vishay Intertechnology, Inc.		388		7,337
Greif, Inc. — Class A		88		5,514
Total Industrial				2,321,932
Financial - 18.4%
Fidelity National Financial, Inc.		888		55,109
Interactive Brokers Group, Inc. — Class A		372		51,842
Reinsurance Group of America, Inc. — Class A		225		49,021
RenaissanceRe Holdings Ltd.		178		48,487
Gaming and Leisure Properties, Inc. REIT		938		48,260
WP Carey, Inc. REIT		748		46,600
Equitable Holdings, Inc.		1,093		45,939
Equity LifeStyle Properties, Inc. REIT		637		45,444
Jones Lang LaSalle, Inc.*		162		43,709
CubeSmart REIT		770		41,449
American Homes 4 Rent — Class A REIT		1,075		41,269
Lamar Advertising Co. — Class A REIT		300		40,080
East West Bancorp, Inc.		474		39,219
Rexford Industrial Realty, Inc. REIT		749		37,682
Omega Healthcare Investors, Inc. REIT		881		35,857
Kinsale Capital Group, Inc.		76		35,383
Unum Group		584		34,713
Annaly Capital Management, Inc. REIT		1,712		34,360
Jefferies Financial Group, Inc.		555		34,160
Ally Financial, Inc.		937		33,348
American Financial Group, Inc.		247		33,246
Stifel Financial Corp.		350		32,865
Western Alliance Bancorporation		373		32,261
EastGroup Properties, Inc. REIT		166		31,012
Carlyle Group, Inc.		719		30,960
Evercore, Inc. — Class A		122		30,908
Primerica, Inc.		116		30,757
NNN REIT, Inc.		628		30,452

196 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Old Republic International Corp.		813	$	28,797
Houlihan Lokey, Inc.		182		28,760
Brixmor Property Group, Inc. REIT		1,030		28,696
First Horizon Corp.		1,831		28,435
Webster Financial Corp.		586		27,314
Voya Financial, Inc.		336		26,618
Agree Realty Corp. REIT		343		25,838
Pinnacle Financial Partners, Inc.		261		25,570
First Industrial Realty Trust, Inc. REIT		452		25,303
SouthState Corp.		260		25,267
Wintrust Financial Corp.		227		24,636
Cullen/Frost Bankers, Inc.		219		24,497
STAG Industrial, Inc. REIT		622		24,314
Zions Bancorp North America		505		23,846
Commerce Bancshares, Inc.		401		23,819
Prosperity Bancshares, Inc.		326		23,495
Hamilton Lane, Inc. — Class A		139		23,406
Essent Group Ltd.		363		23,337
SEI Investments Co.		337		23,317
Ryan Specialty Holdings, Inc.		350		23,237
First American Financial Corp.		352		23,236
MGIC Investment Corp.		886		22,682
Healthcare Realty Trust, Inc. REIT		1,241		22,524
Vornado Realty Trust REIT		566		22,300
Starwood Property Trust, Inc. REIT		1,085		22,112
RLI Corp.		142		22,007
Synovus Financial Corp.		492		21,879
Old National Bancorp		1,090		20,339
Kite Realty Group Trust REIT		751		19,947
Cadence Bank		623		19,843
Selective Insurance Group, Inc.		208		19,406
Columbia Banking System, Inc.		716		18,695
Hanover Insurance Group, Inc.		123		18,218
Affiliated Managers Group, Inc.		102		18,136
Glacier Bancorp, Inc.		387		17,686
FNB Corp.		1,229		17,341
Home BancShares, Inc.		635		17,202
United Bankshares, Inc.		461		17,103
SLM Corp.		743		16,992
Janus Henderson Group plc		435		16,560
First Financial Bankshares, Inc.		439		16,247
UMB Financial Corp.		152		15,977
Independence Realty Trust, Inc. REIT		768		15,744
Bank OZK		361		15,519
Cousins Properties, Inc. REIT		520		15,330
Hancock Whitney Corp.		295		15,095
Sabra Health Care REIT, Inc.		801		14,907
Rayonier, Inc. REIT		458		14,738
Kilroy Realty Corp. REIT		361		13,971
Western Union Co.		1,154		13,767
Valley National Bancorp		1,462		13,246
EPR Properties REIT		259		12,701
Kemper Corp.		207		12,679
CNO Financial Group, Inc.		361		12,671
COPT Defense Properties REIT		384		11,647
National Storage Affiliates Trust REIT		239		11,520
New York Community Bancorp, Inc.		1,018		11,432
Texas Capital Bancshares, Inc.*		158		11,291
PotlatchDeltic Corp. REIT		245		11,037
International Bancshares Corp.		183		10,942
Associated Banc-Corp.		507		10,921
Park Hotels & Resorts, Inc. REIT		714		10,067
Federated Hermes, Inc. — Class B		269		9,891
Brighthouse Financial, Inc.*		208		9,366
Total Financial				2,307,808
Consumer, Non-cyclical - 13.2%
Illumina, Inc.*		544		70,943
Avantor, Inc.*		2,323		60,096
United Therapeutics Corp.*		152		54,469
Tenet Healthcare Corp.*		327		54,347
US Foods Holding Corp.*		836		51,414
RB Global, Inc.		630		50,709
BioMarin Pharmaceutical, Inc.*		651		45,759
Performance Food Group Co.*		533		41,771
Sarepta Therapeutics, Inc.*		326		40,714
Neurocrine Biosciences, Inc.*		345		39,751
Service Corporation International		498		39,307
Sprouts Farmers Market, Inc.*		342		37,760
Encompass Health Corp.		344		33,244
Chemed Corp.		51		30,650
Ingredion, Inc.		222		30,509
H&R Block, Inc.		477		30,313
WEX, Inc.*		140		29,362
Morningstar, Inc.		92		29,359
Medpace Holdings, Inc.*		87		29,041
Ensign Group, Inc.		193		27,757
Globus Medical, Inc. — Class A*		386		27,614
FTI Consulting, Inc.*		121		27,535
BellRing Brands, Inc.*		442		26,838
Repligen Corp.*		178		26,490
Coca-Cola Consolidated, Inc.		20		26,328
Bruker Corp.		378		26,105
Lantheus Holdings, Inc.*		237		26,011
Penumbra, Inc.*		133		25,843
Exelixis, Inc.*		975		25,301
Halozyme Therapeutics, Inc.*		433		24,785
Paylocity Holding Corp.*		148		24,416
HealthEquity, Inc.*		297		24,310
Jazz Pharmaceuticals plc*		211		23,508
Bio-Rad Laboratories, Inc. — Class A*		65		21,748
GXO Logistics, Inc.*		408		21,244
Cytokinetics, Inc.*		402		21,226
elf Beauty, Inc.*		193		21,043
Darling Ingredients, Inc.*		543		20,178
Masimo Corp.*		151		20,133
Acadia Healthcare Company, Inc.*		317		20,101
Dentsply Sirona, Inc.		693		18,753
Post Holdings, Inc.*		162		18,752
Valvoline, Inc.*		440		18,414
Option Care Health, Inc.*		584		18,279
Brink’s Co.		151		17,462
Roivant Sciences Ltd.*		1,491		17,206

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 197

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Celsius Holdings, Inc.*		534	$	16,746
Flowers Foods, Inc.		669		15,434
Euronet Worldwide, Inc.*		144		14,289
Haemonetics Corp.*		175		14,066
Grand Canyon Education, Inc.*		99		14,043
Perrigo Company plc		466		12,223
ManpowerGroup, Inc.		162		11,910
Coty, Inc. — Class A*		1,246		11,700
Lancaster Colony Corp.		66		11,654
Envista Holdings Corp.*		588		11,619
Neogen Corp.*		674		11,330
Amedisys, Inc.*		112		10,809
Insperity, Inc.		122		10,736
Graham Holdings Co. — Class B		12		9,861
LivaNova plc*		186		9,772
Sotera Health Co.*		523		8,734
Boston Beer Company, Inc. — Class A*		30		8,674
Arrowhead Pharmaceuticals, Inc.*		425		8,232
Enovis Corp.*		191		8,223
Azenta, Inc.*		167		8,089
R1 RCM, Inc.*		534		7,567
Pilgrim’s Pride Corp.*		138		6,355
Avis Budget Group, Inc.		58		5,080
Total Consumer, Non-cyclical				1,664,044
Consumer, Cyclical - 12.5%
Williams-Sonoma, Inc.		440		68,165
Watsco, Inc.		119		58,534
Burlington Stores, Inc.*		216		56,912
Toll Brothers, Inc.		351		54,226
Casey’s General Stores, Inc.		127		47,715
Floor & Decor Holdings, Inc. — Class A*		366		45,446
Wingstop, Inc.		100		41,608
Dick’s Sporting Goods, Inc.		198		41,323
Texas Roadhouse, Inc. — Class A		228		40,265
BJ’s Wholesale Club Holdings, Inc.*		453		37,363
Aramark		900		34,857
Churchill Downs, Inc.		251		33,938
Tempur Sealy International, Inc.		593		32,378
Murphy USA, Inc.		64		31,544
GameStop Corp. — Class A*		1,325		30,382
Skechers USA, Inc. — Class A*		453		30,315
Crocs, Inc.*		203		29,396
Core & Main, Inc. — Class A*		659		29,259
Lithia Motors, Inc. — Class A		91		28,905
TKO Group Holdings, Inc.*		227		28,082
Light & Wonder, Inc. — Class A*		303		27,491
WESCO International, Inc.		153		25,701
American Airlines Group, Inc.*		2,244		25,223
Taylor Morrison Home Corp. — Class A*		356		25,012
Abercrombie & Fitch Co. — Class A*		175		24,482
Planet Fitness, Inc. — Class A*		289		23,472
Hyatt Hotels Corp. — Class A		154		23,439
Gentex Corp.		787		23,366
Autoliv, Inc.		250		23,342
Vail Resorts, Inc.		129		22,483
Mattel, Inc.*		1,162		22,136
Wyndham Hotels & Resorts, Inc.		270		21,098
KB Home		246		21,080
Lear Corp.		192		20,957
Ollie’s Bargain Outlet Holdings, Inc.*		209		20,315
Whirlpool Corp.		188		20,116
Thor Industries, Inc.		182		20,000
PVH Corp.		191		19,259
Brunswick Corp.		226		18,943
Capri Holdings Ltd.*		403		17,103
RH*		51		17,056
Gap, Inc.		756		16,670
Five Below, Inc.*		188		16,610
AutoNation, Inc.*		89		15,924
Dolby Laboratories, Inc. — Class A		204		15,612
Harley-Davidson, Inc.		405		15,605
FirstCash Holdings, Inc.		133		15,268
Boyd Gaming Corp.		235		15,193
Warner Music Group Corp. — Class A		484		15,149
Polaris, Inc.		179		14,900
Macy’s, Inc.		945		14,827
MSC Industrial Direct Company, Inc. — Class A		153		13,167
Scotts Miracle-Gro Co. — Class A		146		12,658
YETI Holdings, Inc.*		289		11,858
Travel + Leisure Co.		238		10,967
Penske Automotive Group, Inc.		64		10,395
Wendy’s Co.		583		10,214
Choice Hotels International, Inc.1		77		10,033
Columbia Sportswear Co.		112		9,317
Visteon Corp.*		94		8,953
Goodyear Tire & Rubber Co.*		974		8,620
Marriott Vacations Worldwide Corp.		110		8,083
Carter’s, Inc.		123		7,993
Hilton Grand Vacations, Inc.*		219		7,954
Nordstrom, Inc.		330		7,422
Under Armour, Inc. — Class A*		645		5,747
Under Armour, Inc. — Class C*		442		3,695
Total Consumer, Cyclical				1,565,521
Technology - 6.5%
Manhattan Associates, Inc.*		209		58,808
Dynatrace, Inc.*		1,018		54,432
Pure Storage, Inc. — Class A*		1,056		53,053
CACI International, Inc. — Class A*		76		38,347
Duolingo, Inc.*		128		36,099
Onto Innovation, Inc.*		169		35,078
KBR, Inc.		455		29,634
MKS Instruments, Inc.		230		25,003
Lattice Semiconductor Corp.*		471		24,996
Science Applications International Corp.		175		24,372
CommVault Systems, Inc.*		149		22,924
Cirrus Logic, Inc.*		183		22,731
Genpact Ltd.		560		21,958
MACOM Technology Solutions Holdings, Inc.*		197		21,918
Aspen Technology, Inc.*		91		21,733
ExlService Holdings, Inc.*		552		21,059

198 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Dropbox, Inc. — Class A*		811	$	20,624
Altair Engineering, Inc. — Class A*		203		19,389
Maximus, Inc.		206		19,191
Doximity, Inc. — Class A*		428		18,648
Appfolio, Inc. — Class A*		79		18,597
Kyndryl Holdings, Inc.*		790		18,154
Parsons Corp.*		160		16,589
Qualys, Inc.*		126		16,186
Rambus, Inc.*		368		15,537
Lumentum Holdings, Inc.*		232		14,704
ASGN, Inc.*		153		14,264
Silicon Laboratories, Inc.*		110		12,713
Power Integrations, Inc.		194		12,439
Allegro MicroSystems, Inc.*		531		12,372
Amkor Technology, Inc.		387		11,842
Blackbaud, Inc.*		136		11,516
Synaptics, Inc.*		135		10,473
ZoomInfo Technologies, Inc. — Class A*		986		10,175
Teradata Corp.*		328		9,951
Crane NXT Co.		168		9,425
Concentrix Corp.		161		8,251
IPG Photonics Corp.*		94		6,986
Total Technology				820,171
Energy - 4.0%
Texas Pacific Land Corp.		64		56,623
Ovintiv, Inc.		902		34,556
Chesapeake Energy Corp.1		381		31,337
Permian Resources Corp.		2,169		29,520
Antero Resources Corp.*		999		28,621
Chord Energy Corp.		211		27,479
Southwestern Energy Co.*		3,769		26,798
DT Midstream, Inc.		332		26,115
Range Resources Corp.		827		25,438
HF Sinclair Corp.		554		24,692
NOV, Inc.		1,345		21,480
Weatherford International plc		250		21,230
ChampionX Corp.		651		19,627
Matador Resources Co.		397		19,620
Antero Midstream Corp.		1,151		17,323
CNX Resources Corp.*		517		16,839
Murphy Oil Corp.		485		16,364
Civitas Resources, Inc.		309		15,657
Viper Energy, Inc.		347		15,653
Valaris Ltd.*		228		12,711
PBF Energy, Inc. — Class A		340		10,523
Total Energy				498,206
Basic Materials - 3.1%
Reliance, Inc.		188		54,372
RPM International, Inc.		440		53,240
Alcoa Corp.		883		34,066
Royal Gold, Inc.		225		31,568
Axalta Coating Systems Ltd.*		749		27,106
United States Steel Corp.		765		27,027
Commercial Metals Co.		393		21,599
Cabot Corp.		187		20,901
Cleveland-Cliffs, Inc.*		1,599		20,419
Olin Corp.		402		19,288
Westlake Corp.		114		17,133
Avient Corp.		312		15,700
Ashland, Inc.		167		14,524
NewMarket Corp.		26		14,349
Arcadium Lithium plc*		3,675		10,474
Chemours Co.		510		10,363
Total Basic Materials				392,129
Utilities - 2.1%
Essential Utilities, Inc.		860		33,170
OGE Energy Corp.		686		28,140
National Fuel Gas Co.		312		18,910
IDACORP, Inc.		182		18,762
UGI Corp.		734		18,365
Portland General Electric Co.		352		16,861
New Jersey Resources Corp.		339		16,001
Southwest Gas Holdings, Inc.		206		15,195
Black Hills Corp.		238		14,547
ONE Gas, Inc.		194		14,437
Ormat Technologies, Inc.		184		14,157
TXNM Energy, Inc.		309		13,525
Spire, Inc.		197		13,256
ALLETE, Inc.		197		12,645
Northwestern Energy Group, Inc.		209		11,959
Total Utilities				259,930
Communications - 0.9%
New York Times Co. — Class A		559		31,120
Ciena Corp.*		491		30,241
Frontier Communications Parent, Inc.*		756		26,861
Nexstar Media Group, Inc. — Class A		104		17,196
Iridium Communications, Inc.		405		12,332
Total Communications				117,750
Total Common Stocks
(Cost $7,017,069)				9,947,491
MUTUAL FUNDS† - 9.0%
Guggenheim Ultra Short Duration Fund — Institutional Class2		88,750		889,279
Guggenheim Strategy Fund II2		9,844		244,122
Total Mutual Funds
(Cost $1,123,599)				1,133,401
	Face Amount
U.S. TREASURY BILLS†† - 1.9%
U.S. Treasury Bills
4.85% due 12/12/243,4	$	130,000		128,838
4.63% due 10/10/244,5		105,000		104,878
Total U.S. Treasury Bills
(Cost $233,604)				233,716

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 199

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
MID-CAP 1.5x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,6 - 9.3%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/243	$	639,715	$	639,715
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/243		528,375		528,375
Total Repurchase Agreements
(Cost $1,168,090)				1,168,090

	Shares		Value
SECURITIES LENDING COLLATERAL†,7 - 0.3%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%8		31,806	$	31,806
Total Securities Lending Collateral
(Cost $31,806)				31,806
Total Investments - 99.7%
(Cost $9,574,168)			$	12,514,504
Other Assets & Liabilities, net - 0.3%				39,513
Total Net Assets - 100.0%			$	12,554,017

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
S&P MidCap 400 Index Mini Futures Contracts		6		Dec 2024	$	1,889,640	$	49,734

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

S&P MidCap 400 Index

Pay

5.08% (Federal Funds Rate + 0.25%)

At Maturity

12/18/24

1,631

$

5,091,807

$

49,115

BNP Paribas

S&P MidCap 400 Index

Pay

5.38% (Federal Funds Rate + 0.55%)

At Maturity

12/19/24

248

773,316

8,153

Barclays Bank plc

S&P MidCap 400 Index

Pay

5.39% (SOFR + 0.55%)

At Maturity

12/19/24

354

1,105,624

1,064

$

6,970,747

$

58,332

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2024.
4	Rate indicated is the effective yield at the time of purchase.
5	All or a portion of this security is pledged as futures collateral at September 30, 2024.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

200 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
MID-CAP 1.5x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	9,947,491	$	—	$	—	$	9,947,491
Mutual Funds		1,133,401		—		—		1,133,401
U.S. Treasury Bills		—		233,716		—		233,716
Repurchase Agreements		—		1,168,090		—		1,168,090
Securities Lending Collateral		31,806		—		—		31,806
Equity Futures Contracts**		49,734		—		—		49,734
Equity Index Swap Agreements**		—		58,332		—		58,332
Total Assets	$	11,162,432	$	1,460,138	$	—	$	12,622,570

** 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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	242,153	$	—	$	—	$	—	$	1,969	$	244,122		9,844	$	6,933
Guggenheim Ultra Short Duration Fund — Institutional Class		879,517		—		—		—		9,762		889,279		88,750		22,888
	$	1,121,670	$	—	$	—	$	—	$	11,731	$	1,133,401			$	29,821

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 201

MID-CAP 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value - including $30,868 of securities loaned (cost $7,282,479)	$	10,213,013
Investments in affiliated issuers, at value (cost $1,123,599)		1,133,401
Repurchase agreements, at value (cost $1,168,090)		1,168,090
Cash		76
Segregated cash with broker		6,060
Unrealized appreciation on OTC swap agreements		58,332
Receivables:
Fund shares sold		159,522
Dividends		13,500
Swap settlement		6,083
Variation margin on futures contracts		1,920
Interest		158
Securities lending income		31
Total assets		12,760,186
Liabilities:
Segregated cash due to broker		120,000
Payable for:
Return of securities lending collateral		31,806
Securities purchased		27,758
Management fees		8,670
Transfer agent fees		5,699
Distribution and service fees		2,598
Portfolio accounting and administration fees		516
Trustees’ fees*		115
Fund shares redeemed		13
Miscellaneous		8,994
Total liabilities		206,169
Net assets	$	12,554,017
Net assets consist of:
Paid in capital	$	10,150,637
Total distributable earnings (loss)		2,403,380
Net assets	$	12,554,017
Class A:
Net assets	$	3,108,591
Capital shares outstanding		23,282
Net asset value per share	$	133.52
Maximum offering price per share (Net asset value divided by 95.25%)	$	140.18
Class C:
Net assets	$	333,972
Capital shares outstanding		3,113
Net asset value per share	$	107.28
Class H:
Net assets	$	9,111,454
Capital shares outstanding		67,928
Net asset value per share	$	134.13

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $32)	$	76,811
Dividends from securities of affiliated issuers		29,821
Interest		51,042
Income from securities lending, net		166
Total investment income		157,840
Expenses:
Management fees		60,550
Distribution and service fees:
Class A		4,469
Class C		1,251
Class H		12,038
Transfer agent fees		13,824
Portfolio accounting and administration fees		10,265
Professional fees		2,170
Interest expense		1,203
Custodian fees		862
Trustees’ fees*		703
Miscellaneous		10,701
Total expenses		118,036
Less:
Expenses reimbursed by Adviser		(6,730	)
Expenses waived by Adviser		(1,104	)
Total waived/reimbursed expenses		(7,834	)
Net expenses		110,202
Net investment income		47,638
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		67,466
Swap agreements		129,875
Futures contracts		12,254
Net realized gain		209,595
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		221,373
Investments in affiliated issuers		11,731
Swap agreements		(153,331	)
Futures contracts		(27,413	)
Net change in unrealized appreciation (depreciation)		52,360
Net realized and unrealized gain		261,955
Net increase in net assets resulting from operations	$	309,593

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

202 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

MID-CAP 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	47,638		$	104,474
Net realized gain on investments		209,595			1,646,978
Net change in unrealized appreciation (depreciation) on investments		52,360			1,910,935
Net increase in net assets resulting from operations		309,593			3,662,387
Distributions to shareholders:
Class A		—			(12,601	)
Class C		—			(1,279	)
Class H		—			(30,819	)
Total distributions to shareholders		—			(44,699	)
Capital share transactions:
Proceeds from sale of shares
Class A		98,480			1,023,710
Class C		211,320			199,913
Class H		11,257,083			23,963,867
Distributions reinvested
Class A		—			12,590
Class C		—			1,278
Class H		—			30,338
Cost of shares redeemed
Class A		(1,046,289	)		(1,680,856	)
Class C		(86,486	)		(160,513	)
Class H		(11,878,520	)		(24,085,146	)
Net decrease from capital share transactions		(1,444,412	)		(694,819	)
Net increase (decrease) in net assets		(1,134,819	)		2,922,869
Net assets:
Beginning of period		13,688,836			10,765,967
End of period	$	12,554,017		$	13,688,836
Capital share activity:
Shares sold
Class A		777			10,264
Class C		2,046			2,417
Class H		89,168			230,583
Shares issued from reinvestment of distributions
Class A		—			119
Class C		—			15
Class H		—			285
Shares redeemed
Class A		(8,187	)		(16,724	)
Class C		(883	)		(1,864	)
Class H		(93,311	)		(227,051	)
Net decrease in shares		(10,390	)		(1,956	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 203

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	130.78		$	100.88		$	115.54		$	131.92		$	56.02		$	89.82
Income (loss) from investment operations:
Net investment income (loss)b		.46			.96			.41			(.72	)		(.68	)		.37
Net gain (loss) on investments (realized and unrealized)		2.28			29.35			(15.07	)		6.46			77.00			(33.98	)
Total from investment operations		2.74			30.31			(14.66	)		5.74			76.32			(33.61	)
Less distributions from:
Net investment income		—			(.41	)		—			—			(.42	)		(.19	)
Net realized gains		—			—			—			(22.12	)		—			—
Total distributions		—			(.41	)		—			(22.12	)		(.42	)		(.19	)
Net asset value, end of period	$	133.52		$	130.78		$	100.88		$	115.54		$	131.92		$	56.02
Total Returnc		2.10	%		30.15	%		(12.69	%)		3.49	%		136.41	%		(37.52	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,109		$	4,014		$	3,736		$	4,017		$	4,337		$	1,950
Ratios to average net assets:
Net investment income (loss)		0.73	%		0.90	%		0.41	%		(0.54	%)		(0.75	%)		0.40	%
Total expensesd		1.74	%		1.78	%		1.70	%		1.66	%		1.75	%		1.77	%
Net expensese		1.62	%		1.68	%		1.65	%		1.65	%		1.72	%		1.72	%
Portfolio turnover rate		29	%		57	%		44	%		159	%		501	%		617	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	105.47		$	82.02		$	94.68		$	112.55		$	48.18		$	77.86
Income (loss) from investment operations:
Net investment income (loss)b		—			.15			(.34	)		(1.48	)		(1.12	)		(.27	)
Net gain (loss) on investments (realized and unrealized)		1.81			23.71			(12.32	)		5.73			65.91			(29.22	)
Total from investment operations		1.81			23.86			(12.66	)		4.25			64.79			(29.49	)
Less distributions from:
Net investment income		—			(.41	)		—			—			(.42	)		(.19	)
Net realized gains		—			—			—			(22.12	)		—			—
Total distributions		—			(.41	)		—			(22.12	)		(.42	)		(.19	)
Net asset value, end of period	$	107.28		$	105.47		$	82.02		$	94.68		$	112.55		$	48.18
Total Returnc		1.72	%		29.20	%		(13.37	%)		2.71	%		134.67	%		(37.98	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	334		$	206		$	113		$	231		$	653		$	1,933
Ratios to average net assets:
Net investment income (loss)		0.01	%		0.17	%		(0.42	%)		(1.31	%)		(1.59	%)		(0.34	%)
Total expensesd		2.49	%		2.54	%		2.45	%		2.41	%		2.52	%		2.52	%
Net expensese		2.37	%		2.44	%		2.40	%		2.39	%		2.50	%		2.47	%
Portfolio turnover rate		29	%		57	%		44	%		159	%		501	%		617	%

204 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	131.39		$	101.34		$	116.07		$	132.43		$	56.24		$	90.18
Income (loss) from investment operations:
Net investment income (loss)b		.45			.98			.36			(.76	)		(.60	)		.27
Net gain (loss) on investments (realized and unrealized)		2.29			29.48			(15.09	)		6.52			77.21			(34.02	)
Total from investment operations		2.74			30.46			(14.73	)		5.76			76.61			(33.75	)
Less distributions from:
Net investment income		—			(.41	)		—			—			(.42	)		(.19	)
Net realized gains		—			—			—			(22.12	)		—			—
Total distributions		—			(.41	)		—			(22.12	)		(.42	)		(.19	)
Net asset value, end of period	$	134.13		$	131.39		$	101.34		$	116.07		$	132.43		$	56.24
Total Return		2.09	%		30.16	%		(12.69	%)		3.49	%		136.39	%		(37.52	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,111		$	9,469		$	6,917		$	10,327		$	12,089		$	4,054
Ratios to average net assets:
Net investment income (loss)		0.72	%		0.92	%		0.36	%		(0.57	%)		(0.64	%)		0.28	%
Total expensesd		1.74	%		1.79	%		1.70	%		1.66	%		1.74	%		1.79	%
Net expensese		1.63	%		1.68	%		1.65	%		1.65	%		1.72	%		1.77	%
Portfolio turnover rate		29	%		57	%		44	%		159	%		501	%		617	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 205

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE MID-CAP STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 36.5%
Guggenheim Strategy Fund II1		2,020	$	50,096
Guggenheim Ultra Short Duration Fund — Institutional Class1		4,630		46,393
Total Mutual Funds
(Cost $95,671)				96,489

	Face Amount
REPURCHASE AGREEMENTS††,2 - 64.0%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/243	$	92,636		92,636
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/243		76,513		76,513
Total Repurchase Agreements
(Cost $169,149)				169,149
Total Investments - 100.5%
(Cost $264,820)			$	265,638
Other Assets & Liabilities, net - (0.5)%				(1,208	)
Total Net Assets - 100.0%			$	264,430

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

Barclays Bank plc

S&P MidCap 400 Index

Receive

5.09% (SOFR + 0.25%)

At Maturity

12/19/24

34

$

106,193

$

(102

)

Goldman Sachs International

S&P MidCap 400 Index

Receive

4.78% (Federal Funds Rate - 0.05%)

At Maturity

12/18/24

23

71,646

(756

)

BNP Paribas

S&P MidCap 400 Index

Receive

4.98% (Federal Funds Rate + 0.15%)

At Maturity

12/19/24

28

87,722

(923

)

$

265,561

$

(1,781

)

†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Repurchase Agreements — See Note 6.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2024.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

206 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INVERSE MID-CAP STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	96,489	$	—	$	—	$	96,489
Repurchase Agreements		—		169,149		—		169,149
Total Assets	$	96,489	$	169,149	$	—	$	265,638

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	1,781	$	—	$	1,781

** 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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	49,692	$	—	$	—	$	—	$	404	$	50,096		2,020	$	1,423
Guggenheim Ultra Short Duration Fund — Institutional Class		45,884		—		—		—		509		46,393		4,630		1,194
	$	95,576	$	—	$	—	$	—	$	913	$	96,489			$	2,617

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 207

INVERSE MID-CAP STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in affiliated issuers, at value (cost $95,671)		96,489
Repurchase agreements, at value (cost $169,149)		169,149
Segregated cash with broker		1,000
Receivables:
Dividends		410
Interest		23
Swap settlement		18
Fund shares sold		6
Total assets		267,095
Liabilities:
Unrealized depreciation on OTC swap agreements		1,781
Payable for:
Management fees		260
Transfer agent fees		184
Distribution and service fees		77
Portfolio accounting and administration fees		16
Fund shares redeemed		11
Trustees’ fees*		4
Miscellaneous		332
Total liabilities		2,665
Net assets	$	264,430
Net assets consist of:
Paid in capital	$	6,543,081
Total distributable earnings (loss)		(6,278,651	)
Net assets	$	264,430
Class A:
Net assets	$	20,297
Capital shares outstanding		423
Net asset value per share	$	47.93
Maximum offering price per share (Net asset value divided by 95.25%)	$	50.32
Class C:
Net assets	$	3,155
Capital shares outstanding		76
Net asset value per share	$	41.61
Class H:
Net assets	$	240,978
Capital shares outstanding		5,024
Net asset value per share	$	47.97

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	2,617
Interest		9,541
Total investment income		12,158
Expenses:
Management fees		2,089
Distribution and service fees:
Class A		48
Class C		4
Class H		531
Transfer agent fees		482
Portfolio accounting and administration fees		355
Registration fees		223
Professional fees		133
Trustees’ fees*		37
Custodian fees		30
Miscellaneous		62
Total expenses		3,994
Less:
Expenses reimbursed by Adviser		(232	)
Expenses waived by Adviser		(58	)
Total waived/reimbursed expenses		(290	)
Net expenses		3,704
Net investment income		8,454
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(11,924	)
Net realized loss		(11,924	)
Net change in unrealized appreciation (depreciation) on:
Investments in affiliated issuers		913
Swap agreements		11,449
Net change in unrealized appreciation (depreciation)		12,362
Net realized and unrealized gain		438
Net increase in net assets resulting from operations	$	8,892

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

208 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE MID-CAP STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,454		$	75,618
Net realized loss on investments		(11,924	)		(219,383	)
Net change in unrealized appreciation (depreciation) on investments		12,362			72,499
Net increase (decrease) in net assets resulting from operations		8,892			(71,266	)
Distributions to shareholders:
Class A		—			(3,819	)
Class C		—			(10	)
Class H		—			(52,183	)
Total distributions to shareholders		—			(56,012	)
Capital share transactions:
Proceeds from sale of shares
Class A		38,897			87,472
Class C		3,200			—
Class H		3,298,263			5,523,737
Distributions reinvested
Class A		—			3,804
Class C		—			10
Class H		—			52,182
Cost of shares redeemed
Class A		(67,837	)		(89,458	)
Class C		—			—
Class H		(3,581,756	)		(7,533,294	)
Net decrease from capital share transactions		(309,233	)		(1,955,547	)
Net decrease in net assets		(300,341	)		(2,082,825	)
Net assets:
Beginning of period		564,771			2,647,596
End of period	$	264,430		$	564,771
Capital share activity:
Shares sold
Class A		778			1,433
Class C		74			—
Class H		66,217			98,363
Shares issued from reinvestment of distributions
Class A		—			70
Class C		—			��
Class H		—			960
Shares redeemed
Class A		(1,365	)		(1,477	)
Class C		—			—
Class H		(71,959	)		(132,116	)
Net decrease in shares		(6,255	)		(32,767	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 209

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020j
Per Share Data
Net asset value, beginning of period	$	47.91		$	59.40		$	57.57		$	63.60		$	127.90		$	109.10
Income (loss) from investment operations:
Net investment income (loss)b		.85			2.02			.90			(.75	)		(.45	)		.75
Net gain (loss) on investments (realized and unrealized)		(.83	)f		(9.45	)		.93	f		(5.28	)		(63.36	)		18.85	f
Total from investment operations		.02			(7.43	)		1.83			(6.03	)		(63.81	)		19.60
Less distributions from:
Net investment income		—			(4.06	)		—			—			(.49	)		(.80	)
Total distributions		—			(4.06	)		—			—			(.49	)		(.80	)
Net asset value, end of period	$	47.93		$	47.91		$	59.40		$	57.57		$	63.60		$	127.90
Total Returnc		0.04	%		(13.31	%)		3.18	%		(9.48	%)		(49.94	%)		18.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20		$	48		$	58		$	61		$	100		$	60
Ratios to average net assets:
Net investment income (loss)		3.60	%		3.52	%		1.48	%		(1.25	%)		(1.29	%)		0.68	%
Total expensesd		1.71	%		1.73	%		1.66	%		1.66	%		1.76	%		1.77	%
Net expensese		1.58	%		1.64	%		1.61	%		1.63	%		1.73	%		1.70	%
Portfolio turnover rate		—			—			—			24	%		42	%		—

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020j
Per Share Data
Net asset value, beginning of period	$	41.44		$	51.61		$	50.06		$	55.65		$	112.07		$	97.04
Income (loss) from investment operations:
Net investment income (loss)b		.72			1.67			(.54	)		(1.10	)		(.83	)		—	g
Net gain (loss) on investments (realized and unrealized)		(.55	)f		(7.78	)		2.09	f		(4.49	)		(55.10	)		15.83	f
Total from investment operations		.17			(6.11	)		1.55			(5.59	)		(55.93	)		15.83
Less distributions from:
Net investment income		—			(4.06	)		—			—			(.49	)		(.80	)
Total distributions		—			(4.06	)		—			—			(.49	)		(.80	)
Net asset value, end of period	$	41.61		$	41.44		$	51.61		$	50.06		$	55.65		$	112.07
Total Returnc		0.41	%		(12.73	%)		3.10	%		(10.04	%)		(50.08	%)		16.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3		$	—	h	$	—	h	$	—	h	$	3		$	—	h
Ratios to average net assets:
Net investment income (loss)		2.83	%		3.97	%		(0.94	%)		(2.11	%)		(1.95	%)		0.00	%i
Total expensesd		2.40	%		1.59	%		2.39	%		2.39	%		2.49	%		2.63	%
Net expensese		2.40	%		1.59	%		2.39	%		2.39	%		2.46	%		2.63	%
Portfolio turnover rate		—			—			—			24	%		42	%		—

210 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020j
Per Share Data
Net asset value, beginning of period	$	47.96		$	59.44		$	57.62		$	63.65		$	128.00		$	109.20
Income (loss) from investment operations:
Net investment income (loss)b		.91			2.08			.81			(.84	)		(.42	)		.70
Net gain (loss) on investments (realized and unrealized)		(.90	)f		(9.50	)		1.01	f		(5.19	)		(63.44	)		18.90	f
Total from investment operations		.01			(7.42	)		1.82			(6.03	)		(63.86	)		19.60
Less distributions from:
Net investment income		—			(4.06	)		—			—			(.49	)		(.80	)
Total distributions		—			(4.06	)		—			—			(.49	)		(.80	)
Net asset value, end of period	$	47.97		$	47.96		$	59.44		$	57.62		$	63.65		$	128.00
Total Return		0.02	%		(13.30	%)		3.16	%		(9.47	%)		(49.94	%)		18.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	241		$	516		$	2,589		$	291		$	779		$	1,488
Ratios to average net assets:
Net investment income (loss)		3.65	%		3.54	%		1.32	%		(1.40	%)		(1.38	%)		0.65	%
Total expensesd		1.72	%		1.71	%		1.71	%		1.66	%		1.77	%		1.78	%
Net expensese		1.59	%		1.64	%		1.67	%		1.64	%		1.75	%		1.70	%
Portfolio turnover rate		—			—			—			24	%		42	%		—

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
g	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 year 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 FINANCIAL REPORT | 211

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 64.6%
Financial - 15.6%
FTAI Aviation Ltd.		159	$	21,131
SouthState Corp.		119		11,564
Jackson Financial, Inc. — Class A		120		10,948
Essent Group Ltd.		163		10,479
Hamilton Lane, Inc. — Class A		60		10,103
Terreno Realty Corp. REIT		150		10,025
Ryman Hospitality Properties, Inc. REIT		92		9,866
Essential Properties Realty Trust, Inc. REIT		275		9,391
Mr Cooper Group, Inc.*		100		9,218
Old National Bancorp		493		9,199
Cadence Bank		287		9,141
Kite Realty Group Trust REIT		342		9,084
Selective Insurance Group, Inc.		96		8,957
Radian Group, Inc.		239		8,291
Glacier Bancorp, Inc.		178		8,135
Home BancShares, Inc.		297		8,046
United Bankshares, Inc.		208		7,717
Piper Sandler Cos.		27		7,663
Moelis & Co. — Class A		111		7,605
First Financial Bankshares, Inc.		205		7,587
UMB Financial Corp.		70		7,358
Phillips Edison & Company, Inc. REIT		194		7,316
Independence Realty Trust, Inc. REIT		356		7,298
SL Green Realty Corp. REIT		102		7,100
Hancock Whitney Corp.		137		7,010
MARA Holdings, Inc.*		428		6,942
CareTrust REIT, Inc.		223		6,882
Sabra Health Care REIT, Inc.		362		6,737
Ameris Bancorp		104		6,489
ServisFirst Bancshares, Inc.		80		6,436
Enstar Group Ltd.*		20		6,432
Macerich Co. REIT		339		6,183
Valley National Bancorp		676		6,125
HA Sustainable Infrastructure Capital, Inc.		177		6,101
Innovative Industrial Properties, Inc. REIT		44		5,922
CNO Financial Group, Inc.		165		5,791
Walker & Dunlop, Inc.		50		5,679
PotlatchDeltic Corp. REIT		125		5,631
Broadstone Net Lease, Inc. REIT		297		5,628
Tanger, Inc. REIT		168		5,574
National Health Investors, Inc. REIT		66		5,548
StepStone Group, Inc. — Class A		97		5,512
United Community Banks, Inc.		189		5,496
Axos Financial, Inc.*		86		5,408
COPT Defense Properties REIT		177		5,368
First BanCorp		253		5,356
Apple Hospitality REIT, Inc.		359		5,331
Atlantic Union Bankshares Corp.		141		5,311
BGC Group, Inc. — Class A		570		5,233
Texas Capital Bancshares, Inc.*		73		5,217
Blackstone Mortgage Trust, Inc. — Class A REIT1		274		5,209
Baldwin Insurance Group, Inc. — Class A*		104		5,179
Fulton Financial Corp.		282		5,113
Associated Banc-Corp.		236		5,083
International Bancshares Corp.		85		5,082
NMI Holdings, Inc. — Class A*		123		5,066
Eastern Bankshares, Inc.		304		4,983
PJT Partners, Inc. — Class A		37		4,934
Cushman & Wakefield plc*		361		4,920
Upstart Holdings, Inc.*,1		121		4,841
PennyMac Financial Services, Inc.		42		4,787
Community Financial System, Inc.		82		4,762
WSFS Financial Corp.		93		4,742
Cathay General Bancorp		110		4,724
Genworth Financial, Inc. — Class A*		674		4,617
LXP Industrial Trust REIT		455		4,573
Arbor Realty Trust, Inc. REIT1		290		4,512
New York Community Bancorp, Inc.		399		4,481
Douglas Emmett, Inc. REIT		255		4,480
SITE Centers Corp. REIT		74		4,477
BankUnited, Inc.		118		4,300
Artisan Partners Asset Management, Inc. — Class A		99		4,289
Outfront Media, Inc. REIT		233		4,283
Four Corners Property Trust, Inc. REIT		145		4,250
Bancorp, Inc.*		79		4,227
Simmons First National Corp. — Class A		196		4,222
Burford Capital Ltd.		316		4,190
Cohen & Steers, Inc.		43		4,126
Urban Edge Properties REIT		189		4,043
McGrath RentCorp		38		4,001
Independent Bank Corp.		67		3,962
Bank of Hawaii Corp.		62		3,892
Park National Corp.		23		3,864
First Interstate BancSystem, Inc. — Class A		124		3,804
Pacific Premier Bancorp, Inc.		151		3,799
Heartland Financial USA, Inc.		67		3,799
First Financial Bancorp		149		3,759
Acadia Realty Trust REIT		159		3,733
CVB Financial Corp.		209		3,724
Bread Financial Holdings, Inc.		78		3,711
Palomar Holdings, Inc.*		39		3,692
Provident Financial Services, Inc.		198		3,675
TowneBank		111		3,670
WaFd, Inc.		105		3,659
Victory Capital Holdings, Inc. — Class A		65		3,601
Seacoast Banking Corporation of Florida		133		3,544
StoneX Group, Inc.*		43		3,521
Compass, Inc. — Class A*		575		3,513
First Merchants Corp.		92		3,422
American Healthcare REIT, Inc.		129		3,367
Enova International, Inc.*		40		3,352
Core Scientific, Inc.*		281		3,333
St. Joe Co.		57		3,324
Equity Commonwealth REIT*		167		3,323
Independent Bank Group, Inc.		57		3,287
Sunstone Hotel Investors, Inc. REIT		318		3,282
OFG Bancorp		73		3,279
BancFirst Corp.		31		3,263

212 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Newmark Group, Inc. — Class A		210	$	3,261
Cleanspark, Inc.*		349		3,260
NBT Bancorp, Inc.		73		3,229
Banc of California, Inc.		219		3,226
Banner Corp.		54		3,216
Stewart Information Services Corp.		43		3,214
Riot Platforms, Inc.*,1		428		3,176
Goosehead Insurance, Inc. — Class A*		35		3,125
Renasant Corp.		96		3,120
Retail Opportunity Investments Corp. REIT		195		3,067
Trustmark Corp.		96		3,055
InvenTrust Properties Corp. REIT		107		3,036
Enterprise Financial Services Corp.		58		2,973
DiamondRock Hospitality Co. REIT		329		2,872
Triumph Financial, Inc.*		35		2,784
First Commonwealth Financial Corp.		159		2,727
WesBanco, Inc.		91		2,710
City Holding Co.		23		2,700
Bank of NT Butterfield & Son Ltd.		73		2,692
Northwest Bancshares, Inc.		201		2,689
Mercury General Corp.		42		2,645
Global Net Lease, Inc. REIT		314		2,644
Pathward Financial, Inc.		40		2,640
FB Financial Corp.		56		2,628
Farmer Mac — Class C		14		2,624
First Bancorp		63		2,620
Live Oak Bancshares, Inc.		55		2,605
Pagseguro Digital Ltd. — Class A*		297		2,557
Lakeland Financial Corp.		39		2,540
S&T Bancorp, Inc.		60		2,518
LTC Properties, Inc. REIT		68		2,495
Nelnet, Inc. — Class A		22		2,492
Pebblebrook Hotel Trust REIT		188		2,487
Getty Realty Corp. REIT		78		2,481
Stock Yards Bancorp, Inc.		40		2,480
Elme Communities REIT		139		2,445
National Bank Holdings Corp. — Class A		58		2,442
Skyward Specialty Insurance Group, Inc.*		59		2,403
Xenia Hotels & Resorts, Inc. REIT		161		2,378
Hilltop Holdings, Inc.		73		2,348
Empire State Realty Trust, Inc. — Class A REIT		211		2,338
Compass Diversified Holdings		105		2,324
Redfin Corp.*		185		2,318
Virtus Investment Partners, Inc.		11		2,304
Hope Bancorp, Inc.		183		2,298
JBG SMITH Properties REIT		131		2,290
Two Harbors Investment Corp. REIT		164		2,276
Horace Mann Educators Corp.		65		2,272
SiriusPoint Ltd.*		155		2,223
Veris Residential, Inc. REIT		124		2,215
Alexander & Baldwin, Inc. REIT		115		2,208
RLJ Lodging Trust REIT		240		2,203
WisdomTree, Inc.		220		2,198
First Busey Corp.		84		2,186
Veritex Holdings, Inc.		83		2,185
Customers Bancorp, Inc.*		47		2,183
Trupanion, Inc.*		52		2,183
Sandy Spring Bancorp, Inc.		69		2,165
Safehold, Inc. REIT		82		2,151
TriCo Bancshares		50		2,132
Uniti Group, Inc. REIT		374		2,109
Easterly Government Properties, Inc. REIT		153		2,078
Ladder Capital Corp. — Class A REIT		179		2,076
Apollo Commercial Real Estate Finance, Inc. REIT		225		2,068
MFA Financial, Inc. REIT		161		2,048
American Assets Trust, Inc. REIT		76		2,031
Apartment Investment and Management Co. — Class A REIT*		224		2,025
Chimera Investment Corp. REIT		127		2,010
Nicolet Bankshares, Inc.		21		2,008
Stellar Bancorp, Inc.		77		1,994
UMH Properties, Inc. REIT		101		1,987
Kennedy-Wilson Holdings, Inc.		179		1,978
Westamerica BanCorp		40		1,977
Piedmont Office Realty Trust, Inc. — Class A REIT		195		1,970
LendingClub Corp.*		172		1,966
PennyMac Mortgage Investment Trust REIT		137		1,954
Ready Capital Corp. REIT		255		1,946
Navient Corp.		124		1,933
QCR Holdings, Inc.		26		1,925
Employers Holdings, Inc.		40		1,919
NETSTREIT Corp. REIT		116		1,917
Safety Insurance Group, Inc.		23		1,881
Berkshire Hills Bancorp, Inc.		68		1,831
eXp World Holdings, Inc.		128		1,804
Encore Capital Group, Inc.*		37		1,749
German American Bancorp, Inc.		45		1,744
1st Source Corp.		29		1,737
Terawulf, Inc.*		363		1,699
Cannae Holdings, Inc.		89		1,696
OceanFirst Financial Corp.		91		1,692
Franklin BSP Realty Trust, Inc. REIT		129		1,685
Ellington Financial, Inc. REIT		130		1,676
Enact Holdings, Inc.		46		1,671
Peoples Bancorp, Inc.		55		1,655
Centerspace REIT		23		1,621
Dime Community Bancshares, Inc.		56		1,613
Redwood Trust, Inc. REIT		208		1,608
Preferred Bank/Los Angeles CA		20		1,605
Perella Weinberg Partners		83		1,603
NexPoint Residential Trust, Inc. REIT		36		1,584
ARMOUR Residential REIT, Inc. REIT		77		1,571
Hut 8 Corp.*,1		126		1,545
First Bancshares, Inc.		48		1,542
Southside Bancshares, Inc.		45		1,504
FTAI Infrastructure, Inc.		159		1,488
Origin Bancorp, Inc.		46		1,479
Marcus & Millichap, Inc.		37		1,466
Brandywine Realty Trust REIT		267		1,452

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 213

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
AMERISAFE, Inc.		30	$	1,450
Diversified Healthcare Trust REIT		344		1,441
Paramount Group, Inc. REIT		291		1,432
ConnectOne Bancorp, Inc.		57		1,428
Plymouth Industrial REIT, Inc. REIT		63		1,424
Brookline Bancorp, Inc.		139		1,403
First Mid Bancshares, Inc.		36		1,401
HCI Group, Inc.		13		1,392
Fidelis Insurance Holdings Ltd.		76		1,372
PRA Group, Inc.*		61		1,364
Bank First Corp.		15		1,360
Lemonade, Inc.*		81		1,336
Premier Financial Corp.		56		1,315
Byline Bancorp, Inc.		49		1,312
F&G Annuities & Life, Inc.		29		1,297
Univest Financial Corp.		46		1,294
Dynex Capital, Inc. REIT		101		1,289
Central Pacific Financial Corp.		42		1,239
Burke & Herbert Financial Services Corp.		20		1,220
Merchants Bancorp		27		1,214
ProAssurance Corp.*		80		1,203
CrossFirst Bankshares, Inc.*		72		1,202
Hamilton Insurance Group Ltd. — Class B*		62		1,199
Community Trust Bancorp, Inc.		24		1,192
Service Properties Trust REIT		260		1,186
Heritage Financial Corp.		54		1,176
First Community Bankshares, Inc.		27		1,165
Tompkins Financial Corp.		20		1,156
KKR Real Estate Finance Trust, Inc. REIT		93		1,149
Capitol Federal Financial, Inc.		196		1,145
BrightSpire Capital, Inc. REIT		204		1,142
Armada Hoffler Properties, Inc. REIT		105		1,137
NB Bancorp, Inc.*		61		1,132
Summit Hotel Properties, Inc. REIT		165		1,132
Brightsphere Investment Group, Inc.		44		1,118
Mercantile Bank Corp.		25		1,093
Old Second Bancorp, Inc.		69		1,076
Eagle Bancorp, Inc.		47		1,061
Horizon Bancorp, Inc.		68		1,057
Cipher Mining, Inc.*		272		1,052
Orrstown Financial Services, Inc.		29		1,043
Whitestone REIT — Class B REIT		77		1,042
Brookfield Business Corp. — Class A		41		1,039
Independent Bank Corp.		31		1,034
Hudson Pacific Properties, Inc. REIT		216		1,032
Gladstone Commercial Corp. REIT		63		1,023
Claros Mortgage Trust, Inc.		136		1,019
Amerant Bancorp, Inc.		47		1,004
Business First Bancshares, Inc.		38		975
Coastal Financial Corp.*		18		972
Patria Investments Ltd. — Class A		87		972
TrustCo Bank Corporation NY		29		959
Global Medical REIT, Inc. REIT		96		951
Camden National Corp.		23		950
Equity Bancshares, Inc. — Class A		23		940
Heritage Commerce Corp.		94		929
LendingTree, Inc.*		16		928
International Money Express, Inc.*		50		924
Universal Health Realty Income Trust REIT		20		915
CBL & Associates Properties, Inc. REIT		36		907
New York Mortgage Trust, Inc. REIT		143		905
Metropolitan Bank Holding Corp.*		17		894
Metrocity Bankshares, Inc.		29		888
Amalgamated Financial Corp.		28		878
Hanmi Financial Corp.		47		874
Washington Trust Bancorp, Inc.		27		870
Farmers National Banc Corp.		57		862
Republic Bancorp, Inc. — Class A		13		849
Northeast Bank		11		848
Southern Missouri Bancorp, Inc.		15		847
Universal Insurance Holdings, Inc.		38		842
Real Brokerage, Inc.*		150		833
Great Southern Bancorp, Inc.		14		802
Peakstone Realty Trust REIT		58		791
First Financial Corp.		18		789
Anywhere Real Estate, Inc.*		155		787
HomeTrust Bancshares, Inc.		23		784
Tiptree, Inc. — Class A		40		783
HarborOne Bancorp, Inc.		60		779
Capital City Bank Group, Inc.		22		776
NerdWallet, Inc. — Class A*		61		775
Five Star Bancorp		26		773
CNB Financial Corp.		32		770
TPG RE Finance Trust, Inc. REIT		90		768
Community Healthcare Trust, Inc. REIT		42		762
Ambac Financial Group, Inc.*		68		762
Arrow Financial Corp.		26		745
Bar Harbor Bankshares		24		740
Midland States Bancorp, Inc.		33		739
Gladstone Land Corp. REIT		53		737
GCM Grosvenor, Inc. — Class A		65		736
Columbia Financial, Inc.*		43		734
SmartFinancial, Inc.		25		728
Alexander’s, Inc. REIT		3		727
Invesco Mortgage Capital, Inc. REIT		77		723
Farmland Partners, Inc. REIT		69		721
Northfield Bancorp, Inc.		62		719
Esquire Financial Holdings, Inc.		11		717
Mid Penn Bancorp, Inc.		24		716
Saul Centers, Inc. REIT		17		713
Peapack-Gladstone Financial Corp.		26		713
P10, Inc. — Class A		66		707
NET Lease Office Properties REIT		23		704
Peoples Financial Services Corp.		15		703
United Fire Group, Inc.		33		691
Orchid Island Capital, Inc. REIT		84		690
One Liberty Properties, Inc. REIT		25		689
Shore Bancshares, Inc.		48		672
CTO Realty Growth, Inc. REIT		35		666
MidWestOne Financial Group, Inc.		23		656
Chatham Lodging Trust REIT		76		648

214 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Diamond Hill Investment Group, Inc.		4	$	646
Bit Digital, Inc.*,1		184		646
South Plains Financial, Inc.		19		644
Alerus Financial Corp.		28		641
FRP Holdings, Inc.*		21		627
Flushing Financial Corp.		43		627
Carter Bankshares, Inc.*		36		626
RBB Bancorp		27		622
Financial Institutions, Inc.		24		611
RMR Group, Inc. — Class A		24		609
Sierra Bancorp		21		606
Greenlight Capital Re Ltd. — Class A*		44		601
Kearny Financial Corp.		86		591
World Acceptance Corp.*		5		590
Ares Commercial Real Estate Corp. REIT		84		588
Northrim BanCorp, Inc.		8		570
ACNB Corp.		13		568
California BanCorp*		38		562
Farmers & Merchants Bancorp Incorporated/Archbold OH		20		553
First Business Financial Services, Inc.		12		547
Root, Inc. — Class A*		14		529
Hippo Holdings, Inc.*		31		523
Community West Bancshares		27		520
First Foundation, Inc.		82		512
Northeast Community Bancorp, Inc.		19		503
Bank of Marin Bancorp		25		502
First Bank/Hamilton NJ		33		502
Postal Realty Trust, Inc. — Class A REIT		34		498
Legacy Housing Corp.*		18		492
Home Bancorp, Inc.		11		490
Industrial Logistics Properties Trust REIT		103		490
FS Bancorp, Inc.		11		489
Hingham Institution For Savings		2		487
Orange County Bancorp, Inc.		8		483
Third Coast Bancshares, Inc.*		18		482
Dave, Inc.*		12		479
Enterprise Bancorp, Inc.		15		479
West BanCorp, Inc.		25		475
NewtekOne, Inc.		37		461
Investors Title Co.		2		460
Selectquote, Inc.*		211		458
HomeStreet, Inc.		29		457
Bridgewater Bancshares, Inc.*		32		453
Citizens & Northern Corp.		23		453
First Bancorp, Inc.		17		447
Guaranty Bancshares, Inc.		13		447
First Internet Bancorp		13		445
Heritage Insurance Holdings, Inc.*		36		441
HBT Financial, Inc.		20		438
First of Long Island Corp.		34		438
American Coastal Insurance Corp.*		38		428
Civista Bancshares, Inc.		24		428
Regional Management Corp.		13		425
Chicago Atlantic Real Estate Finance, Inc. REIT		27		418
Citizens Financial Services, Inc.		7		411
Southern First Bancshares, Inc.*		12		409
Colony Bankcorp, Inc.		26		404
BayCom Corp.		17		403
Southern States Bancshares, Inc.		13		399
John Marshall Bancorp, Inc.		20		396
Primis Financial Corp.		32		390
Capital Bancorp, Inc.		15		386
Waterstone Financial, Inc.		26		382
Unity Bancorp, Inc.		11		375
Plumas Bancorp		9		367
Red River Bancshares, Inc.		7		364
Alpine Income Property Trust, Inc. REIT		20		364
Timberland Bancorp, Inc.		12		363
City Office REIT, Inc.		61		356
Orion Office REIT, Inc.		89		356
Parke Bancorp, Inc.		17		355
Donegal Group, Inc. — Class A		24		354
Ponce Financial Group, Inc.*		30		351
RE/MAX Holdings, Inc. — Class A*		28		349
MVB Financial Corp.		18		348
Fidelity D&D Bancorp, Inc.		7		345
ChoiceOne Financial Services, Inc.		11		340
Greene County Bancorp, Inc.		11		340
FVCBankcorp, Inc.*		26		339
Blue Foundry Bancorp*		33		338
AG Mortgage Investment Trust, Inc. REIT		45		338
Norwood Financial Corp.		12		331
Braemar Hotels & Resorts, Inc. REIT		104		321
PCB Bancorp		17		319
Onity Group, Inc.*		10		319
NexPoint Diversified Real Estate Trust REIT		51		319
Middlefield Banc Corp.		11		317
BRT Apartments Corp. REIT		18		316
Atlanticus Holdings Corp.*		9		316
Bowhead Specialty Holdings, Inc.*		11		308
James River Group Holdings Ltd.		49		307
LCNB Corp.		20		301
Bankwell Financial Group, Inc.		10		299
BCB Bancorp, Inc.		24		296
Princeton Bancorp, Inc.		8		296
Oak Valley Bancorp		11		292
Virginia National Bankshares Corp.		7		292
Investar Holding Corp.		15		291
Star Holdings*		20		277
AFC Gamma, Inc. REIT		27		276
Seven Hills Realty Trust REIT		20		275
Velocity Financial, Inc.*		14		275
Franklin Street Properties Corp. REIT		154		273
Provident Bancorp, Inc.*		25		270
Maui Land & Pineapple Company, Inc.*		12		269
National Bankshares, Inc.		9		269
Crawford & Co. — Class A		24		263
First Western Financial, Inc.*		13		260
USCB Financial Holdings, Inc.		17		259

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 215

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Silvercrest Asset Management Group, Inc. — Class A		15	$	259
Ames National Corp.		14		255
Granite Point Mortgage Trust, Inc. REIT		79		250
MBIA, Inc.*		70		250
ESSA Bancorp, Inc.		13		250
First Financial Northwest, Inc.		11		248
Maiden Holdings Ltd.*		139		246
Medallion Financial Corp.		30		244
Chemung Financial Corp.		5		240
Forge Global Holdings, Inc.*		181		237
Stratus Properties, Inc.*		9		234
Bank7 Corp.		6		225
LINKBANCORP, Inc.		35		224
Nexpoint Real Estate Finance, Inc. REIT		13		203
Sky Harbour Group Corp.*		18		199
AlTi Global, Inc.*		53		198
Angel Oak Mortgage REIT, Inc.		19		198
Pioneer Bancorp, Inc.*		18		197
Paysign, Inc.*		52		191
NI Holdings, Inc.*		12		188
Peoples Bancorp of North Carolina, Inc.		7		178
B Riley Financial, Inc.		32		168
Kingsway Financial Services, Inc.*		20		166
Sterling Bancorp, Inc.*		34		155
OppFi, Inc.		29		137
Sunrise Realty Trust, Inc. REIT		9		130
Consumer Portfolio Services, Inc.*		13		122
Strawberry Fields REIT, Inc.		9		114
Clipper Realty, Inc. REIT		19		108
SWK Holdings Corp.*		5		86
GoHealth, Inc. — Class A*		7		66
Offerpad Solutions, Inc.*		16		65
Transcontinental Realty Investors, Inc.*		2		58
American Realty Investors, Inc.*		2		35
Roadzen, Inc.*		24		28
Total Financial				1,017,316
Consumer, Non-cyclical - 15.5%
Vaxcyte, Inc.*		187		21,368
Insmed, Inc.*		245		17,885
Sprouts Farmers Market, Inc.*		158		17,445
Ensign Group, Inc.		87		12,512
Lantheus Holdings, Inc.*		107		11,743
Halozyme Therapeutics, Inc.*		195		11,162
HealthEquity, Inc.*		133		10,886
REVOLUTION Medicines, Inc.*		240		10,884
Glaukos Corp.*		77		10,032
Cytokinetics, Inc.*		176		9,293
Blueprint Medicines Corp.*		99		9,158
Merit Medical Systems, Inc.*		90		8,895
Option Care Health, Inc.*		269		8,420
Brink’s Co.		71		8,210
TransMedics Group, Inc.*		50		7,850
Avidity Biosciences, Inc.*		170		7,808
Verra Mobility Corp.*		262		7,286
RadNet, Inc.*		104		7,217
Alkermes plc*		257		7,193
Krystal Biotech, Inc.*		39		7,099
ADMA Biologics, Inc.*		355		7,097
Herc Holdings, Inc.		44		7,015
Integer Holdings Corp.*		52		6,760
Oscar Health, Inc. — Class A*		304		6,448
Haemonetics Corp.*		79		6,350
Primo Water Corp.		249		6,287
Crinetics Pharmaceuticals, Inc.*		123		6,285
ICU Medical, Inc.*		34		6,196
Korn Ferry		82		6,170
Biohaven Ltd.*		118		5,896
Corcept Therapeutics, Inc.*		127		5,878
Select Medical Holdings Corp.		168		5,858
Neogen Corp.*		344		5,783
Madrigal Pharmaceuticals, Inc.*		27		5,730
Stride, Inc.*		67		5,716
Denali Therapeutics, Inc.*		196		5,709
Arcellx, Inc.*		68		5,679
Bridgebio Pharma, Inc.*		222		5,652
Prestige Consumer Healthcare, Inc.*		78		5,624
Axonics, Inc.*		80		5,568
Nuvalent, Inc. — Class A*		54		5,524
Lancaster Colony Corp.		31		5,474
WD-40 Co.		21		5,415
PROCEPT BioRobotics Corp.*		67		5,368
ABM Industries, Inc.		100		5,276
TG Therapeutics, Inc.*		220		5,146
Axsome Therapeutics, Inc.*		57		5,123
CBIZ, Inc.*		76		5,114
StoneCo Ltd. — Class A*		448		5,044
Insperity, Inc.		57		5,016
Simply Good Foods Co.*		144		5,007
Alight, Inc. — Class A*		664		4,914
Amicus Therapeutics, Inc.*		459		4,902
Cal-Maine Foods, Inc.		65		4,865
TriNet Group, Inc.		50		4,848
ICF International, Inc.		29		4,837
CorVel Corp.*		14		4,576
Dyne Therapeutics, Inc.*		127		4,562
LivaNova plc*		86		4,518
Rhythm Pharmaceuticals, Inc.*		86		4,505
Adtalem Global Education, Inc.*		59		4,453
PTC Therapeutics, Inc.*		120		4,452
Tandem Diabetes Care, Inc.*		102		4,326
Guardant Health, Inc.*		186		4,267
Alarm.com Holdings, Inc.*		76		4,155
Protagonist Therapeutics, Inc.*		92		4,140
J & J Snack Foods Corp.		24		4,131
Geron Corp.*		908		4,122
Veracyte, Inc.*		121		4,119
Twist Bioscience Corp.*		91		4,111
Graham Holdings Co. — Class B		5		4,109
Ideaya Biosciences, Inc.*		129		4,087
Agios Pharmaceuticals, Inc.*		89		3,954
Astrana Health, Inc.*		68		3,940

216 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Surgery Partners, Inc.*		121	$	3,901
Myriad Genetics, Inc.*		141		3,862
Inter Parfums, Inc.		29		3,755
Iovance Biotherapeutics, Inc.*		396		3,718
Arrowhead Pharmaceuticals, Inc.*		188		3,642
iRhythm Technologies, Inc.*		49		3,638
Addus HomeCare Corp.*		27		3,592
Marqeta, Inc. — Class A*		730		3,592
CONMED Corp.		49		3,524
Laureate Education, Inc. — Class A		211		3,505
UFP Technologies, Inc.*		11		3,484
Catalyst Pharmaceuticals, Inc.*		175		3,479
Celldex Therapeutics, Inc.*		102		3,467
Vector Group Ltd.		232		3,461
SpringWorks Therapeutics, Inc.*		108		3,460
EVERTEC, Inc.		102		3,457
Inari Medical, Inc.*		83		3,423
Apogee Therapeutics, Inc.*		57		3,348
Payoneer Global, Inc.*		443		3,336
Kymera Therapeutics, Inc.*		70		3,313
Strategic Education, Inc.		35		3,239
Vericel Corp.*		76		3,211
PROG Holdings, Inc.		65		3,152
TreeHouse Foods, Inc.*		75		3,148
Omnicell, Inc.*		72		3,139
Intellia Therapeutics, Inc.*		152		3,124
Flywire Corp.*		190		3,114
Akero Therapeutics, Inc.*		107		3,070
Remitly Global, Inc.*		229		3,066
Huron Consulting Group, Inc.*		28		3,044
Edgewise Therapeutics, Inc.*		114		3,043
Summit Therapeutics, Inc.*		138		3,022
LeMaitre Vascular, Inc.		32		2,972
NeoGenomics, Inc.*		201		2,965
Beam Therapeutics, Inc.*		121		2,965
Amphastar Pharmaceuticals, Inc.*		61		2,960
ACADIA Pharmaceuticals, Inc.*		189		2,907
STAAR Surgical Co.*		78		2,898
Edgewell Personal Care Co.		78		2,834
Novavax, Inc.*,1		223		2,817
CG oncology, Inc.*		74		2,792
John Wiley & Sons, Inc. — Class A		57		2,750
Upbound Group, Inc.		85		2,719
Ligand Pharmaceuticals, Inc. — Class B*		27		2,702
Vera Therapeutics, Inc.*		61		2,696
Patterson Companies, Inc.		123		2,686
Keros Therapeutics, Inc.*		46		2,671
RxSight, Inc.*		54		2,669
Novocure Ltd.*		168		2,626
Immunovant, Inc.*		92		2,623
MannKind Corp.*		415		2,610
Central Garden & Pet Co. — Class A*		82		2,575
Andersons, Inc.		51		2,557
LiveRamp Holdings, Inc.*		103		2,552
AMN Healthcare Services, Inc.*		60		2,543
Ardelyx, Inc.*		366		2,522
GEO Group, Inc.*		196		2,519
National Healthcare Corp.		20		2,515
Syndax Pharmaceuticals, Inc.*		130		2,503
Arvinas, Inc.*		101		2,488
PACS Group, Inc.*		62		2,478
BioCryst Pharmaceuticals, Inc.*		326		2,478
CareDx, Inc.*		79		2,467
Supernus Pharmaceuticals, Inc.*		79		2,463
Teladoc Health, Inc.*		268		2,460
Recursion Pharmaceuticals, Inc. — Class A*,1		373		2,458
Mirum Pharmaceuticals, Inc.*		62		2,418
Dynavax Technologies Corp.*		208		2,317
Chefs’ Warehouse, Inc.*		55		2,310
Perdoceo Education Corp.		103		2,291
Viridian Therapeutics, Inc.*		99		2,252
Progyny, Inc.*		133		2,229
Kura Oncology, Inc.*		114		2,228
Helen of Troy Ltd.*		36		2,227
Cimpress plc*		27		2,212
CoreCivic, Inc.*		174		2,201
Harrow, Inc.*		48		2,158
Nurix Therapeutics, Inc.*		95		2,135
Ocular Therapeutix, Inc.*		245		2,131
Inmode Ltd.*		125		2,119
AtriCure, Inc.*		75		2,103
Amneal Pharmaceuticals, Inc.*		251		2,088
Brookdale Senior Living, Inc. — Class A*		302		2,051
US Physical Therapy, Inc.		24		2,031
Universal Corp.		38		2,018
Janux Therapeutics, Inc.*		44		1,999
Collegium Pharmaceutical, Inc.*		51		1,971
Integra LifeSciences Holdings Corp.*		108		1,962
Dole plc		118		1,922
Rocket Pharmaceuticals, Inc.*		104		1,921
Harmony Biosciences Holdings, Inc.*		48		1,920
Avadel Pharmaceuticals plc*		146		1,915
Quanex Building Products Corp.		69		1,915
Tarsus Pharmaceuticals, Inc.*		58		1,908
agilon health, Inc.*		483		1,898
Xencor, Inc.*		94		1,890
Cassava Sciences, Inc.*		64		1,884
Owens & Minor, Inc.*		119		1,867
MGP Ingredients, Inc.		22		1,832
Utz Brands, Inc.		103		1,823
Arlo Technologies, Inc.*		150		1,816
AdaptHealth Corp.*		160		1,797
Weis Markets, Inc.		26		1,792
Vital Farms, Inc.*		51		1,789
Kforce, Inc.		29		1,782
Soleno Therapeutics, Inc.*		35		1,767
WK Kellogg Co.		103		1,762
Neumora Therapeutics, Inc.*		133		1,757
Vita Coco Company, Inc.*		62		1,755
CRA International, Inc.		10		1,753
National Beverage Corp.		37		1,737

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 217

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Avanos Medical, Inc.*		72	$	1,730
ANI Pharmaceuticals, Inc.*		29		1,730
Coursera, Inc.*		217		1,723
Ingles Markets, Inc. — Class A		23		1,716
Longboard Pharmaceuticals, Inc.*		51		1,700
Transcat, Inc.*		14		1,691
Innoviva, Inc.*		87		1,680
Artivion, Inc.*		63		1,677
Pennant Group, Inc.*		46		1,642
Travere Therapeutics, Inc.*		116		1,623
Spyre Therapeutics, Inc.*		55		1,618
First Advantage Corp.*		80		1,588
Cogent Biosciences, Inc.*		145		1,566
Fresh Del Monte Produce, Inc.		53		1,566
United Natural Foods, Inc.*		93		1,564
Praxis Precision Medicines, Inc.*		27		1,554
Arcutis Biotherapeutics, Inc.*		167		1,553
Pediatrix Medical Group, Inc.*		133		1,542
Aurinia Pharmaceuticals, Inc.*		210		1,539
Barrett Business Services, Inc.		40		1,500
Kiniksa Pharmaceuticals International plc*		59		1,474
Krispy Kreme, Inc.		135		1,450
Maravai LifeSciences Holdings, Inc. — Class A*		174		1,446
BrightView Holdings, Inc.*		91		1,432
Evolus, Inc.*		87		1,409
Enliven Therapeutics, Inc.*		55		1,405
BioLife Solutions, Inc.*		56		1,402
Legalzoom.com, Inc.*		217		1,378
Deluxe Corp.		70		1,364
Monro, Inc.		47		1,356
Cullinan Therapeutics, Inc.*		81		1,356
Driven Brands Holdings, Inc.*		94		1,341
PetIQ, Inc.*		43		1,323
John B Sanfilippo & Son, Inc.		14		1,320
LifeStance Health Group, Inc.*		188		1,316
Arcus Biosciences, Inc.*		86		1,315
Healthcare Services Group, Inc.*		116		1,296
Applied Therapeutics, Inc.*		152		1,292
Embecta Corp.		91		1,283
Disc Medicine, Inc.*		26		1,278
BrightSpring Health Services, Inc.*		85		1,248
Heidrick & Struggles International, Inc.		32		1,244
Hain Celestial Group, Inc.*		141		1,217
SpartanNash Co.		54		1,210
Community Health Systems, Inc.*		198		1,202
Immunome, Inc.*		81		1,184
Castle Biosciences, Inc.*		41		1,169
Repay Holdings Corp.*		143		1,167
Turning Point Brands, Inc.		27		1,165
Viad Corp.*		32		1,147
Paysafe Ltd.*		51		1,144
Day One Biopharmaceuticals, Inc.*		82		1,142
Herbalife Ltd.*		158		1,136
ARS Pharmaceuticals, Inc.*		78		1,131
Udemy, Inc.*		151		1,123
Prothena Corporation plc*		67		1,121
Avid Bioservices, Inc.*		98		1,115
Relay Therapeutics, Inc.*		157		1,112
MiMedx Group, Inc.*		187		1,105
Zymeworks, Inc.*		88		1,104
B&G Foods, Inc.		123		1,092
Matthews International Corp. — Class A		47		1,090
Pacira BioSciences, Inc.*		72		1,084
ZipRecruiter, Inc. — Class A*		113		1,073
Cytek Biosciences, Inc.*		191		1,058
Vir Biotechnology, Inc.*		141		1,056
Hackett Group, Inc.		40		1,051
Kelly Services, Inc. — Class A		49		1,049
Dianthus Therapeutics, Inc.*		38		1,040
AnaptysBio, Inc.*		31		1,039
ArriVent Biopharma, Inc.*		44		1,034
Pliant Therapeutics, Inc.*		90		1,009
Universal Technical Institute, Inc.*		62		1,008
WaVe Life Sciences Ltd.*		122		1,000
Cargo Therapeutics, Inc.*		54		996
ORIC Pharmaceuticals, Inc.*		97		994
Perspective Therapeutics, Inc.*		74		988
Green Dot Corp. — Class A*		84		984
Phathom Pharmaceuticals, Inc.*		54		976
Ennis, Inc.		40		973
Mister Car Wash, Inc.*		148		963
89bio, Inc.*		128		947
Axogen, Inc.*		67		939
Adaptive Biotechnologies Corp.*		183		937
Tourmaline Bio, Inc.		36		926
SunOpta, Inc.*		145		925
Ironwood Pharmaceuticals, Inc. — Class A*		223		919
Liquidia Corp.*		91		910
Alphatec Holdings, Inc.*		162		901
SI-BONE, Inc.*		64		895
Mission Produce, Inc.*		69		885
Cass Information Systems, Inc.		21		871
Sterling Check Corp.*		52		869
Replimune Group, Inc.*		79		866
Sana Biotechnology, Inc.*		208		865
Scholar Rock Holding Corp.*		108		865
4D Molecular Therapeutics, Inc.*		79		854
Surmodics, Inc.*		22		853
Revance Therapeutics, Inc.*		164		851
Arbutus Biopharma Corp.*		220		847
Arcturus Therapeutics Holdings, Inc.*		36		836
ImmunityBio, Inc.*,1		223		830
Orthofix Medical, Inc.*		53		828
Willdan Group, Inc.*		20		819
GeneDx Holdings Corp.*		19		806
Concentra Group Holdings Parent, Inc.*		36		805
ACCO Brands Corp.		147		804
Annexon, Inc.*		133		787
Astria Therapeutics, Inc.*		71		782
REGENXBIO, Inc.*		73		766

218 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Y-mAbs Therapeutics, Inc.*		58	$	763
OPKO Health, Inc.*,1		510		760
Terns Pharmaceuticals, Inc.*		91		759
Erasca, Inc.*		278		759
Humacyte, Inc.*		139		756
Tyra Biosciences, Inc.*		32		752
Olema Pharmaceuticals, Inc.*		63		752
Calavo Growers, Inc.		26		742
Franklin Covey Co.*		18		740
Quanterix Corp.*		57		739
Pacific Biosciences of California, Inc.*		428		728
Varex Imaging Corp.*		61		727
Carriage Services, Inc. — Class A		22		722
Phibro Animal Health Corp. — Class A		32		721
Bioventus, Inc. — Class A*		59		705
OrthoPediatrics Corp.*		26		705
CorMedix, Inc.*		87		703
Cross Country Healthcare, Inc.*		52		699
Fulgent Genetics, Inc.*		32		695
KalVista Pharmaceuticals, Inc.*		60		695
Limoneira Co.		26		689
Stoke Therapeutics, Inc.*		56		688
Altimmune, Inc.*		112		688
UroGen Pharma Ltd.*		54		686
USANA Health Sciences, Inc.*		18		683
Zimvie, Inc.*		43		682
Sezzle, Inc.*		4		682
Neurogene, Inc.*		16		671
Distribution Solutions Group, Inc.*		17		655
iRadimed Corp.		13		654
Anavex Life Sciences Corp.*		115		653
Aura Biosciences, Inc.*		73		650
Savara, Inc.*		153		649
Nuvation Bio, Inc.*		283		648
Mind Medicine MindMed, Inc.*		113		643
MaxCyte, Inc.*		165		642
Beyond Meat, Inc.*		94		637
Hertz Global Holdings, Inc.*		193		637
EyePoint Pharmaceuticals, Inc.*		79		631
Xeris Biopharma Holdings, Inc.*		221		630
Entrada Therapeutics, Inc.*		39		623
Enhabit, Inc.*		78		616
Sage Therapeutics, Inc.*		85		614
OmniAb, Inc.*		145		613
Capricor Therapeutics, Inc.*		40		608
Alector, Inc.*		127		592
Aquestive Therapeutics, Inc.*		117		583
Tejon Ranch Co.*		33		579
Tango Therapeutics, Inc.*		75		578
Anika Therapeutics, Inc.*		23		568
ACELYRIN, Inc.*		115		567
Fate Therapeutics, Inc.*		158		553
Celcuity, Inc.*		37		552
National Research Corp. — Class A		24		549
Central Garden & Pet Co.*		15		547
Mineralys Therapeutics, Inc.*		45		545
Verve Therapeutics, Inc.*		112		542
Tactile Systems Technology, Inc.*		37		541
Moneylion, Inc.*		13		540
DocGo, Inc.*		160		531
C4 Therapeutics, Inc.*		92		524
Nano-X Imaging Ltd.*,1		85		517
Olaplex Holdings, Inc.*		219		515
Pulse Biosciences, Inc.*		29		509
Taysha Gene Therapies, Inc.*		252		507
Seneca Foods Corp. — Class A*		8		499
Pulmonx Corp.*		60		497
Resources Connection, Inc.		51		495
Paragon 28, Inc.*		74		494
Cerus Corp.*		284		494
SIGA Technologies, Inc.		73		493
Esperion Therapeutics, Inc.*,1		298		492
Lincoln Educational Services Corp.*		41		490
Duckhorn Portfolio, Inc.*		84		488
Aaron’s Company, Inc.		49		488
OraSure Technologies, Inc.*		113		483
Absci Corp.*		126		481
LENZ Therapeutics, Inc.		20		475
Theravance Biopharma, Inc.*		58		467
AngioDynamics, Inc.*		60		467
Allogene Therapeutics, Inc.*		166		465
Zevra Therapeutics, Inc.*		66		458
Honest Company, Inc.*		126		450
Editas Medicine, Inc.*		131		447
Treace Medical Concepts, Inc.*		77		447
Sutro Biopharma, Inc.*		129		446
Q32 Bio, Inc.*		10		446
Natural Grocers by Vitamin Cottage, Inc.		15		445
Village Super Market, Inc. — Class A		14		445
Biomea Fusion, Inc.*		44		444
Accolade, Inc.*		114		439
Rigel Pharmaceuticals, Inc.*		27		437
Akebia Therapeutics, Inc.*		328		433
Larimar Therapeutics, Inc.*		66		432
Avita Medical, Inc.*		40		429
Voyager Therapeutics, Inc.*		73		427
Aveanna Healthcare Holdings, Inc.*		82		426
Aldeyra Therapeutics, Inc.*		79		426
Inozyme Pharma, Inc.*		81		424
Vanda Pharmaceuticals, Inc.*		90		422
Third Harmonic Bio, Inc.*		31		420
iTeos Therapeutics, Inc.*		41		419
Performant Financial Corp.*		111		415
Atea Pharmaceuticals, Inc.*		122		409
Target Hospitality Corp.*		52		405
Ocugen, Inc.*		403		400
IGM Biosciences, Inc.*		24		397
Viemed Healthcare, Inc.*		54		396
CompoSecure, Inc. — Class A1		28		393
Mama’s Creations, Inc.*		52		380
TrueBlue, Inc.*		48		379
Nkarta, Inc.*		83		375

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 219

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Foghorn Therapeutics, Inc.*		40	$	372
American Public Education, Inc.*		25		369
Heron Therapeutics, Inc.*,1		185		368
Nektar Therapeutics*		281		365
2seventy bio, Inc.*		77		363
European Wax Center, Inc. — Class A*		53		360
Inogen, Inc.*		37		359
Fulcrum Therapeutics, Inc.*		98		350
Spire Global, Inc.*,1		35		350
Omeros Corp.*		88		349
Ardent Health Partners, Inc.*		19		349
Lyell Immunopharma, Inc.*		253		349
ADC Therapeutics S.A.*		110		347
Westrock Coffee Co.*		53		345
Prime Medicine, Inc.*		89		344
XOMA Royalty Corp.*		13		344
Sera Prognostics, Inc. — Class A*		44		343
Forrester Research, Inc.*		19		342
Artiva Biotherapeutics, Inc.*		22		340
Jasper Therapeutics, Inc.*		18		339
Mersana Therapeutics, Inc.*		179		338
Utah Medical Products, Inc.		5		335
Korro Bio, Inc.*		10		334
Enanta Pharmaceuticals, Inc.*		32		331
Zentalis Pharmaceuticals, Inc.*		90		331
Corbus Pharmaceuticals Holdings, Inc.*		16		330
Organogenesis Holdings, Inc.*		114		326
Medifast, Inc.*		17		325
Nathan’s Famous, Inc.		4		324
Cabaletta Bio, Inc.*		68		321
MacroGenics, Inc.*		97		319
Nevro Corp.*		57		319
Trevi Therapeutics, Inc.*		93		311
Poseida Therapeutics, Inc.*		108		309
Alico, Inc.		11		308
Rapport Therapeutics, Inc.*		15		307
TScan Therapeutics, Inc.*		61		304
Atossa Therapeutics, Inc.*		199		302
Compass Therapeutics, Inc.*		161		296
Lexicon Pharmaceuticals, Inc.*		181		284
Alta Equipment Group, Inc.		42		283
Pyxis Oncology, Inc.*		77		283
ChromaDex Corp.*		77		281
BRC, Inc. — Class A*		82		280
Acacia Research Corp.*		60		280
Chegg, Inc.*		157		278
Custom Truck One Source, Inc.*		80		276
Nature’s Sunshine Products, Inc.*		20		272
Accuray, Inc.*		151		272
Inhibrx Biosciences, Inc.*		17		266
Design Therapeutics, Inc.*		49		264
Blade Air Mobility, Inc.*		89		262
ModivCare, Inc.*		18		257
Black Diamond Therapeutics, Inc.*		59		257
Achieve Life Sciences, Inc.*		54		256
Caribou Biosciences, Inc.*		130		255
Monte Rosa Therapeutics, Inc.*		48		254
MeiraGTx Holdings plc*		61		254
Solid Biosciences, Inc.*		35		244
Biote Corp. — Class A*		43		240
MediWound Ltd.*		13		235
Eliem Therapeutics, Inc.*		46		234
Adverum Biotechnologies, Inc.*		33		232
Inovio Pharmaceuticals, Inc.*		40		231
HF Foods Group, Inc.*		63		225
Alumis, Inc.*		21		224
XBiotech, Inc.*		29		224
CPI Card Group, Inc.*		8		223
Nautilus Biotechnology, Inc.*		77		219
Shattuck Labs, Inc.*		62		216
Candel Therapeutics, Inc.*		31		215
Quad/Graphics, Inc.		47		213
Lineage Cell Therapeutics, Inc.*		233		211
Contineum Therapeutics, Inc. — Class A*		11		211
Ventyx Biosciences, Inc.*		96		209
InfuSystem Holdings, Inc.*		31		208
scPharmaceuticals, Inc.*		45		205
PepGen, Inc.*		24		205
Cadiz, Inc.*		66		200
Priority Technology Holdings, Inc.*		29		198
Zynex, Inc.*,1		24		196
Joint Corp.*		17		195
Generation Bio Co.*		78		193
Orchestra BioMed Holdings, Inc.*		37		190
ProKidney Corp.*		99		190
Precigen, Inc.*		200		189
Quipt Home Medical Corp.*		64		187
Ispire Technology, Inc.*		30		186
SoundThinking, Inc.*		16		185
CVRx, Inc.*		21		185
Fennec Pharmaceuticals, Inc.*		37		185
Information Services Group, Inc.		56		185
Lifeway Foods, Inc.*		7		181
Sanara Medtech, Inc.*		6		181
Coherus Biosciences, Inc.*		174		181
Innovage Holding Corp.*		30		180
X4 Pharmaceuticals, Inc.*		265		177
Cartesian Therapeutics, Inc.*,1		11		177
Stereotaxis, Inc.*		86		175
Agenus, Inc.*		32		175
Harvard Bioscience, Inc.*		64		172
Beauty Health Co.*		117		168
Tenaya Therapeutics, Inc.*		87		168
Lifecore Biomedical, Inc.*		34		168
Puma Biotechnology, Inc.*		65		166
Cardiff Oncology, Inc.*		62		166
Semler Scientific, Inc.*		7		165
Acumen Pharmaceuticals, Inc.*		66		164
Alto Neuroscience, Inc.*		14		160
Veru, Inc.*		208		160
Regulus Therapeutics, Inc.*		100		157
Bluebird Bio, Inc.*		302		157

220 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
NeuroPace, Inc.*		22	$	153
Lexeo Therapeutics, Inc.*		16		145
Waldencast plc — Class A*,1		39		142
Quantum-Si, Inc.*		158		139
Gyre Therapeutics, Inc.*		11		138
Sonida Senior Living, Inc.*		5		134
Kodiak Sciences, Inc.*		51		133
Acrivon Therapeutics, Inc.*		19		133
Kyverna Therapeutics, Inc.*		27		132
CervoMed, Inc.*		9		131
Zura Bio Ltd.*		32		130
Greenwich Lifesciences, Inc.*		9		129
Invivyd, Inc.*		125		128
HireQuest, Inc.		9		127
Fibrobiologics, Inc.*		40		124
Century Therapeutics, Inc.*		72		123
DLH Holdings Corp.*		13		122
FiscalNote Holdings, Inc.*		95		122
Emerald Holding, Inc.		24		120
Verastem, Inc.*		40		120
Akoya Biosciences, Inc.*		42		114
Ovid therapeutics, Inc.*		93		110
AirSculpt Technologies, Inc.*		21		106
Skye Bioscience, Inc.*		27		106
Scilex Holding Co.*		113		105
Inmune Bio, Inc.*		19		102
Forafric Global plc*		9		102
Werewolf Therapeutics, Inc.*		48		102
ALX Oncology Holdings, Inc.*		52		95
RAPT Therapeutics, Inc.*		47		94
Actinium Pharmaceuticals, Inc.*		47		88
HilleVax, Inc.*		50		88
Galectin Therapeutics, Inc.*,1		32		88
Cibus, Inc.*		24		78
Outlook Therapeutics, Inc.*		12		64
Telomir Pharmaceuticals, Inc.*		8		51
Elevation Oncology, Inc.*		82		49
Aerovate Therapeutics, Inc.*		21		44
Verrica Pharmaceuticals, Inc.*		30		43
Prelude Therapeutics, Inc.*		21		43
MarketWise, Inc.		61		41
Renovaro, Inc.*		77		37
Boundless Bio, Inc.*		10		35
Fractyl Health, Inc.*		12		30
Metagenomi, Inc.*		10		22
Lyra Therapeutics, Inc.*		76		20
Tevogen Bio Holdings, Inc.*		34		13
Conduit Pharmaceuticals, Inc.*		36		4
Ligand Pharmaceuticals, Inc.*,†††		24		—
Total Consumer, Non-cyclical				1,006,266
Industrial - 10.2%
Fabrinet*		57		13,477
Applied Industrial Technologies, Inc.		60		13,388
Mueller Industries, Inc.		175		12,967
Fluor Corp.*		267		12,739
UFP Industries, Inc.		95		12,465
SPX Technologies, Inc.*		70		11,162
Modine Manufacturing Co.*		81		10,756
Badger Meter, Inc.		46		10,047
Novanta, Inc.*		56		10,020
Casella Waste Systems, Inc. — Class A*		97		9,651
CSW Industrials, Inc.		26		9,526
Exponent, Inc.		79		9,107
Watts Water Technologies, Inc. — Class A		43		8,909
Moog, Inc. — Class A		44		8,889
Federal Signal Corp.		94		8,785
Boise Cascade Co.		62		8,741
Dycom Industries, Inc.*		44		8,673
NEXTracker, Inc. — Class A*		226		8,470
Chart Industries, Inc.*		67		8,317
AeroVironment, Inc.*		41		8,220
Zurn Elkay Water Solutions Corp.		226		8,122
Knife River Corp.*		89		7,956
Itron, Inc.*		72		7,690
Matson, Inc.		53		7,559
Belden, Inc.		64		7,496
Summit Materials, Inc. — Class A*		191		7,455
Franklin Electric Company, Inc.		71		7,442
GATX Corp.		56		7,417
Arcosa, Inc.		76		7,202
Sterling Infrastructure, Inc.*		47		6,816
EnerSys		63		6,429
Advanced Energy Industries, Inc.		59		6,209
Cactus, Inc. — Class A		103		6,146
Kadant, Inc.		18		6,084
RXO, Inc.*		214		5,992
Frontdoor, Inc.*		124		5,951
Plexus Corp.*		43		5,879
Sanmina Corp.*		84		5,750
Golar LNG Ltd.		156		5,734
Terex Corp.		105		5,555
Granite Construction, Inc.		69		5,470
Kratos Defense & Security Solutions, Inc.*		233		5,429
Enpro, Inc.		33		5,352
Mueller Water Products, Inc. — Class A		245		5,317
Rocket Lab USA, Inc.*		545		5,303
ESCO Technologies, Inc.		41		5,288
Scorpio Tankers, Inc.		74		5,276
Atmus Filtration Technologies, Inc.		132		4,954
John Bean Technologies Corp.		50		4,925
Atkore, Inc.		58		4,915
Primoris Services Corp.		84		4,879
Construction Partners, Inc. — Class A*		68		4,747
Trinity Industries, Inc.		129		4,494
Hub Group, Inc. — Class A		96		4,363
Albany International Corp. — Class A		49		4,354
Griffon Corp.		59		4,130
ArcBest Corp.		37		4,013
AZZ, Inc.		46		3,800
OSI Systems, Inc.*		25		3,796
Vishay Intertechnology, Inc.		199		3,763
Werner Enterprises, Inc.		97		3,743

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 221

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Masterbrand, Inc.*		200	$	3,708
Enerpac Tool Group Corp.		86		3,603
Energizer Holdings, Inc.		113		3,589
Materion Corp.		32		3,580
AAR Corp.*		54		3,529
Mirion Technologies, Inc.*		315		3,487
Gibraltar Industries, Inc.*		48		3,357
Powell Industries, Inc.		15		3,330
International Seaways, Inc.		64		3,300
Standex International Corp.		18		3,290
Bloom Energy Corp. — Class A*,1		311		3,284
Hillman Solutions Corp.*		310		3,274
Leonardo DRS, Inc.*		116		3,274
Kennametal, Inc.		125		3,241
O-I Glass, Inc.*		244		3,201
Mercury Systems, Inc.*		86		3,182
Joby Aviation, Inc.*,1		629		3,164
Hillenbrand, Inc.		111		3,086
Barnes Group, Inc.		73		2,950
TTM Technologies, Inc.*		159		2,902
Alamo Group, Inc.		16		2,882
Tennant Co.		30		2,881
World Kinect Corp.		93		2,875
MYR Group, Inc.*		26		2,658
IES Holdings, Inc.*		13		2,595
Golden Ocean Group Ltd.		192		2,569
Aspen Aerogels, Inc.*		92		2,547
Benchmark Electronics, Inc.		56		2,482
Helios Technologies, Inc.		52		2,480
Knowles Corp.*		136		2,452
Greif, Inc. — Class A		39		2,444
Greenbrier Companies, Inc.		48		2,443
Tecnoglass, Inc.		35		2,403
Apogee Enterprises, Inc.		34		2,381
DHT Holdings, Inc.		213		2,349
American Woodmark Corp.*		25		2,336
CTS Corp.		48		2,322
Napco Security Technologies, Inc.		56		2,266
Janus International Group, Inc.*		224		2,265
Teekay Tankers Ltd. — Class A		38		2,214
Enovix Corp.*,1		234		2,186
NV5 Global, Inc.*		23		2,150
JELD-WEN Holding, Inc.*		135		2,134
Lindsay Corp.		17		2,119
Worthington Enterprises, Inc.		50		2,072
SFL Corporation Ltd.		178		2,059
Argan, Inc.		20		2,029
Dorian LPG Ltd.		55		1,893
Tutor Perini Corp.*		68		1,847
PureCycle Technologies, Inc.*,1		194		1,843
Worthington Steel, Inc.		51		1,734
TriMas Corp.		64		1,634
Marten Transport Ltd.		92		1,628
Ichor Holdings Ltd.*		51		1,622
Columbus McKinnon Corp.		45		1,620
Thermon Group Holdings, Inc.*		53		1,582
Energy Recovery, Inc.*		90		1,565
Cadre Holdings, Inc.		41		1,556
Vicor Corp.*		35		1,473
NuScale Power Corp.*		122		1,413
Ducommun, Inc.*		21		1,382
Forward Air Corp.		39		1,381
Montrose Environmental Group, Inc.*		50		1,315
Triumph Group, Inc.*		102		1,315
Air Transport Services Group, Inc.*		81		1,311
CECO Environmental Corp.*		46		1,297
Enviri Corp.*		125		1,293
Genco Shipping & Trading Ltd.		66		1,287
Gorman-Rupp Co.		33		1,285
American Superconductor Corp.*		54		1,274
Bel Fuse, Inc. — Class B		16		1,256
FLEX LNG Ltd.		48		1,221
Xometry, Inc. — Class A*		66		1,212
Limbach Holdings, Inc.*		16		1,212
Nordic American Tankers Ltd.		321		1,178
Ardmore Shipping Corp.		65		1,177
Proto Labs, Inc.*		40		1,175
Astec Industries, Inc.		36		1,150
Hyster-Yale, Inc.		18		1,148
Sturm Ruger & Company, Inc.		27		1,125
Archer Aviation, Inc. — Class A*		368		1,115
Great Lakes Dredge & Dock Corp.*		104		1,095
Costamare, Inc.		68		1,069
DXP Enterprises, Inc.*		20		1,067
Mesa Laboratories, Inc.		8		1,039
Metallus, Inc.*		67		994
Smith & Wesson Brands, Inc.		72		935
Insteel Industries, Inc.		30		933
Ryerson Holding Corp.		46		916
Heartland Express, Inc.		74		909
Standard BioTools, Inc.*		462		892
Astronics Corp.*		45		877
Ardagh Metal Packaging S.A.1		228		859
Evolv Technologies Holdings, Inc.*		206		834
ChargePoint Holdings, Inc.*,1		608		833
Applied Optoelectronics, Inc.*		58		830
Teekay Corp.*		90		828
Myers Industries, Inc.		58		802
nLight, Inc.*		73		780
Willis Lease Finance Corp.		5		744
Clearwater Paper Corp.*		26		742
Pactiv Evergreen, Inc.		64		737
Kimball Electronics, Inc.*		39		722
LSI Industries, Inc.		44		711
Covenant Logistics Group, Inc. — Class A		13		687
Northwest Pipe Co.*		15		677
LSB Industries, Inc.*		84		675
Olympic Steel, Inc.		17		663
NVE Corp.		8		639
National Presto Industries, Inc.		8		601
CryoPort, Inc.*		69		560
Greif, Inc. — Class B		8		559

222 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Luxfer Holdings plc		42	$	544
FARO Technologies, Inc.*		28		536
GrafTech International Ltd.*		405		535
Manitowoc Company, Inc.*		55		529
SmartRent, Inc.*		299		517
Bowman Consulting Group Ltd.*		21		506
Safe Bulkers, Inc.		95		492
Stoneridge, Inc.*		43		481
Iteris, Inc.*		67		478
Universal Logistics Holdings, Inc.		11		474
Graham Corp.*		16		473
Byrna Technologies, Inc.*		27		458
Eastman Kodak Co.*		95		448
Ranpak Holdings Corp.*		68		444
Allient, Inc.		23		437
Latham Group, Inc.*		64		435
Park-Ohio Holdings Corp.		14		430
Mayville Engineering Company, Inc.*		20		422
Turtle Beach Corp.*		27		414
Himalaya Shipping Ltd.*		47		407
Park Aerospace Corp.		29		378
Mistras Group, Inc.*		33		375
MicroVision, Inc.*		325		370
Intuitive Machines, Inc.*,1		45		362
Radiant Logistics, Inc.*		56		360
Pure Cycle Corp.*		33		355
Centuri Holdings, Inc.*		22		355
Pangaea Logistics Solutions Ltd.		49		354
Sight Sciences, Inc.*		55		346
Proficient Auto Logistics, Inc.*		24		340
LanzaTech Global, Inc.*		176		336
Gencor Industries, Inc.*		16		334
Tredegar Corp.*		42		306
Omega Flex, Inc.		6		299
Bel Fuse, Inc. — Class A		3		298
L B Foster Co. — Class A*		14		286
Karat Packaging, Inc.		11		285
NN, Inc.*		73		285
Orion Group Holdings, Inc.*		48		277
GoPro, Inc. — Class A*		197		268
AerSale Corp.*		53		268
Eastern Co.		8		260
Perma-Fix Environmental Services, Inc.*		20		245
Redwire Corp.*,1		35		240
Smith-Midland Corp.*		7		234
Net Power, Inc.*		33		231
Arq, Inc.*		39		229
Twin Disc, Inc.		18		225
Concrete Pumping Holdings, Inc.*		38		220
Quest Resource Holding Corp.*		27		216
Core Molding Technologies, Inc.*		12		207
AMMO, Inc.*		141		202
Taylor Devices, Inc.*		4		200
PAM Transportation Services, Inc.*		10		185
Virgin Galactic Holdings, Inc.*,1		30		183
Caesarstone Ltd.*		33		150
Ultralife Corp.*		16		145
374Water, Inc.*		103		140
908 Devices, Inc.*		37		128
VirTra, Inc.*		17		106
NL Industries, Inc.		13		97
Eve Holding, Inc.*		28		91
Southland Holdings, Inc.*		16		59
Bridger Aerospace Group Holdings, Inc.*		14		31
Amprius Technologies, Inc.*		22		24
Solidion Technology, Inc.*		14		5
Total Industrial				661,506
Consumer, Cyclical - 7.2%
Meritage Homes Corp.		56		11,484
Taylor Morrison Home Corp. — Class A*		160		11,242
Abercrombie & Fitch Co. — Class A*		79		11,052
Installed Building Products, Inc.		38		9,358
KB Home		106		9,083
Beacon Roofing Supply, Inc.*		100		8,643
Aurora Innovation, Inc.*		1,455		8,614
Group 1 Automotive, Inc.		21		8,044
Champion Homes, Inc.*		84		7,967
Boot Barn Holdings, Inc.*		46		7,695
Asbury Automotive Group, Inc.*		32		7,635
M/I Homes, Inc.*		42		7,197
Kontoor Brands, Inc.		88		7,197
Signet Jewelers Ltd.		67		6,910
FirstCash Holdings, Inc.		60		6,888
Tri Pointe Homes, Inc.*		144		6,525
Academy Sports & Outdoors, Inc.		111		6,478
American Eagle Outfitters, Inc.		287		6,426
Shake Shack, Inc. — Class A*		60		6,193
Six Flags Entertainment Corp.		145		5,845
GMS, Inc.*		63		5,706
Steven Madden Ltd.		114		5,585
Cavco Industries, Inc.*		13		5,567
Sweetgreen, Inc. — Class A*		156		5,530
Brinker International, Inc.*		69		5,281
SkyWest, Inc.*		62		5,271
Rush Enterprises, Inc. — Class A		96		5,072
Cinemark Holdings, Inc.*		174		4,844
Patrick Industries, Inc.		34		4,841
UniFirst Corp.		24		4,768
LCI Industries		39		4,701
Dorman Products, Inc.*		41		4,638
Resideo Technologies, Inc.*		230		4,632
Century Communities, Inc.		44		4,531
Red Rock Resorts, Inc. — Class A		78		4,246
Hilton Grand Vacations, Inc.*		116		4,213
Visteon Corp.*		43		4,095
Green Brick Partners, Inc.*		49		4,093
Hanesbrands, Inc.*		553		4,065
HNI Corp.		74		3,984
Goodyear Tire & Rubber Co.*		446		3,947
LGI Homes, Inc.*		33		3,911
Urban Outfitters, Inc.*		101		3,869
International Game Technology plc		179		3,813

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 223

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
PriceSmart, Inc.		40	$	3,671
Vista Outdoor, Inc.*		92		3,605
Foot Locker, Inc.		132		3,411
Victoria’s Secret & Co.*		124		3,187
JetBlue Airways Corp.*		483		3,169
Adient plc*		140		3,160
Atlanta Braves Holdings, Inc. — Class C*		79		3,144
Phinia, Inc.		68		3,130
Cheesecake Factory, Inc.		76		3,082
Acushnet Holdings Corp.		46		2,932
OPENLANE, Inc.*		169		2,853
United Parks & Resorts, Inc.*		56		2,834
La-Z-Boy, Inc.		66		2,833
Papa John’s International, Inc.		52		2,801
Fox Factory Holding Corp.*		67		2,781
MillerKnoll, Inc.		109		2,699
Madison Square Garden Entertainment Corp.*		62		2,637
Winnebago Industries, Inc.		45		2,615
OneSpaWorld Holdings Ltd.		158		2,609
Peloton Interactive, Inc. — Class A*		533		2,494
H&E Equipment Services, Inc.		51		2,483
Topgolf Callaway Brands Corp.*		224		2,459
Blue Bird Corp.*		51		2,446
AMC Entertainment Holdings, Inc. — Class A*		530		2,411
Sonos, Inc.*		194		2,384
Gentherm, Inc.*		50		2,328
REV Group, Inc.		81		2,273
Life Time Group Holdings, Inc.*		93		2,271
Warby Parker, Inc. — Class A*		137		2,237
Sally Beauty Holdings, Inc.*		161		2,185
Wolverine World Wide, Inc.		125		2,178
Dana, Inc.		206		2,175
Sabre Corp.*		589		2,162
Buckle, Inc.		49		2,154
Bloomin’ Brands, Inc.		124		2,050
Oxford Industries, Inc.		23		1,995
Steelcase, Inc. — Class A		146		1,970
G-III Apparel Group Ltd.*		64		1,953
Winmark Corp.		5		1,915
ScanSource, Inc.*		39		1,873
VSE Corp.		22		1,820
Caleres, Inc.		54		1,785
Dave & Buster’s Entertainment, Inc.*		52		1,771
XPEL, Inc.*		40		1,735
Interface, Inc. — Class A		90		1,707
MRC Global, Inc.*		133		1,694
ODP Corp.*		56		1,666
Monarch Casino & Resort, Inc.		21		1,665
Everi Holdings, Inc.*		125		1,643
Hovnanian Enterprises, Inc. — Class A*		8		1,635
Camping World Holdings, Inc. — Class A		67		1,623
Beazer Homes USA, Inc.*		47		1,606
Dream Finders Homes, Inc. — Class A*		44		1,593
Cracker Barrel Old Country Store, Inc.		35		1,587
Vizio Holding Corp. — Class A*		140		1,564
Global Business Travel Group I*		198		1,523
Jack in the Box, Inc.		31		1,443
IMAX Corp.*		68		1,395
BlueLinx Holdings, Inc.*		13		1,370
PC Connection, Inc.		18		1,358
Sonic Automotive, Inc. — Class A		23		1,345
Wabash National Corp.		70		1,343
National Vision Holdings, Inc.*		123		1,342
Lions Gate Entertainment Corp. — Class B*		192		1,329
Allegiant Travel Co. — Class A		24		1,322
Rush Street Interactive, Inc.*		120		1,302
Malibu Boats, Inc. — Class A*		32		1,242
A-Mark Precious Metals, Inc.		28		1,237
Shoe Carnival, Inc.		28		1,228
MarineMax, Inc.*		34		1,199
Ethan Allen Interiors, Inc.		36		1,148
Portillo’s, Inc. — Class A*,1		85		1,145
Standard Motor Products, Inc.		34		1,129
American Axle & Manufacturing Holdings, Inc.*		181		1,119
Miller Industries, Inc.		17		1,037
indie Semiconductor, Inc. — Class A*		259		1,033
Golden Entertainment, Inc.		32		1,017
Chuy’s Holdings, Inc.*		27		1,010
Arhaus, Inc.		81		997
Douglas Dynamics, Inc.		36		993
BJ’s Restaurants, Inc.*		30		977
Forestar Group, Inc.*		30		971
Accel Entertainment, Inc.*		83		964
Leslie’s, Inc.*		283		894
Arko Corp.		127		891
Super Group SGHC Ltd.		236		857
Clean Energy Fuels Corp.*		269		837
Dine Brands Global, Inc.		24		749
First Watch Restaurant Group, Inc.*		48		749
Daktronics, Inc.*		58		749
Lions Gate Entertainment Corp. — Class A*		94		736
Kura Sushi USA, Inc. — Class A*		9		725
Global Industrial Co.		21		713
Sun Country Airlines Holdings, Inc.*		62		695
Build-A-Bear Workshop, Inc. — Class A		20		687
Atlanta Braves Holdings, Inc. — Class A*		16		674
Rush Enterprises, Inc. — Class B		14		671
Shyft Group, Inc.		53		665
EVgo, Inc.*,1		159		658
Xperi, Inc.*		71		656
Bally’s Corp.*		38		655
Titan International, Inc.*		79		642
Methode Electronics, Inc.		53		634
Haverty Furniture Companies, Inc.		23		632
Lovesac Co.*		22		630
RCI Hospitality Holdings, Inc.		14		624
Sleep Number Corp.*		34		623

224 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Petco Health & Wellness Company, Inc.*		131	$	596
Funko, Inc. — Class A*		48		586
Hudson Technologies, Inc.*		70		584
El Pollo Loco Holdings, Inc.*		42		575
Nu Skin Enterprises, Inc. — Class A		78		575
Marcus Corp.		38		573
Zumiez, Inc.*		26		554
Hyliion Holdings Corp.*		222		551
Lindblad Expeditions Holdings, Inc.*		56		518
Denny’s Corp.*		80		516
Designer Brands, Inc. — Class A		66		487
MasterCraft Boat Holdings, Inc.*		26		473
Luminar Technologies, Inc.*,1		525		472
Xponential Fitness, Inc. — Class A*		38		471
Genesco, Inc.*		17		462
Titan Machinery, Inc.*		33		460
OneWater Marine, Inc. — Class A*		19		454
Movado Group, Inc.		24		446
America’s Car-Mart, Inc.*		10		419
Spirit Airlines, Inc.1		173		415
Hamilton Beach Brands Holding Co. — Class A		13		396
iRobot Corp.*		45		391
Savers Value Village, Inc.*		37		389
Cooper-Standard Holdings, Inc.*		27		375
Potbelly Corp.*		43		359
Frontier Group Holdings, Inc.*,1		66		353
Rocky Brands, Inc.		11		350
Landsea Homes Corp.*		28		346
Wheels Up Experience, Inc.*		141		341
Weyco Group, Inc.		10		340
JAKKS Pacific, Inc.*		13		332
Superior Group of Companies, Inc.		21		325
Solid Power, Inc.*		240		324
Flexsteel Industries, Inc.		7		310
Hooker Furnishings Corp.		17		307
Tile Shop Holdings, Inc.*		45		297
Webtoon Entertainment, Inc.*		24		275
Blink Charging Co.*,1		152		261
Full House Resorts, Inc.*		52		261
Johnson Outdoors, Inc. — Class A		7		253
Reservoir Media, Inc.*		31		251
Destination XL Group, Inc.*		84		247
Vera Bradley, Inc.*		42		229
Escalade, Inc.		16		225
Virco Mfg. Corp.		16		221
Clarus Corp.		48		216
Holley, Inc.*		73		215
Traeger, Inc.*		54		199
GrowGeneration Corp.*		92		196
Citi Trends, Inc.*		10		184
Livewire Group, Inc.*		29		177
J Jill, Inc.		7		173
Biglari Holdings, Inc. — Class B*		1		172
Commercial Vehicle Group, Inc.*		52		169
EVI Industries, Inc.		8		155
Marine Products Corp.		14		136
SES AI Corp.*		205		131
Lifetime Brands, Inc.		20		131
ONE Group Hospitality, Inc.*		33		121
Aeva Technologies, Inc.*		36		118
Tilly’s, Inc. — Class A*		23		117
ThredUp, Inc. — Class A*		124		104
Canoo, Inc.*		94		92
Purple Innovation, Inc.*		90		89
Torrid Holdings, Inc.*		19		75
CompX International, Inc.		2		58
United Homes Group, Inc.*,1		8		49
Qurate Retail, Inc. — Class B*		2		9
Total Consumer, Cyclical				471,917
Technology - 6.1%
SPS Commerce, Inc.*		58		11,262
CommVault Systems, Inc.*		68		10,462
Varonis Systems, Inc.*		173		9,775
Insight Enterprises, Inc.*		44		9,477
ExlService Holdings, Inc.*		248		9,461
Maximus, Inc.		96		8,943
Altair Engineering, Inc. — Class A*		90		8,596
ACI Worldwide, Inc.*		166		8,449
Zeta Global Holdings Corp. — Class A*		278		8,293
Impinj, Inc.*		36		7,795
Tenable Holdings, Inc.*		186		7,537
Qualys, Inc.*		58		7,451
Box, Inc. — Class A*		222		7,266
Rambus, Inc.*		172		7,262
ASGN, Inc.*		71		6,619
Workiva, Inc.*		80		6,330
Clearwater Analytics Holdings, Inc. — Class A*		238		6,010
Silicon Laboratories, Inc.*		50		5,779
Power Integrations, Inc.		89		5,707
FormFactor, Inc.*		122		5,612
Blackbaud, Inc.*		65		5,504
Axcelis Technologies, Inc.*		51		5,347
Evolent Health, Inc. — Class A*		182		5,147
BlackLine, Inc.*		91		5,018
Envestnet, Inc.*		80		5,010
SiTime Corp.*		29		4,974
ACV Auctions, Inc. — Class A*		233		4,737
Synaptics, Inc.*		61		4,732
Semtech Corp.*		102		4,657
Diodes, Inc.*		72		4,615
Clear Secure, Inc. — Class A		138		4,573
Progress Software Corp.		67		4,514
DigitalOcean Holdings, Inc.*		103		4,160
Rapid7, Inc.*		98		3,909
Kulicke & Soffa Industries, Inc.		86		3,881
Agilysys, Inc.*		35		3,814
WNS Holdings Ltd.*		71		3,742
Freshworks, Inc. — Class A*		321		3,685
Ambarella, Inc.*		60		3,384
Braze, Inc. — Class A*		103		3,331

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 225

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Vertex, Inc. — Class A*		86	$	3,312
NCR Atleos Corp.*		114		3,252
C3.ai, Inc. — Class A*		130		3,150
NCR Voyix Corp.*		229		3,108
Intapp, Inc.*		62		2,965
Privia Health Group, Inc.*		161		2,932
Veeco Instruments, Inc.*		88		2,915
Ultra Clean Holdings, Inc.*		70		2,795
PAR Technology Corp.*		53		2,760
IonQ, Inc.*,1		313		2,736
Donnelley Financial Solutions, Inc.*		41		2,699
PagerDuty, Inc.*		141		2,616
Verint Systems, Inc.*		97		2,457
Photronics, Inc.*		97		2,402
NetScout Systems, Inc.*		109		2,371
AvePoint, Inc.*		200		2,354
CSG Systems International, Inc.		47		2,287
Sprout Social, Inc. — Class A*		78		2,267
AvidXchange Holdings, Inc.*		274		2,222
Alkami Technology, Inc.*		69		2,176
Appian Corp. — Class A*		63		2,151
PowerSchool Holdings, Inc. — Class A*		94		2,144
SoundHound AI, Inc. — Class A*,1		447		2,083
Adeia, Inc.		172		2,049
Jamf Holding Corp.*		117		2,030
Xerox Holdings Corp.		183		1,899
Waystar Holding Corp.*		68		1,897
Cohu, Inc.*		73		1,876
Alignment Healthcare, Inc.*		158		1,868
Matterport, Inc.*		413		1,859
Sapiens International Corporation N.V.		49		1,826
Phreesia, Inc.*		80		1,823
MaxLinear, Inc. — Class A*		125		1,810
Pitney Bowes, Inc.		253		1,804
Diebold Nixdorf, Inc.*,1		40		1,786
Zuora, Inc. — Class A*		204		1,758
SMART Global Holdings, Inc.*		81		1,697
Schrodinger Incorporated/United States*		88		1,632
ACM Research, Inc. — Class A*		80		1,624
PDF Solutions, Inc.*		49		1,552
Digi International, Inc.*		56		1,542
Fastly, Inc. — Class A*		203		1,537
N-able, Inc.*		113		1,476
Asana, Inc. — Class A*		125		1,449
Alpha & Omega Semiconductor Ltd.*		37		1,373
Blend Labs, Inc. — Class A*		364		1,365
PROS Holdings, Inc.*		72		1,333
Grid Dynamics Holdings, Inc.*		90		1,260
Integral Ad Science Holding Corp.*		114		1,232
E2open Parent Holdings, Inc.*		269		1,186
Vimeo, Inc.*		233		1,177
Yext, Inc.*		165		1,142
SolarWinds Corp.		86		1,122
Amplitude, Inc. — Class A*		120		1,076
V2X, Inc.*		19		1,061
OneSpan, Inc.*		60		1,000
Conduent, Inc.*		248		1,000
PubMatic, Inc. — Class A*		66		981
Daily Journal Corp.*		2		980
SEMrush Holdings, Inc. — Class A*		57		895
CEVA, Inc.*		37		894
MeridianLink, Inc.*		43		885
NextNav, Inc.*		118		884
GigaCloud Technology, Inc. — Class A*,1		37		850
Instructure Holdings, Inc.*		35		824
Olo, Inc. — Class A*		165		818
Simulations Plus, Inc.		25		801
Weave Communications, Inc.*		62		794
I3 Verticals, Inc. — Class A*		36		767
Health Catalyst, Inc.*		92		749
Ibotta, Inc. — Class A*,1		12		739
Enfusion, Inc. — Class A*		76		721
Innodata, Inc.*		43		721
PlayAGS, Inc.*		62		706
Thoughtworks Holding, Inc.*		158		698
Climb Global Solutions, Inc.		7		697
Bandwidth, Inc. — Class A*		39		683
Cantaloupe, Inc.*		92		681
Pagaya Technologies Ltd. — Class A*,1		64		676
Consensus Cloud Solutions, Inc.*		28		659
BigCommerce Holdings, Inc.*		111		649
Digimarc Corp.*		24		645
Mitek Systems, Inc.*		73		633
Planet Labs PBC*		266		593
Unisys Corp.*		104		591
3D Systems Corp.*		201		571
Aehr Test Systems*		44		565
American Software, Inc. — Class A		50		560
Cricut, Inc. — Class A		73		506
Vishay Precision Group, Inc.*		19		492
Navitas Semiconductor Corp.*		199		488
Corsair Gaming, Inc.*		70		487
Red Violet, Inc.*		17		484
Digital Turbine, Inc.*		151		464
Ouster, Inc.*		68		428
Immersion Corp.		48		428
Talkspace, Inc.*		194		405
Domo, Inc. — Class B*		53		398
SkyWater Technology, Inc.*		43		390
Definitive Healthcare Corp.*		84		375
8x8, Inc.*		184		375
Life360, Inc.*,1		9		354
EverCommerce, Inc.*		34		352
Asure Software, Inc.*		37		335
ReposiTrak, Inc.1		18		332
Arteris, Inc.*		43		332
Inspired Entertainment, Inc.*		35		324
Telos Corp.*		86		309
Outbrain, Inc.*		61		296
IBEX Holdings Ltd.*		14		280
Viant Technology, Inc. — Class A*		25		277
CS Disco, Inc.*		46		271

226 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
ON24, Inc.*		43	$	263
Rackspace Technology, Inc.*		105		257
Richardson Electronics Ltd.		19		235
BigBear.ai Holdings, Inc.*		160		234
Playstudios, Inc.*		139		210
Kaltura, Inc.*		152		207
Cerence, Inc.*		65		205
Porch Group, Inc.*		122		187
Everspin Technologies, Inc.*		31		183
TTEC Holdings, Inc.		31		182
Rigetti Computing, Inc.*,1		223		175
QuickLogic Corp.*		22		169
eGain Corp.*		32		163
Rimini Street, Inc.*		84		155
D-Wave Quantum, Inc.*,1		138		136
Rekor Systems, Inc.*		112		132
Silvaco Group, Inc.*,1		9		129
WM Technology, Inc.*		132		115
iLearningEngines Holdings, Inc.*		46		77
Golden Matrix Group, Inc.*		31		72
System1, Inc.*		37		42
GCT Semiconductor Holding, Inc.*		12		40
Airship AI Holdings, Inc.*		5		12
Total Technology				394,767
Energy - 3.3%
ChampionX Corp.		301		9,075
Noble Corporation plc1		217		7,853
Murphy Oil Corp.		229		7,726
CNX Resources Corp.*		231		7,524
SM Energy Co.		180		7,195
Magnolia Oil & Gas Corp. — Class A		273		6,667
Sunrun, Inc.*		342		6,176
California Resources Corp.		109		5,719
Tidewater, Inc.*		77		5,528
Northern Oil & Gas, Inc.		156		5,524
Valaris Ltd.*		99		5,519
Archrock, Inc.		261		5,283
Peabody Energy Corp.		198		5,255
Warrior Met Coal, Inc.		82		5,240
PBF Energy, Inc. — Class A		164		5,076
Liberty Energy, Inc. — Class A		255		4,868
Transocean Ltd.*		1,142		4,853
CONSOL Energy, Inc.		46		4,814
Patterson-UTI Energy, Inc.		609		4,659
Helmerich & Payne, Inc.		152		4,624
Seadrill Ltd.*		107		4,252
Alpha Metallurgical Resources, Inc.		17		4,015
Oceaneering International, Inc.*		159		3,954
Arch Resources, Inc.		28		3,869
Gulfport Energy Corp.*		20		3,027
Kosmos Energy Ltd.*		733		2,954
Kinetik Holdings, Inc. — Class A		60		2,716
Plug Power, Inc.*,1		1,166		2,635
Sitio Royalties Corp. — Class A		126		2,626
Expro Group Holdings N.V.*		149		2,558
Helix Energy Solutions Group, Inc.*		227		2,520
Talos Energy, Inc.*		233		2,412
Crescent Energy Co. — Class A		218		2,387
Atlas Energy Solutions, Inc.		107		2,333
Fluence Energy, Inc.*		96		2,180
DNOW, Inc.*		165		2,133
Borr Drilling Ltd.*		371		2,037
Sable Offshore Corp.*		80		1,890
Delek US Holdings, Inc.		100		1,875
Sunnova Energy International, Inc.*		171		1,666
Comstock Resources, Inc.		146		1,625
Select Water Solutions, Inc. — Class A		144		1,603
Array Technologies, Inc.*		241		1,591
Par Pacific Holdings, Inc.*		90		1,584
Shoals Technologies Group, Inc. — Class A*		270		1,515
Core Laboratories, Inc.		74		1,371
Green Plains, Inc.*		100		1,354
Bristow Group, Inc.*		39		1,353
CVR Energy, Inc.		54		1,244
Vital Energy, Inc.*		45		1,210
SunCoke Energy, Inc.		132		1,146
REX American Resources Corp.*		24		1,111
ProPetro Holding Corp.*		138		1,057
VAALCO Energy, Inc.		164		941
Vitesse Energy, Inc.		39		937
Kodiak Gas Services, Inc.		32		928
Newpark Resources, Inc.*		131		908
Nabors Industries Ltd.*		14		903
NextDecade Corp.*		182		857
RPC, Inc.		134		852
Diversified Energy Company plc		74		842
Innovex International, Inc.*		54		793
Aris Water Solutions, Inc. — Class A		42		708
SandRidge Energy, Inc.		51		624
Berry Corp.		121		622
TETRA Technologies, Inc.*		198		614
Excelerate Energy, Inc. — Class A		27		594
Montauk Renewables, Inc.*		104		542
Solaris Oilfield Infrastructure, Inc. — Class A		40		510
Granite Ridge Resources, Inc.		83		493
Ramaco Resources, Inc. — Class A		42		491
Matrix Service Co.*		42		484
Riley Exploration Permian, Inc.		18		477
Oil States International, Inc.*		97		446
Amplify Energy Corp.*		62		405
DMC Global, Inc.*		31		402
Ring Energy, Inc.*		234		374
Hallador Energy Co.*		39		368
SEACOR Marine Holdings, Inc.*		38		367
W&T Offshore, Inc.		155		333
TPI Composites, Inc.*,1		73		332
Natural Gas Services Group, Inc.*		17		325
HighPeak Energy, Inc.1		23		319
Ranger Energy Services, Inc.		26		310
Forum Energy Technologies, Inc.*		18		278

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 227

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
FuelCell Energy, Inc.*,1		715	$	272
Evolution Petroleum Corp.		48		255
ProFrac Holding Corp. — Class A*,1		35		238
FutureFuel Corp.		41		236
Geospace Technologies Corp.*		20		207
NACCO Industries, Inc. — Class A		7		198
ASP Isotopes, Inc.*		62		172
Freyr Battery, Inc.*		177		172
Energy Vault Holdings, Inc.*		162		155
Mammoth Energy Services, Inc.*		38		155
PrimeEnergy Resources Corp.*		1		138
Aemetis, Inc.*		57		131
Empire Petroleum Corp.*		22		115
Ramaco Resources, Inc. — Class B		8		86
Stem, Inc.*		239		83
Prairie Operating Co.*		7		61
Drilling Tools International Corp.*		15		56
Verde Clean Fuels, Inc.*		5		20
SolarMax Technology, Inc.*		8		5
Total Energy				212,115
Communications - 2.6%
Lumen Technologies, Inc.*		1,585		11,254
Q2 Holdings, Inc.*		93		7,419
Credo Technology Group Holding Ltd.*		201		6,191
InterDigital, Inc.		40		5,665
Hims & Hers Health, Inc.*		299		5,508
AST SpaceMobile, Inc.*,1		210		5,492
Cogent Communications Holdings, Inc.		69		5,238
EchoStar Corp. — Class A*		192		4,765
Squarespace, Inc. — Class A*		96		4,457
TEGNA, Inc.		266		4,197
Cargurus, Inc.*		139		4,174
Perficient, Inc.*		55		4,151
ePlus, Inc.*		41		4,032
Yelp, Inc. — Class A*		103		3,613
Calix, Inc.*		93		3,607
Telephone & Data Systems, Inc.		155		3,604
DigitalBridge Group, Inc.		251		3,547
Ziff Davis, Inc.*		72		3,504
Cable One, Inc.		9		3,148
Viavi Solutions, Inc.*		347		3,130
Extreme Networks, Inc.*		198		2,976
Magnite, Inc.*		198		2,742
Harmonic, Inc.*		174		2,535
Viasat, Inc.*		191		2,281
Infinera Corp.*,1		314		2,120
Upwork, Inc.*		196		2,048
CommScope Holding Company, Inc.*		330		2,016
Opendoor Technologies, Inc.*		970		1,940
Liberty Latin America Ltd. — Class C*		203		1,926
Sphere Entertainment Co.*		42		1,856
Cars.com, Inc.*		104		1,743
A10 Networks, Inc.		112		1,617
QuinStreet, Inc.*		83		1,588
Sprinklr, Inc. — Class A*		198		1,531
Revolve Group, Inc.*		60		1,487
Globalstar, Inc.*		1,142		1,416
Figs, Inc. — Class A*		205		1,402
Shutterstock, Inc.		39		1,379
Applied Digital Corp.*,1		155		1,279
Gannett Company, Inc.*		224		1,259
Despegar.com Corp.*		97		1,203
Scholastic Corp.		37		1,184
HealthStream, Inc.		38		1,096
Shenandoah Telecommunications Co.		77		1,086
TechTarget, Inc.*		41		1,002
Open Lending Corp. — Class A*		161		985
Couchbase, Inc.*		61		983
Bumble, Inc. — Class A*		151		963
Stagwell, Inc.*		135		948
IDT Corp. — Class B		24		916
NETGEAR, Inc.*		45		903
Clear Channel Outdoor Holdings, Inc.*		550		880
Thryv Holdings, Inc.*		50		862
EverQuote, Inc. — Class A*		40		844
National CineMedia, Inc.*		112		789
Clearfield, Inc.*		20		779
Liquidity Services, Inc.*		34		775
Sinclair, Inc.		50		765
ADTRAN Holdings, Inc.*		124		735
Gogo, Inc.*		102		732
Beyond, Inc.*		72		726
Gray Television, Inc.		135		724
Powerfleet Incorporated NJ*		143		715
MediaAlpha, Inc. — Class A*		39		706
Nextdoor Holdings, Inc.*		275		682
fuboTV, Inc.*		460		653
Anterix, Inc.*		16		603
Getty Images Holdings, Inc.*		158		602
Boston Omaha Corp. — Class A*		39		580
Advantage Solutions, Inc.*		169		580
Consolidated Communications Holdings, Inc.*		121		561
ATN International, Inc.		17		550
Preformed Line Products Co.		4		512
Liberty Latin America Ltd. — Class A*		52		498
RealReal, Inc.*		154		484
Grindr, Inc.*		39		465
Ribbon Communications, Inc.*		143		465
Vivid Seats, Inc. — Class A*		123		455
Ooma, Inc.*		39		444
Spok Holdings, Inc.		29		437
AMC Networks, Inc. — Class A*		50		434
WideOpenWest, Inc.*		78		410
Backblaze, Inc. — Class A*		63		403
Stitch Fix, Inc. — Class A*		142		400
Aviat Networks, Inc.*		18		389
Lands’ End, Inc.*		22		380
Groupon, Inc.*,1		36		352
Eventbrite, Inc. — Class A*		126		344
BARK, Inc.*		209		341
1-800-Flowers.com, Inc. — Class A*		41		325
Innovid Corp.*		168		302

228 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares			Value
iHeartMedia, Inc. — Class A*		163		$	302
LifeMD, Inc.*		55			288
Tucows, Inc. — Class A*		13			272
Gambling.com Group Ltd.*		27			271
AudioEye, Inc.*		11			251
OptimizeRx Corp.*		28			216
EW Scripps Co. — Class A*		96			216
Townsquare Media, Inc. — Class A		21			213
Cardlytics, Inc.*		63			202
Entravision Communications Corp. — Class A		97			201
1stdibs.com, Inc.*		40			176
RumbleON, Inc. — Class B*		25			120
Nerdy, Inc.*		115			113
LiveOne, Inc.*		107			102
BlackSky Technology, Inc.*		21			100
Mondee Holdings, Inc.*		60			83
Terran Orbital Corp.*,1		243			61
Value Line, Inc.		1			46
Vacasa, Inc. — Class A*		15			42
Solo Brands, Inc. — Class A*		26			37
aka Brands Holding Corp.*		1			24
Total Communications					171,125
Basic Materials - 2.3%
Carpenter Technology Corp.		75			11,968
Commercial Metals Co.		182			10,003
Cabot Corp.		85			9,500
Balchem Corp.		51			8,976
Avient Corp.		142			7,145
HB Fuller Co.		86			6,827
Hecla Mining Co.		912			6,083
Sensient Technologies Corp.		66			5,295
Arcadium Lithium plc*		1,697			4,836
Sylvamo Corp.		55			4,722
Innospec, Inc.		39			4,411
Coeur Mining, Inc.*		619			4,259
Minerals Technologies, Inc.		51			3,939
Uranium Energy Corp.*		620			3,850
Hawkins, Inc.		30			3,824
Quaker Chemical Corp.		22			3,707
Rogers Corp.*		30			3,390
Constellium SE*		204			3,317
Perimeter Solutions S.A.*		211			2,838
Tronox Holdings plc — Class A		187			2,736
Stepan Co.		34			2,626
Ingevity Corp.*		57			2,223
SSR Mining, Inc.		320			1,818
Kaiser Aluminum Corp.		25			1,813
Orion S.A.		91			1,621
Novagold Resources, Inc.*		384			1,574
United States Lime & Minerals, Inc.		15			1,465
Mativ Holdings, Inc.		85			1,444
Energy Fuels, Inc.*		255	��		1,400
Century Aluminum Co.*		83			1,347
Ecovyst, Inc.*		183			1,254
AdvanSix, Inc.		40			1,215
Centrus Energy Corp. — Class A*		22			1,207
Haynes International, Inc.		20			1,191
Metals Acquisition Ltd. — Class A*		85			1,177
Koppers Holdings, Inc.		32			1,169
Encore Energy Corp.*		281			1,135
Ivanhoe Electric Incorporated / US*		132			1,117
Rayonier Advanced Materials, Inc.*		101			865
Radius Recycling, Inc. — Class A		42			779
Compass Minerals International, Inc.		54			649
Perpetua Resources Corp.*		61			570
Oil-Dri Corporation of America		8			552
Universal Stainless & Alloy Products, Inc.*		14			541
Lightwave Logic, Inc.*		189			522
Ur-Energy, Inc.*		433			515
i-80 Gold Corp.*		409			475
Kronos Worldwide, Inc.		34			423
Intrepid Potash, Inc.*		17			408
Lifezone Metals Ltd.*		58			406
Caledonia Mining Corporation plc		26			389
Codexis, Inc.*		110			339
Piedmont Lithium, Inc.*		29			259
Dakota Gold Corp.*		103			243
Contango ORE, Inc.*		12			231
American Vanguard Corp.		40			212
Northern Technologies International Corp.		12			147
Valhi, Inc.		4			133
Critical Metals Corp.*		12			89
Total Basic Materials					147,169
Utilities - 1.8%
Brookfield Infrastructure Corp. — Class A		189			8,208
Portland General Electric Co.		160			7,664
New Jersey Resources Corp.		155			7,316
Southwest Gas Holdings, Inc.		96			7,081
ONE Gas, Inc.		89			6,623
Black Hills Corp.		108			6,601
Ormat Technologies, Inc.		85			6,540
TXNM Energy, Inc.		142			6,215
ALLETE, Inc.		92			5,905
Spire, Inc.		85			5,720
Northwestern Energy Group, Inc.		97			5,550
MGE Energy, Inc.		57			5,213
Otter Tail Corp.		65			5,080
California Water Service Group		91			4,934
American States Water Co.		59			4,914
Avista Corp.		123			4,766
Chesapeake Utilities Corp.		35			4,346
SJW Group		51			2,964
Hawaiian Electric Industries, Inc.*		260			2,517
Northwest Natural Holding Co.		60			2,449
Ameresco, Inc. — Class A*		51			1,935
Middlesex Water Co.		28			1,827
Unitil Corp.		25			1,515
York Water Co.		23			861
Consolidated Water Company Ltd.		24			605
Altus Power, Inc.*		120			382
Genie Energy Ltd. — Class B		20			325

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 229

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares			Value
RGC Resources, Inc.		13		$	294
Global Water Resources, Inc.		18			227
Total Utilities					118,577
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		43			1,397
Total Common Stocks
(Cost $3,904,912)					4,202,155
WARRANT† - 0.0%
Danimer Scientific, Inc.
Expiring 07/15/25		2			—
Total Warrant
(Cost $—)					—
RIGHTS† - 0.0%
Consumer, Non-cyclical - 0.0%
Sanofi SA*		52			—
Tobira Therapeutics, Inc. *,†††		14			—
Novartis AG*,†††		100			—
Cartesian Therapeutics Inc.*		179			—
Total Consumer, Non-cyclical					—
Energy - 0.0%
Empire Petroleum Corp.*
Expires 10/16/24		22			—
Total Rights
(Cost $39)					—
MUTUAL FUNDS† - 18.4%
Guggenheim Strategy Fund II2		25,618	��		635,320
Guggenheim Ultra Short Duration Fund — Institutional Class2		56,061			561,735
Total Mutual Funds
(Cost $1,183,372)					1,197,055

	Face Amount~
U.S. TREASURY BILL†† - 3.0%
U.S. Treasury Bills
4.85% due 12/12/243,4	$	200,000		198,212
Total U.S. Treasury Bill
(Cost $198,059)				198,212
REPURCHASE AGREEMENTS††,5 - 13.0%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/243		463,138		463,138
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/243		382,530		382,530
Total Repurchase Agreements
(Cost $845,668)				845,668
	Shares
SECURITIES LENDING COLLATERAL†,6 - 0.9%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%7		58,826		58,826
Total Securities Lending Collateral
(Cost $58,826)				58,826
Total Investments - 99.9%
(Cost $6,190,876)			$	6,501,916
Other Assets & Liabilities, net - 0.1%				5,965
Total Net Assets - 100.0%			$	6,507,881

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

Russell 2000 Index

Pay

4.93% (Federal Funds Rate + 0.10%)

At Maturity

12/18/24

875

$

1,950,837

$

27,830

BNP Paribas

Russell 2000 Index

Pay

5.38% (Federal Funds Rate + 0.55%)

At Maturity

12/19/24

676

1,506,985

21,694

Barclays Bank plc

Russell 2000 Index

Pay

5.29% (SOFR + 0.45%)

At Maturity

12/19/24

944

2,104,933

5,643

$

5,562,755

$

55,167

230 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2024.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 6.
6	Securities lending collateral — See Note 7.
7	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	4,202,155		$	—	$	—	*	$	4,202,155
Warrant		—	*		—		—			—
Rights		—	*		—		—	*		—
Mutual Funds		1,197,055			—		—			1,197,055
U.S. Treasury Bill		—			198,212		—			198,212
Repurchase Agreements		—			845,668		—			845,668
Securities Lending Collateral		58,826			—		—			58,826
Equity Index Swap Agreements**		—			55,167		—			55,167
Total Assets	$	5,458,036		$	1,099,047	$	—		$	6,557,083

*	Security has a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 231

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	630,196	$	—	$	—	$	—	$	5,124	$	635,320		25,618	$	18,043
Guggenheim Ultra Short Duration Fund — Institutional Class		555,568		—		—		—		6,167		561,735		56,061		14,458
	$	1,185,764	$	—	$	—	$	—	$	11,291	$	1,197,055			$	32,501

232 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

Assets:
Investments in unaffiliated issuers, at value - including $55,311 of securities loaned (cost $4,161,836)	$	4,459,193
Investments in affiliated issuers, at value (cost $1,183,372)		1,197,055
Repurchase agreements, at value (cost $845,668)		845,668
Cash		609
Segregated cash with broker		13,000
Unrealized appreciation on OTC swap agreements		55,167
Receivables:
Dividends		8,714
Fund shares sold		700
Interest		114
Securities lending income		100
Total assets		6,580,320
Liabilities:
Payable for:
Return of securities lending collateral		58,826
Management fees		4,253
Transfer agent fees		2,713
Swap settlement		1,231
Distribution and service fees		1,217
Portfolio accounting and administration fees		255
Trustees’ fees*		54
Fund shares redeemed		20
Miscellaneous		3,870
Total liabilities		72,439
Net assets	$	6,507,881
Net assets consist of:
Paid in capital	$	8,565,090
Total distributable earnings (loss)		(2,057,209	)
Net assets	$	6,507,881
Class A:
Net assets	$	1,019,732
Capital shares outstanding		17,610
Net asset value per share	$	57.91
Maximum offering price per share (Net asset value divided by 95.25%)	$	60.80
Class C:
Net assets	$	10,651
Capital shares outstanding		256
Net asset value per share	$	41.56
Class H:
Net assets	$	5,477,498
Capital shares outstanding		95,212
Net asset value per share	$	57.53

STATEMENT OF OPERATIONS (Unaudited)

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $59)	$	26,161
Dividends from securities of affiliated issuers		32,501
Interest		32,430
Income from securities lending, net		766
Total investment income		91,858
Expenses:
Management fees		28,750
Distribution and service fees:
Class A		1,188
Class C		193
Class H		6,750
Transfer agent fees		6,568
Portfolio accounting and administration fees		4,874
Registration fees		4,532
Professional fees		1,997
Interest expense		829
Custodian fees		409
Trustees’ fees*		355
Line of credit fees		59
Miscellaneous		151
Total expenses		56,655
Less:
Expenses reimbursed by Adviser		(3,195	)
Expenses waived by Adviser		(697	)
Total waived/reimbursed expenses		(3,892	)
Net expenses		52,763
Net investment income		39,095
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		153,809
Swap agreements		104,976
Futures contracts		(5,241	)
Net realized gain		253,544
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		46,018
Investments in affiliated issuers		11,291
Swap agreements		(144,803	)
Futures contracts		(13,073	)
Net change in unrealized appreciation (depreciation)		(100,567	)
Net realized and unrealized gain		152,977
Net increase in net assets resulting from operations	$	192,072

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 233

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	39,095		$	86,505
Net realized gain on investments		253,544			638,902
Net change in unrealized appreciation (depreciation) on investments		(100,567	)		781,468
Net increase in net assets resulting from operations		192,072			1,506,875
Distributions to shareholders:
Class A		—			(1,949	)
Class C		—			(43	)
Class H		—			(12,432	)
Total distributions to shareholders		—			(14,424	)
Capital share transactions:
Proceeds from sale of shares
Class A		28,996			207,195
Class C		12,982			524,610
Class H		2,238,822			3,917,573
Distributions reinvested
Class A		—			1,880
Class C		—			43
Class H		—			12,382
Cost of shares redeemed
Class A		(45,708	)		(303,541	)
Class C		(134,219	)		(437,323	)
Class H		(2,907,031	)		(4,495,631	)
Net decrease from capital share transactions		(806,158	)		(572,812	)
Net increase (decrease) in net assets		(614,086	)		919,639
Net assets:
Beginning of period		7,121,967			6,202,328
End of period	$	6,507,881		$	7,121,967
Capital share activity:
Shares sold
Class A		548			4,576
Class C		347			14,942
Class H		40,801			88,623
Shares issued from reinvestment of distributions
Class A		—			41
Class C		—			1
Class H		—			270
Shares redeemed
Class A		(852	)		(6,512	)
Class C		(3,499	)		(12,255	)
Class H		(55,646	)		(99,091	)
Net decrease in shares		(18,301	)		(9,405	)

234 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^® 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	54.91		$	44.36		$	56.57		$	101.22		$	39.16		$	63.62
Income (loss) from investment operations:
Net investment income (loss)b		.33			.61			.22			(1.02	)		(.94	)		.32
Net gain (loss) on investments (realized and unrealized)		2.67			10.05			(12.43	)		(7.02	)		63.25			(24.78	)
Total from investment operations		3.00			10.66			(12.21	)		(8.04	)		62.31			(24.46	)
Less distributions from:
Net investment income		—			(.11	)		—			—			(.25	)		—
Net realized gains		—			—			—			(36.61	)		—			—
Total distributions		—			(.11	)		—			(36.61	)		(.25	)		—
Net asset value, end of period	$	57.91		$	54.91		$	44.36		$	56.57		$	101.22		$	39.16
Total Returnc		5.46	%		24.07	%		(21.58	%)		(11.85	%)		159.26	%		(38.45	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,020		$	984		$	879		$	1,268		$	1,749		$	948
Ratios to average net assets:
Net investment income (loss)		1.22	%		1.32	%		0.48	%		(1.18	%)		(1.40	%)		0.50	%
Total expensesd		1.77	%		1.77	%		1.75	%		1.71	%		1.79	%		1.82	%
Net expensese		1.65	%		1.67	%		1.69	%		1.68	%		1.77	%		1.76	%
Portfolio turnover rate		9	%		8	%		9	%		62	%		—			93	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	39.56		$	32.26		$	41.41		$	84.58		$	32.98		$	54.00
Income (loss) from investment operations:
Net investment income (loss)b		.11			.29			(.09	)		(1.28	)		(1.27	)		(.12	)
Net gain (loss) on investments (realized and unrealized)		1.89			7.12			(9.06	)		(5.28	)		53.12			(20.90	)
Total from investment operations		2.00			7.41			(9.15	)		(6.56	)		51.85			(21.02	)
Less distributions from:
Net investment income		—			(.11	)		—			—			(.25	)		—
Net realized gains		—			—			—			(36.61	)		—			—
Total distributions		—			(.11	)		—			(36.61	)		(.25	)		—
Net asset value, end of period	$	41.56		$	39.56		$	32.26		$	41.41		$	84.58		$	32.98
Total Returnc		5.06	%		23.13	%		(22.10	%)		(12.52	%)		157.38	%		(38.93	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11		$	135		$	23		$	35		$	75		$	22
Ratios to average net assets:
Net investment income (loss)		0.57	%		0.82	%		(0.27	%)		(1.93	%)		(2.16	%)		(0.22	%)
Total expensesd		2.45	%		2.49	%		2.50	%		2.46	%		2.52	%		2.57	%
Net expensese		2.32	%		2.38	%		2.44	%		2.43	%		2.50	%		2.51	%
Portfolio turnover rate		9	%		8	%		9	%		62	%		—			93	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 235

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	54.55		$	44.08		$	56.20		$	100.81		$	39.00		$	63.37
Income (loss) from investment operations:
Net investment income (loss)b		.33			.61			.21			(.98	)		(.98	)		.09
Net gain (loss) on investments (realized and unrealized)		2.65			9.97			(12.33	)		(7.02	)		63.04			(24.46	)
Total from investment operations		2.98			10.58			(12.12	)		(8.00	)		62.06			(24.37	)
Less distributions from:
Net investment income		—			(.11	)		—			—			(.25	)		—
Net realized gains		—			—			—			(36.61	)		—			—
Total distributions		—			(.11	)		—			(36.61	)		(.25	)		—
Net asset value, end of period	$	57.53		$	54.55		$	44.08		$	56.20		$	100.81		$	39.00
Total Return		5.46	%		24.07	%		(21.57	%)		(11.86	%)		159.27	%		(38.46	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,477		$	6,004		$	5,300		$	8,683		$	9,482		$	3,347
Ratios to average net assets:
Net investment income (loss)		1.23	%		1.34	%		0.46	%		(1.17	%)		(1.42	%)		0.14	%
Total expensesd		1.77	%		1.77	%		1.75	%		1.71	%		1.78	%		1.84	%
Net expensese		1.65	%		1.67	%		1.69	%		1.68	%		1.76	%		1.80	%
Portfolio turnover rate		9	%		8	%		9	%		62	%		—			93	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

236 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
COMMON STOCKS† - 55.1%
Financial - 13.3%
FTAI Aviation Ltd.		349	$	46,382
SouthState Corp.		262		25,461
Jackson Financial, Inc. — Class A		262		23,902
Essent Group Ltd.		358		23,016
Hamilton Lane, Inc. — Class A		132		22,227
Terreno Realty Corp. REIT		328		21,920
Ryman Hospitality Properties, Inc. REIT		201		21,555
Essential Properties Realty Trust, Inc. REIT1		602		20,558
Mr Cooper Group, Inc.*		219		20,187
Old National Bancorp		1,080		20,153
Cadence Bank		625		19,906
Kite Realty Group Trust REIT		746		19,814
Selective Insurance Group, Inc.		209		19,500
Radian Group, Inc.		520		18,039
Glacier Bancorp, Inc.		393		17,960
Home BancShares, Inc.		647		17,527
Piper Sandler Cos.		60		17,029
United Bankshares, Inc.		456		16,918
Moelis & Co. — Class A		243		16,648
First Financial Bankshares, Inc.		447		16,543
UMB Financial Corp.		154		16,187
Phillips Edison & Company, Inc. REIT		422		15,914
Independence Realty Trust, Inc. REIT		776		15,908
SL Green Realty Corp. REIT		224		15,593
Hancock Whitney Corp.		298		15,249
MARA Holdings, Inc.*		939		15,231
CareTrust REIT, Inc		490		15,121
Sabra Health Care REIT, Inc.		795		14,795
Ameris Bancorp		227		14,163
ServisFirst Bancshares, Inc.		175		14,079
Enstar Group Ltd.*		43		13,828
Macerich Co. REIT		744		13,571
Valley National Bancorp		1,482		13,427
HA Sustainable Infrastructure Capital, Inc.		388		13,374
Innovative Industrial Properties, Inc. REIT		97		13,056
CNO Financial Group, Inc.		362		12,706
Walker & Dunlop, Inc.		111		12,608
PotlatchDeltic Corp. REIT		274		12,344
Broadstone Net Lease, Inc. REIT		648		12,280
Tanger, Inc. REIT		368		12,210
StepStone Group, Inc. — Class A		213		12,105
National Health Investors, Inc. REIT		144		12,105
United Community Banks, Inc.		413		12,010
Axos Financial, Inc.*		188		11,821
COPT Defense Properties REIT		389		11,798
First BanCorp		556		11,771
Atlantic Union Bankshares Corp.		309		11,640
Apple Hospitality REIT, Inc.		783		11,628
BGC Group, Inc. — Class A		1,251		11,484
Texas Capital Bancshares, Inc.*		160		11,434
Blackstone Mortgage Trust, Inc. — Class A REIT1		596		11,330
Baldwin Insurance Group, Inc. — Class A*		227		11,305
Fulton Financial Corp.		618		11,204
International Bancshares Corp.		187		11,181
NMI Holdings, Inc. — Class A*		269		11,080
Associated Banc-Corp.		514		11,072
Eastern Bankshares, Inc.		663		10,867
PJT Partners, Inc. — Class A		81		10,800
Cushman & Wakefield plc*		786		10,713
Upstart Holdings, Inc.*,1		266		10,643
Community Financial System, Inc.		181		10,511
PennyMac Financial Services, Inc.		92		10,485
WSFS Financial Corp.		203		10,351
Cathay General Bancorp		240		10,308
Genworth Financial, Inc. — Class A*		1,478		10,124
LXP Industrial Trust REIT		998		10,030
SITE Centers Corp. REIT		164		9,922
Arbor Realty Trust, Inc. REIT1		632		9,834
New York Community Bancorp, Inc.		871		9,781
Douglas Emmett, Inc. REIT		554		9,734
Artisan Partners Asset Management, Inc. — Class A		217		9,400
BankUnited, Inc.		257		9,365
Outfront Media, Inc. REIT		508		9,337
Four Corners Property Trust, Inc. REIT		317		9,291
Bancorp, Inc.*		173		9,255
Simmons First National Corp. — Class A		426		9,176
Burford Capital Ltd.		688		9,123
Cohen & Steers, Inc.		95		9,115
Urban Edge Properties REIT		414		8,855
McGrath RentCorp		84		8,843
Independent Bank Corp.		147		8,692
Bank of Hawaii Corp.		135		8,474
Pacific Premier Bancorp, Inc.		331		8,328
First Interstate BancSystem, Inc. — Class A		271		8,314
Heartland Financial USA, Inc.		146		8,278
Park National Corp.		49		8,231
First Financial Bancorp		326		8,225
Acadia Realty Trust REIT		349		8,195
Bread Financial Holdings, Inc.		172		8,184
CVB Financial Corp.		455		8,108
WaFd, Inc.		231		8,050
TowneBank		243		8,034
Provident Financial Services, Inc.		432		8,018
Palomar Holdings, Inc.*		84		7,952
Victory Capital Holdings, Inc. — Class A		142		7,867
Seacoast Banking Corporation of Florida		292		7,782
StoneX Group, Inc.*		95		7,779
Compass, Inc. — Class A*		1,259		7,692
First Merchants Corp.		201		7,477
American Healthcare REIT, Inc.		283		7,386
Enova International, Inc.*		88		7,373
St. Joe Co.		125		7,289
Equity Commonwealth REIT*		365		7,264
BancFirst Corp.		69		7,262
Core Scientific, Inc.*		612		7,258
Independent Bank Group, Inc.		125		7,207
Sunstone Hotel Investors, Inc. REIT		698		7,203
Cleanspark, Inc.*		765		7,145

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 237

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Newmark Group, Inc. — Class A		460	$	7,144
OFG Bancorp		158		7,097
Banner Corp.		119		7,088
NBT Bancorp, Inc.		159		7,033
Banc of California, Inc.		477		7,026
Riot Platforms, Inc.*,1		937		6,953
Stewart Information Services Corp.		93		6,951
Goosehead Insurance, Inc. — Class A*		77		6,876
Renasant Corp.		211		6,857
Retail Opportunity Investments Corp. REIT		428		6,732
InvenTrust Properties Corp. REIT		236		6,695
Trustmark Corp.		210		6,682
Enterprise Financial Services Corp.		128		6,561
DiamondRock Hospitality Co. REIT		722		6,303
Triumph Financial, Inc.*		76		6,045
City Holding Co.		51		5,987
First Commonwealth Financial Corp.		347		5,951
Bank of NT Butterfield & Son Ltd.		161		5,938
WesBanco, Inc.		199		5,926
Northwest Bancshares, Inc.		437		5,847
Farmer Mac — Class C		31		5,810
Global Net Lease, Inc. REIT		689		5,801
Mercury General Corp.		92		5,794
FB Financial Corp.		123		5,772
First Bancorp		138		5,739
Live Oak Bancshares, Inc.		120		5,684
Pathward Financial, Inc.		86		5,677
Lakeland Financial Corp.		86		5,600
Pagseguro Digital Ltd. — Class A*		647		5,571
Nelnet, Inc. — Class A		49		5,551
S&T Bancorp, Inc.		132		5,540
Stock Yards Bancorp, Inc.		89		5,517
Pebblebrook Hotel Trust REIT		412		5,451
Getty Realty Corp. REIT		171		5,440
LTC Properties, Inc. REIT		148		5,430
National Bank Holdings Corp. — Class A		127		5,347
Elme Communities REIT		302		5,312
Skyward Specialty Insurance Group, Inc.*		128		5,213
Xenia Hotels & Resorts, Inc. REIT		352		5,199
Hilltop Holdings, Inc.		161		5,178
Compass Diversified Holdings		231		5,112
Empire State Realty Trust, Inc. — Class A REIT		460		5,097
Redfin Corp.*		405		5,075
Hope Bancorp, Inc.		400		5,024
JBG SMITH Properties REIT		287		5,017
Two Harbors Investment Corp. REIT		358		4,969
Horace Mann Educators Corp.		142		4,963
SiriusPoint Ltd.*		341		4,890
Veris Residential, Inc. REIT		272		4,858
Alexander & Baldwin, Inc. REIT		251		4,819
Virtus Investment Partners, Inc.		23		4,817
RLJ Lodging Trust REIT		523		4,801
Veritex Holdings, Inc.		182		4,790
First Busey Corp.		184		4,788
Trupanion, Inc.*		114		4,786
WisdomTree, Inc.		479		4,785
Sandy Spring Bancorp, Inc.		152		4,768
Customers Bancorp, Inc.*		102		4,738
Safehold, Inc. REIT		179		4,695
TriCo Bancshares		110		4,691
Uniti Group, Inc. REIT*		821		4,630
Easterly Government Properties, Inc. REIT		335		4,549
Ladder Capital Corp. — Class A REIT		392		4,547
Apollo Commercial Real Estate Finance, Inc. REIT		489		4,494
MFA Financial, Inc. REIT		351		4,465
American Assets Trust, Inc. REIT		166		4,436
Apartment Investment and Management Co. — Class A REIT*		488		4,412
Stellar Bancorp, Inc.		170		4,401
Chimera Investment Corp. REIT		278		4,401
Nicolet Bankshares, Inc.		46		4,399
Westamerica BanCorp		89		4,398
Kennedy-Wilson Holdings, Inc.		392		4,331
UMH Properties, Inc. REIT		220		4,327
LendingClub Corp.*		377		4,309
Piedmont Office Realty Trust, Inc. — Class A REIT		424		4,282
PennyMac Mortgage Investment Trust REIT		298		4,249
Ready Capital Corp. REIT		555		4,235
Navient Corp.		271		4,225
QCR Holdings, Inc.		57		4,220
NETSTREIT Corp. REIT		255		4,215
Safety Insurance Group, Inc.		51		4,171
Employers Holdings, Inc.		85		4,077
Berkshire Hills Bancorp, Inc.		147		3,959
eXp World Holdings, Inc.1		280		3,945
Encore Capital Group, Inc.*		82		3,876
German American Bancorp, Inc.		98		3,798
1st Source Corp.		63		3,772
Terawulf, Inc.*		795		3,721
Cannae Holdings, Inc.		195		3,717
OceanFirst Financial Corp.		199		3,699
Franklin BSP Realty Trust, Inc. REIT		283		3,696
Ellington Financial, Inc. REIT		285		3,674
Enact Holdings, Inc.		101		3,669
Centerspace REIT		51		3,594
Peoples Bancorp, Inc.		119		3,581
Dime Community Bancshares, Inc.		122		3,514
Redwood Trust, Inc. REIT		454		3,509
Perella Weinberg Partners		181		3,495
Preferred Bank/Los Angeles CA		43		3,451
ARMOUR Residential REIT, Inc.		169		3,448
NexPoint Residential Trust, Inc. REIT		78		3,433
First Bancshares, Inc.		106		3,406
Hut 8 Corp.*,1		277		3,396
Southside Bancshares, Inc.		99		3,310
FTAI Infrastructure, Inc.		348		3,257
Origin Bancorp, Inc.		101		3,248
Marcus & Millichap, Inc.		81		3,210
AMERISAFE, Inc.		66		3,190

238 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Brandywine Realty Trust REIT		582	$	3,166
Diversified Healthcare Trust REIT		750		3,142
Plymouth Industrial REIT, Inc		139		3,141
ConnectOne Bancorp, Inc.		125		3,131
Paramount Group, Inc. REIT*		633		3,114
Bank First Corp.		34		3,084
Brookline Bancorp, Inc.		305		3,077
First Mid Bancshares, Inc.		79		3,074
Fidelis Insurance Holdings Ltd.		166		2,998
HCI Group, Inc.		28		2,998
PRA Group, Inc.*		134		2,996
Lemonade, Inc.*		178		2,935
Premier Financial Corp.		122		2,865
Byline Bancorp, Inc.		107		2,864
F&G Annuities & Life, Inc.		64		2,862
Dynex Capital, Inc. REIT		221		2,820
Univest Financial Corp.		100		2,814
Burke & Herbert Financial Services Corp.		45		2,745
Central Pacific Financial Corp.		93		2,744
Merchants Bancorp		59		2,653
ProAssurance Corp.*		175		2,632
Community Trust Bancorp, Inc.		53		2,632
Hamilton Insurance Group Ltd. — Class B*		136		2,630
CrossFirst Bankshares, Inc.*		157		2,620
Service Properties Trust REIT		566		2,581
Heritage Financial Corp.		118		2,569
First Community Bankshares, Inc.		59		2,546
Tompkins Financial Corp.		44		2,543
KKR Real Estate Finance Trust, Inc. REIT		203		2,507
Capitol Federal Financial, Inc.		428		2,500
NB Bancorp, Inc.*		134		2,487
Summit Hotel Properties, Inc. REIT		362		2,483
BrightSpire Capital, Inc. REIT		443		2,481
Armada Hoffler Properties, Inc. REIT		229		2,480
Brightsphere Investment Group, Inc.		95		2,413
Mercantile Bank Corp.		54		2,361
Old Second Bancorp, Inc.		151		2,354
Horizon Bancorp, Inc.		150		2,333
Cipher Mining, Inc.*		596		2,306
Eagle Bancorp, Inc.		102		2,303
Orrstown Financial Services, Inc.		64		2,301
Independent Bank Corp.		69		2,301
Whitestone REIT — Class B		169		2,287
Brookfield Business Corp. — Class A		90		2,280
Gladstone Commercial Corp. REIT		139		2,257
Hudson Pacific Properties, Inc. REIT*		470		2,247
Claros Mortgage Trust, Inc.		298		2,232
Amerant Bancorp, Inc.		102		2,180
Business First Bancshares, Inc.		84		2,156
Patria Investments Ltd. — Class A		190		2,122
TrustCo Bank Corporation NY		64		2,116
Coastal Financial Corp.*		39		2,106
Global Medical REIT, Inc.		210		2,081
Camden National Corp.		50		2,066
Universal Health Realty Income Trust REIT		45		2,059
Equity Bancshares, Inc. — Class A		50		2,044
Heritage Commerce Corp.		206		2,035
International Money Express, Inc.*		110		2,034
Orchid Island Capital, Inc. REIT		246		2,022
New York Mortgage Trust, Inc. REIT		313		1,981
LendingTree, Inc.*		34		1,973
CBL & Associates Properties, Inc. REIT		78		1,966
Metrocity Bankshares, Inc.		64		1,960
Metropolitan Bank Holding Corp.*		37		1,945
Amalgamated Financial Corp.		62		1,945
Hanmi Financial Corp.		104		1,934
Farmers National Banc Corp.		127		1,920
Republic Bancorp, Inc. — Class A		29		1,894
Washington Trust Bancorp, Inc.		58		1,868
Southern Missouri Bancorp, Inc.		33		1,864
Universal Insurance Holdings, Inc.		83		1,839
Real Brokerage, Inc.*		329		1,826
Northeast Bank		23		1,774
First Financial Corp.		40		1,754
HomeTrust Bancshares, Inc.		51		1,738
Tiptree, Inc. — Class A		88		1,722
Anywhere Real Estate, Inc.*		339		1,722
Great Southern Bancorp, Inc.		30		1,719
Peakstone Realty Trust REIT		126		1,717
HarborOne Bancorp, Inc.		132		1,713
CNB Financial Corp.		71		1,708
NerdWallet, Inc. — Class A*		134		1,703
TPG RE Finance Trust, Inc. REIT		199		1,697
Alexander’s, Inc. REIT		7		1,697
Capital City Bank Group, Inc.		48		1,694
Community Healthcare Trust, Inc. REIT		93		1,688
Ambac Financial Group, Inc.*		150		1,682
Five Star Bancorp		56		1,665
Midland States Bancorp, Inc.		73		1,634
Arrow Financial Corp.		57		1,634
Esquire Financial Holdings, Inc.		25		1,630
Columbia Financial, Inc.*		95		1,622
GCM Grosvenor, Inc. — Class A		143		1,619
Gladstone Land Corp. REIT		116		1,612
Bar Harbor Bankshares		52		1,604
SmartFinancial, Inc.		55		1,603
Invesco Mortgage Capital, Inc. REIT		170		1,596
NET Lease Office Properties REIT		52		1,592
Peapack-Gladstone Financial Corp.		58		1,590
Farmland Partners, Inc. REIT		152		1,588
Northfield Bancorp, Inc.		135		1,566
Mid Penn Bancorp, Inc.		52		1,551
One Liberty Properties, Inc. REIT		55		1,515
Saul Centers, Inc. REIT		36		1,511
United Fire Group, Inc.		72		1,507
Peoples Financial Services Corp.		32		1,500
P10, Inc. — Class A		140		1,499
Shore Bancshares, Inc.		106		1,483
Diamond Hill Investment Group, Inc.		9		1,454
CTO Realty Growth, Inc. REIT		76		1,446
MidWestOne Financial Group, Inc.		50		1,426

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 239

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Chatham Lodging Trust REIT		167	$	1,423
Alerus Financial Corp.		62		1,419
Bit Digital, Inc.*,1		404		1,418
World Acceptance Corp.*		12		1,416
FRP Holdings, Inc.*		47		1,403
Flushing Financial Corp.		96		1,400
South Plains Financial, Inc.		41		1,391
Carter Bankshares, Inc.*		79		1,374
RMR Group, Inc. — Class A		54		1,370
RBB Bancorp		59		1,358
Northrim BanCorp, Inc.		19		1,353
Financial Institutions, Inc.		53		1,350
Sierra Bancorp		46		1,328
Kearny Financial Corp.		190		1,305
Greenlight Capital Re Ltd. — Class A*		95		1,297
Ares Commercial Real Estate Corp. REIT		184		1,288
ACNB Corp.		29		1,266
California BanCorp*		84		1,242
First Business Financial Services, Inc.		27		1,231
Farmers & Merchants Bancorp Incorporated/Archbold OH		44		1,217
Hingham Institution For Savings		5		1,217
Investors Title Co.		5		1,149
Hippo Holdings, Inc.*		68		1,148
Northeast Community Bancorp, Inc.		43		1,137
Community West Bancshares		59		1,136
Root, Inc. — Class A*		30		1,133
First Foundation, Inc.		181		1,129
Home Bancorp, Inc.		25		1,115
First Bank/Hamilton NJ		73		1,110
Bank of Marin Bancorp		55		1,105
Enterprise Bancorp, Inc.		34		1,087
Orange County Bancorp, Inc.		18		1,086
Postal Realty Trust, Inc. — Class A REIT		74		1,083
Dave, Inc.*		27		1,079
Industrial Logistics Properties Trust REIT		225		1,071
Third Coast Bancshares, Inc.*		40		1,071
Legacy Housing Corp.*		39		1,067
West BanCorp, Inc.		56		1,065
FS Bancorp, Inc.		23		1,023
HomeStreet, Inc.*		64		1,009
Citizens & Northern Corp.		51		1,004
Selectquote, Inc.*		462		1,003
First Bancorp, Inc.		38		1,000
NewtekOne, Inc.		80		997
Bridgewater Bancshares, Inc.*		70		992
Heritage Insurance Holdings, Inc.*		79		967
HBT Financial, Inc.		44		963
Guaranty Bancshares, Inc.		28		963
First Internet Bancorp		28		959
First of Long Island Corp.		74		952
Regional Management Corp.		29		949
American Coastal Insurance Corp.*		84		947
Civista Bancshares, Inc.		53		944
Citizens Financial Services, Inc.		16		940
Southern First Bancshares, Inc.*		27		920
Colony Bankcorp, Inc.		58		900
Chicago Atlantic Real Estate Finance, Inc. REIT		58		900
Southern States Bancshares, Inc.		29		891
Red River Bancshares, Inc.		17		884
BayCom Corp.		37		878
Primis Financial Corp.		70		853
Unity Bancorp, Inc.		25		851
John Marshall Bancorp, Inc.		43		851
Waterstone Financial, Inc.		57		838
Capital Bancorp, Inc.		32		823
Donegal Group, Inc. — Class A		54		796
Fidelity D&D Bancorp, Inc.		16		789
City Office REIT, Inc.		135		788
Timberland Bancorp, Inc.		26		787
Ponce Financial Group, Inc.*		67		783
Alpine Income Property Trust, Inc. REIT		43		783
Orion Office REIT, Inc.		194		776
Plumas Bancorp		19		775
MVB Financial Corp.		40		774
Parke Bancorp, Inc.		37		773
RE/MAX Holdings, Inc. — Class A*		62		772
FVCBankcorp, Inc.*		57		744
AG Mortgage Investment Trust, Inc. REIT		99		743
ChoiceOne Financial Services, Inc.		24		742
Greene County Bancorp, Inc.		24		742
Blue Foundry Bancorp*		72		738
Onity Group, Inc.*		23		735
Middlefield Banc Corp.		25		720
Norwood Financial Corp.		26		717
PCB Bancorp		38		714
NexPoint Diversified Real Estate Trust REIT		113		706
Braemar Hotels & Resorts, Inc. REIT		228		705
Bowhead Specialty Holdings, Inc.*		25		700
Bankwell Financial Group, Inc.		23		689
BRT Apartments Corp. REIT		39		686
James River Group Holdings Ltd.		108		677
Atlanticus Holdings Corp.*		19		666
Virginia National Bankshares Corp.		16		666
Princeton Bancorp, Inc.		18		666
LCNB Corp.		43		648
BCB Bancorp, Inc.		52		642
Oak Valley Bancorp		24		638
Star Holdings*		45		623
Investar Holding Corp.		32		621
Velocity Financial, Inc.*		31		608
Seven Hills Realty Trust REIT		44		606
National Bankshares, Inc.		20		598
Franklin Street Properties Corp. REIT		337		596
AFC Gamma, Inc. REIT		58		592
Maui Land & Pineapple Company, Inc.*		26		584
Provident Bancorp, Inc.*		54		583
Crawford & Co. — Class A		53		581
Silvercrest Asset Management Group, Inc. — Class A		33		569
First Western Financial, Inc.*		28		560

240 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
ESSA Bancorp, Inc.		29	$	557
Granite Point Mortgage Trust, Inc. REIT		174		552
MBIA, Inc.		154		550
USCB Financial Holdings, Inc.		36		549
Ames National Corp.		30		547
First Financial Northwest, Inc.		24		541
Maiden Holdings Ltd.*		304		538
Medallion Financial Corp.		65		529
Chemung Financial Corp.		11		528
Bank7 Corp.		14		525
Stratus Properties, Inc.*		20		520
Forge Global Holdings, Inc.*		396		519
LINKBANCORP, Inc.		77		494
Sky Harbour Group Corp.*		40		442
Pioneer Bancorp, Inc.*		40		439
Nexpoint Real Estate Finance, Inc. REIT		28		438
AlTi Global, Inc.*		116		434
Angel Oak Mortgage REIT, Inc.		41		428
NI Holdings, Inc.*		27		423
Paysign, Inc.*		115		422
Peoples Bancorp of North Carolina, Inc.		16		406
B Riley Financial, Inc.*		71		373
Kingsway Financial Services, Inc.*		45		373
Sterling Bancorp, Inc.*		74		337
OppFi, Inc.		63		298
Sunrise Realty Trust, Inc. REIT		19		274
Consumer Portfolio Services, Inc.*		29		272
Strawberry Fields REIT, Inc.		20		254
Clipper Realty, Inc. REIT		41		234
SWK Holdings Corp.*		11		190
GoHealth, Inc. — Class A*		16		150
Offerpad Solutions, Inc.*		36		146
Transcontinental Realty Investors, Inc.*		5		144
American Realty Investors, Inc.*		5		88
Roadzen, Inc.*		52		62
Total Financial				2,228,944
Consumer, Non-cyclical - 13.2%
Vaxcyte, Inc.*		410		46,851
Insmed, Inc.*		536		39,128
Sprouts Farmers Market, Inc.*		346		38,202
Ensign Group, Inc.		191		27,470
Lantheus Holdings, Inc.*		235		25,791
Halozyme Therapeutics, Inc.*		428		24,499
HealthEquity, Inc.*		291		23,818
REVOLUTION Medicines, Inc.*		523		23,718
Glaukos Corp.*		168		21,887
Cytokinetics, Inc.*		386		20,381
Blueprint Medicines Corp.*		216		19,980
Merit Medical Systems, Inc.*		196		19,371
Option Care Health, Inc.*		589		18,436
Brink’s Co.		155		17,924
TransMedics Group, Inc.*		110		17,270
Avidity Biosciences, Inc.*		371		17,040
Verra Mobility Corp.*		572		15,907
RadNet, Inc.*		228		15,821
Alkermes plc*		563		15,758
Krystal Biotech, Inc.*		85		15,473
Herc Holdings, Inc.		97		15,465
ADMA Biologics, Inc.*		773		15,452
Integer Holdings Corp.*		115		14,950
Oscar Health, Inc. — Class A*		668		14,168
Haemonetics Corp.*		173		13,906
Primo Water Corp.		542		13,685
Crinetics Pharmaceuticals, Inc.*		267		13,644
ICU Medical, Inc.*		74		13,484
Korn Ferry		178		13,393
Biohaven Ltd.*		259		12,942
Corcept Therapeutics, Inc.*		279		12,912
Select Medical Holdings Corp.		369		12,867
Madrigal Pharmaceuticals, Inc.*		60		12,733
Neogen Corp.*		749		12,591
Stride, Inc.*		147		12,541
Denali Therapeutics, Inc.*		429		12,497
Arcellx, Inc.*		148		12,359
Bridgebio Pharma, Inc.*		485		12,348
Prestige Consumer Healthcare, Inc.*		171		12,329
Axonics, Inc.*		176		12,250
Nuvalent, Inc. — Class A*		119		12,174
WD-40 Co.		47		12,120
Lancaster Colony Corp.		67		11,830
PROCEPT BioRobotics Corp.*		146		11,698
ABM Industries, Inc.		218		11,502
Axsome Therapeutics, Inc.*		126		11,324
TG Therapeutics, Inc.*		479		11,204
CBIZ, Inc.*		165		11,103
StoneCo Ltd. — Class A*		983		11,069
Simply Good Foods Co.*		315		10,953
Insperity, Inc.		124		10,912
Alight, Inc. — Class A*		1,456		10,774
Amicus Therapeutics, Inc.*		1,007		10,755
ICF International, Inc.		64		10,675
TriNet Group, Inc.		110		10,667
Cal-Maine Foods, Inc.		141		10,552
Dyne Therapeutics, Inc.*		279		10,022
LivaNova plc*		189		9,930
Rhythm Pharmaceuticals, Inc.*		189		9,902
CorVel Corp.*		30		9,807
PTC Therapeutics, Inc.*		263		9,757
Adtalem Global Education, Inc.*		129		9,737
Tandem Diabetes Care, Inc.*		224		9,500
Guardant Health, Inc.*		405		9,291
Alarm.com Holdings, Inc.*		167		9,130
Protagonist Therapeutics, Inc.*		202		9,090
Graham Holdings Co. — Class B		11		9,039
Geron Corp.*		1,988		9,026
Veracyte, Inc.*		265		9,021
Twist Bioscience Corp.*		199		8,991
Ideaya Biosciences, Inc.*		283		8,965
J & J Snack Foods Corp.		52		8,950
Astrana Health, Inc.*		149		8,633
Agios Pharmaceuticals, Inc.*		194		8,619
Surgery Partners, Inc.*		265		8,544

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 241

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Myriad Genetics, Inc.*		309	$	8,463
Iovance Biotherapeutics, Inc.*		869		8,160
Inter Parfums, Inc.		63		8,157
iRhythm Technologies, Inc.*		108		8,018
Addus HomeCare Corp.*		60		7,982
Arrowhead Pharmaceuticals, Inc.*		412		7,980
UFP Technologies, Inc.*		25		7,918
Marqeta, Inc. — Class A*		1,601		7,877
CONMED Corp.		107		7,695
Laureate Education, Inc. — Class A		463		7,690
Catalyst Pharmaceuticals, Inc.*		384		7,634
SpringWorks Therapeutics, Inc.*		237		7,593
Celldex Therapeutics, Inc.*		223		7,580
EVERTEC, Inc.		223		7,557
Inari Medical, Inc.*		183		7,547
Vector Group Ltd.		504		7,520
Apogee Therapeutics, Inc.*		126		7,401
Payoneer Global, Inc.*		972		7,319
Kymera Therapeutics, Inc.*		154		7,289
Strategic Education, Inc.		77		7,126
Vericel Corp.*		167		7,056
PROG Holdings, Inc.		143		6,934
TreeHouse Foods, Inc.*		164		6,885
Omnicell, Inc.*		157		6,845
Flywire Corp.*		417		6,835
Intellia Therapeutics, Inc.*		332		6,823
Akero Therapeutics, Inc.*		234		6,713
Remitly Global, Inc.*		501		6,708
Edgewise Therapeutics, Inc.*		251		6,699
Huron Consulting Group, Inc.*		61		6,631
Summit Therapeutics, Inc.*		302		6,614
LeMaitre Vascular, Inc.		70		6,502
Beam Therapeutics, Inc.*		264		6,468
NeoGenomics, Inc.*		438		6,460
Amphastar Pharmaceuticals, Inc.*		133		6,454
STAAR Surgical Co.*		171		6,353
ACADIA Pharmaceuticals, Inc.*		413		6,352
Edgewell Personal Care Co.		170		6,178
CG oncology, Inc.*		163		6,150
Novavax, Inc.*,1		485		6,126
John Wiley & Sons, Inc. — Class A		125		6,031
Vera Therapeutics, Inc.*		135		5,967
Upbound Group, Inc.		186		5,950
Keros Therapeutics, Inc.*		102		5,923
Ligand Pharmaceuticals, Inc. — Class B*		59		5,905
Patterson Companies, Inc.		270		5,897
RxSight, Inc.*		117		5,783
Novocure Ltd.*		368		5,752
Immunovant, Inc.*		201		5,730
MannKind Corp.*		910		5,724
Central Garden & Pet Co. — Class A*		181		5,684
Andersons, Inc.		113		5,666
LiveRamp Holdings, Inc.*		225		5,576
AMN Healthcare Services, Inc.*		131		5,553
Ardelyx, Inc.*		798		5,498
GEO Group, Inc.*		427		5,487
Arvinas, Inc.*		222		5,468
Syndax Pharmaceuticals, Inc.*		284		5,467
PACS Group, Inc.*		136		5,436
Supernus Pharmaceuticals, Inc.*		174		5,425
National Healthcare Corp.		43		5,408
Recursion Pharmaceuticals, Inc. — Class A*,1		819		5,397
BioCryst Pharmaceuticals, Inc.*		709		5,388
CareDx, Inc.*		172		5,371
Teladoc Health, Inc.*		584		5,361
Mirum Pharmaceuticals, Inc.*		136		5,304
Chefs’ Warehouse, Inc.*		121		5,083
Dynavax Technologies Corp.*		452		5,035
Perdoceo Education Corp.		226		5,026
Viridian Therapeutics, Inc.*		216		4,914
Kura Oncology, Inc.*		251		4,904
Progyny, Inc.*		291		4,877
Cimpress plc*		59		4,833
Helen of Troy Ltd.*		78		4,824
CoreCivic, Inc.*		379		4,794
Harrow, Inc.*		105		4,721
Nurix Therapeutics, Inc.*		209		4,696
Inmode Ltd.*		275		4,661
Ocular Therapeutix, Inc.*		534		4,646
AtriCure, Inc.*		163		4,571
Amneal Pharmaceuticals, Inc.*		546		4,543
Brookdale Senior Living, Inc. — Class A*		657		4,461
Universal Corp.		83		4,408
Janux Therapeutics, Inc.*		97		4,407
US Physical Therapy, Inc.		52		4,401
Collegium Pharmaceutical, Inc.*		113		4,366
Dole plc		260		4,235
Quanex Building Products Corp.		152		4,218
Integra LifeSciences Holdings Corp.*		232		4,215
Rocket Pharmaceuticals, Inc.*		228		4,211
Harmony Biosciences Holdings, Inc.*		105		4,200
Avadel Pharmaceuticals plc*		319		4,184
Tarsus Pharmaceuticals, Inc.*		127		4,177
agilon health, Inc.*		1,059		4,162
Xencor, Inc.*		205		4,123
Cassava Sciences, Inc.*		140		4,120
Owens & Minor, Inc.*		260		4,079
MGP Ingredients, Inc.1		49		4,079
CRA International, Inc.		23		4,032
Arlo Technologies, Inc.*		329		3,984
Utz Brands, Inc.		225		3,982
Vital Farms, Inc.*		113		3,963
Kforce, Inc.		64		3,933
Weis Markets, Inc.		57		3,929
AdaptHealth Corp.*		349		3,919
WK Kellogg Co.		226		3,867
Soleno Therapeutics, Inc.*		76		3,837
Neumora Therapeutics, Inc.*		290		3,831
Vita Coco Company, Inc.*		135		3,822
ANI Pharmaceuticals, Inc.*		64		3,818
National Beverage Corp.		81		3,802

242 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Avanos Medical, Inc.*		157	$	3,773
Coursera, Inc.*		472		3,748
Longboard Pharmaceuticals, Inc.*		112		3,733
Ingles Markets, Inc. — Class A		50		3,730
Innoviva, Inc.*		191		3,688
Artivion, Inc.*		137		3,647
Transcat, Inc.*		30		3,623
Pennant Group, Inc.*		100		3,570
Travere Therapeutics, Inc.*		254		3,553
Spyre Therapeutics, Inc.*		119		3,500
First Advantage Corp.*		175		3,474
Fresh Del Monte Produce, Inc.		117		3,456
Praxis Precision Medicines, Inc.*		60		3,452
Cogent Biosciences, Inc.*		317		3,424
United Natural Foods, Inc.*		203		3,414
Arcutis Biotherapeutics, Inc.*		367		3,413
Aurinia Pharmaceuticals, Inc.*		461		3,379
Pediatrix Medical Group, Inc.*		291		3,373
Disc Medicine, Inc.*		68		3,342
Barrett Business Services, Inc.		89		3,338
Kiniksa Pharmaceuticals International plc*		129		3,224
Krispy Kreme, Inc.		295		3,168
Maravai LifeSciences Holdings, Inc. — Class A*		381		3,166
BrightView Holdings, Inc.*		200		3,148
Enliven Therapeutics, Inc.*		122		3,116
Evolus, Inc.*		191		3,094
BioLife Solutions, Inc.*		122		3,055
Legalzoom.com, Inc.*		473		3,004
Deluxe Corp.		153		2,982
Cullinan Therapeutics, Inc.*		178		2,980
Monro, Inc.		103		2,973
Driven Brands Holdings, Inc.*		208		2,968
John B Sanfilippo & Son, Inc.		31		2,924
LifeStance Health Group, Inc.*		412		2,884
Arcus Biosciences, Inc.*		188		2,875
PetIQ, Inc.*		93		2,862
Healthcare Services Group, Inc.*		254		2,837
Applied Therapeutics, Inc.*		332		2,822
Embecta Corp.		200		2,820
BrightSpring Health Services, Inc.*		186		2,730
Heidrick & Struggles International, Inc.		69		2,681
Hain Celestial Group, Inc.*		310		2,675
Community Health Systems, Inc.*		433		2,628
Immunome, Inc.*		178		2,602
SpartanNash Co.		116		2,600
Repay Holdings Corp.*		313		2,554
Turning Point Brands, Inc.		59		2,546
Viad Corp.*		71		2,544
Castle Biosciences, Inc.*		89		2,538
Day One Biopharmaceuticals, Inc.*		179		2,493
Paysafe Ltd.*		111		2,490
Herbalife Ltd.*		345		2,480
ARS Pharmaceuticals, Inc.*		170		2,465
Prothena Corporation plc*		147		2,459
Avid Bioservices, Inc.*		215		2,447
Udemy, Inc.*		328		2,440
Relay Therapeutics, Inc.*		343		2,428
Zymeworks, Inc.*		193		2,422
MiMedx Group, Inc.*		409		2,417
Matthews International Corp. — Class A		103		2,390
B&G Foods, Inc.		268		2,380
Pacira BioSciences, Inc.*		158		2,378
ZipRecruiter, Inc. — Class A*		246		2,337
Cytek Biosciences, Inc.*		419		2,321
Vir Biotechnology, Inc.*		309		2,314
Kelly Services, Inc. — Class A		107		2,291
Hackett Group, Inc.		87		2,285
ArriVent Biopharma, Inc.*		97		2,279
AnaptysBio, Inc.*		68		2,278
Dianthus Therapeutics, Inc.*		82		2,245
Universal Technical Institute, Inc.*		136		2,211
Pliant Therapeutics, Inc.*		197		2,208
WaVe Life Sciences Ltd.*		268		2,198
Cargo Therapeutics, Inc.*		118		2,177
Perspective Therapeutics, Inc.*		163		2,176
ORIC Pharmaceuticals, Inc.*		212		2,173
Green Dot Corp. — Class A*		184		2,155
Ennis, Inc.		88		2,140
Phathom Pharmaceuticals, Inc.*		118		2,133
Mister Car Wash, Inc.*		321		2,090
89bio, Inc.*		280		2,072
Tourmaline Bio, Inc.		80		2,057
Adaptive Biotechnologies Corp.*		400		2,048
Axogen, Inc.*		146		2,047
SunOpta, Inc.*		317		2,022
Ironwood Pharmaceuticals, Inc. — Class A*		488		2,011
Liquidia Corp.*		199		1,990
SI-BONE, Inc.*		141		1,971
Alphatec Holdings, Inc.*		352		1,957
Cass Information Systems, Inc.		47		1,950
Mission Produce, Inc.*		150		1,923
Replimune Group, Inc.*		174		1,907
Sterling Check Corp.*		114		1,906
Scholar Rock Holding Corp.*		236		1,890
Sana Biotechnology, Inc.*		454		1,889
Surmodics, Inc.*		48		1,861
4D Molecular Therapeutics, Inc.*		172		1,859
Arbutus Biopharma Corp.*		482		1,856
Revance Therapeutics, Inc.*		357		1,853
Arcturus Therapeutics Holdings, Inc.*		79		1,834
ImmunityBio, Inc.*,1		489		1,819
Orthofix Medical, Inc.*		116		1,812
GeneDx Holdings Corp.*		42		1,783
ACCO Brands Corp.		323		1,767
Willdan Group, Inc.*		43		1,761
Concentra Group Holdings Parent, Inc.		78		1,744
Annexon, Inc.*		291		1,723
Astria Therapeutics, Inc.*		156		1,718
Y-mAbs Therapeutics, Inc.*		127		1,670
REGENXBIO, Inc.*		159		1,668

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 243

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
OPKO Health, Inc.*,1		1,118	$	1,666
Erasca, Inc.*		609		1,663
Terns Pharmaceuticals, Inc.*		199		1,660
Calavo Growers, Inc.		58		1,655
Humacyte, Inc.*		304		1,654
Olema Pharmaceuticals, Inc.*		138		1,648
Tyra Biosciences, Inc.*		70		1,646
Quanterix Corp.*		124		1,607
Franklin Covey Co.*		39		1,604
Phibro Animal Health Corp. — Class A		71		1,599
Varex Imaging Corp.*		134		1,597
Pacific Biosciences of California, Inc.*		939		1,596
Bioventus, Inc. — Class A*		130		1,554
OrthoPediatrics Corp.*		57		1,545
Carriage Services, Inc. — Class A		47		1,543
Limoneira Co.		58		1,537
CorMedix, Inc.*		190		1,535
Fulgent Genetics, Inc.*		70		1,521
KalVista Pharmaceuticals, Inc.*		131		1,517
Stoke Therapeutics, Inc.*		123		1,512
UroGen Pharma Ltd.*		119		1,511
Neurogene, Inc.*		36		1,511
Altimmune, Inc.*		246		1,510
USANA Health Sciences, Inc.*		39		1,479
Cross Country Healthcare, Inc.*		110		1,478
Zimvie, Inc.*		93		1,476
Distribution Solutions Group, Inc.*		38		1,463
Anavex Life Sciences Corp.*		251		1,426
Aura Biosciences, Inc.*		160		1,426
Savara, Inc.*		335		1,420
Nuvation Bio, Inc.*		619		1,417
Mind Medicine MindMed, Inc.*		248		1,411
MaxCyte, Inc.*		362		1,408
iRadimed Corp.		28		1,408
Beyond Meat, Inc.*		206		1,397
Hertz Global Holdings, Inc.*		421		1,389
EyePoint Pharmaceuticals, Inc.*		173		1,382
Xeris Biopharma Holdings, Inc.*		481		1,371
Enhabit, Inc.*		173		1,367
Sezzle, Inc.*		8		1,365
Entrada Therapeutics, Inc.*		85		1,358
OmniAb, Inc.*		319		1,349
Sage Therapeutics, Inc.*		186		1,343
Capricor Therapeutics, Inc.*		88		1,338
Alector, Inc.*		279		1,300
Tejon Ranch Co.*		73		1,281
Aquestive Therapeutics, Inc.*		257		1,280
Tango Therapeutics, Inc.*		165		1,270
ACELYRIN, Inc.*		252		1,242
Central Garden & Pet Co.*		34		1,240
National Research Corp. — Class A		53		1,212
Fate Therapeutics, Inc.*		346		1,211
Celcuity, Inc.*		81		1,208
Moneylion, Inc.*		29		1,205
Mineralys Therapeutics, Inc.*		99		1,199
Tactile Systems Technology, Inc.*		82		1,198
Verve Therapeutics, Inc.*		245		1,186
DocGo, Inc.*		351		1,165
C4 Therapeutics, Inc.*		202		1,151
Nano-X Imaging Ltd.*,1		187		1,137
Pulse Biosciences, Inc.*		64		1,123
Olaplex Holdings, Inc.*		476		1,119
Taysha Gene Therapies, Inc.*		553		1,112
Anika Therapeutics, Inc.*		45		1,111
Paragon 28, Inc.*		163		1,089
SIGA Technologies, Inc.		161		1,087
Resources Connection, Inc.		112		1,086
Pulmonx Corp.*		131		1,086
Cerus Corp.*		619		1,077
Lincoln Educational Services Corp.*		90		1,075
Esperion Therapeutics, Inc.*,1		649		1,071
Aaron’s Company, Inc.		107		1,065
Duckhorn Portfolio, Inc.*		183		1,063
Seneca Foods Corp. — Class A*		17		1,060
OraSure Technologies, Inc.*		248		1,059
Absci Corp.*		276		1,054
LENZ Therapeutics, Inc.		44		1,045
AngioDynamics, Inc.*		132		1,027
Theravance Biopharma, Inc.*		127		1,024
Allogene Therapeutics, Inc.*		363		1,016
Zevra Therapeutics, Inc.*		146		1,013
Honest Company, Inc.*		276		985
Treace Medical Concepts, Inc.*		169		980
Sutro Biopharma, Inc.*		283		979
Editas Medicine, Inc.*		287		979
Rigel Pharmaceuticals, Inc.*		60		971
Accolade, Inc.*		251		966
Biomea Fusion, Inc.*		95		959
Larimar Therapeutics, Inc.*		146		956
Village Super Market, Inc. — Class A		30		954
Natural Grocers by Vitamin Cottage, Inc.		32		950
Avita Medical, Inc.*		88		943
Akebia Therapeutics, Inc.*		714		942
Q32 Bio, Inc.*		21		937
Aveanna Healthcare Holdings, Inc.*		180		936
Third Harmonic Bio, Inc.*		69		935
Inozyme Pharma, Inc.*		178		931
Voyager Therapeutics, Inc.*		159		930
Aldeyra Therapeutics, Inc.*		172		927
Vanda Pharmaceuticals, Inc.*		197		924
iTeos Therapeutics, Inc.*		90		919
Performant Financial Corp.*		244		913
Atea Pharmaceuticals, Inc.*		266		891
Target Hospitality Corp.*		114		887
Viemed Healthcare, Inc.*		119		872
Ocugen, Inc.*		878		871
IGM Biosciences, Inc.*		52		860
CompoSecure, Inc. — Class A1		61		855
Alto Neuroscience, Inc.*		73		835
Mama’s Creations, Inc.*		114		832
Nkarta, Inc.*		183		827
TrueBlue, Inc.*		103		813

244 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
American Public Education, Inc.*		55	$	811
Foghorn Therapeutics, Inc.*		87		810
Nathan’s Famous, Inc.		10		809
Utah Medical Products, Inc.		12		803
Heron Therapeutics, Inc.*,1		403		802
2seventy bio, Inc.*		169		798
Nektar Therapeutics*		613		797
European Wax Center, Inc. — Class A*		117		796
Inogen, Inc.*		82		795
Ardent Health Partners, Inc.		42		772
Spire Global, Inc.*,1		77		769
Omeros Corp.*		193		766
Fulcrum Therapeutics, Inc.*		214		764
ADC Therapeutics S.A.*		242		762
Lyell Immunopharma, Inc.*		552		762
Westrock Coffee Co.*		117		761
Prime Medicine, Inc.*		196		759
Artiva Biotherapeutics, Inc.*		48		742
XOMA Royalty Corp.*		28		741
Sera Prognostics, Inc. — Class A*		95		741
Forrester Research, Inc.*		41		738
Mersana Therapeutics, Inc.*		389		735
Jasper Therapeutics, Inc.*		39		734
Lexeo Therapeutics, Inc.*		81		732
Zentalis Pharmaceuticals, Inc.*		198		729
Corbus Pharmaceuticals Holdings, Inc.*		35		722
Enanta Pharmaceuticals, Inc.*		69		715
Organogenesis Holdings, Inc.*		249		712
Medifast, Inc.*		37		708
Nevro Corp.*		126		704
Korro Bio, Inc.*		21		702
Alico, Inc.		25		699
Cabaletta Bio, Inc.*		148		699
MacroGenics, Inc.*		212		697
Trevi Therapeutics, Inc.*		203		678
Poseida Therapeutics, Inc.*		237		678
TScan Therapeutics, Inc.*		133		662
Atossa Therapeutics, Inc.*		434		660
Rapport Therapeutics, Inc.*		32		655
Compass Therapeutics, Inc.*		352		648
Alta Equipment Group, Inc.		93		627
Lexicon Pharmaceuticals, Inc.*		396		622
Pyxis Oncology, Inc.*		169		620
ChromaDex Corp.*		169		617
BRC, Inc. — Class A*		180		616
Nature’s Sunshine Products, Inc.*		45		613
Custom Truck One Source, Inc.*		176		607
Chegg, Inc.*		343		607
Acacia Research Corp.*		130		606
Accuray, Inc.*		331		596
Design Therapeutics, Inc.*		108		581
Blade Air Mobility, Inc.*		195		573
Achieve Life Sciences, Inc.*		120		569
Inhibrx Biosciences, Inc.*		36		564
MeiraGTx Holdings plc*		135		563
ModivCare, Inc.*		39		557
Black Diamond Therapeutics, Inc.*		128		557
Caribou Biosciences, Inc.*		284		557
Monte Rosa Therapeutics, Inc.*		105		556
Solid Biosciences, Inc.*		78		544
Biote Corp. — Class A*		93		519
Eliem Therapeutics, Inc.*		101		514
Inovio Pharmaceuticals, Inc.*		88		509
MediWound Ltd.*		28		506
Adverum Biotechnologies, Inc.*		72		505
XBiotech, Inc.*		64		495
HF Foods Group, Inc.*		137		489
Alumis, Inc.		45		481
Nautilus Biotechnology, Inc.*		168		479
Candel Therapeutics, Inc.*		69		478
CPI Card Group, Inc.*		17		473
Quad/Graphics, Inc.		104		472
Shattuck Labs, Inc.*		135		471
InfuSystem Holdings, Inc.*		69		462
PepGen, Inc.*		54		462
Ventyx Biosciences, Inc.*		211		460
Lineage Cell Therapeutics, Inc.*		507		459
scPharmaceuticals, Inc.*		98		447
Cadiz, Inc.*		145		439
Joint Corp.*		38		435
Zynex, Inc.*,1		53		433
Priority Technology Holdings, Inc.*		63		430
Sanara Medtech, Inc.*		14		423
Generation Bio Co.*		171		422
ProKidney Corp.*		218		419
Orchestra BioMed Holdings, Inc.*		81		416
Ispire Technology, Inc.*		67		416
Lifeway Foods, Inc.*		16		415
Precigen, Inc.*		437		414
Quipt Home Medical Corp.*		141		412
Fennec Pharmaceuticals, Inc.*		82		410
SoundThinking, Inc.*		35		406
CVRx, Inc.*		46		405
Cartesian Therapeutics, Inc.*,1		25		403
Information Services Group, Inc.		122		403
Innovage Holding Corp.*		66		396
Coherus Biosciences, Inc.*		380		395
X4 Pharmaceuticals, Inc.*		577		386
Stereotaxis, Inc.*		189		386
Agenus, Inc.*		70		384
Harvard Bioscience, Inc.*		141		379
Semler Scientific, Inc.*		16		377
Scilex Holding Co.*		402		371
Beauty Health Co.*		257		370
Tenaya Therapeutics, Inc.*		190		367
Lifecore Biomedical, Inc.*		74		365
Puma Biotechnology, Inc.*		143		365
Contineum Therapeutics, Inc. — Class A*		19		364
Cardiff Oncology, Inc.*		135		360
Acumen Pharmaceuticals, Inc.*		145		360
Veru, Inc.*		453		348
Regulus Therapeutics, Inc.*		219		344

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 245

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Bluebird Bio, Inc.*		658	$	342
NeuroPace, Inc.*		47		328
Sonida Senior Living, Inc.*		12		321
Waldencast plc — Class A*,1		85		310
Quantum-Si, Inc.*		346		305
Greenwich Lifesciences, Inc.*		21		302
Gyre Therapeutics, Inc.*		24		301
Kodiak Sciences, Inc.*		113		295
Acrivon Therapeutics, Inc.*		41		287
Kyverna Therapeutics, Inc.*		58		284
Zura Bio Ltd.*		69		280
Invivyd, Inc.*		274		279
CervoMed, Inc.*		19		277
Fibrobiologics, Inc.*		88		272
Century Therapeutics, Inc.*		159		272
DLH Holdings Corp.*		29		271
HireQuest, Inc.		19		269
FiscalNote Holdings, Inc.*		208		266
Verastem, Inc.*		88		263
Emerald Holding, Inc.		52		259
Akoya Biosciences, Inc.*		92		250
Ovid therapeutics, Inc.*		204		241
Skye Bioscience, Inc.*		60		235
AirSculpt Technologies, Inc.*		46		233
Inmune Bio, Inc.*		43		232
Werewolf Therapeutics, Inc.*		105		223
Forafric Global plc*		19		215
RAPT Therapeutics, Inc.*		104		209
ALX Oncology Holdings, Inc.*		114		207
Actinium Pharmaceuticals, Inc.*		104		196
Galectin Therapeutics, Inc.*,1		70		192
HilleVax, Inc.*		109		192
Cibus, Inc.*		52		170
Outlook Therapeutics, Inc.*		27		144
Telomir Pharmaceuticals, Inc.*		17		109
Elevation Oncology, Inc.*		181		109
Aerovate Therapeutics, Inc.*		47		98
Verrica Pharmaceuticals, Inc.*		66		96
Prelude Therapeutics, Inc.*		46		95
MarketWise, Inc.		134		90
Renovaro, Inc.*		168		81
Boundless Bio, Inc.*		22		76
Fractyl Health, Inc.*		26		66
Metagenomi, Inc.*		22		48
Lyra Therapeutics, Inc.*		167		43
Tevogen Bio Holdings, Inc.*		76		28
Conduit Pharmaceuticals, Inc.*		80		9
Ligand Pharmaceuticals, Inc.*,†††		42		—
Ligand Pharmaceuticals, Inc.*,†††		42		—
Total Consumer, Non-cyclical				2,204,897
Industrial - 8.7%
Fabrinet*		125		29,555
Applied Industrial Technologies, Inc.		132		29,453
Mueller Industries, Inc.		384		28,454
Fluor Corp.*		586		27,958
UFP Industries, Inc.		208		27,292
SPX Technologies, Inc.*		155		24,716
Modine Manufacturing Co.*		178		23,637
Badger Meter, Inc.		101		22,059
Novanta, Inc.*		123		22,007
Casella Waste Systems, Inc. — Class A*		212		21,092
CSW Industrials, Inc.		57		20,884
Exponent, Inc.		174		20,059
Moog, Inc. — Class A		98		19,798
Watts Water Technologies, Inc. — Class A		94		19,476
Dycom Industries, Inc.*		98		19,316
Federal Signal Corp.		206		19,253
Boise Cascade Co.		136		19,173
NEXTracker, Inc. — Class A*		495		18,553
Chart Industries, Inc.*		146		18,124
AeroVironment, Inc.*		90		18,045
Zurn Elkay Water Solutions Corp.		495		17,790
Knife River Corp.*		196		17,520
Itron, Inc.*		158		16,876
Matson, Inc.		117		16,687
Franklin Electric Company, Inc.		156		16,352
GATX Corp.		123		16,292
Belden, Inc.		139		16,281
Summit Materials, Inc. — Class A*		416		16,236
Arcosa, Inc.		167		15,825
Sterling Infrastructure, Inc.*		104		15,082
EnerSys		138		14,083
Advanced Energy Industries, Inc.		129		13,576
Kadant, Inc.		40		13,520
Cactus, Inc. — Class A		226		13,485
RXO, Inc.*		466		13,048
Frontdoor, Inc.*		270		12,957
Plexus Corp.*		94		12,851
Sanmina Corp.*		184		12,595
Golar LNG Ltd.		342		12,572
Terex Corp.		229		12,116
Granite Construction, Inc.		152		12,050
Kratos Defense & Security Solutions, Inc.*		508		11,836
Enpro, Inc.		72		11,677
Rocket Lab USA, Inc.*		1,194		11,618
Mueller Water Products, Inc. — Class A		533		11,566
Scorpio Tankers, Inc.		162		11,551
ESCO Technologies, Inc.		89		11,479
Atmus Filtration Technologies, Inc.		289		10,846
John Bean Technologies Corp.		110		10,836
Atkore, Inc.		127		10,762
Primoris Services Corp.		184		10,687
Construction Partners, Inc. — Class A*		147		10,261
Trinity Industries, Inc.		282		9,825
Albany International Corp. — Class A		108		9,596
Hub Group, Inc. — Class A		211		9,590
Griffon Corp.		129		9,030
ArcBest Corp.		81		8,784
OSI Systems, Inc.*		56		8,502
AZZ, Inc.		101		8,344
Vishay Intertechnology, Inc.		436		8,245
Werner Enterprises, Inc.		212		8,181

246 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Masterbrand, Inc.*		437	$	8,102
Materion Corp.		71		7,942
Energizer Holdings, Inc.		248		7,876
Enerpac Tool Group Corp.		188		7,875
AAR Corp.*		119		7,778
Mirion Technologies, Inc.*		686		7,594
Gibraltar Industries, Inc.*		106		7,413
Standex International Corp.		40		7,311
Bloom Energy Corp. — Class A*,1		683		7,213
Leonardo DRS, Inc.*		254		7,168
International Seaways, Inc.		139		7,167
Hillman Solutions Corp.*		675		7,128
Powell Industries, Inc.		32		7,104
Kennametal, Inc.		273		7,079
Mercury Systems, Inc.*		189		6,993
O-I Glass, Inc.*		532		6,980
Joby Aviation, Inc.*,1		1,380		6,941
Hillenbrand, Inc.		242		6,728
Barnes Group, Inc.		160		6,466
TTM Technologies, Inc.*		349		6,369
Tennant Co.		66		6,339
Alamo Group, Inc.		35		6,305
World Kinect Corp.		199		6,151
MYR Group, Inc.*		57		5,827
Golden Ocean Group Ltd.		420		5,620
IES Holdings, Inc.*		28		5,589
Aspen Aerogels, Inc.*		201		5,566
Helios Technologies, Inc.		115		5,485
Benchmark Electronics, Inc.		123		5,451
Greenbrier Companies, Inc.		106		5,394
Knowles Corp.*		299		5,391
Greif, Inc. — Class A		86		5,389
Tecnoglass, Inc.		78		5,355
Apogee Enterprises, Inc.		75		5,251
DHT Holdings, Inc.		463		5,107
CTS Corp.		105		5,080
American Woodmark Corp.*		54		5,046
Napco Security Technologies, Inc.		122		4,936
Janus International Group, Inc.*		487		4,924
Teekay Tankers Ltd. — Class A		83		4,835
Enovix Corp.*,1		513		4,791
JELD-WEN Holding, Inc.*		297		4,696
Lindsay Corp.		37		4,612
NV5 Global, Inc.*		49		4,580
Worthington Enterprises, Inc.		109		4,518
SFL Corporation Ltd.		390		4,512
Argan, Inc.		43		4,362
Dorian LPG Ltd.		120		4,130
Tutor Perini Corp.*		149		4,047
PureCycle Technologies, Inc.*,1		423		4,019
Worthington Steel, Inc.		113		3,843
Ichor Holdings Ltd.*		113		3,595
TriMas Corp.		140		3,574
Columbus McKinnon Corp.		99		3,564
Marten Transport Ltd.		200		3,540
Thermon Group Holdings, Inc.*		115		3,432
Cadre Holdings, Inc.		90		3,416
Energy Recovery, Inc.*		196		3,408
Vicor Corp.*		78		3,284
NuScale Power Corp.*		268		3,103
Ducommun, Inc.*		47		3,094
Forward Air Corp.*		86		3,044
Montrose Environmental Group, Inc.*		110		2,893
Triumph Group, Inc.*		223		2,874
Air Transport Services Group, Inc.*		177		2,866
CECO Environmental Corp.*		101		2,848
Genco Shipping & Trading Ltd.		146		2,847
Enviri Corp.*		274		2,833
Bel Fuse, Inc. — Class B		36		2,826
Gorman-Rupp Co.		72		2,804
American Superconductor Corp.*		118		2,785
Xometry, Inc. — Class A*		146		2,682
FLEX LNG Ltd.		105		2,671
Limbach Holdings, Inc.*		35		2,652
Proto Labs, Inc.*		89		2,614
Ardmore Shipping Corp.		143		2,588
Nordic American Tankers Ltd.		700		2,569
Astec Industries, Inc.		80		2,555
Hyster-Yale, Inc.		40		2,551
Archer Aviation, Inc. — Class A*		802		2,430
Great Lakes Dredge & Dock Corp.*		228		2,401
Costamare, Inc.		149		2,342
Mesa Laboratories, Inc.		18		2,337
Sturm Ruger & Company, Inc.		56		2,334
DXP Enterprises, Inc.*		43		2,295
Metallus, Inc.*		148		2,195
Smith & Wesson Brands, Inc.		158		2,051
Insteel Industries, Inc.		65		2,021
Heartland Express, Inc.		161		1,977
Standard BioTools, Inc.*		1,014		1,957
Astronics Corp.*		99		1,929
Ryerson Holding Corp.		96		1,911
Ardagh Metal Packaging S.A.1		496		1,870
Applied Optoelectronics, Inc.*		128		1,832
Evolv Technologies Holdings, Inc.*		451		1,827
ChargePoint Holdings, Inc.*,1		1,333		1,826
Teekay Corp.*		197		1,812
Myers Industries, Inc.		127		1,755
nLight, Inc.*		159		1,700
Pactiv Evergreen, Inc.		140		1,611
Clearwater Paper Corp.*		56		1,598
Kimball Electronics, Inc.*		85		1,573
LSI Industries, Inc.		97		1,567
Northwest Pipe Co.*		34		1,534
Willis Lease Finance Corp.		10		1,488
Covenant Logistics Group, Inc. — Class A		28		1,480
LSB Industries, Inc.*		184		1,479
NVE Corp.		17		1,358
National Presto Industries, Inc.		18		1,353
Olympic Steel, Inc.		34		1,326
CryoPort, Inc.*		150		1,216
Luxfer Holdings plc		92		1,191

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 247

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Greif, Inc. — Class B		17	$	1,187
FARO Technologies, Inc.*		62		1,187
GrafTech International Ltd.*		889		1,173
Manitowoc Company, Inc.*		120		1,154
SmartRent, Inc.*		657		1,137
Bowman Consulting Group Ltd.*		46		1,108
Safe Bulkers, Inc.		208		1,077
Stoneridge, Inc.*		94		1,052
Iteris, Inc.*		147		1,049
Graham Corp.*		35		1,036
Universal Logistics Holdings, Inc.		24		1,035
Byrna Technologies, Inc.*		60		1,018
Eastman Kodak Co.*		209		987
Ranpak Holdings Corp.*		148		967
Latham Group, Inc.*		140		952
Allient, Inc.		50		949
Mayville Engineering Company, Inc.*		44		928
Park-Ohio Holdings Corp.		30		921
Turtle Beach Corp.*		59		905
Himalaya Shipping Ltd.		103		892
Park Aerospace Corp.		64		834
Mistras Group, Inc.*		72		819
MicroVision, Inc.*		708		807
Radiant Logistics, Inc.*		123		791
Intuitive Machines, Inc.*,1		98		789
Pangaea Logistics Solutions Ltd.		108		781
Pure Cycle Corp.*		72		776
Sight Sciences, Inc.*		121		762
Centuri Holdings, Inc.*		47		759
Gencor Industries, Inc.*		36		751
Profecient Auto Logistics, Inc.		52		738
LanzaTech Global, Inc.*		386		737
Tredegar Corp.*		92		671
L B Foster Co. — Class A*		32		654
Karat Packaging, Inc.		24		621
NN, Inc.*		159		620
Orion Group Holdings, Inc.*		106		612
Omega Flex, Inc.		12		599
Bel Fuse, Inc. — Class A		6		597
GoPro, Inc. — Class A*		432		588
AerSale Corp.*		116		586
Eastern Co.		18		584
Redwire Corp.*		78		536
Smith-Midland Corp.*		16		534
Perma-Fix Environmental Services, Inc.*		43		528
Net Power, Inc.*		73		512
Arq, Inc.*		85		499
Twin Disc, Inc.		39		487
Quest Resource Holding Corp.*		60		479
Concrete Pumping Holdings, Inc.*		82		475
Core Molding Technologies, Inc.*		27		465
AMMO, Inc.*		310		443
Taylor Devices, Inc.*		8		399
Virgin Galactic Holdings, Inc.*,1		65		396
PAM Transportation Services, Inc.*		21		389
Caesarstone Ltd.*		72		328
Ultralife Corp.*		36		325
374Water, Inc.*		226		307
908 Devices, Inc.*		82		284
VirTra, Inc.*		37		230
NL Industries, Inc.		29		216
Eve Holding, Inc.*		61		198
Southland Holdings, Inc.*		35		129
Bridger Aerospace Group Holdings, Inc.*		32		71
Amprius Technologies, Inc.*		48		53
Solidion Technology, Inc.*		31		11
Total Industrial				1,449,864
Consumer, Cyclical - 6.2%
Meritage Homes Corp.		123		25,224
Taylor Morrison Home Corp. — Class A*		351		24,661
Abercrombie & Fitch Co. — Class A*		173		24,203
Installed Building Products, Inc.		82		20,194
KB Home		231		19,794
Beacon Roofing Supply, Inc.*		219		18,928
Aurora Innovation, Inc.*		3,191		18,891
Champion Homes, Inc.*		184		17,452
Group 1 Automotive, Inc.		45		17,237
Boot Barn Holdings, Inc.*		102		17,063
Asbury Automotive Group, Inc.*		70		16,701
Kontoor Brands, Inc.		191		15,620
M/I Homes, Inc.*		91		15,594
Signet Jewelers Ltd.		147		15,162
FirstCash Holdings, Inc.		132		15,154
Tri Pointe Homes, Inc.*		317		14,363
Academy Sports & Outdoors, Inc.		243		14,181
American Eagle Outfitters, Inc.		626		14,016
Shake Shack, Inc. — Class A*		131		13,520
Six Flags Entertainment Corp.		319		12,859
GMS, Inc.*		138		12,499
Cavco Industries, Inc.*		29		12,419
Steven Madden Ltd.		250		12,248
Sweetgreen, Inc. — Class A*		339		12,018
SkyWest, Inc.*		137		11,648
Brinker International, Inc.*		152		11,633
Rush Enterprises, Inc. — Class A		210		11,094
Cinemark Holdings, Inc.*		381		10,607
Patrick Industries, Inc.		74		10,535
UniFirst Corp.		52		10,330
LCI Industries		85		10,246
Dorman Products, Inc.*		90		10,181
Resideo Technologies, Inc.*		501		10,090
Century Communities, Inc.		96		9,886
Hilton Grand Vacations, Inc.*		255		9,262
Red Rock Resorts, Inc. — Class A		170		9,255
Visteon Corp.*		94		8,953
Green Brick Partners, Inc.*		107		8,937
Hanesbrands, Inc.*		1,213		8,916
HNI Corp.		162		8,722
Goodyear Tire & Rubber Co.*		978		8,655
LGI Homes, Inc.*		72		8,534
Urban Outfitters, Inc.*		221		8,466
International Game Technology plc		393		8,371

248 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
PriceSmart, Inc.		87	$	7,985
Vista Outdoor, Inc.*		201		7,875
Foot Locker, Inc.*		288		7,442
Victoria’s Secret & Co.*		271		6,965
JetBlue Airways Corp.*		1,058		6,940
Adient plc*		307		6,929
Atlanta Braves Holdings, Inc. — Class C*		173		6,885
Phinia, Inc.		149		6,858
Cheesecake Factory, Inc.		167		6,772
Acushnet Holdings Corp.		100		6,375
OPENLANE, Inc.*		371		6,262
La-Z-Boy, Inc.		145		6,225
Papa John’s International, Inc.		115		6,195
United Parks & Resorts, Inc.*		121		6,123
Fox Factory Holding Corp.*		147		6,101
MillerKnoll, Inc.		239		5,918
Madison Square Garden Entertainment Corp.*		135		5,742
OneSpaWorld Holdings Ltd.		347		5,729
Winnebago Industries, Inc.		97		5,637
Peloton Interactive, Inc. — Class A*		1,168		5,466
H&E Equipment Services, Inc.		111		5,404
Topgolf Callaway Brands Corp.*		487		5,347
Blue Bird Corp.*		111		5,324
AMC Entertainment Holdings, Inc. — Class A*		1,162		5,287
Sonos, Inc.*		423		5,199
Gentherm, Inc.*		109		5,074
REV Group, Inc.		177		4,967
Life Time Group Holdings, Inc.*		203		4,957
Warby Parker, Inc. — Class A*		301		4,915
Sally Beauty Holdings, Inc.*		354		4,804
Wolverine World Wide, Inc.		275		4,790
Sabre Corp.*		1,291		4,738
Dana, Inc.		448		4,731
Buckle, Inc.		107		4,705
VSE Corp.		55		4,550
Bloomin’ Brands, Inc.		273		4,513
Oxford Industries, Inc.		51		4,425
Steelcase, Inc. — Class A		320		4,317
G-III Apparel Group Ltd.*		140		4,273
ScanSource, Inc.*		86		4,131
Caleres, Inc.		118		3,900
Winmark Corp.		10		3,829
Dave & Buster’s Entertainment, Inc.*		111		3,780
XPEL, Inc.*		87		3,773
Interface, Inc. — Class A		198		3,756
MRC Global, Inc.*		291		3,707
Everi Holdings, Inc.*		273		3,587
ODP Corp.*		120		3,570
Monarch Casino & Resort, Inc.		45		3,567
Camping World Holdings, Inc. — Class A		146		3,536
Dream Finders Homes, Inc. — Class A*		97		3,512
Beazer Homes USA, Inc.*		102		3,485
Hovnanian Enterprises, Inc. — Class A*		17		3,474
Cracker Barrel Old Country Store, Inc.		76		3,447
Vizio Holding Corp. — Class A*		305		3,407
Global Business Travel Group I*		433		3,330
Jack in the Box, Inc.		68		3,165
BlueLinx Holdings, Inc.*		29		3,057
IMAX Corp.*		148		3,035
PC Connection, Inc.		40		3,017
Allegiant Travel Co. — Class A*		54		2,973
National Vision Holdings, Inc.*		269		2,935
Sonic Automotive, Inc. — Class A		50		2,924
Lions Gate Entertainment Corp. — Class B*		420		2,906
Wabash National Corp.		150		2,878
Rush Street Interactive, Inc.*		263		2,854
Shoe Carnival, Inc.		62		2,719
Malibu Boats, Inc. — Class A*		70		2,717
A-Mark Precious Metals, Inc.		60		2,650
MarineMax, Inc.*		75		2,645
Ethan Allen Interiors, Inc.		79		2,519
Portillo’s, Inc. — Class A*,1		186		2,505
American Axle & Manufacturing Holdings, Inc.*		395		2,441
Standard Motor Products, Inc.		72		2,390
Miller Industries, Inc.		38		2,318
Golden Entertainment, Inc.		71		2,257
indie Semiconductor, Inc. — Class A*		563		2,246
Chuy’s Holdings, Inc.*		60		2,244
Arhaus, Inc.		177		2,179
Douglas Dynamics, Inc.		78		2,151
BJ’s Restaurants, Inc.*		66		2,149
Forestar Group, Inc.*		66		2,136
Accel Entertainment, Inc.*		177		2,057
Leslie’s, Inc.*		617		1,950
Arko Corp.		276		1,938
Super Group SGHC Ltd.		514		1,866
Clean Energy Fuels Corp.*		586		1,822
Dine Brands Global, Inc.		53		1,655
Daktronics, Inc.*		128		1,652
First Watch Restaurant Group, Inc.*		105		1,638
Lions Gate Entertainment Corp. — Class A*		206		1,613
Kura Sushi USA, Inc. — Class A*,1		20		1,611
Global Industrial Co.		47		1,597
Build-A-Bear Workshop, Inc. — Class A		45		1,547
Sun Country Airlines Holdings, Inc.*		136		1,525
Rush Enterprises, Inc. — Class B		31		1,486
Atlanta Braves Holdings, Inc. — Class A*		35		1,475
Shyft Group, Inc.		117		1,468
EVgo, Inc.*,1		348		1,441
Lovesac Co.*		50		1,432
Xperi, Inc.*		155		1,432
Bally’s Corp.*		83		1,432
Titan International, Inc.*		173		1,407
Methode Electronics, Inc.		117		1,399
Sleep Number Corp.*		75		1,374
Haverty Furniture Companies, Inc.		50		1,373
RCI Hospitality Holdings, Inc.		30		1,337

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 249

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Petco Health & Wellness Company, Inc.*		287	$	1,306
Funko, Inc. — Class A*		106		1,295
Hudson Technologies, Inc.*		154		1,284
Nu Skin Enterprises, Inc. — Class A		171		1,260
Marcus Corp.		83		1,251
Zumiez, Inc.*		57		1,214
El Pollo Loco Holdings, Inc.*		88		1,206
Hyliion Holdings Corp.*		486		1,205
Lindblad Expeditions Holdings, Inc.*		122		1,129
Denny’s Corp.*		173		1,116
Designer Brands, Inc. — Class A		145		1,070
MasterCraft Boat Holdings, Inc.*		58		1,056
Luminar Technologies, Inc.*,1		1,151		1,036
Xponential Fitness, Inc. — Class A*		83		1,029
Genesco, Inc.*		37		1,005
Titan Machinery, Inc.*		71		989
OneWater Marine, Inc. — Class A*		41		980
Movado Group, Inc.		52		967
Hamilton Beach Brands Holding Co. — Class A		30		913
Spirit Airlines, Inc.1		379		910
America’s Car-Mart, Inc.*		21		880
iRobot Corp.*		99		860
Savers Value Village, Inc.*		81		852
Rocky Brands, Inc.		26		828
Cooper-Standard Holdings, Inc.*		58		804
Potbelly Corp.*		95		792
Frontier Group Holdings, Inc.*,1		146		781
Landsea Homes Corp.*		62		766
Wheels Up Experience, Inc.*		310		750
Weyco Group, Inc.		21		715
JAKKS Pacific, Inc.*		28		715
Solid Power, Inc.*		527		711
Flexsteel Industries, Inc.		16		709
Superior Group of Companies, Inc.		45		697
Hooker Furnishings Corp.		37		669
Tile Shop Holdings, Inc.*		99		652
Webtoon Entertainment, Inc.*		52		595
Johnson Outdoors, Inc. — Class A		16		579
Full House Resorts, Inc.*		114		572
Blink Charging Co.*,1		332		571
Destination XL Group, Inc.*		185		544
Reservoir Media, Inc.*		67		543
Biglari Holdings, Inc. — Class B*		3		516
Virco Mfg. Corp.		36		497
Escalade, Inc.		35		492
Vera Bradley, Inc.*		88		480
Holley, Inc.*		161		475
Clarus Corp.		105		473
Traeger, Inc.*		118		434
GrowGeneration Corp.*		197		420
Citi Trends, Inc.*		22		404
J Jill, Inc.		16		395
Livewire Group, Inc.*		63		384
Commercial Vehicle Group, Inc.*		114		371
EVI Industries, Inc.		18		348
Marine Products Corp.		30		291
Lifetime Brands, Inc.		44		288
SES AI Corp.*		447		286
Tilly’s, Inc. — Class A*		52		265
ONE Group Hospitality, Inc.*		72		265
Aeva Technologies, Inc.*		79		260
ThredUp, Inc. — Class A*		271		228
Canoo, Inc.*		205		202
Purple Innovation, Inc.*		196		194
Torrid Holdings, Inc.*		43		169
CompX International, Inc.		5		146
United Homes Group, Inc.*,1		18		111
Qurate Retail, Inc. — Class B*		4		17
Total Consumer, Cyclical				1,032,611
Technology - 5.2%
SPS Commerce, Inc.*		128		24,854
CommVault Systems, Inc.*		150		23,077
Varonis Systems, Inc.*		379		21,414
Insight Enterprises, Inc.*		96		20,677
ExlService Holdings, Inc.*		540		20,601
Maximus, Inc.		209		19,470
Altair Engineering, Inc. — Class A*		196		18,720
ACI Worldwide, Inc.*		362		18,426
Zeta Global Holdings Corp. — Class A*		610		18,196
Impinj, Inc.*		78		16,889
Tenable Holdings, Inc.*		407		16,492
Qualys, Inc.*		128		16,443
Box, Inc. — Class A*		486		15,907
Rambus, Inc.*		376		15,875
ASGN, Inc.*		155		14,451
Workiva, Inc.*		174		13,767
Clearwater Analytics Holdings, Inc. — Class A*		521		13,155
Silicon Laboratories, Inc.*		110		12,713
Power Integrations, Inc.		195		12,503
FormFactor, Inc.*		266		12,236
Blackbaud, Inc.*		142		12,025
Axcelis Technologies, Inc.*		112		11,743
Evolent Health, Inc. — Class A*		396		11,199
BlackLine, Inc.*		199		10,973
Envestnet, Inc.*		175		10,959
SiTime Corp.*		63		10,805
Synaptics, Inc.*		135		10,473
ACV Auctions, Inc. — Class A*		508		10,328
Semtech Corp.*		224		10,228
Diodes, Inc.*		157		10,062
Clear Secure, Inc. — Class A		301		9,975
Progress Software Corp.		146		9,836
DigitalOcean Holdings, Inc.*		227		9,169
Rapid7, Inc.*		214		8,537
Kulicke & Soffa Industries, Inc.		185		8,349
Agilysys, Inc.*		76		8,282
WNS Holdings Ltd.*		155		8,170
Freshworks, Inc. — Class A*		704		8,082
Ambarella, Inc.*		131		7,389
Braze, Inc. — Class A*		226		7,309

250 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Vertex, Inc. — Class A*		187	$	7,201
NCR Atleos Corp.*		249		7,104
C3.ai, Inc. — Class A*,1		286		6,930
NCR Voyix Corp.*		502		6,812
PAR Technology Corp.*		125		6,510
Intapp, Inc.*		135		6,457
Privia Health Group, Inc.*		350		6,373
Veeco Instruments, Inc.*,1		192		6,361
Ultra Clean Holdings, Inc.*		153		6,109
IonQ, Inc.*,1		681		5,952
Donnelley Financial Solutions, Inc.*		89		5,859
PagerDuty, Inc.*		308		5,713
Verint Systems, Inc.*		210		5,319
Photronics, Inc.*		213		5,274
NetScout Systems, Inc.*		239		5,198
AvePoint, Inc.*		438		5,155
Sprout Social, Inc. — Class A*		171		4,971
CSG Systems International, Inc.		102		4,962
AvidXchange Holdings, Inc.*		597		4,842
Alkami Technology, Inc.*		152		4,794
Appian Corp. — Class A*		139		4,745
PowerSchool Holdings, Inc. — Class A*		206		4,699
SoundHound AI, Inc. — Class A*,1		980		4,567
Adeia, Inc.		376		4,478
Jamf Holding Corp.*		257		4,459
Xerox Holdings Corp.		401		4,162
Waystar Holding Corp.		148		4,128
Cohu, Inc.*		160		4,112
Alignment Healthcare, Inc.*		346		4,090
Matterport, Inc.*		904		4,068
Phreesia, Inc.*		176		4,011
MaxLinear, Inc. — Class A*		273		3,953
Sapiens International Corporation N.V.		106		3,951
Pitney Bowes, Inc.		551		3,929
Diebold Nixdorf, Inc.*,1		87		3,885
Zuora, Inc. — Class A*		447		3,853
SMART Global Holdings, Inc.*		178		3,729
ACM Research, Inc. — Class A*		176		3,573
Schrodinger Incorporated/United States*		192		3,562
PDF Solutions, Inc.*		107		3,390
Digi International, Inc.*		123		3,386
Fastly, Inc. — Class A*		442		3,346
N-able, Inc.*		247		3,226
Asana, Inc. — Class A*		275		3,187
E2open Parent Holdings, Inc.*		703		3,100
Blend Labs, Inc. — Class A*		793		2,974
Alpha & Omega Semiconductor Ltd.*		80		2,970
PROS Holdings, Inc.*		158		2,926
Grid Dynamics Holdings, Inc.*		197		2,758
Integral Ad Science Holding Corp.*		250		2,703
Vimeo, Inc.*		508		2,565
Yext, Inc.*		362		2,505
SolarWinds Corp.		188		2,453
Daily Journal Corp.*		5		2,450
Amplitude, Inc. — Class A*		264		2,368
V2X, Inc.*		42		2,346
Conduent, Inc.*		544		2,192
OneSpan, Inc.*		131		2,184
PubMatic, Inc. — Class A*		145		2,156
SEMrush Holdings, Inc. — Class A*		125		1,964
CEVA, Inc.*		81		1,956
NextNav, Inc.*		260		1,947
MeridianLink, Inc.*		93		1,913
GigaCloud Technology, Inc. — Class A*		81		1,861
Olo, Inc. — Class A*		362		1,796
Instructure Holdings, Inc.*		76		1,790
Simulations Plus, Inc.		55		1,761
Weave Communications, Inc.*		135		1,728
I3 Verticals, Inc. — Class A*		78		1,662
Health Catalyst, Inc.*		202		1,644
Ibotta, Inc. — Class A*,1		26		1,602
Enfusion, Inc. — Class A*		167		1,585
Innodata, Inc.*		94		1,576
Thoughtworks Holding, Inc.*		345		1,525
PlayAGS, Inc.*		132		1,504
Cantaloupe, Inc.*		202		1,495
Climb Global Solutions, Inc.		15		1,493
Bandwidth, Inc. — Class A*		85		1,488
Pagaya Technologies Ltd. — Class A*,1		139		1,469
Consensus Cloud Solutions, Inc.*		62		1,460
BigCommerce Holdings, Inc.*		244		1,427
Digimarc Corp.*		52		1,398
Mitek Systems, Inc.*		160		1,387
Planet Labs PBC*		582		1,298
Unisys Corp.*		227		1,289
3D Systems Corp.*		437		1,241
Aehr Test Systems*,1		96		1,234
American Software, Inc. — Class A		109		1,220
Cricut, Inc. — Class A		160		1,109
Vishay Precision Group, Inc.*		42		1,088
Red Violet, Inc.*		38		1,081
Corsair Gaming, Inc.*		154		1,072
Navitas Semiconductor Corp.*		435		1,066
Digital Turbine, Inc.*		331		1,016
Ouster, Inc.*		149		939
Immersion Corp.		104		928
Talkspace, Inc.*		424		886
Domo, Inc. — Class B*		117		879
SkyWater Technology, Inc.*		94		853
8x8, Inc.*		404		824
Definitive Healthcare Corp.*		184		822
Life360, Inc.		20		786
EverCommerce, Inc.*		74		767
Asure Software, Inc.*		82		742
Arteris, Inc.*		96		741
ReposiTrak, Inc.1		40		739
Inspired Entertainment, Inc.*		76		705
Telos Corp.*		189		679
Outbrain, Inc.*		134		651
IBEX Holdings Ltd.*		32		639
Viant Technology, Inc. — Class A*		54		598
CS Disco, Inc.*		101		594

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 251

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
ON24, Inc.*		96	$	588
Rackspace Technology, Inc.*		231		566
Richardson Electronics Ltd.		42		518
BigBear.ai Holdings, Inc.*		351		512
Playstudios, Inc.*		304		459
Kaltura, Inc.*		332		452
Cerence, Inc.*		142		447
Porch Group, Inc.*,1		267		410
TTEC Holdings, Inc.		68		399
Everspin Technologies, Inc.*		67		395
Rigetti Computing, Inc.*,1		488		382
QuickLogic Corp.*		48		368
eGain Corp.*		67		342
Rimini Street, Inc.*		184		340
D-Wave Quantum, Inc.*,1		302		297
Rekor Systems, Inc.*		245		289
WM Technology, Inc.*		288		251
iLearningEngines Holdings, Inc.*		102		170
Golden Matrix Group, Inc.*		69		161
System1, Inc.*		81		91
GCT Semiconductor Holding, Inc.*		26		87
Airship AI Holdings, Inc.*		11		25
Total Technology				864,260
Energy - 2.8%
ChampionX Corp.		655		19,748
Noble Corporation plc1		477		17,230
Murphy Oil Corp.		498		16,802
CNX Resources Corp.*		508		16,546
SM Energy Co.		393		15,708
Magnolia Oil & Gas Corp. — Class A		595		14,530
Sunrun, Inc.*		750		13,545
California Resources Corp.		238		12,488
Northern Oil & Gas, Inc.		342		12,110
Valaris Ltd.*		217		12,098
Tidewater, Inc.*		167		11,989
Archrock, Inc.		573		11,597
Peabody Energy Corp.		434		11,518
Warrior Met Coal, Inc.		179		11,438
PBF Energy, Inc. — Class A		359		11,111
Transocean Ltd.*		2,505		10,646
Liberty Energy, Inc. — Class A		554		10,576
CONSOL Energy, Inc.		101		10,570
Patterson-UTI Energy, Inc.		1,336		10,220
Helmerich & Payne, Inc.		334		10,160
Seadrill Ltd.*		235		9,339
Alpha Metallurgical Resources, Inc.*		38		8,975
Oceaneering International, Inc.*		349		8,680
Arch Resources, Inc.		61		8,428
Gulfport Energy Corp.*		45		6,811
Kosmos Energy Ltd.*		1,606		6,472
Kinetik Holdings, Inc. — Class A		132		5,974
Plug Power, Inc.*,1		2,556		5,777
Sitio Royalties Corp. — Class A		277		5,773
Expro Group Holdings N.V.*		327		5,614
Helix Energy Solutions Group, Inc.*		497		5,517
Talos Energy, Inc.*		508		5,258
Crescent Energy Co. — Class A		477		5,223
Atlas Energy Solutions, Inc.		235		5,123
Fluence Energy, Inc.*		210		4,769
DNOW, Inc.*		362		4,681
Borr Drilling Ltd.		814		4,469
Delek US Holdings, Inc.		220		4,125
Sable Offshore Corp.*		174		4,112
Sunnova Energy International, Inc.*,1		375		3,653
Comstock Resources, Inc.*		319		3,550
Select Water Solutions, Inc. — Class A		313		3,484
Array Technologies, Inc.*		524		3,458
Par Pacific Holdings, Inc.*		192		3,379
Shoals Technologies Group, Inc. — Class A*		589		3,304
Core Laboratories, Inc.		162		3,002
Green Plains, Inc.*		220		2,979
Bristow Group, Inc.*		85		2,949
CVR Energy, Inc.		118		2,718
Vital Energy, Inc.*		99		2,663
SunCoke Energy, Inc.		289		2,509
REX American Resources Corp.*		53		2,453
ProPetro Holding Corp.*		303		2,321
VAALCO Energy, Inc.		360		2,066
Vitesse Energy, Inc.		86		2,066
Nabors Industries Ltd.*		32		2,063
Kodiak Gas Services, Inc.		70		2,030
Newpark Resources, Inc.*		286		1,982
NextDecade Corp.*		397		1,870
RPC, Inc.		293		1,863
Diversified Energy Company plc		162		1,844
Innovex International, Inc.		118		1,732
Aris Water Solutions, Inc. — Class A		93		1,569
SandRidge Energy, Inc.		112		1,370
Berry Corp.		264		1,357
Excelerate Energy, Inc. — Class A		61		1,343
TETRA Technologies, Inc.*		431		1,336
Montauk Renewables, Inc.*		228		1,188
Solaris Oilfield Infrastructure, Inc. — Class A		87		1,110
Granite Ridge Resources, Inc.		182		1,081
Ramaco Resources, Inc. — Class A		92		1,076
Riley Exploration Permian, Inc.		40		1,060
Matrix Service Co.*		91		1,049
Oil States International, Inc.*		212		975
Amplify Energy Corp.*		136		888
DMC Global, Inc.*		68		883
Hallador Energy Co.*		87		820
Ring Energy, Inc.*		509		814
SEACOR Marine Holdings, Inc.*		84		811
W&T Offshore, Inc.		341		733
TPI Composites, Inc.*,1		159		723
Natural Gas Services Group, Inc.*		37		707
HighPeak Energy, Inc.1		50		694
Ranger Energy Services, Inc.		54		643
Forum Energy Technologies, Inc.*		40		618
FuelCell Energy, Inc.*,1		1,566		595

252 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Evolution Petroleum Corp.		106	$	563
ProFrac Holding Corp. — Class A*,1		77		523
FutureFuel Corp.		90		518
Geospace Technologies Corp.*		44		455
PrimeEnergy Resources Corp.*		3		413
NACCO Industries, Inc. — Class A		14		397
ASP Isotopes, Inc.*		137		381
Freyr Battery, Inc.*		387		375
Mammoth Energy Services, Inc.*		85		348
Energy Vault Holdings, Inc.*		356		342
Aemetis, Inc.*		125		288
Empire Petroleum Corp.*		48		252
Ramaco Resources, Inc. — Class B		17		183
Stem, Inc.*		521		181
Prairie Operating Co.*		15		131
Drilling Tools International Corp.*		33		123
Verde Clean Fuels, Inc.*		11		44
SolarMax Technology, Inc.*		18		11
Total Energy				464,659
Communications - 2.2%
Lumen Technologies, Inc.*		3,475		24,672
Q2 Holdings, Inc.*		203		16,193
Credo Technology Group Holding Ltd.*		440		13,552
InterDigital, Inc.		87		12,322
AST SpaceMobile, Inc.*,1		460		12,029
Hims & Hers Health, Inc.*		652		12,010
Cogent Communications Holdings, Inc.		152		11,540
EchoStar Corp. — Class A*		418		10,375
Squarespace, Inc. — Class A*		210		9,750
TEGNA, Inc.		583		9,200
Cargurus, Inc.*		305		9,159
Perficient, Inc.*		120		9,058
ePlus, Inc.*		91		8,949
Yelp, Inc. — Class A*		227		7,963
Telephone & Data Systems, Inc.		341		7,928
Calix, Inc.*		203		7,874
DigitalBridge Group, Inc.		546		7,715
Ziff Davis, Inc.*		157		7,640
Viavi Solutions, Inc.*		756		6,819
Cable One, Inc.		19		6,646
Extreme Networks, Inc.*		431		6,478
Magnite, Inc.*		434		6,011
Harmonic, Inc.*		381		5,551
Viasat, Inc.*		419		5,003
Infinera Corp.*,1		688		4,644
Upwork, Inc.*		430		4,494
CommScope Holding Company, Inc.*		725		4,430
Opendoor Technologies, Inc.*		2,128		4,256
Liberty Latin America Ltd. — Class C*		445		4,223
Sphere Entertainment Co.*		92		4,065
Cars.com, Inc.*		227		3,805
A10 Networks, Inc.		245		3,538
QuinStreet, Inc.*		182		3,482
Sprinklr, Inc. — Class A*		435		3,363
Revolve Group, Inc.*		133		3,296
Globalstar, Inc.*		2,506		3,107
Shutterstock, Inc.		87		3,077
Figs, Inc. — Class A*		448		3,064
Applied Digital Corp.*,1		340		2,805
Gannett Company, Inc.*		487		2,737
Despegar.com Corp.*		212		2,629
Scholastic Corp.		81		2,593
HealthStream, Inc.		84		2,423
Shenandoah Telecommunications Co.		169		2,385
TechTarget, Inc.*		90		2,200
Open Lending Corp. — Class A*		353		2,160
Couchbase, Inc.*		134		2,160
Bumble, Inc. — Class A*		332		2,118
Stagwell, Inc.*		295		2,071
IDT Corp. — Class B		53		2,023
NETGEAR, Inc.*		98		1,966
Clear Channel Outdoor Holdings, Inc.*		1,205		1,928
Thryv Holdings, Inc.*		110		1,895
EverQuote, Inc. — Class A*		87		1,835
National CineMedia, Inc.*		245		1,727
Liquidity Services, Inc.*		74		1,687
Sinclair, Inc.		110		1,683
Clearfield, Inc.*		43		1,675
Gogo, Inc.*		224		1,608
ADTRAN Holdings, Inc.*		270		1,601
Beyond, Inc.*		157		1,583
Gray Television, Inc.		295		1,581
Powerfleet Incorporated NJ*		313		1,565
MediaAlpha, Inc. — Class A*		86		1,557
Nextdoor Holdings, Inc.*		599		1,486
fuboTV, Inc.*		1,008		1,431
Getty Images Holdings, Inc.*		346		1,318
Anterix, Inc.*		35		1,318
Boston Omaha Corp. — Class A*		85		1,264
Advantage Solutions, Inc.*		367		1,259
Consolidated Communications Holdings, Inc.*		265		1,230
ATN International, Inc.		37		1,197
RealReal, Inc.*		338		1,061
Liberty Latin America Ltd. — Class A*		110		1,054
Preformed Line Products Co.		8		1,025
Ribbon Communications, Inc.*		313		1,017
Grindr, Inc.*		85		1,014
Vivid Seats, Inc. — Class A*		265		981
Ooma, Inc.*		85		968
AMC Networks, Inc. — Class A*		110		956
Spok Holdings, Inc.		63		949
WideOpenWest, Inc.*		170		893
Backblaze, Inc. — Class A*		138		882
Stitch Fix, Inc. — Class A*		310		874
Lands’ End, Inc.*		50		863
Aviat Networks, Inc.*		39		843
Groupon, Inc.*,1		79		773
Eventbrite, Inc. — Class A*		276		753
BARK, Inc.*		455		742
1-800-Flowers.com, Inc. — Class A*		90		714
Innovid Corp.*		368		662
iHeartMedia, Inc. — Class A*		357		660

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 253

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
LifeMD, Inc.*		120	$	629
Gambling.com Group Ltd.*		60		601
Tucows, Inc. — Class A*		28		585
AudioEye, Inc.*		24		548
OptimizeRx Corp.*		61		471
EW Scripps Co. — Class A*		209		469
Townsquare Media, Inc. — Class A		46		467
Cardlytics, Inc.*		139		445
Entravision Communications Corp. — Class A		212		439
1stdibs.com, Inc.*		88		388
RumbleON, Inc. — Class B*		56		268
Nerdy, Inc.*		251		247
LiveOne, Inc.*		235		223
BlackSky Tehnology, Inc.		45		213
Mondee Holdings, Inc.*		131		182
Value Line, Inc.		3		139
Terran Orbital Corp.*,1		532		134
Vacasa, Inc. — Class A*		32		90
Solo Brands, Inc. — Class A*		57		80
aka Brands Holding Corp.*		2		47
Total Communications				374,328
Basic Materials - 1.9%
Carpenter Technology Corp.		163		26,011
Commercial Metals Co.		397		21,819
Cabot Corp.		186		20,789
Balchem Corp.		111		19,536
Avient Corp.		310		15,599
HB Fuller Co.		189		15,003
Hecla Mining Co.		1,997		13,320
Sensient Technologies Corp.		145		11,632
Arcadium Lithium plc*		3,721		10,605
Sylvamo Corp.		121		10,388
Innospec, Inc.		86		9,726
Coeur Mining, Inc.*		1,356		9,329
Minerals Technologies, Inc.		111		8,573
Hawkins, Inc.		67		8,540
Uranium Energy Corp.*		1,358		8,433
Quaker Chemical Corp.		48		8,087
Rogers Corp.*		65		7,346
Constellium SE*		447		7,268
Perimeter Solutions S.A.*		459		6,174
Tronox Holdings plc — Class A		410		5,998
Stepan Co.		74		5,716
Ingevity Corp.*		126		4,914
Kaiser Aluminum Corp.		55		3,989
SSR Mining, Inc.*		697		3,959
Orion S.A.		199		3,544
United States Lime & Minerals, Inc.		36		3,516
Novagold Resources, Inc.*		837		3,432
Mativ Holdings, Inc.		186		3,160
Energy Fuels, Inc.*		560		3,074
Century Aluminum Co.*		183		2,970
Ecovyst, Inc.*		402		2,754
Centrus Energy Corp. — Class A*		49		2,688
AdvanSix, Inc.		88		2,673
Haynes International, Inc.		44		2,620
Koppers Holdings, Inc.		71		2,594
Metals Acquisition Ltd. — Class A*		186		2,576
Encore Energy Corp.*		616		2,489
Ivanhoe Electric Incorporated / US*		288		2,436
Rayonier Advanced Materials, Inc.*		222		1,900
Radius Recycling, Inc. — Class A		91		1,687
Compass Minerals International, Inc.		120		1,442
Perpetua Resources Corp.*		133		1,244
Oil-Dri Corporation of America		17		1,173
Universal Stainless & Alloy Products, Inc.*		30		1,159
Lightwave Logic, Inc.*		414		1,143
Ur-Energy, Inc.*		950		1,131
i-80 Gold Corp.*		895		1,038
Intrepid Potash, Inc.*		39		936
Kronos Worldwide, Inc.		75		934
Lifezone Metals Ltd.*		126		882
Caledonia Mining Corporation plc		57		853
Codexis, Inc.*		241		742
Piedmont Lithium, Inc.*		63		563
Dakota Gold Corp.*		226		533
Contango ORE, Inc.*		27		520
American Vanguard Corp.		87		461
Northern Technologies International Corp.		27		332
Valhi, Inc.		8		267
Critical Metals Corp.*		26		193
Total Basic Materials				322,413
Utilities - 1.6%
Brookfield Infrastructure Corp. — Class A		412		17,893
Portland General Electric Co.		349		16,717
New Jersey Resources Corp.		339		16,001
Southwest Gas Holdings, Inc.		210		15,490
Black Hills Corp.		236		14,424
ONE Gas, Inc.		193		14,363
Ormat Technologies, Inc.		186		14,311
TXNM Energy, Inc.		311		13,613
Spire, Inc.		195		13,121
ALLETE, Inc.		200		12,838
Northwestern Energy Group, Inc.		212		12,131
MGE Energy, Inc.		126		11,523
Otter Tail Corp.		143		11,177
California Water Service Group		200		10,844
American States Water Co.		129		10,744
Avista Corp.		271		10,501
Chesapeake Utilities Corp.		76		9,437
SJW Group		112		6,508
Hawaiian Electric Industries, Inc.*		569		5,508
Northwest Natural Holding Co.		132		5,388
Ameresco, Inc. — Class A*		111		4,211
Middlesex Water Co.		61		3,980
Unitil Corp.		55		3,332
York Water Co.		49		1,836
Consolidated Water Company Ltd.		52		1,311
Altus Power, Inc.*		263		836
Genie Energy Ltd. — Class B		45		731
RGC Resources, Inc.		28		632

254 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

	Shares		Value
Global Water Resources, Inc.		41	$	516
Total Utilities				259,917
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		95		3,087
Total Common Stocks
(Cost $7,639,562)				9,204,980
WARRANT† - 0.0%
Danimer Scientific, Inc.
Expiring 07/15/25*		1		—
Total Warrant
(Cost $—)				—
RIGHTS† - 0.0%
Consumer, Non-cyclical - 0.0%
Sanofi SA		261		—
Tobira Therapeutics, Inc.*,†††		141		—
Novartis AG*,†††		429		—
Cartesian Therapeutics Inc.*		881		—
Oncternal Therapeutics, Inc.*,†††		7		—
Total Consumer, Non-cyclical				—
Total Rights
(Cost $271)				—
EXCHANGE-TRADED FUNDS***,† - 16.8%
Vanguard Russell 2000 ETF1		15,743		1,406,794
iShares Russell 2000 Index ETF		6,356		1,403,977
Total Exchange-Traded Funds
(Cost $2,799,130)				2,810,771

U.S. TREASURY BILLS†† - 1.0%
U.S. Treasury Bills
4.85% due 12/12/242,3		150,000		148,659
4.63% due 10/10/243,4		21,000		20,976
Total U.S. Treasury Bills
(Cost $169,517)				169,635
REPURCHASE AGREEMENTS††,5 - 26.7%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/242		2,438,500		2,438,500
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/242		2,014,088		2,014,088
Total Repurchase Agreements
(Cost $4,452,588)				4,452,588
	Shares
SECURITIES LENDING COLLATERAL†,6 - 1.5%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%7		251,648		251,648
Total Securities Lending Collateral
(Cost $251,648)				251,648
Total Investments - 101.1%
(Cost $15,312,716)			$	16,889,622
Other Assets & Liabilities, net - (1.1)%				(182,227	)
Total Net Assets - 100.0%			$	16,707,395

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		3		Dec 2024	$	337,470	$	6,550

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

Russell 2000 Index

Pay

4.93% (Federal Funds Rate + 0.10%)

At Maturity

12/18/24

908

$

2,024,090

$

29,207

BNP Paribas

Russell 2000 Index

Pay

5.38% (Federal Funds Rate + 0.55%)

At Maturity

12/19/24

305

679,276

9,904

Barclays Bank plc

Russell 2000 Index

Pay

5.29% (SOFR + 0.45%)

At Maturity

12/19/24

723

1,612,981

4,322

$

4,316,347

$

43,433

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 255

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000® FUND

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	All or a portion of this security is pledged as equity index swap collateral at September 30, 2024.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at September 30, 2024.
5	Repurchase Agreements — See Note 6.
6	Securities lending collateral — See Note 7.
7	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

256 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
RUSSELL 2000® FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	9,204,980			—		—	*	$	9,204,980
Warrant		—	*		—		—			—
Rights		—	*		—		—	*		—
Exchange-Traded Funds		2,810,771			—		—			2,810,771
U.S. Treasury Bills		—			169,635		—			169,635
Repurchase Agreements		—			4,452,588		—			4,452,588
Securities Lending Collateral		251,648			—		—			251,648
Equity Futures Contracts**		6,550			—		—			6,550
Equity Index Swap Agreements**		—			43,433		—			43,433
Total Assets	$	12,273,949		$	4,665,656		—		$	16,939,605

*	Security has a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 257

RUSSELL 2000^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $240,978 of securities loaned (cost $10,860,128)	$	12,437,034
Repurchase agreements, at value (cost $4,452,588)		4,452,588
Cash		1,794
Segregated cash with broker		7,932
Unrealized appreciation on OTC swap agreements		43,433
Receivables:
Fund shares sold		41,383
Dividends		12,305
Variation margin on futures contracts		825
Interest		601
Securities lending income		523
Total assets		16,998,418
Liabilities:
Payable for:
Return of securities lending collateral		251,648
Management fees		9,559
Transfer agent fees		8,628
Distribution and service fees		3,951
Fund shares redeemed		3,004
Portfolio accounting and administration fees		1,977
Swap settlement		654
Trustees’ fees*		170
Miscellaneous		11,432
Total liabilities		291,023
Net assets	$	16,707,395
Net assets consist of:
Paid in capital	$	18,689,184
Total distributable earnings (loss)		(1,981,789	)
Net assets	$	16,707,395
Class A:
Net assets	$	4,853,781
Capital shares outstanding		89,289
Net asset value per share	$	54.36
Maximum offering price per share (Net asset value divided by 95.25%)	$	57.07
Class C:
Net assets	$	1,320,926
Capital shares outstanding		29,012
Net asset value per share	$	45.53
Class H:
Net assets	$	10,532,688
Capital shares outstanding		194,226
Net asset value per share	$	54.23

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $202)	$	106,545
Interest		235,865
Income from securities lending, net		4,532
Total investment income		346,942
Expenses:
Management fees		93,971
Distribution and service fees:
Class A		7,069
Class C		13,585
Class H		20,860
Transfer agent fees		26,261
Portfolio accounting and administration fees		25,690
Registration fees		15,818
Professional fees		7,312
Custodian fees		1,634
Trustees’ fees*		1,631
Interest expense		746
Miscellaneous		247
Total expenses		214,824
Less:
Expenses reimbursed by Adviser		(6,257	)
Net expenses		208,567
Net investment income		138,375
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(882,412	)
Swap agreements		86,504
Futures contracts		(61,360	)
Net realized loss		(857,268	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,122,946
Swap agreements		(230,111	)
Futures contracts		(65,103	)
Net change in unrealized appreciation (depreciation)		827,732
Net realized and unrealized loss		(29,536	)
Net increase in net assets resulting from operations	$	108,839

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

258 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	138,375		$	235,333
Net realized gain (loss) on investments		(857,268	)		197,472
Net change in unrealized appreciation (depreciation) on investments		827,732			3,796,083
Net increase in net assets resulting from operations		108,839			4,228,888
Distributions to shareholders:
Class A		—			(9,693	)
Class C		—			(3,174	)
Class H		—			(46,037	)
Total distributions to shareholders		—			(58,904	)
Capital share transactions:
Proceeds from sale of shares
Class A		1,405,151			12,021,235
Class C		625,262			2,714,592
Class H		55,740,615			67,073,724
Distributions reinvested
Class A		—			9,570
Class C		—			2,469
Class H		—			46,005
Cost of shares redeemed
Class A		(3,918,901	)		(9,294,688	)
Class C		(3,300,119	)		(553,562	)
Class H		(70,100,392	)		(61,143,883	)
Net increase (decrease) from capital share transactions		(19,548,384	)		10,875,462
Net increase (decrease) in net assets		(19,439,545	)		15,045,446
Net assets:
Beginning of period		36,146,940			21,101,494
End of period	$	16,707,395		$	36,146,940
Capital share activity:
Shares sold
Class A		27,430			258,409
Class C		14,582			63,825
Class H		1,111,600			1,423,771
Shares issued from reinvestment of distributions
Class A		—			209
Class C		—			64
Class H		—			1,005
Shares redeemed
Class A		(76,802	)		(206,292	)
Class C		(75,805	)		(14,751	)
Class H		(1,401,725	)		(1,298,866	)
Net increase (decrease) in shares		(400,720	)		227,374

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 259

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	51.81		$	44.08		$	50.66		$	61.82		$	32.24		$	43.81
Income (loss) from investment operations:
Net investment income (loss)b		.29			.40			.13			(.69	)		(.77	)		—	f
Net gain (loss) on investments (realized and unrealized)		2.26			7.42			(6.71	)		(3.41	)		30.35			(10.89	)
Total from investment operations		2.55			7.82			(6.58	)		(4.10	)		29.58			(10.89	)
Less distributions from:
Net investment income		—			(.09	)		—			—			—			(.01	)
Net realized gains		—			—			—			(7.06	)		—			(.67	)
Total distributions		—			(.09	)		—			(7.06	)		—			(.68	)
Net asset value, end of period	$	54.36		$	51.81		$	44.08		$	50.66		$	61.82		$	32.24
Total Returnc		4.92	%		17.77	%		(12.99	%)		(7.29	%)		91.75	%		(25.32	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,854		$	7,184		$	3,806		$	5,781		$	12,421		$	10,712
Ratios to average net assets:
Net investment income (loss)		1.15	%		0.87	%		0.28	%		(1.14	%)		(1.53	%)		—	g
Total expensesd		1.64	%		1.66	%		1.65	%		1.60	%		1.67	%		1.73	%
Net expensese		1.59	%		1.63	%		1.65	%		1.60	%		1.67	%		1.73	%
Portfolio turnover rate		8	%		12	%		25	%		76	%		—			35	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	43.55		$	37.35		$	43.24		$	54.24		$	28.50		$	39.09
Income (loss) from investment operations:
Net investment income (loss)b		.09			.05			(.21	)		(.98	)		(.95	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		1.89			6.24			(5.68	)		(2.96	)		26.69			(9.62	)
Total from investment operations		1.98			6.29			(5.89	)		(3.94	)		25.74			(9.91	)
Less distributions from:
Net investment income		—			(.09	)		—			—			—			(.01	)
Net realized gains		—			—			—			(7.06	)		—			(.67	)
Total distributions		—			(.09	)		—			(7.06	)		—			(.68	)
Net asset value, end of period	$	45.53		$	43.55		$	37.35		$	43.24		$	54.24		$	28.50
Total Returnc		4.55	%		16.91	%		(13.62	%)		(8.05	%)		90.32	%		(25.88	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,321		$	3,930		$	1,535		$	1,904		$	3,717		$	1,590
Ratios to average net assets:
Net investment income (loss)		0.41	%		0.12	%		(0.56	%)		(1.89	%)		(2.28	%)		(0.74	%)
Total expensesd		2.38	%		2.42	%		2.40	%		2.36	%		2.43	%		2.48	%
Net expensese		2.33	%		2.38	%		2.40	%		2.36	%		2.43	%		2.48	%
Portfolio turnover rate		8	%		12	%		25	%		76	%		—			35	%

260 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	51.68		$	43.97		$	50.53		$	61.68		$	32.17		$	43.70
Income (loss) from investment operations:
Net investment income (loss)b		.30			.42			.09			(.66	)		(.75	)		.01
Net gain (loss) on investments (realized and unrealized)		2.25			7.38			(6.65	)		(3.43	)		30.26			(10.86	)
Total from investment operations		2.55			7.80			(6.56	)		(4.09	)		29.51			(10.85	)
Less distributions from:
Net investment income		—			(.09	)		—			—			—			(.01	)
Net realized gains		—			—			—			(7.06	)		—			(.67	)
Total distributions		—			(.09	)		—			(7.06	)		—			(.68	)
Net asset value, end of period	$	54.23		$	51.68		$	43.97		$	50.53		$	61.68		$	32.17
Total Return		4.93	%		17.77	%		(12.98	%)		(7.29	%)		91.73	%		(25.30	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,533		$	25,033		$	15,761		$	18,432		$	29,743		$	6,731
Ratios to average net assets:
Net investment income (loss)		1.20	%		0.92	%		0.21	%		(1.12	%)		(1.52	%)		0.01	%
Total expensesd		1.63	%		1.67	%		1.65	%		1.61	%		1.67	%		1.73	%
Net expensese		1.58	%		1.63	%		1.65	%		1.61	%		1.67	%		1.73	%
Portfolio turnover rate		8	%		12	%		25	%		76	%		—			35	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	Less than $0.01 per share.
g	Less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 261

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE RUSSELL 2000® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 46.0%
Guggenheim Ultra Short Duration Fund — Institutional Class1		44,544	$	446,326
Guggenheim Strategy Fund II1		17,889		443,656
Total Mutual Funds
(Cost $868,958)				889,982
	Face Amount
U.S. TREASURY BILLS†† - 3.3%
U.S. Treasury Bills
4.81% due 12/12/242,3	$	50,000		49,553
4.63% due 10/10/243,4		14,000		13,984
Total U.S. Treasury Bills
(Cost $63,501)				63,537

REPURCHASE AGREEMENTS††,5 - 51.1%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/242	542,724		542,724
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/242	448,264		448,264
Total Repurchase Agreements
(Cost $990,988)			990,988
Total Investments - 100.4%
(Cost $1,923,447)		$	1,944,507
Other Assets & Liabilities, net - (0.4)%			(6,850	)
Total Net Assets - 100.0%		$	1,937,657

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Sold Short†
Russell 2000 Index Mini Futures Contracts		2		Dec 2024	$	224,980	$	(4,368	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

Barclays Bank plc

Russell 2000 Index

Receive

4.89% (SOFR + 0.05%)

At Maturity

12/19/24

279

$

621,637

$

(1,666

)

Goldman Sachs International

Russell 2000 Index

Receive

4.68% (Federal Funds Rate - 0.15%)

At Maturity

12/18/24

243

541,773

(7,902

)

BNP Paribas

Russell 2000 Index

Receive

4.98% (Federal Funds Rate + 0.15%)

At Maturity

12/19/24

251

558,739

(8,148

)

$

1,722,149

$

(17,716

)

**	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 equity index swap collateral at September 30, 2024.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at September 30, 2024.
5	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

262 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INVERSE RUSSELL 2000® STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	889,982	$	—	$	—	$	889,982
U.S. Treasury Bills		—		63,537		—		63,537
Repurchase Agreements		—		990,988		—		990,988
Total Assets	$	889,982	$	1,054,525	$	—	$	1,944,507

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	4,368	$	—	$	—	$	4,368
Equity Index Swap Agreements**		—		17,716		—		17,716
Total Liabilities	$	4,368	$	17,716	$	—	$	22,084

** 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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	440,079	$	—	$	—	$	—	$	3,577	$	443,656		17,889	$	12,600
Guggenheim Ultra Short Duration Fund — Institutional Class		441,426		—		—		—		4,900		446,326		44,544		11,488
	$	881,505	$	—	$	—	$	—	$	8,477	$	889,982			$	24,088

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 263

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $63,501)	$	63,537
Investments in affiliated issuers, at value (cost $868,958)		889,982
Repurchase agreements, at value (cost $990,988)		990,988
Segregated cash with broker		11,288
Receivables:
Dividends		3,770
Fund shares sold		536
Interest		134
Total assets		1,960,235
Liabilities:
Unrealized depreciation on OTC swap agreements		17,716
Payable for:
Management fees		1,300
Transfer agent fees		907
Variation margin on futures contracts		550
Distribution and service fees		385
Swap settlement		313
Portfolio accounting and administration fees		81
Trustees’ fees*		18
Miscellaneous		1,308
Total liabilities		22,578
Net assets	$	1,937,657
Net assets consist of:
Paid in capital	$	44,628,940
Total distributable earnings (loss)		(42,691,283	)
Net assets	$	1,937,657
Class A:
Net assets	$	421,830
Capital shares outstanding		8,794
Net asset value per share	$	47.97
Maximum offering price per share (Net asset value divided by 95.25%)	$	50.36
Class C:
Net assets	$	133
Capital shares outstanding		3
Net asset value per share	$	40.50
Class H:
Net assets	$	1,515,694
Capital shares outstanding		31,463
Net asset value per share	$	48.17

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	24,088
Interest		42,529
Total investment income		66,617
Expenses:
Management fees		10,946
Distribution and service fees:
Class A		560
Class C		1
Class H		2,480
Transfer agent fees		2,475
Portfolio accounting and administration fees		1,856
Registration fees		1,198
Professional fees		388
Interest expense		312
Custodian fees		158
Trustees’ fees*		146
Miscellaneous		868
Total expenses		21,388
Less:
Expenses reimbursed by Adviser		(1,217	)
Expenses waived by Adviser		(554	)
Total waived/reimbursed expenses		(1,771	)
Net expenses		19,617
Net investment income		47,000
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(144,346	)
Futures contracts		(17,509	)
Net realized loss		(161,855	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		36
Investments in affiliated issuers		8,477
Swap agreements		40,201
Futures contracts		(4,368	)
Net change in unrealized appreciation (depreciation)		44,346
Net realized and unrealized loss		(117,509	)
Net decrease in net assets resulting from operations	$	(70,509	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

264 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	47,000		$	145,904
Net realized loss on investments		(161,855	)		(584,924	)
Net change in unrealized appreciation (depreciation) on investments		44,346			142,974
Net decrease in net assets resulting from operations		(70,509	)		(296,046	)
Distributions to shareholders:
Class A		—			(22,717	)
Class C		—			(871	)
Class H		—			(106,847	)
Total distributions to shareholders		—			(130,435	)
Capital share transactions:
Proceeds from sale of shares
Class A		539,603			611,136
Class C		5,408			3,800
Class H		3,272,266			18,993,823
Distributions reinvested
Class A		—			22,700
Class C		—			871
Class H		—			106,719
Cost of shares redeemed
Class A		(474,147	)		(707,833	)
Class C		(5,617	)		(56,811	)
Class H		(3,544,317	)		(22,343,474	)
Net decrease from capital share transactions		(206,804	)		(3,369,069	)
Net decrease in net assets		(277,313	)		(3,795,550	)
Net assets:
Beginning of period		2,214,970			6,010,520
End of period	$	1,937,657		$	2,214,970
Capital share activity:
Shares sold
Class A		10,694			11,015
Class C		124			78
Class H		64,026			318,605
Shares issued from reinvestment of distributions
Class A		—			413
Class C		—			19
Class H		—			1,933
Shares redeemed
Class A		(9,329	)		(12,333	)
Class C		(124	)		(1,155	)
Class H		(69,923	)		(373,513	)
Net decrease in shares		(4,532	)		(54,938	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 265

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f
Per Share Data
Net asset value, beginning of period	$	49.28		$	60.13		$	55.13		$	55.28		$	120.61		$	102.08
Income (loss) from investment operations:
Net investment income (loss)b		.99			2.16			.67			(.64	)		(.45	)		.50
Net gain (loss) on investments (realized and unrealized)		(2.30	)		(8.72	)		4.33	g		.49			(64.83	)		18.73	g
Total from investment operations		(1.31	)		(6.56	)		5.00			(.15	)		(65.28	)		19.23
Less distributions from:
Net investment income		—			(4.29	)		—			—			(.05	)		(.70	)
Total distributions		—			(4.29	)		—			—			(.05	)		(.70	)
Net asset value, end of period	$	47.97		$	49.28		$	60.13		$	55.13		$	55.28		$	120.61
Total Returnc		(2.66	%)		(11.70	%)		9.07	%		(0.27	%)		(54.13	%)		19.00	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	422		$	366		$	501		$	443		$	320		$	207
Ratios to average net assets:
Net investment income (loss)		3.89	%		3.73	%		1.13	%		(1.17	%)		(1.38	%)		0.51	%
Total expensesd		1.76	%		1.75	%		1.80	%		1.71	%		1.80	%		1.82	%
Net expensese		1.61	%		1.62	%		1.75	%		1.66	%		1.78	%		1.78	%
Portfolio turnover rate		—			—			—			—			14	%		7	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f
Per Share Data
Net asset value, beginning of period	$	41.76		$	52.00		$	48.07		$	48.51		$	106.73		$	91.07
Income (loss) from investment operations:
Net investment income (loss)b		.57			1.50			.30			(.89	)		(.61	)		(.30	)
Net gain (loss) on investments (realized and unrealized)		(1.83	)		(7.45	)		3.63	g		.45			(57.56	)		16.66	g
Total from investment operations		(1.26	)		(5.95	)		3.93			(.44	)		(58.17	)		16.36
Less distributions from:
Net investment income		—			(4.29	)		—			—			(.05	)		(.70	)
Total distributions		—			(4.29	)		—			—			(.05	)		(.70	)
Net asset value, end of period	$	40.50		$	41.76		$	52.00		$	48.07		$	48.51		$	106.73
Total Returnc		(3.02	%)		(12.35	%)		8.18	%		(0.91	%)		(54.49	%)		18.22	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	0		$	0		$	55		$	28		$	26		$	94
Ratios to average net assets:
Net investment income (loss)		2.75	%		2.92	%		0.58	%		(1.88	%)		(2.15	%)		(0.34	%)
Total expensesd		2.75	%		2.49	%		2.55	%		2.46	%		2.57	%		2.57	%
Net expensese		2.75	%		2.38	%		2.49	%		2.40	%		2.54	%		2.53	%
Portfolio turnover rate		—			—			—			—			14	%		7	%

266 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f
Per Share Data
Net asset value, beginning of period	$	49.49		$	60.38		$	55.35		$	55.51		$	121.09		$	102.43
Income (loss) from investment operations:
Net investment income (loss)b		.99			2.16			.64			(.64	)		(.44	)		.10
Net gain (loss) on investments (realized and unrealized)		(2.31	)		(8.76	)		4.39	g		.48			(65.09	)		19.26	g
Total from investment operations		(1.32	)		(6.60	)		5.03			(.16	)		(65.53	)		19.36
Less distributions from:
Net investment income		—			(4.29	)		—			—			(.05	)		(.70	)
Total distributions		—			(4.29	)		—			—			(.05	)		(.70	)
Net asset value, end of period	$	48.17		$	49.49		$	60.38		$	55.35		$	55.51		$	121.09
Total Return		(2.67	%)		(11.70	%)		9.09	%		(0.29	%)		(54.13	%)		19.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,516		$	1,849		$	5,454		$	5,396		$	5,087		$	22,414
Ratios to average net assets:
Net investment income (loss)		3.86	%		3.69	%		1.06	%		(1.17	%)		(1.42	%)		0.07	%
Total expensesd		1.76	%		1.74	%		1.78	%		1.71	%		1.81	%		1.82	%
Net expensese		1.61	%		1.62	%		1.72	%		1.66	%		1.79	%		1.79	%
Portfolio turnover rate		—			—			—			—			14	%		7	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	Reverse share split — Per share amounts for the period presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.
g	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 267

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
S&P 500® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Technology - 34.2%
NVIDIA Corp.		54,233	$	6,586,056
Monolithic Power Systems, Inc.		4,378		4,047,461
KLA Corp.		4,032		3,122,421
Palantir Technologies, Inc. — Class A*		79,746		2,966,551
Advanced Micro Devices, Inc.*		16,540		2,713,883
ServiceNow, Inc.*		2,964		2,650,972
Crowdstrike Holdings, Inc. — Class A*		9,254		2,595,469
Broadcom, Inc.		13,691		2,361,698
Applied Materials, Inc.		11,097		2,242,149
Oracle Corp.		11,796		2,010,038
Fair Isaac Corp.*		955		1,856,062
Intuit, Inc.		2,972		1,845,612
Fortinet, Inc.*		23,547		1,826,070
Lam Research Corp.		2,031		1,657,458
Tyler Technologies, Inc.*		2,734		1,595,890
Microsoft Corp.		3,654		1,572,316
Cadence Design Systems, Inc.*		5,600		1,517,768
Salesforce, Inc.		5,117		1,400,574
Super Micro Computer, Inc.*		3,280		1,365,792
Adobe, Inc.*		2,487		1,287,719
Synopsys, Inc.*		2,443		1,237,111
Gartner, Inc.*		2,205		1,117,406
Apple, Inc.		4,769		1,111,177
Total Technology				50,687,653
Consumer, Cyclical - 23.7%
Royal Caribbean Cruises Ltd.		23,647		4,194,032
PulteGroup, Inc.		23,406		3,359,463
DR Horton, Inc.		15,537		2,963,993
Live Nation Entertainment, Inc.*		25,289		2,768,893
Hilton Worldwide Holdings, Inc.		11,188		2,578,834
Marriott International, Inc. — Class A		10,277		2,554,862
Deckers Outdoor Corp.*		15,881		2,532,226
Tesla, Inc.*		8,524		2,230,134
NVR, Inc.*		227		2,227,279
Chipotle Mexican Grill, Inc. — Class A*		36,158		2,083,424
Copart, Inc.*		37,261		1,952,476
Norwegian Cruise Line Holdings Ltd.*		84,951		1,742,345
Wynn Resorts Ltd.		15,275		1,464,567
Ross Stores, Inc.		9,229		1,389,057
Lululemon Athletica, Inc.*		3,944		1,070,204
Total Consumer, Cyclical				35,111,789
Communications - 17.2%
Arista Networks, Inc.*		11,604		4,453,847
Booking Holdings, Inc.		795		3,348,635
Meta Platforms, Inc. — Class A		5,684		3,253,749
Uber Technologies, Inc.*		43,140		3,242,402
Palo Alto Networks, Inc.*		7,197		2,459,935
Expedia Group, Inc.*		12,878		1,906,202
Amazon.com, Inc.*		9,643		1,796,780
Netflix, Inc.*		2,383		1,690,190
Alphabet, Inc. — Class A		7,633		1,265,933
Alphabet, Inc. — Class C		6,432		1,075,366
GoDaddy, Inc. — Class A*		6,716		1,052,935
Total Communications				25,545,974
Industrial - 6.6%
Builders FirstSource, Inc.*		15,273		2,960,824
Axon Enterprise, Inc.*		6,067		2,424,373
Fortive Corp.		21,145		1,668,975
TransDigm Group, Inc.		983		1,402,869
Old Dominion Freight Line, Inc.		6,585		1,308,044
Total Industrial				9,765,085
Energy - 5.4%
Targa Resources Corp.		22,996		3,403,638
Diamondback Energy, Inc.		11,491		1,981,048
Hess Corp.		10,058		1,365,876
APA Corp.		55,271		1,351,929
Total Energy				8,102,491
Consumer, Non-cyclical - 4.6%
United Rentals, Inc.		3,298		2,670,489
Eli Lilly & Co.		1,878		1,663,795
Corpay, Inc.*		4,876		1,525,018
West Pharmaceutical Services, Inc.		3,465		1,040,055
Total Consumer, Non-cyclical				6,899,357
Financial - 4.2%
KKR & Company, Inc. — Class A		27,789		3,628,688
Arch Capital Group Ltd.*		23,701		2,651,668
Total Financial				6,280,356
Utilities - 2.0%
Vistra Corp.		24,970		2,959,944
Basic Materials - 1.5%
Celanese Corp. — Class A		16,014		2,177,264
Total Common Stocks
(Cost $131,719,412)				147,529,913
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	494,584		494,584
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		408,504		408,504
Total Repurchase Agreements
(Cost $903,088)				903,088
Total Investments - 100.0%
(Cost $132,622,500)			$	148,433,001
Other Assets & Liabilities, net - 0.0%				(68,094	)
Total Net Assets - 100.0%			$	148,364,907

268 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
S&P 500® PURE GROWTH FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	147,529,913	$	—	$	—	$	147,529,913
Repurchase Agreements		—		903,088		—		903,088
Total Assets	$	147,529,913	$	903,088	$	—	$	148,433,001

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 269

S&P 500^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $131,719,412)	$	147,529,913
Repurchase agreements, at value (cost $903,088)		903,088
Receivables:
Fund shares sold		105,255
Dividends		27,029
Interest		122
Total assets		148,565,407
Liabilities:
Payable for:
Management fees		60,569
Fund shares redeemed		46,258
Transfer agent fees		26,373
Distribution and service fees		21,200
Portfolio accounting and administration fees		8,287
Trustees’ fees*		502
Miscellaneous		37,311
Total liabilities		200,500
Net assets	$	148,364,907
Net assets consist of:
Paid in capital	$	137,280,002
Total distributable earnings (loss)		11,084,905
Net assets	$	148,364,907
Class A:
Net assets	$	8,527,028
Capital shares outstanding		88,455
Net asset value per share	$	96.40
Maximum offering price per share (Net asset value divided by 95.25%)	$	101.21
Class C:
Net assets	$	1,789,965
Capital shares outstanding		22,524
Net asset value per share	$	79.47
Class H:
Net assets	$	138,047,914
Capital shares outstanding		1,432,289
Net asset value per share	$	96.38

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends	$	123,606
Interest		7,065
Total investment income		130,671
Expenses:
Management fees		166,797
Distribution and service fees:
Class A		10,899
Class C		9,985
Class H		42,203
Transfer agent fees		46,108
Portfolio accounting and administration fees		33,931
Registration fees		23,369
Professional fees		10,117
Custodian fees		2,804
Trustees’ fees*		1,840
Line of credit fees		31
Miscellaneous		12,247
Total expenses		360,331
Less:
Expenses reimbursed by Adviser		(11,110	)
Net expenses		349,221
Net investment loss		(218,550	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,064,686	)
Net realized loss		(1,064,686	)
Net change in unrealized appreciation (depreciation) on:
Investments		9,368,888
Net change in unrealized appreciation (depreciation)		9,368,888
Net realized and unrealized gain		8,304,202
Net increase in net assets resulting from operations	$	8,085,652

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

270 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P 500^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(218,550	)	$	(39,909	)
Net realized gain (loss) on investments		(1,064,686	)		473,930
Net change in unrealized appreciation (depreciation) on investments		9,368,888			3,751,669
Net increase in net assets resulting from operations		8,085,652			4,185,690
Capital share transactions:
Proceeds from sale of shares
Class A		451,699			2,556,282
Class C		195,534			1,772,328
Class H		186,644,637			253,179,686
Cost of shares redeemed
Class A		(1,666,890	)		(2,695,246	)
Class C		(691,846	)		(3,076,091	)
Class H		(76,176,238	)		(258,609,418	)
Net increase (decrease) from capital share transactions		108,756,896			(6,872,459	)
Net increase (decrease) in net assets		116,842,548			(2,686,769	)
Net assets:
Beginning of period		31,522,359			34,209,128
End of period	$	148,364,907		$	31,522,359
Capital share activity:
Shares sold
Class A		4,957			32,924
Class C		2,545			27,685
Class H		2,065,320			3,256,450
Shares redeemed
Class A		(18,805	)		(34,867	)
Class C		(9,369	)		(47,995	)
Class H		(854,151	)		(3,347,039	)
Net increase (decrease) in shares		1,190,497			(112,842	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 271

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	90.66		$	74.81		$	90.73		$	84.03		$	53.91		$	65.86
Income (loss) from investment operations:
Net investment income (loss)b		(.43	)		(.15	)		(.05	)		(1.11	)		(.80	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		6.17			16.00			(15.87	)		10.27			34.07			(8.09	)
Total from investment operations		5.74			15.85			(15.92	)		9.16			33.27			(8.38	)
Less distributions from:
Net realized gains		—			—			—			(2.46	)		(3.15	)		(3.57	)
Total distributions		—			—			—			(2.46	)		(3.15	)		(3.57	)
Net asset value, end of period	$	96.40		$	90.66		$	74.81		$	90.73		$	84.03		$	53.91
Total Returnc		6.33	%		21.19	%		(17.55	%)		10.53	%		61.92	%		(13.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,527		$	9,275		$	7,799		$	10,104		$	9,724		$	7,656
Ratios to average net assets:
Net investment income (loss)		(0.96	%)		(0.20	%)		(0.06	%)		(1.15	%)		(1.06	%)		(0.43	%)
Total expenses		1.57	%		1.59	%		1.55	%		1.51	%		1.60	%		1.63	%
Net expensesd		1.52	%		1.55	%		1.55	%		1.51	%		1.60	%		1.63	%
Portfolio turnover rate		147	%		649	%		434	%		727	%		240	%		282	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	75.02		$	62.37		$	76.21		$	71.42		$	46.47		$	57.65
Income (loss) from investment operations:
Net investment income (loss)b		(.64	)		(.58	)		(.55	)		(1.55	)		(1.16	)		(.69	)
Net gain (loss) on investments (realized and unrealized)		5.09			13.23			(13.29	)		8.80			29.26			(6.92	)
Total from investment operations		4.45			12.65			(13.84	)		7.25			28.10			(7.61	)
Less distributions from:
Net realized gains		—			—			—			(2.46	)		(3.15	)		(3.57	)
Total distributions		—			—			—			(2.46	)		(3.15	)		(3.57	)
Net asset value, end of period	$	79.47		$	75.02		$	62.37		$	76.21		$	71.42		$	46.47
Total Returnc		5.93	%		20.28	%		(18.16	%)		9.71	%		60.69	%		(14.40	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,790		$	2,202		$	3,097		$	5,339		$	7,314		$	6,050
Ratios to average net assets:
Net investment income (loss)		(1.71	%)		(0.91	%)		(0.85	%)		(1.91	%)		(1.80	%)		(1.18	%)
Total expenses		2.32	%		2.34	%		2.30	%		2.26	%		2.35	%		2.38	%
Net expensesd		2.27	%		2.30	%		2.30	%		2.26	%		2.35	%		2.38	%
Portfolio turnover rate		147	%		649	%		434	%		727	%		240	%		282	%

272 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	90.65		$	74.79		$	90.70		$	84.00		$	53.89		$	65.84
Income (loss) from investment operations:
Net investment income (loss)b		(.43	)		—			(.02	)		(1.19	)		(.77	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		6.16			15.86			(15.89	)		10.35			34.03			(8.09	)
Total from investment operations		5.73			15.86			(15.91	)		9.16			33.26			(8.38	)
Less distributions from:
Net realized gains		—			—			—			(2.46	)		(3.15	)		(3.57	)
Total distributions		—			—			—			(2.46	)		(3.15	)		(3.57	)
Net asset value, end of period	$	96.38		$	90.65		$	74.79		$	90.70		$	84.00		$	53.89
Total Return		6.32	%		21.21	%		(17.54	%)		10.53	%		61.92	%		(13.77	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	138,048		$	20,046		$	23,313		$	27,751		$	22,141		$	25,981
Ratios to average net assets:
Net investment income (loss)		(0.94	%)		(0.00	%)e		(0.03	%)		(1.21	%)		(1.03	%)		(0.44	%)
Total expenses		1.59	%		1.59	%		1.55	%		1.51	%		1.61	%		1.63	%
Net expensesd		1.54	%		1.55	%		1.55	%		1.51	%		1.61	%		1.63	%
Portfolio turnover rate		147	%		649	%		434	%		727	%		240	%		282	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Less than (0.01%).

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 273

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
S&P 500® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 100.0%
Financial - 32.9%
Berkshire Hathaway, Inc. — Class B*		862	$	396,744
Citigroup, Inc.		3,460		216,596
Citizens Financial Group, Inc.		4,947		203,173
Invesco Ltd.		11,171		196,163
Truist Financial Corp.		3,212		137,377
Capital One Financial Corp.		891		133,409
Synchrony Financial		2,488		124,102
M&T Bank Corp.		669		119,162
Prudential Financial, Inc.		901		109,111
Loews Corp.		1,344		106,243
Bank of New York Mellon Corp.		1,466		105,347
Bank of America Corp.		2,597		103,049
Wells Fargo & Co.		1,718		97,050
American International Group, Inc.		1,315		96,298
Regions Financial Corp.		3,922		91,500
State Street Corp.		1,031		91,213
Huntington Bancshares, Inc.		6,171		90,714
KeyCorp		5,313		88,993
Hartford Financial Services Group, Inc.		688		80,916
Goldman Sachs Group, Inc.		159		78,722
MetLife, Inc.		903		74,479
Fifth Third Bancorp		1,578		67,601
Assurant, Inc.		336		66,817
PNC Financial Services Group, Inc.		359		66,361
Franklin Resources, Inc.		3,035		61,155
Cincinnati Financial Corp.		446		60,710
Allstate Corp.		319		60,498
Everest Group Ltd.		147		57,599
U.S. Bancorp		1,201		54,922
Travelers Companies, Inc.		234		54,784
Principal Financial Group, Inc.		623		53,516
Alexandria Real Estate Equities, Inc. REIT		427		50,706
Total Financial				3,395,030
Consumer, Non-cyclical - 23.9%
Viatris, Inc.		19,766		229,483
Tyson Foods, Inc. — Class A		3,777		224,958
Kroger Co.		3,487		199,805
Centene Corp.*		2,403		180,898
CVS Health Corp.		2,861		179,900
Bunge Global S.A.		1,854		179,171
Cigna Group		424		146,890
Universal Health Services, Inc. — Class B		604		138,322
Cencora, Inc. — Class A		605		136,173
McKesson Corp.		268		132,505
Cardinal Health, Inc.		1,112		122,898
Archer-Daniels-Midland Co.		1,742		104,067
Kraft Heinz Co.		2,717		95,394
Molson Coors Beverage Co. — Class B		1,430		82,254
Conagra Brands, Inc.		1,905		61,951
Elevance Health, Inc.		109		56,680
Corteva, Inc.		960		56,438
Sysco Corp.		691		53,939
Henry Schein, Inc.*		703		51,249
Humana, Inc.		101		31,991
Total Consumer, Non-cyclical				2,464,966
Consumer, Cyclical - 16.1%
General Motors Co.		9,233		414,008
United Airlines Holdings, Inc.*		4,779		272,690
Ford Motor Co.		22,165		234,062
CarMax, Inc.*		2,100		162,498
Best Buy Company, Inc.		1,397		144,310
BorgWarner, Inc.		3,811		138,301
Southwest Airlines Co.		3,583		106,164
Walgreens Boots Alliance, Inc.		9,896		88,668
Target Corp.		373		58,136
LKQ Corp.		1,039		41,477
Total Consumer, Cyclical				1,660,314
Industrial - 6.1%
Mohawk Industries, Inc.*		1,797		288,742
Smurfit WestRock plc		3,166		156,464
Stanley Black & Decker, Inc.		654		72,025
CH Robinson Worldwide, Inc.		538		59,379
FedEx Corp.		192		52,546
Total Industrial				629,156
Communications - 6.0%
Paramount Global — Class B1		17,628		187,210
Warner Bros Discovery, Inc.*		15,985		131,876
AT&T, Inc.		4,327		95,194
Verizon Communications, Inc.		1,457		65,434
Fox Corp. — Class A		1,409		59,643
News Corp. — Class A		1,559		41,516
Fox Corp. — Class B		754		29,255
News Corp. — Class B		468		13,081
Total Communications				623,209
Basic Materials - 5.0%
International Paper Co.		2,814		137,464
Mosaic Co.		3,187		85,348
International Flavors & Fragrances, Inc.		781		81,950
Eastman Chemical Co.		549		61,461
Dow, Inc.		1,100		60,093
LyondellBasell Industries N.V. — Class A		535		51,306
Albemarle Corp.		403		38,168
Total Basic Materials				515,790
Energy - 4.8%
Valero Energy Corp.		1,360		183,641
Phillips 66		1,162		152,745
Kinder Morgan, Inc.		2,581		57,014
Equities Corp.		1,512		55,400
Chevron Corp.		306		45,064
Total Energy				493,864
Utilities - 3.2%
NRG Energy, Inc.		1,648		150,133
Evergy, Inc.		1,004		62,258
Pinnacle West Capital Corp.		662		58,647

274 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
S&P 500® PURE VALUE FUND

	Shares		Value
Eversource Energy		823	$	56,005
Total Utilities				327,043
Technology - 2.0%
Hewlett Packard Enterprise Co.		7,247		148,274
HP, Inc.		1,500		53,805
Total Technology				202,079
Total Common Stocks
(Cost $8,095,857)				10,311,451
	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.0%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	58,862		58,862
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		48,618		48,618
Total Repurchase Agreements
(Cost $107,480)				107,480
SECURITIES LENDING COLLATERAL†,3 - 1.4%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		148,736	$	148,736
Total Securities Lending Collateral
(Cost $148,736)				148,736
Total Investments - 102.4%
(Cost $8,352,073)			$	10,567,667
Other Assets & Liabilities, net - (2.4)%				(244,432	)
Total Net Assets - 100.0%			$	10,323,235

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	10,311,451	$	—	$	—	$	10,311,451
Repurchase Agreements		—		107,480		—		107,480
Securities Lending Collateral		148,736		—		—		148,736
Total Assets	$	10,460,187	$	107,480	$	—	$	10,567,667

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 275

S&P 500^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $140,407 of securities loaned (cost $8,244,593)	$	10,460,187
Repurchase agreements, at value (cost $107,480)		107,480
Cash		338
Receivables:
Dividends		25,253
Fund shares sold		100
Securities lending income		29
Interest		15
Total assets		10,593,402
Liabilities:
Payable for:
Return of securities lending collateral		148,736
Fund shares redeemed		62,881
Management fees		20,822
Transfer agent/maintenance fees		11,024
Distribution and service fees		7,386
Portfolio accounting and administration fees		2,849
Trustees’ fees*		211
Miscellaneous		16,258
Total liabilities		270,167
Net assets	$	10,323,235
Net assets consist of:
Paid in capital	$	29,078,906
Total distributable earnings (loss)		(18,755,671	)
Net assets	$	10,323,235
Class A:
Net assets	$	3,110,265
Capital shares outstanding		30,016
Net asset value per share	$	103.62
Maximum offering price per share (Net asset value divided by 95.25%)	$	108.79
Class C:
Net assets	$	811,310
Capital shares outstanding		9,742
Net asset value per share	$	83.28
Class H:
Net assets	$	6,401,660
Capital shares outstanding		61,469
Net asset value per share	$	104.14

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $6)	$	232,695
Interest		2,989
Income from securities lending, net		62
Total investment income		235,746
Expenses:
Management fees		70,474
Distribution and service fees:
Class A		3,389
Class C		3,984
Class H		19,106
Transfer agent fees		19,833
Portfolio accounting and administration fees		14,336
Professional fees		7,621
Custodian fees		1,162
Trustees’ fees*		861
Line of credit fees		57
Miscellaneous		11,372
Total expenses		152,195
Less:
Expenses reimbursed by Adviser		(4,694	)
Net expenses		147,501
Net investment income		88,245
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2,754,605	)
Net realized loss		(2,754,605	)
Net change in unrealized appreciation (depreciation) on:
Investments		219,717
Net change in unrealized appreciation (depreciation)		219,717
Net realized and unrealized loss		(2,534,888	)
Net decrease in net assets resulting from operations	$	(2,446,643	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

276 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P 500^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	88,245		$	112,080
Net realized loss on investments		(2,754,605	)		(1,915,091	)
Net change in unrealized appreciation (depreciation) on investments		219,717			747,914
Net decrease in net assets resulting from operations		(2,446,643	)		(1,055,097	)
Distributions to shareholders:
Class A		—			(44,842	)
Class C		—			(24,738	)
Class H		—			(114,337	)
Total distributions to shareholders		—			(183,917	)
Capital share transactions:
Proceeds from sale of shares
Class A		712,436			1,311,773
Class C		284,659			1,122,162
Class H		174,637,822			185,750,419
Distributions reinvested
Class A		—			44,771
Class C		—			24,642
Class H		—			102,176
Cost of shares redeemed
Class A		(600,896	)		(2,172,031	)
Class C		(445,327	)		(1,541,562	)
Class H		(172,214,868	)		(190,450,170	)
Net increase (decrease) from capital share transactions		2,373,826			(5,807,820	)
Net decrease in net assets		(72,817	)		(7,046,834	)
Net assets:
Beginning of period		10,396,052			17,442,886
End of period	$	10,323,235		$	10,396,052
Capital share activity:
Shares sold
Class A		7,140			14,140
Class C		3,586			15,296
Class H		1,705,425			1,970,582
Shares issued from reinvestment of distributions
Class A		—			491
Class C		—			334
Class H		—			1,114
Shares redeemed
Class A		(6,104	)		(24,552	)
Class C		(5,566	)		(21,338	)
Class H		(1,706,320	)		(2,051,875	)
Net decrease in shares		(1,839	)		(95,808	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 277

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	102.82		$	88.84		$	101.27		$	89.23		$	48.65		$	76.07
Income (loss) from investment operations:
Net investment income (loss)b		.54			1.03			1.05			.89			.70			1.02
Net gain (loss) on investments (realized and unrealized)		.26	e		14.67			(11.35	)		13.43			40.58			(27.62	)
Total from investment operations		.80			15.70			(10.30	)		14.32			41.28			(26.60	)
Less distributions from:
Net investment income		—			(1.72	)		(2.13	)		(2.28	)		(.70	)		(.82	)
Total distributions		—			(1.72	)		(2.13	)		(2.28	)		(.70	)		(.82	)
Net asset value, end of period	$	103.62		$	102.82		$	88.84		$	101.27		$	89.23		$	48.65
Total Returnc		0.78	%		17.93	%		(10.20	%)		16.26	%		85.10	%		(35.38	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,110		$	2,980		$	3,456		$	3,600		$	2,925		$	1,716
Ratios to average net assets:
Net investment income (loss)		1.08	%		1.14	%		1.11	%		0.94	%		1.06	%		1.32	%
Total expenses		1.57	%		1.59	%		1.55	%		1.51	%		1.60	%		1.63	%
Net expensesd		1.52	%		1.55	%		1.55	%		1.51	%		1.60	%		1.63	%
Portfolio turnover rate		1,071	%		1,099	%		594	%		823	%		1,207	%		254	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	82.95		$	72.52		$	83.72		$	74.69		$	41.11		$	64.87
Income (loss) from investment operations:
Net investment income (loss)b		.12			.27			.30			.14			.18			.17
Net gain (loss) on investments (realized and unrealized)		.21	e		11.88			(9.37	)		11.17			34.10			(23.11	)
Total from investment operations		.33			12.15			(9.07	)		11.31			34.28			(22.94	)
Less distributions from:
Net investment income		—			(1.72	)		(2.13	)		(2.28	)		(.70	)		(.82	)
Total distributions		—			(1.72	)		(2.13	)		(2.28	)		(.70	)		(.82	)
Net asset value, end of period	$	83.28		$	82.95		$	72.52		$	83.72		$	74.69		$	41.11
Total Returnc		0.40	%		17.07	%		(10.89	%)		15.40	%		83.72	%		(35.87	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	811		$	972		$	1,264		$	1,484		$	1,805		$	1,321
Ratios to average net assets:
Net investment income (loss)		0.31	%		0.37	%		0.39	%		0.17	%		0.32	%		0.26	%
Total expenses		2.32	%		2.34	%		2.30	%		2.26	%		2.35	%		2.38	%
Net expensesd		2.27	%		2.31	%		2.30	%		2.26	%		2.35	%		2.38	%
Portfolio turnover rate		1,071	%		1,099	%		594	%		823	%		1,207	%		254	%

278 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	103.33		$	89.26		$	101.75		$	89.64		$	48.87		$	76.39
Income (loss) from investment operations:
Net investment income (loss)b		.48			.47			.98			.98			.84			.96
Net gain (loss) on investments (realized and unrealized)		.33	e		15.32			(11.34	)		13.41			40.63			(27.66	)
Total from investment operations		.81			15.79			(10.36	)		14.39			41.47			(26.70	)
Less distributions from:
Net investment income		—			(1.72	)		(2.13	)		(2.28	)		(.70	)		(.82	)
Total distributions		—			(1.72	)		(2.13	)		(2.28	)		(.70	)		(.82	)
Net asset value, end of period	$	104.14		$	103.33		$	89.26		$	101.75		$	89.64		$	48.87
Total Return		0.78	%		17.95	%		(10.22	%)		16.26	%		85.15	%		(35.38	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,402		$	6,444		$	12,723		$	164,615		$	52,797		$	5,422
Ratios to average net assets:
Net investment income (loss)		0.95	%		0.51	%		1.01	%		1.01	%		1.17	%		1.22	%
Total expenses		1.59	%		1.60	%		1.55	%		1.52	%		1.58	%		1.63	%
Net expensesd		1.54	%		1.56	%		1.55	%		1.52	%		1.58	%		1.63	%
Portfolio turnover rate		1,071	%		1,099	%		594	%		823	%		1,207	%		254	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 279

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
S&P MIDCAP 400® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Industrial - 28.2%
Comfort Systems USA, Inc.		2,047	$	799,046
AAON, Inc.		6,376		687,588
TopBuild Corp.*		1,568		637,878
EMCOR Group, Inc.		1,379		593,701
Clean Harbors, Inc.*		2,091		505,416
Owens Corning		2,816		497,080
Eagle Materials, Inc.		1,703		489,868
Simpson Manufacturing Company, Inc.		2,287		437,434
Fabrinet*		1,729		408,805
Lennox International, Inc.		635		383,724
UFP Industries, Inc.		2,766		362,927
nVent Electric plc		5,146		361,558
Universal Display Corp.		1,582		332,062
Saia, Inc.*		736		321,823
Esab Corp.		2,904		308,724
Applied Industrial Technologies, Inc.		1,370		305,688
Crane Co.		1,677		265,436
RBC Bearings, Inc.*		865		258,964
Chart Industries, Inc.*		2,047		254,115
Advanced Drainage Systems, Inc.		1,570		246,741
Lincoln Electric Holdings, Inc.		1,213		232,920
Trex Company, Inc.*		3,332		221,845
Vontier Corp.		5,774		194,815
NEXTracker, Inc. — Class A*		4,249		159,252
Total Industrial				9,267,410
Consumer, Cyclical - 21.5%
Toll Brothers, Inc.		4,678		722,704
Wingstop, Inc.		1,572		654,078
Murphy USA, Inc.		1,151		567,293
Hyatt Hotels Corp. — Class A		3,495		531,939
Abercrombie & Fitch Co. — Class A*		2,908		406,829
Churchill Downs, Inc.		2,881		389,540
Texas Roadhouse, Inc. — Class A		2,196		387,814
Williams-Sonoma, Inc.		2,441		378,160
Crocs, Inc.*		2,585		374,334
Floor & Decor Holdings, Inc. — Class A*		2,985		370,647
Casey’s General Stores, Inc.		920		345,653
Skechers USA, Inc. — Class A*		4,979		333,195
Tempur Sealy International, Inc.		6,019		328,637
Watsco, Inc.		567		278,896
Planet Fitness, Inc. — Class A*		3,244		263,478
Light & Wonder, Inc. — Class A*		2,392		217,026
FirstCash Holdings, Inc.		1,843		211,576
Boyd Gaming Corp.		2,673		172,810
Five Below, Inc.*		1,296		114,502
Total Consumer, Cyclical				7,049,111
Consumer, Non-cyclical - 15.8%
Lantheus Holdings, Inc.*		5,653		620,417
Medpace Holdings, Inc.*		1,509		503,704
elf Beauty, Inc.*		3,783		412,461
Valvoline, Inc.*		9,110		381,254
Coca-Cola Consolidated, Inc.		288		379,123
Celsius Holdings, Inc.*		10,160		318,618
Exelixis, Inc.*		11,958		310,310
RB Global, Inc.		3,652		293,949
Grand Canyon Education, Inc.*		2,025		287,246
Brink’s Co.		2,186		252,789
Halozyme Therapeutics, Inc.*		3,970		227,243
Ensign Group, Inc.		1,428		205,375
Acadia Healthcare Company, Inc.*		3,063		194,225
Arrowhead Pharmaceuticals, Inc.*		9,250		179,172
Penumbra, Inc.*		920		178,765
FTI Consulting, Inc.*		748		170,215
Coty, Inc. — Class A*		15,819		148,540
Avis Budget Group, Inc.		1,473		129,020
Total Consumer, Non-cyclical				5,192,426
Technology - 12.4%
Duolingo, Inc.*		3,437		969,303
Appfolio, Inc. — Class A*		2,405		566,137
Onto Innovation, Inc.*		2,292		475,728
Dynatrace, Inc.*		8,190		437,919
Manhattan Associates, Inc.*		1,279		359,885
Rambus, Inc.*		7,182		303,224
Pure Storage, Inc. — Class A*		5,439		273,255
Altair Engineering, Inc. — Class A*		2,843		271,535
Qualys, Inc.*		1,715		220,309
Dropbox, Inc. — Class A*		7,257		184,545
Total Technology				4,061,840
Energy - 11.9%
CNX Resources Corp.*		31,720		1,033,120
Permian Resources Corp.		37,485		510,171
Weatherford International plc		5,664		480,987
Range Resources Corp.		12,417		381,947
Valaris Ltd.*		6,295		350,946
Ovintiv, Inc.		8,590		329,083
Chord Energy Corp.		2,438		317,501
Civitas Resources, Inc.		5,015		254,110
Matador Resources Co.		4,797		237,068
Total Energy				3,894,933
Financial - 6.6%
Ryan Specialty Holdings, Inc.		10,644		706,655
Kinsale Capital Group, Inc.		1,141		531,216
Park Hotels & Resorts, Inc. REIT		27,979		394,504
Primerica, Inc.		1,180		312,877
Hamilton Lane, Inc. — Class A		1,364		229,684
Total Financial				2,174,936
Basic Materials - 3.1%
Reliance, Inc.		1,336		386,384
Westlake Corp.		2,168		325,829
NewMarket Corp.		565		311,818
Total Basic Materials				1,024,031
Total Common Stocks
(Cost $25,579,771)				32,664,687

280 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
S&P MIDCAP 400® PURE GROWTH FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.5%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	87,505	$	87,505
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		72,275		72,275
Total Repurchase Agreements
(Cost $159,780)			$	159,780
Total Investments - 100.0%
(Cost $25,739,551)			$	32,824,467
Other Assets & Liabilities, net - 0.0%				1,659
Total Net Assets - 100.0%			$	32,826,126

*	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, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	32,664,687	$	—	$	—	$	32,664,687
Repurchase Agreements		—		159,780		—		159,780
Total Assets	$	32,664,687	$	159,780	$	—	$	32,824,467

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 281

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $25,579,771)	$	32,664,687
Repurchase agreements, at value (cost $159,780)		159,780
Cash		106
Receivables:
Securities sold		714,300
Dividends		10,999
Fund shares sold		625
Foreign tax reclaims		462
Interest		21
Securities lending income		1
Total assets		33,550,981
Liabilities:
Payable for:
Securities purchased		646,238
Management fees		18,312
Transfer agent fees		17,202
Fund shares redeemed		8,346
Distribution and service fees		6,282
Portfolio accounting and administration fees		2,505
Trustees’ fees*		318
Miscellaneous		25,652
Total liabilities		724,855
Net assets	$	32,826,126
Net assets consist of:
Paid in capital	$	24,375,098
Total distributable earnings (loss)		8,451,028
Net assets	$	32,826,126
Class A:
Net assets	$	7,966,894
Capital shares outstanding		138,977
Net asset value per share	$	57.33
Maximum offering price per share (Net asset value divided by 95.25%)	$	60.19
Class C:
Net assets	$	316,464
Capital shares outstanding		7,235
Net asset value per share	$	43.74
Class H:
Net assets	$	24,542,768
Capital shares outstanding		427,603
Net asset value per share	$	57.40

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $53)	$	167,795
Interest		8,853
Income from securities lending, net		6
Total investment income		176,654
Expenses:
Management fees		213,903
Distribution and service fees:
Class A		10,666
Class C		2,680
Class H		59,965
Transfer agent and administrative fees		56,953
Portfolio accounting and administration fees		43,514
Professional fees		17,864
Registration fees		6,855
Custodian fees		3,718
Trustees’ fees*		3,459
Line of credit fees		8
Miscellaneous		25,712
Total expenses		445,297
Less:
Expenses reimbursed by Adviser		(14,245	)
Net expenses		431,052
Net investment loss		(254,398	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		199,691
Net realized gain		199,691
Net change in unrealized appreciation (depreciation) on:
Investments		(6,397,167	)
Net change in unrealized appreciation (depreciation)		(6,397,167	)
Net realized and unrealized loss		(6,197,476	)
Net decrease in net assets resulting from operations	$	(6,451,874	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

282 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(254,398	)	$	(133,163	)
Net realized gain on investments		199,691			7,559,420
Net change in unrealized appreciation (depreciation) on investments		(6,397,167	)		10,648,798
Net increase (decrease) in net assets resulting from operations		(6,451,874	)		18,075,055
Capital share transactions:
Proceeds from sale of shares
Class A		535,419			2,098,799
Class C		190,207			902,792
Class H		354,455,364			512,967,320
Cost of shares redeemed
Class A		(1,680,144	)		(1,479,340	)
Class C		(610,187	)		(1,543,282	)
Class H		(537,689,189	)		(334,724,356	)
Net increase (decrease) from capital share transactions		(184,798,530	)		178,221,933
Net increase (decrease) in net assets		(191,250,404	)		196,296,988
Net assets:
Beginning of period		224,076,530			27,779,542
End of period	$	32,826,126		$	224,076,530
Capital share activity:
Shares sold
Class A		9,287			43,587
Class C		4,294			23,765
Class H		6,179,789			9,671,323
Shares redeemed
Class A		(29,412	)		(30,814	)
Class C		(13,868	)		(43,388	)
Class H		(9,350,688	)		(6,541,026	)
Net increase (decrease) in shares		(3,200,598	)		3,123,447

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 283

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	59.38		$	43.18		$	53.47		$	64.65		$	33.77		$	45.88
Income (loss) from investment operations:
Net investment income (loss)b		(.23	)		(.16	)		(.18	)		(.69	)		(.57	)		(.32	)
Net gain (loss) on investments (realized and unrealized)		(1.82	)		16.36			(5.43	)		(3.86	)		32.09			(11.79	)
Total from investment operations		(2.05	)		16.20			(5.61	)		(4.55	)		31.52			(12.11	)
Less distributions from:
Net realized gains		—			—			(4.68	)		(6.63	)		(.64	)		—
Total distributions		—			—			(4.68	)		(6.63	)		(.64	)		—
Net asset value, end of period	$	57.33		$	59.38		$	43.18		$	53.47		$	64.65		$	33.77
Total Returnc		(3.45	%)		37.52	%		(10.32	%)		(8.07	%)		93.55	%		(26.39	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,967		$	9,447		$	6,319		$	7,895		$	11,272		$	4,556
Ratios to average net assets:
Net investment income (loss)		(0.80	%)		(0.34	%)		(0.39	%)		(1.09	%)		(1.08	%)		(0.72	%)
Total expenses		1.57	%		1.59	%		1.55	%		1.51	%		1.59	%		1.63	%
Net expensesd		1.52	%		1.55	%		1.55	%		1.51	%		1.59	%		1.63	%
Portfolio turnover rate		498	%		570	%		372	%		125	%		407	%		190	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	45.47		$	33.32		$	42.78		$	53.41		$	28.17		$	38.56
Income (loss) from investment operations:
Net investment income (loss)b		(.35	)		(.41	)		(.43	)		(.96	)		(.78	)		(.54	)
Net gain (loss) on investments (realized and unrealized)		(1.38	)		12.56			(4.35	)		(3.04	)		26.66			(9.85	)
Total from investment operations		(1.73	)		12.15			(4.78	)		(4.00	)		25.88			(10.39	)
Less distributions from:
Net realized gains		—			—			(4.68	)		(6.63	)		(.64	)		—
Total distributions		—			—			(4.68	)		(6.63	)		(.64	)		—
Net asset value, end of period	$	43.74		$	45.47		$	33.32		$	42.78		$	53.41		$	28.17
Total Returnc		(3.80	%)		36.46	%		(11.00	%)		(8.76	%)		92.12	%		(26.95	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	316		$	764		$	1,214		$	2,023		$	4,005		$	3,956
Ratios to average net assets:
Net investment income (loss)		(1.59	%)		(1.15	%)		(1.16	%)		(1.85	%)		(1.82	%)		(1.47	%)
Total expenses		2.31	%		2.33	%		2.30	%		2.26	%		2.35	%		2.38	%
Net expensesd		2.26	%		2.30	%		2.30	%		2.26	%		2.35	%		2.38	%
Portfolio turnover rate		498	%		570	%		372	%		125	%		407	%		190	%

284 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	59.43		$	43.24		$	53.54		$	64.74		$	33.82		$	45.94
Income (loss) from investment operations:
Net investment income (loss)b		(.26	)		(.13	)		(.17	)		(.70	)		(.56	)		(.31	)
Net gain (loss) on investments (realized and unrealized)		(1.77	)		16.32			(5.45	)		(3.87	)		32.12			(11.81	)
Total from investment operations		(2.03	)		16.19			(5.62	)		(4.57	)		31.56			(12.12	)
Less distributions from:
Net realized gains		—			—			(4.68	)		(6.63	)		(.64	)		—
Total distributions		—			—			(4.68	)		(6.63	)		(.64	)		—
Net asset value, end of period	$	57.40		$	59.43		$	43.24		$	53.54		$	64.74		$	33.82
Total Return		(3.42	%)		37.44	%		(10.32	%)		(8.09	%)		93.53	%		(26.38	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	24,543		$	213,865		$	20,247		$	29,225		$	50,599		$	27,848
Ratios to average net assets:
Net investment income (loss)		(0.90	%)		(0.26	%)		(0.36	%)		(1.10	%)		(1.06	%)		(0.71	%)
Total expenses		1.55	%		1.57	%		1.55	%		1.51	%		1.59	%		1.63	%
Net expensesd		1.50	%		1.53	%		1.55	%		1.51	%		1.59	%		1.63	%
Portfolio turnover rate		498	%		570	%		372	%		125	%		407	%		190	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 285

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
S&P MIDCAP 400® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.9%
Consumer, Cyclical - 25.5%
Lithia Motors, Inc. — Class A		401	$	127,374
Macy’s, Inc.		7,467		117,157
Nordstrom, Inc.		4,822		108,447
AutoNation, Inc.*		601		107,531
Taylor Morrison Home Corp. — Class A*		1,385		97,310
American Airlines Group, Inc.*		7,515		84,469
Aramark		2,143		82,998
WESCO International, Inc.		472		79,287
Goodyear Tire & Rubber Co.*		8,562		75,774
Penske Automotive Group, Inc.		398		64,643
Whirlpool Corp.		565		60,455
Thor Industries, Inc.		519		57,033
Lear Corp.		521		56,867
PVH Corp.		555		55,961
Harley-Davidson, Inc.		1,339		51,592
Gap, Inc.		1,693		37,331
Marriott Vacations Worldwide Corp.		480		35,270
BJ’s Wholesale Club Holdings, Inc.*		407		33,569
Under Armour, Inc. — Class A*		2,499		22,266
Under Armour, Inc. — Class C*		2,585		21,610
Total Consumer, Cyclical				1,376,944
Financial - 23.8%
Jones Lang LaSalle, Inc.*		484		130,588
Unum Group		1,567		93,143
Jefferies Financial Group, Inc.		1,296		79,769
Ally Financial, Inc.		1,919		68,297
Reinsurance Group of America, Inc. — Class A		309		67,322
Cousins Properties, Inc. REIT		2,227		65,652
Kemper Corp.		1,056		64,680
Associated Banc-Corp.		2,956		63,672
Kilroy Realty Corp. REIT		1,411		54,605
FNB Corp.		3,757		53,011
Zions Bancorp North America		1,111		52,462
Valley National Bancorp		5,397		48,897
First Horizon Corp.		2,846		44,198
Janus Henderson Group plc		1,123		42,753
Old National Bancorp		2,273		42,414
Independence Realty Trust, Inc. REIT		2,032		41,656
Texas Capital Bancshares, Inc.*		573		40,947
Prosperity Bancshares, Inc.		560		40,359
CNO Financial Group, Inc.		1,054		36,995
Healthcare Realty Trust, Inc. REIT		1,998		36,264
Old Republic International Corp.		933		33,047
First American Financial Corp.		446		29,440
Webster Financial Corp.		631		29,411
New York Community Bancorp, Inc.		2,168		24,347
Total Financial				1,283,929
Industrial - 19.1%
Avnet, Inc.		2,737		148,646
TD SYNNEX Corp.		1,157		138,932
MasTec, Inc.*		1,057		130,117
Arrow Electronics, Inc.*		926		123,001
Ryder System, Inc.		586		85,439
MDU Resources Group, Inc.		2,815		77,159
Fluor Corp.*		1,255		59,876
Coherent Corp.*		634		56,369
CNH Industrial N.V.		4,106		45,576
Greif, Inc. — Class A		562		35,215
Oshkosh Corp.		290		29,061
Berry Global Group, Inc.		408		27,736
AGCO Corp.		274		26,814
Knight-Swift Transportation Holdings, Inc.		476		25,680
Vishay Intertechnology, Inc.		1,233		23,316
Total Industrial				1,032,937
Consumer, Non-cyclical - 14.9%
Tenet Healthcare Corp.*		773		128,473
US Foods Holding Corp.*		1,757		108,055
Pilgrim’s Pride Corp.*		2,178		100,297
Performance Food Group Co.*		1,216		95,298
Graham Holdings Co. — Class B		113		92,854
ManpowerGroup, Inc.		1,258		92,488
Post Holdings, Inc.*		424		49,078
Perrigo Company plc		1,739		45,614
Enovis Corp.*		764		32,890
Bio-Rad Laboratories, Inc. — Class A*		94		31,450
Envista Holdings Corp.*		1,486		29,364
Total Consumer, Non-cyclical				805,861
Basic Materials - 5.9%
United States Steel Corp.		3,039		107,368
Alcoa Corp.		2,420		93,363
Commercial Metals Co.		1,083		59,522
Cleveland-Cliffs, Inc.*		4,495		57,401
Total Basic Materials				317,654
Energy - 5.4%
PBF Energy, Inc. — Class A		3,225		99,814
HF Sinclair Corp.		2,030		90,477
Chesapeake Energy Corp.1		457		37,588
Antero Resources Corp.*		1,303		37,331
NOV, Inc.		1,458		23,284
Total Energy				288,494
Utilities - 2.5%
UGI Corp.		1,706		42,684
Southwest Gas Holdings, Inc.		469		34,594
Black Hills Corp.		527		32,210
Spire, Inc.		399		26,849
Total Utilities				136,337
Technology - 1.5%
Kyndryl Holdings, Inc.*		2,814		64,666
Concentrix Corp.		321		16,451
Total Technology				81,117

286 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
S&P MIDCAP 400® PURE VALUE FUND

	Shares		Value
Communications - 1.3%
Frontier Communications Parent, Inc.*		1,979	$	70,314
Total Common Stocks
(Cost $4,129,572)				5,393,587
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	20,409		20,409
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		16,856		16,856
Total Repurchase Agreements
(Cost $37,265)				37,265
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund**
First American Government Obligations Fund - Class X, 4.82%4		28,899	$	28,899
Total Securities Lending Collateral
(Cost $28,899)				28,899
Total Investments - 101.1%
(Cost $4,195,736)			$	5,459,751
Other Assets & Liabilities, net - (1.1)%				(61,791	)
Total Net Assets - 100.0%			$	5,397,960

*	Non-income producing security.
**	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,393,587	$	—	$	—	$	5,393,587
Repurchase Agreements		—		37,265		—		37,265
Securities Lending Collateral		28,899		—		—		28,899
Total Assets	$	5,422,486	$	37,265	$	—	$	5,459,751

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 287

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $28,130 of securities loaned (cost $4,158,471)	$	5,422,486
Repurchase agreements, at value (cost $37,265)		37,265
Receivables:
Dividends		6,117
Fund shares sold		432
Interest		5
Securities lending income		4
Total assets		5,466,309
Liabilities:
Payable for:
Return of securities lending collateral		28,899
Fund shares redeemed		27,242
Management fees		3,131
Transfer agent fees		2,558
Distribution and service fees		1,195
Portfolio accounting and administration fees		428
Trustees’ fees*		51
Miscellaneous		4,845
Total liabilities		68,349
Net assets	$	5,397,960
Net assets consist of:
Paid in capital	$	3,951,457
Total distributable earnings (loss)		1,446,503
Net assets	$	5,397,960
Class A:
Net assets	$	1,711,509
Capital shares outstanding		22,533
Net asset value per share	$	75.96
Maximum offering price per share (Net asset value divided by 95.25%)	$	79.75
Class C:
Net assets	$	252,114
Capital shares outstanding		4,096
Net asset value per share	$	61.55
Class H:
Net assets	$	3,434,337
Capital shares outstanding		45,272
Net asset value per share	$	75.86

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends	$	52,940
Interest		878
Income from securities lending, net		39
Total investment income		53,857
Expenses:
Management fees		22,058
Distribution and service fees:
Class A		2,154
Class C		1,471
Class H		4,831
Transfer agent fees		6,206
Portfolio accounting and administration fees		4,487
Professional fees		2,380
Registration fees		2,182
Trustees’ fees*		557
Custodian fees		379
Miscellaneous		631
Total expenses		47,336
Less:
Expenses reimbursed by Adviser		(1,469	)
Net expenses		45,867
Net investment income		7,990
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(205,919	)
Net realized loss		(205,919	)
Net change in unrealized appreciation (depreciation) on:
Investments		45,246
Net change in unrealized appreciation (depreciation)		45,246
Net realized and unrealized loss		(160,673	)
Net decrease in net assets resulting from operations	$	(152,683	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

288 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	7,990		$	(2,398	)
Net realized gain (loss) on investments		(205,919	)		5,688,107
Net change in unrealized appreciation (depreciation) on investments		45,246			(41,440	)
Net increase (decrease) in net assets resulting from operations		(152,683	)		5,644,269
Distributions to shareholders:
Class A		—			(6,522	)
Class C		—			(1,618	)
Class H		—			(183,212	)
Total distributions to shareholders		—			(191,352	)
Capital share transactions:
Proceeds from sale of shares
Class A		385,714			1,437,937
Class C		124,419			500,148
Class H		2,531,390			89,083,027
Distributions reinvested
Class A		—			6,510
Class C		—			1,605
Class H		—			182,867
Cost of shares redeemed
Class A		(368,209	)		(2,231,565	)
Class C		(185,145	)		(1,962,755	)
Class H		(3,284,364	)		(97,881,236	)
Net decrease from capital share transactions		(796,195	)		(10,863,462	)
Net decrease in net assets		(948,878	)		(5,410,545	)
Net assets:
Beginning of period		6,346,838			11,757,383
End of period	$	5,397,960		$	6,346,838
Capital share activity:
Shares sold
Class A		5,162			20,945
Class C		2,035			8,752
Class H		34,826			1,337,752
Shares issued from reinvestment of distributions
Class A		—			95
Class C		—			29
Class H		—			2,666
Shares redeemed
Class A		(5,151	)		(35,465	)
Class C		(3,199	)		(39,052	)
Class H		(45,896	)		(1,412,035	)
Net decrease in shares		(12,223	)		(116,313	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 289

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	76.40		$	60.65		$	70.65		$	70.16		$	30.53		$	51.62
Income (loss) from investment operations:
Net investment income (loss)b		.12			.04			.49			.40			.20			.34
Net gain (loss) on investments (realized and unrealized)		(.56	)		16.00			(1.88	)		4.22			39.45			(21.43	)
Total from investment operations		(.44	)		16.04			(1.39	)		4.62			39.65			(21.09	)
Less distributions from:
Net investment income		—			(.29	)		(.08	)		(.86	)		(.02	)		—
Net realized gains		—			—			(8.53	)		(3.27	)		—			—
Total distributions		—			(.29	)		(8.61	)		(4.13	)		(.02	)		—
Net asset value, end of period	$	75.96		$	76.40		$	60.65		$	70.65		$	70.16		$	30.53
Total Returnc		(0.58	%)		26.51	%		(1.32	%)		6.67	%		129.91	%		(40.86	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,712		$	1,721		$	2,241		$	1,400		$	1,868		$	749
Ratios to average net assets:
Net investment income (loss)		0.34	%		0.07	%		0.75	%		0.55	%		0.41	%		0.68	%
Total expenses		1.57	%		1.59	%		1.55	%		1.51	%		1.59	%		1.63	%
Net expensesd		1.53	%		1.55	%		1.55	%		1.51	%		1.59	%		1.63	%
Portfolio turnover rate		46	%		868	%		1,064	%		252	%		454	%		993	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	62.15		$	49.75		$	60.04		$	60.66		$	26.59		$	45.31
Income (loss) from investment operations:
Net investment income (loss)b		(.14	)		(.40	)		(.02	)		(.13	)		(.13	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		(.46	)		13.09			(1.66	)		3.64			34.22			(18.67	)
Total from investment operations		(.60	)		12.69			(1.68	)		3.51			34.09			(18.72	)
Less distributions from:
Net investment income		—			(.29	)		(.08	)		(.86	)		(.02	)		—
Net realized gains		—			—			(8.53	)		(3.27	)		—			—
Total distributions		—			(.29	)		(8.61	)		(4.13	)		(.02	)		—
Net asset value, end of period	$	61.55		$	62.15		$	49.75		$	60.04		$	60.66		$	26.59
Total Returnc		(0.97	%)		25.58	%		(2.06	%)		5.86	%		128.24	%		(41.32	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	252		$	327		$	1,768		$	493		$	1,690		$	708
Ratios to average net assets:
Net investment income (loss)		(0.45	%)		(0.77	%)		(0.03	%)		(0.21	%)		(0.30	%)		(0.12	%)
Total expenses		2.32	%		2.33	%		2.30	%		2.26	%		2.34	%		2.37	%
Net expensesd		2.27	%		2.31	%		2.30	%		2.26	%		2.34	%		2.37	%
Portfolio turnover rate		46	%		868	%		1,064	%		252	%		454	%		993	%

290 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	76.31		$	60.56		$	70.54		$	70.05		$	30.48		$	51.54
Income (loss) from investment operations:
Net investment income (loss)b		.11			—			.49			.35			.31			.20
Net gain (loss) on investments (realized and unrealized)		(.56	)		16.04			(1.86	)		4.27			39.28			(21.26	)
Total from investment operations		(.45	)		16.04			(1.37	)		4.62			39.59			(21.06	)
Less distributions from:
Net investment income		—			(.29	)		(.08	)		(.86	)		(.02	)		—
Net realized gains		—			—			(8.53	)		(3.27	)		—			—
Total distributions		—			(.29	)		(8.61	)		(4.13	)		(.02	)		—
Net asset value, end of period	$	75.86		$	76.31		$	60.56		$	70.54		$	70.05		$	30.48
Total Return		(0.59	%)		26.57	%		(1.30	%)		6.68	%		129.92	%		(40.86	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,434		$	4,299		$	7,749		$	28,139		$	154,269		$	1,618
Ratios to average net assets:
Net investment income (loss)		0.30	%		0.01	%		0.74	%		0.48	%		0.51	%		0.39	%
Total expenses		1.57	%		1.59	%		1.55	%		1.51	%		1.54	%		1.63	%
Net expensesd		1.52	%		1.55	%		1.55	%		1.51	%		1.54	%		1.63	%
Portfolio turnover rate		46	%		868	%		1,064	%		252	%		454	%		993	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 291

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Consumer, Non-cyclical - 21.6%
PROG Holdings, Inc.		1,538	$	74,578
UFP Technologies, Inc.*		219		69,357
TG Therapeutics, Inc.*		2,332		54,545
ADMA Biologics, Inc.*		2,515		50,275
Verra Mobility Corp.*		1,583		44,023
TransMedics Group, Inc.*		277		43,489
Inter Parfums, Inc.		313		40,527
Cal-Maine Foods, Inc.		510		38,168
Stride, Inc.*		421		35,915
Adtalem Global Education, Inc.*		439		33,136
Viad Corp.*		894		32,032
Collegium Pharmaceutical, Inc.*		783		30,255
CorVel Corp.*		92		30,074
RadNet, Inc.*		427		29,630
Vericel Corp.*		686		28,984
Catalyst Pharmaceuticals, Inc.*		1,434		28,508
Amphastar Pharmaceuticals, Inc.*		534		25,915
ANI Pharmaceuticals, Inc.*		418		24,938
Glaukos Corp.*		189		24,623
Dynavax Technologies Corp.*		2,030		22,614
Astrana Health, Inc.*		379		21,959
Integer Holdings Corp.*		140		18,200
Arlo Technologies, Inc.*		1,488		18,020
LiveRamp Holdings, Inc.*		719		17,817
Progyny, Inc.*		909		15,235
WD-40 Co.		53		13,668
NeoGenomics, Inc.*		720		10,620
CONMED Corp.		99		7,120
Ligand Pharmaceuticals, Inc.*,†††		107		—
Ligand Pharmaceuticals, Inc.*,†††		107		—
Total Consumer, Non-cyclical				884,225
Consumer, Cyclical - 19.3%
Cinemark Holdings, Inc.*		2,487		69,238
Green Brick Partners, Inc.*		819		68,403
Boot Barn Holdings, Inc.*		386		64,570
Group 1 Automotive, Inc.		148		56,690
Patrick Industries, Inc.		353		50,257
Installed Building Products, Inc.		203		49,993
Cavco Industries, Inc.*		109		46,678
M/I Homes, Inc.*		242		41,469
Shake Shack, Inc. — Class A*		379		39,116
Meritage Homes Corp.		185		37,938
GMS, Inc.*		403		36,500
Signet Jewelers Ltd.		276		28,467
Urban Outfitters, Inc.*		729		27,928
Guess?, Inc.		1,082		21,781
Monarch Casino & Resort, Inc.		270		21,403
Dave & Buster’s Entertainment, Inc.*		611		20,804
Steven Madden Ltd.		396		19,400
American Eagle Outfitters, Inc.		843		18,875
Oxford Industries, Inc.		204		17,699
Kontoor Brands, Inc.		207		16,929
Madison Square Garden Sports Corp. — Class A*		74		15,411
XPEL, Inc.*		298		12,924
Jack in the Box, Inc.		136		6,329
Total Consumer, Cyclical				788,802
Financial - 18.6%
Two Harbors Investment Corp. REIT		4,378		60,767
SiriusPoint Ltd.*		3,970		56,930
St. Joe Co.		759		44,257
Goosehead Insurance, Inc. — Class A*		460		41,078
Bancorp, Inc.*		755		40,393
Redwood Trust, Inc. REIT		5,165		39,925
First BanCorp		1,709		36,180
HCI Group, Inc.		334		35,758
Pathward Financial, Inc.		499		32,939
Palomar Holdings, Inc.*		345		32,661
Ambac Financial Group, Inc.*		2,818		31,590
OFG Bancorp		666		29,917
MARA Holdings, Inc.*		1,843		29,893
Customers Bancorp, Inc.*		634		29,449
Sunstone Hotel Investors, Inc. REIT		2,723		28,101
eXp World Holdings, Inc.1		1,945		27,405
Ellington Financial, Inc. REIT		1,984		25,574
DiamondRock Hospitality Co. REIT		2,890		25,230
WisdomTree, Inc.		2,469		24,665
Preferred Bank/Los Angeles CA		282		22,630
World Acceptance Corp.*		152		17,933
Triumph Financial, Inc.*		219		17,419
New York Mortgage Trust, Inc. REIT		2,453		15,528
Apple Hospitality REIT, Inc.		931		13,825
Total Financial				760,047
Industrial - 15.1%
CSW Industrials, Inc.		147		53,859
Powell Industries, Inc.		202		44,842
Matson, Inc.		310		44,212
Dorian LPG Ltd.		1,006		34,627
Mueller Industries, Inc.		463		34,308
AZZ, Inc.		409		33,788
ArcBest Corp.		296		32,101
AeroVironment, Inc.*		146		29,273
Badger Meter, Inc.		130		28,393
Federal Signal Corp.		292		27,290
Boise Cascade Co.		184		25,940
Gibraltar Industries, Inc.*		350		24,476
Frontdoor, Inc.*		501		24,043
Materion Corp.		214		23,938
Moog, Inc. — Class A		115		23,232
SPX Technologies, Inc.*		135		21,527
Franklin Electric Company, Inc.		166		17,400
Standex International Corp.		95		17,364
MYR Group, Inc.*		156		15,948
Armstrong World Industries, Inc.		121		15,903
OSI Systems, Inc.*		102		15,487
Tennant Co.		152		14,598
Alamo Group, Inc.		72		12,970
Total Industrial				615,519

292 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
Energy - 11.2%
Warrior Met Coal, Inc.		759	$	48,500
CONSOL Energy, Inc.		424		44,372
Northern Oil & Gas, Inc.		1,234		43,696
Alpha Metallurgical Resources, Inc.*		161		38,025
Liberty Energy, Inc. — Class A		1,937		36,977
REX American Resources Corp.*		708		32,773
Helix Energy Solutions Group, Inc.*		2,782		30,880
California Resources Corp.		538		28,229
Tidewater, Inc.*		374		26,850
Oceaneering International, Inc.*		1,055		26,238
Magnolia Oil & Gas Corp. — Class A		940		22,955
Par Pacific Holdings, Inc.*		1,184		20,838
SM Energy Co.		501		20,025
RPC, Inc.		3,051		19,404
Archrock, Inc.		782		15,828
Total Energy				455,590
Communications - 4.7%
Cargurus, Inc.*		1,457		43,754
InterDigital, Inc.		288		40,790
Cars.com, Inc.*		1,612		27,017
Liquidity Services, Inc.*		1,000		22,800
Cogent Communications Holdings, Inc.		256		19,435
Yelp, Inc. — Class A*		550		19,294
TripAdvisor, Inc.*		1,232		17,852
Total Communications				190,942
Technology - 4.1%
Axcelis Technologies, Inc.*		344		36,068
Veeco Instruments, Inc.*,1		800		26,504
SPS Commerce, Inc.*		127		24,660
Agilysys, Inc.*		187		20,377
DoubleVerify Holdings, Inc.*		842		14,179
Progress Software Corp.		199		13,407
Donnelley Financial Solutions, Inc.*		201		13,232
PDF Solutions, Inc.*		362		11,468
Privia Health Group, Inc.*		495		9,014
Total Technology				168,909
Basic Materials - 3.5%
Hawkins, Inc.		503		64,117
Carpenter Technology Corp.		303		48,353
ATI, Inc.*		465		31,113
Total Basic Materials				143,583
Common Stocks - 0.7%
Six Flags Entertainment Corp.		745		30,031
Utilities - 0.6%
Otter Tail Corp.		306		23,917
Total Common Stocks
(Cost $2,978,625)				4,061,565
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	17,744		17,744
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		14,656		14,656
Total Repurchase Agreements
(Cost $32,400)				32,400
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.9%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		36,591		36,591
Total Securities Lending Collateral
(Cost $36,591)				36,591
Total Investments - 101.1%
(Cost $3,047,616)			$	4,130,556
Other Assets & Liabilities, net - (1.1)%				(46,658	)
Total Net Assets - 100.0%			$	4,083,898

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 293

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
S&P SMALLCAP 600® PURE GROWTH FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	4,061,565	$	—	$	—	*	$	4,061,565
Repurchase Agreements		—		32,400		—			32,400
Securities Lending Collateral		36,591		—		—			36,591
Total Assets	$	4,098,156	$	32,400	$	—		$	4,130,556

* Security has a market value of $0.

294 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $35,133 of securities loaned (cost $3,015,216)	$	4,098,156
Repurchase agreements, at value (cost $32,400)		32,400
Receivables:
Securities sold		58,103
Dividends		1,888
Fund shares sold		368
Securities lending income		7
Interest		5
Total assets		4,190,927
Liabilities:
Payable for:
Securities purchased		43,491
Return of securities lending collateral		36,591
Transfer agent fees		7,081
Fund shares redeemed		4,244
Management fees		2,527
Distribution and service fees		987
Portfolio accounting/administration fees		346
Trustees’ fees*		167
Miscellaneous		11,595
Total liabilities		107,029
Net assets	$	4,083,898
Net assets consist of:
Paid in capital	$	3,313,335
Total distributable earnings (loss)		770,563
Net assets	$	4,083,898
Class A:
Net assets	$	964,740
Capital shares outstanding		16,546
Net asset value per share	$	58.31
Maximum offering price per share (Net asset value divided by 95.25%)	$	61.22
Class C:
Net assets	$	221,889
Capital shares outstanding		4,867
Net asset value per share	$	45.59
Class H:
Net assets	$	2,897,269
Capital shares outstanding		49,783
Net asset value per share	$	58.20

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $170)	$	98,167
Interest		2,540
Income from securities lending, net		113
Total investment income		100,820
Expenses:
Management fees		58,106
Distribution and service fees:
Class A		1,441
Class C		1,497
Class H		17,553
Transfer agent fees		16,301
Portfolio accounting fees		11,820
Registration fees		4,956
Professional fees		1,865
Custodian fees		966
Trustees’ fees*		334
Line of credit fees		26
Miscellaneous		9,397
Total expenses		124,262
Less:
Expenses reimbursed by Adviser		(3,871	)
Net expenses		120,391
Net investment loss		(19,571	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(533,099	)
Net realized loss		(533,099	)
Net change in unrealized appreciation (depreciation) on:
Investments		331,385
Net change in unrealized appreciation (depreciation)		331,385
Net realized and unrealized loss		(201,714	)
Net decrease in net assets resulting from operations	$	(221,285	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 295

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(19,571	)	$	966
Net realized gain (loss) on investments		(533,099	)		948,891
Net change in unrealized appreciation (depreciation) on investments		331,385			409,946
Net increase (decrease) in net assets resulting from operations		(221,285	)		1,359,803
Capital share transactions:
Proceeds from sale of shares
Class A		917,641			977,493
Class C		356,005			488,130
Class H		176,756,808			40,031,434
Cost of shares redeemed
Class A		(1,001,498	)		(1,067,226	)
Class C		(446,954	)		(489,574	)
Class H		(176,322,941	)		(41,880,234	)
Net increase (decrease) from capital share transactions		259,061			(1,939,977	)
Net increase (decrease) in net assets		37,776			(580,174	)
Net assets:
Beginning of period		4,046,122			4,626,296
End of period	$	4,083,898		$	4,046,122
Capital share activity:
Shares sold
Class A		16,011			19,522
Class C		7,890			12,418
Class H		3,164,869			859,211
Shares redeemed
Class A		(18,533	)		(21,633	)
Class C		(10,541	)		(12,751	)
Class H		(3,163,265	)		(887,163	)
Net decrease in shares		(3,569	)		(30,396	)

296 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P SMALLCAP 600^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	55.36		$	44.74		$	53.16		$	89.23		$	43.85		$	65.22
Income (loss) from investment operations:
Net investment income (loss)b		(.01	)		(.02	)		.13			(.70	)		(.62	)		(.44	)
Net gain (loss) on investments (realized and unrealized)		2.96	e		10.64			(8.55	)e		(5.41	)		46.00			(20.93	)
Total from investment operations		2.95			10.62			(8.42	)		(6.11	)		45.38			(21.37	)
Less distributions from:
Net realized gains		—			—			—			(29.96	)		—			—
Total distributions		—			—			—			(29.96	)		—			—
Net asset value, end of period	$	58.31		$	55.36		$	44.74		$	53.16		$	89.23		$	43.85
Total Returnc		5.33	%		23.74	%		(15.84	%)		(11.08	%)		103.49	%		(32.77	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	965		$	1,056		$	948		$	1,406		$	3,448		$	1,169
Ratios to average net assets:
Net investment income (loss)		(0.03	%)		(0.05	%)		0.29	%		(0.88	%)		(0.86	%)		(0.69	%)
Total expenses		1.58	%		1.59	%		1.55	%		1.51	%		1.58	%		1.63	%
Net expensesd		1.53	%		1.55	%		1.55	%		1.51	%		1.58	%		1.63	%
Portfolio turnover rate		1,548	%		942	%		812	%		707	%		752	%		628	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	43.46		$	35.39		$	42.35		$	77.59		$	38.41		$	57.57
Income (loss) from investment operations:
Net investment income (loss)b		(.17	)		(.31	)		(.20	)		(1.17	)		(.96	)		(.79	)
Net gain (loss) on investments (realized and unrealized)		2.30	e		8.38			(6.76	)e		(4.11	)		40.14			(18.37	)
Total from investment operations		2.13			8.07			(6.96	)		(5.28	)		39.18			(19.16	)
Less distributions from:
Net realized gains		—			—			—			(29.96	)		—			—
Total distributions		—			—			—			(29.96	)		—			—
Net asset value, end of period	$	45.59		$	43.46		$	35.39		$	42.35		$	77.59		$	38.41
Total Returnc		4.90	%		22.80	%		(16.43	%)		(11.75	%)		102.00	%		(33.28	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	222		$	327		$	278		$	483		$	2,329		$	678
Ratios to average net assets:
Net investment income (loss)		(0.79	%)		(0.83	%)		(0.54	%)		(1.69	%)		(1.59	%)		(1.43	%)
Total expenses		2.33	%		2.34	%		2.30	%		2.26	%		2.33	%		2.38	%
Net expensesd		2.28	%		2.30	%		2.30	%		2.26	%		2.33	%		2.38	%
Portfolio turnover rate		1,548	%		942	%		812	%		707	%		752	%		628	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 297

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	55.29		$	44.67		$	53.15		$	89.21		$	43.84		$	65.21
Income (loss) from investment operations:
Net investment income (loss)b		(.07	)		.04			.02			(.81	)		(.86	)		(.40	)
Net gain (loss) on investments (realized and unrealized)		2.98	e		10.58			(8.50	)e		(5.29	)		46.23			(20.97	)
Total from investment operations		2.91			10.62			(8.48	)		(6.10	)		45.37			(21.37	)
Less distributions from:
Net realized gains		—			—			—			(29.96	)		—			—
Total distributions		—			—			—			(29.96	)		—			—
Net asset value, end of period	$	58.20		$	55.29		$	44.67		$	53.15		$	89.21		$	43.84
Total Return		5.26	%		23.77	%		(15.95	%)		(11.06	%)		103.49	%		(32.77	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,897		$	2,664		$	3,401		$	3,312		$	25,071		$	2,430
Ratios to average net assets:
Net investment income (loss)		(0.26	%)		0.09	%		0.05	%		(0.97	%)		(1.05	%)		(0.63	%)
Total expenses		1.59	%		1.57	%		1.55	%		1.51	%		1.54	%		1.63	%
Net expensesd		1.54	%		1.55	%		1.55	%		1.51	%		1.54	%		1.63	%
Portfolio turnover rate		1,548	%		942	%		812	%		707	%		752	%		628	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain (loss) on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

298 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.7%
Consumer, Cyclical - 25.7%
Phinia, Inc.		2,460	$	113,234
JetBlue Airways Corp.*		15,911		104,376
ScanSource, Inc.*		1,719		82,564
MarineMax, Inc.*		2,171		76,571
Adient plc*		3,111		70,215
Foot Locker, Inc.*		2,689		69,484
Kohl’s Corp.		2,848		60,093
Sally Beauty Holdings, Inc.*		4,027		54,646
Resideo Technologies, Inc.*		2,409		48,517
Topgolf Callaway Brands Corp.*		4,244		46,599
Sonic Automotive, Inc. — Class A		702		41,053
Shoe Carnival, Inc.		914		40,079
Wolverine World Wide, Inc.		2,229		38,829
Caleres, Inc.		1,133		37,446
Advance Auto Parts, Inc.		958		37,353
Penn Entertainment, Inc.*		1,968		37,117
American Axle & Manufacturing Holdings, Inc.*		5,977		36,938
Dana, Inc.		3,454		36,474
Alaska Air Group, Inc.*		794		35,897
G-III Apparel Group Ltd.*		1,145		34,945
Interface, Inc. — Class A		1,716		32,553
Newell Brands, Inc.		3,977		30,543
Hanesbrands, Inc.*		4,102		30,150
ODP Corp.*		992		29,512
Victoria’s Secret & Co.*		1,089		27,987
Allegiant Travel Co. — Class A*		508		27,970
Vista Outdoor, Inc.*		632		24,762
VF Corp.		1,237		24,678
PriceSmart, Inc.		222		20,375
MillerKnoll, Inc.		776		19,214
Wabash National Corp.		975		18,710
Standard Motor Products, Inc.		553		18,360
Leggett & Platt, Inc.		1,343		18,291
Titan International, Inc.*		1,442		11,723
Total Consumer, Cyclical				1,437,258
Financial - 24.3%
Bread Financial Holdings, Inc.		1,962		93,352
Jackson Financial, Inc. — Class A		939		85,665
Genworth Financial, Inc. — Class A*		11,152		76,391
EZCORP, Inc. — Class A*		6,767		75,858
Cushman & Wakefield plc*		5,404		73,656
StoneX Group, Inc.*		764		62,556
Medical Properties Trust, Inc. REIT1		9,538		55,797
ProAssurance Corp.*		2,933		44,112
Stewart Information Services Corp.		557		41,630
United Fire Group, Inc.		1,827		38,239
PRA Group, Inc.*		1,621		36,246
Hope Bancorp, Inc.		2,809		35,281
Brandywine Realty Trust REIT		6,476		35,230
Pebblebrook Hotel Trust REIT		2,477		32,771
Simmons First National Corp. — Class A		1,488		32,052
SL Green Realty Corp. REIT		458		31,881
JBG SMITH Properties REIT		1,690		29,541
Mercury General Corp.		469		29,538
Safehold, Inc. REIT		1,037		27,201
Lincoln National Corp.		838		26,406
Comerica, Inc.		432		25,881
Eagle Bancorp, Inc.		1,127		25,448
Independent Bank Group, Inc.		424		24,448
Veritex Holdings, Inc.		920		24,214
Dime Community Bancshares, Inc.		837		24,106
Hudson Pacific Properties, Inc. REIT*		5,041		24,096
Banc of California, Inc.		1,615		23,789
Virtu Financial, Inc. — Class A		763		23,241
Navient Corp.		1,436		22,387
Provident Financial Services, Inc.		1,153		21,400
Encore Capital Group, Inc.*		452		21,366
Renasant Corp.		619		20,117
BankUnited, Inc.		521		18,985
Hanmi Financial Corp.		977		18,172
Heritage Financial Corp.		831		18,091
Brookline Bancorp, Inc.		1,681		16,961
Pacific Premier Bancorp, Inc.		606		15,247
Ready Capital Corp. REIT		1,919		14,642
Service Properties Trust REIT		2,988		13,625
Total Financial				1,359,619
Consumer, Non-cyclical - 20.4%
Fresh Del Monte Produce, Inc.		3,494		103,213
Green Dot Corp. — Class A*		8,727		102,193
United Natural Foods, Inc.*		5,282		88,843
Kelly Services, Inc. — Class A		3,790		81,144
Hertz Global Holdings, Inc.*		20,899		68,967
Pediatrix Medical Group, Inc.*		5,675		65,773
AdaptHealth Corp.*		5,299		59,508
SpartanNash Co.		2,484		55,666
Chefs’ Warehouse, Inc.*		1,177		49,446
GEO Group, Inc.*		3,466		44,538
ABM Industries, Inc.		811		42,788
B&G Foods, Inc.		4,788		42,518
Phibro Animal Health Corp. — Class A		1,637		36,865
Deluxe Corp.		1,697		33,075
Heidrick & Struggles International, Inc.		785		30,505
QuidelOrtho Corp.*		654		29,822
Universal Corp.		538		28,573
Owens & Minor, Inc.*		1,746		27,395
Cross Country Healthcare, Inc.*		1,801		24,205
Select Medical Holdings Corp.		637		22,212
Healthcare Services Group, Inc.*		1,889		21,100
Avanos Medical, Inc.*		783		18,816
Patterson Companies, Inc.		762		16,642
Hain Celestial Group, Inc.*		1,772		15,292
TreeHouse Foods, Inc.*		358		15,029
Fulgent Genetics, Inc.*		646		14,038
Total Consumer, Non-cyclical				1,138,166
Industrial - 12.6%
World Kinect Corp.		3,717		114,892
Benchmark Electronics, Inc.		2,204		97,681

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 299

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
Enviri Corp.*		8,487	$	87,755
Greenbrier Companies, Inc.		1,358		69,109
DXP Enterprises, Inc.*		1,252		66,807
Sanmina Corp.*		829		56,745
Clearwater Paper Corp.*		1,635		46,663
O-I Glass, Inc.*		2,849		37,379
Schneider National, Inc. — Class B		938		26,770
TTM Technologies, Inc.*		1,370		25,003
Astec Industries, Inc.		648		20,697
Hub Group, Inc. — Class A		435		19,771
Masterbrand, Inc.*		1,029		19,078
Werner Enterprises, Inc.		486		18,755
Total Industrial				707,105
Communications - 5.2%
EchoStar Corp. — Class A*		5,067		125,763
Lumen Technologies, Inc.*		14,076		99,940
TEGNA, Inc.		1,873		29,556
Viasat, Inc.*		1,462		17,456
Consolidated Communications Holdings, Inc.*		3,283		15,233
Total Communications				287,948
Technology - 4.8%
NCR Atleos Corp.*		2,844		81,139
Xerox Holdings Corp.		5,170		53,664
NCR Voyix Corp.*		3,342		45,351
Alpha & Omega Semiconductor Ltd.*		1,215		45,101
DXC Technology Co.*		1,149		23,842
NetScout Systems, Inc.*		976		21,228
Total Technology				270,325
Energy - 3.7%
Sunrun, Inc.*		2,944		53,169
Bristow Group, Inc.*		933		32,366
SunCoke Energy, Inc.		3,726		32,342
DNOW, Inc.*		2,480		32,066
Nabors Industries Ltd.*		357		23,016
ProPetro Holding Corp.*		2,825		21,640
Talos Energy, Inc.*		1,325		13,713
Total Energy				208,312
Basic Materials - 3.0%
Kaiser Aluminum Corp.		613		44,455
Mativ Holdings, Inc.		2,504		42,543
Century Aluminum Co.*		2,501		40,591
AdvanSix, Inc.		1,283		38,978
Total Basic Materials				166,567
Total Common Stocks
(Cost $4,415,101)				5,575,300
	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	32,220		32,220
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		26,612		26,612
Total Repurchase Agreements
(Cost $58,832)				58,832
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.8%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%4		44,706		44,706
Total Securities Lending Collateral
(Cost $44,706)				44,706
Total Investments - 101.6%
(Cost $4,518,639)			$	5,678,838
Other Assets & Liabilities, net - (1.6)%				(88,223	)
Total Net Assets - 100.0%			$	5,590,615

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Repurchase Agreements — See Note 6.
3	Securities lending collateral — See Note 7.
4	Rate indicated is the 7-day yield as of September 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

300 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
S&P SMALLCAP 600® PURE VALUE FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,575,300	$	—	$	—	$	5,575,300
Repurchase Agreements		—		58,832		—		58,832
Securities Lending Collateral		44,706		—		—		44,706
Total Assets	$	5,620,006	$	58,832	$	—	$	5,678,838

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 301

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $41,845 of securities loaned (cost $4,459,807)	$	5,620,006
Repurchase agreements, at value (cost $58,832)		58,832
Receivables:
Dividends		12,923
Fund shares sold		426
Securities lending income		273
Interest		8
Total assets		5,692,468
Liabilities:
Payable for:
Return of securities lending collateral		44,706
Transfer agent fees		14,326
Management fees		10,909
Printing fees		3,728
Distribution and service fees		3,712
Professional fees		2,791
Portfolio accounting and administration fees		1,492
Fund shares redeemed		1,492
Trustees’ fees*		363
Miscellaneous		18,334
Total liabilities		101,853
Net assets	$	5,590,615
Net assets consist of:
Paid in capital	$	28,939,103
Total distributable earnings (loss)		(23,348,488	)
Net assets	$	5,590,615
Class A:
Net assets	$	1,860,855
Capital shares outstanding		9,153
Net asset value per share	$	203.32
Maximum offering price per share (Net asset value divided by 95.25%)	$	213.46
Class C:
Net assets	$	133,264
Capital shares outstanding		799
Net asset value per share	$	166.77
Class H:
Net assets	$	3,596,496
Capital shares outstanding		17,740
Net asset value per share	$	202.73

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends	$	224,526
Interest		3,474
Income from securities lending, net		2,076
Total investment income		230,076
Expenses:
Management fees		105,814
Distribution and service fees:
Class A		1,776
Class C		466
Class H		33,379
Transfer agent fees		29,396
Portfolio accounting and administration fees		21,526
Printing fees		4,007
Professional fees		3,808
Registration fees		2,561
Custodian fees		1,782
Trustees’ fees*		648
Line of credit fees		29
Miscellaneous		20,491
Total expenses		225,683
Less:
Expenses reimbursed by Adviser		(7,049	)
Net expenses		218,634
Net investment income		11,442
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(3,248,763	)
Net realized loss		(3,248,763	)
Net change in unrealized appreciation (depreciation) on:
Investments		481,081
Net change in unrealized appreciation (depreciation)		481,081
Net realized and unrealized loss		(2,767,682	)
Net decrease in net assets resulting from operations	$	(2,756,240	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

302 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	11,442		$	(7,601	)
Net realized loss on investments		(3,248,763	)		(855,622	)
Net change in unrealized appreciation (depreciation) on investments		481,081			(224,538	)
Net decrease in net assets resulting from operations		(2,756,240	)		(1,087,761	)
Distributions to shareholders:
Class A		—			(12,537	)
Class C		—			(1,492	)
Class H		—			(31,240	)
Total distributions to shareholders		—			(45,269	)
Capital share transactions:
Proceeds from sale of shares
Class A		745,602			672,041
Class C		310,947			338,768
Class H		218,448,873			58,856,482
Distributions reinvested
Class A		—			12,106
Class C		—			1,154
Class H		—			30,246
Cost of shares redeemed
Class A		(187,789	)		(797,746	)
Class C		(194,616	)		(398,324	)
Class H		(215,123,343	)		(61,975,679	)
Net increase (decrease) from capital share transactions		3,999,674			(3,260,952	)
Net increase (decrease) in net assets		1,243,434			(4,393,982	)
Net assets:
Beginning of period		4,347,181			8,741,163
End of period	$	5,590,615		$	4,347,181
Capital share activity:
Shares sold
Class A		3,703			3,434
Class C		1,887			2,086
Class H		1,105,204			332,288
Shares issued from reinvestment of distributions
Class A		—			66
Class C		—			8
Class H		—			165
Shares redeemed
Class A		(958	)		(4,191	)
Class C		(1,248	)		(2,494	)
Class H		(1,102,644	)		(361,004	)
Net increase (decrease) in shares		5,944			(29,642	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 303

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f
Per Share Data
Net asset value, beginning of period	$	200.53		$	170.77		$	182.48		$	167.98		$	67.45		$	129.32
Income (loss) from investment operations:
Net investment income (loss)b		.26			(.23	)		.25			(.34	)		(.14	)		(.50	)
Net gain (loss) on investments (realized and unrealized)		2.53	e		31.89	e		(11.96	)		14.84	e		100.67	e		(61.37	)
Total from investment operations		2.79			31.66			(11.71	)		14.50			100.53			(61.87	)
Less distributions from:
Net investment income		—			(1.90	)		—			—			—			—
Total distributions		—			(1.90	)		—			—			—			—
Net asset value, end of period	$	203.32		$	200.53		$	170.77		$	182.48		$	167.98		$	67.45
Total Returnc		1.39	%		18.65	%		(6.42	%)		8.63	%		149.04	%		(47.83	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,861		$	1,285		$	1,212		$	4,732		$	3,242		$	936
Ratios to average net assets:
Net investment income (loss)		0.27	%		(0.13	%)		0.15	%		(0.19	%)		(0.31	%)		(0.42	%)
Total expenses		1.58	%		1.59	%		1.55	%		1.51	%		1.59	%		1.63	%
Net expensesd		1.53	%		1.56	%		1.55	%		1.51	%		1.59	%		1.63	%
Portfolio turnover rate		901	%		1,058	%		1,520	%		892	%		1,503	%		1,104	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f
Per Share Data
Net asset value, beginning of period	$	165.10		$	141.95		$	152.84		$	141.75		$	57.31		$	110.69
Income (loss) from investment operations:
Net investment income (loss)b		(.34	)		(1.46	)		(.85	)		(1.65	)		(.40	)		(1.25	)
Net gain (loss) on investments (realized and unrealized)		2.01	e		26.51	e		(10.04	)		12.74	e		84.84	e		(52.13	)
Total from investment operations		1.67			25.05			(10.89	)		11.09			84.44			(53.38	)
Less distributions from:
Net investment income		—			(1.90	)		—			—			—			—
Total distributions		—			(1.90	)		—			—			—			—
Net asset value, end of period	$	166.77		$	165.10		$	141.95		$	152.84		$	141.75		$	57.31
Total Returnc		1.01	%		17.76	%		(7.13	%)		7.82	%		147.34	%		(48.24	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	133		$	26		$	80		$	140		$	1,472		$	571
Ratios to average net assets:
Net investment income (loss)		(0.43	%)		(0.98	%)		(0.60	%)		(1.11	%)		(1.07	%)		(1.20	%)
Total expenses		2.34	%		2.35	%		2.29	%		2.26	%		2.34	%		2.38	%
Net expensesd		2.29	%		2.32	%		2.29	%		2.26	%		2.34	%		2.38	%
Portfolio turnover rate		901	%		1,058	%		1,520	%		892	%		1,503	%		1,104	%

304 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f
Per Share Data
Net asset value, beginning of period	$	199.98		$	170.34		$	182.04		$	167.56		$	67.25		$	129.01
Income (loss) from investment operations:
Net investment income (loss)b		.07			(.16	)		.49			(.53	)		(.13	)		(.55	)
Net gain (loss) on investments (realized and unrealized)		2.68	e		31.71	e		(12.19	)		15.01	e		100.44	e		(61.21	)
Total from investment operations		2.75			31.55			(11.70	)		14.48			100.31			(61.76	)
Less distributions from:
Net investment income		—			(1.91	)		—			—			—			—
Total distributions		—			(1.91	)		—			—			—			—
Net asset value, end of period	$	202.73		$	199.98		$	170.34		$	182.04		$	167.56		$	67.25
Total Return		1.38	%		18.63	%		(6.43	%)		8.64	%		149.16	%		(47.87	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,596		$	3,036		$	7,449		$	18,001		$	35,499		$	1,507
Ratios to average net assets:
Net investment income (loss)		0.07	%		(0.09	%)		0.29	%		(0.29	%)		(0.18	%)		(0.44	%)
Total expenses		1.60	%		1.59	%		1.55	%		1.51	%		1.55	%		1.64	%
Net expensesd		1.55	%		1.56	%		1.55	%		1.51	%		1.55	%		1.64	%
Portfolio turnover rate		901	%		1,058	%		1,520	%		892	%		1,503	%		1,104	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
f	Reverse share split — Per share amounts for the year 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 FINANCIAL REPORT | 305

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
EMERGING MARKETS BOND STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 0.7%
U.S. Treasury Bills
4.63% due 10/10/241,2	$	5,000	$	4,994
Total U.S. Treasury Bills
(Cost $4,994)				4,994
REPURCHASE AGREEMENTS††,3 - 93.4%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/244		356,130		356,130
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/244		294,147		294,147
Total Repurchase Agreements
(Cost $650,277)				650,277
Total Investments - 94.1%
(Cost $655,271)			$	655,271
Other Assets & Liabilities, net - 5.9%				40,859
Total Net Assets - 100.0%			$	696,130

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury 5 Year Note Futures Contracts		4		Dec 2024	$	439,813	$	931

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.EM.42.V1		1.00%		Quarterly	12/20/29		$	470,000	$	(13,513	)	$	(13,924	)	$	411

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Credit Index Swap Agreements††

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF

Pay

5.43% (Federal Funds Rate + 0.60%)

At Maturity

10/29/24

12,179

$

261,849

$

974

**	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, 2024.
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, 2024.
	CDX.EM.42.V1 — Credit Default Swap Emerging Markets Series 42 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	See Sector Classification in Other Information section.

306 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
EMERGING MARKETS BOND STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	4,994	$	—	$	4,994
Repurchase Agreements		—		650,277		—		650,277
Interest Rate Futures Contracts**		931		—		—		931
Credit Default Swap Agreements**		—		411		—		411
Credit Index Swap Agreements**		—		974		—		974
Total Assets	$	931	$	656,656	$	—	$	657,587

** This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 307

EMERGING MARKETS BOND STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $4,994)	$	4,994
Repurchase agreements, at value (cost $650,277)		650,277
Segregated cash with broker		70,684
Unrealized appreciation on OTC swap agreements		974
Receivables:
Investment Adviser		186
Variation margin on credit default swap agreements		173
Protection fees on credit default swap agreements		144
Interest		88
Total assets		727,520
Liabilities:
Unamortized upfront premiums received on credit default swap agreements		13,924
Payable for:
Fund shares redeemed		14,610
Variation margin on futures contracts		1,187
Management fees		428
Swap settlement		300
Transfer agent fees		286
Distribution and service fees		157
Portfolio accounting and administration fees		89
Trustees’ fees*		5
Miscellaneous		404
Total liabilities		31,390
Net assets	$	696,130
Net assets consist of:
Paid in capital	$	1,232,672
Total distributable earnings (loss)		(536,542	)
Net assets	$	696,130
Class A:
Net assets	$	42,389
Capital shares outstanding		693
Net asset value per share	$	61.17
Maximum offering price per share (Net asset value divided by 95.25%)	$	64.22
Class C:
Net assets	$	24,776
Capital shares outstanding		453
Net asset value per share	$	54.69
Class H:
Net assets	$	628,965
Capital shares outstanding		10,343
Net asset value per share	$	60.81

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Interest	$	14,869
Total investment income		14,869
Expenses:
Management fees		2,297
Distribution and service fees:
Class A		49
Class C		60
Class H		704
Transfer agent fees		658
Portfolio accounting and administration fees		630
Registration fees		275
Professional fees		140
Custodian fees		39
Trustees’ fees*		35
Miscellaneous		159
Total expenses		5,046
Less:
Expenses reimbursed by Adviser		(152	)
Net expenses		4,894
Net investment income		9,975
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		20,294
Futures contracts		6,736
Net realized gain		27,030
Net change in unrealized appreciation (depreciation) on:
Swap agreements		136
Futures contracts		1,274
Net change in unrealized appreciation (depreciation)		1,410
Net realized and unrealized gain		28,440
Net increase in net assets resulting from operations	$	38,415

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

308 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

EMERGING MARKETS BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	9,975		$	40,177
Net realized gain (loss) on investments		27,030			(104,857	)
Net change in unrealized appreciation (depreciation) on investments		1,410			(20,813	)
Net increase (decrease) in net assets resulting from operations		38,415			(85,493	)
Distributions to shareholders:
Class A		—			(12,775	)
Class C		—			(2,324	)
Class H		—			(71,481	)
Total distributions to shareholders		—			(86,580	)
Capital share transactions:
Proceeds from sale of shares
Class A		11,567			91,950
Class C		25,890			—
Class H		1,704,385			16,585,002
Distributions reinvested
Class A		—			12,775
Class C		—			1,442
Class H		—			68,368
Cost of shares redeemed
Class A		(41,233	)		(291,950	)
Class C		(11,237	)		(13,350	)
Class H		(1,629,808	)		(16,360,599	)
Net increase from capital share transactions		59,564			93,638
Net increase (decrease) in net assets		97,979			(78,435	)
Net assets:
Beginning of period		598,151			676,586
End of period	$	696,130		$	598,151
Capital share activity:
Shares sold
Class A		191			1,555
Class C		476			—
Class H		29,323			285,343
Shares issued from reinvestment of distributions
Class A		—			229
Class C		—			29
Class H		—			1,232
Shares redeemed
Class A		(731	)		(5,085	)
Class C		(206	)		(261	)
Class H		(28,003	)		(284,219	)
Net increase (decrease) in shares		1,050			(1,177	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 309

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	57.69		$	58.60		$	62.44		$	70.11		$	63.93		$	74.95
Income (loss) from investment operations:
Net investment income (loss)b		.95			1.79			.60			(1.07	)		(1.14	)		.03
Net gain (loss) on investments (realized and unrealized)		2.53			3.08			(4.44	)		(6.60	)		8.16			(4.86	)
Total from investment operations		3.48			4.87			(3.84	)		(7.67	)		7.02			(4.83	)
Less distributions from:
Net investment income		—			(5.78	)		—			—			(.84	)		(2.36	)
Net realized gains		—			—			—			—			—			(3.83	)
Total distributions		—			(5.78	)		—			—			(.84	)		(6.19	)
Net asset value, end of period	$	61.17		$	57.69		$	58.60		$	62.44		$	70.11		$	63.93
Total Returnc		6.03	%		8.63	%		(6.15	%)		(10.98	%)		10.92	%		(7.41	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	42		$	71		$	266		$	46		$	48		$	1,105
Ratios to average net assets:
Net investment income (loss)		3.24	%		3.07	%		1.06	%		(1.54	%)		(1.72	%)		0.03	%
Total expenses		1.63	%		1.64	%		1.61	%		1.57	%		1.74	%		1.68	%
Net expensesd		1.57	%		1.62	%		1.61	%		1.57	%		1.74	%		1.68	%
Portfolio turnover rate		—			—			—			—			—			—

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	51.80		$	53.59		$	57.52		$	65.07		$	59.82		$	71.05
Income (loss) from investment operations:
Net investment income (loss)b		.64			1.35			(.04	)		(1.47	)		(1.56	)		(.46	)
Net gain (loss) on investments (realized and unrealized)		2.25			2.64			(3.89	)		(6.08	)		7.65			(4.58	)
Total from investment operations		2.89			3.99			(3.93	)		(7.55	)		6.09			(5.04	)
Less distributions from:
Net investment income		—			(5.78	)		—			—			(.84	)		(2.36	)
Net realized gains		—			—			—			—			—			(3.83	)
Total distributions		—			(5.78	)		—			—			(.84	)		(6.19	)
Net asset value, end of period	$	54.69		$	51.80		$	53.59		$	57.52		$	65.07		$	59.82
Total Returnc		5.58	%		7.81	%		(6.83	%)		(11.62	%)		10.10	%		(8.13	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	25		$	9		$	22		$	63		$	52		$	62
Ratios to average net assets:
Net investment income (loss)		2.42	%		2.53	%		(0.07	%)		(2.28	%)		(2.36	%)		(0.61	%)
Total expenses		2.39	%		2.37	%		2.35	%		2.31	%		2.40	%		2.42	%
Net expensesd		2.36	%		2.34	%		2.35	%		2.31	%		2.40	%		2.42	%
Portfolio turnover rate		—			—			—			—			—			—

310 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	57.36		$	58.30		$	62.03		$	69.64		$	63.50		$	74.52
Income (loss) from investment operations:
Net investment income (loss)b		.94			1.65			.40			(1.07	)		(1.14	)		.15
Net gain (loss) on investments (realized and unrealized)		2.51			3.19			(4.13	)		(6.54	)		8.12			(4.98	)
Total from investment operations		3.45			4.84			(3.73	)		(7.61	)		6.98			(4.83	)
Less distributions from:
Net investment income		—			(5.78	)		—			—			(.84	)		(2.36	)
Net realized gains		—			—			—			—			—			(3.83	)
Total distributions		—			(5.78	)		—			—			(.84	)		(6.19	)
Net asset value, end of period	$	60.81		$	57.36		$	58.30		$	62.03		$	69.64		$	63.50
Total Return		6.01	%		8.62	%		(6.01	%)		(10.93	%)		10.93	%		(7.45	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	629		$	518		$	389		$	494		$	343		$	307
Ratios to average net assets:
Net investment income (loss)		3.28	%		2.85	%		0.70	%		(1.52	%)		(1.61	%)		0.20	%
Total expenses		1.63	%		1.64	%		1.61	%		1.56	%		1.65	%		1.67	%
Net expensesd		1.58	%		1.62	%		1.61	%		1.56	%		1.65	%		1.67	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 311

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 5.9%
Guggenheim Ultra Short Duration Fund — Institutional Class1		81,225	$	813,870
Guggenheim Strategy Fund II1		32,350		802,284
Total Mutual Funds
(Cost $1,607,879)				1,616,154
	Face Amount
U.S. GOVERNMENT SECURITIES†† - 86.0%
U.S. Treasury Bond
4.25% due 08/15/54	$	23,200,000		23,693,000
Total U.S. Government Securities
(Cost $23,728,074)				23,693,000
U.S. TREASURY BILLS††
U.S. Treasury Bills
4.63% due 10/10/242,3		392,000		391,545
Total U.S. Treasury Bills
(Cost $391,498)				391,545

REPURCHASE AGREEMENTS††,4 - 14.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	2,198,696		2,198,696
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24	1,816,020		1,816,020
Total Repurchase Agreements
(Cost $4,014,716)			4,014,716
Total Investments - 107.9%
(Cost $29,742,167)		$	29,715,415
Other Assets & Liabilities, net - (7.9)%			(2,168,077	)
Total Net Assets - 100.0%		$	27,547,338

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		72		Dec 2024	$	9,596,250	$	(39,527	)

**	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, 2024.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 6.
	See Sector Classification in Other Information section.

312 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	1,616,154	$	—	$	—	$	1,616,154
U.S. Government Securities		—		23,693,000		—		23,693,000
U.S. Treasury Bills		—		391,545		—		391,545
Repurchase Agreements		—		4,014,716		—		4,014,716
Total Assets	$	1,616,154	$	28,099,261	$	—	$	29,715,415

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	39,527	$	—	$	—	$	39,527

** 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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,597,404	$	—	$	(800,000	)	$	(6,340	)	$	11,220	$	802,284		32,350	$	24,679
Guggenheim Ultra Short Duration Fund — Institutional Class		1,806,249		—		(1,000,000	)		(6,366	)		13,987		813,870		81,225		23,017
	$	3,403,653	$	—	$	(1,800,000	)	$	(12,706	)	$	25,207	$	1,616,154			$	47,696

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 313

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $24,119,572)	$	24,084,545
Investments in affiliated issuers, at value (cost $1,607,879)		1,616,154
Repurchase agreements, at value (cost $4,014,716)		4,014,716
Segregated cash with broker		149,463
Receivables:
Securities sold		2,042,500
Fund shares sold		921,930
Interest		137,327
Dividends		6,846
Total assets		32,973,481
Liabilities:
Payable for:
Fund shares redeemed		5,324,046
Variation margin on futures contracts		58,695
Management fees		11,374
Transfer agent fees		11,025
Portfolio accounting and administration fees		2,366
Distribution and service fees		1,038
Distributions to shareholders		897
Trustees’ fees*		239
Miscellaneous		16,463
Total liabilities		5,426,143
Net assets	$	27,547,338
Net assets consist of:
Paid in capital	$	94,679,723
Total distributable earnings (loss)		(67,132,385	)
Net assets	$	27,547,338
Investor Class:
Net assets	$	22,427,632
Capital shares outstanding		948,954
Net asset value per share	$	23.63
Class A:
Net assets	$	1,573,930
Capital shares outstanding		65,963
Net asset value per share	$	23.86
Maximum offering price per share (Net asset value divided by 95.25%)	$	25.05
Class C:
Net assets	$	472,306
Capital shares outstanding		19,574
Net asset value per share	$	24.13
Class H:
Net assets	$	3,073,470
Capital shares outstanding		128,544
Net asset value per share	$	23.91

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	47,696
Interest		500,815
Total investment income		548,511
Expenses:
Management fees		60,901
Distribution and service fees:
Class A		1,030
Class C		1,167
Class H		2,222
Transfer agent fees		21,167
Portfolio accounting and administration fees		18,584
Registration fees		12,790
Professional fees		5,212
Custodian fees		1,535
Trustees’ fees*		1,512
Miscellaneous		4,823
Total expenses		130,943
Less:
Expenses reimbursed by Adviser		(6,085	)
Expenses waived by Adviser		(1,112	)
Total waived/reimbursed expenses		(7,197	)
Net expenses		123,746
Net investment income		424,765
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		803,234
Investments in affiliated issuers		(12,706	)
Futures contracts		193,268
Net realized gain		983,796
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(242,158	)
Investments in affiliated issuers		25,207
Futures contracts		(148,423	)
Net change in unrealized appreciation (depreciation)		(365,374	)
Net realized and unrealized gain		618,422
Net increase in net assets resulting from operations	$	1,043,187

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

314 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	424,765		$	1,312,507
Net realized gain (loss) on investments		983,796			(4,687,041	)
Net change in unrealized appreciation (depreciation) on investments		(365,374	)		(1,764,743	)
Net increase (decrease) in net assets resulting from operations		1,043,187			(5,139,277	)
Distributions to shareholders:
Investor Class		(379,427	)		(1,100,587	)
Class A		(13,216	)		(22,850	)
Class C		(2,861	)		(1,389	)
Class H		(29,261	)		(185,370	)
Total distributions to shareholders		(424,765	)		(1,310,196	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		173,664,848			572,977,937
Class A		1,977,691			464,696
Class C		514,758			256,440
Class H		21,521,217			93,228,054
Distributions reinvested
Investor Class		377,213			1,095,330
Class A		12,912			21,720
Class C		2,528			1,265
Class H		28,982			179,852
Cost of shares redeemed
Investor Class		(166,774,741	)		(572,664,631	)
Class A		(768,493	)		(2,656,842	)
Class C		(172,284	)		(494,082	)
Class H		(19,279,179	)		(114,651,594	)
Net increase (decrease) from capital share transactions		11,105,452			(22,241,855	)
Net increase (decrease) in net assets		11,723,874			(28,691,328	)
Net assets:
Beginning of period		15,823,464			44,514,792
End of period	$	27,547,338		$	15,823,464
Capital share activity:
Shares sold
Investor Class		7,677,142			24,603,342
Class A		84,775			19,515
Class C		21,765			10,565
Class H		948,268			3,777,836
Shares issued from reinvestment of distributions
Investor Class		16,884			47,018
Class A		564			873
Class C		110			53
Class H		1,291			7,194
Shares redeemed
Investor Class		(7,375,112	)		(24,664,484	)
Class A		(33,414	)		(104,176	)
Class C		(7,455	)		(19,733	)
Class H		(863,228	)		(4,636,683	)
Net increase (decrease) in shares		471,590			(958,680	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 315

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	22.86		$	26.79		$	36.94		$	37.93		$	74.11		$	53.22
Income (loss) from investment operations:
Net investment income (loss)b		.40			.80			.64			.39			.25			.77
Net gain (loss) on investments (realized and unrealized)		.77			(3.93	)		(10.11	)		(1.00	)		(14.59	)		22.86
Total from investment operations		1.17			(3.13	)		(9.47	)		(.61	)		(14.34	)		23.63
Less distributions from:
Net investment income		(.40	)		(.80	)		(.68	)		(.38	)		(.25	)		(.77	)
Net realized gains		—			—			—			—			(21.59	)		(1.97	)
Total distributions		(.40	)		(.80	)		(.68	)		(.38	)		(21.84	)		(2.74	)
Net asset value, end of period	$	23.63		$	22.86		$	26.79		$	36.94		$	37.93		$	74.11
Total Return		5.29	%		(11.71	%)		(25.66	%)		(1.71	%)		(24.72	%)		45.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	22,428		$	14,403		$	17,260		$	11,904		$	69,360		$	37,919
Ratios to average net assets:
Net investment income (loss)		3.53	%		3.42	%		2.15	%		0.95	%		0.40	%		1.28	%
Total expensesc		1.04	%		1.05	%		1.01	%		0.96	%		1.07	%		1.07	%
Net expensesd		0.98	%		1.00	%		0.99	%		0.95	%		1.05	%		1.05	%
Portfolio turnover rate		760	%		1,573	%		2,562	%		2,153	%		1,938	%		1,130	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	23.08		$	27.07		$	37.34		$	38.34		$	74.70		$	53.63
Income (loss) from investment operations:
Net investment income (loss)b		.37			.73			.62			.28			.11			.72
Net gain (loss) on investments (realized and unrealized)		.79			(3.97	)		(10.28	)		(1.00	)		(14.78	)		22.95
Total from investment operations		1.16			(3.24	)		(9.66	)		(.72	)		(14.67	)		23.67
Less distributions from:
Net investment income		(.38	)		(.75	)		(.61	)		(.28	)		(.10	)		(.63	)
Net realized gains		—			—			—			—			(21.59	)		(1.97	)
Total distributions		(.38	)		(.75	)		(.61	)		(.28	)		(21.69	)		(2.60	)
Net asset value, end of period	$	23.86		$	23.08		$	27.07		$	37.34		$	38.34		$	74.70
Total Returne		5.17	%		(12.04	%)		(25.88	%)		(1.96	%)		(24.98	%)		45.48	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,574		$	324		$	2,648		$	2,231		$	1,610		$	2,775
Ratios to average net assets:
Net investment income (loss)		3.21	%		2.93	%		2.18	%		0.66	%		0.18	%		1.24	%
Total expensesc		1.30	%		1.29	%		1.25	%		1.21	%		1.30	%		1.32	%
Net expensesd		1.24	%		1.26	%		1.24	%		1.19	%		1.29	%		1.30	%
Portfolio turnover rate		760	%		1,573	%		2,562	%		2,153	%		1,938	%		1,130	%

316 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	23.33		$	26.92		$	36.61		$	37.63		$	74.15		$	53.27
Income (loss) from investment operations:
Net investment income (loss)b		.29			.57			.40			(.05	)		(.33	)		.13
Net gain (loss) on investments (realized and unrealized)		.80			(3.97	)		(10.09	)		(.97	)		(14.60	)		22.92
Total from investment operations		1.09			(3.40	)		(9.69	)		(1.02	)		(14.93	)		23.05
Less distributions from:
Net investment income		(.29	)		(.19	)		—			—			—			(.20	)
Net realized gains		—			—			—			—			(21.59	)		(1.97	)
Total distributions		(.29	)		(.19	)		—			—			(21.59	)		(2.17	)
Net asset value, end of period	$	24.13		$	23.33		$	26.92		$	36.61		$	37.63		$	74.15
Total Returne		4.78	%		(12.67	%)		(26.47	%)		(2.71	%)		(25.55	%)		44.41	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	472		$	120		$	384		$	149		$	169		$	1,249
Ratios to average net assets:
Net investment income (loss)		2.45	%		2.36	%		1.41	%		(0.12	%)		(0.55	%)		0.21	%
Total expensesc		2.05	%		2.05	%		2.01	%		1.96	%		2.05	%		2.08	%
Net expensesd		1.99	%		2.00	%		1.99	%		1.94	%		2.03	%		2.06	%
Portfolio turnover rate		760	%		1,573	%		2,562	%		2,153	%		1,938	%		1,130	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 317

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	23.14		$	27.10		$	37.37		$	38.38		$	74.75		$	53.65
Income (loss) from investment operations:
Net investment income (loss)b		.38			.73			.60			.28			.13			.61
Net gain (loss) on investments (realized and unrealized)		.77			(3.94	)		(10.26	)		(1.01	)		(14.82	)		23.09
Total from investment operations		1.15			(3.21	)		(9.66	)		(.73	)		(14.69	)		23.70
Less distributions from:
Net investment income		(.38	)		(.75	)		(.61	)		(.28	)		(.09	)		(.63	)
Net realized gains		—			—			—			—			(21.59	)		(1.97	)
Total distributions		(.38	)		(.75	)		(.61	)		(.28	)		(21.68	)		(2.60	)
Net asset value, end of period	$	23.91		$	23.14		$	27.10		$	37.37		$	38.38		$	74.75
Total Return		5.07	%		(11.87	%)		(25.87	%)		(1.95	%)		(24.98	%)		45.55	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,073		$	977		$	24,223		$	49,287		$	85,087		$	78,070
Ratios to average net assets:
Net investment income (loss)		3.29	%		2.87	%		2.05	%		0.69	%		0.23	%		1.02	%
Total expensesc		1.28	%		1.28	%		1.25	%		1.21	%		1.29	%		1.32	%
Net expensesd		1.22	%		1.26	%		1.24	%		1.19	%		1.28	%		1.30	%
Portfolio turnover rate		760	%		1,573	%		2,562	%		2,153	%		1,938	%		1,130	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	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.

318 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 43.5%
Guggenheim Strategy Fund II1		137,556	$	3,411,381
Guggenheim Ultra Short Duration Fund — Institutional Class1		326,794		3,274,479
Total Mutual Funds
(Cost $6,642,019)				6,685,860
	Face Amount
U.S. TREASURY BILLS†† - 20.2%
U.S. Treasury Bills
4.70% due 10/22/242	$	3,000,000		2,991,756
4.63% due 10/10/242,3		116,000		115,865
Total U.S. Treasury Bills
(Cost $3,106,889)				3,107,621
FEDERAL AGENCY DISCOUNT NOTES†† - 7.8%
Federal Home Loan Bank
5.18% due 10/04/242		1,200,000		1,199,539
Total Federal Agency Discount Notes
(Cost $1,199,482)				1,199,539

REPURCHASE AGREEMENTS††,4 - 102.4%
Individual Repurchase Agreements5
Barclays Capital, Inc. issued 09/30/24 at 4.50% due 10/01/24 (secured by a U.S. Treasury Bond, at a rate of 4.25% and maturing 08/15/54 as collateral, with a value of $7,220,325) to be repurchased at $7,079,635	7,078,750		7,078,750
Mizuho Securities USA LLC issued 09/30/24 at 4.70% due 10/01/24 (secured by a U.S. Treasury Bond, at a rate of 4.25% and maturing 08/15/54 as collateral, with a value of $5,255,391) to be repurchased at $5,153,017	5,152,344		5,152,344
Joint Repurchase Agreements5
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	1,921,052		1,921,052
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24	1,586,699		1,586,699
Total Repurchase Agreements
(Cost $15,738,845)			15,738,845
Total Investments - 173.9%
(Cost $26,687,235)		$	26,731,865
U.S. Government Securities Sold Short† - (85.7)%
U.S. Treasury Bonds
4.25% due 08/15/54††	12,900,000		(13,174,125	)
Total U.S. Government Securities Sold Short - (85.7)%
(Proceeds $13,299,658)		$	(13,174,125	)
Other Assets & Liabilities, net - 11.8%			1,814,982
Total Net Assets - 100.0%		$	15,372,722

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		17		Dec 2024	$	2,265,781	$	48,167

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 319

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at September 30, 2024.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as short security collateral at September 30, 2024.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	6,685,860	$	—	$	—	$	6,685,860
U.S. Treasury Bills		—		3,107,621		—		3,107,621
Federal Agency Discount Notes		—		1,199,539		—		1,199,539
Repurchase Agreements		—		15,738,845		—		15,738,845
Interest Rate Futures Contracts**		48,167		—		—		48,167
Total Assets	$	6,734,027	$	20,046,005	$	—	$	26,780,032

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Government Securities	$	—	$	13,174,125	$	—	$	13,174,125

** This derivative is reported as unrealized appreciation/depreciation at period end.

320 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,180,462	$	—	$	(1,800,000	)	$	(19,647	)	$	50,566	$	3,411,381		137,556	$	119,237
Guggenheim Ultra Short Duration Fund — Institutional Class		4,734,506		—		(1,500,000	)		(3,171	)		43,144		3,274,479		326,794		101,889
	$	9,914,968	$	—	$	(3,300,000	)	$	(22,818	)	$	93,710	$	6,685,860			$	221,126

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 321

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $4,306,371)	$	4,307,160
Investments in affiliated issuers, at value (cost $6,642,019)		6,685,860
Repurchase agreements, at value (cost $15,738,845)		15,738,845
Receivables:
Fund shares sold		1,053,542
Securities sold		817,000
Dividends		28,357
Variation margin on futures contracts		8,867
Interest		6,373
Total assets		28,646,004
Liabilities:
Securities sold short, at value (proceeds $13,299,658)		13,174,125
Payable for:
Management fees		9,935
Transfer agent fees		7,101
Distribution and service fees		1,407
Portfolio accounting and administration fees		617
Trustees’ fees*		142
Fund shares redeemed		12
Miscellaneous		79,943
Total liabilities		13,273,282
Net assets	$	15,372,722
Net assets consist of:
Paid in capital	$	251,104,087
Total distributable earnings (loss)		(235,731,365	)
Net assets	$	15,372,722
Investor Class:
Net assets	$	9,540,022
Capital shares outstanding		50,198
Net asset value per share	$	190.05
Class A:
Net assets	$	2,622,139
Capital shares outstanding		14,596
Net asset value per share	$	179.65
Maximum offering price per share (Net asset value divided by 95.25%)	$	188.60
Class C:
Net assets	$	544,971
Capital shares outstanding		3,645
Net asset value per share	$	149.51
Class H:
Net assets	$	2,665,590
Capital shares outstanding		14,772
Net asset value per share	$	180.45

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	221,126
Interest		625,398
Total investment income		846,524
Expenses:
Management fees		80,680
Distribution and service fees:
Class A		3,573
Class C		2,828
Class H		3,722
Transfer agent fees		18,485
Interest expense		313,665
Portfolio accounting and administration fees		13,677
Professional fees		4,738
Trustees’ fees*		1,255
Custodian fees		1,156
Miscellaneous		11,139
Total expenses		454,918
Less:
Expenses reimbursed by Adviser		(8,966	)
Expenses waived by Adviser		(4,922	)
Total waived/reimbursed expenses		(13,888	)
Net expenses		441,030
Net investment income		405,494
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		59
Investments in affiliated issuers		(22,818	)
Investments sold short		(834,726	)
Futures contracts		(197,483	)
Net realized loss		(1,054,968	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		555
Investments in affiliated issuers		93,710
Investments sold short		332,320
Futures contracts		98,422
Net change in unrealized appreciation (depreciation)		525,007
Net realized and unrealized loss		(529,961	)
Net decrease in net assets resulting from operations	$	(124,467	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

322 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	405,494		$	1,563,051
Net realized gain (loss) on investments		(1,054,968	)		3,037,041
Net change in unrealized appreciation (depreciation) on investments		525,007			1,158,430
Net increase (decrease) in net assets resulting from operations		(124,467	)		5,758,522
Distributions to shareholders:
Investor Class		—			(201,149	)
Class A		—			(41,496	)
Class C		—			(11,320	)
Class H		—			(41,518	)
Total distributions to shareholders		—			(295,483	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		30,987,099			146,365,405
Class A		913,641			873,386
Class C		63,032			219,029
Class H		2,311,127			12,820,341
Distributions reinvested
Investor Class		—			195,362
Class A		—			38,381
Class C		—			10,648
Class H		—			41,355
Cost of shares redeemed
Investor Class		(34,506,462	)		(167,273,388	)
Class A		(1,117,481	)		(2,276,323	)
Class C		(93,496	)		(642,663	)
Class H		(2,378,455	)		(24,814,951	)
Net decrease from capital share transactions		(3,820,995	)		(34,443,418	)
Net decrease in net assets		(3,945,462	)		(28,980,379	)
Net assets:
Beginning of period		19,318,184			48,298,563
End of period	$	15,372,722		$	19,318,184
Capital share activity:
Shares sold
Investor Class		157,510			793,646
Class A		4,903			4,973
Class C		417			1,456
Class H		12,021			75,821
Shares issued from reinvestment of distributions
Investor Class		—			1,032
Class A		—			214
Class C		—			71
Class H		—			230
Shares redeemed
Investor Class		(175,423	)		(904,401	)
Class A		(6,021	)		(12,690	)
Class C		(600	)		(4,333	)
Class H		(12,387	)		(149,365	)
Net decrease in shares		(19,580	)		(193,346	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 323

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g
Per Share Data
Net asset value, beginning of period	$	192.41		$	166.83		$	133.30		$	139.52		$	114.58		$	165.45
Income (loss) from investment operations:
Net investment income (loss)b		4.58			8.64			(.15	)		(3.89	)		(1.30	)		.60
Net gain (loss) on investments (realized and unrealized)		(6.94	)		19.22			33.68			(2.33	)		26.68			(51.47	)
Total from investment operations		(2.36	)		27.86			33.53			(6.22	)		25.38			(50.87	)
Less distributions from:
Net investment income		—			(2.28	)		—			—			(.44	)		—
Total distributions		—			(2.28	)		—			—			(.44	)		—
Net asset value, end of period	$	190.05		$	192.41		$	166.83		$	133.30		$	139.52		$	114.58
Total Return		(1.23	%)		16.72	%		25.15	%		(4.46	%)		22.19	%		(30.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,540		$	13,105		$	29,663		$	78,436		$	36,863		$	20,983
Ratios to average net assets:
Net investment income (loss)		4.64	%		4.62	%		(0.09	%)		(3.02	%)		(2.46	%)		0.40	%
Total expensesc		4.96	%		4.75	%		4.32	%		3.31	%		2.75	%		2.91	%
Net expensesd,e		4.80	%		4.63	%		4.28	%		3.29	%		2.73	%		2.89	%
Portfolio turnover rate		264	%		662	%		1,076	%		2,058	%		2,159	%		864	%

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g
Per Share Data
Net asset value, beginning of period	$	182.11		$	158.40		$	126.88		$	133.13		$	109.61		$	158.62
Income (loss) from investment operations:
Net investment income (loss)b		4.09			7.77			.56			(3.77	)		(1.09	)		.20
Net gain (loss) on investments (realized and unrealized)		(6.55	)		18.22			30.96			(2.48	)		25.05			(49.21	)
Total from investment operations		(2.46	)		25.99			31.52			(6.25	)		23.96			(49.01	)
Less distributions from:
Net investment income		—			(2.28	)		—			—			(.44	)		—
Total distributions		—			(2.28	)		—			—			(.44	)		—
Net asset value, end of period	$	179.65		$	182.11		$	158.40		$	126.88		$	133.13		$	109.61
Total Returnf		(1.35	%)		16.42	%		24.84	%		(4.69	%)		21.95	%		(30.90	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,622		$	2,862		$	3,677		$	4,385		$	4,798		$	4,832
Ratios to average net assets:
Net investment income (loss)		4.39	%		4.40	%		0.37	%		(3.11	%)		(2.59	%)		0.15	%
Total expensesc		5.21	%		5.01	%		4.61	%		3.47	%		2.97	%		3.17	%
Net expensesd,e		5.05	%		4.88	%		4.56	%		3.45	%		2.94	%		3.15	%
Portfolio turnover rate		264	%		662	%		1,076	%		2,058	%		2,159	%		864	%

324 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g
Per Share Data
Net asset value, beginning of period	$	152.14		$	133.62		$	107.86		$	114.03		$	94.64		$	138.00
Income (loss) from investment operations:
Net investment income (loss)b		2.83			5.42			(1.03	)		(4.01	)		(1.11	)		(.75	)
Net gain (loss) on investments (realized and unrealized)		(5.46	)		15.38			26.79			(2.16	)		20.94			(42.61	)
Total from investment operations		(2.63	)		20.80			25.76			(6.17	)		19.83			(43.36	)
Less distributions from:
Net investment income		—			(2.28	)		—			—			(.44	)		—
Total distributions		—			(2.28	)		—			—			(.44	)		—
Net asset value, end of period	$	149.51		$	152.14		$	133.62		$	107.86		$	114.03		$	94.64
Total Returnf		(1.73	%)		15.56	%		23.88	%		(5.41	%)		21.00	%		(31.41	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	545		$	582		$	886		$	1,048		$	1,500		$	2,472
Ratios to average net assets:
Net investment income (loss)		3.64	%		3.64	%		(0.79	%)		(3.85	%)		(3.32	%)		(0.59	%)
Total expensesc		5.96	%		5.76	%		5.35	%		4.22	%		3.70	%		3.93	%
Net expensesd,e		5.80	%		5.64	%		5.31	%		4.19	%		3.68	%		3.91	%
Portfolio turnover rate		264	%		662	%		1,076	%		2,058	%		2,159	%		864	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 325

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g
Per Share Data
Net asset value, beginning of period	$	182.92		$	159.09		$	127.42		$	133.70		$	109.85		$	159.05
Income (loss) from investment operations:
Net investment income (loss)b		4.11			7.67			(.55	)		(3.95	)		(.98	)		.25
Net gain (loss) on investments (realized and unrealized)		(6.58	)		18.44			32.22			(2.33	)		25.27			(49.45	)
Total from investment operations		(2.47	)		26.11			31.67			(6.28	)		24.29			(49.20	)
Less distributions from:
Net investment income		—			(2.28	)		—			—			(.44	)		—
Total distributions		—			(2.28	)		—			—			(.44	)		—
Net asset value, end of period	$	180.45		$	182.92		$	159.09		$	127.42		$	133.70		$	109.85
Total Return		(1.35	%)		16.43	%		24.85	%		(4.70	%)		22.18	%		(30.93	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,666		$	2,769		$	14,072		$	11,922		$	7,472		$	5,881
Ratios to average net assets:
Net investment income (loss)		4.38	%		4.37	%		(0.36	%)		(3.20	%)		(2.62	%)		0.16	%
Total expensesc		5.21	%		4.99	%		4.55	%		3.49	%		2.94	%		3.30	%
Net expensesd,e		5.05	%		4.88	%		4.51	%		3.47	%		2.92	%		3.28	%
Portfolio turnover rate		264	%		662	%		1,076	%		2,058	%		2,159	%		872	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	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	Net expense may include expenses related to short sales. Excluding these expenses, the net expense ratios for the periods presented would be:

	09/30/24a	03/31/24	03/31/23	03/31/22	03/31/21	03/31/20
Investor Class	1.30%	1.37%	1.40%	1.39%	1.47%	1.50%
Class A	1.56%	1.61%	1.64%	1.63%	1.73%	1.75%
Class C	2.31%	2.36%	2.40%	2.38%	2.48%	2.50%
Class H	1.56%	1.62%	1.65%	1.64%	1.73%	1.75%

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.

326 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
HIGH YIELD STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 7.5%
Guggenheim Strategy Fund III1		79,841	$	1,987,244
Guggenheim Ultra Short Duration Fund — Institutional Class1		133,249		1,335,155
Guggenheim Strategy Fund II1		53,173		1,318,684
Total Mutual Funds
(Cost $4,578,426)				4,641,083
	Face Amount
FEDERAL AGENCY NOTES†† - 22.1%
Federal Home Loan Bank
4.84% (SOFR, Rate Floor: 0.00%) due 11/15/24◊	$	4,000,000		3,999,792
4.96% (SOFR + 0.12%, Rate Floor: 0.00%) due 11/18/24◊		3,000,000		3,000,378
4.88% (SOFR + 0.04%, Rate Floor: 0.00%) due 06/20/25◊		3,000,000		2,999,868
Federal Farm Credit Bank
5.50% due 11/25/24		2,000,000		2,002,160
Freddie Mac
5.15% due 01/17/25		1,600,000		1,600,320
Total Federal Agency Notes
(Cost $13,601,066)				13,602,518
FEDERAL AGENCY DISCOUNT NOTES†† - 16.8%
Federal Home Loan Bank
4.68% due 10/23/242		6,400,000		6,381,696
4.68% due 11/13/242		3,000,000		2,982,908
4.68% due 10/16/242		1,000,000		997,977
Total Federal Agency Discount Notes
(Cost $10,362,581)				10,362,581

U.S. GOVERNMENT SECURITIES†† - 6.5%
United States Treasury Floating Rate Note
4.73% (3 Month U.S. Treasury Bill Rate + 0.14%, Rate Floor: 0.00%) due 10/31/24◊	4,000,000		3,999,023
Total U.S. Government Securities
(Cost $3,999,884)			3,999,023
U.S. TREASURY BILLS†† - 4.6%
U.S. Treasury Bills
4.70% due 10/22/242	2,000,000		1,994,504
4.63% due 10/10/242,3	867,000		865,993
Total U.S. Treasury Bills
(Cost $2,859,914)			2,860,497
REPURCHASE AGREEMENTS††,4 - 36.0%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/245	12,168,302		12,168,302
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/245	10,050,451		10,050,451
Total Repurchase Agreements
(Cost $22,218,753)			22,218,753
Total Investments - 93.5%
(Cost $57,620,624)		$	57,684,455
Other Assets & Liabilities, net - 6.5%			4,028,424
Total Net Assets - 100.0%		$	61,712,879

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 327

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
HIGH YIELD STRATEGY FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Interest Rate Futures Contracts Purchased†
U.S. Treasury 5 Year Note Futures Contracts		568		Dec 2024	$	62,453,375	$	(71,346	)

Centrally Cleared Credit Default Swap Agreements Protection Sold††
Counterparty	Exchange	Index	Protection Premium Rate			Payment Frequency		Maturity Date	Notional Amount		Value		Upfront Premiums Paid		Unrealized Appreciation**
Barclays Bank plc	ICE	CDX.NA.HY.43.V1		5.00%	Quarterly		12/20/29		$	49,600,000	$	3,636,325	$	3,633,001	$	3,324
Goldman Sachs International	ICE	CDX.NA.HY.43.V1		5.00%	Quarterly		12/20/29			6,700,000		491,197		490,179		1,018
											$	4,127,522	$	4,123,180	$	4,342

Total Return Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Credit Index Swap Agreements††

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

5.08% (Federal Funds Rate + 0.25%)

At Maturity

10/29/24

16,337

$

1,311,861

$

2,941

BNP Paribas

SPDR Bloomberg High Yield Bond ETF

Pay

5.38% (Federal Funds Rate + 0.55%)

At Maturity

12/19/24

1,788

174,858

518

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

5.38% (Federal Funds Rate + 0.55%)

At Maturity

12/19/24

1,222

98,142

330

$

1,584,861

$

3,789

**	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, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	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 and credit default swap collateral at September 30, 2024.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as equity index swap collateral at September 30, 2024.
	CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

328 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
HIGH YIELD STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	4,641,083	$	—	$	—	$	4,641,083
Federal Agency Notes		—		13,602,518		—		13,602,518
Federal Agency Discount Notes		—		10,362,581		—		10,362,581
U.S. Government Securities		—		3,999,023		—		3,999,023
U.S. Treasury Bills		—		2,860,497		—		2,860,497
Repurchase Agreements		—		22,218,753		—		22,218,753
Credit Default Swap Agreements**		—		4,342		—		4,342
Credit Index Swap Agreements**		—		3,789		—		3,789
Total Assets	$	4,641,083	$	53,051,503	$	—	$	57,692,586

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	71,346	$	—	$	—	$	71,346

** 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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,308,049	$	—	$	—	$	—	$	10,635	$	1,318,684		53,173	$	37,455
Guggenheim Strategy Fund III		1,969,680		—		—		—		17,564		1,987,244		79,841		53,912
Guggenheim Ultra Short Duration Fund — Institutional Class		1,320,497		—		—		—		14,658		1,335,155		133,249		34,412
	$	4,598,226	$	—	$	—	$	—	$	42,857	$	4,641,083			$	125,779

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 329

HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $30,823,445)	$	30,824,619
Investments in affiliated issuers, at value (cost $4,578,426)		4,641,083
Repurchase agreements, at value (cost $22,218,753)		22,218,753
Segregated cash with broker		883,211
Unamortized upfront premiums paid on credit default swap agreements		4,123,180
Unrealized appreciation on OTC swap agreements		3,789
Receivables:
Swap settlement		228,628
Interest		144,514
Protection fees on credit default swap agreements		86,014
Fund shares sold		23,312
Dividends		19,574
Total assets		63,196,677
Liabilities:
Segregated cash due to broker		433,544
Payable for:
Variation margin on credit default swap agreements		770,440
Variation margin on futures contracts		162,673
Fund shares redeemed		31,905
Management fees		27,887
Transfer agent fees		18,310
Distribution and service fees		9,660
Portfolio accounting and administration fees		3,850
Trustees’ fees*		369
Miscellaneous		25,160
Total liabilities		1,483,798
Net assets	$	61,712,879
Net assets consist of:
Paid in capital	$	70,812,911
Total distributable earnings (loss)		(9,100,032	)
Net assets	$	61,712,879
Class A:
Net assets	$	3,278,781
Capital shares outstanding		25,345
Net asset value per share	$	129.37
Maximum offering price per share (Net asset value divided by 95.25%)	$	135.82
Class C:
Net assets	$	499,807
Capital shares outstanding		4,661
Net asset value per share	$	107.23
Class H:
Net assets	$	57,934,291
Capital shares outstanding		448,100
Net asset value per share	$	129.29

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	125,779
Interest		829,240
Total investment income		955,019
Expenses:
Management fees		142,589
Distribution and service fees:
Class A		3,849
Class C		2,222
Class H		43,124
Transfer agent fees		39,440
Portfolio accounting and administration fees		29,007
Registration fees		15,073
Professional fees		8,338
Custodian fees		2,417
Trustees’ fees*		2,039
Miscellaneous		12,725
Total expenses		300,823
Less:
Expenses reimbursed by Adviser		(9,497	)
Expenses waived by Adviser		(1,658	)
Total waived/reimbursed expenses		(11,155	)
Net expenses		289,668
Net investment income		665,351
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		168
Swap agreements		1,389,539
Futures contracts		644,836
Net realized gain		2,034,543
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(1,387	)
Investments in affiliated issuers		42,857
Swap agreements		(53,536	)
Futures contracts		(165,074	)
Net change in unrealized appreciation (depreciation)		(177,140	)
Net realized and unrealized gain		1,857,403
Net increase in net assets resulting from operations	$	2,522,754

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

330 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	665,351		$	1,337,382
Net realized gain on investments		2,034,543			2,497,595
Net change in unrealized appreciation (depreciation) on investments		(177,140	)		(237,216	)
Net increase in net assets resulting from operations		2,522,754			3,597,761
Distributions to shareholders:
Class A		—			(137,018	)
Class C		—			(33,052	)
Class H		—			(1,598,601	)
Total distributions to shareholders		—			(1,768,671	)
Capital share transactions:
Proceeds from sale of shares
Class A		706,314			1,827,822
Class C		221,569			785,584
Class H		100,580,345			136,262,338
Distributions reinvested
Class A		—			136,021
Class C		—			27,809
Class H		—			1,594,479
Cost of shares redeemed
Class A		(620,542	)		(1,695,572	)
Class C		(166,963	)		(1,677,806	)
Class H		(77,774,336	)		(121,545,224	)
Net increase from capital share transactions		22,946,387			15,715,451
Net increase in net assets		25,469,141			17,544,541
Net assets:
Beginning of period		36,243,738			18,699,197
End of period	$	61,712,879		$	36,243,738
Capital share activity:
Shares sold
Class A		5,721			15,897
Class C		2,158			8,108
Class H		803,456			1,177,645
Shares issued from reinvestment of distributions
Class A		—			1,178
Class C		—			289
Class H		—			13,812
Shares redeemed
Class A		(5,024	)		(14,472	)
Class C		(1,632	)		(17,200	)
Class H		(626,237	)		(1,051,014	)
Net increase in shares		178,442			134,243

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 331

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g
Per Share Data
Net asset value, beginning of period	$	121.29		$	114.48		$	117.11		$	122.60		$	108.68		$	120.48
Income (loss) from investment operations:
Net investment income (loss)b		2.18			3.96			1.41			(1.36	)		(.55	)		.70
Net gain (loss) on investments (realized and unrealized)		5.90			7.66			(3.68	)		(4.13	)		14.47	f		(7.05	)
Total from investment operations		8.08			11.62			(2.27	)		(5.49	)		13.92			(6.35	)
Less distributions from:
Net investment income		—			(4.81	)		(.36	)		—			—			(5.45	)
Total distributions		—			(4.81	)		(.36	)		—			—			(5.45	)
Net asset value, end of period	$	129.37		$	121.29		$	114.48		$	117.11		$	122.60		$	108.68
Total Returnc		6.66	%		10.33	%		(1.89	%)		(4.48	%)		12.81	%		(5.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,279		$	2,990		$	2,524		$	2,962		$	4,021		$	3,933
Ratios to average net assets:
Net investment income (loss)		3.53	%		3.40	%		1.28	%		(1.10	%)		(1.21	%)		0.58	%
Total expensesd		1.57	%		1.59	%		1.54	%		1.51	%		1.60	%		1.63	%
Net expensese		1.51	%		1.54	%		1.52	%		1.49	%		1.57	%		1.61	%
Portfolio turnover rate		—			—			—			40	%		134	%		—

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g
Per Share Data
Net asset value, beginning of period	$	100.93		$	96.73		$	99.75		$	105.21		$	93.96		$	105.62
Income (loss) from investment operations:
Net investment income (loss)b		1.43			2.49			.50			(1.97	)		(.81	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		4.87			6.52			(3.16	)		(3.49	)		12.06	f		(6.01	)
Total from investment operations		6.30			9.01			(2.66	)		(5.46	)		11.25			(6.21	)
Less distributions from:
Net investment income		—			(4.81	)		(.36	)		—			—			(5.45	)
Total distributions		—			(4.81	)		(.36	)		—			—			(5.45	)
Net asset value, end of period	$	107.23		$	100.93		$	96.73		$	99.75		$	105.21		$	93.96
Total Returnc		6.24	%		9.51	%		(2.62	%)		(5.19	%)		11.97	%		(6.45	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	500		$	417		$	1,251		$	1,313		$	2,136		$	866
Ratios to average net assets:
Net investment income (loss)		2.78	%		2.55	%		0.53	%		(1.86	%)		(1.96	%)		(0.20	%)
Total expensesd		2.32	%		2.33	%		2.29	%		2.26	%		2.34	%		2.38	%
Net expensese		2.26	%		2.30	%		2.27	%		2.24	%		2.32	%		2.36	%
Portfolio turnover rate		—			—			—			40	%		134	%		—

332 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g
Per Share Data
Net asset value, beginning of period	$	121.22		$	114.41		$	117.03		$	122.51		$	108.54		$	120.32
Income (loss) from investment operations:
Net investment income (loss)b		2.17			3.98			1.61			(1.41	)		(.47	)		.75
Net gain (loss) on investments (realized and unrealized)		5.90			7.64			(3.87	)		(4.07	)		14.44	f		(7.08	)
Total from investment operations		8.07			11.62			(2.26	)		(5.48	)		13.97			(6.33	)
Less distributions from:
Net investment income		—			(4.81	)		(.36	)		—			—			(5.45	)
Total distributions		—			(4.81	)		(.36	)		—			—			(5.45	)
Net asset value, end of period	$	129.29		$	121.22		$	114.41		$	117.03		$	122.51		$	108.54
Total Return		6.66	%		10.32	%		(1.88	%)		(4.47	%)		12.87	%		(5.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	57,934		$	32,837		$	14,924		$	16,947		$	19,835		$	23,125
Ratios to average net assets:
Net investment income (loss)		3.51	%		3.41	%		1.45	%		(1.14	%)		(1.23	%)		0.59	%
Total expensesd		1.57	%		1.58	%		1.55	%		1.51	%		1.61	%		1.63	%
Net expensese		1.52	%		1.54	%		1.53	%		1.49	%		1.59	%		1.61	%
Portfolio turnover rate		—			—			—			40	%		134	%		—

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
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 purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
g	Reverse share split — Per share amounts for the period 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 FINANCIAL REPORT | 333

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE HIGH YIELD STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 19.9%
Guggenheim Strategy Fund II1		29,310	$	726,877
Guggenheim Ultra Short Duration Fund — Institutional Class1		37,683		377,584
Total Mutual Funds
(Cost $1,096,686)				1,104,461
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 9.0%
Federal Home Loan Bank
4.60% due 10/02/242	$	500,000		499,936
Total Federal Agency Discount Notes
(Cost $499,936)				499,936
U.S. TREASURY BILLS†† - 1.2%
U.S. Treasury Bills
4.63% due 10/10/242,3		65,000		64,924
Total U.S. Treasury Bills
(Cost $64,917)				64,924

	Face Amount		Value
REPURCHASE AGREEMENTS††,4 - 65.1%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24	$	1,980,978	$	1,980,978
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		1,636,195		1,636,195
Total Repurchase Agreements
(Cost $3,617,173)				3,617,173
Total Investments - 95.2%
(Cost $5,278,712)			$	5,286,494
Other Assets & Liabilities, net - 4.8%				266,726
Total Net Assets - 100.0%			$	5,553,220

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury 5 Year Note Futures Contracts		52		Dec 2024	$	5,717,563	$	(11,119	)

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty		Exchange		Index	Protection Premium Rate		Payment Frequency		Maturity Date		Notional Amount		Value			Upfront Premiums Paid			Unrealized Depreciation**
Barclays Bank plc	ICE		CDX.NA.HY.43.V1			5.00%		Quarterly		12/20/29	$	5,250,000	$	(384,893	)	$	(382,090	)	$	(2,803	)

**	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 and credit default swap collateral at September 30, 2024.
4	Repurchase Agreements — See Note 6.
	CDX.NA.HY.43.V1 — Credit Default Swap North American High Yield Series 43 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	See Sector Classification in Other Information section.

334 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INVERSE HIGH YIELD STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	1,104,461	$	—	$	—	$	1,104,461
Federal Agency Discount Notes		—		499,936		—		499,936
U.S. Treasury Bills		—		64,924		—		64,924
Repurchase Agreements		—		3,617,173		—		3,617,173
Total Assets	$	1,104,461	$	4,182,033	$	—	$	5,286,494

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	11,119	$	—	$	—	$	11,119
Credit Default Swap Agreements**		—		2,803		—		2,803
Total Liabilities	$	11,119	$	2,803	$	—	$	13,922

** 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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	721,015	$	—	$	—	$	—	$	5,862	$	726,877		29,310	$	20,645
Guggenheim Ultra Short Duration Fund — Institutional Class		373,439		—		—		—		4,145		377,584		37,683		9,732
	$	1,094,454	$	—	$	—	$	—	$	10,007	$	1,104,461			$	30,377

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 335

INVERSE HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $564,853)	$	564,860
Investments in affiliated issuers, at value (cost $1,096,686)		1,104,461
Repurchase agreements, at value (cost $3,617,173)		3,617,173
Segregated cash with broker		594,612
Receivables:
Variation margin on credit default swap agreements		75,362
Variation margin on futures contracts		14,839
Dividends		4,752
Interest		488
Fund shares sold		22
Total assets		5,976,569
Liabilities:
Unamortized upfront premiums received on credit default swap agreements		382,090
Payable for:
Swap settlement		22,270
Protection fees on credit default swap agreements		8,021
Management fees		3,156
Transfer agent fees		2,627
Distribution and service fees		1,087
Portfolio accounting and administration fees		442
Trustees’ fees*		52
Miscellaneous		3,604
Total liabilities		423,349
Net assets	$	5,553,220
Net assets consist of:
Paid in capital	$	16,890,163
Total distributable earnings (loss)		(11,336,943	)
Net assets	$	5,553,220
Class A:
Net assets	$	239,828
Capital shares outstanding		5,079
Net asset value per share	$	47.22
Maximum offering price per share (Net asset value divided by 95.25%)	$	49.57
Class C:
Net assets	$	18,254
Capital shares outstanding		443
Net asset value per share	$	41.24
Class H:
Net assets	$	5,295,138
Capital shares outstanding		109,279
Net asset value per share	$	48.46

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	30,377
Interest		139,643
Total investment income		170,020
Expenses:
Management fees		24,915
Distribution and service fees:
Class A		310
Class C		139
Class H		7,960
Transfer agent fees		6,825
Portfolio accounting and administration fees		5,068
Registration fees		3,577
Professional fees		1,607
Trustees’ fees*		436
Custodian fees		426
Miscellaneous		725
Total expenses		51,988
Less:
Expenses reimbursed by Adviser		(1,659	)
Expenses waived by Adviser		(469	)
Total waived expenses		(2,128	)
Net expenses		49,860
Net investment income		120,160
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		4
Swap agreements		(223,181	)
Futures contracts		(126,282	)
Net realized loss		(349,459	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		8
Investments in affiliated issuers		10,007
Swap agreements		10,419
Futures contracts		7,057
Net change in unrealized appreciation (depreciation)		27,491
Net realized and unrealized loss		(321,968	)
Net decrease in net assets resulting from operations	$	(201,808	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

336 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	120,160		$	397,509
Net realized loss on investments		(349,459	)		(1,040,432	)
Net change in unrealized appreciation (depreciation) on investments		27,491			490,522
Net decrease in net assets resulting from operations		(201,808	)		(152,401	)
Capital share transactions:
Proceeds from sale of shares
Class A		59,307			149,996
Class C		10,000			14,129
Class H		12,203,736			37,702,557
Cost of shares redeemed
Class A		(44,936	)		(259,305	)
Class C		(15,005	)		(73,793	)
Class H		(12,823,360	)		(49,378,394	)
Net decrease from capital share transactions		(610,258	)		(11,844,810	)
Net decrease in net assets		(812,066	)		(11,997,211	)
Net assets:
Beginning of period		6,365,286			18,362,497
End of period	$	5,553,220		$	6,365,286
Capital share activity:
Shares sold
Class A		1,215			2,986
Class C		231			320
Class H		240,737			732,244
Shares redeemed
Class A		(930	)		(5,233	)
Class C		(359	)		(1,679	)
Class H		(254,234	)		(960,166	)
Net decrease in shares		(13,340	)		(231,528	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 337

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	48.49		$	49.81		$	49.19		$	50.15		$	62.01		$	60.47
Income (loss) from investment operations:
Net investment income (loss)b		.88			1.72			(.01	)		(.64	)		(.68	)		.24
Net gain (loss) on investments (realized and unrealized)		(2.15	)		(3.04	)		.63	f		.82			(7.31	)		1.30
Total from investment operations		(1.27	)		(1.32	)		.62			.18			(7.99	)		1.54
Less distributions from:
Net investment income		—			—			—			(1.14	)		(3.87	)		—
Total distributions		—			—			—			(1.14	)		(3.87	)		—
Net asset value, end of period	$	47.22		$	48.49		$	49.81		$	49.19		$	50.15		$	62.01
Total Returnc		(2.62	%)		(2.65	%)		1.26	%		0.47	%		(12.88	%)		2.56	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	240		$	232		$	351		$	238		$	5,612		$	256
Ratios to average net assets:
Net investment income (loss)		3.62	%		3.43	%		(0.02	%)		(1.31	%)		(1.28	%)		0.40	%
Total expensesd		1.57	%		1.58	%		1.55	%		1.50	%		1.56	%		1.62	%
Net expensese		1.50	%		1.54	%		1.55	%		1.49	%		1.54	%		1.61	%
Portfolio turnover rate		—			—			—			344	%		438	%		254	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	42.50		$	44.00		$	43.75		$	44.74		$	56.62		$	55.76
Income (loss) from investment operations:
Net investment income (loss)b		.61			1.17			.01			(.81	)		(.90	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		(1.87	)		(2.67	)		.24	f		.96			(7.11	)		.91
Total from investment operations		(1.26	)		(1.50	)		.25			.15			(8.01	)		.86
Less distributions from:
Net investment income		—			—			—			(1.14	)		(3.87	)		—
Total distributions		—			—			—			(1.14	)		(3.87	)		—
Net asset value, end of period	$	41.24		$	42.50		$	44.00		$	43.75		$	44.74		$	56.62
Total Returnc		(2.96	%)		(3.41	%)		0.57	%		0.45	%		(14.23	%)		1.54	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	18		$	24		$	85		$	119		$	162		$	362
Ratios to average net assets:
Net investment income (loss)		2.87	%		2.64	%		0.01	%		(1.88	%)		(1.78	%)		(0.09	%)
Total expensesd		2.32	%		2.33	%		2.29	%		2.26	%		2.36	%		2.37	%
Net expensese		2.25	%		2.29	%		2.29	%		2.22	%		2.31	%		2.34	%
Portfolio turnover rate		—			—			—			344	%		438	%		254	%

338 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	49.75		$	51.12		$	50.44		$	50.99		$	63.45		$	61.97
Income (loss) from investment operations:
Net investment income (loss)b		.91			1.75			.47			(.68	)		(.74	)		.06
Net gain (loss) on investments (realized and unrealized)		(2.20	)		(3.12	)		.21	f		1.27			(7.85	)		1.42
Total from investment operations		(1.29	)		(1.37	)		.68			.59			(8.59	)		1.48
Less distributions from:
Net investment income		—			—			—			(1.14	)		(3.87	)		—
Total distributions		—			—			—			(1.14	)		(3.87	)		—
Net asset value, end of period	$	48.46		$	49.75		$	51.12		$	50.44		$	50.99		$	63.45
Total Return		(2.59	%)		(2.68	%)		1.35	%		1.27	%		(13.58	%)		2.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,295		$	6,109		$	17,927		$	6,706		$	3,719		$	13,479
Ratios to average net assets:
Net investment income (loss)		3.62	%		3.39	%		0.88	%		(1.35	%)		(1.26	%)		0.09	%
Total expensesd		1.56	%		1.58	%		1.54	%		1.52	%		1.62	%		1.64	%
Net expensese		1.50	%		1.55	%		1.53	%		1.51	%		1.60	%		1.62	%
Portfolio turnover rate		—			—			—			344	%		438	%		254	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 339

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
EMERGING MARKETS 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 42.4%
Communications - 13.9%
Alibaba Group Holding Ltd. ADR		1,688	$	179,130
PDD Holdings, Inc. ADR*		581		78,325
JD.com, Inc. ADR		1,327		53,080
Trip.com Group Ltd. ADR*		513		30,487
Baidu, Inc. ADR*		265		27,902
America Movil SAB de CV ADR		885		14,479
Chunghwa Telecom Company Ltd. ADR		353		14,003
Telkom Indonesia Persero Tbk PT ADR		441		8,723
Tencent Music Entertainment Group ADR		615		7,411
Full Truck Alliance Company Ltd. ADR		688		6,199
Kanzhun Ltd. ADR		308		5,347
Total Communications				425,086
Technology - 12.7%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		1,446		251,127
Infosys Ltd. ADR1		3,003		66,877
NetEase, Inc. ADR		323		30,204
United Microelectronics Corp. ADR1		2,163		18,212
ASE Technology Holding Company Ltd. ADR		1,589		15,509
Wipro Ltd. ADR1		1,311		8,495
Total Technology				390,424
Financial - 7.7%
HDFC Bank Ltd. ADR		1,562		97,719
ICICI Bank Ltd. ADR		1,897		56,625
KB Financial Group, Inc. ADR		352		21,736
Shinhan Financial Group Company Ltd. ADR		473		20,041
KE Holdings, Inc. ADR		664		13,220
Banco Bradesco S.A. ADR		4,929		13,111
Woori Financial Group, Inc. ADR1		204		7,289
Banco de Chile ADR		206		5,214
Total Financial				234,955
Basic Materials - 3.0%
Vale S.A. ADR		3,328		38,871
POSCO Holdings, Inc. ADR		283		19,807
Gold Fields Ltd. ADR		829		12,725
Suzano S.A. ADR1		645		6,450
Sociedad Quimica y Minera de Chile S.A. ADR1		133		5,544
Harmony Gold Mining Company Ltd. ADR		512		5,207
Gerdau S.A. ADR		1,288		4,508
Total Basic Materials				93,112
Consumer, Non-cyclical - 2.0%
Fomento Economico Mexicano SAB de CV ADR		164		16,188
BeiGene Ltd. ADR*		58		13,022
Ambev S.A. ADR		4,095		9,992
Dr Reddy’s Laboratories Ltd. ADR		113		8,978
New Oriental Education & Technology Group, Inc. ADR		118		8,949
Coca-Cola Femsa SAB de CV ADR		49		4,347
Total Consumer, Non-cyclical				61,476
Industrial - 1.1%
ZTO Express Cayman, Inc. ADR		349		8,645
Cemex SAB de CV ADR		1,405		8,570
Grupo Aeroportuario del Pacifico SAB de CV ADR		38		6,613
Embraer S.A. ADR*		160		5,659
Grupo Aeroportuario del Sureste SAB de CV ADR		16		4,524
Total Industrial				34,011
Consumer, Cyclical - 0.8%
Li Auto, Inc. ADR*,1		589		15,108
NIO, Inc. ADR*,1		1,626		10,862
Total Consumer, Cyclical				25,970
Energy - 0.8%
Petroleo Brasileiro S.A. ADR		1,727		24,886
Utilities - 0.4%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR		425		7,029
Centrais Eletricas Brasileiras S.A. ADR1		847		6,124
Total Utilities				13,153
Total Common Stocks
(Cost $764,508)				1,303,073
PREFERRED STOCKS† - 1.9%
Financial - 1.0%
Itau Unibanco Holding S.A. ADR		4,498		29,912
Energy - 0.9%
Petroleo Brasileiro S.A. ADR		2,054		27,092
Total Preferred Stocks
(Cost $37,568)				57,004
	Face Amount
REPURCHASE AGREEMENTS††,2 - 52.5%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/243	$	883,412		883,412
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/243		729,657		729,657
Total Repurchase Agreements
(Cost $1,613,069)				1,613,069

340 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
EMERGING MARKETS 2x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,4 - 3.7%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%5		112,491	$	112,491
Total Securities Lending Collateral
(Cost $112,491)				112,491
Total Investments - 100.5%
(Cost $2,527,636)			$	3,085,637
Other Assets & Liabilities, net - (0.5)%				(15,733	)
Total Net Assets - 100.0%			$	3,069,904

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

S&P Emerging 50 ADR Index

Pay

5.08% (Federal Funds Rate + 0.25%)

At Maturity

12/18/24

1,158

$

3,687,916

$

98,017

BNP Paribas

S&P Emerging 50 ADR Index

Pay

5.43% (Federal Funds Rate + 0.60%)

At Maturity

12/19/24

348

1,108,400

31,523

$

4,796,316

$

129,540

*	Non-income producing security.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — 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, 2024.
4	Securities lending collateral — See Note 7.
5	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 341

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
EMERGING MARKETS 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	1,303,073	$	—	$	—	$	1,303,073
Preferred Stocks		57,004		—		—		57,004
Repurchase Agreements		—		1,613,069		—		1,613,069
Securities Lending Collateral		112,491		—		—		112,491
Equity Index Swap Agreements**		—		129,540		—		129,540
Total Assets	$	1,472,568	$	1,742,609	$	—	$	3,215,177

** This derivative is reported as unrealized appreciation/depreciation at period end.

342 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

EMERGING MARKETS 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $108,517 of securities loaned (cost $914,567)		$	1,472,568
Repurchase agreements, at value (cost $1,613,069)			1,613,069
Cash			655
Unrealized appreciation on OTC swap agreements			129,540
Receivables:
Fund shares sold			129,435
Swap settlement			9,485
Dividends			2,647
Interest			218
Securities lending income			41
Total assets			3,357,658
Liabilities:
Segregated cash due to broker			120,000
Payable for:
Return of securities lending collateral			112,491
Fund shares redeemed			48,977
Management fees			1,900
Transfer agent fees			1,252
Distribution and service fees			671
Portfolio accounting and administration fees			222
Trustees’ fees*			25
Miscellaneous			2,216
Total liabilities			287,754
Net assets	��	$	3,069,904
Net assets consist of:
Paid in capital		$	17,934,946
Total distributable earnings (loss)			(14,865,042	)
Net assets		$	3,069,904
Class A:
Net assets		$	249,474
Capital shares outstanding			3,505
Net asset value per share		$	71.18
Maximum offering price per share (Net asset value divided by 95.25%)		$	74.73
Class C:
Net assets		$	252,355
Capital shares outstanding			3,899
Net asset value per share		$	64.72
Class H:
Net assets		$	2,568,075
Capital shares outstanding			36,200
Net asset value per share		$	70.94

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $816)	$	21,643
Interest		46,059
Income from securities lending, net		508
Total investment income		68,210
Expenses:
Management fees		13,236
Distribution and service fees:
Class A		264
Class C		910
Class H		3,187
Transfer agent fees		3,148
Portfolio accounting and administration fees		3,017
Registration fees		1,637
Interest expense		1,060
Professional fees		682
Custodian fees		189
Trustees’ fees*		186
Miscellaneous		945
Total expenses		28,461
Less:
Expenses reimbursed by Adviser		(1,470	)
Net expenses		26,991
Net investment income		41,219
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		47,500
Swap agreements		346,685
Net realized gain		394,185
Net change in unrealized appreciation (depreciation) on:
Investments		117,634
Swap agreements		195,414
Net change in unrealized appreciation (depreciation)		313,048
Net realized and unrealized gain		707,233
Net increase in net assets resulting from operations	$	748,452

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 343

EMERGING MARKETS 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	41,219		$	85,880
Net realized gain on investments		394,185			382,168
Net change in unrealized appreciation (depreciation) on investments		313,048			(9,018	)
Net increase in net assets resulting from operations		748,452			459,030
Distributions to shareholders:
Class A		—			(5,559	)
Class C		—			(1,980	)
Class H		—			(118,887	)
Total distributions to shareholders		—			(126,426	)
Capital share transactions:
Proceeds from sale of shares
Class A		324,843			1,709,814
Class C		150,024			71,088
Class H		47,227,889			95,653,191
Distributions reinvested
Class A		—			5,559
Class C		—			1,880
Class H		—			118,161
Cost of shares redeemed
Class A		(318,587	)		(1,844,361	)
Class C		(60,957	)		(98,102	)
Class H		(47,996,733	)		(96,053,650	)
Net decrease from capital share transactions		(673,521	)		(436,420	)
Net increase (decrease) in net assets		74,931			(103,816	)
Net assets:
Beginning of period		2,994,973			3,098,789
End of period	$	3,069,904		$	2,994,973
Capital share activity:
Shares sold
Class A		5,375			31,716
Class C		2,737			1,483
Class H		792,945			1,824,086
Shares issued from reinvestment of distributions
Class A		—			108
Class C		—			40
Class H		—			2,291
Shares redeemed
Class A		(5,410	)		(35,082	)
Class C		(972	)		(2,027	)
Class H		(804,571	)		(1,826,338	)
Net decrease in shares		(9,896	)		(3,723	)

344 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	56.30		$	54.39		$	68.28		$	116.33		$	44.29		$	71.02
Income (loss) from investment operations:
Net investment income (loss)b		.96			1.36			.89			(.03	)		(.94	)		.17
Net gain (loss) on investments (realized and unrealized)		13.92			1.76			(14.78	)		(48.02	)		72.98			(26.42	)
Total from investment operations		14.88			3.12			(13.89	)		(48.05	)		72.04			(26.25	)
Less distributions from:
Net investment income		—			(1.21	)		—			—			—			(.48	)
Total distributions		—			(1.21	)		—			—			—			(.48	)
Net asset value, end of period	$	71.18		$	56.30		$	54.39		$	68.28		$	116.33		$	44.29
Total Returnc		26.43	%		5.93	%		(20.35	%)		(41.30	%)		162.66	%		(37.27	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	249		$	199		$	370		$	193		$	647		$	628
Ratios to average net assets:
Net investment income (loss)		3.18	%		2.58	%		1.67	%		(0.03	%)		(1.10	%)		0.25	%
Total expenses		1.87	%		1.91	%		1.85	%		1.75	%		1.83	%		1.86	%
Net expensesd		1.77	%		1.84	%		1.82	%		1.75	%		1.83	%		1.86	%
Portfolio turnover rate		469	%		905	%		416	%		266	%		632	%		974	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	51.39		$	50.17		$	63.47		$	108.94		$	41.79		$	67.53
Income (loss) from investment operations:
Net investment income (loss)b		.62			.79			.69			(.48	)		(1.69	)		(.28	)
Net gain (loss) on investments (realized and unrealized)		12.71			1.64			(13.99	)		(44.99	)		68.84			(24.98	)
Total from investment operations		13.33			2.43			(13.30	)		(45.47	)		67.15			(25.26	)
Less distributions from:
Net investment income		—			(1.21	)		—			—			—			(.48	)
Total distributions		—			(1.21	)		—			—			—			(.48	)
Net asset value, end of period	$	64.72		$	51.39		$	50.17		$	63.47		$	108.94		$	41.79
Total Returnc		25.94	%		5.07	%		(20.97	%)		(41.74	%)		160.68	%		(37.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	252		$	110		$	132		$	311		$	449		$	161
Ratios to average net assets:
Net investment income (loss)		2.24	%		1.64	%		1.43	%		(0.55	%)		(1.95	%)		(0.44	%)
Total expenses		2.62	%		2.68	%		2.57	%		2.50	%		2.57	%		2.60	%
Net expensesd		2.52	%		2.60	%		2.54	%		2.50	%		2.57	%		2.60	%
Portfolio turnover rate		469	%		905	%		416	%		266	%		632	%		974	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 345

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	56.16		$	54.34		$	68.26		$	116.30		$	44.29		$	71.02
Income (loss) from investment operations:
Net investment income (loss)b		.81			1.32			1.20			.01			(1.28	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		13.97			1.71			(15.12	)		(48.05	)		73.29			(26.20	)
Total from investment operations		14.78			3.03			(13.92	)		(48.04	)		72.01			(26.25	)
Less distributions from:
Net investment income		—			(1.21	)		—			—			—			(.48	)
Total distributions		—			(1.21	)		—			—			—			(.48	)
Net asset value, end of period	$	70.94		$	56.16		$	54.34		$	68.26		$	116.30		$	44.29
Total Return		26.32	%		5.78	%		(20.41	%)		(41.31	%)		162.59	%		(37.27	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,568		$	2,686		$	2,597		$	2,810		$	6,808		$	1,464
Ratios to average net assets:
Net investment income (loss)		2.81	%		2.53	%		2.35	%		0.01	%		(1.29	%)		(0.07	%)
Total expenses		1.89	%		1.93	%		1.82	%		1.75	%		1.81	%		1.87	%
Net expensesd		1.79	%		1.85	%		1.76	%		1.75	%		1.81	%		1.87	%
Portfolio turnover rate		469	%		905	%		416	%		266	%		632	%		974	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

346 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE EMERGING MARKETS 2x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 83.4%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/242	$	174,811	$	174,811
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/242		144,386		144,386
Total Repurchase Agreements
(Cost $319,197)				319,197
Total Investments - 83.4%
(Cost $319,197)			$	319,197
Other Assets & Liabilities, net - 16.6%				63,556
Total Net Assets - 100.0%			$	382,753

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements Sold Short††

Goldman Sachs International

S&P Emerging 50 ADR Index

Receive

4.08% (Federal Funds Rate - 0.75%)

At Maturity

12/18/24

152

$

483,814

$

47

BNP Paribas

S&P Emerging 50 ADR Index

Receive

4.63% (Federal Funds Rate - 0.20%)

At Maturity

12/19/24

88

279,114

(7,938

)

$

762,928

$

(7,891

)

††	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, 2024. ADR — American Depositary Receipt
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 347

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INVERSE EMERGING MARKETS 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Repurchase Agreements	$	—	$	319,197	$	—	$	319,197
Equity Index Swap Agreements**		—		47		—		47
Total Assets	$	—	$	319,244	$	—	$	319,244

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	7,938	$	—	$	7,938

** This derivative is reported as unrealized appreciation/depreciation at period end.

348 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE EMERGING MARKETS 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Repurchase agreements, at value (cost $319,197)		319,197
Unrealized appreciation on OTC swap agreements		47
Receivables:
Fund shares sold		73,732
Interest		43
Total assets		393,019
Liabilities:
Unrealized depreciation on OTC swap agreements		7,938
Payable for:
Swap settlement		1,596
Management fees		215
Transfer agent fees		144
Distribution and service fees		64
Portfolio accounting and administration fees		26
Trustees’ fees*		3
Miscellaneous		280
Total liabilities		10,266
Net assets	$	382,753
Net assets consist of:
Paid in capital	$	20,441,564
Total distributable earnings (loss)		(20,058,811	)
Net assets	$	382,753
Class A:
Net assets	$	48,904
Capital shares outstanding		6,095
Net asset value per share	$	8.02
Maximum offering price per share (Net asset value divided by 95.25%)	$	8.42
Class C:
Net assets	$	69,882
Capital shares outstanding		8,903
Net asset value per share	$	7.85
Class H:
Net assets	$	263,967
Capital shares outstanding		32,642
Net asset value per share	$	8.09

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Interest	$	9,243
Total investment income		9,243
Expenses:
Management fees		1,553
Distribution and service fees:
Class A		30
Class C		26
Class H		398
Transfer agent fees		368
Portfolio accounting and administration fees		356
Registration fees		182
Professional fees		82
Custodian fees		22
Trustees’ fees*		19
Miscellaneous		123
Total expenses		3,159
Less:
Expenses reimbursed by Adviser		(172	)
Net expenses		2,987
Net investment income		6,256
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(37,709	)
Net realized loss		(37,709	)
Net change in unrealized appreciation (depreciation) on:
Swap agreements		(24,158	)
Net change in unrealized appreciation (depreciation)		(24,158	)
Net realized and unrealized loss		(61,867	)
Net decrease in net assets resulting from operations	$	(55,611	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 349

INVERSE EMERGING MARKETS 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	6,256		$	16,213
Net realized loss on investments		(37,709	)		(134,331	)
Net change in unrealized appreciation (depreciation) on investments		(24,158	)		26,165
Net decrease in net assets resulting from operations		(55,611	)		(91,953	)
Distributions to shareholders:
Class A		—			(185	)
Class C		—			(169	)
Class H		—			(14,212	)
Total distributions to shareholders		—			(14,566	)
Capital share transactions:
Proceeds from sale of shares
Class A		301,858			460,042
Class C		73,369			17,007
Class H		10,761,488			25,735,086
Distributions reinvested
Class A		—			185
Class C		—			169
Class H		—			14,168
Cost of shares redeemed
Class A		(322,483	)		(406,762	)
Class C		(9,060	)		(17,060	)
Class H		(10,731,094	)		(25,809,602	)
Net increase (decrease) from capital share transactions		74,078			(6,767	)
Net increase (decrease) in net assets		18,467			(113,286	)
Net assets:
Beginning of period		364,286			477,572
End of period	$	382,753		$	364,286
Capital share activity:
Shares sold
Class A		32,180			36,934
Class C		9,375			1,411
Class H		1,060,743			1,992,537
Shares issued from reinvestment of distributions
Class A		—			15
Class C		—			14
Class H		—			1,139
Shares redeemed
Class A		(31,590	)		(31,950	)
Class C		(945	)		(1,411	)
Class H		(1,055,080	)		(2,001,240	)
Net increase (decrease) in shares		14,683			(2,551	)

350 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	10.96		$	13.28		$	15.03		$	12.44		$	46.71		$	40.57
Income (loss) from investment operations:
Net investment income (loss)b		.20			.47			.11			(.23	)		(.54	)		(.16	)
Net gain (loss) on investments (realized and unrealized)		(3.14	)		(2.42	)		(1.86	)		2.82			(33.73	)		6.64
Total from investment operations		(2.94	)		(1.95	)		(1.75	)		2.59			(34.27	)		6.48
Less distributions from:
Net investment income		—			(.37	)		—			—			—			(.34	)
Total distributions		—			(.37	)		—			—			—			(.34	)
Net asset value, end of period	$	8.02		$	10.96		$	13.28		$	15.03		$	12.44		$	46.71
Total Returnc		(26.82	%)		(15.06	%)		(11.64	%)		20.82	%		(73.37	%)		16.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	49		$	60		$	7		$	14		$	2		$	147
Ratios to average net assets:
Net investment income (loss)		4.15	%		3.72	%		0.65	%		(1.86	%)		(1.81	%)		(0.37	%)
Total expenses		1.83	%		1.82	%		2.00	%		1.87	%		1.86	%		1.89	%
Net expensesd		1.73	%		1.75	%		1.97	%		1.87	%		1.86	%		1.89	%
Portfolio turnover rate		—			—			—			—			—			—

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	10.77		$	13.14		$	15.02		$	12.40		$	46.82		$	40.45
Income (loss) from investment operations:
Net investment income (loss)b		.14			.39			.01			(.36	)		(.69	)		(.31	)
Net gain (loss) on investments (realized and unrealized)		(3.06	)		(2.39	)		(1.89	)		2.98			(33.73	)		7.02
Total from investment operations		(2.92	)		(2.00	)		(1.88	)		2.62			(34.42	)		6.71
Less distributions from:
Net investment income		—			(.37	)		—			—			—			(.34	)
Total distributions		—			(.37	)		—			—			—			(.34	)
Net asset value, end of period	$	7.85		$	10.77		$	13.14		$	15.02		$	12.40		$	46.82
Total Returnc		(27.11	%)		(15.60	%)		(12.52	%)		21.13	%		(73.52	%)		16.96	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	70		$	5		$	6		$	7		$	6		$	103
Ratios to average net assets:
Net investment income (loss)		3.01	%		3.08	%		0.08	%		(2.44	%)		(2.62	%)		(1.09	%)
Total expenses		2.62	%		2.59	%		2.76	%		2.48	%		2.66	%		2.79	%
Net expensesd		2.54	%		2.51	%		2.73	%		2.48	%		2.66	%		2.79	%
Portfolio turnover rate		—			—			—			—			—			—

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 351

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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	11.08		$	13.46		$	15.17		$	12.54		$	46.39		$	40.27
Income (loss) from investment operations:
Net investment income (loss)b		.18			.43			.11			(.23	)		(.42	)		.07
Net gain (loss) on investments (realized and unrealized)		(3.17	)		(2.44	)		(1.82	)		2.86			(33.43	)		6.39
Total from investment operations		(2.99	)		(2.01	)		(1.71	)		2.63			(33.85	)		6.46
Less distributions from:
Net investment income		—			(.37	)		—			—			—			(.34	)
Total distributions		—			(.37	)		—			—			—			(.34	)
Net asset value, end of period	$	8.09		$	11.08		$	13.46		$	15.17		$	12.54		$	46.39
Total Return		(26.99	%)		(15.24	%)		(11.27	%)		20.97	%		(72.97	%)		16.40	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	264		$	299		$	465		$	1,265		$	400		$	649
Ratios to average net assets:
Net investment income (loss)		3.60	%		3.61	%		0.66	%		(1.70	%)		(1.85	%)		0.19	%
Total expenses		1.82	%		1.83	%		2.01	%		1.75	%		1.89	%		1.87	%
Net expensesd		1.72	%		1.75	%		1.97	%		1.75	%		1.89	%		1.87	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

352 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
EUROPE 1.25x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 45.7%
Consumer, Non-cyclical - 16.8%
Novo Nordisk A/S ADR		407	$	48,462
Nestle S.A. ADR		332		33,423
AstraZeneca plc ADR		392		30,541
Novartis AG ADR		255		29,330
Roche Holding AG ADR		712		28,444
Unilever plc ADR		320		20,787
Sanofi S.A. ADR		292		16,828
L’Oreal S.A. ADR1		153		13,734
RELX plc ADR		242		11,485
GSK plc ADR		271		11,078
Diageo plc ADR		70		9,824
EssilorLuxottica S.A. ADR		78		9,249
British American Tobacco plc ADR		252		9,218
Anheuser-Busch InBev S.A. ADR		122		8,087
Total Consumer, Non-cyclical				280,490
Financial - 8.0%
HSBC Holdings plc ADR1		464		20,968
Allianz SE ADR		499		16,377
UBS Group AG*		404		12,488
Zurich Insurance Group AG ADR1		370		11,163
Banco Santander S.A. ADR		1,969		10,042
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR		170		9,367
BNP Paribas S.A. ADR1		271		9,303
UniCredit SpA ADR		418		9,167
AXA S.A. ADR		234		9,035
London Stock Exchange Group plc ADR		256		8,896
Intesa Sanpaolo SpA ADR		341		8,760
ING Groep N.V. ADR		421		7,645
Total Financial				133,211
Industrial - 4.9%
Siemens AG ADR		191		19,301
Schneider Electric SE ADR1		366		19,299
ABB Ltd. ADR		202		11,700
Safran S.A. ADR		193		11,364
Airbus SE ADR		300		10,959
Vinci S.A. ADR		301		8,810
Total Industrial				81,433
Technology - 4.3%
ASML Holding N.V. — Class G		51		42,496
SAP SE ADR		130		29,783
Total Technology				72,279
Energy - 3.4%
Shell plc ADR		398		26,248
TotalEnergies SE ADR		305		19,709
BP plc ADR		362		11,363
Total Energy				57,320
Consumer, Cyclical - 3.1%
LVMH Moet Hennessy Louis Vuitton SE ADR		162		24,885
Hermes International SCA ADR		45		11,112
Cie Financiere Richemont S.A. ADR		683		10,798
Mercedes-Benz Group AG ADR		359		5,784
Total Consumer, Cyclical				52,579
Basic Materials - 2.2%
Air Liquide S.A. ADR		368		14,223
Rio Tinto plc ADR		136		9,679
Glencore plc ADR*		633		7,248
BASF SE ADR		454		5,989
Total Basic Materials				37,139
Utilities - 1.7%
Iberdrola S.A. ADR		184		11,406
National Grid plc ADR		128		8,918
Enel SpA ADR1		996		7,928
Total Utilities				28,252
Communications - 1.3%
Deutsche Telekom AG ADR		456		13,420
Prosus N.V. ADR		921		8,013
Total Communications				21,433
Total Common Stocks
(Cost $509,922)				764,136
MUTUAL FUNDS† - 8.3%
Guggenheim Ultra Short Duration Fund — Institutional Class2		7,027		70,411
Guggenheim Strategy Fund II2		2,760		68,460
Total Mutual Funds
(Cost $138,225)				138,871
	Face Amount
U.S. TREASURY BILLS†† - 7.8%
U.S. Treasury Bills
4.63% due 10/10/243,4	$	131,000		130,848
Total U.S. Treasury Bills
(Cost $130,832)				130,848
REPURCHASE AGREEMENTS††,5 - 38.8%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24		356,140		356,140
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		294,155		294,155
Total Repurchase Agreements
(Cost $650,295)				650,295

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 353

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
EUROPE 1.25x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,6 - 3.8%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%7		63,108	$	63,108
Total Securities Lending Collateral
(Cost $63,108)				63,108
Total Investments - 104.4%
(Cost $1,492,382)			$	1,747,258
Other Assets & Liabilities, net - (4.4)%				(73,307	)
Total Net Assets - 100.0%			$	1,673,951

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
STOXX 50 Index Futures Contracts		27		Dec 2024	$	1,349,850	$	11,198
Currency Futures Contracts Purchased†
Euro FX Futures Contracts		10		Dec 2024		1,395,875		9,549

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at www.sec.gov.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2024 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at September 30, 2024.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 6.
6	Securities lending collateral — See Note 7.
7	Rate indicated is the 7-day yield as of September 30, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

354 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
EUROPE 1.25x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	764,136	$	—	$	—	$	764,136
Mutual Funds		138,871		—		—		138,871
U.S. Treasury Bills		—		130,848		—		130,848
Repurchase Agreements		—		650,295		—		650,295
Securities Lending Collateral		63,108		—		—		63,108
Equity Futures Contracts**		11,198		—		—		11,198
Currency Futures Contracts**		9,549		—		—		9,549
Total Assets	$	986,862	$	781,143	$	—	$	1,768,005

** 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 “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2023 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000182126823000217/gug86449-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/24		Shares 09/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	67,907	$	—	$	—	$	—	$	552	$	68,460		2,760	$	1,945
Guggenheim Ultra Short Duration Fund — Institutional Class		69,638		—		—		—		774		70,411		7,027		1,811
	$	137,545	$	—	$	—	$	—	$	1,326	$	138,871			$	3,756

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 355

EUROPE 1.25x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments in unaffiliated issuers, at value - including $60,891 of securities loaned (cost $703,862)	$	958,092
Investments in affiliated issuers, at value (cost $138,225)		138,871
Repurchase agreements, at value (cost $650,295)		650,295
Cash		344
Receivables:
Foreign tax reclaims		17,979
Fund shares sold		4,880
Dividends		1,388
Securities lending income		609
Investment Adviser		148
Interest		87
Total assets		1,772,693
Liabilities:
Payable for:
Return of securities lending collateral		63,108
Variation margin on futures contracts		16,075
Fund shares redeemed		11,368
Management fees		2,784
Transfer agent fees		1,404
Distribution and service fees		796
Trustees’ fees*		26
Miscellaneous		3,181
Total liabilities		98,742
Net assets	$	1,673,951
Net assets consist of:
Paid in capital	$	1,426,596
Total distributable earnings (loss)		247,355
Net assets	$	1,673,951
Class A:
Net assets	$	84,811
Capital shares outstanding		663
Net asset value per share	$	127.92
Maximum offering price per share (Net asset value divided by 95.25%)	$	134.30
Class C:
Net assets	$	43,254
Capital shares outstanding		424
Net asset value per share	$	102.01
Class H:
Net assets	$	1,545,886
Capital shares outstanding		12,275
Net asset value per share	$	125.94

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $2,505)	$	22,439
Dividends from securities of affiliated issuers		3,756
Interest		45,876
Income from securities lending, net		2,239
Total investment income		74,310
Expenses:
Management fees		15,348
Distribution and service fees:
Class A		519
Class C		769
Class H		3,552
Transfer agent fees		3,488
Portfolio accounting and administration fees		2,602
Professional fees		836
Custodian fees		221
Trustees’ fees*		203
Miscellaneous		2,771
Total expenses		30,309
Less:
Expenses reimbursed by Adviser		(2,156	)
Expenses waived by Adviser		(88	)
Total waived/reimbursed expenses		(2,244	)
Net expenses		28,065
Net investment income		46,245
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		287,478
Futures contracts		378,798
Foreign currency transactions		390
Net realized gain		666,666
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		4,018
Investments in affiliated issuers		1,326
Futures contracts		15,305
Foreign currency translations		15
Net change in unrealized appreciation (depreciation)		20,664
Net realized and unrealized gain		687,330
Net increase in net assets resulting from operations	$	733,575

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

356 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

EUROPE 1.25x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	46,245		$	160,899
Net realized gain on investments		666,666			373,278
Net change in unrealized appreciation (depreciation) on investments		20,664			11,551
Net increase in net assets resulting from operations		733,575			545,728
Distributions to shareholders:
Class A		—			(5,330	)
Class C		—			(2,990	)
Class H		—			(19,342	)
Total distributions to shareholders		—			(27,662	)
Capital share transactions:
Proceeds from sale of shares
Class A		399,873			55,633,399
Class C		102,116			905,676
Class H		90,687,891			36,893,142
Distributions reinvested
Class A		—			5,211
Class C		—			2,052
Class H		—			19,247
Cost of shares redeemed
Class A		(843,186	)		(55,672,258	)
Class C		(243,189	)		(918,503	)
Class H		(91,598,794	)		(48,981,942	)
Net decrease from capital share transactions		(1,495,289	)		(12,113,976	)
Net decrease in net assets		(761,714	)		(11,595,910	)
Net assets:
Beginning of period		2,435,665			14,031,575
End of period	$	1,673,951		$	2,435,665
Capital share activity:
Shares sold
Class A		3,215			511,589
Class C		1,036			10,433
Class H		751,361			340,783
Shares issued from reinvestment of distributions
Class A		—			48
Class C		—			25
Class H		—			179
Shares redeemed
Class A		(6,840	)		(510,986	)
Class C		(2,479	)		(10,500	)
Class H		(753,619	)		(454,633	)
Net decrease in shares		(7,326	)		(113,061	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 357

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	121.23		$	106.74		$	101.20		$	94.56		$	69.30		$	85.18
Income (loss) from investment operations:
Net investment income (loss)b		2.10			2.61			1.76			(.96	)		(.93	)		.63
Net gain (loss) on investments (realized and unrealized)		4.59			12.63			3.78	f		7.60	f		30.74			(16.07	)f
Total from investment operations		6.69			15.24			5.54			6.64			29.81			(15.44	)
Less distributions from:
Net investment income		—			(.75	)		—			—			(4.55	)		(.44	)
Total distributions		—			(.75	)		—			—			(4.55	)		(.44	)
Net asset value, end of period	$	127.92		$	121.23		$	106.74		$	101.20		$	94.56		$	69.30
Total Returnc		5.52	%		14.35	%		5.48	%		7.02	%		43.39	%		(18.25	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	85		$	520		$	388		$	482		$	130		$	217
Ratios to average net assets:
Net investment income (loss)		3.40	%		2.41	%		1.84	%		(0.93	%)		(1.10	%)		0.72	%
Total expensesd		1.73	%		1.74	%		1.79	%		1.72	%		1.75	%		1.77	%
Net expensese		1.62	%		1.66	%		1.74	%		1.70	%		1.73	%		1.73	%
Portfolio turnover rate		1,496	%		1,595	%		231	%		517	%		534	%		1,787	%

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	96.99		$	86.21		$	82.72		$	77.88		$	58.24		$	72.13
Income (loss) from investment operations:
Net investment income (loss)b		1.32			1.28			.94			(1.18	)		(.96	)		(.18	)
Net gain (loss) on investments (realized and unrealized)		3.70			10.25			2.55	f		6.02	f		25.15			(13.27	)f
Total from investment operations		5.02			11.53			3.49			4.84			24.19			(13.45	)
Less distributions from:
Net investment income		—			(.75	)		—			—			(4.55	)		(.44	)
Total distributions		—			(.75	)		—			—			(4.55	)		(.44	)
Net asset value, end of period	$	102.01		$	96.99		$	86.21		$	82.72		$	77.88		$	58.24
Total Returnc		5.18	%		13.48	%		4.22	%		6.21	%		41.93	%		(18.79	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	43		$	181		$	165		$	483		$	142		$	296
Ratios to average net assets:
Net investment income (loss)		2.67	%		1.47	%		1.17	%		(1.41	%)		(1.50	%)		(0.25	%)
Total expensesd		2.48	%		2.51	%		2.53	%		2.48	%		2.58	%		2.49	%
Net expensese		2.37	%		2.42	%		2.48	%		2.46	%		2.55	%		2.45	%
Portfolio turnover rate		1,496	%		1,595	%		231	%		517	%		534	%		1,787	%

358 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	119.37		$	105.14		$	100.11		$	93.56		$	68.79		$	84.58
Income (loss) from investment operations:
Net investment income (loss)b		1.60			3.64			1.01			(.93	)		(.74	)		.58
Net gain (loss) on investments (realized and unrealized)		4.97			11.34			4.02	f		7.48	f		30.06			(15.93	)f
Total from investment operations		6.57			14.98			5.03			6.55			29.32			(15.35	)
Less distributions from:
Net investment income		—			(.75	)		—			—			(4.55	)		(.44	)
Total distributions		—			(.75	)		—			—			(4.55	)		(.44	)
Net asset value, end of period	$	125.94		$	119.37		$	105.14		$	100.11		$	93.56		$	68.79
Total Return		5.50	%		14.32	%		5.01	%		7.00	%		42.96	%		(18.28	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,546		$	1,735		$	13,479		$	4,182		$	1,410		$	1,344
Ratios to average net assets:
Net investment income (loss)		2.61	%		3.37	%		1.08	%		(0.90	%)		(0.88	%)		0.66	%
Total expensesd		1.75	%		1.76	%		1.77	%		1.71	%		1.77	%		1.80	%
Net expensese		1.61	%		1.69	%		1.73	%		1.69	%		1.74	%		1.76	%
Portfolio turnover rate		1,496	%		1,595	%		231	%		517	%		534	%		1,787	%

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the year does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 359

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
JAPAN 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 28.2%
U.S. Treasury Bills
4.63% due 10/10/241,2	$	492,000	$	491,428
Total U.S. Treasury Bills
(Cost $491,369)				491,428
REPURCHASE AGREEMENTS††,3 - 70.8%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24		673,887		673,887
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		556,599		556,599
Total Repurchase Agreements
(Cost $1,230,486)				1,230,486
Total Investments - 99.0%
(Cost $1,721,855)			$	1,721,914
Other Assets & Liabilities, net - 1.0%				16,674
Total Net Assets - 100.0%			$	1,738,588

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Equity Futures Contracts Purchased†
Nikkei 225 (CME) Index Futures Contracts		18		Dec 2024	$	3,444,750	$	257,015
Currency Futures Contracts Purchased†
Japanese Yen Futures Contracts		39		Dec 2024		3,426,150		(26,035	)

**	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, 2024.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 6.
	CME — Chicago Mercantile Exchange
	See Sector Classification in Other Information section.

360 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
JAPAN 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	491,428	$	—	$	491,428
Repurchase Agreements		—		1,230,486		—		1,230,486
Equity Futures Contracts**		257,015		—		—		257,015
Total Assets	$	257,015	$	1,721,914	$	—	$	1,978,929

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	26,035	$	—	$	—	$	26,035

** This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 361

JAPAN 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $491,369)	$	491,428
Repurchase agreements, at value (cost $1,230,486)		1,230,486
Receivables:
Variation margin on futures contracts		22,829
Fund shares sold		1,575
Interest		166
Total assets		1,746,484
Liabilities:
Payable for:
Fund shares redeemed		4,786
Management fees		955
Transfer agent fees		723
Distribution and service fees		319
Portfolio accounting and administration fees		131
Trustees’ fees*		14
Miscellaneous		15
Total liabilities		7,896
Net assets	$	1,738,588
Net assets consist of:
Paid in capital	$	3,592,078
Total distributable earnings (loss)		(1,853,490	)
Net assets	$	1,738,588
Class A:
Net assets	$	351,482
Capital shares outstanding		2,344
Net asset value per share	$	149.95
Maximum offering price per share (Net asset value divided by 95.25%)	$	157.43
Class C:
Net assets	$	651
Capital shares outstanding		5
Net asset value per share	$	131.63
Class H:
Net assets	$	1,386,455
Capital shares outstanding		9,173
Net asset value per share	$	151.15

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Interest	$	49,062
Total investment income		49,062
Expenses:
Management fees		6,772
Distribution and service fees:
Class A		484
Class C		25
Class H		1,767
Transfer agent fees		1,839
Portfolio accounting and administration fees		1,378
Registration fees		870
Professional fees		446
Custodian fees		115
Trustees’ fees*		97
Miscellaneous		326
Total expenses		14,119
Less:
Expenses reimbursed by Adviser		(451	)
Net expenses		13,668
Net investment income		35,394
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Futures contracts		(634,899	)
Net realized loss		(634,899	)
Net change in unrealized appreciation (depreciation) on:
Investments		61
Futures contracts		283,861
Net change in unrealized appreciation (depreciation)		283,922
Net realized and unrealized loss		(350,977	)
Net decrease in net assets resulting from operations	$	(315,583	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

362 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

JAPAN 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	35,394		$	96,866
Net realized gain (loss) on investments		(634,899	)		1,175,918
Net change in unrealized appreciation (depreciation) on investments		283,922			(456,037	)
Net increase (decrease) in net assets resulting from operations		(315,583	)		816,747
Distributions to shareholders:
Class A		—			(6,903	)
Class C		—			(36	)
Class H		—			(65,831	)
Total distributions to shareholders		—			(72,770	)
Capital share transactions:
Proceeds from sale of shares
Class A		71,596			367,084
Class C		2,713			54,791
Class H		1,669,657			12,144,683
Distributions reinvested
Class A		—			6,903
Class C		—			36
Class H		—			64,437
Cost of shares redeemed
Class A		(136,110	)		(183,316	)
Class C		(20,477	)		(34,007	)
Class H		(2,343,390	)		(17,911,961	)
Net decrease from capital share transactions		(756,011	)		(5,491,350	)
Net decrease in net assets		(1,071,594	)		(4,747,373	)
Net assets:
Beginning of period		2,810,182			7,557,555
End of period	$	1,738,588		$	2,810,183
Capital share activity:
Shares sold
Class A		544			2,482
Class C		23			455
Class H		11,699			92,132
Shares issued from reinvestment of distributions
Class A		—			59
Class C		—			-
Class H		—			545
Shares redeemed
Class A		(1,030	)		(1,475	)
Class C		(173	)		(338	)
Class H		(17,100	)		(140,294	)
Net decrease in shares		(6,037	)		(46,433	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 363

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	159.13		$	117.27		$	142.84		$	201.08		$	94.96		$	119.96
Income (loss) from investment operations:
Net investment income (loss)b		2.69			4.91			1.39			(2.21	)		(1.95	)		.91
Net gain (loss) on investments (realized and unrealized)		(11.87	)		44.41			(26.96	)		(56.03	)		109.13			(24.67	)
Total from investment operations		(9.18	)		49.32			(25.57	)		(58.24	)		107.18			(23.76	)
Less distributions from:
Net investment income		—			(7.46	)		—			—			(1.06	)		(1.24	)
Total distributions		—			(7.46	)		—			—			(1.06	)		(1.24	)
Net asset value, end of period	$	149.95		$	159.13		$	117.27		$	142.84		$	201.08		$	94.96
Total Returnc		(5.79	%)		44.34	%		(17.90	%)		(28.96	%)		112.92	%		(20.15	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	351		$	450		$	207		$	207		$	255		$	141
Ratios to average net assets:
Net investment income (loss)		3.90	%		3.77	%		1.27	%		(1.22	%)		(1.26	%)		0.70	%
Total expenses		1.56	%		1.57	%		1.50	%		1.51	%		1.58	%		1.63	%
Net expensesd		1.51	%		1.54	%		1.49	%		1.49	%		1.56	%		1.57	%
Portfolio turnover rate		—			—			—			—			15	%		—

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	140.30		$	104.92		$	128.84		$	182.53		$	87.00		$	110.80
Income (loss) from investment operations:
Net investment income (loss)b		2.08			3.51			.39			(3.48	)		(2.98	)		(.06	)
Net gain (loss) on investments (realized and unrealized)		(10.75	)		39.33			(24.31	)		(50.21	)		99.57			(22.50	)
Total from investment operations		(8.67	)		42.84			(23.92	)		(53.69	)		96.59			(22.56	)
Less distributions from:
Net investment income		—			(7.46	)		—			—			(1.06	)		(1.24	)
Total distributions		—			(7.46	)		—			—			(1.06	)		(1.24	)
Net asset value, end of period	$	131.63		$	140.30		$	104.92		$	128.84		$	182.53		$	87.00
Total Returnc		(6.18	%)		43.33	%		(18.57	%)		(29.41	%)		111.34	%		(20.75	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1		$	22		$	4		$	5		$	53		$	21
Ratios to average net assets:
Net investment income (loss)		3.38	%		3.05	%		0.40	%		(2.00	%)		(2.02	%)		(0.05	%)
Total expenses		2.29	%		2.30	%		2.30	%		2.25	%		2.32	%		2.38	%
Net expensesd		2.25	%		2.27	%		2.30	%		2.24	%		2.30	%		2.32	%
Portfolio turnover rate		—			—			—			—			15	%		—

364 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	160.43		$	118.13		$	143.98		$	202.65		$	95.70		$	120.89
Income (loss) from investment operations:
Net investment income (loss)b		2.75			4.48			1.64			(2.25	)		(2.07	)		.90
Net gain (loss) on investments (realized and unrealized)		(12.03	)		45.28			(27.49	)		(56.42	)		110.08			(24.85	)
Total from investment operations		(9.28	)		49.76			(25.85	)		(58.67	)		108.01			(23.95	)
Less distributions from:
Net investment income		—			(7.46	)		—			—			(1.06	)		(1.24	)
Total distributions		—			(7.46	)		—			—			(1.06	)		(1.24	)
Net asset value, end of period	$	151.15		$	160.43		$	118.13		$	143.98		$	202.65		$	95.70
Total Return		(5.79	%)		44.34	%		(17.95	%)		(28.95	%)		112.94	%		(20.17	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,386		$	2,338		$	7,347		$	1,049		$	1,560		$	817
Ratios to average net assets:
Net investment income (loss)		3.93	%		3.54	%		1.48	%		(1.22	%)		(1.27	%)		0.69	%
Total expenses		1.56	%		1.58	%		1.54	%		1.51	%		1.58	%		1.63	%
Net expensesd		1.51	%		1.56	%		1.53	%		1.49	%		1.56	%		1.58	%
Portfolio turnover rate		—			—			—			—			15	%		—

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 365

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
STRENGTHENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 2.0%
U.S. Treasury Bills
4.63% due 10/10/241,2	$	46,000	$	45,946
Total U.S. Treasury Bills
(Cost $45,941)				45,946
REPURCHASE AGREEMENTS††,3 - 75.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/244		954,479		954,479
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/244		788,356		788,356
Total Repurchase Agreements
(Cost $1,742,835)				1,742,835
Total Investments - 77.6%
(Cost $1,788,776)			$	1,788,781
Other Assets & Liabilities, net - 22.4%				517,789
Total Net Assets - 100.0%			$	2,306,570

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Currency Futures Contracts Purchased†
U.S. Dollar Index Futures Contracts		39		Dec 2024	$	3,920,085	$	5,647

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Currency Index Swap Agreements††

Goldman Sachs International

U.S. Dollar Index

Receive

N/A

At Maturity

12/20/24

6,346

$

637,853

$

(436

)

**	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, 2024.
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, 2024.
	See Sector Classification in Other Information section.

366 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
STRENGTHENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	45,946	$	—	$	45,946
Repurchase Agreements		—		1,742,835		—		1,742,835
Currency Futures Contracts**		5,647		—		—		5,647
Total Assets	$	5,647	$	1,788,781	$	—	$	1,794,428

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Index Swap Agreements**	$	—	$	436	$	—	$	436

** This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 367

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $45,941)	$	45,946
Repurchase agreements, at value (cost $1,742,835)		1,742,835
Segregated cash with broker		109
Receivables:
Fund shares sold		530,414
Variation margin on futures contracts		11,685
Interest		235
Total assets		2,331,224
Liabilities:
Unrealized depreciation on OTC swap agreements		436
Payable for:
Licensing fees		10,011
Fund shares redeemed		6,912
Management fees		2,337
Transfer agent fees		1,244
Swap settlement		1,186
Distribution and service fees		651
Portfolio accounting and administration fees		136
Trustees’ fees*		25
Miscellaneous		1,716
Total liabilities		24,654
Net assets	$	2,306,570
Net assets consist of:
Paid in capital	$	22,754,426
Total distributable earnings (loss)		(20,447,856	)
Net assets	$	2,306,570
Class A:
Net assets	$	353,802
Capital shares outstanding		5,886
Net asset value per share	$	60.11
Maximum offering price per share (Net asset value divided by 95.25%)	$	63.11
Class C:
Net assets	$	2,086
Capital shares outstanding		41
Net asset value per share	$	51.34
Class H:
Net assets	$	1,950,682
Capital shares outstanding		32,571
Net asset value per share	$	59.89

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Interest	$	70,623
Total investment income		70,623
Expenses:
Management fees		11,881
Distribution and service fees:
Class A		495
Class C		14
Class H		2,801
Transfer agent fees		2,745
Licensing fees		4,349
Portfolio accounting and fees		2,014
Registration fees		1,391
Professional fees		695
Custodian fees		169
Trustees’ fees*		168
Miscellaneous		365
Total expenses		27,087
Less:
Expenses reimbursed by Adviser		(1,320	)
Net expenses		25,767
Net investment income		44,856
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(19,623	)
Futures contracts		(85,470	)
Net realized loss		(105,093	)
Net change in unrealized appreciation (depreciation) on:
Investments		5
Swap agreements		(11,517	)
Futures contracts		(56,263	)
Net change in unrealized appreciation (depreciation)		(67,775	)
Net realized and unrealized loss		(172,868	)
Net decrease in net assets resulting from operations	$	(128,012	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

368 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	44,856		$	164,524
Net realized loss on investments		(105,093	)		(654,241	)
Net change in unrealized appreciation (depreciation) on investments		(67,775	)		453,802
Net decrease in net assets resulting from operations		(128,012	)		(35,915	)
Distributions to shareholders:
Class A		—			(8,436	)
Class C		—			(601	)
Class H		—			(71,717	)
Total distributions to shareholders		—			(80,754	)
Capital share transactions:
Proceeds from sale of shares
Class A		320,619			683,629
Class C		16,511			94,305
Class H		43,264,997			37,742,379
Distributions reinvested
Class A		—			7,532
Class C		—			206
Class H		—			71,112
Cost of shares redeemed
Class A		(374,839	)		(931,162	)
Class C		(23,634	)		(120,696	)
Class H		(43,207,343	)		(42,250,193	)
Net decrease from capital share transactions		(3,689	)		(4,702,888	)
Net decrease in net assets		(131,701	)		(4,819,557	)
Net assets:
Beginning of period		2,438,271			7,257,828
End of period	$	2,306,570		$	2,438,271
Capital share activity:
Shares sold
Class A		5,063			11,321
Class C		306			1,775
Class H		706,011			621,543
Shares issued from reinvestment of distributions
Class A		—			124
Class C		—			4
Class H		—			1,175
Shares redeemed
Class A		(5,949	)		(15,415	)
Class C		(435	)		(2,371	)
Class H		(705,479	)		(704,670	)
Net decrease in shares		(483	)		(86,514	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 369

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	62.78		$	58.06		$	52.63		$	48.47		$	55.34		$	52.46
Income (loss) from investment operations:
Net investment income (loss)b		1.08			2.11			.38			(.64	)		(.64	)		.16
Net gain (loss) on investments (realized and unrealized)		(3.75	)		3.88	f		5.05	f		4.80			(5.95	)		3.17
Total from investment operations		(2.67	)		5.99			5.43			4.16			(6.59	)		3.33
Less distributions from:
Net investment income		—			(1.27	)		—			—			(.28	)		(.45	)
Total distributions		—			(1.27	)		—			—			(.28	)		(.45	)
Net asset value, end of period	$	60.11		$	62.78		$	58.06		$	52.63		$	48.47		$	55.34
Total Returnc		(4.25	%)		10.36	%		10.32	%		8.58	%		(11.88	%)		6.38	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	354		$	425		$	624		$	1,023		$	1,464		$	2,535
Ratios to average net assets:
Net investment income (loss)		3.42	%		3.50	%		0.64	%		(1.32	%)		(1.26	%)		0.29	%
Total expensesd		2.06	%		1.91	%		1.82	%		1.89	%		1.91	%		2.00	%
Net expensese		1.96	%		1.83	%		1.79	%		1.86	%		1.87	%		1.96	%
Portfolio turnover rate		—			—			—			—			—			—

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	53.82		$	50.31		$	45.94		$	42.62		$	49.08		$	46.91
Income (loss) from investment operations:
Net investment income (loss)b		1.20			1.38			.23			(.87	)		(.90	)		(.16	)
Net gain (loss) on investments (realized and unrealized)		(3.68	)		3.40	f		4.14	f		4.19			(5.28	)		2.78
Total from investment operations		(2.48	)		4.78			4.37			3.32			(6.18	)		2.62
Less distributions from:
Net investment income		—			(1.27	)		—			—			(.28	)		(.45	)
Total distributions		—			(1.27	)		—			—			(.28	)		(.45	)
Net asset value, end of period	$	51.34		$	53.82		$	50.31		$	45.94		$	42.62		$	49.08
Total Returnc		(4.61	%)		9.57	%		9.51	%		7.79	%		(12.56	%)		5.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2		$	9		$	38		$	34		$	35		$	96
Ratios to average net assets:
Net investment income (loss)		2.70	%		2.66	%		0.43	%		(2.07	%)		(2.00	%)		(0.33	%)
Total expensesd		2.84	%		2.64	%		2.56	%		2.66	%		2.67	%		2.77	%
Net expensese		2.70	%		2.57	%		2.52	%		2.62	%		2.63	%		2.72	%
Portfolio turnover rate		—			—			—			—			—			—

370 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	62.55		$	57.86		$	52.44		$	48.29		$	55.12		$	52.25
Income (loss) from investment operations:
Net investment income (loss)b		1.06			2.07			.67			(.66	)		(.70	)		.12
Net gain (loss) on investments (realized and unrealized)		(3.72	)		3.89	f		4.75	f		4.81			(5.85	)		3.20
Total from investment operations		(2.66	)		5.96			5.42			4.15			(6.55	)		3.32
Less distributions from:
Net investment income		—			(1.27	)		—			—			(.28	)		(.45	)
Total distributions		—			(1.27	)		—			—			(.28	)		(.45	)
Net asset value, end of period	$	59.89		$	62.55		$	57.86		$	52.44		$	48.29		$	55.12
Total Return		(4.25	%)		10.35	%		10.34	%		8.59	%		(11.86	%)		6.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,951		$	2,004		$	6,596		$	4,190		$	2,437		$	10,549
Ratios to average net assets:
Net investment income (loss)		3.39	%		3.46	%		1.08	%		(1.36	%)		(1.36	%)		0.22	%
Total expensesd		2.05	%		1.90	%		1.81	%		1.89	%		1.94	%		2.00	%
Net expensese		1.95	%		1.83	%		1.77	%		1.85	%		1.90	%		1.96	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 371

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
WEAKENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 2.6%
U.S. Treasury Bills
4.63% due 10/10/241,2	$	36,000	$	35,958
Total U.S. Treasury Bills
(Cost $35,954)				35,958
REPURCHASE AGREEMENTS††,3 - 87.3%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/244		654,776		654,776
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/244		540,814		540,814
Total Repurchase Agreements
(Cost $1,195,590)				1,195,590
Total Investments - 89.9%
(Cost $1,231,544)			$	1,231,548
Other Assets & Liabilities, net - 10.1%				138,347
Total Net Assets - 100.0%			$	1,369,895

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Currency Futures Contracts Sold Short†
U.S. Dollar Index Futures Contracts		16		Dec 2024	$	1,608,240	$	11,559

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Currency Index Swap Agreements Sold Short††

Goldman Sachs International

U.S. Dollar Index

Pay

N/A

At Maturity

12/20/24

10,994

$

1,105,011

$

1,075

**	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, 2024.
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, 2024.
	See Sector Classification in Other Information section.

372 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
WEAKENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	35,958	$	—	$	35,958
Repurchase Agreements		—		1,195,590		—		1,195,590
Currency Futures Contracts**		11,559		—		—		11,559
Currency Index Swap Agreements**		—		1,075		—		1,075
Total Assets	$	11,559	$	1,232,623	$	—	$	1,244,182

** This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 373

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $35,954)	$	35,958
Repurchase agreements, at value (cost $1,195,590)		1,195,590
Unrealized appreciation on OTC swap agreements		1,075
Receivables:
Fund shares sold		225,735
Swap settlement		258
Interest		161
Total assets		1,458,777
Liabilities:
Payable for:
Fund shares redeemed		75,030
Variation margin on futures contracts		6,496
Management fees		1,365
Transfer agent fees		650
Distribution and service fees		379
Portfolio accounting and administration fees		80
Trustees’ fees*		13
Miscellaneous		4,869
Total liabilities		88,882
Net assets	$	1,369,895
Net assets consist of:
Paid in capital	$	11,740,249
Total distributable earnings (loss)		(10,370,354	)
Net assets	$	1,369,895
Class A:
Net assets	$	205,494
Capital shares outstanding		4,149
Net asset value per share	$	49.53
Maximum offering price per share (Net asset value divided by 95.25%)	$	52.00
Class C:
Net assets	$	429
Capital shares outstanding		10
Net asset value per share	$	42.13
Class H:
Net assets	$	1,163,972
Capital shares outstanding		23,538
Net asset value per share	$	49.45

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Interest	$	33,277
Total investment income		33,277
Expenses:
Management fees		5,619
Distribution and service fees:
Class A		254
Class C		2
Class H		1,306
Transfer agent fees		1,295
Licensing fees		1,971
Portfolio accounting and administration fees		953
Registration fees		322
Professional fees		317
Custodian fees		79
Trustees’ fees*		60
Miscellaneous		583
Total expenses		12,761
Less:
Expenses reimbursed by Adviser		(624	)
Net expenses		12,137
Net investment income		21,140
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		1,717
Futures contracts		(15,303	)
Net realized loss		(13,586	)
Net change in unrealized appreciation (depreciation) on:
Investments		4
Swap agreements		3,255
Futures contracts		36,488
Net change in unrealized appreciation (depreciation)		39,747
Net realized and unrealized gain		26,161
Net increase in net assets resulting from operations	$	47,301

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

374 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	21,140		$	47,547
Net realized loss on investments		(13,586	)		(225,508	)
Net change in unrealized appreciation (depreciation) on investments		39,747			(92,593	)
Net increase (decrease) in net assets resulting from operations		47,301			(270,554	)
Distributions to shareholders:
Class A		—			(2,465	)
Class C		—			(4	)
Class H		—			(8,970	)
Total distributions to shareholders		—			(11,439	)
Capital share transactions:
Proceeds from sale of shares
Class A		31,639			87,160
Class C		500			34,672
Class H		24,560,077			14,094,456
Distributions reinvested
Class A		—			2,464
Class C		—			4
Class H		—			8,717
Cost of shares redeemed
Class A		(48,318	)		(91,457	)
Class C		(364	)		(36,772	)
Class H		(24,165,834	)		(14,466,225	)
Net increase (decrease) from capital share transactions		377,700			(366,981	)
Net increase (decrease) in net assets		425,001			(648,974	)
Net assets:
Beginning of period		944,894			1,593,868
End of period	$	1,369,895		$	944,894
Capital share activity:
Shares sold
Class A		666			1,793
Class C		13			782
Class H		507,479			287,573
Shares issued from reinvestment of distributions
Class A		—			52
Class C		—			—
Class H		—			186
Shares redeemed
Class A		(1,004	)		(1,950	)
Class C		(10	)		(910	)
Class H		(499,930	)		(299,670	)
Net increase (decrease) in shares		7,214			(12,144	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 375

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.

Class A	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	46.20		$	48.96		$	55.46		$	63.71		$	57.85		$	63.74
Income (loss) from investment operations:
Net investment income (loss)b		.80			1.66			.52			(.74	)		(.84	)		.16
Net gain (loss) on investments (realized and unrealized)		2.53			(3.93	)		(7.02	)		(7.51	)		6.82			(5.84	)
Total from investment operations		3.33			(2.27	)		(6.50	)		(8.25	)		5.98			(5.68	)
Less distributions from:
Net investment income		—			(.49	)		—			—			(.12	)		(.21	)
Total distributions		—			(.49	)		—			—			(.12	)		(.21	)
Net asset value, end of period	$	49.53		$	46.20		$	48.96		$	55.46		$	63.71		$	57.85
Total Returnc		7.21	%		(4.65	%)		(11.72	%)		(12.95	%)		10.32	%		(8.94	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	205		$	207		$	225		$	192		$	387		$	237
Ratios to average net assets:
Net investment income (loss)		3.39	%		3.48	%		1.10	%		(1.18	%)		(1.30	%)		0.26	%
Total expensesd		2.06	%		1.91	%		1.74	%		1.90	%		1.90	%		2.01	%
Net expensese		1.96	%		1.83	%		1.69	%		1.84	%		1.86	%		2.00	%
Portfolio turnover rate		—			—			—			—			48	%		—

Class C	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	39.45		$	42.26		$	48.23		$	55.80		$	51.07		$	56.74
Income (loss) from investment operations:
Net investment income (loss)b		.45			1.20			.32			(1.06	)		(1.17	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		2.23			(3.52	)		(6.29	)		(6.51	)		6.02			(5.17	)
Total from investment operations		2.68			(2.32	)		(5.97	)		(7.57	)		4.85			(5.46	)
Less distributions from:
Net investment income		—			(.49	)		—			—			(.12	)		(.21	)
Total distributions		—			(.49	)		—			—			(.12	)		(.21	)
Net asset value, end of period	$	42.13		$	39.45		$	42.26		$	48.23		$	55.80		$	51.07
Total Returnc		6.79	%		(5.51	%)		(12.38	%)		(13.57	%)		9.50	%		(9.65	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	0		$	0		$	6		$	15		$	37		$	21
Ratios to average net assets:
Net investment income (loss)		2.37	%		2.87	%		0.81	%		(1.93	%)		(2.04	%)		(0.53	%)
Total expensesd		2.84	%		2.53	%		2.37	%		2.66	%		2.66	%		2.75	%
Net expensese		2.84	%		2.46	%		2.32	%		2.59	%		2.62	%		2.73	%
Portfolio turnover rate		—			—			—			—			48	%		—

376 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL 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.

Class H	Six Months Ended September 30, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	46.12		$	48.87		$	55.37		$	63.59		$	57.76		$	63.67
Income (loss) from investment operations:
Net investment income (loss)b		.80			1.68			.55			(.73	)		(.93	)		.07
Net gain (loss) on investments (realized and unrealized)		2.53			(3.94	)		(7.05	)		(7.49	)		6.88			(5.77	)
Total from investment operations		3.33			(2.26	)		(6.50	)		(8.22	)		5.95			(5.70	)
Less distributions from:
Net investment income		—			(.49	)		—			—			(.12	)		(.21	)
Total distributions		—			(.49	)		—			—			(.12	)		(.21	)
Net asset value, end of period	$	49.45		$	46.12		$	48.87		$	55.37		$	63.59		$	57.76
Total Return		7.22	%		(4.64	%)		(11.74	%)		(12.93	%)		10.29	%		(8.98	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,164		$	737		$	1,363		$	1,005		$	1,063		$	1,308
Ratios to average net assets:
Net investment income (loss)		3.39	%		3.50	%		1.18	%		(1.17	%)		(1.47	%)		0.12	%
Total expensesd		2.04	%		1.89	%		1.74	%		1.90	%		1.88	%		1.99	%
Net expensese		1.94	%		1.81	%		1.69	%		1.84	%		1.86	%		1.97	%
Portfolio turnover rate		—			—			—			—			48	%		—

a	Unaudited figures for the period ended September 30, 2024. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 377

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
U.S. GOVERNMENT MONEY MARKET FUND

	Face Amount		Value
FEDERAL AGENCY NOTES†† - 33.9%
Federal Home Loan Bank
4.88% (SOFR + 0.04%, Rate Floor: 0.00%) due 06/20/25◊	$	15,000,000	$	15,000,000
4.84% (SOFR + 0.00%, Rate Floor: 0.00%) due 11/15/24◊		15,000,000		15,000,000
4.96% (SOFR + 0.12%, Rate Floor: 0.00%) due 11/18/24◊		12,000,000		12,001,584
4.85% (SOFR + 0.01%, Rate Floor: 0.00%) due 02/06/25◊		10,500,000		10,499,039
4.85% (SOFR + 0.01%, Rate Floor: 0.00%) due 11/25/24◊		10,000,000		9,999,861
Federal Farm Credit Bank
4.92% (SOFR + 0.08%, Rate Floor: 0.00%) due 12/30/24◊		10,000,000		10,001,300
5.13% due 05/22/25		8,700,000		8,696,725
4.63% due 12/05/24		4,670,000		4,665,417
Freddie Mac
0.45% due 11/25/24		8,102,000		8,045,912
Total Federal Agency Notes
(Cost $93,909,838)				93,909,838
FEDERAL AGENCY DISCOUNT NOTES†† - 11.4%
Federal Home Loan Bank
5.17% due 10/09/241		10,000,000		9,988,504
4.69% due 11/13/241		10,000,000		9,943,025
5.15% due 10/09/241		5,590,000		5,583,603
4.68% due 10/16/241		2,000,000		1,995,954
5.17% due 10/04/241		1,700,000		1,699,268
5.16% due 10/09/241		1,500,000		1,498,280
5.14% due 10/23/241		900,000		897,173
Total Federal Agency Discount Notes
(Cost $31,605,807)				31,605,807
U.S. GOVERNMENT SECURITIES†† - 9.0%
United States Treasury Floating Rate Note
4.73% (3 Month U.S. Treasury Bill Rate + 0.14%, Rate Floor: 0.00%) due 10/31/24◊		15,000,000		14,999,565
4.79% (3 Month U.S. Treasury Bill Rate + 0.20%, Rate Floor: 0.00%) due 01/31/25◊		10,000,000		10,003,605
Total U.S. Government Securities
(Cost $25,003,170)				25,003,170
U.S. TREASURY BILLS†† - 8.7%
U.S. Treasury Bills
4.01% due 10/22/241		15,000,000		14,957,328
4.70% due 10/22/241		9,000,000		8,974,397
Total U.S. Treasury Bills
(Cost $23,931,725)				23,931,725
REPURCHASE AGREEMENTS††,2 - 26.4%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24		39,947,302		39,947,302
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24		32,994,614		32,994,614
Total Repurchase Agreements
(Cost $72,941,916)				72,941,916
Total Investments - 89.4%
(Cost $247,392,456)			$	247,392,456
Other Assets & Liabilities, net - 10.6%				29,318,838
Total Net Assets - 100.0%			$	276,711,294

††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 2024. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	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.

378 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
U.S. GOVERNMENT MONEY MARKET FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2024 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Federal Agency Notes	$	—	$	93,909,838	$	—	$	93,909,838
Federal Agency Discount Notes		—		31,605,807		—		31,605,807
U.S. Government Securities		—		25,003,170		—		25,003,170
U.S. Treasury Bills		—		23,931,725		—		23,931,725
Repurchase Agreements		—		72,941,916		—		72,941,916
Total Assets	$	—	$	247,392,456	$	—	$	247,392,456

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 379

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $174,450,540)	$	174,450,540
Repurchase agreements, at value (cost $72,941,916)		72,941,916
Receivables:
Fund shares sold		54,882,536
Interest		816,975
Total assets		303,091,967
Liabilities:
Payable for:
Fund shares redeemed		25,981,026
Transfer agent fees		103,846
Management fees		97,075
Portfolio accounting and administration fees		29,467
Distributions to shareholders		14,507
Trustees’ fees*		2,241
Miscellaneous		152,511
Total liabilities		26,380,673
Net assets	$	276,711,294
Net assets consist of:
Paid in capital	$	276,574,412
Total distributable earnings (loss)		136,882
Net assets	$	276,711,294
Capital shares outstanding		276,552,068
Net asset value per share	$	1.00

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Interest	$	7,036,250
Total investment income		7,036,250
Expenses:
Management fees		657,289
Transfer agent fees		224,017
Portfolio accounting and administration fees		198,691
Registration fees		113,047
Professional fees		44,842
Custodian fees		16,865
Trustees’ fees*		14,408
Miscellaneous		85,536
Total expenses		1,354,695
Net investment income		5,681,555
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,659
Net realized gain		1,659
Net increase in net assets resulting from operations	$	5,683,214

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

380 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,681,555		$	11,193,014
Net realized gain on investments		1,659			996
Net change in unrealized appreciation (depreciation) on investments		—			—
Net increase in net assets resulting from operations		5,683,214			11,194,010
Distributions to shareholders		(5,681,555	)		(11,193,012	)
Capital share transactions:
Proceeds from sale of shares		2,624,274,502			4,820,555,785
Distributions reinvested		5,620,946			11,032,690
Cost of shares redeemed		(2,628,835,570	)		(4,867,638,651	)
Net increase (decrease) from capital share transactions		1,059,878			(36,050,176	)
Net increase (decrease) in net assets		1,061,537			(36,049,178	)
Net assets:
Beginning of period		275,649,757			311,698,935
End of period	$	276,711,294		$	275,649,757
Capital share activity:
Shares sold		2,624,274,502			4,820,555,785
Shares issued from reinvestment of distributions		5,620,811			11,032,702
Shares redeemed		(2,628,835,570	)		(4,867,638,651	)
Net increase (decrease) in shares		1,059,743			(36,050,164	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 381

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, 2024a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)b		.02			.04			.02			—	c		—	c		.01
Net gain (loss) on investments (realized and unrealized)		—	c		—	c		—	c		—	c		—	c		—	c
Total from investment operations		.02			.04			.02			—	c		—	c		.01
Less distributions from:
Net investment income		(.02	)		(.04	)		(.02	)		—			—			(.01	)
Net realized gains		—			—	c		—			—			—			—
Total distributions		(.02	)		(.04	)		(.02	)		—			—			(.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return		2.19	%		4.33	%		1.86	%		0.00	%d		0.05	%		0.99	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	276,711		$	275,650		$	311,699		$	356,201		$	348,971		$	390,791
Ratios to average net assets:
Net investment income (loss)		4.32	%		4.26	%		1.81	%		(0.04	%)		0.00	%d		1.01	%
Total expenses		1.03	%		1.05	%		0.99	%		0.95	%		1.04	%		1.06	%
Net expensese		1.03	%		1.05	%		0.86	%		0.12	%		0.16	%		1.03	%

a	Unaudited figures for the period ended September 30, 2024. 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.

382 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the ”1940 Act”), as an open-ended investment company 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, Class A shares, Class C shares, Class H shares, Class P 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 Class A shares. Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Class A share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. Class C shares have a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. 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, 2024, the Trust consisted of fifty-one funds.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
Banking Fund	Diversified
Basic Materials Fund	Diversified
Biotechnology Fund	Diversified
Consumer Products Fund	Diversified
Electronics Fund	Non-diversified
Energy Fund	Diversified
Energy Services Fund	Non-diversified
Financial Services Fund	Diversified
Health Care Fund	Diversified
Internet Fund	Diversified
Leisure Fund	Diversified
Precious Metals Fund	Non-diversified
Real Estate Fund	Diversified
Retailing Fund	Diversified
Technology Fund	Diversified
Telecommunications Fund	Non-diversified
Transportation Fund	Diversified
Utilities Fund	Diversified
Dow Jones Industrial Average® Fund	Non-diversified
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
NASDAQ-100® 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
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
Emerging Markets Bond Strategy Fund	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
Emerging Markets 2x Strategy Fund	Non-diversified
Inverse Emerging Markets 2x Strategy Fund	Non-diversified
Europe 1.25x Strategy Fund	Non-diversified
Japan 2x Strategy Fund	Non-diversified
Strengthening Dollar 2x Strategy Fund	Non-diversified
Weakening Dollar 2x Strategy Fund	Non-diversified
U.S. Government Money Market Fund	Diversified

At September 30, 2024, Investor Class, Class A, Class C, Class H, 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.

Certain Funds (“Sector Funds”) invest in a specific industry sector. To the extent that investments are concentrated in a single sector, the Sector Funds are subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting such sector.

The Sector Funds seek capital appreciation and invest substantially all of their assets in equity securities of companies involved in their sector.

Security Investors, LLC (the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) serves as distributor of the Funds’ shares. GI and GFD are affiliated entities.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 383

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The NAV of each share class of each Fund is calculated by dividing the market value of a fund’s securities and other assets, less all liabilities attributable to the share class by the number of outstanding shares of the share class on the specified date.

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange (“NYSE”), usually 4:00 p.m. for the Russell 2000^® Fund, S&P 500^® Fund, 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, 2024, afternoon NAV.

(a) Valuation of Investments

The Board of Trustees of the Trust (the “Board”) adopted policies and procedures for the valuation of the Funds’ investments (the “Fund Valuation Procedures”).

Pursuant to Rule 2a-5, the Board designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.

Valuations of the Funds’ securities and other assets are supplied primarily by independent third-party pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.

If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

The U.S. Government Money Market Fund values debt securities at amortized cost pursuant to Rule 2a-7 of the 1940 Act, which approximates market value.

With the exception of the U.S. Government Money Market Fund, U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent third-party pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent third-party pricing service.

384 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation of the underlying securities would provide a more accurate valuation of the futures contract.

The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(b) U.S. Government and Agency Obligations

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Funds’ Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

(c) 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(f) Currency Translations

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

(g) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(h) Security Transactions

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

(i) Distributions

Dividends from net investment income are declared daily 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.

(j) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the share classes based upon the value of the outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

(k) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.83% at September 30, 2024.

(l) Indemnifications

Under the Funds’ organizational documents, the Trustees and Officers of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Trust on behalf of the Funds enters into contracts that contain a variety of

386 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note 2 – Financial Instruments and Derivatives

As part of their investment strategies, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds’ Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

Duration: the use of an instrument to manage the interest rate risk of a portfolio.

Index Exposure: the use of an instrument to obtain exposure to a listed or other type of index.

Leverage: gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

Liquidity: the ability to buy or sell exposure with little price/market impact.

If a Fund’s investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if the Fund had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds’ Statements of Assets and Liabilities; securities held as collateral are noted on the Funds’ Schedules of Investments.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following table represents the Funds’ use and volume of futures on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Dow Jones Industrial Average® Fund	Index exposure, Liquidity	$	660,273	$	—
Nova Fund	Index exposure, Leverage, Liquidity		83,998,142		—
S&P 500® Fund	Index exposure, Liquidity		1,331,802		—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		2,110,569
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		282,969,045		—
NASDAQ-100® Fund	Index exposure, Liquidity		19,737,640		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		—		4,453,649
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		1,966,800		—
Russell 2000® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		186,319		—
Russell 2000® Fund	Index exposure, Liquidity		2,045,053		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		250,503

		Average Notional Amount
Fund	Use	Long		Short
Emerging Markets Bond Strategy Fund	Duration, Index exposure, Leverage, Liquidity	$	413,178	$	—
Government Long Bond 1.2x Strategy Fund	Duration, Index exposure, Leverage, Liquidity, Speculation		7,787,370		—
Inverse Government Long Bond Strategy Fund	Duration, Index exposure, Liquidity		—		3,795,802
High Yield Strategy Fund	Duration, Index exposure, Liquidity		37,390,623		—
Inverse High Yield Strategy Fund	Duration, Index exposure, Liquidity		—		6,454,600
Europe 1.25x Strategy Fund	Index exposure, Leverage, Liquidity		9,169,216		—
Japan 2x Strategy Fund	Index exposure, Leverage, Liquidity		6,965,462		—
Strengthening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		3,962,774		—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		1,793,696

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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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following table represents the Funds’ use and volume of total return swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Dow Jones Industrial Average® Fund	Index exposure, Liquidity	$	2,625,201	$	—
Nova Fund	Index exposure, Leverage, Liquidity		86,086,615		—
S&P 500® Fund	Index exposure, Liquidity		8,571,780		—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		38,637,046
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		660,023,526		—
NASDAQ-100® Fund	Index exposure, Liquidity		61,989,765		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		—		13,912,785
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		7,647,710		—
Inverse Mid-Cap Strategy Fund	Index exposure, Liquidity		—		370,921
Russell 2000® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		5,509,300		—
Russell 2000® Fund	Index exposure, Liquidity		5,351,647		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		2,089,958

		Average Notional Amount
Fund	Use	Long		Short
Emerging Markets Bond Strategy Fund	Duration, Index exposure, Leverage, Liquidity	$	217,110	$	—
High Yield Strategy Fund	Duration, Index exposure, Liquidity		1,542,397		—
Emerging Markets 2x Strategy Fund	Index exposure, Leverage, Liquidity		4,825,988		—
Inverse Emerging Markets 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		627,497

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	$	756,954	$	—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		561,783

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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	$	453,333	$	—
High Yield Strategy Fund	Duration, Index exposure, Liquidity		34,650,000		—
Inverse High Yield Strategy Fund	Duration, Index exposure, Liquidity		—		6,033,333

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, 2024:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Interest rate futures contracts	Variation margin on futures contracts	Variation margin on futures contracts
Credit default swap agreements	Unamortized upfront premiums paid on credit default swap agreements Unrealized appreciation on OTC swap agreements Variation margin on credit default 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, 2024:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Total Value at September 30, 2024
Dow Jones Industrial Average® Fund	$	253	$	19,719	$	19,972
Nova Fund		871,885		518,829		1,390,714
S&P 500® Fund		62,746		47,642		110,388
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		4,467,184		2,576,149		7,043,333
NASDAQ-100® Fund		71,746		334,322		406,068
Mid-Cap 1.5x Strategy Fund		49,734		58,332		108,066
Russell 2000® 1.5x Strategy Fund		—		55,167		55,167
Russell 2000® Fund		6,550		43,433		49,983

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Total Value at September 30, 2024
Inverse S&P 500® Strategy Fund	$	54,769	$	238,793	$	293,562
Inverse NASDAQ-100® Strategy Fund		60,801		59,801		120,602
Inverse Mid-Cap Strategy Fund		—		1,781		1,781
Inverse Russell 2000® Strategy Fund		4,368		17,716		22,084

* 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 Funds’ Statements of Assets and Liabilities.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2024
Emerging Markets Bond Strategy Fund	$	—	$	—	$	—	$	—	$	931	$	1,385	$	2,316
Inverse Government Long Bond Strategy Fund		—		—		—		—		48,167		—		48,167
High Yield Strategy Fund		—		—		—		—		—		8,131		8,131
Emerging Markets 2x Strategy Fund		—		129,540		—		—		—		—		129,540
Inverse Emerging Markets 2x Strategy Fund		—		47		—		—		—		—		47
Europe 1.25x Strategy Fund		11,198		—		9,549		—		—		—		20,747
Japan 2x Strategy Fund		257,015		—		—		—		—		—		257,015
Strengthening Dollar 2x Strategy Fund		—		—		5,647		—		—		—		5,647
Weakening Dollar 2x Strategy Fund		—		—		11,559		1,075		—		—		12,634

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2024
Government Long Bond 1.2x Strategy Fund	$	—	$	—	$	—	$	—	$	39,527	$	—	$	39,527
High Yield Strategy Fund		—		—		—		—		71,346		—		71,346
Inverse High Yield Strategy Fund		—		—		—		—		11,119		2,803		13,922
Inverse Emerging Markets 2x Strategy Fund		—		7,938		—		—		—		—		7,938
Japan 2x Strategy Fund		—		—		26,035		—		—		—		26,035
Strengthening Dollar 2x Strategy Fund		—		—		—		436		—		—		436

* Includes cumulative appreciation (depreciation) of futures contracts 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, 2024:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity/Interest rate futures contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Credit/Equity swap agreements	Net realized gain (loss) on swap agreements Net change in unrealized appreciation (depreciation) on swap agreements

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the period ended September 30, 2024:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Commodity Risk		Swaps Credit Risk		Total
Dow Jones Industrial Average® Fund	$	(3,700	)	$	53,012		$	—	$	—	$	49,312
Nova Fund		5,822,284			6,713,434			—		—		12,535,718
S&P 500® Fund		(256,889	)		650,762			—		—		393,873
Inverse S&P 500® Strategy Fund		(260,014	)		(4,360,718	)		—		—		(4,620,732	)
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		14,416,015			6,657,756			—		—		21,073,771
NASDAQ-100® Fund		(1,422,605	)		6,664,468			—		—		5,241,863
Inverse NASDAQ-100® Strategy Fund		(256,109	)		(1,370,976	)		—		—		(1,627,085	)
Mid-Cap 1.5x Strategy Fund		12,254			129,875			—		—		142,129
Inverse Mid-Cap Strategy Fund		—			(11,924	)		—		—		(11,924	)
Russell 2000® 1.5x Strategy Fund		(5,241	)		104,976			—		—		99,735
Russell 2000® Fund		(61,360	)		86,504			—		—		25,144
Inverse Russell 2000® Strategy Fund		(17,509	)		(144,346	)		—		—		(161,855	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Commodity Risk		Swaps Credit Risk		Total
Dow Jones Industrial Average® Fund	$	(45,967	)	$	(29,860	)	$	—	$	—	$	(75,827	)
Nova Fund		(514,432	)		(458,942	)		—		—		(973,374	)
S&P 500® Fund		28,720			(7,576	)		—		—		21,144
Inverse S&P 500® Strategy Fund		(823	)		66,768			—		—		65,945
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		2,833,321			(864,493	)		—		—		1,968,828
NASDAQ-100® Fund		(121,897	)		(68,856	)		—		—		(190,753	)
Inverse NASDAQ-100® Strategy Fund		(46,054	)		10,468			—		—		(35,586	)
Mid-Cap 1.5x Strategy Fund		(27,413	)		(153,331	)		—		—		(180,744	)
Inverse Mid-Cap Strategy Fund		—			11,449			—		—		11,449
Russell 2000® 1.5x Strategy Fund		(13,073	)		(144,803	)		—		—		(157,876	)
Russell 2000® Fund		(65,103	)		(230,111	)		—		—		(295,214	)
Inverse Russell 2000® Strategy Fund		(4,368	)		40,201			—		—		35,833

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Foreign Currency Exchange Risk			Swaps Currency Risk			Futures Interest Rate Risk			Futures Commodity Risk		Swaps Credit Risk			Total
Emerging Markets Bond Strategy Fund	$	—		$	—		$	—		$	—		$	6,736		$	—	$	20,294		$	27,030
Government Long Bond 1.2x Strategy Fund		—			—			—			—			193,268			—		—			193,268
Inverse Government Long Bond Strategy Fund		—			—			—			—			(197,483	)		—		—			(197,483	)
High Yield Strategy Fund		—			—			—			—			644,836			—		1,389,539			2,034,375
Inverse High Yield Strategy Fund		—			—			—			—			(126,282	)		—		(223,181	)		(349,463	)
Emerging Markets 2x Strategy Fund		—			346,685			—			—			—			—		—			346,685
Inverse Emerging Markets 2x Strategy Fund		—			(37,709	)		—			—			—			—		—			(37,709	)
Europe 1.25x Strategy Fund		190,270			—			188,528			—			—			—		—			378,798
Japan 2x Strategy Fund		(597,586	)		—			(37,313	)		—			—			—		—			(634,899	)
Strengthening Dollar 2x Strategy Fund		—			—			(85,470	)		(19,623	)		—			—		—			(105,093	)
Weakening Dollar 2x Strategy Fund		—			—			(15,303	)		1,717			—			—		—			(13,586	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Foreign Currency Exchange Risk			Swaps Currency Risk			Futures Interest Rate Risk			Futures Commodity Risk		Swaps Credit Risk			Total
Emerging Markets Bond Strategy Fund	$	—		$	—		$	—		$	—		$	1,274		$	—	$	136		$	1,410
Government Long Bond 1.2x Strategy Fund		—			—			—			—			(148,423	)		—		—			(148,423	)
Inverse Government Long Bond Strategy Fund		—			—			—			—			98,422			—		—			98,422
High Yield Strategy Fund		—			—			—			—			(165,074	)		—		(53,536	)		(218,610	)
Inverse High Yield Strategy Fund		—			—			—			—			7,057			—		10,419			17,476
Emerging Markets 2x Strategy Fund		—			195,414			—			—			—			—		—			195,414
Inverse Emerging Markets 2x Strategy Fund		—			(24,158	)		—			—			—			—		—			(24,158	)
Europe 1.25x Strategy Fund		(14,077	)		—			29,381			—			—			1		—			15,305
Japan 2x Strategy Fund		181,898			—			101,963			—			—			—		—			283,861
Strengthening Dollar 2x Strategy Fund		—			—			(56,263	)		(11,517	)		—			—		—			(67,780	)
Weakening Dollar 2x Strategy Fund		—			—			36,488			3,255			—			—		—			39,743

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

Foreign Investments

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but 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.

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

394 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds’ Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds’ Statements of Assets and Liabilities.

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

								Gross Amounts Not Offset in the Statement of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received			Net Amount
Dow Jones Industrial Average® Fund	Equity index swap agreements	$	19,719	$	—	$	19,719	$	—	$	—		$	19,719
Nova Fund	Equity index swap agreements		518,829		—		518,829		—		(120,000	)		398,829
S&P 500® Fund	Equity index swap agreements		47,642		—		47,642		—		(20,000	)		27,642
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Equity index swap agreements		2,576,149		—		2,576,149		—		(390,000	)		2,186,149
NASDAQ-100® Fund	Equity index swap agreements		334,322		—		334,322		—		(230,762	)		103,560
Mid-Cap 1.5x Strategy Fund	Equity index swap agreements		58,332		—		58,332		—		(49,115	)		9,217
Russell 2000® 1.5x Strategy Fund	Equity index swap agreements		55,167		—		55,167		—		—			55,167
Russell 2000® Fund	Equity index swap agreements		43,433		—		43,433		—		—			43,433
Inverse Emerging Markets 2x Strategy Fund	Equity index swap agreements		47		—		47		—		—			47
Emerging Markets 2x Strategy Fund	Equity index swap agreements		129,540		—		129,540		—		(98,017	)		31,523
High Yield Strategy Fund	Credit index swap agreements		3,789		—		3,789		—		—			3,789
Weakening Dollar 2x Strategy Fund	Currency Swap Agreements		1,075		—		1,075		—		—			1,075
Emerging Markets Bond Strategy Fund	Equity index swap agreements		974		—		974		—		—			974

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 395

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

								Gross Amounts Not Offset in the Statement 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
Inverse S&P 500® Strategy Fund	Equity index swap agreements	$	238,793	$	—	$	238,793	$	(238,793	)	$	—		$	—
Inverse NASDAQ-100® Strategy Fund	Equity index swap agreements		59,801		—		59,801		(38,377	)		(21,424	)		—
Inverse Mid-Cap Strategy Fund	Equity index swap agreements		1,781		—		1,781		(1,679	)		(102	)		—
Inverse Russell 2000® Strategy Fund	Equity index swap agreements		17,716		—		17,716		(16,050	)		(1,666	)		—
Inverse Emerging Markets 2x Strategy Fund	Equity index swap agreements		7,938		—		7,938		(7,938	)		—			—
Strengthening Dollar 2x Strategy Fund	Currency Swap Agreements		436		—		436		(436	)		—			—

¹ Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of September 30, 2024.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Nova Fund	Goldman Sachs International	Total return swap agreements	$	—	$	120,000
S&P 500® Fund	Barclays Bank plc	Total return swap agreements		6,000		—
	Goldman Sachs International	Futures contracts		133,082		—
	Goldman Sachs International	Total return swap agreements		—		20,000
				139,082		20,000
Inverse S&P 500® Strategy Fund	Goldman Sachs International	Futures contracts		395,882		—
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Barclays Bank plc	Total return swap agreements		—		330,000
	BNP Paribas	Total return swap agreements		—		60,000
				—		390,000
NASDAQ-100® Fund	Barclays Bank plc	Total return swap agreements		24,133		260,000
	BNP Paribas	Total return swap agreements		—		100,000
	Goldman Sachs International	Total return swap agreements		—		110,000
				24,133		470,000
Inverse NASDAQ-100® Strategy Fund	Barclays Bank plc	Total return swap agreements		26,293		—
	Goldman Sachs International	Futures contracts		7,992		—
				34,285		—
Mid-Cap 1.5x Strategy Fund	Goldman Sachs International	Futures contracts		6,060		—
	Goldman Sachs International	Total return swap agreements		—		120,000
				6,060		120,000
Inverse Mid-Cap Strategy Fund	Barclays Bank plc	Total return swap agreements		1,000		—
Russell 2000® 1.5x Strategy Fund	Barclays Bank plc	Total return swap agreements		13,000		—
Russell 2000® Fund	Barclays Bank plc	Total return swap agreements		6,000		—
	Goldman Sachs International	Futures contracts		1,932		—
				7,932		—

396 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Inverse Russell 2000® Strategy Fund	Barclays Bank plc	Total return swap agreements	$	10,000	$	—
	Goldman Sachs International	Futures contracts		1,288		—
				11,288		—
Emerging Markets Bond Strategy Fund	Barclays Bank plc	Credit default swap agreements		70,452		—
	Goldman Sachs International	Futures contracts		232		—
Emerging Markets Bond Strategy Fund Total				70,684		—
Government Long Bond 1.2x Strategy Fund	Goldman Sachs International	Futures contracts		149,463		—
High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		586,273		—
	Goldman Sachs International	Credit default swap agreements		—		433,544
	Goldman Sachs International	Futures contracts		296,938		—
High Yield Strategy Fund Total				883,211		433,544
Inverse High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		594,612		—
Emerging Markets 2x Strategy Fund	Goldman Sachs International	Total return swap agreements		—		120,000
Strengthening Dollar 2x Strategy Fund	Goldman Sachs International	Futures contracts		109		—

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 397

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 on a monthly basis calculated daily at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
Banking Fund		0.85	%
Basic Materials Fund		0.85	%
Biotechnology Fund		0.85	%
Consumer Products Fund		0.85	%
Electronics Fund		0.85	%
Energy Fund		0.85	%
Energy Services Fund		0.85	%
Financial Services Fund		0.85	%
Health Care Fund		0.85	%
Internet Fund		0.85	%
Leisure Fund		0.85	%
Precious Metals Fund		0.75	%
Real Estate Fund		0.85	%
Retailing Fund		0.85	%
Technology Fund		0.85	%
Telecommunications Fund		0.85	%
Transportation Fund		0.85	%
Utilities Fund		0.85	%
Dow Jones Industrial Average® Fund		0.75	%
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	%
NASDAQ-100® Fund		0.75	%
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	%
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	%
Emerging Markets Bond Strategy 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	%
Emerging Markets 2x Strategy Fund		0.90	%
Inverse Emerging Markets 2x Strategy Fund		0.90	%
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	%
U.S. Government Money Market Fund		0.50	%

398 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

When the aggregate assets of each series of the Trust (excluding the 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 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 separate Distribution Plan applicable to Class A shares and Class H shares for which GFD and other firms that provide distribution and/or shareholder services (“Service Providers”) may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services it performs.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to Class C shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ Class C shares average daily net assets. The annual 0.25% service fee compensates a shareholder’s financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder’s financial adviser an ongoing sales commission. GFD advances the first year’s service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the period ended September 30, 2024, GFD retained sales charges of $222,401 relating to sales of Class A shares of the Trust.

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, 2024, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Dow Jones Industrial Average® Fund	$	845
Nova Fund		9,131
Inverse S&P 500® Strategy Fund		5,313
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		3,751
NASDAQ-100® Fund		34,295
Inverse NASDAQ-100® Strategy Fund		1,085
Mid-Cap 1.5x Strategy Fund		1,104
Inverse Mid-Cap Strategy Fund		58
Russell 2000® 1.5x Strategy Fund		697
Inverse Russell 2000® Strategy Fund		554
Government Long Bond 1.2x Strategy Fund		1,112
Inverse Government Long Bond Strategy Fund		4,922
High Yield Strategy Fund		1,658
Inverse High Yield Strategy Fund		469
Europe 1.25x Strategy Fund		88

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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 399

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 Class A, Class C and Class H shares ( including Rule 12b-1 fees if any) (excluding brokerage, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnifi cation, and extraordinary expenses) from exceeding 1.35%, 2.10% and 1.35% of the Fund’s Class A, Class C and Class H 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.

Effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for the 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, Inverse Government Long Bond Strategy Fund, Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for the NASDAQ-100^® Fund in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets in excess of $500,000,000. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to the Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Effective August 1, 2023, GI has contractually agreed to waive and/or reimburse expenses for the Banking Fund, Basic Materials Fund, Biotechnology Fund, Consumer Products Fund, Electronics Fund, Energy Fund, Energy Services Fund, Financial Services Fund, Health Care Fund, Internet Fund, Leisure Fund, Precious Metals Fund, Real Estate Fund, Retailing Fund, Technology Fund, Telecommunications Fund, Transportation Fund, Utilities Fund, Dow Jones Industrial Average Fund, Nova Fund, S&P 500 Fund, Inverse S&P 500 Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, NASDAQ-100^® 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, S&P 500^® Pure Growth Fund, S&P 500^® Pure Value Fund, S&P MidCap 400^® Pure Growth Fund, S&P MidCap 400^® Pure Value Fund, S&P SmallCap 600^® Pure Growth Fund, S&P 600^® Pure Value Fund, Emerging Markets Bond Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, Inverse High Yield Strategy Fund Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

On May 21, 2024, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse, in addition to other contractual wavier and/or reimbursement arrangements, expenses for Europe 1 25x Strategy Fund in an amount equal to an annual percentage rate of 0.10% of the Fund’s average daily net assets. This arrangement went into effect on August 1, 2024 and the end of the initial term is August 1, 2025. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term This agreement may be terminated at any time by the Fund’s Board of Trustees upon sixty days’ written notice to GI In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to the Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

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.

400 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2024, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Strip
4.86%					0.00%
Due 10/01/24	$	147,358,750	$	147,378,643	Due 08/15/25	$	155,537,427	$	150,305,926
BofA Securities, Inc.					U.S. Treasury Strip
4.85%					0.00%
Due 10/01/24		121,711,476		121,727,874	Due 05/15/32		165,639,580		124,145,706

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

Note 7 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Securities lending income shown on the Funds’ Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund — Class X. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 401

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2024, the following Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

	Gross Amounts Not Offset in the Statements of Assets and Liabilities							Securities Lending Collateral
Fund	Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested		Cash Collateral Uninvested		Total Collateral
Banking Fund	$	67,855	$	(67,855	)	$	—	$	69,753	$	—	$	69,753
Basic Materials Fund		625,216		(625,216	)		—		654,014		—		654,014
Biotechnology Fund		2,101,267		(2,101,267	)		—		2,236,257		—		2,236,257
Electronics Fund		2,576,405		(2,576,405	)		—		2,641,043		—		2,641,043
Energy Fund		552,248		(552,248	)		—		570,260		—		570,260
Energy Services Fund		201,562		(201,562	)		—		207,758		—		207,758
Financial Services Fund		144,254		(144,254	)		—		148,211		—		148,211
Health Care Fund		132,672		(132,672	)		—		136,964		—		136,964
Internet Fund		79,910		(79,910	)		—		81,434		—		81,434
Leisure Fund		93,073		(93,073	)		—		96,913		—		96,913
Precious Metals Fund		6,982,138		(6,982,138	)		—		7,547,657		—		7,547,657
Real Estate Fund		34,240		(34,240	)		—		36,581		—		36,581
Technology Fund		542,871		(542,871	)		—		569,606		—		569,606
Telecommunications Fund		219,919		(219,919	)		—		223,330		—		223,330
Transportation Fund		381,436		(381,436	)		—		403,056		—		403,056
Utilities Fund		13,295		(13,295	)		—		14,674		—		14,674

	Gross Amounts Not Offset in the Statements of Assets and Liabilities							S ecurities Lending Collateral
Fund	Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested		Cash Collateral Uninvested		Total Collateral
Nova Fund	$	8,326	$	(8,326	)	$	—	$	8,820	$	—	$	8,820
S&P 500® Fund		23,290		(23,290	)		—		24,671		—		24,671
NASDAQ-100® Fund		1,682,430		(1,682,430	)		—		1,746,916		—		1,746,916
Mid-Cap 1.5x Strategy Fund		30,868		(30,868	)		—		31,806		—		31,806
Russell 2000® 1.5x Strategy Fund		55,311		(55,311	)		—		58,826		—		58,826
Russell 2000® Fund		240,978		(240,978	)		—		251,648		—		251,648
S&P 500® Pure Value Fund		140,407		(140,407	)		—		148,736		—		148,736
S&P MidCap 400® Pure Value Fund		28,130		(28,130	)		—		28,899		—		28,899
S&P SmallCap 600® Pure Growth Fund		35,133		(35,133	)		—		36,591		—		36,591
S&P SmallCap 600® Pure Value Fund		41,845		(41,845	)		—		44,706		—		44,706
Emerging Markets 2x Strategy Fund		108,517		(108,517	)		—		112,491		—		112,491
Europe 1.25x Strategy Fund		60,891		(60,891	)		—		63,108		—		63,108

^(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.

402 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 8 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated “earnings and profits” in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder’s basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder’s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

At September 30, 2024, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Banking Fund	$	4,548,973	$	556,626	$	(226	)	$	556,400
Basic Materials Fund		18,251,183		10,359,854		(210,169	)		10,149,685
Biotechnology Fund		65,008,566		52,165,856		(3,589,993	)		48,575,863
Consumer Products Fund		30,339,818		24,651,504		(344,808	)		24,306,696
Electronics Fund		92,273,777		47,280,427		(3,678,063	)		43,602,364
Energy Fund		17,438,474		3,978,520		(167,575	)		3,810,945
Energy Services Fund		7,299,966		—		(346,766	)		(346,766	)
Financial Services Fund		15,345,308		1,355,978		(7,361	)		1,348,617
Health Care Fund		17,467,307		6,810,521		(161,586	)		6,648,935
Internet Fund		7,847,762		4,594,243		(107,353	)		4,486,890
Leisure Fund		4,975,888		2,336,447		(48,956	)		2,287,491
Precious Metals Fund		102,588,137		4,681,913		—			4,681,913
Real Estate Fund		6,676,554		978,755		(1,344	)		977,411
Retailing Fund		5,610,265		2,406,902		(124,271	)		2,282,631
Technology Fund		38,297,097		27,226,555		(849,038	)		26,377,517
Telecommunications Fund		6,971,461		524,184		(43,501	)		480,683
Transportation Fund		6,815,243		2,370,182		(76,573	)		2,293,609
Utilities Fund		24,965,522		4,930,779		(16,515	)		4,914,264

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 403

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Dow Jones Industrial Average® Fund	$	15,248,858	$	4,587,663	$	(6,068	)	$	4,581,595
Nova Fund		223,125,288		15,034,005		(25,554	)		15,008,451
S&P 500® Fund		179,994,330		60,302,673		(621,918	)		59,680,755
Inverse S&P 500® Strategy Fund		67,466,253		57,233		(293,794	)		(236,561	)
Monthly Rebalance Nasdaq-100 2x Strategy Fund		760,705,682		27,957,279		(666,013	)		27,291,266
NASDAQ-100® Fund		558,261,599		1,318,539,883		(8,577,040	)		1,309,962,843
Inverse NASDAQ-100® Strategy Fund		14,853,685		44,187		(120,602	)		(76,415	)
Mid-Cap 1.5x Strategy Fund		10,285,176		2,515,053		(177,659	)		2,337,394
Inverse Mid-Cap Strategy Fund		264,820		818		(1,781	)		(963	)
Russell 2000® 1.5x Strategy Fund		6,344,490		983,047		(770,454	)		212,593
Russell 2000® Fund		15,822,401		2,252,063		(1,134,859	)		1,117,204
Inverse Russell 2000® Strategy Fund		1,923,447		21,060		(22,084	)		(1,024	)
S&P 500® Pure Growth Fund		132,622,501		16,076,464		(265,964	)		15,810,500
S&P 500® Pure Value Fund		9,614,467		969,912		(16,712	)		953,200
S&P MidCap 400® Pure Growth Fund		27,072,622		6,864,106		(1,112,261	)		5,751,845
S&P MidCap 400® Pure Value Fund		4,535,084		1,074,545		(149,878	)		924,667
S&P SmallCap 600® Pure Growth Fund		3,283,010		875,431		(27,885	)		847,546
S&P SmallCap 600® Pure Value Fund		5,059,529		692,057		(72,748	)		619,309

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Emerging Markets Bond Strategy Fund	$	655,271	$	2,316	$	—		$	2,316
Government Long Bond 1.2x Strategy Fund		29,933,920		—		(258,032	)		(258,032	)
Inverse Government Long Bond Strategy Fund		13,530,744		75,163		—			75,163
High Yield Strategy Fund		57,642,550		51,660		(72,970	)		(21,310	)
Inverse High Yield Strategy Fund		5,279,985		6,510		(13,923	)		(7,413	)
Emerging Markets 2x Strategy Fund		2,664,562		551,862		(1,247	)		550,615
Inverse Emerging Markets 2x Strategy Fund		319,197		47		(7,938	)		(7,891	)
Europe 1.25x Strategy Fund		1,492,382		275,627		(4	)		275,623
Japan 2x Strategy Fund		1,721,855		257,074		(26,035	)		231,039
Strengthening Dollar 2x Strategy Fund		1,788,776		5,652		(436	)		5,216
Weakening Dollar 2x Strategy Fund		1,231,544		12,638		—			12,638
U.S. Government Money Market Fund		247,392,456		—		—			—

404 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 9 – Securities Transactions

For the period ended September 30, 2024, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Banking Fund	$	12,943,708	$	34,168,998
Basic Materials Fund		7,639,496		10,517,080
Biotechnology Fund		35,190,020		41,035,858
Consumer Products Fund		23,805,551		32,523,845
Electronics Fund		73,615,891		40,368,369
Energy Fund		63,916,528		73,916,693
Energy Services Fund		9,196,248		15,975,024
Financial Services Fund		19,463,162		39,597,800
Health Care Fund		16,888,549		18,582,102
Internet Fund		6,633,558		33,649,363
Leisure Fund		2,565,164		4,082,122
Precious Metals Fund		219,815,100		198,929,021
Real Estate Fund		9,841,095		5,673,863
Retailing Fund		13,530,964		15,686,081
Technology Fund		44,638,614		34,143,846
Telecommunications Fund		9,902,428		7,172,151
Transportation Fund		3,286,352		5,896,876
Utilities Fund		37,020,898		26,551,872

Fund	Purchases		Sales
Dow Jones Industrial Average® Fund	$	2,851,236	$	7,365,074
Nova Fund		279,460,780		347,278,068
S&P 500® Fund		121,416,245		109,146,424
Inverse S&P 500® Strategy Fund		—		—
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		1,681,090,286		1,600,247,376
NASDAQ-100® Fund		245,002,603		315,373,509
Inverse NASDAQ-100® Strategy Fund		—		—
Mid-Cap 1.5x Strategy Fund		3,338,061		3,436,440
Inverse Mid-Cap Strategy Fund		—		—
Russell 2000® 1.5x Strategy Fund		452,577		473,780
Russell 2000® Fund		1,332,643		12,155,867
Inverse Russell 2000® Strategy Fund		—		—
S&P 500® Pure Growth Fund		184,581,452		76,717,009
S&P 500® Pure Value Fund		169,632,249		167,138,871
S&P MidCap 400® Pure Growth Fund		354,030,555		538,311,327
S&P MidCap 400® Pure Value Fund		2,790,667		3,546,743
S&P SmallCap 600® Pure Growth Fund		175,865,021		175,622,514
S&P SmallCap 600® Pure Value Fund		213,802,515		209,768,859

Fund	Purchases		Sales
Emerging Markets Bond Strategy Fund	$	—	$	—
Government Long Bond 1.2x Strategy Fund		—		1,800,000
Inverse Government Long Bond Strategy Fund		—		3,300,000
High Yield Strategy Fund		—		—
Inverse High Yield Strategy Fund		—		—
Emerging Markets 2x Strategy Fund		6,102,281		6,574,769
Inverse Emerging Markets 2x Strategy Fund		—		—
Europe 1.25x Strategy Fund		39,179,301		39,950,503
Japan 2x Strategy Fund		—		—
Strengthening Dollar 2x Strategy Fund		—		—
Weakening Dollar 2x Strategy Fund		—		—
U.S. Government Money Market Fund		—		—

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 405

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

For the period ended September 30, 2024, the cost of purchases and proceeds from sales of government securities were as follows:

Fund	Purchases		Sales
Government Long Bond 1.2x Strategy Fund	$	167,251,281	$	157,028,359
Inverse Government Long Bond Strategy Fund		59,807,625		56,909,188

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the period ended September 30, 2024, the Funds engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund		Purchases		Sales		Realized Gain (Loss)
Banking Fund		$	1,768,008	$	2,457,460	$	2,936
Basic Materials Fund			753,945		1,495,903		140,841
Biotechnology Fund			1,216,651		1,339,476		124,851
Consumer Products Fund			1,482,947		3,438,873		510,696
Electronics Fund			5,023,594		3,104,570		(218,639	)
Energy Fund			8,448,456		10,658,989		599,034
Energy Services Fund			2,102,542		3,781,296		327,712
Financial Services Fund			4,001,164		2,757,123		15,440
Health Care Fund			2,772,704		1,472,758		(5,287	)
Internet Fund	��		992,240		7,977,242		716,155
Leisure Fund			373,724		397,000		3,842
Precious Metals Fund			13,526,998		2,232,373		363
Real Estate Fund			1,825,361		1,788,364		(17,743	)
Retailing Fund			2,391,152		1,349,246		42,061
Technology Fund			8,971,937		7,406,867		(65,231	)
Telecommunications Fund			1,230,181		701,859		1,124
Transportation Fund			303,171		392,860		58,345
Utilities Fund			4,606,523		1,413,530		(1,454	)

Fund	Purchases		Sales		Realized Gain (Loss)
Dow Jones Industrial Average® Fund	$	1,833,603	$	582,517	$	47,204
Nova Fund		110,827,176		183,529,084		12,733,963
S&P 500® Fund		51,457,103		57,324,030		244,766
Monthly Rebalance Nasdaq-100® 2x Strategy Fund		179,646,793		254,587,034		26,406,614
NASDAQ-100® Fund		55,834,191		63,363,800		14,345,134
Mid-Cap 1.5x Strategy Fund		1,183,583		482,646		53,957
Russell 2000® Fund		—		10,721,224		(1,465,625	)
S&P 500® Pure Growth Fund		22,897,017		5,108,181		101,829
S&P 500® Pure Value Fund		2,365,133		5,097,589		10,698
S&P MidCap 400 Pure Growth Fund		1,910,326		3,548,880		663,658
S&P MidCap 400 Pure Value Fund		268,238		458,212		(124,526	)
S&P SmallCap 600 Pure Growth Fund		932,472		1,518,382		(48,236	)
S&P SmallCap 600 Pure Value Fund		1,024,953		624,256		41,498

Fund	Purchases		Sales		Realized Gain (Loss)
Emerging Markets 2x Strategy Fund	$	—	$	42,318	$	374
Europe 1.25x Strategy Fund		1,021,358		347,869		2,793

406 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $200,000,000 line of credit from U.S. Bank, N.A. On June 3, 2024, the line of credit agreement was renewed and on November 18, 2024, a new line of credit agreement was entered into which expires on November 17, 2025. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 6.48% for the period ended September 30, 2024. The Funds did not have any borrowings outstanding under this agreement at September 30, 2024.

The average daily balances borrowed for the period ended September 30, 2024, were as follows:

Fund	Average Daily Balance
Banking Fund	$	2,384
Basic Materials Fund		542
Biotechnology Fund		115
Consumer Products Fund		2,441
Energy Fund		866
Energy Services Fund		1,071
Financial Services Fund		2,699
Health Care Fund		8
Leisure Fund		216
Precious Metals Fund		71
Real Estate Fund		553
Retailing Fund		279
Telecommunications Fund		392
Transportation Fund		241
Utilities Fund		1,068

Fund	Average Daily Balance
Nova Fund	$	1,764
Mid-Cap 1.5x Strategy Fund		101
Russell 2000® 1.5x Strategy Fund		893
S&P 500® Pure Growth Fund		468
S&P 500® Pure Value Fund		879
S&P MidCap 400® Pure Growth Fund		129
S&P SmallCap 600® Pure Growth Fund		400
S&P SmallCap 600® Pure Value Fund		447

Note 11– Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, extreme weather, natural/environmental or man made disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the escalated conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 407

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 12 – Subsequent Events

The Funds evaluated subsequent events through the date the financial statements are issued and determined there were no material events that would require adjustment to or disclosure in the Funds’ financial statements.

408 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

OTHER INFORMATION (Unaudited)

A Brief Note on The Compounding of Returns

Many of the Funds described in this report are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in-line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period on a cumulative basis. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

An Example of Compounding

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund’s net asset value per share (“NAV”) increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

	Index Level	Index Performance	Fund Expectation	Fund NAV	Fund Performance	Assessment
Start	100			$ 10.00
Day 1	106	6.0%	9.0%	$ 10.90	9.0%	In line
Day 2	99	-6.6%	-9.9%	$ 9.82	-9.9%	In line
Cumulative		-1.0%	-1.5%		-1.8%	-0.3%

As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.

Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings to ensure that they are consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more information on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 409

OTHER INFORMATION (Unaudited)(concluded)

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s website at https://www.sec.gov. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on our website at www.guggenheiminvestments.com, and will be made available, upon request and without charge, by calling 800.820.0888.

410 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Note: This is not applicable for any fund included in this document.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 411

ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Note: This is not applicable for any fund included in this document.

412 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

The remuneration paid to directors, officers, and others, if applicable, are included as part of the financial statements included under Item 7 of this Form.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 413

ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Report of the Rydex Series Funds Board of Trustees

The Board of Trustees of Rydex Series Funds (the “Trust”), including the Independent Trustees, approved the renewal of the investment management agreement (the “Advisory Agreement”) with Security Investors, LLC (“Security Investors” or the “Adviser”) on behalf of the series of the Trust listed below (each a “Fund” and collectively, the “Funds”):

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 is referred to herein as a “Tradable Fund” and collectively, the “Tradable Funds.”

414 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

Security Investors¹ is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 16, 2024 (the “April Meeting”) and on May 20-21, 2024 (the “May Meeting”), the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject fund’s relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Tradable Fund is designed to provide such tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than the U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark. The Committee took into account the limitations of the peer group and universe comparisons provided by FUSE with respect to the Tradable Funds in light of their unique features and the limited size of the marketplace for tradable funds designed to support tactical advisors, noting that there are only two direct competitor product suites.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports

¹ Security Investors also serves as investment adviser to each of Rydex Series Funds Commodities Strategy CFC, Rydex Managed Futures Strategy CFC and Rydex Series Funds Multi-Hedge Strategies CFC (each a “Subsidiary” and collectively, the “Subsidiaries”), wholly-owned subsidiaries of the Trust that are organized as limited companies under the laws of the Cayman Islands and used by Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, respectively, to obtain commodities exposure. Pursuant to a separate investment management agreement for each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), the Subsidiary pays Security Investors an advisory fee at the same rate that the respective Fund pays Security Investors under the Advisory Agreement. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Agreements. In addition, Security Investors has entered into a separate waiver agreement with respect to each applicable Fund pursuant to which Security Investors has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to Security Investors by the respective Subsidiary. This undertaking will continue with respect to each applicable Fund for so long as the Fund invests in the respective Subsidiary, and may be terminated only with the approval of the Board.

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ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

and materials, the “Contract Review Materials”). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other funds in the Guggenheim fund complex and weighed the factors and standards discussed with Independent Legal Counsel.

As a part of its analysis, the Committee considered that Guggenheim had engaged in a strategic review of the Guggenheim fund line-up beginning in 2023, which resulted in a recommendation to the Board in 2024 for Long Short Equity Fund to be liquidated and terminated (the “Proposed Liquidation”). The Committee noted that the Board was engaged in an extensive due diligence process to evaluate the Proposed Liquidation, which was ongoing at the time of the May Board Meeting (defined below), at which meeting the Advisory Agreement was being considered for renewal. The Committee considered the potential timing of the Proposed Liquidation and that the continuation of the Advisory Agreement for the Fund would allow the Fund to operate until the completion of the Proposed Liquidation, if approved by the Board, and would provide for the operation of the Fund to continue in the event the Board does not approve the Proposed Liquidation.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm’s length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee’s recommendation, the Board approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2025 at a meeting held on May 20-21, 2024 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered Guggenheim’s discussions with the Committee and the Board regarding the Proposed Liquidation, including at the April Meeting and the May Meetings. In this regard, the Committee considered Guggenheim’s representation that it continues to manage Long Short Equity Fund in the best interest of the Fund and its shareholders and will continue to do so for so long as it serves as investment adviser to the Fund, including until the Proposed Liquidation, if approved by the Board, is completed. In addition, the Committee considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

The Committee’s review of the services provided by Guggenheim to the Funds included consideration of Guggenheim’s investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features, as well as the personnel responsible for such services. The Committee noted that the 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 2023, 2022 and 2021. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2023 and 2022, including purchases and redemptions in dollar value and in number of transactions as well as transaction volume relative to the assets in the Tradable Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Tradable Funds, compared to those of investing in exchange-traded funds,

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ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee also considered management’s representations at the April Meeting that there continued to be a high level of trading activity in the Tradable Funds and that the Tradable Funds continued to be utilized by tactical advisors as intended. With respect to the Sector Funds, the Committee also considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector, and corporate actions such as spin-offs, among other adjustments.

In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), which oversees the fund administration, accounting and transfer agency services provided to the Funds and other funds in the Guggenheim fund complex, including the OCFO’s resources, personnel and services provided.

With respect to Guggenheim’s resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, including the Committee’s knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2023, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2023, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2023, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’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 performance information for the Alternative Funds (i.e., the non-Tradable Funds) as of March 31, 2024. In assessing each Fund’s performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

With respect to the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures. In this connection, the Committee considered the tracking error of each Fund’s 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.

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ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining circumstances in which the performance of the Tradable Funds may deviate from the performance of their respective peer funds due to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to 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 considered that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that although the Fund’s performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year periods ended December 31, 2023, the Fund outperformed the comparable peer fund over the one-year time period and no performance information was available for the comparable peer fund over the five-year and three-year time periods.

With respect to the Sector Funds, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining circumstances in which the Sector Funds may underperform their respective peer groups due to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that the returns of each Alternative Fund’s Institutional Class shares ranked in the third quartile or better of its performance universe for each of the five-year and three-year periods considered.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and/or efforts to improve investment performance.

Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds: The Committee compared each Fund’s contractual advisory fee, net effective management fee² and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than 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.

² The “net effective management fee” for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.

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ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

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, other than 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 the total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee and total net expense ratio were 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, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds’ structure and the portfolio management needed to meet client requirements.

The Committee considered management’s agreement, as part of the 2024 annual contract renewal process, to reduce the total net expense ratio of Europe 1.25x Strategy Fund by 0.10% of its average daily net assets through an expense reimbursement and/or waiver agreement effective August 1, 2024 for an initial term ending August 1, 2025, with such reduction to apply in addition to any other contractual waiver and/or reimbursement arrangements already in place. The Committee also considered the continuation through August 1, 2025 of management’s agreement, implemented as part of the 2023 annual contract review process, to reduce the total net expense ratio of each Tradable Fund (other than the U.S. Government Money Market Fund) by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement, with such reduction applicable in addition to any other contractual waiver and/or reimbursement arrangements in place. The Committee also noted the continuation through August 1, 2025 of management’s separate agreement, implemented as part of the 2022 annual contract review process, to reduce the total net expense ratio of each Tradable Fund with a contractual advisory fee of 0.90% of its average daily net assets³ by 0.05% of its average daily net assets and, with respect to NASDAQ-100 Fund, to reduce the total net expense ratio of the Fund by 0.05% of its average daily net assets in excess of $500 million, through expense reimbursement and/or waiver agreements.

With respect to the 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 such 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, 2023, gross revenues received, and expenses incurred directly or through allocations, by Guggenheim Investments, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2022 and December 31, 2021. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis. In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by

³ 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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ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

Guggenheim Investments to determine expenses and profit and the representation by the Chief Financial Officer of Guggenheim Investments that such methods provided a reasonable basis for determining the profitability of the Adviser with respect to each Fund. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in overall expenses in 2023 was attributable to decreased product and distribution related costs driven by lower average assets under management (which also resulted in decreased revenue from the funds in the Guggenheim fund complex), decreased expense waivers and reimbursements, and decreased expenses associated with non-recurring items.

With respect to the Tradable Funds, the Committee noted that, in addition to the expense reimbursement and/or waiver arrangement implemented in August 2022 for the NASDAQ-100 Fund on average daily net assets in excess of $500 million, the Adviser has agreed to a contractual advisory fee breakpoint schedule for the Funds that is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds, a separate trust, equal or 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 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 and considered that the newly agreed expense reimbursement and/or waiver arrangement would produce additional savings to shareholders. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund reflected a reasonable business arrangement negotiated at arm’s length.

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ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (concluded)

Overall Conclusions

The Committee concluded that the investment advisory fees reflect reasonable business arrangements negotiated at arm’s length in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of their informed business judgment, may afford different weights to different factors.

Following its review of the Committee’s analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement. As a part of its considerations, the Board noted its ongoing evaluation of the Proposed Liquidation for Long Short Equity Fund and determined that the renewal of the Advisory Agreement for the Fund would allow the Fund to operate until the completion of the Proposed Liquidation, if approved by the Board, and would provide for the operation of the Fund to continue in the event the Board does not approve the Proposed Liquidation. (Following the May Board Meeting, the Board approved the Proposed Liquidation at a reconvening of the May Board Meeting held by videoconference on May 24, 2024.)

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is included as part of the material filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is included as part of the material filed under Item 7 of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.

Not applicable to this registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16. Controls and Procedures.

(a)       The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) as of a date within 90 days of this filing and have concluded that based on such evaluation as required by Rule 30a-3(b) under the Investment Company Act, that the registrant’s disclosure controls and procedures were effective as of that date in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)       There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that the officers listed above believe to have materially affected, or to be reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable

(b) Not applicable

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) are attached.

(a)(3) Not applicable.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b)      A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act (17 CFR 270.30a-2(b)) is attached.

SIGNATURES
 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Rydex Series Funds
By (Signature and Title)*	/s/ Brian E. Binder
	Brian E. Binder, President and Chief Executive Officer
Date	December 6, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Brian E. Binder
	Brian E. Binder, President and Chief Executive Officer
Date	December 6, 2024
By (Signature and Title)*	/s/ James Howley
	James Howley, Chief Financial Officer, Chief Accounting Officer, and Treasurer
Date	December 6, 2024

^* Print the name and title of each signing officer under his or her signature.