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, 2022 - March 31, 2023

Item 1. Reports to Stockholders.

The registrant’s 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:

3.31.2023

Rydex Funds Annual Report

Guggenheim Alternatives Funds

Guggenheim Long Short Equity Fund

Rydex International Equity Funds

Rydex Emerging Markets 2x Strategy Fund

Rydex Inverse Emerging Markets 2x Strategy Fund

Rydex Fixed Income Fund

Rydex Emerging Markets Bond Strategy Fund

GuggenheimInvestments.com RSTF-ANN-0323x0324

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS	6
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
LONG SHORT EQUITY FUND	10
EMERGING MARKETS 2x STRATEGY FUND	31
INVERSE EMERGING MARKETS 2x STRATEGY FUND	40
EMERGING MARKETS BOND STRATEGY FUND	48
NOTES TO FINANCIAL STATEMENTS	56
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	71
OTHER INFORMATION	72
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	73
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	79

THE RYDEX FUNDS ANNUAL REPORT | 1

March 31, 2023

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for a selection of our alternative strategy funds (the “Fund” or “Funds”) for the 12-month period ended March 31, 2023 (the “Reporting Period”).

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

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

We encourage you to read the Economic and Market Overview section of the report, which follows this letter, and then the Performance Report and Fund Profile for each Fund.

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

Sincerely,

Security Investors, LLC

April 30, 2023

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

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

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

Inverse and leveraged funds are not suitable for all investors. ● These funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risk of shorting, and (d) intend to actively monitor and manage their investments. ● The more a fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● Inverse funds involve certain risks, which include increased volatility due to the funds’ possible use of short sales of securities and derivatives, such as options and futures. ● The funds’ use of derivatives, such as futures, options and swap agreements, may expose the funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Short-selling involves increased risks and costs. You risk paying more for a security than you received from its sale. ● Leveraged and inverse funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. For those funds that consistently apply leverage, the value of the funds’ shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. The funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse funds’ holdings consistent with their strategies, as frequently as daily. ● The leveraged and Inverse Emerging Markets Funds’ investments in developed and emerging foreign markets may increase the Funds’ volatility due to the impact of diplomatic, political or economic developments on the country in question. ●

2 | THE RYDEX FUNDS ANNUAL REPORT

March 31, 2023

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

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

THE RYDEX FUNDS ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6% to 1.2%. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned -7.73%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -1.38%. The return of the MSCI Emerging Markets Index* was -10.70%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -4.78% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned -3.34%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 2.53% for the Reporting Period.

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

4 | THE RYDEX FUNDS ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

*Index Definitions:

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

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

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

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

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

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

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

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

S&P Emerging 50 ADR Index is capitalization-weighted and designed to track the performance of approximately 50 emerging market-based depositary receipts.

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

THE RYDEX FUNDS ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

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

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

An Example of Compounding

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

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

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

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

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

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

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

6 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2022 and ending March 31, 2023.

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

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Long Short Equity Fund
A-Class	1.76%	14.93%	$ 1,000.00	$ 1,149.30	$ 9.43
C-Class	2.63%	14.43%	1,000.00	1,144.30	14.06
P-Class	1.76%	14.94%	1,000.00	1,149.40	9.43
Institutional Class	1.49%	15.08%	1,000.00	1,150.80	7.99
Emerging Markets 2x Strategy Fund
A-Class	1.84%	30.94%	1,000.00	1,309.40	10.59
C-Class	2.56%	30.46%	1,000.00	1,304.60	14.71
H-Class	1.81%	30.92%	1,000.00	1,309.20	10.42
Inverse Emerging Markets 2x Strategy Fund
A-Class	2.15%	(34.79%)	1,000.00	652.10	8.86
C-Class	2.89%	(34.97%)	1,000.00	650.30	11.89
H-Class	2.17%	(34.69%)	1,000.00	653.10	8.94
Emerging Markets Bond Strategy Fund
A-Class	1.61%	12.13%	1,000.00	1,121.30	8.51
C-Class	2.38%	11.70%	1,000.00	1,117.00	12.56
H-Class	1.61%	12.16%	1,000.00	1,121.60	8.52

8 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Long Short Equity Fund
A-Class	1.76%	5.00%	$ 1,000.00	$ 1,016.16	$ 8.85
C-Class	2.63%	5.00%	1,000.00	1,011.82	13.19
P-Class	1.76%	5.00%	1,000.00	1,016.16	8.85
Institutional Class	1.49%	5.00%	1,000.00	1,017.50	7.49
Emerging Markets 2x Strategy Fund
A-Class	1.84%	5.00%	1,000.00	1,015.76	9.25
C-Class	2.56%	5.00%	1,000.00	1,012.17	12.84
H-Class	1.81%	5.00%	1,000.00	1,015.91	9.10
Inverse Emerging Markets 2x Strategy Fund
A-Class	2.15%	5.00%	1,000.00	1,014.21	10.80
C-Class	2.89%	5.00%	1,000.00	1,010.52	14.49
H-Class	2.17%	5.00%	1,000.00	1,014.11	10.90
Emerging Markets Bond Strategy Fund
A-Class	1.61%	5.00%	1,000.00	1,016.90	8.10
C-Class	2.38%	5.00%	1,000.00	1,013.06	11.94
H-Class	1.61%	5.00%	1,000.00	1,016.90	8.10

1	Annualized and excludes expense of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2022 to March 31, 2023.

THE RYDEX FUNDS ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

LONG SHORT EQUITY FUND

OBJECTIVE: Seeks long-term capital appreciation.

For the Reporting Period, Long Short Equity Fund P-Class returned -0.11%. The Fund outperformed the two benchmarks used by the Fund, the Morningstar Long/Short Equity Category Average, which returned -3.56%, and the S&P 500 Index, which returned -7.73% for the same one-year period.

What factors contributed to or detracted from the Fund’s performance during the Reporting Period?

For the Reporting Period, the broad market reversed its ‘reopening’ excitement and began a steady bear market. Economic ramifications of the Covid pandemic continued–as supply constraints and worker shortages drove inflation steadily higher. Despite rebounding demand and consumers flush with money, many industries and service companies could not keep enough parts or employees, causing shortages and driving wages higher. Exacerbating the underlying inflation was the sudden war in Ukraine and continued rolling China Covid-related shutdowns. Both were human tragedies in their own rights. Both also threw supply chains into more chaos. The Federal Reserve Board (the “Fed”) continued with rate increases to halt inflation running at a pace not seen in 40 years. The rapid and steady rise in rates led to a coordinated drop in stocks and bonds early in the Reporting Period. As the Reporting Period ended, the lagged effects of rising rates began hitting corporate earnings, led to numerous layoff announcements, and set off a crisis among smaller regional banks that did not properly anticipate the balance sheet impact of fast-rising rates. The corporate earnings drag and now-emerging struggle for depositors is tightening credit, and starting to hit the most leveraged and less profitable niches in the economy. While the Fed is getting close to its target rate, the likelihood is rising that rates stay ‘higher for longer’ and drag the economy into a recession.

Large growth names retreated more than the broad benchmarks (for example, the S&P 500) although they ended the year on a substantial rebound to narrow that gap. Small caps also struggled, particularly financials, with the recent select bank failures causing fears of broader contagion.

The Fund’s return was virtually identical to the -0.13% total return of the Fund’s internal risk benchmark (a blend of 30% S&P 500 and 70% cash). The overall market decline contributed about -0.5% of the relative drag based on our net long exposure averaging a bit higher than the benchmark. The realized beta (sensitivity of daily returns to broad stock benchmark moves) was about 0.50 for the year.

Overall fundamental style positioning worked in the Fund’s favor by about +3.9% attribution. Value names had a good year vis-à-vis expensive growth. With rising rates, the value of far off and riskier earnings was discounted at higher rates, causing even more pain for expensive growth. A bias towards names considered high profitability also contributed some gains.

Industry tilts also outperformed, with about +5.9% in contribution. The Fund’s net short in Real Estate was by far the largest positive contributor, as that sector suffered from both fundamental and rate-related risks.

Security selection (the impact of returns within style and industry groups) was a drag of -6.5% for the Reporting Period. For example, within the Real Estate sector, Hotel short names outperformed the sector while a few long Office positions underperformed, leading to negative selection despite favorable sector positioning.

How did the Fund use derivatives during the Reporting Period?

The Fund uses total return swaps to gain exposure to short positions and to attain some leverage on the long side when surpassing 100% long weights. In total, the derivatives produced a net negative market exposure, creating a partial market hedge against assets that are invested in long stocks. The net performance impact of these derivatives was positive as the overall market had a negative return.

How was the Fund positioned at the end of the Reporting Period?

The Fund held about 165% of assets in long securities, and 97% in short positions, for a net-dollar exposure of 68%. Because the long side exposure holds higher quality and more-defensive sectors, while the short side focuses on higher-risk names, the actual expected net ‘beta’ of the Fund is in the 0.45 to 0.50 range.

10 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(continued) March 31, 2023

The Fund maintains its style bias towards cheaper valuation and higher-profitability names. Our biases toward low stock-volatility and away from high-growth remain, but at reduced levels from last year as those factors have paid off significantly and look less underpriced than usual.

From an industry perspective, the Fund’s largest net long sectors are Healthcare, IT, and Consumer Discretionary, with our names mostly focused on cheaper and higher cash-flow-generating groups within those otherwise growth-oriented sectors. The largest net short exposures are Real Estate and Commercial Services. Notably, the Fund has flipped to a net long exposure to Energy and Materials, while cutting back on weights in Staples and Utilities. With considerable moves in relative stock prices and changing fundamentals, the dynamic industry weight reallocation was substantial this year.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings	% of Total Net Assets
Alphabet, Inc. — Class C	1.3%
Apple, Inc.	1.3%
Microsoft Corp.	1.2%
Exxon Mobil Corp.	0.9%
Visa, Inc. — Class A	0.9%
Mastercard, Inc. — Class A	0.9%
McDonald’s Corp.	0.9%
Analog Devices, Inc.	0.8%
Verizon Communications, Inc.	0.8%
General Mills, Inc.	0.8%
Top Ten Total	9.8%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS ANNUAL REPORT | 11

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(0.11%)	2.54%	3.89%
A-Class Shares with sales charge‡	(4.84%)	1.55%	3.38%
C-Class Shares	(0.96%)	1.75%	3.10%
C-Class Shares with CDSC§	(1.95%)	1.75%	3.10%
P-Class Shares	(0.11%)	2.54%	3.88%
Institutional Class Shares	0.14%	2.79%	4.15%
S&P 500 Index**	(7.73%)	11.19%	12.24%
Morningstar Long/Short Equity Category Average**	(3.56%)	2.58%	3.45%

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

12 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Value
COMMON STOCKS† - 84.1%
Consumer, Non-cyclical - 19.6%
General Mills, Inc.1		1,499	$	128,105
Kimberly-Clark Corp.		931		124,959
Abbott Laboratories1		1,229		124,448
John B Sanfilippo & Son, Inc.1		1,263		122,410
Johnson & Johnson		780		120,900
Kellogg Co.		1,762		117,983
Merck & Company, Inc.1		1,107		117,774
Amgen, Inc.1		460		111,205
Bristol-Myers Squibb Co.1		1,588		110,064
Hologic, Inc.*,1		1,358		109,591
EVERTEC, Inc.		3,089		104,254
Perdoceo Education Corp.*		7,097		95,313
Incyte Corp.*,1		1,303		94,168
Philip Morris International, Inc.		811		78,870
Royalty Pharma plc — Class A1		2,155		77,645
Altria Group, Inc.		1,733		77,326
Vertex Pharmaceuticals, Inc.*		236		74,357
Pfizer, Inc.1		1,811		73,889
Gilead Sciences, Inc.1		859		71,271
Premier, Inc. — Class A		2,076		67,200
Ironwood Pharmaceuticals, Inc. — Class A*		6,349		66,791
Triton International Ltd.		1,050		66,381
Exelixis, Inc.*,1		2,909		56,464
USANA Health Sciences, Inc.*,1		829		52,144
Eli Lilly & Co.1		151		51,856
ResMed, Inc.		227		49,711
IDEXX Laboratories, Inc.*,1		96		48,008
UnitedHealth Group, Inc.		99		46,786
Organon & Co.		1,940		45,629
Inter Parfums, Inc.1		320		45,517
Prestige Consumer Healthcare, Inc.*		724		45,344
Eagle Pharmaceuticals, Inc.*		1,484		42,101
United Therapeutics Corp.*,1		172		38,521
Acadia Healthcare Company, Inc.*		532		38,437
Quanex Building Products Corp.		1,751		37,699
Hackett Group, Inc.		2,005		37,052
Neurocrine Biosciences, Inc.*		354		35,832
Innoviva, Inc.*		3,050		34,312
Waters Corp.*		93		28,796
Molina Healthcare, Inc.*		107		28,621
IQVIA Holdings, Inc.*		138		27,447
Edwards Lifesciences Corp.*		302		24,984
Moody’s Corp.		78		23,869
Amphastar Pharmaceuticals, Inc.*		621		23,288
Quest Diagnostics, Inc.1		164		23,203
Fulgent Genetics, Inc.*		690		21,542
Total Consumer, Non-cyclical				3,042,067
Consumer, Cyclical - 13.0%
McDonald’s Corp.		480		134,213
Yum! Brands, Inc.1		910		120,193
Boyd Gaming Corp.		1,759		112,787
Brunswick Corp.1		1,300		106,600
Darden Restaurants, Inc.1		685		106,285
DR Horton, Inc.		1,069		104,431
Gentex Corp.		3,504		98,217
Allison Transmission Holdings, Inc.1		1,994		90,208
Murphy USA, Inc.		305		78,705
PulteGroup, Inc.		1,269		73,957
MSC Industrial Direct Company, Inc. — Class A		874		73,416
MDC Holdings, Inc.		1,863		72,415
O’Reilly Automotive, Inc.*		82		69,616
Home Depot, Inc.1		221		65,222
WW Grainger, Inc.		88		60,615
Oxford Industries, Inc.		555		58,603
Steven Madden Ltd.		1,522		54,792
Buckle, Inc.1		1,524		54,392
Methode Electronics, Inc.		1,203		52,788
Taylor Morrison Home Corp. — Class A*		1,354		51,804
KB Home		1,190		47,814
GMS, Inc.*,1		778		45,038
Watsco, Inc.1		126		40,088
Lowe’s Companies, Inc.1		189		37,794
Haverty Furniture Companies, Inc.		1,119		35,707
Univar Solutions, Inc.*		1,011		35,416
Columbia Sportswear Co.		385		34,742
Lennar Corp. — Class A		312		32,794
Polaris, Inc.1		286		31,640
Tesla, Inc.*		116		24,066
BlueLinx Holdings, Inc.*		174		11,825
Total Consumer, Cyclical				2,016,183
Industrial - 13.0%
Illinois Tool Works, Inc.1		503		122,455
Graco, Inc.1		1,639		119,663
Standex International Corp.1		954		116,808
Packaging Corporation of America1		807		112,036
Snap-on, Inc.1		408		100,731
Donaldson Company, Inc.1		1,530		99,970
Vishay Intertechnology, Inc.		4,265		96,474
Otis Worldwide Corp.		1,071		90,392
Advanced Energy Industries, Inc.		889		87,122
A O Smith Corp.1		1,245		86,092
Sturm Ruger & Company, Inc.		1,359		78,061
Acuity Brands, Inc.		399		72,909
TE Connectivity Ltd.		512		67,149
Eagle Materials, Inc.		434		63,689
ITT, Inc.		728		62,826
AptarGroup, Inc.		468		55,313
Mueller Industries, Inc.		729		53,567
Timken Co.		654		53,445
Albany International Corp. — Class A		597		53,348
Sealed Air Corp.1		1,083		49,721
Lennox International, Inc.		191		47,994
3M Co.1		451		47,405
Dorian LPG Ltd.		2,237		44,606
Louisiana-Pacific Corp.		748		40,549
Simpson Manufacturing Company, Inc.		365		40,019
Greif, Inc. — Class A		547		34,663

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Value
Masco Corp.		529	$	26,302
Carrier Global Corp.		549		25,117
Lindsay Corp.		165		24,937
Insteel Industries, Inc.		803		22,340
GrafTech International Ltd.		4,001		19,445
Total Industrial				2,015,148
Financial - 12.3%
Visa, Inc. — Class A1		630		142,040
Mastercard, Inc. — Class A		378		137,369
Evercore, Inc. — Class A		872		100,611
MGIC Investment Corp.		7,264		97,483
Bank of New York Mellon Corp.1		1,816		82,519
Radian Group, Inc.		3,519		77,770
Essent Group Ltd.		1,531		61,317
Federated Hermes, Inc. — Class B		1,462		58,685
NMI Holdings, Inc. — Class A*		2,628		58,683
Mr Cooper Group, Inc.*		1,426		58,423
TowneBank1		2,169		57,804
S&T Bancorp, Inc.1		1,819		57,208
Renasant Corp.1		1,802		55,105
FNB Corp.		4,715		54,694
Preferred Bank/Los Angeles CA		989		54,207
Southside Bancshares, Inc.		1,542		51,194
Ameris Bancorp1		1,399		51,175
Hope Bancorp, Inc.		4,934		48,452
Janus Henderson Group plc		1,789		47,659
FB Financial Corp.		1,492		46,371
Virtus Investment Partners, Inc.		237		45,123
Brightsphere Investment Group, Inc.		1,785		42,090
Fulton Financial Corp.		2,944		40,686
Essential Properties Realty Trust, Inc. REIT		1,567		38,940
Stewart Information Services Corp.1		965		38,938
Berkshire Hathaway, Inc. — Class B*		124		38,287
Hilltop Holdings, Inc.1		1,237		36,702
Aon plc — Class A		106		33,421
Marcus & Millichap, Inc.		1,031		33,105
BOK Financial Corp.		383		32,329
Pacific Premier Bancorp, Inc.		1,226		29,448
UMB Financial Corp.		509		29,379
First BanCorp		2,502		28,573
East West Bancorp, Inc.		423		23,477
International Bancshares Corp.1		499		21,367
Central Pacific Financial Corp.		393		7,035
Total Financial				1,917,669
Technology - 9.1%
Apple, Inc.1		1,181		194,747
Microsoft Corp.1		660		190,278
Analog Devices, Inc.		661		130,362
Microchip Technology, Inc.1		1,460		122,319
Cirrus Logic, Inc.*		805		88,051
QUALCOMM, Inc.1		678		86,499
ON Semiconductor Corp.*		706		58,118
Cognizant Technology Solutions Corp. — Class A		909		55,385
Dropbox, Inc. — Class A*,1		2,514		54,353
Diodes, Inc.*		520		48,235
Rambus, Inc.*,1		903		46,288
Teradata Corp.*,1		1,066		42,938
NetApp, Inc.		644		41,120
Seagate Technology Holdings plc		576		38,085
Avid Technology, Inc.*		1,017		32,524
Applied Materials, Inc.1		261		32,059
Veeco Instruments, Inc.*		1,479		31,251
NVIDIA Corp.		112		31,110
MSCI, Inc. — Class A		54		30,223
Silicon Laboratories, Inc.*		165		28,890
Qorvo, Inc.*		243		24,682
Total Technology				1,407,517
Communications - 6.2%
Alphabet, Inc. — Class C*		1,984		206,336
Verizon Communications, Inc.1		3,308		128,648
VeriSign, Inc.*		583		123,206
Cisco Systems, Inc.		2,252		117,723
Arista Networks, Inc.*		538		90,309
Amazon.com, Inc.*		611		63,110
T-Mobile US, Inc.*		312		45,190
A10 Networks, Inc.		2,772		42,938
Extreme Networks, Inc.*		2,094		40,037
Meta Platforms, Inc. — Class A*		167		35,394
Ciena Corp.*,1		628		32,983
Ziff Davis, Inc.*		397		30,986
Total Communications				956,860
Energy - 5.0%
Exxon Mobil Corp.1		1,304		142,997
Kinder Morgan, Inc.1		6,475		113,377
Antero Midstream Corp.1		9,274		97,285
ONEOK, Inc.		1,413		89,782
Marathon Petroleum Corp.1		527		71,056
Chevron Corp.1		388		63,306
DT Midstream, Inc.		1,268		62,601
Valero Energy Corp.		349		48,720
Magnolia Oil & Gas Corp. — Class A		1,822		39,865
Phillips 661		287		29,096
REX American Resources Corp.*		797		22,786
Total Energy				780,871
Utilities - 4.7%
MGE Energy, Inc.1		1,631		126,680
OGE Energy Corp.		3,229		121,604
ONE Gas, Inc.		1,286		101,890
Chesapeake Utilities Corp.		654		83,705
Clearway Energy, Inc. — Class C1		2,668		83,588
National Fuel Gas Co.1		1,273		73,503
American Water Works Company, Inc.		284		41,603
IDACORP, Inc.		338		36,616
Unitil Corp.		569		32,456
Middlesex Water Co.		300		23,436
Total Utilities				725,081

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Value
Basic Materials - 1.2%
NewMarket Corp.1		173	$	63,141
Huntsman Corp.1		2,097		57,374
Olin Corp.		872		48,396
AdvanSix, Inc.		559		21,393
Total Basic Materials				190,304
Total Common Stocks
(Cost $12,616,052)				13,051,700
MONEY MARKET FUND† - 6.8%
Invesco Short-Term Investments Treasury Obligations Portfolio — Institutional Class, 4.48%2		1,060,576		1,060,576
Total Money Market Fund
(Cost $1,060,576)				1,060,576
Total Investments - 90.9%
(Cost $13,676,628)			$	14,112,276
Other Assets & Liabilities, net - 9.1%				1,405,923
Total Net Assets - 100.0%			$	15,518,199

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Type	Financing Rate	Payment Frequency		Maturity Date		Notional Amount		Value and Unrealized Appreciation
OTC Custom Basket Swap Agreements††
Goldman Sachs International	GS Equity Custom Basket	Pay	5.28% (Federal Funds Rate + 0.45%)		At Maturity		05/06/24	$	6,268,912	$	207,060
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Pay	5.23% (Federal Funds Rate + 0.40%)		At Maturity		03/27/24		6,269,579		206,090
								$	12,538,491	$	413,150
OTC Custom Basket Swap Agreements Sold Short††
Goldman Sachs International	GS Equity Custom Basket	Receive	4.63% (Federal Funds Rate - 0.20%)		At Maturity		05/06/24	$	7,532,089	$	396,214
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Receive	4.53% (Federal Funds Rate - 0.30%)		At Maturity		03/27/24		7,497,035		394,955
								$	15,029,124	$	791,169

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY LONG CUSTOM BASKET
Communications
Alphabet, Inc. — Class C		953		1.58	%	$	19,073
Arista Networks, Inc.		259		0.69	%		7,408
Cisco Systems, Inc.		1,082		0.90	%		7,218
Meta Platforms, Inc. — Class A		80		0.27	%		6,780
VeriSign, Inc.		280		0.94	%		3,128
Amazon.com, Inc.		293		0.48	%		2,566
T-Mobile US, Inc.		150		0.35	%		1,755
Ciena Corp.		302		0.25	%		872
A10 Networks, Inc.		1,332		0.33	%		577
Extreme Networks, Inc.		1,006		0.31	%		(140	)
Ziff Davis, Inc.		191		0.24	%		(2,579	)
Verizon Communications, Inc.		1,589		0.99	%		(8,813	)
Total Communications							37,845
Consumer, Non-cyclical
Vertex Pharmaceuticals, Inc.		114		0.57	%		10,711
Perdoceo Education Corp.		3,410		0.73	%		8,963
John B Sanfilippo & Son, Inc.		607		0.94	%		8,941
Hologic, Inc.		652		0.84	%		7,242
Inter Parfums, Inc.		154		0.35	%		6,672
Bristol-Myers Squibb Co.		763		0.84	%		6,123
Amphastar Pharmaceuticals, Inc.		298		0.18	%		5,423
Exelixis, Inc.		1,398		0.43	%		3,695
IDEXX Laboratories, Inc.		46		0.37	%		3,651
Kimberly-Clark Corp.		447		0.96	%		2,553
General Mills, Inc.		720		0.98	%		1,719
Eli Lilly & Co.		73		0.40	%		1,514
Kellogg Co.		846		0.90	%		1,264
Gilead Sciences, Inc.		413		0.55	%		1,122
Edwards Lifesciences Corp.		145		0.19	%		635
Johnson & Johnson		375		0.93	%		610
Prestige Consumer Healthcare, Inc.		348		0.35	%		352
United Therapeutics Corp.		83		0.30	%		91
Quest Diagnostics, Inc.		79		0.18	%		(101	)
Premier, Inc. — Class A		997		0.51	%		(122	)
UnitedHealth Group, Inc.		48		0.36	%		(149	)
ResMed, Inc.		109		0.38	%		(150	)
Moody’s Corp.		37		0.18	%		(277	)
Ironwood Pharmaceuticals, Inc. — Class A		3,050		0.51	%		(560	)
Acadia Healthcare Company, Inc.		255		0.29	%		(657	)
Philip Morris International, Inc.		389		0.60	%		(682	)
Fulgent Genetics, Inc.		331		0.16	%		(714	)
Incyte Corp.		626		0.72	%		(778	)
Hackett Group, Inc.		963		0.28	%		(792	)
Amgen, Inc.		221		0.85	%		(1,021	)
Triton International Ltd.		504		0.51	%		(1,052	)
Organon & Co.		932		0.35	%		(1,146	)
IQVIA Holdings, Inc.		66		0.21	%		(1,426	)
Waters Corp.		44		0.22	%		(1,484	)
Quanex Building Products Corp.		841		0.29	%		(1,587	)
Altria Group, Inc.		833		0.59	%		(1,661	)
Innoviva, Inc.		1,465		0.26	%		(1,874	)
Molina Healthcare, Inc.		52		0.22	%		(1,978	)
Neurocrine Biosciences, Inc.		170		0.27	%		(2,620	)
Merck & Company, Inc.		532		0.90	%		(3,773	)
Pfizer, Inc.		870		0.57	%		(5,052	)
Abbott Laboratories		590		0.95	%		(5,070	)
Royalty Pharma plc — Class A		1,035		0.59	%		(6,928	)
EVERTEC, Inc.		1,484		0.80	%		(6,977	)
Eagle Pharmaceuticals, Inc.		713		0.32	%		(7,585	)
USANA Health Sciences, Inc.		398		0.40	%		(7,857	)
Total Consumer, Non-cyclical							7,208
Industrial
Standex International Corp.		458		0.89	%		14,923
Donaldson Company, Inc.		735		0.77	%		9,164
Vishay Intertechnology, Inc.		2,049		0.74	%		9,149
Mueller Industries, Inc.		350		0.41	%		7,908
Dorian LPG Ltd.		1,075		0.34	%		7,384
Snap-on, Inc.		196		0.77	%		6,763
Advanced Energy Industries, Inc.		427		0.67	%		6,252
Eagle Materials, Inc.		209		0.49	%		4,680
Graco, Inc.		787		0.92	%		4,224
TE Connectivity Ltd.		246		0.51	%		3,637
A O Smith Corp.		598		0.66	%		1,687
Illinois Tool Works, Inc.		242		0.94	%		1,650
Otis Worldwide Corp.		514		0.69	%		521
Louisiana-Pacific Corp.		359		0.31	%		459
Acuity Brands, Inc.		192		0.56	%		336
Carrier Global Corp.		264		0.19	%		170
Packaging Corporation of America		388		0.86	%		(30	)
AptarGroup, Inc.		225		0.42	%		(331	)
Simpson Manufacturing Company, Inc.		176		0.31	%		(405	)
Lindsay Corp.		79		0.19	%		(472	)

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Albany International Corp. — Class A		287		0.41	%	$	(626	)
GrafTech International Ltd.		1,922		0.15	%		(637	)
Greif, Inc. — Class A		263		0.27	%		(1,025	)
Lennox International, Inc.		92		0.37	%		(1,063	)
Masco Corp.		254		0.20	%		(1,088	)
Timken Co.		314		0.41	%		(2,163	)
ITT, Inc.		350		0.48	%		(2,581	)
Insteel Industries, Inc.		386		0.17	%		(2,956	)
Sturm Ruger & Company, Inc.		653		0.60	%		(3,368	)
Sealed Air Corp.		520		0.38	%		(3,732	)
3M Co.		217		0.36	%		(4,270	)
Total Industrial							54,160
Basic Materials
NewMarket Corp.		83		0.52	%		4,607
Olin Corp.		419		0.37	%		149
AdvanSix, Inc.		269		0.16	%		(966	)
Huntsman Corp.		1,007		0.44	%		(2,631	)
Total Basic Materials							1,159
Consumer, Cyclical
Allison Transmission Holdings, Inc.		958		0.69	%		5,741
GMS, Inc.		374		0.35	%		4,732
Brunswick Corp.		625		0.82	%		4,242
Boyd Gaming Corp.		845		0.86	%		4,006
McDonald’s Corp.		230		1.03	%		3,685
Darden Restaurants, Inc.		329		0.81	%		3,570
Watsco, Inc.		60		0.30	%		3,526
Columbia Sportswear Co.		185		0.27	%		2,668
DR Horton, Inc.		513		0.80	%		2,603
Lowe’s Companies, Inc.		91		0.29	%		1,877
PulteGroup, Inc.		610		0.57	%		1,824
Haverty Furniture Companies, Inc.		538		0.27	%		1,796
Oxford Industries, Inc.		267		0.45	%		1,765
KB Home		572		0.37	%		1,499
Steven Madden Ltd.		731		0.42	%		1,298
Methode Electronics, Inc.		578		0.40	%		1,232
Lennar Corp. — Class A		150		0.25	%		1,125
Taylor Morrison Home Corp. — Class A		651		0.40	%		1,110
WW Grainger, Inc.		42		0.46	%		850
Yum! Brands, Inc.		437		0.92	%		653
O’Reilly Automotive, Inc.		39		0.53	%		636
MDC Holdings, Inc.		895		0.55	%		532
Tesla, Inc.		56		0.19	%		457
Home Depot, Inc.		106		0.50	%		340
Polaris, Inc.		138		0.24	%		(125	)
Univar Solutions, Inc.		486		0.27	%		(187	)
Murphy USA, Inc.		146		0.60	%		(746	)
Gentex Corp.		1,683		0.75	%		(1,339	)
MSC Industrial Direct Company, Inc. — Class A		420		0.56	%		(1,570	)
BlueLinx Holdings, Inc.		83		0.09	%		(1,708	)
Buckle, Inc.		732		0.42	%		(3,152	)
Total Consumer, Cyclical							42,940
Utilities
Chesapeake Utilities Corp.		314		0.64	%		3,023
Unitil Corp.		273		0.25	%		2,976
MGE Energy, Inc.		784		0.97	%		2,573
ONE Gas, Inc.		618		0.78	%		2,138
National Fuel Gas Co.		611		0.56	%		926
IDACORP, Inc.		163		0.28	%		721
American Water Works Company, Inc.		136		0.32	%		(405	)
Middlesex Water Co.		144		0.18	%		(1,142	)
OGE Energy Corp.		1,551		0.93	%		(2,508	)
Clearway Energy, Inc. — Class C		1,282		0.64	%		(2,953	)
Total Utilities							5,349
Financial
Evercore, Inc. — Class A		419		0.78	%		3,863
S&T Bancorp, Inc.		874		0.44	%		2,818
Brightsphere Investment Group, Inc.		858		0.32	%		2,467
Virtus Investment Partners, Inc.		114		0.35	%		2,399
Visa, Inc. — Class A		303		1.09	%		1,469
NMI Holdings, Inc. — Class A		1,263		0.45	%		1,321
Aon plc — Class A		51		0.26	%		633
Hilltop Holdings, Inc.		594		0.28	%		610
Federated Hermes, Inc. — Class B		702		0.45	%		324
Radian Group, Inc.		1,691		0.60	%		266
Berkshire Hathaway, Inc. — Class B		59		0.29	%		(156	)
International Bancshares Corp.		239		0.16	%		(227	)
Central Pacific Financial Corp.		188		0.05	%		(814	)
Mastercard, Inc. — Class A		182		1.05	%		(867	)
Essential Properties Realty Trust, Inc.		753		0.30	%		(960	)
TowneBank		1,042		0.44	%		(1,169	)
Janus Henderson Group plc		860		0.37	%		(1,684	)
MGIC Investment Corp.		3,489		0.75	%		(2,015	)
Marcus & Millichap, Inc.		495		0.25	%		(2,259	)
Renasant Corp.		865		0.42	%		(2,532	)
Essent Group Ltd.		735		0.47	%		(2,779	)
First BanCorp		1,202		0.22	%		(3,349	)
BOK Financial Corp.		184		0.25	%		(3,503	)

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Mr Cooper Group, Inc.		685		0.45	%	$	(4,719	)
East West Bancorp, Inc.		203		0.18	%		(4,738	)
Fulton Financial Corp.		1,414		0.31	%		(4,849	)
Southside Bancshares, Inc.		743		0.39	%		(4,890	)
Bank of New York Mellon Corp.		873		0.63	%		(5,469	)
Preferred Bank/Los Angeles CA		454		0.40	%		(5,475	)
FB Financial Corp.		737		0.37	%		(5,751	)
Pacific Premier Bancorp, Inc.		589		0.23	%		(6,171	)
FNB Corp.		2,266		0.42	%		(6,615	)
Stewart Information Services Corp.		463		0.30	%		(6,997	)
UMB Financial Corp.		245		0.23	%		(8,223	)
Hope Bancorp, Inc.		2,370		0.37	%		(8,286	)
Ameris Bancorp		673		0.39	%		(8,541	)
Total Financial							(86,868	)
Technology
Apple, Inc.		567		1.49	%		40,555
Microsoft Corp.		317		1.46	%		32,618
Rambus, Inc.		434		0.35	%		13,427
Cirrus Logic, Inc.		387		0.68	%		13,275
Diodes, Inc.		250		0.37	%		5,097
NetApp, Inc.		309		0.31	%		3,711
Analog Devices, Inc.		318		1.00	%		3,688
Teradata Corp.		512		0.33	%		3,026
NVIDIA Corp.		54		0.24	%		2,924
QUALCOMM, Inc.		326		0.66	%		2,244
Applied Materials, Inc.		125		0.24	%		2,074
Avid Technology, Inc.		489		0.25	%		1,746
Microchip Technology, Inc.		701		0.94	%		1,531
ON Semiconductor Corp.		339		0.45	%		1,332
Veeco Instruments, Inc.		711		0.24	%		1,136
MSCI, Inc. — Class A		26		0.23	%		92
Silicon Laboratories, Inc.		79		0.22	%		(437	)
Qorvo, Inc.		117		0.19	%		(586	)
Cognizant Technology Solutions Corp. — Class A		437		0.42	%		(720	)
Seagate Technology Holdings plc		277		0.29	%		(1,318	)
Dropbox, Inc. — Class A		1,208		0.42	%		(1,654	)
Total Technology							123,761
Energy
Exxon Mobil Corp.		627		1.11	%		9,596
Marathon Petroleum Corp.		253		0.54	%		9,375
Valero Energy Corp.		168		0.37	%		3,885
Chevron Corp.		186		0.48	%		2,394
Phillips 66		138		0.22	%		2,134
Antero Midstream Corp.		4,455		0.75	%		1,774
Magnolia Oil & Gas Corp. — Class A		875		0.31	%		(187	)
REX American Resources Corp.		383		0.17	%		(514	)
Kinder Morgan, Inc.		3,110		0.87	%		(1,145	)
ONEOK, Inc.		679		0.69	%		(2,915	)
DT Midstream, Inc.		609		0.48	%		(3,861	)
Total Energy							20,536
Total MS Equity Long Custom Basket							206,090
MS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
Dun & Bradstreet Holdings, Inc.		3,078		(0.45	)%		16,402
Equifax, Inc.		410		(1.11	)%		10,790
Viad Corp.		1,014		(0.28	)%		9,466
Healthcare Services Group, Inc.		2,165		(0.40	)%		6,815
Clarivate plc		3,707		(0.46	)%		5,619
TransUnion		1,634		(1.35	)%		3,067
ManpowerGroup, Inc.		347		(0.38	)%		2,489
ABM Industries, Inc.		1,882		(1.13	)%		997
Booz Allen Hamilton Holding Corp.		236		(0.29	)%		891
GE HealthCare Technologies, Inc.		0		0.00	%		(3	)
Performance Food Group Co.		642		(0.52	)%		(203	)
ICF International, Inc.		573		(0.84	)%		(3,487	)
GXO Logistics, Inc.		1,011		(0.68	)%		(4,118	)
FTI Consulting, Inc.		313		(0.82	)%		(4,210	)
Driven Brands Holdings, Inc.		3,283		(1.33	)%		(4,293	)
ICU Medical, Inc.		536		(1.18	)%		(15,055	)
Total Consumer, Non-cyclical							25,170
Utilities
AES Corp.		4,470		(1.44	)%		10,427
Public Service Enterprise Group, Inc.		1,839		(1.53	)%		6,373
Eversource Energy		652		(0.68	)%		3,386
Atmos Energy Corp.		339		(0.51	)%		1,018
Spire, Inc.		933		(0.87	)%		(157	)
DTE Energy Co.		925		(1.35	)%		(552	)
Dominion Energy, Inc.		1,978		(1.48	)%		(566	)
Duke Energy Corp.		1,141		(1.47	)%		(2,000	)
CMS Energy Corp.		1,880		(1.54	)%		(3,419	)
Entergy Corp.		1,065		(1.53	)%		(3,648	)
Vistra Corp.		4,843		(1.55	)%		(7,293	)
Total Utilities							3,569
Consumer, Cyclical
MillerKnoll, Inc.		1,288		(0.35	)%		21,721
Alaska Air Group, Inc.		1,475		(0.83	)%		13,907
American Airlines Group, Inc.		3,493		(0.69	)%		10,603

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
UniFirst Corp.		355		(0.83	)%	$	8,572
Southwest Airlines Co.		1,929		(0.84	)%		5,589
Gap, Inc.		2,826		(0.38	)%		4,577
Royal Caribbean Cruises Ltd.		485		(0.42	)%		4,235
United Airlines Holdings, Inc.		628		(0.37	)%		3,914
Topgolf Callaway Brands Corp.		1,752		(0.51	)%		3,737
Burlington Stores, Inc.		138		(0.37	)%		2,640
Live Nation Entertainment, Inc.		427		(0.40	)%		1,209
Hyatt Hotels Corp. — Class A		359		(0.54	)%		(29	)
Delta Air Lines, Inc.		2,231		(1.04	)%		(3,200	)
Lululemon Athletica, Inc.		97		(0.47	)%		(5,047	)
WESCO International, Inc.		248		(0.51	)%		(8,852	)
Floor & Decor Holdings, Inc. — Class A		582		(0.76	)%		(10,746	)
Copart, Inc.		1,239		(1.24	)%		(19,642	)
Total Consumer, Cyclical							33,188
Financial
Bank of America Corp.		2,386		(0.91	)%		23,368
Invitation Homes, Inc.		1,932		(0.80	)%		21,917
Raymond James Financial, Inc.		899		(1.12	)%		19,886
Sun Communities, Inc.		783		(1.47	)%		19,534
Americold Realty Trust, Inc.		2,260		(0.86	)%		17,258
Equitable Holdings, Inc.		2,814		(0.95	)%		15,802
Prudential Financial, Inc.		965		(1.07	)%		15,727
Alexandria Real Estate Equities, Inc.		601		(1.01	)%		15,452
Howard Hughes Corp.		925		(0.99	)%		11,935
Goldman Sachs Group, Inc.		384		(1.68	)%		11,044
Equinix, Inc.		99		(0.95	)%		10,817
American Tower Corp. — Class A		365		(0.99	)%		10,626
Ventas, Inc.		1,635		(0.95	)%		9,433
Allstate Corp.		628		(0.93	)%		9,378
Assurant, Inc.		338		(0.54	)%		9,341
Assured Guaranty Ltd.		819		(0.55	)%		9,047
Brighthouse Financial, Inc.		1,166		(0.69	)%		8,818
Healthcare Realty Trust, Inc.		5,716		(1.47	)%		7,447
Kennedy-Wilson Holdings, Inc.		6,727		(1.49	)%		7,198
MetLife, Inc.		502		(0.39	)%		6,616
Principal Financial Group, Inc.		392		(0.39	)%		6,556
Cullen/Frost Bankers, Inc.		247		(0.35	)%		6,525
Citigroup, Inc.		1,372		(0.86	)%		5,832
KKR & Company, Inc. — Class A		1,640		(1.15	)%		5,660
Kite Realty Group Trust		5,227		(1.46	)%		4,831
Kimco Realty Corp.		1,902		(0.50	)%		4,794
Independence Realty Trust, Inc.		2,964		(0.63	)%		4,572
Welltower, Inc.		1,133		(1.08	)%		4,287
Outfront Media, Inc.		3,052		(0.66	)%		3,665
Apple Hospitality REIT, Inc.		1,812		(0.38	)%		3,561
TFS Financial Corp.		3,006		(0.51	)%		3,298
Reinsurance Group of America, Inc. — Class A		185		(0.33	)%		3,020
Rexford Industrial Realty, Inc.		1,597		(1.27	)%		2,970
SoFi Technologies, Inc.		2,245		(0.18	)%		2,596
Voya Financial, Inc.		536		(0.51	)%		2,156
Rayonier, Inc.		1,443		(0.64	)%		804
Ryman Hospitality Properties, Inc.		706		(0.84	)%		98
Iron Mountain, Inc.		1,824		(1.29	)%		(3,303	)
Apollo Global Management, Inc.		1,531		(1.29	)%		(3,523	)
Arthur J Gallagher & Co.		217		(0.55	)%		(3,847	)
Ares Management Corp. — Class A		1,103		(1.23	)%		(4,874	)
Progressive Corp.		634		(1.21	)%		(8,754	)
Total Financial							301,568
Basic Materials
Ashland, Inc.		524		(0.71	)%		1,816
Royal Gold, Inc.		269		(0.47	)%		(2,256	)
Carpenter Technology Corp.		671		(0.40	)%		(4,954	)
Total Basic Materials							(5,394	)
Technology
Atlassian Corp. — Class A		87		(0.20	)%		437
Take-Two Interactive Software, Inc.		530		(0.84	)%		(3,959	)
Total Technology							(3,522	)
Energy
Patterson-UTI Energy, Inc.		3,125		(0.49	)%		15,557
Helmerich & Payne, Inc.		772		(0.37	)%		11,156
Halliburton Co.		2,550		(1.08	)%		10,769
NOV, Inc.		2,292		(0.57	)%		9,534
Baker Hughes Co.		1,414		(0.54	)%		4,607
Hess Corp.		786		(1.39	)%		(8,492	)
Valaris Ltd.		690		(0.60	)%		(8,860	)
Schlumberger Ltd.		1,133		(0.74	)%		(11,940	)
Total Energy							22,331
Communications
IAC, Inc.		816		(0.56	)%		4,626
CDW Corp.		549		(1.43	)%		4,156

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Walt Disney Co.		852		(1.14	)%	$	413
Paramount Global — Class B		1,553		(0.46	)%		347
Robinhood Markets, Inc. — Class A		1,545		(0.20	)%		288
Chewy, Inc. — Class A		371		(0.18	)%		(294	)
DoorDash, Inc. — Class A		265		(0.22	)%		(441	)
Trade Desk, Inc. — Class A		264		(0.21	)%		(1,842	)
Warner Bros Discovery, Inc.		2,636		(0.53	)%		(7,191	)
Uber Technologies, Inc.		1,578		(0.67	)%		(7,994	)
Total Communications							(7,932	)
Industrial
Stanley Black & Decker, Inc.		550		(0.59	)%		27,574
Stericycle, Inc.		946		(0.55	)%		16,568
Vulcan Materials Co.		402		(0.92	)%		4,341
Waste Management, Inc.		687		(1.50	)%		4,065
Jacobs Solutions, Inc.		904		(1.42	)%		3,707
MasTec, Inc.		307		(0.39	)%		2,507
Ryder System, Inc.		296		(0.35	)%		2,470
TD SYNNEX Corp.		674		(0.87	)%		196
Clean Harbors, Inc.		166		(0.32	)%		(1,116	)
J.B. Hunt Transport Services, Inc.		309		(0.72	)%		(1,483	)
Kirby Corp.		706		(0.66	)%		(1,865	)
Teledyne Technologies, Inc.		130		(0.78	)%		(1,888	)
Republic Services, Inc. — Class A		746		(1.35	)%		(2,343	)
Tetra Tech, Inc.		344		(0.67	)%		(4,887	)
MSA Safety, Inc.		566		(1.01	)%		(5,146	)
Casella Waste Systems, Inc. — Class A		963		(1.06	)%		(16,723	)
Total Industrial							25,977
Total MS Equity Short Custom Basket							394,955
GS EQUITY LONG CUSTOM BASKET
Communications
Alphabet, Inc. — Class C		953		1.59	%		20,156
Arista Networks, Inc.		259		0.69	%		7,487
Cisco Systems, Inc.		1,082		0.90	%		7,267
Meta Platforms, Inc. — Class A		80		0.27	%		6,773
VeriSign, Inc.		280		0.94	%		3,226
Amazon.com, Inc.		293		0.48	%		2,652
T-Mobile US, Inc.		150		0.35	%		1,733
Ciena Corp.		302		0.25	%		892
A10 Networks, Inc.		1,332		0.33	%		517
Extreme Networks, Inc.		1,006		0.31	%		(120	)
Ziff Davis, Inc.		191		0.24	%		(2,568	)
Verizon Communications, Inc.		1,589		0.99	%		(8,844	)
Total Communications							39,171
Consumer, Non-cyclical
Vertex Pharmaceuticals, Inc.		114		0.57	%		10,686
John B Sanfilippo & Son, Inc.		607		0.94	%		8,964
Perdoceo Education Corp.		3,410		0.73	%		8,940
Hologic, Inc.		652		0.84	%		7,247
Inter Parfums, Inc.		154		0.35	%		6,702
Bristol-Myers Squibb Co.		763		0.84	%		6,139
Amphastar Pharmaceuticals, Inc.		298		0.18	%		5,420
Exelixis, Inc.		1,398		0.43	%		3,732
IDEXX Laboratories, Inc.		46		0.37	%		3,633
Kimberly-Clark Corp.		447		0.96	%		2,553
General Mills, Inc.		720		0.98	%		1,737
Eli Lilly & Co.		73		0.40	%		1,506
Kellogg Co.		846		0.90	%		1,205
Gilead Sciences, Inc.		413		0.55	%		1,105
Edwards Lifesciences Corp.		145		0.19	%		634
Johnson & Johnson		375		0.93	%		589
Prestige Consumer Healthcare, Inc.		348		0.35	%		351
United Therapeutics Corp.		83		0.30	%		98
Quest Diagnostics, Inc.		79		0.18	%		(35	)
UnitedHealth Group, Inc.		48		0.36	%		(145	)
Premier, Inc. — Class A		997		0.51	%		(163	)
ResMed, Inc.		109		0.38	%		(181	)
Moody’s Corp.		37		0.18	%		(242	)
Ironwood Pharmaceuticals, Inc. — Class A		3,050		0.51	%		(631	)
Incyte Corp.		626		0.72	%		(642	)
Acadia Healthcare Company, Inc.		255		0.29	%		(649	)
Philip Morris International, Inc.		389		0.60	%		(649	)
Hackett Group, Inc.		963		0.28	%		(796	)
Fulgent Genetics, Inc.		331		0.16	%		(801	)
Amgen, Inc.		221		0.85	%		(1,020	)
Triton International Ltd.		504		0.51	%		(1,057	)
Organon & Co.		932		0.35	%		(1,115	)
IQVIA Holdings, Inc.		66		0.21	%		(1,386	)
Waters Corp.		44		0.22	%		(1,499	)
Quanex Building Products Corp.		841		0.29	%		(1,596	)
Altria Group, Inc.		833		0.59	%		(1,666	)
Innoviva, Inc.		1,465		0.26	%		(1,980	)
Molina Healthcare, Inc.		52		0.22	%		(2,009	)

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Neurocrine Biosciences, Inc.		170		0.27	%	$	(2,632	)
Merck & Company, Inc.		532		0.90	%		(3,756	)
Pfizer, Inc.		870		0.57	%		(5,085	)
Abbott Laboratories		590		0.95	%		(5,098	)
Royalty Pharma plc — Class A		1,035		0.59	%		(6,788	)
EVERTEC, Inc.		1,484		0.80	%		(6,954	)
Eagle Pharmaceuticals, Inc.		713		0.32	%		(7,741	)
USANA Health Sciences, Inc.		398		0.40	%		(7,894	)
Total Consumer, Non-cyclical							7,031
Industrial
Standex International Corp.		458		0.90	%		14,860
Donaldson Company, Inc.		735		0.77	%		9,289
Vishay Intertechnology, Inc.		2,049		0.74	%		9,095
Mueller Industries, Inc.		350		0.41	%		7,941
Dorian LPG Ltd.		1,075		0.34	%		7,386
Snap-on, Inc.		196		0.77	%		6,743
Advanced Energy Industries, Inc.		427		0.67	%		6,348
Eagle Materials, Inc.		209		0.49	%		4,676
Graco, Inc.		787		0.92	%		4,335
TE Connectivity Ltd.		246		0.51	%		3,625
A O Smith Corp.		598		0.66	%		1,618
Illinois Tool Works, Inc.		242		0.94	%		1,493
Louisiana-Pacific Corp.		359		0.31	%		630
Otis Worldwide Corp.		514		0.69	%		514
Acuity Brands, Inc.		192		0.56	%		414
Carrier Global Corp.		264		0.19	%		158
Packaging Corporation of America		388		0.86	%		(102	)
AptarGroup, Inc.		225		0.42	%		(302	)
Simpson Manufacturing Company, Inc.		176		0.31	%		(389	)
Lindsay Corp.		79		0.19	%		(458	)
Albany International Corp. — Class A		287		0.41	%		(649	)
GrafTech International Ltd.		1,922		0.15	%		(670	)
Greif, Inc. — Class A		263		0.27	%		(1,039	)
Lennox International, Inc.		92		0.37	%		(1,070	)
Masco Corp.		254		0.20	%		(1,083	)
Timken Co.		314		0.41	%		(2,100	)
ITT, Inc.		350		0.48	%		(2,513	)
Insteel Industries, Inc.		386		0.17	%		(2,778	)
Sturm Ruger & Company, Inc.		653		0.60	%		(3,430	)
Sealed Air Corp.		520		0.38	%		(3,743	)
3M Co.		217		0.36	%		(4,292	)
Total Industrial							54,507
Basic Materials
NewMarket Corp.		83		0.48	%		4,647
Olin Corp.		419		0.37	%		138
AdvanSix, Inc.		269		0.16	%		(1,014	)
Huntsman Corp.		1,007		0.44	%		(2,695	)
Total Basic Materials							1,076
Consumer, Cyclical
Allison Transmission Holdings, Inc.		958		0.69	%		5,742
GMS, Inc.		374		0.35	%		4,645
Brunswick Corp.		625		0.82	%		4,369
Boyd Gaming Corp.		845		0.86	%		4,077
Darden Restaurants, Inc.		329		0.81	%		3,679
McDonald’s Corp.		230		1.03	%		3,678
Watsco, Inc.		60		0.30	%		3,613
Columbia Sportswear Co.		185		0.27	%		2,747
DR Horton, Inc.		513		0.80	%		2,666
Lowe’s Companies, Inc.		91		0.29	%		1,894
PulteGroup, Inc.		610		0.57	%		1,866
Haverty Furniture Companies, Inc.		538		0.27	%		1,787
Oxford Industries, Inc.		267		0.45	%		1,591
KB Home		572		0.37	%		1,471
Steven Madden Ltd.		731		0.42	%		1,253
Methode Electronics, Inc.		578		0.40	%		1,239
Lennar Corp. — Class A		150		0.25	%		1,154
Taylor Morrison Home Corp. — Class A		651		0.40	%		1,137
WW Grainger, Inc.		42		0.46	%		868
Yum! Brands, Inc.		437		0.92	%		661
O’Reilly Automotive, Inc.		39		0.53	%		629
MDC Holdings, Inc.		895		0.55	%		535
Tesla, Inc.		56		0.19	%		448
Home Depot, Inc.		106		0.50	%		289
Polaris, Inc.		138		0.24	%		(134	)
Univar Solutions, Inc.		486		0.27	%		(165	)
Murphy USA, Inc.		146		0.60	%		(725	)
Gentex Corp.		1,683		0.75	%		(1,349	)
MSC Industrial Direct Company, Inc. — Class A		420		0.56	%		(1,506	)
BlueLinx Holdings, Inc.		83		0.09	%		(1,704	)
Buckle, Inc.		732		0.42	%		(3,109	)
Total Consumer, Cyclical							43,346
Utilities
Unitil Corp.		273		0.25	%		2,981
Chesapeake Utilities Corp.		314		0.64	%		2,963
MGE Energy, Inc.		784		0.97	%		2,559
ONE Gas, Inc.		618		0.78	%		2,232
National Fuel Gas Co.		611		0.56	%		898
IDACORP, Inc.		163		0.28	%		717
American Water Works Company, Inc.		136		0.32	%		(409	)

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Middlesex Water Co.		144		0.18	%	$	(1,130	)
OGE Energy Corp.		1,551		0.93	%		(2,381	)
Clearway Energy, Inc. — Class C		1,282		0.64	%		(2,953	)
Total Utilities							5,477
Financial
Evercore, Inc. — Class A		419		0.81	%		4,216
S&T Bancorp, Inc.		874		0.44	%		2,801
Brightsphere Investment Group, Inc.		858		0.32	%		2,498
Virtus Investment Partners, Inc.		114		0.35	%		2,357
Visa, Inc. — Class A		303		1.09	%		1,448
NMI Holdings, Inc. — Class A		1,263		0.45	%		1,365
Aon plc — Class A		51		0.26	%		629
Hilltop Holdings, Inc.		594		0.28	%		607
Federated Hermes, Inc. — Class B		702		0.45	%		288
Radian Group, Inc.		1,691		0.60	%		184
Berkshire Hathaway, Inc. — Class B		59		0.29	%		(117	)
International Bancshares Corp.		239		0.16	%		(223	)
Central Pacific Financial Corp.		188		0.05	%		(823	)
Mastercard, Inc. — Class A		182		1.06	%		(890	)
TowneBank		1,042		0.44	%		(946	)
Essential Properties Realty Trust, Inc.		753		0.30	%		(1,039	)
Janus Henderson Group plc		860		0.37	%		(1,757	)
MGIC Investment Corp.		3,489		0.75	%		(2,028	)
Marcus & Millichap, Inc.		495		0.25	%		(2,265	)
Renasant Corp.		865		0.42	%		(2,542	)
Essent Group Ltd.		735		0.47	%		(2,791	)
First BanCorp		1,202		0.22	%		(3,356	)
BOK Financial Corp.		184		0.25	%		(3,494	)
Mr Cooper Group, Inc.		685		0.45	%		(4,607	)
East West Bancorp, Inc.		203		0.18	%		(4,741	)
Fulton Financial Corp.		1,414		0.31	%		(4,826	)
Southside Bancshares, Inc.		743		0.39	%		(4,943	)
Preferred Bank/Los Angeles CA		442		0.39	%		(5,320	)
Bank of New York Mellon Corp.		873		0.63	%		(5,451	)
FB Financial Corp.		737		0.37	%		(5,758	)
Pacific Premier Bancorp, Inc.		589		0.23	%		(6,155	)
FNB Corp.		2,266		0.42	%		(6,574	)
Stewart Information Services Corp.		463		0.30	%		(7,016	)
UMB Financial Corp.		245		0.23	%		(8,222	)
Hope Bancorp, Inc.		2,370		0.37	%		(8,289	)
Ameris Bancorp		673		0.39	%		(8,534	)
Total Financial							(86,314	)
Technology
Apple, Inc.		567		1.49	%		40,150
Microsoft Corp.		317		1.46	%		31,030
Rambus, Inc.		434		0.35	%		13,425
Cirrus Logic, Inc.		387		0.68	%		13,259
Diodes, Inc.		250		0.37	%		5,102
Analog Devices, Inc.		318		1.00	%		3,740
NetApp, Inc.		309		0.31	%		3,710
Teradata Corp.		512		0.33	%		3,019
NVIDIA Corp.		54		0.24	%		2,932
QUALCOMM, Inc.		326		0.66	%		2,280
Applied Materials, Inc.		125		0.24	%		2,046
Avid Technology, Inc.		489		0.25	%		1,657
Microchip Technology, Inc.		701		0.94	%		1,539
ON Semiconductor Corp.		339		0.45	%		1,400
Veeco Instruments, Inc.		711		0.24	%		1,150
MSCI, Inc. — Class A		26		0.23	%		133
Silicon Laboratories, Inc.		79		0.22	%		(399	)
Qorvo, Inc.		117		0.19	%		(563	)
Cognizant Technology Solutions Corp. — Class A		437		0.42	%		(719	)
Seagate Technology Holdings plc		277		0.29	%		(1,329	)
Dropbox, Inc. — Class A		1,208		0.42	%		(1,711	)
Total Technology							121,851
Energy
Exxon Mobil Corp.		627		1.10	%		9,598
Marathon Petroleum Corp.		253		0.54	%		9,401
Valero Energy Corp.		168		0.37	%		3,911
Chevron Corp.		186		0.48	%		2,445
Phillips 66		138		0.22	%		2,152
Antero Midstream Corp.		4,455		0.75	%		1,873
Magnolia Oil & Gas Corp. — Class A		875		0.31	%		(210	)
REX American Resources Corp.		383		0.17	%		(507	)
Kinder Morgan, Inc.		3,110		0.87	%		(1,080	)
ONEOK, Inc.		679		0.69	%		(2,826	)
DT Midstream, Inc.		609		0.48	%		(3,842	)
Total Energy							20,915
Total GS Equity Long Custom Basket							207,060
GS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
Dun & Bradstreet Holdings, Inc.		3,078		(0.48	)%		16,252
Equifax, Inc.		410		(1.10	)%		10,858
Viad Corp.		1,014		(0.28	)%		9,571

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Healthcare Services Group, Inc.		2,165		(0.40	)%	$	6,921
Clarivate plc		3,707		(0.46	)%		5,589
TransUnion		1,634		(1.35	)%		2,913
ManpowerGroup, Inc.		347		(0.38	)%		2,515
ABM Industries, Inc.		1,882		(1.12	)%		975
Booz Allen Hamilton Holding Corp.		236		(0.29	)%		919
Performance Food Group Co.		642		(0.51	)%		(248	)
ICF International, Inc.		573		(0.83	)%		(3,499	)
FTI Consulting, Inc.		313		(0.82	)%		(4,079	)
GXO Logistics, Inc.		1,011		(0.68	)%		(4,133	)
Driven Brands Holdings, Inc.		3,283		(1.32	)%		(4,206	)
ICU Medical, Inc.		536		(1.17	)%		(15,135	)
Total Consumer, Non-cyclical							25,213
Utilities
AES Corp.		4,470		(1.44	)%		10,501
Public Service Enterprise Group, Inc.		1,839		(1.52	)%		6,817
Eversource Energy		652		(0.68	)%		3,229
Atmos Energy Corp.		339		(0.51	)%		1,022
Spire, Inc.		933		(0.87	)%		(206	)
DTE Energy Co.		925		(1.35	)%		(708	)
Dominion Energy, Inc.		1,978		(1.47	)%		(958	)
Duke Energy Corp.		1,141		(1.46	)%		(2,212	)
Entergy Corp.		1,065		(1.52	)%		(3,416	)
CMS Energy Corp.		1,880		(1.53	)%		(3,802	)
Vistra Corp.		4,843		(1.54	)%		(7,354	)
Total Utilities							2,913
Consumer, Cyclical
MillerKnoll, Inc.		1,288		(0.39	)%		21,709
Alaska Air Group, Inc.		1,475		(0.82	)%		14,041
American Airlines Group, Inc.		3,493		(0.68	)%		10,619
UniFirst Corp.		355		(0.83	)%		8,628
Southwest Airlines Co.		1,929		(0.83	)%		5,753
Gap, Inc.		2,826		(0.38	)%		4,644
Royal Caribbean Cruises Ltd.		485		(0.42	)%		4,134
United Airlines Holdings, Inc.		628		(0.37	)%		3,771
Topgolf Callaway Brands Corp.		1,752		(0.50	)%		3,552
Burlington Stores, Inc.		138		(0.37	)%		2,645
Live Nation Entertainment, Inc.		427		(0.40	)%		1,101
Hyatt Hotels Corp. — Class A		359		(0.53	)%		61
Delta Air Lines, Inc.		2,231		(1.03	)%		(3,235	)
Lululemon Athletica, Inc.		97		(0.47	)%		(5,085	)
WESCO International, Inc.		248		(0.51	)%		(8,779	)
Floor & Decor Holdings, Inc. — Class A		582		(0.76	)%		(10,762	)
Copart, Inc.		1,239		(1.24	)%		(20,065	)
Total Consumer, Cyclical							32,732
Financial
Bank of America Corp.		2,386		(0.91	)%		23,405
Invitation Homes, Inc.		1,932		(0.80	)%		21,888
Raymond James Financial, Inc.		899		(1.11	)%		19,735
Sun Communities, Inc.		783		(1.46	)%		19,590
Morgan Stanley		1,830		(2.13	)%		18,091
Americold Realty Trust, Inc.		2,260		(0.85	)%		17,067
Equitable Holdings, Inc.		2,814		(0.95	)%		15,662
Prudential Financial, Inc.		965		(1.06	)%		15,553
Alexandria Real Estate Equities, Inc.		601		(1.00	)%		15,036
Howard Hughes Corp.		925		(0.98	)%		11,792
American Tower Corp. — Class A		365		(0.99	)%		10,793
Equinix, Inc.		99		(0.95	)%		10,636
Assurant, Inc.		338		(0.54	)%		9,366
Allstate Corp.		628		(0.92	)%		9,338
Ventas, Inc.		1,635		(0.94	)%		9,213
Assured Guaranty Ltd.		819		(0.55	)%		9,051
Brighthouse Financial, Inc.		1,166		(0.68	)%		8,791
Healthcare Realty Trust, Inc.		5,716		(1.47	)%		7,573
Kennedy-Wilson Holdings, Inc.		6,727		(1.48	)%		6,917
Principal Financial Group, Inc.		392		(0.39	)%		6,682
MetLife, Inc.		502		(0.39	)%		6,612
Cullen/Frost Bankers, Inc.		247		(0.35	)%		6,529
Citigroup, Inc.		1,372		(0.85	)%		5,935
KKR & Company, Inc. — Class A		1,640		(1.14	)%		5,655
Kite Realty Group Trust		5,227		(1.45	)%		4,872
Kimco Realty Corp.		1,902		(0.49	)%		4,805
Independence Realty Trust, Inc.		2,964		(0.63	)%		4,532
Welltower, Inc.		1,133		(1.08	)%		4,074
Outfront Media, Inc.		3,052		(0.66	)%		3,640
Apple Hospitality REIT, Inc.		1,812		(0.37	)%		3,610
TFS Financial Corp.		3,006		(0.50	)%		3,325
Reinsurance Group of America, Inc. — Class A		185		(0.33	)%		3,019
Rexford Industrial Realty, Inc.		1,597		(1.26	)%		2,763
SoFi Technologies, Inc.		2,245		(0.18	)%		2,591
Voya Financial, Inc.		536		(0.51	)%		2,167
Rayonier, Inc.		1,443		(0.64	)%		875
Ryman Hospitality Properties, Inc.		706		(0.84	)%		83
Iron Mountain, Inc.		1,824		(1.28	)%		(3,325	)

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Apollo Global Management, Inc.		1,531		(1.28	)%	$	(3,625	)
Arthur J Gallagher & Co.		217		(0.55	)%		(3,815	)
Ares Management Corp. — Class A		1,103		(1.22	)%		(4,928	)
Progressive Corp.		634		(1.20	)%		(8,778	)
Total Financial							306,795
Basic Materials
Ashland, Inc.		524		(0.71	)%		1,780
Royal Gold, Inc.		269		(0.46	)%		(2,273	)
Carpenter Technology Corp.		671		(0.40	)%		(4,898	)
Total Basic Materials							(5,391	)
Technology
Atlassian Corp. — Class A		87		(0.20	)%		441
Take-Two Interactive Software, Inc.		530		(0.84	)%		(3,951	)
Total Technology							(3,510	)
Energy
Patterson-UTI Energy, Inc.		3,125		(0.49	)%		15,404
Helmerich & Payne, Inc.		772		(0.37	)%		11,193
Halliburton Co.		2,550		(1.07	)%		10,499
NOV, Inc.		2,292		(0.56	)%		9,581
Baker Hughes Co.		1,414		(0.54	)%		4,527
Hess Corp.		786		(1.38	)%		(8,459	)
Valaris Ltd.		690		(0.60	)%		(8,951	)
Schlumberger Ltd.		1,133		(0.74	)%		(12,025	)
Total Energy							21,769
Communications
CDW Corp.		549		(1.42	)%		4,138
IAC, Inc.		816		(0.56	)%		4,080
Paramount Global — Class B		1,553		(0.46	)%		219
Robinhood Markets, Inc. — Class A		1,545		(0.20	)%		202
Walt Disney Co.		852		(1.13	)%		196
Chewy, Inc. — Class A		371		(0.18	)%		(365	)
DoorDash, Inc. — Class A		265		(0.22	)%		(524	)
Trade Desk, Inc. — Class A		264		(0.21	)%		(1,877	)
Warner Bros Discovery, Inc.		2,636		(0.53	)%		(7,625	)
Uber Technologies, Inc.		1,578		(0.66	)%		(7,975	)
Total Communications							(9,531	)
Industrial
Stanley Black & Decker, Inc.		550		(0.61	)%		27,514
Stericycle, Inc.		946		(0.55	)%		16,545
Vulcan Materials Co.		402		(0.92	)%		4,273
Waste Management, Inc.		687		(1.49	)%		3,923
Jacobs Solutions, Inc.		904		(1.41	)%		3,426
MasTec, Inc.		307		(0.38	)%		2,531
Ryder System, Inc.		296		(0.35	)%		2,444
TD SYNNEX Corp.		674		(0.87	)%		16
Coherent Corp.		0		0.00	%		2
General Electric Co.		1		0.00	%		(9	)
Clean Harbors, Inc.		166		(0.31	)%		(1,096	)
J.B. Hunt Transport Services, Inc.		309		(0.72	)%		(1,627	)
Kirby Corp.		706		(0.65	)%		(1,699	)
Teledyne Technologies, Inc.		130		(0.77	)%		(1,915	)
Republic Services, Inc. — Class A		746		(1.34	)%		(2,310	)
Tetra Tech, Inc.		344		(0.67	)%		(4,952	)
MSA Safety, Inc.		566		(1.00	)%		(5,138	)
Casella Waste Systems, Inc. — Class A		963		(1.06	)%		(16,711	)
Total Industrial							25,224
Total GS Equity Short Custom Basket						$	396,214

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as equity custom basket swap collateral at March 31, 2023.
2	Rate indicated is the 7-day yield as of March 31, 2023.
	GS — Goldman Sachs International
	MS — Morgan Stanley Capital Services LLC
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
LONG SHORT EQUITY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	13,051,700	$	—	$	—	$	13,051,700
Money Market Fund		1,060,576		—		—		1,060,576
Equity Custom Basket Swap Agreements**		—		1,204,319		—		1,204,319
Total Assets	$	14,112,276	$	1,204,319	$	—	$	15,316,595

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

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

LONG SHORT EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value (cost $13,676,628)	$	14,112,276
Unrealized appreciation on OTC swap agreements		1,204,319
Receivables:
Fund shares sold		172,512
Swap settlement		47,727
Dividends		15,557
Total assets		15,552,391
Liabilities:
Overdraft due to custodian bank		1,074
Payable for:
Management fees		11,466
Professional fees		5,267
Transfer agent and maintenance fees		4,965
Printing fees		3,076
Distribution and service fees		2,831
Portfolio accounting and administration fees		1,943
Trustees’ fees*		220
Fund shares redeemed		191
Miscellaneous		3,159
Total liabilities		34,192
Net assets	$	15,518,199
Net assets consist of:
Paid in capital	$	16,824,554
Total distributable earnings (loss)		(1,306,355	)
Net assets	$	15,518,199
A-Class:
Net assets	$	6,913,647
Capital shares outstanding		363,658
Net asset value per share	$	19.01
Maximum offering price per share (Net asset value divided by 95.25%)	$	19.96
C-Class:
Net assets	$	174,664
Capital shares outstanding		10,588
Net asset value per share	$	16.50
P-Class:
Net assets	$	6,024,389
Capital shares outstanding		315,888
Net asset value per share	$	19.07
Institutional Class:
Net assets	$	2,405,499
Capital shares outstanding		122,889
Net asset value per share	$	19.57

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $133)	$	312,020
Income from securities lending, net		52
Total investment income		312,072
Expenses:
Management fees		136,590
Distribution and service fees:
A-Class		17,016
C-Class		2,106
P-Class		14,773
Transfer agent fees		42,330
Portfolio accounting and administration fees		21,056
Professional fees		8,461
Trustees’ fees*		2,462
Custodian fees		2,377
Miscellaneous		15,111
Total expenses		262,282
Net investment income		49,790
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(365,195	)
Swap agreements		(151,206	)
Net realized loss		(516,401	)
Net change in unrealized appreciation (depreciation) on:
Investments		(612,709	)
Swap agreements		1,010,402
Net change in unrealized appreciation (depreciation)		397,693
Net realized and unrealized loss		(118,708	)
Net decrease in net assets resulting from operations	$	(68,918	)

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

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

LONG SHORT EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	49,790		$	55,108
Net realized gain (loss) on investments		(516,401	)		1,597,715
Net change in unrealized appreciation (depreciation) on investments		397,693			(1,477,826	)
Net increase (decrease) in net assets resulting from operations		(68,918	)		174,997
Distributions to shareholders:
A-Class		(28,087	)		(27,317	)
P-Class		(24,299	)		(23,390	)
Institutional Class		(11,987	)		(11,910	)
Total distributions to shareholders		(64,373	)		(62,617	)
Capital share transactions:
Proceeds from sale of shares
A-Class		268,590			200,135
C-Class		3,600			14,100
P-Class		137,512			732,232
Institutional Class		235,070			519,578
Distributions reinvested
A-Class		27,162			26,405
P-Class		21,690			21,004
Institutional Class		11,987			11,910
Cost of shares redeemed
A-Class		(670,625	)		(994,414	)
C-Class		(94,021	)		(128,923	)
P-Class		(370,219	)		(930,247	)
Institutional Class		(375,971	)		(211,165	)
Net decrease from capital share transactions		(805,225	)		(739,385	)
Net decrease in net assets		(938,516	)		(627,005	)
Net assets:
Beginning of year		16,456,715			17,083,720
End of year	$	15,518,199		$	16,456,715
Capital share activity:
Shares sold
A-Class		14,643			10,132
C-Class		227			848
P-Class		7,790			35,907
Institutional Class		12,159			25,124
Shares issued from reinvestment of distributions
A-Class		1,478			1,281
P-Class		1,176			1,016
Institutional Class		634			562
Shares redeemed
A-Class		(36,723	)		(50,960	)
C-Class		(5,825	)		(7,402	)
P-Class		(20,694	)		(46,182	)
Institutional Class		(20,267	)		(10,582	)
Net decrease in shares		(45,402	)		(40,256	)

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

LONG SHORT EQUITY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	19.11		$	18.98		$	14.12		$	16.20		$	17.41
Income (loss) from investment operations:
Net investment income (loss)a		.05			.06			.10			.09			.10
Net gain (loss) on investments (realized and unrealized)		(.07	)		.14			4.84			(2.04	)		(1.02	)
Total from investment operations		(.02	)		.20			4.94			(1.95	)		(.92	)
Less distributions from:
Net investment income		(.08	)		(.07	)		(.08	)		(.13	)		—
Net realized gains		—			—			—			—			(.29	)
Total distributions		(.08	)		(.07	)		(.08	)		(.13	)		(.29	)
Net asset value, end of period	$	19.01		$	19.11		$	18.98		$	14.12		$	16.20
Total Returnb		(0.11	%)		1.03	%		35.04	%		(12.15	%)		(5.31	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,914		$	7,344		$	8,044		$	7,021		$	10,143
Ratios to average net assets:
Net investment income (loss)		0.30	%		0.30	%		0.61	%		0.58	%		0.58	%
Total expensesc,d		1.76	%		1.66	%		1.75	%		1.78	%		1.78	%
Portfolio turnover rate		329	%		233	%		162	%		119	%		170	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	16.66		$	16.61		$	12.39		$	14.21		$	15.43
Income (loss) from investment operations:
Net investment income (loss)a		(.09	)		(.08	)		(.02	)		(.02	)		(.07	)
Net gain (loss) on investments (realized and unrealized)		(.07	)		.13			4.24			(1.80	)		(.86	)
Total from investment operations		(.16	)		.05			4.22			(1.82	)		(.93	)
Less distributions from:
Net realized gains		—			—			—			—			(.29	)
Total distributions		—			—			—			—			(.29	)
Net asset value, end of period	$	16.50		$	16.66		$	16.61		$	12.39		$	14.21
Total Returnb		(0.96	%)		0.30	%		34.06	%		(12.81	%)		(6.00	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	175		$	270		$	378		$	567		$	1,424
Ratios to average net assets:
Net investment income (loss)		(0.57	%)		(0.46	%)		(0.16	%)		(0.18	%)		(0.43	%)
Total expensesc,d		2.61	%		2.41	%		2.51	%		2.53	%		2.50	%
Portfolio turnover rate		329	%		233	%		162	%		119	%		170	%

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

LONG SHORT EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

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

P-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	19.17		$	19.04		$	14.17		$	16.25		$	17.47
Income (loss) from investment operations:
Net investment income (loss)a		.06			.06			.10			.09			.08
Net gain (loss) on investments (realized and unrealized)		(.08	)		.14			4.85			(2.04	)		(1.01	)
Total from investment operations		(.02	)		.20			4.95			(1.95	)		(.93	)
Less distributions from:
Net investment income		(.08	)		(.07	)		(.08	)		(.13	)		—
Net realized gains		—			—			—			—			(.29	)
Total distributions		(.08	)		(.07	)		(.08	)		(.13	)		(.29	)
Net asset value, end of period	$	19.07		$	19.17		$	19.04		$	14.17		$	16.25
Total Return		(0.11	%)		1.03	%		35.09	%		(12.17	%)		(5.35	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,024		$	6,281		$	6,415		$	5,370		$	9,303
Ratios to average net assets:
Net investment income (loss)		0.30	%		0.30	%		0.61	%		0.57	%		0.47	%
Total expensesc,d		1.76	%		1.66	%		1.75	%		1.78	%		1.77	%
Portfolio turnover rate		329	%		233	%		162	%		119	%		170	%

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

LONG SHORT EQUITY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

Institutional Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	19.65		$	19.50		$	14.49		$	16.60		$	17.79
Income (loss) from investment operations:
Net investment income (loss)a		.11			.11			.15			.14			.12
Net gain (loss) on investments (realized and unrealized)		(0.09	)		.14			4.97			(2.10	)		(1.02	)
Total from investment operations		.02			.25			5.12			(1.96	)		(.90	)
Less distributions from:
Net investment income		(.10	)		(.10	)		(.11	)		(.15	)		—
Net realized gains		—			—			—			—			(.29	)
Total distributions		(.10	)		(.10	)		(.11	)		(.15	)		(.29	)
Net asset value, end of period	$	19.57		$	19.65		$	19.50		$	14.49		$	16.60
Total Return		0.14	%		1.24	%		35.47	%		(11.96	%)		(5.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,405		$	2,562		$	2,247		$	1,794		$	2,018
Ratios to average net assets:
Net investment income (loss)		0.57	%		0.55	%		0.86	%		0.85	%		0.72	%
Total expensesc,d		1.49	%		1.41	%		1.50	%		1.53	%		1.51	%
Portfolio turnover rate		329	%		233	%		162	%		119	%		170	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Excluding interest and dividend expense related to short sales, the operating expense ratios for the years or periods presented was as follows:

	3/31/23	3/31/22	3/31/21	3/31/20	3/31/19
A-Class	1.76%	1.66%	1.78%	1.78%	1.68%
C-Class	2.61%	2.41%	2.51%	2.53%	2.50%
P-Class	1.76%	1.66%	1.75%	1.78%	1.77%
Institutional Class	1.49%	1.41%	1.50%	1.53%	1.51%

30 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

EMERGING MARKETS 2x STRATEGY FUND

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

For the Reporting Period, Emerging Markets 2x Strategy Fund H-Class returned -20.41%, while the S&P Emerging 50 ADR Index returned -3.86% over the same period.

For the period, Emerging Markets 2x Strategy 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.

The industries that contributed the most to the performance of the underlying index were internet & direct marketing retail, banks, and hotels & restaurants & leisure. The sectors that detracted the most were IT services, semiconductors & semiconductor equipment, and automobiles.

The stocks that contributed the most to the return of the underlying index were PDD Holdings, Inc. ADR - Class A, HDFC Bank, Ltd. ADR, and Alibaba Group Holding, Ltd. ADR. The stocks that detracted the most were NIO, Inc. ADR - Class A, Taiwan Semiconductor Manufacturing Co., Ltd. ADR, and Infosys, Ltd. ADR.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the most efficient manner possible and to provide leverage, not for hedging purposes. The results of derivatives use during the period were within our expectations and were factors in the Fund’s negative performance.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

COUNTRY DIVERSIFICATION

Country	% of Long-Term Investments
Taiwan, Province of China	23.5%
China	17.7%
Cayman Islands	16.8%
India	16.4%
Brazil	12.3%
Mexico	4.4%
Republic of Korea	4.2%
Other	4.7%
Total Long-Term Investments	100.0%

THE RYDEX FUNDS ANNUAL REPORT | 31

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Ten Largest Holdings	% of Total Net Assets
Taiwan Semiconductor Manufacturing Company Ltd. ADR	6.9%
Alibaba Group Holding Ltd. ADR	5.0%
HDFC Bank Ltd. ADR	2.3%
ICICI Bank Ltd. ADR	1.5%
Infosys Ltd. ADR	1.5%
Vale S.A. ADR	1.4%
JD.com, Inc. ADR	1.3%
Baidu, Inc. ADR	1.1%
PDD Holdings, Inc. ADR	1.1%
NetEase, Inc. ADR	0.8%
Top Ten Total	22.9%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(20.35%)	(8.90%)	(2.78%)
A-Class Shares with sales charge‡	(24.12%)	(9.79%)	(3.25%)
C-Class Shares	(20.97%)	(9.59%)	(3.46%)
C-Class Shares with CDSC§	(21.76%)	(9.59%)	(3.46%)
H-Class Shares	(20.41%)	(8.92%)	(2.83%)
S&P 500 Index	(7.73%)	11.19%	12.24%
S&P Emerging 50 ADR Index	(3.86%)	0.74%	2.95%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P Emerging 50 ADR Index and S&P 500 Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

32 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
EMERGING MARKETS 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 33.5%
Communications - 10.6%
Alibaba Group Holding Ltd. ADR*		1,527	$	156,029
JD.com, Inc. ADR		943		41,388
Baidu, Inc. ADR*		222		33,504
PDD Holdings, Inc. ADR*		427		32,409
America Movil SAB de CV ADR*		779		16,398
Trip.com Group Ltd. ADR*		418		15,746
Chunghwa Telecom Company Ltd. ADR		298		11,652
Telkom Indonesia Persero Tbk PT ADR		372		10,144
Vipshop Holdings Ltd. ADR*		271		4,114
Tencent Music Entertainment Group ADR*		492		4,074
SK Telecom Company Ltd. ADR1		152		3,118
Total Communications				328,576
Technology - 10.4%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		2,309		214,783
Infosys Ltd. ADR		2,640		46,042
NetEase, Inc. ADR		289		25,559
United Microelectronics Corp. ADR*,1		1,818		15,926
ASE Technology Holding Company Ltd. ADR		1,337		10,656
Wipro Ltd. ADR		1,158		5,199
Bilibili, Inc. ADR*,1		189		4,442
Total Technology				322,607
Financial - 5.5%
HDFC Bank Ltd. ADR		1,082		72,137
ICICI Bank Ltd. ADR		2,178		47,001
KB Financial Group, Inc. ADR		302		10,999
Banco Bradesco S.A. ADR		4,177		10,944
Shinhan Financial Group Company Ltd. ADR		399		10,749
KE Holdings, Inc. ADR*		528		9,948
Woori Financial Group, Inc. ADR		169		4,443
Banco de Chile ADR		170		3,318
Total Financial				169,539
Basic Materials - 3.5%
Vale S.A. ADR		2,817		44,452
POSCO Holdings, Inc. ADR		231		16,099
Gold Fields Ltd. ADR1		697		9,284
Sociedad Quimica y Minera de Chile S.A. ADR		112		9,079
AngloGold Ashanti Ltd. ADR		328		7,934
Sasol Ltd. ADR		458		6,251
Suzano S.A. ADR		620		5,090
Sibanye Stillwater Ltd. ADR1		559		4,651
Gerdau S.A. ADR		855		4,214
Total Basic Materials				107,054
Consumer, Non-cyclical - 1.4%
Fomento Economico Mexicano SAB de CV ADR		144		13,707
BeiGene Ltd. ADR*		52		11,208
Ambev S.A. ADR		3,459		9,755
Dr Reddy’s Laboratories Ltd. ADR		96		5,465
New Oriental Education & Technology Group, Inc. ADR*		117		4,517
Total Consumer, Non-cyclical				44,652
Industrial - 0.8%
ZTO Express Cayman, Inc. ADR		327		9,372
Cemex SAB de CV ADR*		1,183		6,542
Grupo Aeroportuario del Pacifico SAB de CV ADR		28		5,463
Grupo Aeroportuario del Sureste SAB de CV ADR		15		4,597
Total Industrial				25,974
Consumer, Cyclical - 0.6%
NIO, Inc. ADR*		1,115		11,718
H World Group Ltd. ADR*		111		5,437
Total Consumer, Cyclical				17,155
Energy - 0.5%
Petroleo Brasileiro S.A. ADR		1,461		15,238
Utilities - 0.2%
Centrais Eletricas Brasileiras S.A. ADR1		1,000		6,630
Total Common Stocks
(Cost $767,722)				1,037,425
PREFERRED STOCKS† - 1.1%
Financial - 0.6%
Itau Unibanco Holding S.A.
ADR		3,804		18,525
Energy - 0.5%
Petroleo Brasileiro S.A.
ADR		1,802		16,723
Total Preferred Stocks
(Cost $31,234)				35,248

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
EMERGING MARKETS 2x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 66.4%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/233	$	1,149,063	$	1,149,063
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/233		453,976		453,976
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/233		453,976		453,976
Total Repurchase Agreements
(Cost $2,057,015)				2,057,015

	Shares
SECURITIES LENDING COLLATERAL†,4 - 0.9%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%5		28,949		28,949
Total Securities Lending Collateral
(Cost $28,949)				28,949
Total Investments - 101.9%
(Cost $2,884,920)			$	3,158,637
Other Assets & Liabilities, net - (1.9)%				(59,848	)
Total Net Assets - 100.0%			$	3,098,789

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

06/28/23

1,147

$

3,000,812

$

60,356

BNP Paribas

S&P Emerging 50 ADR Index

Pay

5.43% (Federal Funds Rate + 0.60%)

At Maturity

06/28/23

795

2,079,314

49,438

$

5,080,126

$

109,794

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
4	Securities lending collateral — See Note 7.
5	Rate indicated is the 7-day yield as of March 31, 2023.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
EMERGING MARKETS 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	1,037,425	$	—	$	—	$	1,037,425
Preferred Stocks		35,248		—		—		35,248
Repurchase Agreements		—		2,057,015		—		2,057,015
Securities Lending Collateral		28,949		—		—		28,949
Equity Index Swap Agreements**		—		109,794		—		109,794
Total Assets	$	1,101,622	$	2,166,809	$	—	$	3,268,431

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

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

EMERGING MARKETS 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $28,249 of securities loaned (cost $827,905)	$	1,101,622
Repurchase agreements, at value (cost $2,057,015)		2,057,015
Unrealized appreciation on OTC swap agreements		109,794
Receivables:
Fund shares sold		208,975
Dividends		2,851
Interest		274
Investment Adviser		86
Securities lending income		46
Foreign tax reclaims		21
Total assets		3,480,684
Liabilities:
Overdraft due to custodian bank		4
Payable for:
Fund shares redeemed		344,262
Return of securities lending collateral		28,949
Management fees		2,635
Transfer agent fees		1,206
Distribution and service fees		827
Swap settlement		622
Trustees’ fees*		52
Miscellaneous		3,338
Total liabilities		381,895
Net assets	$	3,098,789
Net assets consist of:
Paid in capital	$	19,044,887
Total distributable earnings (loss)		(15,946,098	)
Net assets	$	3,098,789
A-Class:
Net assets	$	369,722
Capital shares outstanding		6,798
Net asset value per share	$	54.39
Maximum offering price per share (Net asset value divided by 95.25%)	$	57.10
C-Class:
Net assets	$	132,340
Capital shares outstanding		2,638
Net asset value per share	$	50.17
H-Class:
Net assets	$	2,596,727
Capital shares outstanding		47,787
Net asset value per share	$	54.34

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $3,316)	$	154,656
Interest		65,916
Income from securities lending, net		2,688
Total investment income		223,260
Expenses:
Management fees		49,252
Distribution and service fees:
A-Class		972
C-Class		2,177
H-Class		12,169
Transfer agent fees		12,341
Portfolio accounting and administration fees		10,509
Professional fees		2,355
Interest expense		1,201
Custodian fees		970
Trustees’ fees*		873
Line of credit fees		418
Miscellaneous		8,024
Total expenses		101,261
Less:
Expenses reimbursed by Adviser:		(1,779	)
Total waived expenses		(1,779	)
Net expenses		99,482
Net investment income		123,778
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(447,444	)
Swap agreements		(1,919,698	)
Futures contracts		6,183
Net realized loss		(2,360,959	)
Net change in unrealized appreciation (depreciation) on:
Investments		(90,917	)
Swap agreements		134,703
Net change in unrealized appreciation (depreciation)		43,786
Net realized and unrealized loss		(2,317,173	)
Net decrease in net assets resulting from operations	$	(2,193,395	)

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

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

EMERGING MARKETS 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	123,778		$	(1,823	)
Net realized loss on investments		(2,360,959	)		(3,575,207	)
Net change in unrealized appreciation on investments		43,786			578,956
Net decrease in net assets resulting from operations		(2,193,395	)		(2,998,074	)
Capital share transactions:
Proceeds from sale of shares
A-Class		3,280,035			2,008,573
C-Class		137,269			443,457
H-Class		100,246,481			145,256,853
Cost of shares redeemed
A-Class		(2,969,703	)		(2,263,993	)
C-Class		(246,621	)		(373,860	)
H-Class		(98,469,708	)		(146,662,640	)
Net increase (decrease) from capital share transactions		1,977,753			(1,591,610	)
Net decrease in net assets		(215,642	)		(4,589,684	)
Net assets:
Beginning of year		3,314,431			7,904,115
End of year	$	3,098,789		$	3,314,431
Capital share activity:
Shares sold
A-Class		59,221			23,982
C-Class		2,793			4,972
H-Class		1,898,688			1,624,614
Shares redeemed
A-Class		(55,255	)		(26,712	)
C-Class		(5,051	)		(4,202	)
H-Class		(1,892,071	)		(1,641,977	)
Net increase (decrease) in shares		8,325			(19,323	)

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

EMERGING MARKETS 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	68.28		$	116.33		$	44.29		$	71.02		$	87.20
Income (loss) from investment operations:
Net investment income (loss)a		.89			(.03	)		(.94	)		.17			.40
Net gain (loss) on investments (realized and unrealized)		(14.78	)		(48.02	)		72.98			(26.42	)		(16.58	)
Total from investment operations		(13.89	)		(48.05	)		72.04			(26.25	)		(16.18	)
Less distributions from:
Net investment income		—			—			—			(.48	)		—
Total distributions		—			—			—			(.48	)		—
Net asset value, end of period	$	54.39		$	68.28		$	116.33		$	44.29		$	71.02
Total Returnb		(20.35	%)		(41.30	%)		162.66	%		(37.27	%)		(18.56	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	370		$	193		$	647		$	628		$	2,247
Ratios to average net assets:
Net investment income (loss)		1.67	%		(0.03	%)		(1.10	%)		0.25	%		0.54	%
Total expenses		1.85	%		1.75	%		1.83	%		1.86	%		1.84	%
Net Expensesc		1.82	%		1.75	%		1.83	%		1.86	%		1.84	%
Portfolio turnover rate		416	%		266	%		632	%		974	%		1,978	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	63.47		$	108.94		$	41.79		$	67.53		$	83.55
Income (loss) from investment operations:
Net investment income (loss)a		.69			(.48	)		(1.69	)		(.28	)		(.22	)
Net gain (loss) on investments (realized and unrealized)		(13.99	)		(44.99	)		68.84			(24.98	)		(15.80	)
Total from investment operations		(13.30	)		(45.47	)		67.15			(25.26	)		(16.02	)
Less distributions from:
Net investment income		—			—			—			(.48	)		—
Total distributions		—			—			—			(.48	)		—
Net asset value, end of period	$	50.17		$	63.47		$	108.94		$	41.79		$	67.53
Total Returnb		(20.97	%)		(41.74	%)		160.68	%		(37.73	%)		(19.17	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	132		$	311		$	449		$	161		$	423
Ratios to average net assets:
Net investment income (loss)		1.43	%		(0.55	%)		(1.95	%)		(0.44	%)		(0.33	%)
Total expenses		2.57	%		2.50	%		2.57	%		2.60	%		2.59	%
Net Expensesc		2.54	%		2.50	%		2.57	%		2.60	%		2.59	%
Portfolio turnover rate		416	%		266	%		632	%		974	%		1,978	%

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

EMERGING MARKETS 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	68.26		$	116.30		$	44.29		$	71.02		$	87.21
Income (loss) from investment operations:
Net investment income (loss)a		1.20			.01			(1.28	)		(.05	)		.50
Net gain (loss) on investments (realized and unrealized)		(15.12	)		(48.05	)		73.29			(26.20	)		(16.69	)
Total from investment operations		(13.92	)		(48.04	)		72.01			(26.25	)		(16.19	)
Less distributions from:
Net investment income		—			—			—			(.48	)		—
Total distributions		—			—			—			(.48	)		—
Net asset value, end of period	$	54.34		$	68.26		$	116.30		$	44.29		$	71.02
Total Return		(20.41	%)		(41.31	%)		162.59	%		(37.27	%)		(18.56	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,597		$	2,810		$	6,808		$	1,464		$	6,636
Ratios to average net assets:
Net investment income (loss)		2.35	%		0.01	%		(1.29	%)		(0.07	%)		0.71	%
Total expenses		1.82	%		1.75	%		1.81	%		1.87	%		1.85	%
Net Expensesc		1.76	%		1.75	%		1.81	%		1.87	%		1.85	%
Portfolio turnover rate		416	%		266	%		632	%		974	%		1,978	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 39

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

INVERSE EMERGING MARKETS 2x STRATEGY FUND

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

For the Reporting Period, Inverse Emerging Markets 2x Strategy Fund H-Class returned -11.27%, while the S&P Emerging 50 ADR Index returned -3.86% over the same period.

For the period, Inverse Emerging Markets 2x Strategy 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.

The industries that contributed the most to the performance of the underlying index were internet & direct marketing retail, banks, and hotels & restaurants & leisure. The sectors that detracted the most were IT services, semiconductors & semiconductor equipment, and automobiles.

The stocks that contributed the most to the return of the underlying index were PDD Holdings, Inc. ADR - Class A, HDFC Bank, Ltd. ADR, and Alibaba Group Holding, Ltd. ADR. The stocks that detracted the most were NIO, Inc. ADR - Class A, Taiwan Semiconductor Manufacturing Co., Ltd. ADR, and Infosys, Ltd. ADR.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the most efficient manner possible and to provide leverage, not for hedging purposes. The results of derivatives use during the period were within our expectations and were a factor in the Fund’s negative performance.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

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

40 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(11.64%)	(19.24%)	(19.35%)
A-Class Shares with sales charge‡	(15.78%)	(20.02%)	(19.75%)
C-Class Shares	(12.52%)	(19.51%)	(19.79%)
C-Class Shares with CDSC§	(13.39%)	(19.51%)	(19.79%)
H-Class Shares	(11.27%)	(18.90%)	(19.25%)
S&P 500 Index	(7.73%)	11.19%	12.24%
S&P Emerging 50 ADR Index	(3.86%)	0.74%	2.95%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P Emerging 50 ADR Index and the S&P 500 Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 41

SCHEDULE OF INVESTMENTS	March 31, 2023
INVERSE EMERGING MARKETS 2x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 100.8%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/232	$	268,783	$	268,783
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/232		106,191		106,191
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/232		106,192		106,192
Total Repurchase Agreements
(Cost $481,166)				481,166
Total Investments - 100.8%
(Cost $481,166)			$	481,166
Other Assets & Liabilities, net - (0.8)%				(3,594	)
Total Net Assets - 100.0%			$	477,572

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 Emerging 50 ADR Index

Receive

4.08% (Federal Funds Rate - 0.75%)

At Maturity

06/28/23

208

$

544,648

$

(254

)

BNP Paribas

S&P Emerging 50 ADR Index

Receive

4.63% (Federal Funds Rate - 0.20%)

At Maturity

06/28/23

155

405,644

(9,644

)

$

950,292

$

(9,898

)

††	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 March 31, 2023.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
INVERSE EMERGING MARKETS 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	—	$	481,166	$	—	$	481,166

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	9,898	$	—	$	9,898

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

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

INVERSE EMERGING MARKETS 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Repurchase agreements, at value (cost $481,166)	$	481,166
Receivables:
Fund shares sold		327,379
Interest		64
Total assets		808,609
Liabilities:
Unrealized depreciation on OTC swap agreements		9,898
Payable for:
Fund shares redeemed		306,374
Swap settlement		12,706
Management fees		533
Transfer agent fees		218
Distribution and service fees		157
Trustees’ fees*		11
Portfolio accounting and administration fees		5
Miscellaneous		1,135
Total liabilities		331,037
Net assets	$	477,572
Net assets consist of:
Paid in capital	$	20,372,840
Total distributable earnings (loss)		(19,895,268	)
Net assets	$	477,572
A-Class:
Net assets	$	6,720
Capital shares outstanding		506
Net asset value per share	$	13.28
Maximum offering price per share (Net asset value divided by 95.25%)	$	13.94
C-Class:
Net assets	$	6,032
Capital shares outstanding		459
Net asset value per share	$	13.14
H-Class:
Net assets	$	464,820
Capital shares outstanding		34,543
Net asset value per share	$	13.46

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Interest	$	27,980
Total investment income		27,980
Expenses:
Management fees		9,567
Distribution and service fees:
A-Class		64
C-Class		185
H-Class		2,551
Transfer agent fees		2,392
Interest expense		2,299
Portfolio accounting and administration fees		2,043
Professional fees		515
Custodian fees		151
Trustees’ fees*		151
Miscellaneous		1,542
Total expenses		21,460
Less:
Expenses reimbursed by Adviser:		(358	)
Net expenses		21,102
Net investment income		6,878
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		25
Swap agreements		(44,609	)
Net realized loss		(44,584	)
Net change in unrealized appreciation (depreciation) on:
Swap agreements		(76,311	)
Net change in unrealized appreciation (depreciation)		(76,311	)
Net realized and unrealized loss		(120,895	)
Net decrease in net assets resulting from operations	$	(114,017	)

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

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

INVERSE EMERGING MARKETS 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	6,878		$	(11,947	)
Net realized gain (loss) on investments		(44,584	)		99,303
Net change in unrealized appreciation (depreciation) on investments		(76,311	)		28,038
Net increase (decrease) in net assets resulting from operations		(114,017	)		115,394
Capital share transactions:
Proceeds from sale of shares
A-Class		544,771			396,475
C-Class		79,314			353,966
H-Class		47,202,687			64,024,680
Cost of shares redeemed
A-Class		(544,324	)		(371,963	)
C-Class		(76,129	)		(351,071	)
H-Class		(47,901,477	)		(63,288,384	)
Net increase (decrease) from capital share transactions		(695,158	)		763,703
Net increase (decrease) in net assets		(809,175	)		879,097
Net assets:
Beginning of year		1,286,747			407,650
End of year	$	477,572		$	1,286,747
Capital share activity:
Shares sold
A-Class		32,880			28,584
C-Class		4,768			26,704
H-Class		2,904,991			4,619,960
Shares redeemed
A-Class		(33,335	)		(27,764	)
C-Class		(4,767	)		(26,690	)
H-Class		(2,953,864	)		(4,568,477	)
Net increase (decrease) in shares		(49,327	)		52,317

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

INVERSE EMERGING MARKETS 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	15.03		$	12.44		$	46.71		$	40.57		$	39.08
Income (loss) from investment operations:
Net investment income (loss)a		.11			(.23	)		(.54	)		(.16	)		.23
Net gain (loss) on investments (realized and unrealized)		(1.86	)		2.82			(33.73	)		6.64			1.26	d
Total from investment operations		(1.75	)		2.59			(34.27	)		6.48			1.49
Less distributions from:
Net investment income		—			—			—			(.34	)		—
Total distributions		—			—			—			(.34	)		—
Net asset value, end of period	$	13.28		$	15.03		$	12.44		$	46.71		$	40.57
Total Returnb		(11.64	%)		20.82	%		(73.37	%)		16.30	%		3.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7		$	14		$	2		$	147		$	16
Ratios to average net assets:
Net investment income (loss)		0.65	%		(1.86	%)		(1.81	%)		(0.37	%)		0.51	%
Total expenses		2.00	%		1.87	%		1.86	%		1.89	%		1.88	%
Net expensesc		1.97	%		1.87	%		1.86	%		1.89	%		1.88	%
Portfolio turnover rate		—			—			—			—			—

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	15.02		$	12.40		$	46.82		$	40.45		$	39.34
Income (loss) from investment operations:
Net investment income (loss)a		.01			(.36	)		(.69	)		(.31	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		(1.89	)		2.98			(33.73	)		7.02			1.40	d
Total from investment operations		(1.88	)		2.62			(34.42	)		6.71			1.11
Less distributions from:
Net investment income		—			—			—			(.34	)		—
Total distributions		—			—			—			(.34	)		—
Net asset value, end of period	$	13.14		$	15.02		$	12.40		$	46.82		$	40.45
Total Returnb		(12.52	%)		21.13	%		(73.52	%)		16.96	%		(2.82	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6		$	7		$	6		$	103		$	3
Ratios to average net assets:
Net investment income (loss)		0.08	%		(2.44	%)		(2.62	%)		(1.09	%)		(0.63	%)
Total expenses		2.76	%		2.48	%		2.66	%		2.79	%		2.53	%
Net expensesc		2.73	%		2.48	%		2.66	%		2.79	%		2.53	%
Portfolio turnover rate		—			—			—			—			—

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

INVERSE EMERGING MARKETS 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	15.17		$	12.54		$	46.39		$	40.27		$	38.77
Income (loss) from investment operations:
Net investment income (loss)a		.11			(.23	)		(.42	)		.07			.19
Net gain (loss) on investments (realized and unrealized)		(1.82	)		2.86			(33.43	)		6.39			1.31	d
Total from investment operations		(1.71	)		2.63			(33.85	)		6.46			1.50
Less distributions from:
Net investment income		—			—			—			(.34	)		—
Total distributions		—			—			—			(.34	)		—
Net asset value, end of period	$	13.46		$	15.17		$	12.54		$	46.39		$	40.27
Total Return		(11.27	%)		20.97	%		(72.97	%)		16.40	%		3.87	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	465		$	1,265		$	400		$	649		$	1,756
Ratios to average net assets:
Net investment income (loss)		0.66	%		(1.70	%)		(1.85	%)		0.19	%		0.42	%
Total expenses		2.01	%		1.75	%		1.89	%		1.87	%		1.87	%
Net expensesc		1.97	%		1.75	%		1.89	%		1.87	%		1.87	%
Portfolio turnover rate		—			—			—			—			—

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 47

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

EMERGING MARKETS BOND STRATEGY FUND

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

For the Reporting Period, Emerging Markets Bond Strategy Fund H-Class returned -6.01%. By comparison, the ICE Bank of America BBB & Lower Sovereign USD External Debt Index returned -6.67% over the same period.

During 2022 and the first quarter of 2023 credit default swap spreads stabilized for most emerging market countries while global and local events contributed to negative performance for the Fund. Global inflationary pressures continued to impact credit default swap spreads for some emerging market countries throughout 2022. In addition, the ongoing military conflict in Ukraine led to a further increase in credit default swap spreads, and Ukraine experienced a credit event. Some countries experienced wider credit default swap spreads due to decreased commodity production as well as local political and economic instability.

The emerging markets countries that saw some of the largest increases in credit default swap spreads were Egypt, Argentina, and Ukraine. During this period, Ukraine was removed from the credit default swap, and Sultanate of Oman, Kingdom of Bahrain and the Dominican Republic were added to the credit default swap.

Turkey, Qatar, and United Arab Emirates (Abu Dhabi) experienced decreases in credit default swap spreads. These countries benefited from the stabilization of commodity prices, increased demand for commodities as well as increased growth expectations.

Derivatives in the Fund were used to help provide efficient exposure to the emerging markets bond market and to provide leverage, not for hedging purposes. The results of derivatives use during the period were within our expectations and were a factor in the Fund’s negative performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

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

48 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	Since Inception (10/08/13)
A-Class Shares	(6.15%)	(2.60%)	(0.66%)
A-Class Shares with sales charge‡	(10.61%)	(3.54%)	(1.17%)
C-Class Shares	(6.83%)	(3.33%)	(1.45%)
C-Class Shares with CDSC§	(7.76%)	(3.33%)	(1.45%)
H-Class Shares	(6.01%)	(2.58%)	(0.69%)
ICE BofA BBB & Lower Sovereign USD External Debt Index	(6.67%)	(1.13%)	2.03%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The ICE Bank of America BBB & Lower Sovereign USD External Debt Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 49

SCHEDULE OF INVESTMENTS	March 31, 2023
EMERGING MARKETS BOND STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 1.1%
U.S. Treasury Bills
due 04/11/231,2	$	7,000	$	6,993
Total U.S. Treasury Bills
(Cost $6,993)				6,993
REPURCHASE AGREEMENTS††,3 - 86.6%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/234		327,428		327,428
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/234		129,361		129,361
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/234		129,361		129,361
Total Repurchase Agreements
(Cost $586,150)				586,150
Total Investments - 87.7%
(Cost $593,143)			$	593,143
Other Assets & Liabilities, net - 12.3%				83,443
Total Net Assets - 100.0%			$	676,586

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		Jun 2023	$	438,594	$	7,737

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.39.V1	1.00%		Quarterly		06/20/28	$	530,000	$	(30,514	)	$	(38,971	)	$	8,457

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

04/27/23

12,848

$

246,425

$

5,525

**	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 March 31, 2023.
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 March 31, 2023.
	CDX.EM.39.V1 — Credit Default Swap Emerging Markets Series 39 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS(concluded)	March 31, 2023
EMERGING MARKETS BOND STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	—	$	6,993	$	—	$	6,993
Repurchase Agreements		—		586,150		—		586,150
Interest Rate Futures Contracts**		7,737		—		—		7,737
Credit Default Swap Agreements**		—		8,457		—		8,457
Credit Index Swap Agreements**		—		5,525		—		5,525
Total Assets	$	7,737	$	607,125	$	—	$	614,862

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

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

EMERGING MARKETS BOND STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value (cost $6,993)	$	6,993
Repurchase agreements, at value (cost $586,150)		586,150
Segregated cash with broker		112,628
Unrealized appreciation on OTC swap agreements		5,525
Receivables:
Fund shares sold		2,069
Variation margin on futures contracts		1,469
Variation margin on credit default swap agreements		1,093
Swap settlement		588
Protection fees on credit default swap agreements		177
Interest		78
Total assets		716,770
Liabilities:
Overdraft due to custodian bank		7
Unamortized upfront premiums received on credit default swap agreements		38,971
Payable for:
Management fees		354
Transfer agent fees		136
Distribution and service fees		132
Portfolio accounting and administration fees		97
Fund shares redeemed		79
Trustees’ fees*		8
Miscellaneous		400
Total liabilities		40,184
Net assets	$	676,586
Net assets consist of:
Paid in capital	$	1,075,459
Total distributable earnings (loss)		(398,873	)
Net assets	$	676,586
A-Class:
Net assets	$	265,688
Capital shares outstanding		4,534
Net asset value per share	$	58.60
Maximum offering price per share (Net asset value divided by 95.25%)	$	61.52
C-Class:
Net assets	$	22,238
Capital shares outstanding		415
Net asset value per share	$	53.59
H-Class:
Net assets	$	388,660
Capital shares outstanding		6,667
Net asset value per share	$	58.30

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Interest	$	9,433
Total investment income		9,433
Expenses:
Management fees		3,009
Distribution and service fees:
A-Class		123
C-Class		149
H-Class		847
Transfer agent fees		938
Portfolio accounting and administration fees		748
Professional fees		253
Trustees’ fees*		64
Custodian fees		57
Miscellaneous		379
Total expenses		6,567
Net investment income		2,866
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(152,800	)
Futures contracts		(51,945	)
Net realized loss		(204,745	)
Net change in unrealized appreciation (depreciation) on:
Swap agreements		8,842
Futures contracts		8,186
Net change in unrealized appreciation (depreciation)		17,028
Net realized and unrealized loss		(187,717	)
Net decrease in net assets resulting from operations	$	(184,851	)

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

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

EMERGING MARKETS BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	2,866		$	(8,067	)
Net realized loss on investments		(204,745	)		(33,107	)
Net change in unrealized appreciation (depreciation) on investments		17,028			8,048
Net decrease in net assets resulting from operations		(184,851	)		(33,126	)
Capital share transactions:
Proceeds from sale of shares
A-Class		248,714			70,844
C-Class		37,131			35,000
H-Class		4,538,351			3,150,944
Cost of shares redeemed
A-Class		(30,106	)		(67,827	)
C-Class		(73,773	)		(14,478	)
H-Class		(4,461,930	)		(2,980,902	)
Net increase from capital share transactions		258,387			193,581
Net increase in net assets		73,536			160,455
Net assets:
Beginning of year		603,050			442,595
End of year	$	676,586		$	603,050
Capital share activity:
Shares sold
A-Class		4,342			993
C-Class		686			520
H-Class		78,489			46,834
Shares redeemed
A-Class		(540	)		(945	)
C-Class		(1,367	)		(221	)
H-Class		(79,791	)		(43,787	)
Net increase in shares		1,819			3,394

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

EMERGING MARKETS BOND STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	62.44		$	70.11		$	63.93		$	74.95		$	73.42
Income (loss) from investment operations:
Net investment income (loss)a		.60			(1.07	)		(1.14	)		.03			.10
Net gain (loss) on investments (realized and unrealized)		(4.44	)		(6.60	)		8.16			(4.86	)		1.43
Total from investment operations		(3.84	)		(7.67	)		7.02			(4.83	)		1.53
Less distributions from:
Net investment income		—			—			(.84	)		(2.36	)		—
Net realized gains		—			—			—			(3.83	)		—
Total distributions		—			—			(.84	)		(6.19	)		—
Net asset value, end of period	$	58.60		$	62.44		$	70.11		$	63.93		$	74.95
Total Returnb		(6.15	%)		(10.98	%)		10.92	%		(7.41	%)		2.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	266		$	46		$	48		$	1,105		$	761
Ratios to average net assets:
Net investment income (loss)		1.06	%		(1.54	%)		(1.72	%)		0.03	%		0.14	%
Total expenses		1.61	%		1.57	%		1.74	%		1.68	%		1.66	%
Portfolio turnover rate		—			—			—			—			—

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	57.52		$	65.07		$	59.82		$	71.05		$	70.12
Income (loss) from investment operations:
Net investment income (loss)a		(.04	)		(1.47	)		(1.56	)		(.46	)		(.54	)
Net gain (loss) on investments (realized and unrealized)		(3.89	)		(6.08	)		7.65			(4.58	)		1.47
Total from investment operations		(3.93	)		(7.55	)		6.09			(5.04	)		.93
Less distributions from:
Net investment income		—			—			(.84	)		(2.36	)		—
Net realized gains		—			—			—			(3.83	)		—
Total distributions		—			—			(.84	)		(6.19	)		—
Net asset value, end of period	$	53.59		$	57.52		$	65.07		$	59.82		$	71.05
Total Returnb		(6.83	%)		(11.62	%)		10.10	%		(8.13	%)		1.33	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	22		$	63		$	52		$	62		$	59
Ratios to average net assets:
Net investment income (loss)		(0.07	%)		(2.28	%)		(2.36	%)		(0.61	%)		(0.79	%)
Total expenses		2.35	%		2.31	%		2.40	%		2.42	%		2.37	%
Portfolio turnover rate		—			—			—			—			—

54 | THE RYDEX FUNDS ANNUAL 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.

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	62.03		$	69.64		$	63.50		$	74.52		$	72.98
Income (loss) from investment operations:
Net investment income (loss)a		.40			(1.07	)		(1.14	)		.15			.23
Net gain (loss) on investments (realized and unrealized)		(4.13	)		(6.54	)		8.12			(4.98	)		1.31
Total from investment operations		(3.73	)		(7.61	)		6.98			(4.83	)		1.54
Less distributions from:
Net investment income		—			—			(.84	)		(2.36	)		—
Net realized gains		—			—			—			(3.83	)		—
Total distributions		—			—			(.84	)		(6.19	)		—
Net asset value, end of period	$	58.30		$	62.03		$	69.64		$	63.50		$	74.52
Total Return		(6.01	%)		(10.93	%)		10.93	%		(7.45	%)		2.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	389		$	494		$	343		$	307		$	9,226
Ratios to average net assets:
Net investment income (loss)		0.70	%		(1.52	%)		(1.61	%)		0.20	%		0.32	%
Total expenses		1.61	%		1.56	%		1.65	%		1.67	%		1.70	%
Portfolio turnover rate		—			—			—			—			—

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 55

NOTES TO FINANCIAL STATEMENTS

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 (”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At March 31, 2023, the Trust consisted of fifty-two funds.

This report covers the following funds (each, a “Fund” and together, the “Funds”):

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

At March 31, 2023, A-Class, C-Class, H-Class, P-Class, and Institutional Class shares have been issued by the Funds.

Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund and Emerging Markets Bond strategy Fund are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

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

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

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

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange (“NYSE”), usually 4:00 p.m. for the Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund and Emerging Markets Bond Strategy Fund. All other Funds in this report will price at the afternoon NAV. The NAV is calculated using the current market value of each Fund’s total assets as of the respective time of calculation. These financial statements are based on the March 31, 2023, afternoon NAV.

(a) Valuation of Investments

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

56 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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

Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing services. If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, the investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

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

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect brokerdealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

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

The value of futures contracts are valued on the basis of the last sale price at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

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

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

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

(b) U.S. Government and Agency Obligations

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

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NOTES TO FINANCIAL STATEMENTS (continued)

(c) Futures Contracts

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

(d) Swap Agreements

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

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

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

(e) Currency Translations

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

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

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

(f) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(g) Security Transactions

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

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

(h) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(i) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.83% at March 31, 2023.

(k) Indemnifications

Under the Funds’ organizational documents, the Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note 2 – Derivatives

As part of their investment strategies, the Funds may utilize a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds’ Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

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

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

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

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

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause an investment in the Fund to be more volatile and riskier than if the Fund had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures,

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NOTES TO FINANCIAL STATEMENTS (continued)

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 Schedules of Investments.

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

		Average Notional Amount
Fund	Use	Long		Short
Emerging Markets Bond Strategy Fund	Duration, Index exposure, Leverage, Liquidity	$	237,896	$	—

Swap Agreements

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

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

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

		Average Notional Amount
Fund	Use	Long		Short
Emerging Markets 2x Strategy Fund	Index exposure, Leverage, Liquidity	$	7,133,088	$	—
Inverse Emerging Markets 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		2,096,557
Emerging Markets Bond Strategy Fund	Duration, Index exposure, Leverage, Liquidity		119,311		—

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

		Average Notional Amount
Fund	Use	Long		Short
Long Short Equity Fund	Index exposure, Leverage	$	14,212,188	$	16,172,118

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

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

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

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

		Average Notional Amount
Fund	Use	Protection Sold		Protection Purchased
Emerging Markets Bond Strategy Fund	Duration, Index exposure, Leverage, Liquidity	$	270,833	$	—

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 March 31, 2023:

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

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at March 31, 2023:

Asset Derivative Investments Value
Fund	Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at March 31, 2023
Long Short Equity Fund	$	1,204,319	$	—	$	—	$	1,204,319
Emerging Markets 2x Strategy Fund		109,794		—		—		109,794
Emerging Markets Bond Strategy Fund		5,525		7,737		8,457		21,719

Liability Derivative Investments Value
Fund	Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at March 31, 2023
Inverse Emerging Markets 2x Strategy Fund	$	9,898	$	—	$	—	$	9,898

* 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 (continued)

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the year ended March 31, 2023:

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

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the year ended March 31, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk			Total
Long Short Equity Fund	$	—	$	(151,206	)	$	—		$	—		$	(151,206	)
Emerging Markets 2x Strategy Fund		6,183		(1,919,698	)		—			—			(1,913,515	)
Inverse Emerging Markets 2x Strategy Fund		—		(44,609	)		—			—			(44,609	)
Emerging Markets Bond Strategy Fund		—		—			(51,945	)		(152,800	)		(204,745	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk			Futures Interest Rate Risk		Swaps Credit Risk		Total
Long Short Equity Fund	$	—	$	1,010,402		$	—	$	—	$	1,010,402
Emerging Markets 2x Strategy Fund		—		134,703			—		—		134,703
Inverse Emerging Markets 2x Strategy Fund		—		(76,311	)		—		—		(76,311	)
Emerging Markets Bond Strategy Fund		—		—			8,186		8,842		17,028

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

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

Foreign Investments

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

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

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

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

Note 3 – Offsetting

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

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

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds’ Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds’ Statements of Assets and Liabilities.

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NOTES TO FINANCIAL STATEMENTS (continued)

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
Long Short Equity Fund	Custom basket swap agreements	$	1,204,319	$	—	$	1,204,319	$	—	$	—	$	1,204,319
Emerging Markets 2x Strategy Fund	Swap equity contracts		109,794		—		109,794		—		—		109,794
Emerging Markets Bond Strategy Fund	Credit Index Swap Agreements		5,525		—		5,525		—		—		5,525

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Inverse Emerging Markets 2x Strategy Fund	Swap equity contracts	$	9,898	$	—	$	9,898	$	(9,898	)	$	—	$	—

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 March 31, 2023.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Emerging Markets Bond Strategy Fund	Barclays Bank plc	Credit default swap agreements	$	112,628	$	—

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.

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

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

The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees calculated at the annualized rates below, based on the average daily net assets of the Funds:

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

When the aggregate assets of each series of the Trust (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

Fund Assets Under Management	Fund Asset-Based Breakpoint Reductions
$500 million - $1 billion		0.025	%
$1 billion - $2 billion		0.050	%
> $2 billion		0.075	%

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted separate Distribution Plans applicable to A-Class shares, P-Class shares, and H-Class shares for which GFD and other firms that provide distribution and/or shareholder services (“Service Providers”) may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ C-Class shares average daily net assets. The annual 0.25% service fee compensates a shareholder’s financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder’s financial adviser an ongoing sales commission. GFD advances the first year’s service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the year ended March 31, 2023, GFD retained sales charges of $91,746 relating to sales of A-Class shares of the Trust.

THE RYDEX FUNDS ANNUAL REPORT | 65

NOTES TO FINANCIAL STATEMENTS (continued)

The Board has adopted a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for Emerging Markets 2x Strategy Fund and Inverse Emerging Markets 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This was effective on August 1, 2022 and the end of the initial term is August 1, 2023. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board upon sixty days’ written notice.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

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

Note 6 – Repurchase Agreements

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

At March 31, 2023, 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 Bonds
4.80%					1.38% - 2.88%
Due 04/03/23	$	149,891,321	$	149,951,278	Due 08/15/50 - 05/15/52	$	252,867,100	$	152,889,157
BofA Securities, Inc.					U.S. Treasury Bonds
4.78%					1.88% - 3.00%
Due 04/03/23		59,219,537		59,243,126	Due 02/15/41 - 11/15/44		72,519,500		60,404,008
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
4.80%					0.13% - 1.00%
Due 04/03/23		59,219,537		59,243,225	Due 10/15/26 - 02/15/46		64,469,037		60,404,002

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

Note 7 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the 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

66 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

At March 31, 2023, 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
Emerging Markets 2x Strategy Fund	$	28,249	$	(28,249	)	$	—	$	28,949	$	—	$	28,949

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

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

Note 8 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

The tax character of distributions paid during the year ended March 31, 2023 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
Long Short Equity Fund	$	64,373	$	—	$	64,373

The tax character of distributions paid during the year ended March 31, 2022 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
Long Short Equity Fund	$	62,617	$	—	$	62,617

Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.

THE RYDEX FUNDS ANNUAL REPORT | 67

NOTES TO FINANCIAL STATEMENTS (continued)

The tax components of distributable earnings/(loss) as of March 31, 2023 were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital and Other Losses			Total
Long Short Equity Fund	$	5,077	$	—	$	1,613,804		$	(2,925,236	)	$	(1,306,355	)
Emerging Markets 2x Strategy Fund		126,426		—		52,169			(16,124,693	)		(15,946,098	)
Inverse Emerging Markets 2x Strategy Fund		3,414		—		(9,898	)		(19,888,784	)		(19,895,268	)
Emerging Markets Bond Strategy Fund		14,189		—		13,982			(427,044	)		(398,873	)

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. The Funds are permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of March 31, 2023, capital loss carryforwards for the Funds were as follows:

	Unlimited						Total Capital Loss Carryforwards
Fund	Short-Term			Long-Term
Long Short Equity Fund	$	(2,925,236	)	$	—		$	(2,925,236	)
Emerging Markets 2x Strategy Fund		(14,615,570	)		(1,509,123	)		(16,124,693	)
Inverse Emerging Markets 2x Strategy Fund		(19,010,073	)		(878,711	)		(19,888,784	)
Emerging Markets Bond Strategy Fund		(396,349	)		(30,695	)		(427,044	)

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to investments in real estate investment trusts and swap agreements, losses deferred due to wash sales, and the “mark-to-market,” recharacterization, or disposition of certain Passive Foreign Investment Companies (PFICs). Additional differences may result from the “mark-to-market” of certain derivatives. To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

The following adjustments were made on the Statements of Assets and Liabilities as of March 31, 2023 for permanent book/tax differences:

Fund	Paid In Capital			Total Distributable Earnings/(Loss)
Long Short Equity Fund	$	(795	)	$	795

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation/ (Depreciation)
Long Short Equity Fund	$	13,747,557	$	2,129,412	$	(515,608	)	$	1,613,804
Emerging Markets 2x Strategy Fund		3,216,262		55,738		(3,569	)		52,169
Inverse Emerging Markets 2x Strategy Fund		481,166		—		(9,898	)		(9,898	)
Emerging Markets Bond Strategy Fund		593,143		13,982		—			13,982

68 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

Note 9 – Securities Transactions

For the year ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Long Short Equity Fund	$	46,066,302	$	47,768,316
Emerging Markets 2x Strategy Fund		13,896,357		14,239,148

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the year ended March 31, 2023, 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)
Emerging Markets 2x Strategy Fund	$	23,118	$	209,944	$	(9,033	)

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 6, 2022, the line of credit agreement was renewed and expires on June 5, 2023. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 3.87% for the year ended March 31, 2023. The Funds did not have any borrowings outstanding under this agreement at March 31, 2023.

The average daily balances borrowed for the year ended March 31, 2023, were as follows:

Fund	Average Daily Balance
Emerging Markets 2x Strategy Fund	$	7,570

Note 11 – Market Risks

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

THE RYDEX FUNDS ANNUAL REPORT | 69

NOTES TO FINANCIAL STATEMENTS (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.

70 | THE RYDEX FUNDS ANNUAL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Guggenheim Long Short Equity Fund, Rydex Emerging Markets 2x Strategy Fund, Rydex Inverse Emerging Markets 2x Strategy Fund and Rydex Emerging Markets Bond Strategy Fund and the Board of Trustees of Rydex Series Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Guggenheim Long Short Equity Fund, Rydex Emerging Markets 2x Strategy Fund, Rydex Inverse Emerging Markets 2x Strategy Fund and Rydex Emerging Markets Bond Strategy Fund (collectively referred to as the “Funds”), (four of the funds constituting Rydex Series Funds (the “Trust”)), including the schedules of investments, as of March 31, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (four of the funds constituting Rydex Series Funds) at March 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Guggenheim investment companies since 1979.

Tysons, Virginia
May 25, 2023

THE RYDEX FUNDS ANNUAL REPORT | 71

OTHER INFORMATION (Unaudited)

Federal Income Tax Information

This information is being provided as required by the Internal Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.

In January 2024, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2023.

The Funds’ investment income (dividend income plus short-term capital gains, if any) qualifies as follows:

Of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2023, the following fund had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief and Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income and dividend received deduction columns, respectively, in the table below.

Fund	Qualified Dividend Income			Dividend Received Deduction
Long Short Equity Fund		100.00	%		100.00	%

Delivery of Shareholder Reports

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

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

Proxy Voting Information

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

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

Sector Classification

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

Quarterly Portfolio Schedules Information

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

72 | THE RYDEX FUNDS ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

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

THE RYDEX FUNDS ANNUAL REPORT | 73

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

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

74 | THE RYDEX FUNDS ANNUAL REPORT

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

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

THE RYDEX FUNDS ANNUAL REPORT | 75

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

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

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

76 | THE RYDEX FUNDS ANNUAL REPORT

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

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

THE RYDEX FUNDS ANNUAL REPORT | 77

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

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

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

78 | THE RYDEX FUNDS ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

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

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

Our Commitment to You

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

The Information We Collect About You

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

How We Handle Your Personal Information

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

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

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 79

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

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

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

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

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

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

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

Opt-Out Provisions and Your Data Choices

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

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

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

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

How We Protect Privacy Online

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

80 | THE RYDEX FUNDS ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

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

How We Safeguard Your Personal Information and Data Retention

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

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

International Visitors

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

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

We’ll Keep You Informed

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

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

THE RYDEX FUNDS ANNUAL REPORT | 81

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3.31.2023

Rydex Funds Annual Report

Domestic Equity Fund

NASDAQ-100^® Fund

GuggenheimInvestments.com ROTC-ANN-0323x0324

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
ABOUT SHAREHOLDERS’ FUND EXPENSES	6
NASDAQ-100® FUND	9
NOTES TO FINANCIAL STATEMENTS	27
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	45
OTHER INFORMATION	47
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	49
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	58

THE RYDEX FUNDS ANNUAL REPORT | 1

March 31, 2023

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for NASDAQ-100^® Fund (the “Fund”). This report covers performance for the 12-month period ended March 31, 2023 (the Reporting Period).

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

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

We encourage you to read the Economic and Market Overview section of the report, which follows this letter, and then the Performance Report and Fund Profile for the Fund.

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

Sincerely,

Security Investors, LLC

April 30, 2023

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

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

2 | THE RYDEX FUNDS ANNUAL REPORT

March 31, 2023

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

THE RYDEX FUNDS ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6% to 1.2%. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned -7.73%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -1.38%. The return of the MSCI Emerging Markets Index* was -10.70%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -4.78% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned -3.34%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 2.53% for the Reporting Period.

4 | THE RYDEX FUNDS ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

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

*Index Definitions:

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

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

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

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2022 and ending March 31, 2023.

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

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

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

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

6 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

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

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

THE RYDEX FUNDS ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Investor Class	1.26%	20.01%	$ 1,000.00	$ 1,200.10	$ 6.91
A-Class	1.51%	19.87%	1,000.00	1,198.70	8.28
C-Class	2.26%	19.43%	1,000.00	1,194.30	12.36
H-Class	1.51%	19.87%	1,000.00	1,198.70	8.28
Table 2. Based on hypothetical 5% return (before expenses)
Investor Class	1.26%	5.00%	$ 1,000.00	$ 1,018.65	$ 6.34
A-Class	1.51%	5.00%	1,000.00	1,017.40	7.59
C-Class	2.26%	5.00%	1,000.00	1,013.66	11.35
H-Class	1.51%	5.00%	1,000.00	1,017.40	7.59

1	Annualized and excludes expenses of the underlying funds in which the Fund invests, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2022 to March 31, 2023.

8 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

NASDAQ-100^® FUND

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

For the Reporting Period, NASDAQ-100 Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100^® Index. The Fund Investor Class returned -11.56%, while the NASDAQ-100 Index returned -10.35% over the same time period.

The sectors contributing the most to the return of the underlying index were Health Care, Consumer Staples, and Industrials. The sectors detracting the most from the return were Consumer Discretionary, Information Technology, and Communication Services.

The holdings contributing the most to the return of the underlying index were NVIDIA Corp., Gilead Sciences, Inc., and PepsiCo, Inc. The holdings detracting the most were Amazon.com, Inc., Tesla, Inc., and Apple, Inc.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the most efficient manner possible and not for hedging purposes. Derivatives performed as expected.

The Fund may invest in certain of the underlying series of Guggenheim Funds Trust and Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

THE RYDEX FUNDS ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(continued) March 31, 2023

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings	% of Total Net Assets
Microsoft Corp.	11.8%
Apple, Inc.	11.6%
Amazon.com, Inc.	5.9%
NVIDIA Corp.	4.9%
Tesla, Inc.	3.6%
Alphabet, Inc. — Class A	3.5%
Alphabet, Inc. — Class C	3.4%
Meta Platforms, Inc. — Class A	3.4%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.2%
Broadcom, Inc.	1.9%
Top Ten Total	52.2%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

10 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(continued) March 31, 2023

Cumulative Fund Performance*

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(11.56%)	14.39%	16.40%
A-Class Shares	(11.78%)	14.10%	16.10%
A-Class Shares with sales charge‡	(15.97%)	13.00%	15.54%
C-Class Shares	(12.45%)	13.25%	15.25%
C-Class Shares with CDSC§	(13.23%)	13.25%	15.25%
NASDAQ-100 Index	(10.35%)	15.96%	17.95%

	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(11.77%)	14.10%	14.03%
NASDAQ-100 Index	(10.35%)	15.96%	15.84%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The NASDAQ-100 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on the Investor Class shares and A-Class shares only; performance for C-Class shares and H-Class shares will vary due to differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

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

SCHEDULE OF INVESTMENTS	March 31, 2023
NASDAQ-100® FUND

	Shares		Value
COMMON STOCKS† - 94.1%
Technology - 45.9%
Microsoft Corp.		567,945	$	163,738,543
Apple, Inc.		974,984		160,774,862
NVIDIA Corp.		245,503		68,193,368
Broadcom, Inc.		41,440		26,585,418
Adobe, Inc.*		45,502		17,535,106
Texas Instruments, Inc.		90,072		16,754,293
Advanced Micro Devices, Inc.*		160,162		15,697,478
QUALCOMM, Inc.		110,824		14,138,926
Intel Corp.		411,193		13,433,675
Intuit, Inc.		27,885		12,431,970
Applied Materials, Inc.		84,000		10,317,720
Analog Devices, Inc.		50,279		9,916,024
Lam Research Corp.		13,412		7,109,970
Fiserv, Inc.*		62,432		7,056,689
Activision Blizzard, Inc.		77,952		6,671,912
Micron Technology, Inc.		108,457		6,544,295
ASML Holding N.V. — Class G		8,733		5,944,640
Synopsys, Inc.*		15,137		5,846,666
Cadence Design Systems, Inc.*		27,129		5,699,532
KLA Corp.		13,764		5,494,176
Fortinet, Inc.*		77,931		5,179,294
NXP Semiconductor N.V.		25,756		4,802,850
Microchip Technology, Inc.		54,448		4,561,653
Autodesk, Inc.*		21,446		4,464,199
Workday, Inc. — Class A*		20,276		4,187,805
Paychex, Inc.		35,827		4,105,416
GLOBALFOUNDRIES, Inc.*,1		54,177		3,910,496
Marvell Technology, Inc.		84,803		3,671,970
Electronic Arts, Inc.		27,257		3,283,106
Cognizant Technology Solutions Corp. — Class A		50,621		3,084,338
Crowdstrike Holdings, Inc. — Class A*		21,696		2,977,993
ANSYS, Inc.*		8,655		2,880,384
Atlassian Corp. — Class A*		14,919		2,553,685
Datadog, Inc. — Class A*		29,226		2,123,561
Zoom Video Communications, Inc. — Class A*		24,416		1,802,877
Zscaler, Inc.*		14,334		1,674,641
Total Technology				635,149,531
Communications - 24.6%
Amazon.com, Inc.*		785,104		81,093,392
Alphabet, Inc. — Class A*		465,100		48,244,823
Alphabet, Inc. — Class C*		457,245		47,553,480
Meta Platforms, Inc. — Class A*		221,228		46,887,062
Cisco Systems, Inc.		407,101		21,281,205
T-Mobile US, Inc.*		121,199		17,554,463
Comcast Corp. — Class A		418,112		15,850,626
Netflix, Inc.*		44,265		15,292,672
Booking Holdings, Inc.*		3,742		9,925,318
MercadoLibre, Inc.*		4,995		6,583,710
Palo Alto Networks, Inc.*		30,077		6,007,580
Charter Communications, Inc. — Class A*		15,173		5,426,017
Airbnb, Inc. — Class A*		40,645		5,056,238
PDD Holdings, Inc. ADR*		59,155		4,489,865
Warner Bros Discovery, Inc.*		241,530		3,647,103

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
NASDAQ-100® FUND

	Shares		Value
eBay, Inc.		53,363	$	2,367,716
JD.com, Inc. ADR		45,812		2,010,689
Sirius XM Holdings, Inc.1		386,692		1,535,167
Total Communications				340,807,126
Consumer, Non-cyclical - 11.5%
PepsiCo, Inc.		136,890		24,955,047
Amgen, Inc.		53,074		12,830,639
Gilead Sciences, Inc.		123,955		10,284,546
Mondelez International, Inc. — Class A		135,505		9,447,409
Automatic Data Processing, Inc.		41,183		9,168,571
Intuitive Surgical, Inc.*		34,826		8,896,998
Regeneron Pharmaceuticals, Inc.*		10,686		8,780,366
PayPal Holdings, Inc.*		112,452		8,539,605
Vertex Pharmaceuticals, Inc.*		25,552		8,050,669
Moderna, Inc.*		38,400		5,897,472
Monster Beverage Corp.*		103,716		5,601,701
Keurig Dr Pepper, Inc.		139,792		4,931,862
Kraft Heinz Co.		121,758		4,708,382
Cintas Corp.		10,099		4,672,605
Dexcom, Inc.*		38,407		4,462,125
AstraZeneca plc ADR		59,922		4,159,186
IDEXX Laboratories, Inc.*		8,240		4,120,659
Biogen, Inc.*		14,360		3,992,511
Seagen, Inc.*		18,566		3,759,058
Illumina, Inc.*		15,704		3,651,965
Verisk Analytics, Inc. — Class A		15,375		2,949,848
CoStar Group, Inc.*		40,431		2,783,674
Align Technology, Inc.*		7,614		2,544,142
Total Consumer, Non-cyclical				159,189,040
Consumer, Cyclical - 8.8%
Tesla, Inc.*		242,421		50,292,661
Costco Wholesale Corp.		44,103		21,913,458
Starbucks Corp.		114,234		11,895,186
O’Reilly Automotive, Inc.*		6,146		5,217,831
Marriott International, Inc. — Class A		30,625		5,084,975
Lululemon Athletica, Inc.*		12,166		4,430,736
PACCAR, Inc.		51,935		3,801,642
Ross Stores, Inc.		34,227		3,632,511
Copart, Inc.*		47,369		3,562,623
Dollar Tree, Inc.*		21,984		3,155,803
Fastenal Co.		56,750		3,061,095
Walgreens Boots Alliance, Inc.		85,727		2,964,440
Lucid Group, Inc.*,1		181,936		1,462,765
Rivian Automotive, Inc. — Class A*		91,369		1,414,392
Total Consumer, Cyclical				121,890,118
Industrial - 1.6%
Honeywell International, Inc.		66,409		12,692,088
CSX Corp.		205,011		6,138,030
Old Dominion Freight Line, Inc.		10,936		3,727,426
Total Industrial				22,557,544
Utilities - 1.1%
American Electric Power Company, Inc.		51,128		4,652,137
Exelon Corp.		98,810		4,139,151
Xcel Energy, Inc.		54,652		3,685,731

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
NASDAQ-100® FUND

	Shares		Value
Constellation Energy Corp.		32,515	$	2,552,427
Total Utilities				15,029,446
Energy - 0.6%
Baker Hughes Co.		100,509		2,900,689
Enphase Energy, Inc.*		13,567		2,852,869
Diamondback Energy, Inc.		18,248		2,466,582
Total Energy				8,220,140
Total Common Stocks
(Cost $423,535,218)				1,302,842,945
MUTUAL FUNDS† - 3.8%
Guggenheim Ultra Short Duration Fund — Institutional Class2		3,064,684		29,758,082
Guggenheim Strategy Fund II2		575,584		13,934,899
Guggenheim Strategy Fund III2		370,504		8,984,717
Total Mutual Funds
(Cost $54,178,710)				52,677,698
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 0.7%
Federal Home Loan Bank
4.36% due 04/03/233	$	5,000,000		4,998,792
4.50% due 04/12/233		4,000,000		3,994,500
Total Federal Agency Discount Notes
(Cost $8,993,292)				8,993,292
U.S. TREASURY BILLS†† - 0.2%
U.S. Treasury Bills
4.21% due 05/02/233,4		2,000,000		1,992,606

3.36% due 04/11/233,5		1,302,000		1,300,675
Total U.S. Treasury Bills
(Cost $3,293,447)				3,293,281
REPURCHASE AGREEMENTS††,6 - 1.1%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/234		8,256,907		8,256,907
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/234		3,262,165		3,262,165
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/234		3,262,165		3,262,165
Total Repurchase Agreements
(Cost $14,781,237)				14,781,237
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class X, 4.65%8		5,249,701		5,249,701
Total Securities Lending Collateral
(Cost $5,249,701)				5,249,701
Total Investments - 100.3%
(Cost $510,031,605)			$	1,387,838,154
Other Assets & Liabilities, net - (0.3)%				(4,728,073	)
Total Net Assets - 100.0%			$	1,383,110,081

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
NASDAQ-100® FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		42		Jun 2023	$	11,172,630	$	909,055

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

06/28/23

2,898

$

38,203,189

$

1,606,166

BNP Paribas

NASDAQ-100 Index

Pay

5.48% (Federal Funds Rate + 0.65%)

At Maturity

06/28/23

1,193

15,727,275

681,021

Barclays Bank plc

NASDAQ-100 Index

Pay

5.32% (SOFR + 0.50%)

At Maturity

06/27/23

1,127

14,848,909

572,587

$

68,779,373

$

2,859,774

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
NASDAQ-100® FUND

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
5	All or a portion of this security is pledged as futures collateral at March 31, 2023.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of March 31, 2023.
	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 March 31, 2023 (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	$	1,302,842,945	$	—	$	—	$	1,302,842,945
Mutual Funds		52,677,698		—		—		52,677,698
Federal Agency Discount Notes		—		8,993,292		—		8,993,292
U.S. Treasury Bills		—		3,293,281		—		3,293,281
Repurchase Agreements		—		14,781,237		—		14,781,237
Securities Lending Collateral		5,249,701		—		—		5,249,701
Equity Futures Contracts**		909,055		—		—		909,055
Equity Index Swap Agreements**		—		2,859,774		—		2,859,774
Total Assets	$	1,361,679,399	$	29,927,584	$	—	$	1,391,606,983

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

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
NASDAQ-100® FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
Mutual Funds
Guggenheim Strategy Fund II	$	14,130,599	$	—	$	—	$	—	$	(195,700	)
Guggenheim Strategy Fund III		9,129,213		—		—		—		(144,496	)
Guggenheim Ultra Short Duration Fund — Institutional Class		30,003,257		—		—		—		(245,175	)
	$	53,263,069	$	—	$	—	$	—	$	(585,371	)

Security Name	Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	13,934,899		575,584	$	517,403
Guggenheim Strategy Fund III		8,984,717		370,504		341,394
Guggenheim Ultra Short Duration Fund — Institutional Class		29,758,082		3,064,684		956,058
	$	52,677,698			$	1,814,855

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

STATEMENT OF ASSETS AND LIABILITIES

NASDAQ-100^® FUND

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value - including $5,181,267 of securities loaned (cost $441,071,658)	$	1,320,379,219
Investments in affiliated issuers, at value (cost $54,178,710)		52,677,698
Repurchase agreements, at value (cost $14,781,237)		14,781,237
Unrealized appreciation on OTC swap agreements		2,859,774
Receivables:
Fund shares sold		1,624,709
Dividends		421,890
Variation margin on futures contracts		183,750
Swap settlement		78,148
Securities lending income		18,980
Investment Adviser		2,338
Interest		1,970
Total assets		1,393,029,713
Liabilities:
Segregated cash due to broker		1,560,000
Payable for:
Return of securities lending collateral		5,249,701
Fund shares redeemed		777,520
Management fees		762,551
Transfer agent fees		327,517
Portfolio accounting and administration fees		121,834
Distribution and service fees		75,168
Trustees’ fees*		18,294
Miscellaneous		1,027,047
Total liabilities		9,919,632
Net assets	$	1,383,110,081
Net assets consist of:
Paid in capital	$	554,403,154
Total distributable earnings (loss)		828,706,927
Net assets	$	1,383,110,081
Investor Class:
Net assets	$	1,224,329,825
Capital shares outstanding		22,001,352
Net asset value per share	$	55.65
A-Class:
Net assets	$	64,132,995
Capital shares outstanding		1,293,324
Net asset value per share	$	49.59
Maximum offering price per share (Net asset value divided by 95.25%)	$	52.06
C-Class:
Net assets	$	72,314,313
Capital shares outstanding		1,802,949
Net asset value per share	$	40.11
H-Class:
Net assets	$	22,332,948
Capital shares outstanding		450,494
Net asset value per share	$	49.57

* 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 ANNUAL REPORT | 19

STATEMENT OF OPERATIONS

NASDAQ-100^® FUND

Year Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $16,378)	$	11,013,476
Dividends from securities of affiliated issuers		1,814,855
Interest		510,756
Income from securities lending, net		276,028
Total investment income		13,615,115
Expenses:
Management fees		9,434,511
Distribution and service fees:
A-Class		148,986
C-Class		770,073
H-Class		58,401
Transfer agent fees		2,806,657
Portfolio accounting and administration fees		1,242,834
Professional fees		697,731
Trustees’ fees*		222,043
Custodian fees		183,479
Interest expense		23,972
Line of credit fees		54
Miscellaneous		1,677,026
Total expenses		17,265,767
Less:
Expenses waived by Adviser		(313,548	)
Net expenses		16,952,219
Net investment loss		(3,337,104	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	29,953,751
Swap agreements		(7,549,644	)
Futures contracts		(12,162,350	)
Net realized gain		10,241,757
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(210,559,271	)
Investments in affiliated issuers		(585,371	)
Swap agreements		568,321
Futures contracts		(675,904	)
Net change in unrealized appreciation (depreciation)		(211,252,225	)
Net realized and unrealized loss		(201,010,468	)
Net decrease in net assets resulting from operations	$	(204,347,572	)

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

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

STATEMENTS OF CHANGES IN NET ASSETS

NASDAQ-100^® FUND

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(3,337,104	)	$	(10,957,538	)
Net realized gain on investments		10,241,757			149,639,590
Net change in unrealized appreciation (depreciation) on investments		(211,252,225	)		34,452,704
Net increase (decrease) in net assets resulting from operations		(204,347,572	)		173,134,756
Distributions to shareholders:
Investor Class		(77,687,668	)		(75,911,645	)
A-Class		(4,843,280	)		(3,942,595	)
C-Class		(7,083,939	)		(7,123,551	)
H-Class		(1,710,370	)		(2,360,990	)
Total distributions to shareholders		(91,325,257	)		(89,338,781	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		1,049,808,809			1,510,249,831
A-Class		13,187,157			17,597,319
C-Class		5,718,757			11,514,616
H-Class		26,799,257			45,085,284
Distributions reinvested
Investor Class		74,594,196			73,332,408
A-Class		4,570,561			3,701,171
C-Class		6,551,420			6,735,371
H-Class		1,709,611			2,360,682
Cost of shares redeemed
Investor Class		(1,071,528,281	)		(1,620,402,111	)
A-Class		(13,908,368	)		(21,167,480	)
C-Class		(24,159,992	)		(33,225,427	)
H-Class		(28,494,171	)		(42,019,635	)
Net increase (decrease) from capital share transactions		44,848,956			(46,237,971	)
Net increase (decrease) in net assets		(250,823,873	)		37,558,004
Net assets:
Beginning of year		1,633,933,954			1,596,375,950
End of year	$	1,383,110,081		$	1,633,933,954

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

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

NASDAQ-100^® FUND

	Year Ended March 31, 2023			Year Ended March 31, 2022
Capital share activity:
Shares sold
Investor Class		19,159,694			21,260,182
A-Class		270,590			270,827
C-Class		139,492			216,441
H-Class		511,150			697,477
Shares issued from reinvestment of distributions
Investor Class		1,594,575			983,140
A-Class		109,580			54,971
C-Class		193,772			119,975
H-Class		40,998			35,072
Shares redeemed
Investor Class		(19,581,281	)		(23,276,211	)
A-Class		(289,295	)		(334,683	)
C-Class		(604,030	)		(627,691	)
H-Class		(569,921	)		(690,083	)
Net increase (decrease) in shares		975,324			(1,290,583	)

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

FINANCIAL HIGHLIGHTS

NASDAQ-100^® FUND

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

Investor Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	68.39		$	63.43		$	39.68		$	38.39		$	34.94
Income (loss) from investment operations:
Net investment income (loss)a		(.10	)		(.37	)		(.28	)		(.08	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		(8.57	)		8.70			26.64			2.21			4.11
Total from investment operations		(8.67	)		8.33			26.36			2.13			4.06
Less distributions from:
Net realized gains		(4.07	)		(3.37	)		(2.61	)		(.84	)		(.61	)
Total distributions		(4.07	)		(3.37	)		(2.61	)		(.84	)		(.61	)
Net asset value, end of period	$	55.65		$	68.39		$	63.43		$	39.68		$	38.39
Total Return		(11.56	%)		12.69	%		66.78	%		5.40	%		11.79	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,224,330		$	1,424,456		$	1,386,721		$	888,189		$	979,675
Ratios to average net assets:
Net investment income (loss)		(0.19	%)		(0.53	%)		(0.50	%)		(0.19	%)		(0.14	%)
Total expensesb		1.30	%		1.25	%		1.33	%		1.37	%		1.36	%
Net expensesc		1.27	%		1.24	%		1.33	%		1.37	%		1.36	%
Portfolio turnover rate		50	%		44	%		57	%		54	%		32	%

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

FINANCIAL HIGHLIGHTS (continued)

NASDAQ-100^® FUND

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	61.69		$	57.63		$	36.29		$	35.26		$	32.22
Income (loss) from investment operations:
Net investment income (loss)a		(.21	)		(.50	)		(.39	)		(.17	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		(7.82	)		7.93			24.34			2.04			3.78
Total from investment operations		(8.03	)		7.43			23.95			1.87			3.65
Less distributions from:
Net realized gains		(4.07	)		(3.37	)		(2.61	)		(.84	)		(.61	)
Total distributions		(4.07	)		(3.37	)		(2.61	)		(.84	)		(.61	)
Net asset value, end of period	$	49.59		$	61.69		$	57.63		$	36.29		$	35.26
Total Returnd		(11.78	%)		12.40	%		66.37	%		5.14	%		11.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	64,133		$	74,179		$	69,808		$	41,054		$	59,021
Ratios to average net assets:
Net investment income (loss)		(0.43	%)		(0.78	%)		(0.75	%)		(0.44	%)		(0.38	%)
Total expensesb		1.54	%		1.50	%		1.58	%		1.62	%		1.61	%
Net expensesc		1.52	%		1.49	%		1.58	%		1.62	%		1.61	%
Portfolio turnover rate		50	%		44	%		57	%		54	%		32	%

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

FINANCIAL HIGHLIGHTS (continued)

NASDAQ-100^® FUND

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

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	51.32		$	48.76		$	31.18		$	30.64		$	28.29
Income (loss) from investment operations:
Net investment income (loss)a		(.48	)		(.82	)		(.66	)		(.39	)		(.34	)
Net gain (loss) on investments (realized and unrealized)		(6.66	)		6.75			20.85			1.77			3.30
Total from investment operations		(7.14	)		5.93			20.19			1.38			2.96
Less distributions from:
Net realized gains		(4.07	)		(3.37	)		(2.61	)		(.84	)		(.61	)
Total distributions		(4.07	)		(3.37	)		(2.61	)		(.84	)		(.61	)
Net asset value, end of period	$	40.11		$	51.32		$	48.76		$	31.18		$	30.64
Total Returnd		(12.45	%)		11.57	%		65.17	%		4.31	%		10.70	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	72,314		$	106,419		$	115,315		$	80,633		$	85,274
Ratios to average net assets:
Net investment income (loss)		(1.19	%)		(1.53	%)		(1.50	%)		(1.19	%)		(1.14	%)
Total expensesb		2.29	%		2.25	%		2.33	%		2.37	%		2.36	%
Net expensesc		2.27	%		2.24	%		2.33	%		2.37	%		2.36	%
Portfolio turnover rate		50	%		44	%		57	%		54	%		32	%

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

FINANCIAL HIGHLIGHTS (concluded)

NASDAQ-100^® FUND

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	61.67		$	57.61		$	36.28		$	35.26		$	32.22
Income (loss) from investment operations:
Net investment income (loss)a		(.21	)		(.51	)		(.38	)		(.16	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		(7.82	)		7.94			24.32			2.02			3.78
Total from investment operations		(8.03	)		7.43			23.94			1.86			3.65
Less distributions from:
Net realized gains		(4.07	)		(3.37	)		(2.61	)		(.84	)		(.61	)
Total distributions		(4.07	)		(3.37	)		(2.61	)		(.84	)		(.61	)
Net asset value, end of period	$	49.57		$	61.67		$	57.61		$	36.28		$	35.26
Total Return		(11.77	%)		12.41	%		66.36	%		5.11	%		11.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	22,333		$	28,879		$	24,532		$	23,777		$	46,276
Ratios to average net assets:
Net investment income (loss)		(0.42	%)		(0.79	%)		(0.75	%)		(0.43	%)		(0.37	%)
Total expensesb		1.54	%		1.50	%		1.59	%		1.62	%		1.61	%
Net expensesc		1.52	%		1.49	%		1.59	%		1.62	%		1.61	%
Portfolio turnover rate		50	%		44	%		57	%		54	%		32	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Does not include expenses of the underlying funds in which the Fund invests.
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.

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

NOTES TO FINANCIAL STATEMENTS

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 (”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund. The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At March 31, 2023, the Trust consisted of fifty-two funds (the “Funds”).

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

At March 31, 2023, A-Class, C-Class, Investor Class and H-Class shares have been issued by the Fund.

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

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

Significant Accounting Policies

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

THE RYDEX FUNDS ANNUAL REPORT | 27

NOTES TO FINANCIAL STATEMENTS (continued)

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

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

(a) Valuation of Investments

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

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

Valuations of the Fund’s securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, the investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market

28 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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.

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

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

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

The value of futures contracts are valued on the basis of the last sale price at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

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

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

THE RYDEX FUNDS ANNUAL REPORT | 29

NOTES TO FINANCIAL STATEMENTS (continued)

(b) U.S. Government and Agency Obligations

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

(c) Futures Contracts

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

(d) Swap Agreements

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

(e) Foreign Taxes

The Fund may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Fund invests. These foreign taxes, if any, are paid by the Fund and reflected in Fund’s Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2023, if any, are disclosed in the Fund’s Statement of Assets and Liabilities.

(f) Security Transactions

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

30 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

(g) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(h) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

(i) Cash

The Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.83% at March 31, 2023.

(j) Indemnifications

Under the Fund’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund and/or its affiliates that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

Note 2 – Derivatives

As part of its investment strategy, the Fund utilizes a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Fund’s Statement of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

THE RYDEX FUNDS ANNUAL REPORT | 31

NOTES TO FINANCIAL STATEMENTS (continued)

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Fund utilized derivatives for the following purposes:

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

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

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Fund’s Statement of Assets and Liabilities; securities held as collateral are noted on the Schedule of Investments.

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

	Average Notional Amount
Use	Long
Index exposure, Liquidity	$	23,685,905

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, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are

32 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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 New York Stock Exchange (“NYSE”) or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

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

	Average Notional Amount
Use	Long
Index exposure, Liquidity	$	46,690,889

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Fund’s Statement of Assets and Liabilities as of March 31, 2023:

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

THE RYDEX FUNDS ANNUAL REPORT | 33

NOTES TO FINANCIAL STATEMENTS (continued)

The following tables set forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at March 31, 2023:

Asset Derivative Investments Value
	Futures Equity Risk*		Swaps Equity Risk		Total Value at March 31, 2023
	$	909,055	$	2,859,774	$	3,768,829

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

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the year ended March 31, 2023:

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

The following is a summary of the Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Fund’s Statement of Operations categorized by primary risk exposure for the year ended March 31, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk			Swaps Equity Risk			Total
	$	(12,162,350	)	$	(7,549,644	)	$	(19,711,994	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk			Swaps Equity Risk		Total
	$	(675,904	)	$	568,321	$	(107,583	)

34 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

Note 3 – Offsetting

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

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

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Fund and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund and cash collateral received from the counterparty, if any, are reported separately on the Fund’s Statement of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Fund in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Fund, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Fund, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Fund from its counterparties are not fully collateralized, contractually or otherwise, the Fund bears the risk of loss from

THE RYDEX FUNDS ANNUAL REPORT | 35

NOTES TO FINANCIAL STATEMENTS (continued)

counterparty nonperformance. The Fund attempts to mitigate counterparty risk by only entering into agreements with counterparties that it believes to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Fund’s Statement 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
Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amount of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments		Cash Collateral Received			Net Amount
Swap equity contracts	$	2,859,774	$	—	$	2,859,774	$	—	$	(1,560,000	)	$	1,299,774

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

The Fund has 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 March 31, 2023.

Counterparty	Asset Type	Cash Pledged		Cash Received
Barclays Bank plc	Total return swap agreements	$	—	$	300,000
BNP Paribas	Total return swap agreements		—		280,000
Goldman Sachs International	Total return swap agreements		—		980,000
			—		1,560,000

Note 4 – Fair Value Measurement

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

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

36 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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

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

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

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

The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

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

When the aggregate assets of each series of the Trust (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by the Fund (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

Fund Assets Under Management	Fund Asset-Based Breakpoint Reductions
$500 million - $1 billion		0.025	%
$1 billion - $2 billion		0.050	%
> $2 billion		0.075	%

THE RYDEX FUNDS ANNUAL REPORT | 37

NOTES TO FINANCIAL STATEMENTS (continued)

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted a Distribution Plan applicable to A-Class and P-Class shares and H-Class shares for which GFD and other firms that provide distribution and/or shareholder services (“Service Providers”) may receive compensation. If a Service Provider provides distribution services, the Fund will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares that allows the Fund to pay annual distribution and service fees of 1.00% of the Fund’s C-Class shares average daily net assets. The annual 0.25% service fee compensates a shareholder’s financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder’s financial adviser an 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 year ended March 31, 2023, GFD retained sales charges of $91,746 relating to sales of A-Class shares of the Trust.

If the Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing Fund level without regard to any expense cap, if any, in effect for the investing Fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the year ended March 31, 2023, the Fund waived $74,168 related to investments in affiliated funds.

The Board has adopted a waiver and/or expense reimbursement arrangement for the Fund whereby GI has agreed to waive and/or reimburse expenses in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets in excess of $500,000,000. This was effective on August 1, 2022 and the end of the initial term is August 1, 2023. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board upon sixty days’ written notice.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

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NOTES TO FINANCIAL STATEMENTS (continued)

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

Note 6 – Repurchase Agreements

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

At March 31, 2023, 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 Bonds
4.80%					1.38% - 2.88%
Due 04/03/23	$	149,891,321	$	149,951,278	Due 08/15/50 - 05/15/52	$	252,867,100	$	152,889,157
BofA Securities, Inc.					U.S. Treasury Bonds
4.78%					1.88% - 3.00%
Due 04/03/23		59,219,537		59,243,126	Due 02/15/41 - 11/15/44		72,519,500		60,404,008
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
4.80%					0.13% - 1.00%
Due 04/03/23		59,219,537		59,243,225	Due 10/15/26 - 02/15/46		64,469,037		60,404,002

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.

THE RYDEX FUNDS ANNUAL REPORT | 39

NOTES TO FINANCIAL STATEMENTS (continued)

Note 7 – Portfolio Securities Loaned

The Fund may lend its securities to approved brokers to earn additional income. Securities lending income shown on the Fund’s Statement of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Fund acts as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Fund receives cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Fund’s securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund — Class X. The Fund bears the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Fund the next business day. Although the collateral mitigates the risk, the Fund could experience a delay in recovering its securities and a possible loss of income or value if the borrower fails to return the securities. The Fund has the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

At March 31, 2023, the Fund participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

Gross Amounts Not Offset in the Statement of Assets and Liabilities							Securities Lending Collateral
Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested		Cash Collateral Uninvested		Total Collateral
$	5,181,267	$	(5,181,267	)	$	—	$	5,249,701	$	—	$	5,249,701

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

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

40 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

Note 8 – Federal Income Tax Information

The Fund intends 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 Fund from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

The tax character of distributions paid during the year ended March 31, 2023 was as follows:

Ordinary Income		Long-Term Capital Gain		Total Distributions
$	—	$	91,325,257	$	91,325,257

The tax character of distributions paid during the year ended March 31, 2022 was as follows:

Ordinary Income		Long-Term Capital Gain		Total Distributions
$	71,808,723	$	17,530,058	$	89,338,781

Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.

The tax components of distributable earnings/(loss) as of March 31, 2023 were as follows:

Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)		Accumulated Capital and Other Losses		Other Temporary Differences		Total
$	—	$	—	$	828,706,927	$	—	$	—	$	828,706,927

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Fund that may be carried forward and applied against future capital gains. The Fund is permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of March 31, 2023, the Fund had no capital loss carryforwards.

THE RYDEX FUNDS ANNUAL REPORT | 41

NOTES TO FINANCIAL STATEMENTS (continued)

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to losses deferred due to wash sales, distributions in connection with redemption of fund shares, and the “mark-to-market” of certain derivatives. Additional differences may result from the tax treatment of net operating losses. To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

The following adjustments were made on the Statement of Assets and Liabilities as of March 31, 2023 for permanent book/tax differences:

Paid In Capital		Total Distributable Earnings/(Loss)
$	17,880,744	$	(17,880,744	)

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation/ (Depreciation)
$	561,991,001	$	843,878,717	$	(15,171,790	)	$	828,706,927

Note 9 – Securities Transactions

For the year ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	623,284,352	$	620,024,271

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is

42 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

effected at the current market price to save costs, where permissible. For the year ended March 31, 2023, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Purchases		Sales		Realized Gain
$	314,075,477	$	339,398,570	$	722,257

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 6, 2022, the line of credit agreement was renewed and expires on June 5, 2023. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 3.87% for the year ended March 31, 2023. The Fund did not have any borrowings outstanding under this agreement at March 31, 2023.

The average daily balance borrowed for the year ended March 31, 2023 was $1,515.

Note 11 – Market Risks

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

THE RYDEX FUNDS ANNUAL REPORT | 43

NOTES TO FINANCIAL STATEMENTS (concluded)

Note 12 – Subsequent Events

On May 24, 2023, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for the Fund in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. This arrangement will take effect on August 1, 2023 and the end of the initial term is August 1, 2024. 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.

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

44 | THE RYDEX FUNDS ANNUAL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of NASDAQ-100^® Fund and the Board of Trustees of Rydex Series Funds

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of NASDAQ-100^® Fund (the “Fund”) (one of the funds constituting Rydex Series Funds (the “Trust”)), including the schedule of investments, as of March 31, 2023, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund (one of the funds constituting Rydex Series Funds) at March 31, 2023, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities

THE RYDEX FUNDS ANNUAL REPORT | 45

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (concluded)

owned as of March 31, 2023, by correspondence with the custodian, transfer agent, and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Guggenheim investment companies since 1979.

Tysons, Virginia
May 25, 2023

46 | THE RYDEX FUNDS ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Federal Income Tax Information

This information is being provided as required by the Internal Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.

In January 2024, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2023.

With respect to the taxable year ended March 31, 2023, the Fund hereby designates as capital gain dividends the amount listed below, or, if subsequently determined to be different, the net capital gain of such year:

From long-term capital gain:		From long-term capital gain, using proceeds from shareholder redemptions:
$	91,325,257	$	23,453,009

Delivery of Shareholder Reports

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

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

Proxy Voting Information

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

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

THE RYDEX FUNDS ANNUAL REPORT | 47

OTHER INFORMATION (Unaudited)(concluded)

Sector Classification

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

Quarterly Portfolio Schedules Information

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

48 | THE RYDEX FUNDS ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

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

THE RYDEX FUNDS ANNUAL REPORT | 49

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

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

50 | THE RYDEX FUNDS ANNUAL REPORT

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

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

THE RYDEX FUNDS ANNUAL REPORT | 51

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

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

52 | THE RYDEX FUNDS ANNUAL REPORT

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

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

THE RYDEX FUNDS ANNUAL REPORT | 53

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 55

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 57

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

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

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

Our Commitment to You

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

The Information We Collect About You

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

How We Handle Your Personal Information

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

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

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

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

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

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

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

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

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 59

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

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

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

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

Opt-Out Provisions and Your Data Choices

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

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

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

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

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

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

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information. We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

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

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

We’ll Keep You Informed

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

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

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3.31.2023

Rydex Funds Annual Report

Domestic Equity Funds

S&P 500^® Pure Growth Fund

S&P 500^® Pure Value Fund

S&P MidCap 400^® Pure Growth Fund

S&P MidCap 400^® Pure Value Fund

S&P SmallCap 600^® Pure Growth Fund

S&P SmallCap 600^® Pure Value Fund

International Equity Funds

Europe 1.25x Strategy Fund

Japan 2x Strategy Fund

Specialty Funds

Strengthening Dollar 2x Strategy Fund

Weakening Dollar 2x Strategy Fund

GuggenheimInvestments.com RBENF2-ANN-0323x0324

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS	6
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
S&P 500® PURE GROWTH FUND	10
S&P 500® PURE VALUE FUND	18
S&P MIDCAP 400® PURE GROWTH FUND	26
S&P MIDCAP 400® PURE VALUE FUND	34
S&P SMALLCAP 600® PURE GROWTH FUND	42
S&P SMALLCAP 600® PURE VALUE FUND	51
EUROPE 1.25x STRATEGY FUND	60
JAPAN 2x STRATEGY FUND	69
STRENGTHENING DOLLAR 2x STRATEGY FUND	77
WEAKENING DOLLAR 2x STRATEGY FUND	85
NOTES TO FINANCIAL STATEMENTS	93
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	108
OTHER INFORMATION	109
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	111
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	117

THE RYDEX FUNDS ANNUAL REPORT | 1

March 31, 2023

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for a selection of our funds (the “Fund” or “Funds”). This report covers performance for the 12-month period ended March 31, 2023 (the ”Reporting Period”).

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

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

We encourage you to read the Economic and Market Overview section of the report, which follows this letter, and then the Performance Report and Fund Profile for each Fund.

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

Sincerely,

Security Investors, LLC

April 30, 2023

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

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

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

2 | THE RYDEX FUNDS ANNUAL REPORT

March 31, 2023

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed , totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5 percent to 0.4 percent, followed by a larger downward revision for next year, from 1.6 percent to 1.2 percent. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned -7.73%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -1.38%. The return of the MSCI Emerging Markets Index* was -10.70%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -4.78% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned -3.34%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 2.53% for the Reporting Period.

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

4 | THE RYDEX FUNDS ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

*Index Definitions:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

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

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

An Example of Compounding

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

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

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

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

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

6 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2022 and ending March 31, 2023.

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

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
S&P 500® Pure Growth Fund
A-Class	1.55%	4.76%	$ 1,000.00	$ 1,047.60	$ 7.91
C-Class	2.30%	4.37%	1,000.00	1,043.70	11.72
H-Class	1.55%	4.75%	1,000.00	1,047.50	7.91
S&P 500® Pure Value Fund
A-Class	1.55%	9.35%	1,000.00	1,093.50	8.09
C-Class	2.30%	8.94%	1,000.00	1,089.40	11.98
H-Class	1.55%	9.36%	1,000.00	1,093.60	8.09
S&P MidCap 400® Pure Growth Fund
A-Class	1.55%	9.51%	1,000.00	1,095.10	8.10
C-Class	2.30%	9.09%	1,000.00	1,090.90	11.99
H-Class	1.55%	9.49%	1,000.00	1,094.90	8.10
S&P MidCap 400® Pure Value Fund
A-Class	1.55%	18.13%	1,000.00	1,181.30	8.43
C-Class	2.30%	17.70%	1,000.00	1,177.00	12.48
H-Class	1.55%	18.16%	1,000.00	1,181.60	8.43
S&P SmallCap 600® Pure Growth Fund
A-Class	1.55%	8.22%	1,000.00	1,082.20	8.05
C-Class	2.30%	7.83%	1,000.00	1,078.30	11.92
H-Class	1.55%	8.16%	1,000.00	1,081.60	8.04
S&P SmallCap 600® Pure Value Fund
A-Class	1.55%	18.68%	1,000.00	1,186.80	8.45
C-Class	2.30%	18.24%	1,000.00	1,182.40	12.51
H-Class	1.55%	18.66%	1,000.00	1,186.60	8.45
Europe 1.25x Strategy Fund
A-Class	1.75%	42.34%	1,000.00	1,423.40	10.57
C-Class	2.48%	41.79%	1,000.00	1,417.90	14.95
H-Class	1.76%	42.31%	1,000.00	1,423.10	10.63
Japan 2x Strategy Fund
A-Class	1.54%	35.64%	1,000.00	1,356.40	9.05
C-Class	2.31%	35.14%	1,000.00	1,351.40	13.54
H-Class	1.54%	35.63%	1,000.00	1,356.30	9.05
Strengthening Dollar 2x Strategy Fund
A-Class	1.75%	(14.93%)	1,000.00	850.70	8.07
C-Class	2.50%	(15.25%)	1,000.00	847.50	11.52
H-Class	1.75%	(14.91%)	1,000.00	850.90	8.08
Weakening Dollar 2x Strategy Fund
A-Class	1.75%	17.75%	1,000.00	1,177.50	9.50
C-Class	2.50%	17.32%	1,000.00	1,173.20	13.55
H-Class	1.75%	17.76%	1,000.00	1,177.60	9.50

8 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
S&P 500® Pure Growth Fund
A-Class	1.55%	5.00%	$ 1,000.00	$ 1,017.20	$ 7.80
C-Class	2.30%	5.00%	1,000.00	1,013.46	11.55
H-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
S&P 500® Pure Value Fund
A-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
C-Class	2.30%	5.00%	1,000.00	1,013.46	11.55
H-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
S&P MidCap 400® Pure Growth Fund
A-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
C-Class	2.30%	5.00%	1,000.00	1,013.46	11.55
H-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
S&P MidCap 400® Pure Value Fund
A-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
C-Class	2.30%	5.00%	1,000.00	1,013.46	11.55
H-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
S&P SmallCap 600® Pure Growth Fund
A-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
C-Class	2.30%	5.00%	1,000.00	1,013.46	11.55
H-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
S&P SmallCap 600® Pure Value Fund
A-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
C-Class	2.30%	5.00%	1,000.00	1,013.46	11.55
H-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
Europe 1.25x Strategy Fund
A-Class	1.75%	5.00%	1,000.00	1,016.21	8.80
C-Class	2.48%	5.00%	1,000.00	1,012.57	12.44
H-Class	1.76%	5.00%	1,000.00	1,016.16	8.85
Japan 2x Strategy Fund
A-Class	1.54%	5.00%	1,000.00	1,017.25	7.75
C-Class	2.31%	5.00%	1,000.00	1,013.41	11.60
H-Class	1.54%	5.00%	1,000.00	1,017.25	7.75
Strengthening Dollar 2x Strategy Fund
A-Class	1.75%	5.00%	1,000.00	1,016.21	8.80
C-Class	2.50%	5.00%	1,000.00	1,012.47	12.54
H-Class	1.75%	5.00%	1,000.00	1,016.21	8.80
Weakening Dollar 2x Strategy Fund
A-Class	1.75%	5.00%	1,000.00	1,016.21	8.80
C-Class	2.50%	5.00%	1,000.00	1,012.47	12.54
H-Class	1.75%	5.00%	1,000.00	1,016.21	8.80

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2022 to March 31, 2023.

THE RYDEX FUNDS ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

S&P 500^® PURE GROWTH FUND

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

For the Reporting Period, S&P 500^® Pure Growth Fund H-Class returned -17.54%, compared with a return of -16.29% for the underlying index. The Fund maintained a daily correlation of over 99% to its benchmark for the period.

No sector contributed to the return of the underlying index. Financial, Information Technology, and Health Care were sectors detracting the most.

Stocks contributing the most to return of the underlying index were Enphase Energy, Inc., Eli Lilly & Co., and O’Reilly Automotive, Inc. The stocks detracting the most were Tesla, Inc., SVB Financial Group, and Generac Holdings, Inc.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings	(% of Total Net Assets)
Steel Dynamics, Inc.	2.8%
Nucor Corp.	2.7%
Mosaic Co.	2.6%
Targa Resources Corp.	2.4%
Diamondback Energy, Inc.	2.4%
Coterra Energy, Inc. — Class A	2.4%
Regeneron Pharmaceuticals, Inc.	2.3%
Vertex Pharmaceuticals, Inc.	2.2%
APA Corp.	2.0%
PG&E Corp.	1.9%
Top Ten Total	23.7%
“Ten Largest Holdings” excludes any temporary cash investments.

10 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(17.55%)	5.94%	9.79%
A-Class Shares with sales charge‡	(21.46%)	4.92%	9.26%
C-Class Shares	(18.16%)	5.15%	8.97%
C-Class Shares with CDSC§	(18.98%)	5.15%	8.97%
H-Class Shares	(17.54%)	5.94%	9.79%
S&P 500 Pure Growth Index	(16.29%)	7.65%	11.61%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Pure Growth Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
S&P 500® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.1%
Energy - 29.8%
Targa Resources Corp.		11,491	$	838,269
Diamondback Energy, Inc.		6,139		829,809
Coterra Energy, Inc. — Class A		32,872		806,679
APA Corp.		18,985		684,599
Equities Corp.		19,960		636,924
Pioneer Natural Resources Co.		3,096		632,327
ConocoPhillips		6,013		596,550
Occidental Petroleum Corp.		8,885		554,690
ONEOK, Inc.		8,702		552,925
Marathon Oil Corp.		21,733		520,723
Enphase Energy, Inc.*		2,429		510,770
EOG Resources, Inc.		4,412		505,747
Hess Corp.		3,800		502,892
Exxon Mobil Corp.		4,487		492,044
Chevron Corp.		2,710		442,163
Devon Energy Corp.		8,134		411,662
SolarEdge Technologies, Inc.*		1,178		358,053
Williams Companies, Inc.		10,984		327,982
Total Energy				10,204,808
Consumer, Non-cyclical - 25.8%
Regeneron Pharmaceuticals, Inc.*		970		797,020
Vertex Pharmaceuticals, Inc.*		2,441		769,086
Molina Healthcare, Inc.*		1,645		440,021
Elevance Health, Inc.		907		417,048
Monster Beverage Corp.*		7,662		413,825
AbbVie, Inc.		2,553		406,871
Quanta Services, Inc.		2,417		402,769
Moderna, Inc.*		2,569		394,547
Insulet Corp.*		1,214		387,218
Incyte Corp.*		5,307		383,537
Danaher Corp.		1,519		382,849
Pfizer, Inc.		9,210		375,768
Hologic, Inc.*		4,442		358,469
Eli Lilly & Co.		997		342,390
Bristol-Myers Squibb Co.		4,923		341,213
Hershey Co.		1,265		321,829
Rollins, Inc.		8,208		308,046
Merck & Company, Inc.		2,864		304,701
Thermo Fisher Scientific, Inc.		520		299,712
UnitedHealth Group, Inc.		575		271,739
Gilead Sciences, Inc.		2,929		243,019
Dexcom, Inc.*		2,060		239,331
Amgen, Inc.		965		233,288
Total Consumer, Non-cyclical				8,834,296
Basic Materials - 12.2%
Steel Dynamics, Inc.		8,502		961,236
Nucor Corp.		5,886		909,211
Mosaic Co.		19,021		872,684
CF Industries Holdings, Inc.		8,439		611,743
Freeport-McMoRan, Inc.		8,228		336,607
FMC Corp.		2,295		280,288
Albemarle Corp.		906		200,262
Total Basic Materials				4,172,031
Technology - 11.4%
KLA Corp.		1,347		537,682
Fortinet, Inc.*		7,536		500,843
Monolithic Power Systems, Inc.		862		431,465
Lam Research Corp.		812		430,457
Apple, Inc.		2,558		421,814
ON Semiconductor Corp.*		4,530		372,910
PTC, Inc.*		2,737		350,965
Fair Isaac Corp.*		458		321,832
QUALCOMM, Inc.		2,310		294,710
Jack Henry & Associates, Inc.		1,654		249,291
Total Technology				3,911,969
Consumer, Cyclical - 8.5%
AutoZone, Inc.*		226		555,542
O’Reilly Automotive, Inc.*		646		548,441
WW Grainger, Inc.		628		432,573
Tractor Supply Co.		1,739		408,735
Ulta Beauty, Inc.*		613		334,496
Dollar Tree, Inc.*		2,188		314,087
Dollar General Corp.		1,490		313,585
Total Consumer, Cyclical				2,907,459
Financial - 4.8%
Arch Capital Group Ltd.*		6,499		441,087
Progressive Corp.		2,285		326,892
W R Berkley Corp.		5,075		315,970
Raymond James Financial, Inc.		3,304		308,164
Ameriprise Financial, Inc.		774		237,231
Total Financial				1,629,344
Industrial - 3.4%
Expeditors International of Washington, Inc.		4,894		538,927
Deere & Co.		774		319,569
J.B. Hunt Transport Services, Inc.		1,719		301,616
Total Industrial				1,160,112
Utilities - 1.9%
PG&E Corp.*		39,848		644,342
Communications - 1.3%
Arista Networks, Inc.*		2,567		430,897
Total Common Stocks
(Cost $31,205,314)				33,895,258

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
S&P 500® PURE GROWTH FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 1.0%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	198,389	$	198,389
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		78,380		78,380
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		78,380		78,380
Total Repurchase Agreements
(Cost $355,149)				355,149
Total Investments - 100.1%
(Cost $31,560,463)			$	34,250,407
Other Assets & Liabilities, net - (0.1)%				(41,279	)
Total Net Assets - 100.0%			$	34,209,128

*	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 March 31, 2023 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	33,895,258	$	—	$	—	$	33,895,258
Repurchase Agreements		—		355,149		—		355,149
Total Assets	$	33,895,258	$	355,149	$	—	$	34,250,407

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

S&P 500^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value (cost $31,205,314)	$	33,895,258
Repurchase agreements, at value (cost $355,149)		355,149
Receivables:
Dividends		21,918
Fund shares sold		10,641
Interest		47
Total assets		34,283,013
Liabilities:
Payable for:
Management fees		21,626
Professional fees		11,922
Distribution and service fees		9,130
Transfer agent fees		8,958
Printing fees		6,961
Portfolio accounting and administration fees		4,397
Fund shares redeemed		2,482
Trustees’ fees*		505
Miscellaneous		7,904
Total liabilities		73,885
Net assets	$	34,209,128
Net assets consist of:
Paid in capital	$	35,395,565
Total distributable earnings (loss)		(1,186,437	)
Net assets	$	34,209,128
A-Class:
Net assets	$	7,799,013
Capital shares outstanding		104,246
Net asset value per share	$	74.81
Maximum offering price per share (Net asset value divided by 95.25%)	$	78.54
C-Class:
Net assets	$	3,097,185
Capital shares outstanding		49,658
Net asset value per share	$	62.37
H-Class:
Net assets	$	23,312,930
Capital shares outstanding		311,709
Net asset value per share	$	74.79

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends	$	561,408
Interest		5,491
Total investment income		566,899
Expenses:
Management fees		282,673
Distribution and service fees:
A-Class		21,401
C-Class		39,929
H-Class		62,841
Transfer agent fees		84,362
Portfolio accounting and administration fees		52,398
Professional fees		17,699
Trustees’ fees*		7,704
Custodian fees		5,782
Miscellaneous		38,434
Total expenses		613,223
Net investment loss		(46,324	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(859,188	)
Net realized loss		(859,188	)
Net change in unrealized appreciation (depreciation) on:
Investments		(6,601,380	)
Net change in unrealized appreciation (depreciation)		(6,601,380	)
Net realized and unrealized loss		(7,460,568	)
Net decrease in net assets resulting from operations	$	(7,506,892	)

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

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

S&P 500^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(46,324	)	$	(1,004,729	)
Net realized gain (loss) on investments		(859,188	)		5,835,053
Net change in unrealized appreciation (depreciation) on investments		(6,601,380	)		(869,365	)
Net increase (decrease) in net assets resulting from operations		(7,506,892	)		3,960,959
Distributions to shareholders:
A-Class		—			(437,487	)
C-Class		—			(216,675	)
H-Class		—			(1,874,420	)
Total distributions to shareholders		—			(2,528,582	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,613,405			13,714,083
C-Class		949,811			2,618,215
H-Class		141,950,955			615,409,962
Distributions reinvested
A-Class		—			433,712
C-Class		—			210,233
H-Class		—			1,859,579
Cost of shares redeemed
A-Class		(2,131,424	)		(13,936,591	)
C-Class		(2,274,255	)		(5,303,780	)
H-Class		(141,586,134	)		(612,422,244	)
Net increase (decrease) from capital share transactions		(1,477,642	)		2,583,169
Net increase (decrease) in net assets		(8,984,534	)		4,015,546
Net assets:
Beginning of year		43,193,662			39,178,116
End of year	$	34,209,128		$	43,193,662
Capital share activity:
Shares sold
A-Class		20,935			137,027
C-Class		14,621			31,870
H-Class		1,856,336			6,148,120
Shares issued from reinvestment of distributions
A-Class		—			4,172
C-Class		—			2,402
H-Class		—			17,891
Shares redeemed
A-Class		(28,047	)		(145,556	)
C-Class		(35,021	)		(66,615	)
H-Class		(1,850,589	)		(6,123,635	)
Net increase (decrease) in shares		(21,765	)		5,676

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

S&P 500^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	90.73		$	84.03		$	53.91		$	65.86		$	66.50
Income (loss) from investment operations:
Net investment income (loss)a		(.05	)		(1.11	)		(.80	)		(.29	)		(.50	)
Net gain (loss) on investments (realized and unrealized)		(15.87	)		10.27			34.07			(8.09	)		3.42
Total from investment operations		(15.92	)		9.16			33.27			(8.38	)		2.92
Less distributions from:
Net realized gains		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)
Total distributions		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)
Net asset value, end of period	$	74.81		$	90.73		$	84.03		$	53.91		$	65.86
Total Returnb		(17.55	%)		10.53	%		61.92	%		(13.76	%)		4.88	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,799		$	10,104		$	9,724		$	7,656		$	15,456
Ratios to average net assets:
Net investment income (loss)		(0.06	%)		(1.15	%)		(1.06	%)		(0.43	%)		(0.75	%)
Total expenses		1.55	%		1.51	%		1.60	%		1.63	%		1.61	%
Portfolio turnover rate		434	%		727	%		240	%		282	%		177	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	76.21		$	71.42		$	46.47		$	57.65		$	59.10
Income (loss) from investment operations:
Net investment income (loss)a		(.55	)		(1.55	)		(1.16	)		(.69	)		(.90	)
Net gain (loss) on investments (realized and unrealized)		(13.29	)		8.80			29.26			(6.92	)		3.01
Total from investment operations		(13.84	)		7.25			28.10			(7.61	)		2.11
Less distributions from:
Net realized gains		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)
Total distributions		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)
Net asset value, end of period	$	62.37		$	76.21		$	71.42		$	46.47		$	57.65
Total Returnb		(18.16	%)		9.71	%		60.69	%		(14.40	%)		4.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,097		$	5,339		$	7,314		$	6,050		$	10,329
Ratios to average net assets:
Net investment income (loss)		(0.85	%)		(1.91	%)		(1.80	%)		(1.18	%)		(1.52	%)
Total expenses		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%
Portfolio turnover rate		434	%		727	%		240	%		282	%		177	%

16 | THE RYDEX FUNDS ANNUAL 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.

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	90.70		$	84.00		$	53.89		$	65.84		$	66.49
Income (loss) from investment operations:
Net investment income (loss)a		(.02	)		(1.19	)		(.77	)		(.29	)		(.53	)
Net gain (loss) on investments (realized and unrealized)		(15.89	)		10.35			34.03			(8.09	)		3.44
Total from investment operations		(15.91	)		9.16			33.26			(8.38	)		2.91
Less distributions from:
Net realized gains		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)
Total distributions		—			(2.46	)		(3.15	)		(3.57	)		(3.56	)
Net asset value, end of period	$	74.79		$	90.70		$	84.00		$	53.89		$	65.84
Total Return		(17.54	%)		10.53	%		61.92	%		(13.77	%)		4.86	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	23,313		$	27,751		$	22,141		$	25,981		$	82,570
Ratios to average net assets:
Net investment income (loss)		(0.03	%)		(1.21	%)		(1.03	%)		(0.44	%)		(0.79	%)
Total expenses		1.55	%		1.51	%		1.61	%		1.63	%		1.61	%
Portfolio turnover rate		434	%		727	%		240	%		282	%		177	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

S&P 500^® PURE VALUE FUND

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

For the Reporting Period, S&P 500^® Pure Value Fund H-Class returned -10.22%, compared with a return of -8.61% for the underlying index. The Fund maintained a daily correlation of over 99% to its benchmark for the period.

The Energy sector was the leading contributor to performance of the underlying index, followed by the Industrial and Health Care sectors. Financial, Communication Services, and Basic Materials were sectors detracting the most.

The strongest contributors to performance of the underlying index included Cigna Corp., Valero Energy Corp., and Marathon Oil Corp. The stocks detracting the most were Lumen Technologies, Inc., DISH Network Corp. - Class A, and Lincoln National Corp.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings	(% of Total Net Assets)
Paramount Global — Class B	3.9%
Warner Bros Discovery, Inc.	2.6%
General Motors Co.	2.6%
Valero Energy Corp.	2.2%
Mohawk Industries, Inc.	2.2%
Phillips 66	2.1%
Citigroup, Inc.	2.1%
Ford Motor Co.	2.1%
Westrock Co.	2.1%
Walgreens Boots Alliance, Inc.	2.0%
Top Ten Total	23.9%
“Ten Largest Holdings” excludes any temporary cash investments.

18 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(10.20%)	4.28%	7.70%
A-Class Shares with sales charge‡	(14.47%)	3.27%	7.18%
C-Class Shares	(10.89%)	3.50%	6.90%
C-Class Shares with CDSC§	(11.76%)	3.50%	6.90%
H-Class Shares	(10.22%)	4.28%	7.71%
S&P 500 Pure Value Index	(8.61%)	6.13%	9.57%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Pure Value Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS	March 31, 2023
S&P 500® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.0%
Consumer, Cyclical - 23.0%
General Motors Co.		12,168	$	446,322
Ford Motor Co.		29,016		365,602
Walgreens Boots Alliance, Inc.		10,335		357,384
CarMax, Inc.*		5,429		348,976
PulteGroup, Inc.		5,844		340,588
Lennar Corp. — Class A		2,917		306,606
BorgWarner, Inc.		5,228		256,747
Whirlpool Corp.		1,903		251,234
United Airlines Holdings, Inc.*		5,639		249,526
Best Buy Company, Inc.		3,180		248,899
Newell Brands, Inc.		19,473		242,244
American Airlines Group, Inc.*		12,888		190,098
Alaska Air Group, Inc.*		4,198		176,148
Delta Air Lines, Inc.*		4,315		150,680
Southwest Airlines Co.		2,467		80,276
Total Consumer, Cyclical				4,011,330
Financial - 20.2%
Citigroup, Inc.		7,844		367,805
Capital One Financial Corp.		2,837		272,806
Berkshire Hathaway, Inc. — Class B*		855		263,998
Loews Corp.		4,109		238,404
Invesco Ltd.		14,528		238,259
American International Group, Inc.		3,835		193,131
Assurant, Inc.		1,415		169,899
Franklin Resources, Inc.		6,085		163,930
Bank of New York Mellon Corp.		3,491		158,631
Citizens Financial Group, Inc.		4,448		135,086
State Street Corp.		1,631		123,450
Wells Fargo & Co.		3,190		119,242
Lincoln National Corp.		5,260		118,192
Truist Financial Corp.		3,197		109,018
Goldman Sachs Group, Inc.		318		104,021
Prudential Financial, Inc.		1,255		103,839
Synchrony Financial		3,524		102,478
Allstate Corp.		906		100,394
Hartford Financial Services Group, Inc.		1,439		100,284
CBRE Group, Inc. — Class A*		1,331		96,910
Bank of America Corp.		3,133		89,604
MetLife, Inc.		1,342		77,755
M&T Bank Corp.		586		70,068
Total Financial				3,517,204
Consumer, Non-cyclical - 14.8%
Tyson Foods, Inc. — Class A		5,479		325,014
Viatris, Inc.		32,581		313,429
Kroger Co.		6,305		311,278
Molson Coors Beverage Co. — Class B		4,524		233,800
Centene Corp.*		3,577		226,102
AmerisourceBergen Corp. — Class A		1,403		224,634
CVS Health Corp.		2,678		199,002
Cardinal Health, Inc.		2,621		197,886
Universal Health Services, Inc. — Class B		1,432		182,007
Kraft Heinz Co.		4,205		162,608
DaVita, Inc.*		1,336		108,363
Global Payments, Inc.		945		99,452
Total Consumer, Non-cyclical				2,583,575
Communications - 12.1%
Paramount Global — Class B1		30,580		682,240
Warner Bros Discovery, Inc.*		29,942		452,124
DISH Network Corp. — Class A*		35,235		328,743
AT&T, Inc.		12,200		234,850
Verizon Communications, Inc.		2,999		116,631
News Corp. — Class A		6,704		115,778
Fox Corp. — Class A		2,887		98,302
Fox Corp. — Class B		1,321		41,361
News Corp. — Class B		2,075		36,167
Total Communications				2,106,196
Technology - 8.7%
Western Digital Corp.*		8,622		324,791
DXC Technology Co.*		11,700		299,052
Hewlett Packard Enterprise Co.		17,904		285,211
Intel Corp.		4,979		162,664
Fidelity National Information Services, Inc.		2,842		154,406
Micron Technology, Inc.		2,406		145,178
HP, Inc.		4,836		141,936
Total Technology				1,513,238
Industrial - 7.4%
Mohawk Industries, Inc.*		3,791		379,934
Westrock Co.		11,980		365,031
FedEx Corp.		1,425		325,598
Stanley Black & Decker, Inc.		2,710		218,372
Total Industrial				1,288,935
Basic Materials - 6.0%
LyondellBasell Industries N.V. — Class A		2,754		258,573
International Paper Co.		6,940		250,256
Dow, Inc.		3,956		216,868
Eastman Chemical Co.		1,509		127,269
Celanese Corp. — Class A		961		104,643
DuPont de Nemours, Inc.		1,345		96,531
Total Basic Materials				1,054,140
Energy - 4.9%
Valero Energy Corp.		2,774		387,251
Phillips 66		3,669		371,963
Kinder Morgan, Inc.		5,445		95,342
Total Energy				854,556
Utilities - 1.9%
Exelon Corp.		3,165		132,582
Pinnacle West Capital Corp.		1,356		107,449
Evergy, Inc.		1,465		89,541
Total Utilities				329,572
Total Common Stocks
(Cost $16,010,783)				17,258,746

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
S&P 500® PURE VALUE FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 1.3%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	127,534	$	127,534
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		50,386		50,386
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		50,387		50,387
Total Repurchase Agreements
(Cost $228,307)				228,307
	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.8%
Money Market Fund
First American Government Obligations Fund — Class X, 4.65%4		493,817		493,817
Total Securities Lending Collateral
(Cost $493,817)				493,817
Total Investments - 103.1%
(Cost $16,732,907)			$	17,980,870
Other Assets & Liabilities, net - (3.1)%				(537,984	)
Total Net Assets - 100.0%			$	17,442,886

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	17,258,746	$	—	$	—	$	17,258,746
Repurchase Agreements		—		228,307		—		228,307
Securities Lending Collateral		493,817		—		—		493,817
Total Assets	$	17,752,563	$	228,307	$	—	$	17,980,870

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

S&P 500^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $495,148 of securities loaned (cost $16,504,600)	$	17,752,563
Repurchase agreements, at value (cost $228,307)		228,307
Receivables:
Fund shares sold		122,385
Dividends		35,147
Securities lending income		66
Interest		30
Total assets		18,138,498
Liabilities:
Payable for:
Return of securities lending collateral		493,817
Fund shares redeemed		146,231
Management fees		15,999
Transfer agent fees		7,808
Distribution and service fees		6,228
Portfolio accounting and administration fees		3,253
Trustees’ fees*		389
Miscellaneous		21,887
Total liabilities		695,612
Net assets	$	17,442,886
Net assets consist of:
Paid in capital	$	32,512,900
Total distributable earnings (loss)		(15,070,014	)
Net assets	$	17,442,886
A-Class:
Net assets	$	3,455,899
Capital shares outstanding		38,901
Net asset value per share	$	88.84
Maximum offering price per share (Net asset value divided by 95.25%)	$	93.27
C-Class:
Net assets	$	1,264,092
Capital shares outstanding		17,430
Net asset value per share	$	72.52
H-Class:
Net assets	$	12,722,895
Capital shares outstanding		142,543
Net asset value per share	$	89.26

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends	$	1,392,211
Interest		6,081
Income from securities lending, net		192
Total investment income		1,398,484
Expenses:
Management fees		407,740
Distribution and service fees:
A-Class		9,083
C-Class		14,620
H-Class		123,175
Transfer agent fees		131,944
Portfolio accounting and administration fees		68,364
Professional fees		26,244
Trustees’ fees*		10,093
Custodian fees		8,240
Line of credit fees		105
Miscellaneous		54,776
Total expenses		854,384
Net investment income		544,100
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(3,790,184	)
Net realized loss		(3,790,184	)
Net change in unrealized appreciation (depreciation) on:
Investments		(12,156,011	)
Net change in unrealized appreciation (depreciation)		(12,156,011	)
Net realized and unrealized loss		(15,946,195	)
Net decrease in net assets resulting from operations	$	(15,402,095	)

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

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

S&P 500^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	544,100		$	606,905
Net realized loss on investments		(3,790,184	)		(3,314,399	)
Net change in unrealized appreciation (depreciation) on investments		(12,156,011	)		7,225,634
Net increase (decrease) in net assets resulting from operations		(15,402,095	)		4,518,140
Distributions to shareholders:
A-Class		(87,355	)		(75,017	)
C-Class		(42,550	)		(36,672	)
H-Class		(618,541	)		(281,574	)
Total distributions to shareholders		(748,446	)		(393,263	)
Capital share transactions:
Proceeds from sale of shares
A-Class		2,654,044			2,808,594
C-Class		2,075,357			897,489
H-Class		394,450,132			712,562,466
Distributions reinvested
A-Class		74,124			74,923
C-Class		24,525			36,338
H-Class		601,352			265,822
Cost of shares redeemed
A-Class		(2,394,815	)		(2,656,107	)
C-Class		(2,080,018	)		(1,405,694	)
H-Class		(531,510,532	)		(604,536,533	)
Net increase (decrease) from capital share transactions		(136,105,831	)		108,047,298
Net increase (decrease) in net assets		(152,256,372	)		112,172,175
Net assets:
Beginning of year		169,699,258			57,527,083
End of year	$	17,442,886		$	169,699,258
Capital share activity:
Shares sold
A-Class		27,753			29,283
C-Class		26,306			11,019
H-Class		4,039,490			7,287,372
Shares issued from reinvestment of distributions
A-Class		826			803
C-Class		334			470
H-Class		6,668			2,835
Shares redeemed
A-Class		(25,229	)		(27,316	)
C-Class		(26,938	)		(17,930	)
H-Class		(5,521,518	)		(6,261,287	)
Net increase (decrease) in shares		(1,472,308	)		1,025,249

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

S&P 500^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	101.27		$	89.23		$	48.65		$	76.07		$	83.46
Income (loss) from investment operations:
Net investment income (loss)a		1.05			.89			.70			1.02			.85
Net gain (loss) on investments (realized and unrealized)		(11.35	)		13.43			40.58			(27.62	)		(2.17	)
Total from investment operations		(10.30	)		14.32			41.28			(26.60	)		(1.32	)
Less distributions from:
Net investment income		(2.13	)		(2.28	)		(.70	)		(.82	)		(1.14	)
Net realized gains		—			—			—			—			(4.93	)
Total distributions		(2.13	)		(2.28	)		(.70	)		(.82	)		(6.07	)
Net asset value, end of period	$	88.84		$	101.27		$	89.23		$	48.65		$	76.07
Total Returnb		(10.20	%)		16.26	%		85.10	%		(35.38	%)		(1.26	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,456		$	3,600		$	2,925		$	1,716		$	3,518
Ratios to average net assets:
Net investment income (loss)		1.11	%		0.94	%		1.06	%		1.32	%		1.01	%
Total expenses		1.55	%		1.51	%		1.60	%		1.63	%		1.61	%
Portfolio turnover rate		594	%		823	%		1,207	%		254	%		190	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	83.72		$	74.69		$	41.11		$	64.87		$	72.64
Income (loss) from investment operations:
Net investment income (loss)a		.30			.14			.18			.17			.12
Net gain (loss) on investments (realized and unrealized)		(9.37	)		11.17			34.10			(23.11	)		(1.82	)
Total from investment operations		(9.07	)		11.31			34.28			(22.94	)		(1.70	)
Less distributions from:
Net investment income		(2.13	)		(2.28	)		(.70	)		(.82	)		(1.14	)
Net realized gains		—			—			—			—			(4.93	)
Total distributions		(2.13	)		(2.28	)		(.70	)		(.82	)		(6.07	)
Net asset value, end of period	$	72.52		$	83.72		$	74.69		$	41.11		$	64.87
Total Returnb		(10.89	%)		15.40	%		83.72	%		(35.87	%)		(2.00	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,264		$	1,484		$	1,805		$	1,321		$	2,340
Ratios to average net assets:
Net investment income (loss)		0.39	%		0.17	%		0.32	%		0.26	%		0.17	%
Total expenses		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%
Portfolio turnover rate		594	%		823	%		1,207	%		254	%		190	%

24 | THE RYDEX FUNDS ANNUAL 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.

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	101.75		$	89.64		$	48.87		$	76.39		$	83.78
Income (loss) from investment operations:
Net investment income (loss)a		.98			.98			.84			.96			.81
Net gain (loss) on investments (realized and unrealized)		(11.34	)		13.41			40.63			(27.66	)		(2.13	)
Total from investment operations		(10.36	)		14.39			41.47			(26.70	)		(1.32	)
Less distributions from:
Net investment income		(2.13	)		(2.28	)		(.70	)		(.82	)		(1.14	)
Net realized gains		—			—			—			—			(4.93	)
Total distributions		(2.13	)		(2.28	)		(.70	)		(.82	)		(6.07	)
Net asset value, end of period	$	89.26		$	101.75		$	89.64		$	48.87		$	76.39
Total Return		(10.22	%)		16.26	%		85.15	%		(35.38	%)		(1.25	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12,723		$	164,615		$	52,797		$	5,422		$	43,352
Ratios to average net assets:
Net investment income (loss)		1.01	%		1.01	%		1.17	%		1.22	%		0.97	%
Total expenses		1.55	%		1.52	%		1.58	%		1.63	%		1.61	%
Portfolio turnover rate		594	%		823	%		1,207	%		254	%		190	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

S&P MIDCAP 400^® PURE GROWTH FUND

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

For the Reporting Period, S&P MidCap 400^® Pure Growth Fund H-Class returned -10.32%, compared with a return of -8.96% for the underlying index. The Fund maintained a daily correlation of over 99% to its benchmark for the period.

The Consumer Discretionary sector contributed the most to the return of the underlying index, followed by the Communication Services and Industrial sectors. Health Care, Energy and Basic Materials were sectors detracting the most.

Shockwave Medical, Inc., Axon Enterprise, Inc., and Builders FirstSource, Inc. added the most to return of the underlying index. Cleveland-Cliffs, Inc., Tenet Healthcare Corp., and Tandem Diabetes Care, Inc. detracted the most.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings	(% of Total Net Assets)
PBF Energy, Inc. — Class A	3.1%
Annaly Capital Management, Inc.	2.4%
Builders FirstSource, Inc.	2.4%
PDC Energy, Inc.	2.3%
Kinsale Capital Group, Inc.	2.2%
Range Resources Corp.	2.1%
Reliance Steel & Aluminum Co.	2.0%
Shockwave Medical, Inc.	2.0%
Axon Enterprise, Inc.	1.9%
Murphy USA, Inc.	1.9%
Top Ten Total	22.3%
“Ten Largest Holdings” excludes any temporary cash investments.

26 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(10.32%)	2.39%	5.50%
A-Class Shares with sales charge‡	(14.58%)	1.40%	4.99%
C-Class Shares	(11.00%)	1.62%	4.71%
C-Class Shares with CDSC§	(11.78%)	1.62%	4.71%
H-Class Shares	(10.32%)	2.39%	5.50%
S&P MidCap 400 Pure Growth Index	(8.96%)	3.95%	7.04%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 Pure Growth Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

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

SCHEDULE OF INVESTMENTS	March 31, 2023
S&P MIDCAP 400® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Consumer, Non-cyclical - 23.7%
Shockwave Medical, Inc.*		2,505	$	543,159
Celsius Holdings, Inc.*		5,065		470,741
Neurocrine Biosciences, Inc.*		4,345		439,801
Grand Canyon Education, Inc.*		3,763		428,606
Halozyme Therapeutics, Inc.*		10,238		390,989
Avis Budget Group, Inc.*		1,925		374,990
Lantheus Holdings, Inc.*		4,406		363,760
Inari Medical, Inc.*		5,411		334,075
Darling Ingredients, Inc.*		5,660		330,544
Option Care Health, Inc.*		8,902		282,817
Medpace Holdings, Inc.*		1,484		279,066
Jazz Pharmaceuticals plc*		1,907		279,051
FTI Consulting, Inc.*		1,376		271,554
H&R Block, Inc.		6,426		226,516
Exelixis, Inc.*		11,423		221,721
WEX, Inc.*		1,174		215,887
Lancaster Colony Corp.		1,055		214,038
Repligen Corp.*		1,237		208,261
Service Corporation International		2,999		206,271
Paylocity Holding Corp.*		930		184,865
United Therapeutics Corp.*		728		163,043
HealthEquity, Inc.*		2,531		148,595
Total Consumer, Non-cyclical				6,578,350
Energy - 19.6%
PBF Energy, Inc. — Class A		19,893		862,561
PDC Energy, Inc.		9,974		640,131
Range Resources Corp.		22,509		595,813
Matador Resources Co.		10,712		510,427
Antero Resources Corp.*		21,184		489,139
CNX Resources Corp.*		28,365		454,407
Southwestern Energy Co.*		85,972		429,860
Valaris Ltd.*		6,154		400,379
DT Midstream, Inc.		8,030		396,441
Murphy Oil Corp.		10,566		390,731
NOV, Inc.		14,242		263,619
Total Energy				5,433,508
Industrial - 17.4%
Builders FirstSource, Inc.*		7,443		660,789
Axon Enterprise, Inc.*		2,397		538,965
UFP Industries, Inc.		5,189		412,370
Landstar System, Inc.		2,274		407,637
Louisiana-Pacific Corp.		7,406		401,479
Valmont Industries, Inc.		1,034		330,136
Clean Harbors, Inc.*		2,296		327,318
Simpson Manufacturing Company, Inc.		2,765		303,155
Silgan Holdings, Inc.		5,579		299,425
Belden, Inc.		3,208		278,358
EMCOR Group, Inc.		1,579		256,730
Carlisle Companies, Inc.		971		219,514
Eagle Materials, Inc.		1,461		214,402
Toro Co.		1,670		185,637
Total Industrial				4,835,915
Consumer, Cyclical - 10.1%
Murphy USA, Inc.		2,060		531,583
Tempur Sealy International, Inc.		9,128		360,464
Casey’s General Stores, Inc.		1,665		360,406
Texas Roadhouse, Inc. — Class A		2,769		299,218
Wingstop, Inc.		1,554		285,283
Crocs, Inc.*		2,178		275,386
Deckers Outdoor Corp.*		579		260,290
FirstCash Holdings, Inc.		2,340		223,166
Visteon Corp.*		1,242		194,783
Total Consumer, Cyclical				2,790,579
Financial - 9.5%
Annaly Capital Management, Inc. REIT		34,897		666,882
Kinsale Capital Group, Inc.		2,005		601,801
RLI Corp.		3,666		487,248
Jefferies Financial Group, Inc.		12,481		396,147
SLM Corp.		24,141		299,107
Selective Insurance Group, Inc.		2,032		193,710
Total Financial				2,644,895
Basic Materials - 6.9%
Reliance Steel & Aluminum Co.		2,154		553,018
Westlake Corp.		4,573		530,377
MP Materials Corp.*		9,981		281,364
Olin Corp.		5,018		278,499
Cabot Corp.		3,511		269,083
Total Basic Materials				1,912,341
Technology - 5.6%
Amkor Technology, Inc.		16,286		423,762
Cirrus Logic, Inc.*		3,778		413,237
ExlService Holdings, Inc.*		1,606		259,899
Concentrix Corp.		2,094		254,526
KBR, Inc.		3,860		212,493
Total Technology				1,563,917
Communications - 3.7%
Nexstar Media Group, Inc. — Class A		2,894		499,678
World Wrestling Entertainment, Inc. — Class A		4,052		369,785
Calix, Inc.*		3,074		164,736
Total Communications				1,034,199
Utilities - 3.1%
Essential Utilities, Inc.		7,553		329,689
ONE Gas, Inc.		3,467		274,690
OGE Energy Corp.		6,845		257,783
Total Utilities				862,162
Total Common Stocks
(Cost $24,822,581)				27,655,866

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
S&P MIDCAP 400® PURE GROWTH FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	99,332	$	99,332
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		39,245		39,245
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		39,245		39,245
Total Repurchase Agreements
(Cost $177,822)				177,822
Total Investments - 100.2%
(Cost $25,000,403)			$	27,833,688
Other Assets & Liabilities, net - (0.2)%				(54,146	)
Total Net Assets - 100.0%			$	27,779,542

*	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 March 31, 2023 (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	$	27,655,866	$	—	$	—	$	27,655,866
Repurchase Agreements		—		177,822		—		177,822
Total Assets	$	27,655,866	$	177,822	$	—	$	27,833,688

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

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value (cost $24,822,581)	$	27,655,866
Repurchase agreements, at value (cost $177,822)		177,822
Receivables:
Dividends		33,088
Fund shares sold		500
Interest		24
Total assets		27,867,300
Liabilities:
Payable for:
Management fees		21,423
Fund shares redeemed		16,420
Professional fees		11,810
Transfer agent fees		9,854
Distribution and service fees		7,908
Printing fees		6,896
Portfolio accounting and administration fees		4,356
Trustees’ fees*		508
Miscellaneous		8,583
Total liabilities		87,758
Net assets	$	27,779,542
Net assets consist of:
Paid in capital	$	30,925,752
Total distributable earnings (loss)		(3,146,210	)
Net assets	$	27,779,542
A-Class:
Net assets	$	6,319,024
Capital shares outstanding		146,329
Net asset value per share	$	43.18
Maximum offering price per share (Net asset value divided by 95.25%)	$	45.33
C-Class:
Net assets	$	1,213,850
Capital shares outstanding		36,432
Net asset value per share	$	33.32
H-Class:
Net assets	$	20,246,668
Capital shares outstanding		468,205
Net asset value per share	$	43.24

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends	$	441,012
Interest		5,232
Income from securities lending, net		16,534
Total investment income		462,778
Expenses:
Management fees		294,051
Distribution and service fees:
A-Class		17,118
C-Class		15,884
H-Class		76,928
Transfer agent fees		85,867
Portfolio accounting and administration fees		55,329
Professional fees		19,516
Trustees’ fees*		6,946
Custodian fees		5,894
Miscellaneous		40,779
Total expenses		618,312
Net investment loss		(155,534	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(3,393,226	)
Net realized loss		(3,393,226	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,434,482	)
Net change in unrealized appreciation (depreciation)		(1,434,482	)
Net realized and unrealized loss		(4,827,708	)
Net decrease in net assets resulting from operations	$	(4,983,242	)

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

30 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(155,534	)	$	(674,248	)
Net realized gain (loss) on investments		(3,393,226	)		9,101,534
Net change in unrealized appreciation (depreciation) on investments		(1,434,482	)		(12,682,247	)
Net decrease in net assets resulting from operations		(4,983,242	)		(4,254,961	)
Distributions to shareholders:
A-Class		(627,690	)		(1,107,287	)
C-Class		(178,592	)		(353,420	)
H-Class		(3,304,813	)		(4,816,461	)
Total distributions to shareholders		(4,111,095	)		(6,277,168	)
Capital share transactions:
Proceeds from sale of shares
A-Class		964,531			1,342,069
C-Class		595,621			359,455
H-Class		103,836,867			28,660,742
Distributions reinvested
A-Class		611,507			1,084,346
C-Class		178,362			340,900
H-Class		3,274,675			4,776,710
Cost of shares redeemed
A-Class		(1,696,089	)		(3,884,349	)
C-Class		(1,186,861	)		(2,119,462	)
H-Class		(108,848,399	)		(46,760,566	)
Net decrease from capital share transactions		(2,269,786	)		(16,200,155	)
Net decrease in net assets		(11,364,123	)		(26,732,284	)
Net assets:
Beginning of year		39,143,665			65,875,949
End of year	$	27,779,542		$	39,143,665
Capital share activity:
Shares sold
A-Class		20,931			20,907
C-Class		16,019			6,579
H-Class		2,163,142			500,527
Shares issued from reinvestment of distributions
A-Class		14,436			18,230
C-Class		5,446			7,147
H-Class		77,196			80,186
Shares redeemed
A-Class		(36,712	)		(65,813	)
C-Class		(32,330	)		(41,414	)
H-Class		(2,317,952	)		(816,439	)
Net decrease in shares		(89,824	)		(290,090	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 31

S&P MIDCAP 400^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	53.47		$	64.65		$	33.77		$	45.88		$	54.96
Income (loss) from investment operations:
Net investment income (loss)a		(.18	)		(.69	)		(.57	)		(.32	)		(.30	)
Net gain (loss) on investments (realized and unrealized)		(5.43	)		(3.86	)		32.09			(11.79	)		(2.39	)
Total from investment operations		(5.61	)		(4.55	)		31.52			(12.11	)		(2.69	)
Less distributions from:
Net realized gains		(4.68	)		(6.63	)		(.64	)		—			(6.39	)
Total distributions		(4.68	)		(6.63	)		(.64	)		—			(6.39	)
Net asset value, end of period	$	43.18		$	53.47		$	64.65		$	33.77		$	45.88
Total Returnb		(10.32	%)		(8.07	%)		93.55	%		(26.39	%)		(4.19	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,319		$	7,895		$	11,272		$	4,556		$	10,681
Ratios to average net assets:
Net investment income (loss)		(0.39	%)		(1.09	%)		(1.08	%)		(0.72	%)		(0.59	%)
Total expenses		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%
Portfolio turnover rate		372	%		125	%		407	%		190	%		165	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	42.78		$	53.41		$	28.17		$	38.56		$	47.66
Income (loss) from investment operations:
Net investment income (loss)a		(.43	)		(.96	)		(.78	)		(.54	)		(.62	)
Net gain (loss) on investments (realized and unrealized)		(4.35	)		(3.04	)		26.66			(9.85	)		(2.09	)
Total from investment operations		(4.78	)		(4.00	)		25.88			(10.39	)		(2.71	)
Less distributions from:
Net realized gains		(4.68	)		(6.63	)		(.64	)		—			(6.39	)
Total distributions		(4.68	)		(6.63	)		(.64	)		—			(6.39	)
Net asset value, end of period	$	33.32		$	42.78		$	53.41		$	28.17		$	38.56
Total Returnb		(11.00	%)		(8.76	%)		92.12	%		(26.95	%)		(4.90	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,214		$	2,023		$	4,005		$	3,956		$	8,609
Ratios to average net assets:
Net investment income (loss)		(1.16	%)		(1.85	%)		(1.82	%)		(1.47	%)		(1.37	%)
Total expenses		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%
Portfolio turnover rate		372	%		125	%		407	%		190	%		165	%

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

S&P MIDCAP 400^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	53.54		$	64.74		$	33.82		$	45.94		$	55.03
Income (loss) from investment operations:
Net investment income (loss)a		(.17	)		(.70	)		(.56	)		(.31	)		(.34	)
Net gain (loss) on investments (realized and unrealized)		(5.45	)		(3.87	)		32.12			(11.81	)		(2.36	)
Total from investment operations		(5.62	)		(4.57	)		31.56			(12.12	)		(2.70	)
Less distributions from:
Net realized gains		(4.68	)		(6.63	)		(.64	)		—			(6.39	)
Total distributions		(4.68	)		(6.63	)		(.64	)		—			(6.39	)
Net asset value, end of period	$	43.24		$	53.54		$	64.74		$	33.82		$	45.94
Total Return		(10.32	%)		(8.09	%)		93.53	%		(26.38	%)		(4.19	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20,247		$	29,225		$	50,599		$	27,848		$	47,929
Ratios to average net assets:
Net investment income (loss)		(0.36	%)		(1.10	%)		(1.06	%)		(0.71	%)		(0.64	%)
Total expenses		1.55	%		1.51	%		1.59	%		1.63	%		1.61	%
Portfolio turnover rate		372	%		125	%		407	%		190	%		165	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

S&P MIDCAP 400^® PURE VALUE FUND

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

For the Reporting Period, S&P MidCap 400^® Pure Value Fund H-Class returned -1.30%, compared with a return of 0.75% for the underlying index. The Fund maintained a daily correlation of over 99% to its benchmark for the period.

The Energy sector contributed the most to the return of the underlying index, followed by the Information Technology and Consumer Discretionary sectors. Real Estate, Utilities, and Financial were sectors detracting the most.

HF Sinclair Corp., Unum Group, and PVH Corp. added the most to return of the underlying index. Kohl’s Corp., United States Steel Corp., and SL Green Realty Corp. detracted the most.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings	(% of Total Net Assets)
Taylor Morrison Home Corp. — Class A	3.3%
Goodyear Tire & Rubber Co.	3.3%
KB Home	3.3%
United States Steel Corp.	3.1%
PVH Corp.	2.8%
Cleveland-Cliffs, Inc.	2.7%
Avnet, Inc.	2.5%
Arrow Electronics, Inc.	2.5%
Brighthouse Financial, Inc.	2.3%
JetBlue Airways Corp.	2.3%
Top Ten Total	28.1%
“Ten Largest Holdings” excludes any temporary cash investments.

34 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(1.32%)	7.40%	8.03%
A-Class Shares with sales charge‡	(6.00%)	6.36%	7.51%
C-Class Shares	(2.06%)	6.60%	7.23%
C-Class Shares with CDSC§	(2.89%)	6.60%	7.23%
H-Class Shares	(1.30%)	7.41%	8.03%
S&P MidCap 400 Pure Value Index	0.75%	9.77%	10.30%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 Pure Value Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

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

SCHEDULE OF INVESTMENTS	March 31, 2023
S&P MIDCAP 400® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Consumer, Cyclical - 36.8%
Taylor Morrison Home Corp. — Class A*		10,297	$	393,963
Goodyear Tire & Rubber Co.*		35,503		391,243
KB Home		9,533		383,036
PVH Corp.		3,636		324,186
JetBlue Airways Corp.*		36,661		266,892
Kohl’s Corp.		11,115		261,647
Lithia Motors, Inc. — Class A		1,140		260,980
Thor Industries, Inc.		3,188		253,893
Foot Locker, Inc.		6,069		240,879
Toll Brothers, Inc.		3,942		236,638
Adient plc*		5,347		219,013
Dana, Inc.		12,154		182,918
Macy’s, Inc.		9,551		167,047
Univar Solutions, Inc.*		4,718		165,271
Lear Corp.		979		136,561
Nordstrom, Inc.1		8,382		136,375
Gap, Inc.		12,921		129,727
Topgolf Callaway Brands Corp.*		5,055		109,289
Skechers USA, Inc. — Class A*		1,489		70,757
Total Consumer, Cyclical				4,330,315
Financial - 20.0%
Brighthouse Financial, Inc.*		6,106		269,336
Park Hotels & Resorts, Inc. REIT		15,217		188,082
Navient Corp.		10,511		168,071
Unum Group		4,128		163,304
New York Community Bancorp, Inc.		16,300		147,352
First American Financial Corp.		2,308		128,463
Jones Lang LaSalle, Inc.*		861		125,267
Old Republic International Corp.		4,156		103,775
Janus Henderson Group plc		3,815		101,632
MGIC Investment Corp.		7,029		94,329
Kemper Corp.		1,560		85,270
Vornado Realty Trust REIT		5,359		82,368
Cousins Properties, Inc. REIT		3,646		77,951
Essent Group Ltd.		1,923		77,016
CNO Financial Group, Inc.		3,286		72,916
Reinsurance Group of America, Inc. — Class A		497		65,982
Medical Properties Trust, Inc. REIT1		7,941		65,275
FNB Corp.		5,619		65,180
Starwood Property Trust, Inc. REIT		3,409		60,305
Kilroy Realty Corp. REIT		1,799		58,288
Associated Banc-Corp.		3,145		56,547
Sabra Health Care REIT, Inc.		4,696		54,004
PacWest Bancorp1		4,149		40,370
Total Financial				2,351,083
Industrial - 15.0%
Avnet, Inc.		6,618		299,134
Arrow Electronics, Inc.*		2,383		297,565
TD SYNNEX Corp.		2,498		241,781
Jabil, Inc.		2,312		203,826
Ryder System, Inc.		2,200		196,328
XPO, Inc.*		5,375		171,463
Fluor Corp.*		3,309		102,281
Greif, Inc. — Class A		1,541		97,653
Coherent Corp.*		2,327		88,612
Vishay Intertechnology, Inc.		2,750		62,205
Total Industrial				1,760,848
Consumer, Non-cyclical - 13.2%
Tenet Healthcare Corp.*		3,722		221,161
ManpowerGroup, Inc.		2,404		198,402
Graham Holdings Co. — Class B		294		175,177
Syneos Health, Inc.*		4,764		169,694
Pilgrim’s Pride Corp.*		7,155		165,853
Enovis Corp.*		2,990		159,935
Perrigo Company plc		3,446		123,608
GXO Logistics, Inc.*		2,112		106,572
Patterson Companies, Inc.		3,891		104,162
Post Holdings, Inc.*		768		69,020
Hertz Global Holdings, Inc.*		3,784		61,641
Total Consumer, Non-cyclical				1,555,225
Basic Materials - 7.5%
United States Steel Corp.		14,187		370,281
Cleveland-Cliffs, Inc.*		17,575		322,150
Avient Corp.		2,819		116,030
Alcoa Corp.		1,715		72,990
Total Basic Materials				881,451
Technology - 5.1%
Xerox Holdings Corp.		13,324		205,190
Kyndryl Holdings, Inc.*		10,639		157,032
NCR Corp.*		6,633		156,472
MKS Instruments, Inc.		903		80,024
Total Technology				598,718

Utilities - 1.3%
UGI Corp.	2,591	90,063
Southwest Gas Holdings, Inc.	1,073	67,009
Total Utilities		157,072
Communications - 0.5%
Frontier Communications Parent, Inc.*	2,752	62,663
Total Common Stocks
(Cost $10,437,166)		11,697,375

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
S&P MIDCAP 400® PURE VALUE FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	51,898	$	51,898
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		20,504		20,504
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		20,504		20,504
Total Repurchase Agreements
(Cost $92,906)				92,906
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.5%
Money Market Fund
First American Government Obligations Fund — Class X, 4.65%4		172,620		172,620
Total Securities Lending Collateral
(Cost $172,620)				172,620
Total Investments - 101.7%
(Cost $10,702,692)			$	11,962,901
Other Assets & Liabilities, net - (1.7)%				(205,518	)
Total Net Assets - 100.0%			$	11,757,383

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	11,697,375	$	—	$	—	$	11,697,375
Repurchase Agreements		—		92,906		—		92,906
Securities Lending Collateral		172,620		—		—		172,620
Total Assets	$	11,869,995	$	92,906	$	—	$	11,962,901

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

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $174,029 of securities loaned (cost $10,609,786)	$	11,869,995
Repurchase agreements, at value (cost $92,906)		92,906
Receivables:
Dividends		21,100
Fund shares sold		9,602
Securities lending income		120
Interest		12
Total assets		11,993,735
Liabilities:
Payable for:
Return of securities lending collateral		172,620
Fund shares redeemed		13,915
Management fees		13,513
Transfer agent fees		8,346
Distribution and service fees		5,726
Portfolio accounting and administration fees		2,748
Trustees’ fees*		335
Miscellaneous		19,149
Total liabilities		236,352
Net assets	$	11,757,383
Net assets consist of:
Paid in capital	$	12,982,990
Total distributable earnings (loss)		(1,225,607	)
Net assets	$	11,757,383
A-Class:
Net assets	$	2,240,910
Capital shares outstanding		36,947
Net asset value per share	$	60.65
Maximum offering price per share (Net asset value divided by 95.25%)	$	63.67
C-Class:
Net assets	$	1,767,758
Capital shares outstanding		35,531
Net asset value per share	$	49.75
H-Class:
Net assets	$	7,748,715
Capital shares outstanding		127,959
Net asset value per share	$	60.56

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends	$	610,836
Interest		4,789
Income from securities lending, net		329
Total investment income		615,954
Expenses:
Management fees		201,826
Distribution and service fees:
A-Class		3,604
C-Class		9,802
H-Class		61,221
Transfer agent fees		58,654
Portfolio accounting and administration fees		38,165
Professional fees		9,177
Trustees’ fees*		5,679
Custodian fees		4,221
Line of credit fees		345
Miscellaneous		31,908
Total expenses		424,602
Net investment income		191,352
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(679,914	)
Net realized loss		(679,914	)
Net change in unrealized appreciation (depreciation) on:
Investments		(422,791	)
Net change in unrealized appreciation (depreciation)		(422,791	)
Net realized and unrealized loss		(1,102,705	)
Net decrease in net assets resulting from operations	$	(911,353	)

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

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

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	191,352		$	356,229
Net realized gain (loss) on investments		(679,914	)		21,578,814
Net change in unrealized appreciation (depreciation) on investments		(422,791	)		(21,123,480	)
Net increase (decrease) in net assets resulting from operations		(911,353	)		811,563
Distributions to shareholders:
A-Class		(216,123	)		(93,147	)
C-Class		(279,123	)		(51,807	)
H-Class		(2,173,163	)		(2,191,285	)
Total distributions to shareholders		(2,668,409	)		(2,336,239	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,636,761			1,769,648
C-Class		1,978,270			1,327,108
H-Class		333,340,335			185,241,615
Distributions reinvested
A-Class		216,123			93,147
C-Class		276,619			51,420
H-Class		2,155,836			2,183,880
Cost of shares redeemed
A-Class		(706,450	)		(2,296,828	)
C-Class		(629,158	)		(2,546,887	)
H-Class		(352,963,951	)		(312,091,871	)
Net decrease from capital share transactions		(14,695,615	)		(126,268,768	)
Net decrease in net assets		(18,275,377	)		(127,793,444	)
Net assets:
Beginning of year		30,032,760			157,826,204
End of year	$	11,757,383		$	30,032,760
Capital share activity:
Shares sold
A-Class		24,062			23,825
C-Class		33,722			20,517
H-Class		5,080,728			2,540,885
Shares issued from reinvestment of distributions
A-Class		3,753			1,336
C-Class		5,844			866
H-Class		37,506			31,387
Shares redeemed
A-Class		(10,689	)		(31,957	)
C-Class		(12,248	)		(41,033	)
H-Class		(5,389,191	)		(4,375,648	)
Net decrease in shares		(226,513	)		(1,829,822	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 39

S&P MIDCAP 400^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	70.65		$	70.16		$	30.53		$	51.62		$	53.32
Income (loss) from investment operations:
Net investment income (loss)a		.49			.40			.20			.34			(.04	)
Net gain (loss) on investments (realized and unrealized)		(1.88	)		4.22			39.45			(21.43	)		(.17	)
Total from investment operations		(1.39	)		4.62			39.65			(21.09	)		(.21	)
Less distributions from:
Net investment income		(.08	)		(.86	)		(.02	)		—			(.02	)
Net realized gains		(8.53	)		(3.27	)		—			—			(1.47	)
Total distributions		(8.61	)		(4.13	)		(.02	)		—			(1.49	)
Net asset value, end of period	$	60.65		$	70.65		$	70.16		$	30.53		$	51.62
Total Returnb		(1.32	%)		6.67	%		129.91	%		(40.86	%)		(0.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,241		$	1,400		$	1,868		$	749		$	1,203
Ratios to average net assets:
Net investment income (loss)		0.75	%		0.55	%		0.41	%		0.68	%		(0.07	%)
Total expenses		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%
Portfolio turnover rate		1,064	%		252	%		454	%		993	%		558	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	60.04		$	60.66		$	26.59		$	45.31		$	47.35
Income (loss) from investment operations:
Net investment income (loss)a		(.02	)		(.13	)		(.13	)		(.05	)		(.41	)
Net gain (loss) on investments (realized and unrealized)		(1.66	)		3.64			34.22			(18.67	)		(.14	)
Total from investment operations		(1.68	)		3.51			34.09			(18.72	)		(.55	)
Less distributions from:
Net investment income		(.08	)		(.86	)		(.02	)		—			(.02	)
Net realized gains		(8.53	)		(3.27	)		—			—			(1.47	)
Total distributions		(8.61	)		(4.13	)		(.02	)		—			(1.49	)
Net asset value, end of period	$	49.75		$	60.04		$	60.66		$	26.59		$	45.31
Total Returnb		(2.06	%)		5.86	%		128.24	%		(41.32	%)		(0.88	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,768		$	493		$	1,690		$	708		$	1,842
Ratios to average net assets:
Net investment income (loss)		(0.03	%)		(0.21	%)		(0.30	%)		(0.12	%)		(0.85	%)
Total expenses		2.30	%		2.26	%		2.34	%		2.37	%		2.37	%
Portfolio turnover rate		1,064	%		252	%		454	%		993	%		558	%

40 | THE RYDEX FUNDS ANNUAL 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.

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	70.54		$	70.05		$	30.48		$	51.54		$	53.25
Income (loss) from investment operations:
Net investment income (loss)a		.49			.35			.31			.20			(.07	)
Net gain (loss) on investments (realized and unrealized)		(1.86	)		4.27			39.28			(21.26	)		(.15	)
Total from investment operations		(1.37	)		4.62			39.59			(21.06	)		(.22	)
Less distributions from:
Net investment income		(.08	)		(.86	)		(.02	)		—			(.02	)
Net realized gains		(8.53	)		(3.27	)		—			—			(1.47	)
Total distributions		(8.61	)		(4.13	)		(.02	)		—			(1.49	)
Net asset value, end of period	$	60.56		$	70.54		$	70.05		$	30.48		$	51.54
Total Return		(1.30	%)		6.68	%		129.92	%		(40.86	%)		(0.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,749		$	28,139		$	154,269		$	1,618		$	10,928
Ratios to average net assets:
Net investment income (loss)		0.74	%		0.48	%		0.51	%		0.39	%		(0.13	%)
Total expenses		1.55	%		1.51	%		1.54	%		1.63	%		1.62	%
Portfolio turnover rate		1,064	%		252	%		454	%		993	%		558	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

S&P SMALLCAP 600^® PURE GROWTH FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a benchmark for small-cap growth securities on a daily basis. The Fund’s current benchmark is the S&P SmallCap 600^® Pure Growth Index (the “underlying index”).

For the Reporting Period, S&P SmallCap 600^® Pure Growth Fund H-Class return was -15.95%, compared with a return of -14.63% for the underlying index. The Fund maintained a daily correlation of over 99% to its benchmark for the period.

The Consumer Staples, Consumer Discretionary, and Information Technology sectors contributed the most to the return of the underlying index. Financial, Health Care, and Real Estate were sectors detracting the most.

The best-performing stocks of the underlying index were Axcelis Technologies, Inc., Dorian LPG Ltd., and Celsius Holdings, Inc. The weakest performers were iTeos Therapeutics, Inc., Clearfield, Inc., and Organogenesis Holdings, Inc. - Class A.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings	(% of Total Net Assets)
Axcelis Technologies, Inc.	2.5%
Encore Wire Corp.	1.8%
Civitas Resources, Inc.	1.7%
Vir Biotechnology, Inc.	1.7%
Green Brick Partners, Inc.	1.6%
Rambus, Inc.	1.6%
Comstock Resources, Inc.	1.6%
Catalyst Pharmaceuticals, Inc.	1.4%
ARMOUR Residential REIT, Inc.	1.4%
StoneX Group, Inc.	1.4%
Top Ten Total	16.7%
“Ten Largest Holdings” excludes any temporary cash investments.

42 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(15.84%)	0.00%	5.89%
A-Class Shares with sales charge‡	(19.84%)	(0.97%)	5.38%
C-Class Shares	(16.43%)	(0.75%)	5.10%
C-Class Shares with CDSC§	(17.27%)	(0.75%)	5.10%
H-Class Shares	(15.95%)	(0.03%)	5.88%
S&P SmallCap 600 Pure Growth Index	(14.63%)	1.78%	7.78%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P SmallCap 600 Pure Growth Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 43

SCHEDULE OF INVESTMENTS	March 31, 2023
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Consumer, Non-cyclical - 24.8%
Vir Biotechnology, Inc.*		3,304	$	76,884
Catalyst Pharmaceuticals, Inc.*		4,010		66,486
iTeos Therapeutics, Inc.*		4,600		62,606
elf Beauty, Inc.*		736		60,610
Cross Country Healthcare, Inc.*		2,389		53,323
Cal-Maine Foods, Inc.		861		52,426
Cytokinetics, Inc.*		1,396		49,125
Zynex, Inc.*		3,946		47,352
Dynavax Technologies Corp.*		4,804		47,127
Adtalem Global Education, Inc.*		1,206		46,576
Amphastar Pharmaceuticals, Inc.*		1,213		45,488
Ensign Group, Inc.		463		44,235
AMN Healthcare Services, Inc.*		500		41,480
Simply Good Foods Co.*		1,039		41,321
MGP Ingredients, Inc.		372		35,980
Innoviva, Inc.*		2,923		32,884
Stride, Inc.*		828		32,499
Corcept Therapeutics, Inc.*		1,497		32,425
REGENXBIO, Inc.*		1,703		32,204
Tootsie Roll Industries, Inc.		688		30,885
Supernus Pharmaceuticals, Inc.*		849		30,759
uniQure N.V.*		1,511		30,432
Medifast, Inc.		217		22,496
Hostess Brands, Inc.*		850		21,148
Collegium Pharmaceutical, Inc.*		851		20,415
AdaptHealth Corp.*		1,599		19,876
Addus HomeCare Corp.*		181		19,323
Xencor, Inc.*		679		18,937
Arcus Biosciences, Inc.*		1,009		18,404
Pacira BioSciences, Inc.*		387		15,793
Ligand Pharmaceuticals, Inc.*		107		—
Ligand Pharmaceuticals, Inc.*		107		—
Total Consumer, Non-cyclical				1,149,499
Industrial - 19.9%
Encore Wire Corp.		444		82,287
Advanced Energy Industries, Inc.		597		58,506
Dorian LPG Ltd.		2,822		56,271
Matson, Inc.		929		55,433
Comfort Systems USA, Inc.		375		54,735
Mueller Industries, Inc.		730		53,640
PGT Innovations, Inc.*		2,078		52,179
Boise Cascade Co.		789		49,904
AAON, Inc.		451		43,607
Lindsay Corp.		260		39,294
Marten Transport Ltd.		1,818		38,087
Forward Air Corp.		350		37,716
Myers Industries, Inc.		1,675		35,895
Fabrinet*		268		31,828
Applied Industrial Technologies, Inc.		190		27,004
CTS Corp.		534		26,412
Plexus Corp.*		262		25,563
EnPro Industries, Inc.		233		24,206
Badger Meter, Inc.		196		23,877
Franklin Electric Company, Inc.		244		22,960
Hillenbrand, Inc.		458		21,769
NV5 Global, Inc.*		206		21,418
Aerojet Rocketdyne Holdings, Inc.*		357		20,053
AeroVironment, Inc.*		218		19,982
Total Industrial				922,626
Financial - 14.7%
ARMOUR Residential REIT, Inc. 1		12,626		66,287
StoneX Group, Inc.*		632		65,431
Mr Cooper Group, Inc.*		1,478		60,554
OFG Bancorp		1,748		43,595
Piper Sandler Cos.		288		39,920
St. Joe Co.		958		39,862
Avantax, Inc.*		1,370		36,058
Palomar Holdings, Inc.*		636		35,107
First BanCorp		2,708		30,925
Marcus & Millichap, Inc.		868		27,872
Hanmi Financial Corp.		1,495		27,762
BancFirst Corp.		301		25,013
Stellar Bancorp, Inc.		937		23,060
City Holding Co.		243		22,084
Preferred Bank/Los Angeles CA		382		20,937
Dime Community Bancshares, Inc.		888		20,175
NBT Bancorp, Inc.		578		19,484
Bancorp, Inc.*		688		19,161
ServisFirst Bancshares, Inc.		301		16,444
Banner Corp.		267		14,517
Heritage Financial Corp.		651		13,931
CVB Financial Corp.		642		10,709
Total Financial				678,888
Technology - 14.2%
Axcelis Technologies, Inc.*		865		115,261
Rambus, Inc.*		1,473		75,506
DoubleVerify Holdings, Inc.*		1,733		52,250
Kulicke & Soffa Industries, Inc.		963		50,740
Photronics, Inc.*		2,513		41,666
Verra Mobility Corp.*		2,229		37,715
Alpha & Omega Semiconductor Ltd.*		1,206		32,502
Diodes, Inc.*		315		29,219
Onto Innovation, Inc.*		329		28,913
Agilysys, Inc.*		346		28,548
Progress Software Corp.		496		28,495
Veeco Instruments, Inc.*		1,052		22,229
Digi International, Inc.*		634		21,353
MaxLinear, Inc. — Class A*		576		20,281
SPS Commerce, Inc.*		132		20,104
NextGen Healthcare, Inc.*		1,056		18,385
Veradigm, Inc.*		1,313		17,135
NetScout Systems, Inc.*		513		14,697
Total Technology				654,999
Energy - 9.8%
Civitas Resources, Inc.		1,168		79,821
Comstock Resources, Inc.		6,657		71,829
REX American Resources Corp.*		2,230		63,755

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
SM Energy Co.		2,047	$	57,644
Vital Energy, Inc.*		1,170		53,282
Northern Oil and Gas, Inc.		1,572		47,710
Ranger Oil Corp. — Class A		1,010		41,248
CONSOL Energy, Inc.		362		21,094
RPC, Inc.		2,429		18,679
Total Energy				455,062
Consumer, Cyclical - 7.6%
Green Brick Partners, Inc.*		2,167		75,975
Cavco Industries, Inc.*		154		48,932
Monarch Casino & Resort, Inc.		628		46,566
Jack in the Box, Inc.		520		45,547
XPEL, Inc.*		616		41,858
Sun Country Airlines Holdings, Inc.*		1,704		34,932
Titan International, Inc.*		2,967		31,094
Ethan Allen Interiors, Inc.		1,031		28,311
Total Consumer, Cyclical				353,215
Communications - 3.9%
Cars.com, Inc.*		2,301		44,409
ATN International, Inc.		878		35,928
Harmonic, Inc.*		2,406		35,104
Clearfield, Inc.*		637		29,672
Extreme Networks, Inc.*		920		17,590
A10 Networks, Inc.		1,072		16,605
Total Communications				179,308
Basic Materials - 3.4%
Hawkins, Inc.		1,148		50,260
Kaiser Aluminum Corp.		488		36,419
American Vanguard Corp.		1,280		28,006
Innospec, Inc.		237		24,333
Livent Corp.*		845		18,353
Total Basic Materials				157,371
Utilities - 1.0%
Unitil Corp.		402		22,930
SJW Group		277		21,088
Total Utilities				44,018
Total Common Stocks
(Cost $4,253,377)				4,594,986

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	16,419		16,419
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		6,486		6,486
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		6,487		6,487
Total Repurchase Agreements
(Cost $29,392)				29,392
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.1%
Money Market Fund
First American Government Obligations Fund — Class X, 4.65%4		49,712		49,712
Total Securities Lending Collateral
(Cost $49,712)				49,712
Total Investments - 101.0%
(Cost $4,332,481)			$	4,674,090
Other Assets & Liabilities, net - (1.0)%				(47,794	)
Total Net Assets - 100.0%			$	4,626,296

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
S&P SMALLCAP 600® PURE GROWTH FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	4,594,986	$	—	$	—	$	4,594,986
Repurchase Agreements		—		29,392		—		29,392
Securities Lending Collateral		49,712		—		—		49,712
Total Assets	$	4,644,698	$	29,392	$	—	$	4,674,090

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

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $49,712 of securities loaned (cost $4,303,089)	$	4,644,698
Repurchase agreements, at value (cost $29,392)		29,392
Cash		226
Receivables:
Fund shares sold		10,348
Dividends		2,354
Securities lending income		6
Interest		4
Total assets		4,687,028
Liabilities:
Payable for:
Return of securities lending collateral		49,712
Management fees		2,915
Transfer agent fees		2,047
Distribution and service fees		1,147
Portfolio accounting and administration fees		593
Trustees’ fees*		68
Fund shares redeemed		1
Miscellaneous		4,249
Total liabilities		60,732
Net assets	$	4,626,296
Net assets consist of:
Paid in capital	$	4,532,010
Total distributable earnings (loss)		94,286
Net assets	$	4,626,296
A-Class:
Net assets	$	947,565
Capital shares outstanding		21,179
Net asset value per share	$	44.74
Maximum offering price per share (Net asset value divided by 95.25%)	$	46.97
C-Class:
Net assets	$	277,810
Capital shares outstanding		7,851
Net asset value per share	$	35.39
H-Class:
Net assets	$	3,400,921
Capital shares outstanding		76,131
Net asset value per share	$	44.67

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $718)	$	213,227
Interest		2,079
Income from securities lending, net		197
Total investment income		215,503
Expenses:
Management fees		99,699
Distribution and service fees:
A-Class		3,103
C-Class		4,595
H-Class		28,981
Transfer agent fees		28,348
Portfolio accounting and administration fees		19,510
Registration fees		10,480
Professional fees		6,212
Trustees’ fees*		2,463
Custodian fees		2,094
Line of credit fees		29
Miscellaneous		3,390
Total expenses		208,904
Net investment income		6,599
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		288,771
Net realized gain		288,771
Net change in unrealized appreciation (depreciation) on:
Investments		(29,892	)
Net change in unrealized appreciation (depreciation)		(29,892	)
Net realized and unrealized gain		258,879
Net increase in net assets resulting from operations	$	265,478

* 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 ANNUAL REPORT | 47

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	6,599		$	(111,248	)
Net realized gain on investments		288,771			5,969,879
Net change in unrealized appreciation (depreciation) on investments		(29,892	)		(6,844,889	)
Net increase (decrease) in net assets resulting from operations		265,478			(986,258	)
Distributions to shareholders:
A-Class		—			(706,703	)
C-Class		—			(332,554	)
H-Class		—			(1,437,234	)
Total distributions to shareholders		—			(2,476,491	)
Capital share transactions:
Proceeds from sale of shares
A-Class		557,244			454,336
C-Class		384,770			282,551
H-Class		117,176,874			74,459,393
Distributions reinvested
A-Class		—			688,403
C-Class		—			307,513
H-Class		—			1,413,171
Cost of shares redeemed
A-Class		(763,817	)		(2,264,411	)
C-Class		(478,499	)		(2,016,862	)
H-Class		(117,717,482	)		(95,507,267	)
Net decrease from capital share transactions		(840,910	)		(22,183,173	)
Net decrease in net assets		(575,432	)		(25,645,922	)
Net assets:
Beginning of year		5,201,728			30,847,650
End of year	$	4,626,296		$	5,201,728
Capital share activity:
Shares sold
A-Class		12,180			6,045
C-Class		10,501			3,513
H-Class		2,556,914			824,847
Shares issued from reinvestment of distributions
A-Class		—			11,319
C-Class		—			6,331
H-Class		—			23,239
Shares redeemed
A-Class		(17,455	)		(29,551	)
C-Class		(14,065	)		(28,440	)
H-Class		(2,543,098	)		(1,066,823	)
Net increase (decrease) in shares		4,977			(249,520	)

48 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P SMALLCAP 600^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	53.16		$	89.23		$	43.85		$	65.22		$	71.79
Income (loss) from investment operations:
Net investment income (loss)a		.13			(.70	)		(.62	)		(.44	)		(.70	)
Net gain (loss) on investments (realized and unrealized)		(8.55	)c		(5.41	)		46.00			(20.93	)		(.94	)
Total from investment operations		(8.42	)		(6.11	)		45.38			(21.37	)		(1.64	)
Less distributions from:
Net realized gains		—			(29.96	)		—			—			(4.93	)
Total distributions		—			(29.96	)		—			—			(4.93	)
Net asset value, end of period	$	44.74		$	53.16		$	89.23		$	43.85		$	65.22
Total Returnb		(15.84	%)		(11.08	%)		103.49	%		(32.77	%)		(2.34	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	948		$	1,406		$	3,448		$	1,169		$	2,397
Ratios to average net assets:
Net investment income (loss)		0.29	%		(0.88	%)		(0.86	%)		(0.69	%)		(0.93	%)
Total expenses		1.55	%		1.51	%		1.58	%		1.63	%		1.62	%
Portfolio turnover rate		812	%		707	%		752	%		628	%		421	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	42.35		$	77.59		$	38.41		$	57.57		$	64.43
Income (loss) from investment operations:
Net investment income (loss)a		(.20	)		(1.17	)		(.96	)		(.79	)		(1.16	)
Net gain (loss) on investments (realized and unrealized)		(6.76	)c		(4.11	)		40.14			(18.37	)		(.77	)
Total from investment operations		(6.96	)		(5.28	)		39.18			(19.16	)		(1.93	)
Less distributions from:
Net realized gains		—			(29.96	)		—			—			(4.93	)
Total distributions		—			(29.96	)		—			—			(4.93	)
Net asset value, end of period	$	35.39		$	42.35		$	77.59		$	38.41		$	57.57
Total Returnb		(16.43	%)		(11.75	%)		102.00	%		(33.28	%)		(3.06	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	278		$	483		$	2,329		$	678		$	1,252
Ratios to average net assets:
Net investment income (loss)		(0.54	%)		(1.69	%)		(1.59	%)		(1.43	%)		(1.70	%)
Total expenses		2.30	%		2.26	%		2.33	%		2.38	%		2.36	%
Portfolio turnover rate		812	%		707	%		752	%		628	%		421	%

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

S&P SMALLCAP 600^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	53.15		$	89.21		$	43.84		$	65.21		$	71.78
Income (loss) from investment operations:
Net investment income (loss)a		.02			(.81	)		(.86	)		(.40	)		(.77	)
Net gain (loss) on investments (realized and unrealized)		(8.50	)c		(5.29	)		46.23			(20.97	)		(.87	)
Total from investment operations		(8.48	)		(6.10	)		45.37			(21.37	)		(1.64	)
Less distributions from:
Net realized gains		—			(29.96	)		—			—			(4.93	)
Total distributions		—			(29.96	)		—			—			(4.93	)
Net asset value, end of period	$	44.67		$	53.15		$	89.21		$	43.84		$	65.21
Total Return		(15.95	%)		(11.06	%)		103.49	%		(32.77	%)		(2.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,401		$	3,312		$	25,071		$	2,430		$	7,525
Ratios to average net assets:
Net investment income (loss)		0.05	%		(0.97	%)		(1.05	%)		(0.63	%)		(0.99	%)
Total expenses		1.55	%		1.51	%		1.54	%		1.63	%		1.61	%
Portfolio turnover rate		812	%		707	%		752	%		628	%		421	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

S&P SMALLCAP 600^® PURE VALUE FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a benchmark for small-cap value securities on a daily basis. The Fund’s current benchmark is the S&P SmallCap 600^® Pure Value Index (the “underlying index”).

For the Reporting Period, S&P SmallCap 600^® Pure Value Fund H-Class returned -6.43%, compared with a return of -4.36% for the underlying index. The Fund maintained a daily correlation of over 99% to its benchmark for the period.

The sectors contributing the most to the return of the underlying index were the Industrial, Energy, and Information Technology sectors. Real Estate, Consumer Discretionary, and Communication Services were sectors detracting the most.

The stocks contributing the most to return of the underlying index were PBF Energy, Inc. - Class A, Powell Industries, Inc., and M/I Homes, Inc. Those detracting the most were Anywhere Real Estate, Inc., Big Lots, Inc., and Aaron’s Company, Inc.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings	(% of Total Net Assets)
M/I Homes, Inc.	2.0%
Olympic Steel, Inc.	2.0%
SkyWest, Inc.	1.8%
Lumen Technologies, Inc.	1.7%
Century Communities, Inc.	1.6%
G-III Apparel Group Ltd.	1.6%
Tri Pointe Homes, Inc.	1.5%
Kelly Services, Inc. — Class A	1.4%
Genworth Financial, Inc. — Class A	1.4%
Fresh Del Monte Produce, Inc.	1.4%
Top Ten Total	16.4%
“Ten Largest Holdings” excludes any temporary cash investments.

THE RYDEX FUNDS ANNUAL REPORT | 51

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(6.42%)	4.32%	5.74%
A-Class Shares with sales charge‡	(10.86%)	3.31%	5.23%
C-Class Shares	(7.13%)	3.56%	4.95%
C-Class Shares with CDSC§	(8.06%)	3.56%	4.95%
H-Class Shares	(6.43%)	4.32%	5.75%
S&P SmallCap 600 Pure Value Index	(4.36%)	6.87%	8.12%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P SmallCap 600 Pure Value Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

52 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.2%
Consumer, Cyclical - 35.9%
M/I Homes, Inc.*		2,796	$	176,400
SkyWest, Inc.*		6,901		152,995
Century Communities, Inc.		2,158		137,939
G-III Apparel Group Ltd.*		8,812		137,027
Tri Pointe Homes, Inc.*		5,043		127,689
Wolverine World Wide, Inc.		6,936		118,259
MDC Holdings, Inc.		2,951		114,705
America’s Car-Mart, Inc.*		1,273		100,834
Meritage Homes Corp.		809		94,459
ScanSource, Inc.*		3,093		94,151
Patrick Industries, Inc.		1,365		93,926
Resideo Technologies, Inc.*		5,122		93,630
Group 1 Automotive, Inc.		409		92,606
World Fuel Services Corp.		3,462		88,454
MarineMax, Inc.*		2,929		84,209
Abercrombie & Fitch Co. — Class A*		2,806		77,866
Sonic Automotive, Inc. — Class A		1,311		71,240
Big Lots, Inc.		6,348		69,574
ODP Corp.*		1,445		64,996
Genesco, Inc.*		1,756		64,761
Children’s Place, Inc.*		1,575		63,394
MillerKnoll, Inc.		2,938		60,082
La-Z-Boy, Inc.		1,985		57,724
Sally Beauty Holdings, Inc.*		3,508		54,655
Hanesbrands, Inc.		10,288		54,115
Veritiv Corp.		394		53,245
Caleres, Inc.		2,370		51,263
GMS, Inc.*		858		49,670
Signet Jewelers Ltd.		599		46,590
Zumiez, Inc.*		2,313		42,652
Shoe Carnival, Inc.		1,630		41,810
American Axle & Manufacturing Holdings, Inc.*		5,122		40,003
Designer Brands, Inc. — Class A		4,557		39,828
Urban Outfitters, Inc.*		1,284		35,592
Allegiant Travel Co. — Class A*		373		34,308
KAR Auction Services, Inc.*		2,492		34,090
Chico’s FAS, Inc.*		6,172		33,946
Sleep Number Corp.*		1,055		32,083
American Eagle Outfitters, Inc.		2,326		31,261
PC Connection, Inc.		677		30,438
Standard Motor Products, Inc.		803		29,638
Guess?, Inc.		1,450		28,217
Marcus Corp.		1,677		26,832
HNI Corp.		958		26,671
LGI Homes, Inc.*		226		25,771
Interface, Inc. — Class A		2,975		24,157
El Pollo Loco Holdings, Inc.		1,994		19,122
Hawaiian Holdings, Inc.*		1,866		17,093
Total Consumer, Cyclical				3,139,970
Financial - 16.1%
Genworth Financial, Inc. — Class A*		24,783		124,411
Stewart Information Services Corp.		2,390		96,437
Anywhere Real Estate, Inc.*		17,335		91,529
Universal Insurance Holdings, Inc.		4,488		81,771
Douglas Elliman, Inc.		20,412		63,481
EZCORP, Inc. — Class A*		7,245		62,307
Cushman & Wakefield plc*		5,856		61,722
SiriusPoint Ltd.*		6,834		55,560
Pebblebrook Hotel Trust REIT		3,813		53,535
Radian Group, Inc.		2,223		49,128
World Acceptance Corp.*		541		45,060
RE/MAX Holdings, Inc. — Class A		2,358		44,236
Office Properties Income Trust REIT		3,582		44,059
Bread Financial Holdings, Inc.		1,439		43,631
LendingTree, Inc.*		1,584		42,229
Encore Capital Group, Inc.*		784		39,553
Ambac Financial Group, Inc.*		2,520		39,010
SL Green Realty Corp. REIT1		1,549		36,432
Service Properties Trust REIT		3,497		34,830
JBG SMITH Properties REIT		2,115		31,852
Hudson Pacific Properties, Inc. REIT		4,526		30,098
United Fire Group, Inc.		1,117		29,656
Apollo Commercial Real Estate Finance, Inc. REIT		3,026		28,172
Brandywine Realty Trust REIT		5,617		26,568
ProAssurance Corp.		1,402		25,909
Enova International, Inc.*		572		25,414
Hilltop Holdings, Inc.		791		23,469
Ready Capital Corp. REIT		2,056		20,910
Hope Bancorp, Inc.		2,121		20,828
HomeStreet, Inc.		985		17,720
Orion Office REIT, Inc.		2,350		15,745
Total Financial				1,405,262
Consumer, Non-cyclical - 15.1%
Kelly Services, Inc. — Class A		7,589		125,902
Fresh Del Monte Produce, Inc.		4,093		123,240
Enhabit, Inc.*		7,456		103,713
Aaron’s Company, Inc.		9,860		95,248
Emergent BioSolutions, Inc.*		8,210		85,056
Seneca Foods Corp. — Class A*		1,351		70,617
PROG Holdings, Inc.*		2,717		64,637
TrueBlue, Inc.*		3,601		64,098
B&G Foods, Inc.1		4,080		63,362
Deluxe Corp.		3,550		56,800
SpartanNash Co.		2,100		52,080
Upbound Group, Inc.		2,118		51,912
Owens & Minor, Inc.*		3,177		46,226
United Natural Foods, Inc.*		1,741		45,875
Heidrick & Struggles International, Inc.		1,418		43,050
Universal Corp.		810		42,841
ABM Industries, Inc.		932		41,884
GEO Group, Inc.*		4,396		34,684
Phibro Animal Health Corp. — Class A		2,126		32,570
CoreCivic, Inc.*		3,055		28,106
Green Dot Corp. — Class A*		1,448		24,877
Orthofix Medical, Inc.*		1,143		19,145
Total Consumer, Non-cyclical				1,315,923

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
Industrial - 11.6%
Olympic Steel, Inc.		3,311	$	172,867
Clearwater Paper Corp.*		2,072		69,246
Harsco Corp.*		9,973		68,115
DXP Enterprises, Inc.*		2,521		67,865
Benchmark Electronics, Inc.		2,705		64,082
Greenbrier Companies, Inc.		1,916		61,638
ArcBest Corp.		654		60,443
RXO, Inc.*		2,983		58,586
Kaman Corp.		2,388		54,590
Comtech Telecommunications Corp.		4,358		54,388
American Woodmark Corp.*		1,040		54,153
Tredegar Corp.		5,521		50,407
Powell Industries, Inc.		1,070		45,571
Proto Labs, Inc.*		1,307		43,327
TTM Technologies, Inc.*		2,609		35,195
Ichor Holdings Ltd.*		917		30,023
Granite Construction, Inc.		682		28,016
Total Industrial				1,018,512
Communications - 7.3%
Lumen Technologies, Inc.		54,672		144,902
Telephone & Data Systems, Inc.		11,444		120,276
AMC Networks, Inc. — Class A*		5,616		98,729
EW Scripps Co. — Class A*		5,969		56,168
Viasat, Inc.*		1,283		43,417
Thryv Holdings, Inc.*		1,876		43,261
Gannett Company, Inc.*		21,067		39,396
Consolidated Communications Holdings, Inc.*		14,983		38,656
NETGEAR, Inc.*		1,968		36,428
Scholastic Corp.		569		19,471
Total Communications				640,704
Basic Materials - 6.4%
Century Aluminum Co.*		8,877		88,770
Arconic Corp.*		3,202		83,988
Mativ Holdings, Inc.		3,884		83,389
Rayonier Advanced Materials, Inc.*		12,921		81,015
Koppers Holdings, Inc.		2,201		76,969
Trinseo plc		2,888		60,215
AdvanSix, Inc.		835		31,955
AZZ, Inc.		665		27,425
Minerals Technologies, Inc.		362		21,872
Total Basic Materials				555,598
Energy - 4.2%
Oil States International, Inc.*		10,358		86,282
Par Pacific Holdings, Inc.*		2,611		76,241
SunCoke Energy, Inc.		8,390		75,342
Helix Energy Solutions Group, Inc.*		5,763		44,606
Bristow Group, Inc.*		1,941		43,478
DMC Global, Inc.*		1,945		42,732
Total Energy				368,681
Technology - 2.6%
Insight Enterprises, Inc.*		515		73,625
Cerence, Inc.*		1,540		43,259
Ebix, Inc.		3,229		42,590
SMART Global Holdings, Inc.*		1,864		32,135
Pitney Bowes, Inc.		8,202		31,906
Total Technology				223,515
Total Common Stocks
(Cost $7,764,509)				8,668,165
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	40,899		40,899
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		16,159		16,159
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		16,159		16,159
Total Repurchase Agreements
(Cost $73,217)				73,217
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.9%
Money Market Fund
First American Government Obligations Fund, 4.65%4		74,552		74,552
Total Securities Lending Collateral
(Cost $74,552)				74,552
Total Investments - 100.9%
(Cost $7,912,278)			$	8,815,934
Other Assets & Liabilities, net - (0.9)%				(74,771	)
Total Net Assets - 100.0%			$	8,741,163

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
S&P SMALLCAP 600® PURE VALUE FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (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	$	8,668,165	$	—	$	—	$	8,668,165
Repurchase Agreements		—		73,217		—		73,217
Securities Lending Collateral		74,552		—		—		74,552
Total Assets	$	8,742,717	$	73,217	$	—	$	8,815,934

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 55

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $74,487 of securities loaned (cost $7,839,061)	$	8,742,717
Repurchase agreements, at value (cost $73,217)		73,217
Cash		1,082
Receivables:
Securities sold		21,514
Dividends		9,691
Fund shares sold		652
Securities lending income		44
Interest		10
Total assets		8,848,927
Liabilities:
Payable for:
Return of securities lending collateral		74,552
Management fees		9,227
Transfer agent fees		4,283
Distribution and service fees		3,127
Fund shares redeemed		2,247
Portfolio accounting and administration fees		1,876
Trustees’ fees*		227
Miscellaneous		12,225
Total liabilities		107,764
Net assets	$	8,741,163
Net assets consist of:
Paid in capital	$	28,202,201
Total distributable earnings (loss)		(19,461,038	)
Net assets	$	8,741,163
A-Class:
Net assets	$	1,212,322
Capital shares outstanding		7,099
Net asset value per share	$	170.77
Maximum offering price per share (Net asset value divided by 95.25%)	$	179.29
C-Class:
Net assets	$	79,572
Capital shares outstanding		560
Net asset value per share	$	141.95
H-Class:
Net assets	$	7,449,269
Capital shares outstanding		43,731
Net asset value per share	$	170.34

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $17)	$	314,282
Interest		2,707
Income from securities lending, net		686
Total investment income		317,675
Expenses:
Management fees		131,134
Distribution and service fees:
A-Class		6,340
C-Class		1,324
H-Class		37,041
Transfer agent fees		38,541
Portfolio accounting and administration fees		24,720
Professional fees		9,121
Trustees’ fees*		3,834
Custodian fees		2,812
Miscellaneous		17,539
Total expenses		272,406
Net investment income		45,269
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,808,762	)
Net realized loss		(1,808,762	)
Net change in unrealized appreciation (depreciation) on:
Investments		(2,008,207	)
Net change in unrealized appreciation (depreciation)		(2,008,207	)
Net realized and unrealized loss		(3,816,969	)
Net decrease in net assets resulting from operations	$	(3,771,700	)

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

56 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	45,269		$	(110,693	)
Net realized loss on investments		(1,808,762	)		(4,306,876	)
Net change in unrealized appreciation (depreciation) on investments		(2,008,207	)		(1,363,990	)
Net decrease in net assets resulting from operations		(3,771,700	)		(5,781,559	)
Capital share transactions:
Proceeds from sale of shares
A-Class		3,575,515			4,381,306
C-Class		457,743			1,136,324
H-Class		246,177,716			285,628,661
Cost of shares redeemed
A-Class		(6,496,797	)		(3,042,008	)
C-Class		(448,126	)		(2,532,690	)
H-Class		(253,626,506	)		(297,130,146	)
Net decrease from capital share transactions		(10,360,455	)		(11,558,553	)
Net decrease in net assets		(14,132,155	)		(17,340,112	)
Net assets:
Beginning of year		22,873,318			40,213,430
End of year	$	8,741,163		$	22,873,318
Capital share activity:
Shares sold
A-Class		20,336			23,898
C-Class		3,116			7,635
H-Class		1,417,252			1,567,541
Shares redeemed
A-Class		(39,168	)		(17,268	)
C-Class		(3,473	)		(17,106	)
H-Class		(1,472,406	)		(1,680,517	)
Net decrease in shares		(74,343	)		(115,817	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 57

S&P SMALLCAP 600^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	182.48		$	167.98		$	67.45		$	129.32		$	138.22
Income (loss) from investment operations:
Net investment income (loss)a		.25			(.34	)		(.14	)		(.50	)		.30
Net gain (loss) on investments (realized and unrealized)		(11.96	)		14.84	d		100.67	d		(61.37	)		(9.20	)
Total from investment operations		(11.71	)		14.50			100.53			(61.87	)		(8.90	)
Net asset value, end of period	$	170.77		$	182.48		$	167.98		$	67.45		$	129.32
Total Returnb		(6.42	%)		8.63	%		149.04	%		(47.83	%)		(6.44	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,212		$	4,732		$	3,242		$	936		$	1,329
Ratios to average net assets:
Net investment income (loss)		0.15	%		(0.19	%)		(0.31	%)		(0.42	%)		0.21	%
Total expenses		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%
Portfolio turnover rate		1,520	%		892	%		1,503	%		1,104	%		534	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	152.84		$	141.75		$	57.31		$	110.69		$	119.22
Income (loss) from investment operations:
Net investment income (loss)a		(0.85	)		(1.65	)		(.40	)		(1.25	)		(.65	)
Net gain (loss) on investments (realized and unrealized)		(10.04	)		12.74	d		84.84	d		(52.13	)		(7.88	)
Total from investment operations		(10.89	)		11.09			84.44			(53.38	)		(8.53	)
Net asset value, end of period	$	141.95		$	152.84		$	141.75		$	57.31		$	110.69
Total Returnb		(7.13	%)		7.82	%		147.34	%		(48.24	%)		(7.13	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	80		$	140		$	1,472		$	571		$	1,055
Ratios to average net assets:
Net investment income (loss)		(0.60	%)		(1.11	%)		(1.07	%)		(1.20	%)		(0.53	%)
Total expenses		2.29	%		2.26	%		2.34	%		2.38	%		2.36	%
Portfolio turnover rate		1,520	%		892	%		1,503	%		1,104	%		534	%

58 | THE RYDEX FUNDS ANNUAL 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.

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	182.04		$	167.56		$	67.25		$	129.01		$	137.86
Income (loss) from investment operations:
Net investment income (loss)a		.49			(.53	)		(.13	)		(.55	)		.10
Net gain (loss) on investments (realized and unrealized)		(12.19	)		15.01	d		100.44	d		(61.21	)		(8.95	)
Total from investment operations		(11.70	)		14.48			100.31			(61.76	)		(8.85	)
Net asset value, end of period	$	170.34		$	182.04		$	167.56		$	67.25		$	129.01
Total Return		(6.43	%)		8.64	%		149.16	%		(47.87	%)		(6.42	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,449		$	18,001		$	35,499		$	1,507		$	9,062
Ratios to average net assets:
Net investment income (loss)		0.29	%		(0.29	%)		(0.18	%)		(0.44	%)		0.06	%
Total expenses		1.55	%		1.51	%		1.55	%		1.64	%		1.62	%
Portfolio turnover rate		1,520	%		892	%		1,503	%		1,104	%		534	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Reverse share split — Per share amounts for the years presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.
d	The amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 59

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

EUROPE 1.25x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark. The Fund’s current benchmark is 125% of the fair value of the STOXX^® Europe 50 Index (the “underlying index”).

For the Reporting Period, Europe 1.25x Strategy Fund maintained a daily correlation of over 98% to its benchmark of 125% of the daily price movement of the underlying index. Europe 1.25x Strategy Fund H-Class returned 5.01% while the underlying index returned 6.47% over the same period.

The sectors contributing the most to the return of the underlying index were the Consumer Discretionary, Financial, and Industrial sectors. The Real Estate and Health Care sectors detracted the most.

Stocks contributing the most to performance of the underlying index were Novo Nordisk A/S ADR, LVMH Moet Hennessy Louis Vuitton SE ADR and TotalEnergies SE ADR. Those detracting the most were Roche Holding AG ADR, Anglo American Plc, and Credit Suisse Group AG.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. The results of derivatives use during the period were within our expectations.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

60 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
A-Class	March 31, 2004
C-Class	May 10, 2001
H-Class	May 8, 2000

Ten Largest Holdings	(% of Total Net Assets)
Nestle S.A. ADR	2.7%
ASML Holding N.V. — Class G	2.2%
Novo Nordisk A/S ADR	2.1%
LVMH Moet Hennessy Louis Vuitton SE ADR	1.9%
AstraZeneca plc ADR	1.7%
Roche Holding AG ADR	1.6%
Shell plc ADR	1.6%
Novartis AG ADR	1.6%
TotalEnergies SE ADR	1.2%
HSBC Holdings plc ADR	1.1%
Top Ten Total	17.7%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Country Diversification

Country	% of Long-Term Investments
France		25.1	%
United Kingdom		19.7	%
Switzerland		19.4	%
Germany		12.4	%
Netherlands		10.0	%
Denmark		5.1	%
Spain		2.6	%
Other		5.7	%
Total Long-Term Investments		100.0	%

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	5.48%	5.27%	3.95%
A-Class Shares with sales charge‡	0.47%	4.25%	3.44%
C-Class Shares	4.22%	4.35%	3.00%
C-Class Shares with CDSC§	3.22%	4.35%	3.00%
H-Class Shares	5.01%	5.12%	3.77%
STOXX Europe 50 Index	6.47%	6.27%	5.32%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The STOXX Europe 50 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 61

SCHEDULE OF INVESTMENTS	March 31, 2023
EUROPE 1.25x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 42.0%
Consumer, Non-cyclical - 17.5%
Nestle S.A. ADR		3,123	$	380,038
Novo Nordisk A/S ADR		1,867		297,114
AstraZeneca plc ADR		3,520		244,323
Roche Holding AG ADR		6,397		229,397
Novartis AG ADR		2,388		219,696
Unilever plc ADR		2,977		154,596
Sanofi ADR		2,591		141,002
L’Oreal S.A. ADR		1,372		122,300
Diageo plc ADR		633		114,687
GSK plc ADR		2,321		82,581
British American Tobacco plc ADR		2,316		81,338
RELX plc ADR		2,196		71,238
Bayer AG ADR		4,444		70,793
Anheuser-Busch InBev S.A. ADR		1,012		67,531
Reckitt Benckiser Group plc ADR		4,115		63,673
EssilorLuxottica S.A. ADR		690		62,159
Adyen N.V. ADR*		3,238		51,290
Total Consumer, Non-cyclical				2,453,756
Financial - 4.5%
HSBC Holdings plc ADR1		4,595		156,827
Allianz SE ADR		4,585		105,684
Zurich Insurance Group AG ADR		1,706		81,615
BNP Paribas S.A. ADR		2,579		76,932
UBS Group AG1		3,481		74,284
Banco Santander S.A. ADR		19,206		70,870
AXA S.A. ADR		2,257		68,997
Total Financial				635,209
Industrial - 4.2%
Siemens AG ADR		1,699		137,534
Schneider Electric SE ADR		3,248		108,256
Airbus SE ADR		2,648		88,655
Vinci S.A. ADR		2,686		76,927
Safran S.A. ADR		1,724		63,823
ABB Ltd. ADR		1,809		62,049
Deutsche Post AG ADR		1,116		52,195
Total Industrial				589,439
Consumer, Cyclical - 4.0%
LVMH Moet Hennessy Louis Vuitton SE ADR		1,472		270,451
Cie Financiere Richemont S.A. ADR		5,942		94,834
Hermes International ADR		400		81,124
Mercedes-Benz Group AG ADR		3,578		68,626
Kering S.A. ADR1		818		53,284
Total Consumer, Cyclical				568,319
Energy - 3.8%
Shell plc ADR		3,938		226,593
TotalEnergies SE ADR		2,827		166,934
BP plc ADR		3,597		136,470
Total Energy				529,997
Technology - 3.3%
ASML Holding N.V. — Class G		457		311,085
SAP SE ADR1		1,160		146,798
Total Technology				457,883
Basic Materials - 2.2%
Air Liquide S.A. ADR		2,982		99,658
Rio Tinto plc ADR		1,201		82,389
Glencore plc ADR		5,917		67,690
BASF SE ADR		4,057		53,147
Total Basic Materials				302,884
Utilities - 1.4%
Iberdrola S.A. ADR		1,671		83,082
National Grid plc ADR		832		56,568
Enel SpA ADR		8,872		53,587
Total Utilities				193,237
Communications - 1.1%
Deutsche Telekom AG ADR		3,929		95,043
Prosus N.V. ADR		4,083		63,286
Total Communications				158,329
Total Common Stocks
(Cost $5,752,902)				5,889,053
MUTUAL FUNDS† - 1.0%
Guggenheim Ultra Short Duration Fund — Institutional Class2		7,027		68,233
Guggenheim Strategy Fund II2		2,760		66,830
Total Mutual Funds
(Cost $138,225)				135,063
	Face Amount
U.S. TREASURY BILLS†† - 1.2%
U.S. Treasury Bills
3.36% due 04/11/233,4	$	162,000		161,835
Total U.S. Treasury Bills
(Cost $161,838)				161,835
REPURCHASE AGREEMENTS††,5 - 48.6%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23		3,813,200		3,813,200
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		1,506,532		1,506,532
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		1,506,531		1,506,531
Total Repurchase Agreements
(Cost $6,826,263)				6,826,263

62 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
EUROPE 1.25x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,6 - 0.5%
Money Market Fund
First American Government Obligations Fund — Class X, 4.65%7		75,187	$	75,187
Total Securities Lending Collateral
(Cost $75,187)				75,187
Total Investments - 93.3%
(Cost $12,954,415)			$	13,087,401
Other Assets & Liabilities, net - 6.7%				944,174
Total Net Assets - 100.0%			$	14,031,575

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Equity Futures Contracts Purchased†
STOXX 50 Index Futures Contracts		272		Jun 2023	$	11,588,847	$	145,075
Currency Futures Contracts Purchased†
Euro FX Futures Contracts		86		Jun 2023		11,711,587		(34,600	)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at March 31, 2023.
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 March 31, 2023.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 63

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
EUROPE 1.25x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	5,889,053	$	—	$	—	$	5,889,053
Mutual Funds		135,063		—		—		135,063
U.S. Treasury Bills		—		161,835		—		161,835
Repurchase Agreements		—		6,826,263		—		6,826,263
Securities Lending Collateral		75,187		—		—		75,187
Equity Futures Contracts**		145,075		—		—		145,075
Total Assets	$	6,244,378	$	6,988,098	$	—	$	13,232,476

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	34,600	$	—	$	—	$	34,600

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	271,082	$	—	$	(200,001	)	$	(5,943	)	$	1,692	$	66,830		2,760	$	3,570
Guggenheim Ultra Short Duration Fund — Institutional Class		271,487		—		(200,000	)		(5,797	)		2,543		68,233		7,027		2,924
	$	542,569	$	—	$	(400,001	)	$	(11,740	)	$	4,235	$	135,063			$	6,494

64 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

EUROPE 1.25x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value - including $74,079 of securities loaned (cost $5,989,927)	$	6,126,075
Investments in affiliated issuers, at value (cost $138,225)		135,063
Repurchase agreements, at value (cost $6,826,263)		6,826,263
Cash		163
Segregated cash with broker		884,194
Receivables:
Fund shares sold		90,159
Variation margin on futures contracts		41,965
Foreign tax reclaims		16,750
Dividends		4,395
Interest		909
Securities lending income		186
Investment Adviser		148
Total assets		14,126,270
Liabilities:
Payable for:
Return of securities lending collateral		75,187
Fund shares redeemed		10,641
Management fees		2,465
Transfer agent fees		820
Distribution and service fees		792
Trustees’ fees*		44
Miscellaneous		4,746
Total liabilities		94,695
Net assets	$	14,031,575
Net assets consist of:
Paid in capital	$	15,035,861
Total distributable earnings (loss)		(1,004,286	)
Net assets	$	14,031,575
A-Class:
Net assets	$	388,226
Capital shares outstanding		3,637
Net asset value per share	$	106.74
Maximum offering price per share (Net asset value divided by 95.25%)	$	112.06
C-Class:
Net assets	$	164,574
Capital shares outstanding		1,909
Net asset value per share	$	86.21
H-Class:
Net assets	$	13,478,775
Capital shares outstanding		128,204
Net asset value per share	$	105.14

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $2,982)	$	24,446
Dividends from securities of affiliated issuers		6,494
Interest		43,252
Income from securities lending, net		907
Total investment income		75,099
Expenses:
Management fees		22,747
Distribution and service fees:
A-Class		1,151
C-Class		701
H-Class		4,993
Transfer agent fees		5,764
Portfolio accounting and administration fees		3,403
Professional fees		1,556
Custodian fees		555
Trustees’ fees*		458
Miscellaneous		4,007
Total expenses		45,335
Less:
Expenses reimbursed by Adviser		(760	)
Expenses waived by Adviser		(303	)
Total waived expenses		(1,063	)
Net expenses		44,272
Net investment income		30,827
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(145,197	)
Investments in affiliated issuers		(11,740	)
Futures contracts		143,542
Foreign currency transactions		2,613
Net realized loss		(10,782	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		67,325
Investments in affiliated issuers		4,235
Futures contracts		(154,402	)
Foreign currency translations		9
Net change in unrealized appreciation (depreciation)		(82,833	)
Net realized and unrealized loss		(93,615	)
Net decrease in net assets resulting from operations	$	(62,788	)

* 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 ANNUAL REPORT | 65

EUROPE 1.25x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	30,827		$	(39,762	)
Net realized loss on investments		(10,782	)		(1,176,147	)
Net change in unrealized appreciation (depreciation) on investments		(82,833	)		255,198
Net decrease in net assets resulting from operations		(62,788	)		(960,711	)
Capital share transactions:
Proceeds from sale of shares
A-Class		18,528,974			32,230,106
C-Class		208,645			1,637,119
H-Class		41,975,592			51,058,459
Cost of shares redeemed
A-Class		(18,854,295	)		(31,654,971	)
C-Class		(543,957	)		(1,310,271	)
H-Class		(32,367,804	)		(47,533,568	)
Net increase from capital share transactions		8,947,155			4,426,874
Net increase in net assets		8,884,367			3,466,163
Net assets:
Beginning of year		5,147,208			1,681,045
End of year	$	14,031,575		$	5,147,208
Capital share activity:
Shares sold
A-Class		195,330			310,146
C-Class		2,694			19,410
H-Class		439,379			490,409
Shares redeemed
A-Class		(196,454	)		(306,756	)
C-Class		(6,623	)		(15,390	)
H-Class		(352,952	)		(463,701	)
Net increase in shares		81,374			34,118

66 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

EUROPE 1.25x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	101.20		$	94.56		$	69.30		$	85.18		$	94.56
Income (loss) from investment operations:
Net investment income (loss)a		1.76			(.96	)		(.93	)		.63			1.70
Net gain (loss) on investments (realized and unrealized)		3.78	e		7.60	e		30.74			(16.07	)e		(4.78	)
Total from investment operations		5.54			6.64			29.81			(15.44	)		(3.08	)
Less distributions from:
Net investment income		—			—			(4.55	)		(.44	)		(6.30	)
Total distributions		—			—			(4.55	)		(.44	)		(6.30	)
Net asset value, end of period	$	106.74		$	101.20		$	94.56		$	69.30		$	85.18
Total Returnb		5.48	%		7.02	%		43.39	%		(18.25	%)		(2.32	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	388		$	482		$	130		$	217		$	184
Ratios to average net assets:
Net investment income (loss)		1.84	%		(0.93	%)		(1.10	%)		0.72	%		1.89	%
Total expensesc		1.79	%		1.72	%		1.75	%		1.77	%		1.76	%
Net expensesd		1.74	%		1.70	%		1.73	%		1.73	%		1.76	%
Portfolio turnover rate		231	%		517	%		534	%		1,787	%		1,411	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	82.72		$	77.88		$	58.24		$	72.13		$	81.77
Income (loss) from investment operations:
Net investment income (loss)a		.94			(1.18	)		(.96	)		(.18	)		.96
Net gain (loss) on investments (realized and unrealized)		2.55	e		6.02	e		25.15			(13.27	)e		(4.30	)
Total from investment operations		3.49			4.84			24.19			(13.45	)		(3.34	)
Less distributions from:
Net investment income		—			—			(4.55	)		(.44	)		(6.30	)
Total distributions		—			—			(4.55	)		(.44	)		(6.30	)
Net asset value, end of period	$	86.21		$	82.72		$	77.88		$	58.24		$	72.13
Total Returnb		4.22	%		6.21	%		41.93	%		(18.79	%)		(3.04	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	165		$	483		$	142		$	296		$	24
Ratios to average net assets:
Net investment income (loss)		1.17	%		(1.41	%)		(1.50	%)		(0.25	%)		1.22	%
Total expensesc		2.53	%		2.48	%		2.58	%		2.49	%		2.50	%
Net expensesd		2.48	%		2.46	%		2.55	%		2.45	%		2.50	%
Portfolio turnover rate		231	%		517	%		534	%		1,787	%		1,411	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 67

EUROPE 1.25x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	100.11		$	93.56		$	68.79		$	84.58		$	93.89
Income (loss) from investment operations:
Net investment income (loss)a		1.01			(.93	)		(.74	)		.58			1.26
Net gain (loss) on investments (realized and unrealized)		4.02	e		7.48	e		30.06			(15.93	)e		(4.27	)
Total from investment operations		5.03			6.55			29.32			(15.35	)		(3.01	)
Less distributions from:
Net investment income		—			—			(4.55	)		(.44	)		(6.30	)
Total distributions		—			—			(4.55	)		(.44	)		(6.30	)
Net asset value, end of period	$	105.14		$	100.11		$	93.56		$	68.79		$	84.58
Total Return		5.01	%		7.00	%		42.96	%		(18.28	%)		(2.28	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,479		$	4,182		$	1,410		$	1,344		$	37,240
Ratios to average net assets:
Net investment income (loss)		1.08	%		(0.90	%)		(0.88	%)		0.66	%		1.42	%
Total expensesc		1.77	%		1.71	%		1.77	%		1.80	%		1.76	%
Net expensesd		1.73	%		1.69	%		1.74	%		1.76	%		1.76	%
Portfolio turnover rate		231	%		517	%		534	%		1,787	%		1,411	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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	The amount shown for a share outstanding throughout the year does not agree with the aggregate net gain (loss) on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

68 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

JAPAN 2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark. The Fund’s current benchmark is 200% of the fair value of the Nikkei-225 Stock Average Index (the “underlying index”).

For the Reporting Period, Japan 2x Strategy Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the underlying index. Japan 2x Strategy Fund H-Class returned -17.95%, while the underlying index returned -7.72% over the same time period.

The sectors contributing the most to the return of the underlying index were Consumer Discretionary and Utilities. The Information Technology, Communication Services, and Industrial sectors detracted the most.

Stocks contributing most to return of the underlying index were Fast Retailing Co., Daiichi Sankyo Company, Ltd., and Advantest Corp. Those detracting most were Tokyo Electron, Ltd., Recruit Holdings Company, Ltd., and NTT Data Corp., Ltd.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. The results of derivatives use during the period were within our expectations.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

THE RYDEX FUNDS ANNUAL REPORT | 69

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
A-Class	February 22, 2008
C-Class	February 22, 2008
H-Class	February 22, 2008

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

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(17.90%)	(2.65%)	5.89%
A-Class Shares with sales charge‡	(21.80%)	(3.59%)	5.38%
C-Class Shares	(18.57%)	(3.38%)	5.15%
C-Class Shares with CDSC§	(19.38%)	(3.38%)	5.15%
H-Class Shares	(17.95%)	(2.65%)	5.94%
Nikkei-225 Stock Average Index	(7.72%)	1.21%	4.85%

Cumulative Fund Performance*

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Nikkei-225 Stock Average Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

70 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
JAPAN 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 16.7%
U.S. Treasury Bills
3.36% due 04/11/231,2	$	1,265,000	$	1,263,713
Total U.S. Treasury Bills
(Cost $1,263,735)				1,263,713
REPURCHASE AGREEMENTS††,3 - 79.7%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23		3,364,026		3,364,026
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		1,329,070		1,329,070
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		1,329,070		1,329,070
Total Repurchase Agreements
(Cost $6,022,166)				6,022,166
Total Investments - 96.4%
(Cost $7,285,901)			$	7,285,879
Other Assets & Liabilities, net - 3.6%				271,676
Total Net Assets - 100.0%			$	7,557,555

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		107		Jun 2023	$	15,124,450	$	545,639
Currency Futures Contracts Purchased†
Japanese Yen Futures Contracts		158		Jun 2023		15,046,538		(142,463	)

**	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 March 31, 2023.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 6.
	CME — Chicago Mercantile Exchange
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 71

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
JAPAN 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	1,263,713	$	—	$	1,263,713
Repurchase Agreements		—		6,022,166		—		6,022,166
Equity Futures Contracts**		545,639		—		—		545,639
Total Assets	$	545,639	$	7,285,879	$	—	$	7,831,518

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	142,463	$	—	$	—	$	142,463

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	138,359	$	—	$	(136,161	)	$	(3,935	)	$	1,737	$	—		—	$	912
912 Guggenheim Ultra Short Duration Fund — Institutional Class		141,446		—		(139,423	)		(4,142	)		2,119		—		—		634
	$	279,805	$	—	$	(275,584	)	$	(8,077	)	$	3,856	$	—			$	1,546

72 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

JAPAN 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value (cost $1,263,735)	$	1,263,713
Repurchase agreements, at value (cost $6,022,166)		6,022,166
Segregated cash with broker		40,222
Receivables:
Fund shares sold		131,928
Variation margin on futures contracts		103,939
Interest		802
Total assets		7,562,770
Liabilities:
Payable for:
Management fees		1,741
Professional fees		960
Distribution and service fees		583
Transfer agent and administrative fees		569
Fund shares redeemed		458
Portfolio accounting and administration fees		354
Trustees’ fees*		30
Miscellaneous		520
Total liabilities		5,215
Net assets	$	7,557,555
Net assets consist of:
Paid in capital	$	9,821,500
Total distributable earnings (loss)		(2,263,945	)
Net assets	$	7,557,555
A-Class:
Net assets	$	206,743
Capital shares outstanding		1,763
Net asset value per share	$	117.27
Maximum offering price per share (Net asset value divided by 95.25%)	$	123.12
C-Class:
Net assets	$	3,998
Capital shares outstanding		38
Net asset value per share	$	104.92
H-Class:
Net assets	$	7,346,814
Capital shares outstanding		62,191
Net asset value per share	$	118.13

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	1,546
Interest		35,792
Total investment income		37,338
Expenses:
Management fees		9,376
Distribution and service fees:
A-Class		416
C-Class		38
H-Class		2,699
Transfer agent fees		2,732
Portfolio accounting and administration fees		1,757
Professional fees		1,128
Trustees’ fees*		203
Custodian fees		180
Miscellaneous		784
Total expenses		19,313
Less:
Expenses waived by Adviser		(109	)
Net expenses		19,204
Net investment income		18,134
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		300
Investments in affiliated issuers		(8,077	)
Futures contracts		(252,291	)
Net realized loss		(260,068	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(29	)
Investments in affiliated issuers		3,856
Futures contracts		245,996
Net change in unrealized appreciation (depreciation)		249,823
Net realized and unrealized loss		(10,245	)
Net increase in net assets resulting from operations	$	7,889

* 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 ANNUAL REPORT | 73

JAPAN 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	18,134		$	(21,678	)
Net realized loss on investments		(260,068	)		(726,679	)
Net change in unrealized appreciation (depreciation) on investments		249,823			131,986
Net increase (decrease) in net assets resulting from operations		7,889			(616,371	)
Capital share transactions:
Proceeds from sale of shares
A-Class		130,762			108,889
C-Class		2,736			6,835
H-Class		15,623,889			13,658,853
Cost of shares redeemed
A-Class		(101,183	)		(71,975	)
C-Class		(2,386	)		(51,236	)
H-Class		(9,364,977	)		(13,641,857	)
Net increase from capital share transactions		6,288,841			9,509
Net increase (decrease) in net assets		6,296,730			(606,862	)
Net assets:
Beginning of year		1,260,825			1,867,687
End of year	$	7,557,555		$	1,260,825
Capital share activity:
Shares sold
A-Class		1,220			560
C-Class		26			37
H-Class		139,552			72,686
Shares redeemed
A-Class		(907	)		(376	)
C-Class		(23	)		(294	)
H-Class		(84,648	)		(73,096	)
Net increase (decrease) in shares		55,220			(483	)

74 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

JAPAN 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	142.84		$	201.08		$	94.96		$	119.96		$	136.57
Income (loss) from investment operations:
Net investment income (loss)a		1.39			(2.21	)		(1.95	)		.91			1.22
Net gain (loss) on investments (realized and unrealized)		(26.96	)		(56.03	)		109.13			(24.67	)		(17.32	)
Total from investment operations		(25.57	)		(58.24	)		107.18			(23.76	)		(16.10	)
Less distributions from:
Net investment income		—			—			(1.06	)		(1.24	)		(.51	)
Total distributions		—			—			(1.06	)		(1.24	)		(.51	)
Net asset value, end of period	$	117.27		$	142.84		$	201.08		$	94.96		$	119.96
Total Returnb		(17.90	%)		(28.96	%)		112.92	%		(20.15	%)		(11.79	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	207		$	207		$	255		$	141		$	211
Ratios to average net assets:
Net investment income (loss)		1.27	%		(1.22	%)		(1.26	%)		0.70	%		0.93	%
Total expensesc		1.50	%		1.51	%		1.58	%		1.63	%		1.58	%
Net expensesd		1.49	%		1.49	%		1.56	%		1.57	%		1.56	%
Portfolio turnover rate		—			—			15	%		—			—

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	128.84		$	182.53		$	87.00		$	110.80		$	127.14
Income (loss) from investment operations:
Net investment income (loss)a		.39			(3.48	)		(2.98	)		(.06	)		.19
Net gain (loss) on investments (realized and unrealized)		(24.31	)		(50.21	)		99.57			(22.50	)		(16.02	)
Total from investment operations		(23.92	)		(53.69	)		96.59			(22.56	)		(15.83	)
Less distributions from:
Net investment income		—			—			(1.06	)		(1.24	)		(.51	)
Total distributions		—			—			(1.06	)		(1.24	)		(.51	)
Net asset value, end of period	$	104.92		$	128.84		$	182.53		$	87.00		$	110.80
Total Returnb		(18.57	%)		(29.41	%)		111.34	%		(20.75	%)		(12.43	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4		$	5		$	53		$	21		$	30
Ratios to average net assets:
Net investment income (loss)		0.40	%		(2.00	%)		(2.02	%)		(0.05	%)		0.16	%
Total expensesc		2.30	%		2.25	%		2.32	%		2.38	%		2.33	%
Net expensesd		2.30	%		2.24	%		2.30	%		2.32	%		2.31	%
Portfolio turnover rate		—			—			15	%		—			—

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 75

JAPAN 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	143.98		$	202.65		$	95.70		$	120.89		$	137.58
Income (loss) from investment operations:
Net investment income (loss)a		1.64			(2.25	)		(2.07	)		.90			1.09
Net gain (loss) on investments (realized and unrealized)		(27.49	)		(56.42	)		110.08			(24.85	)		(17.27	)
Total from investment operations		(25.85	)		(58.67	)		108.01			(23.95	)		(16.18	)
Less distributions from:
Net investment income		—			—			(1.06	)		(1.24	)		(.51	)
Total distributions		—			—			(1.06	)		(1.24	)		(.51	)
Net asset value, end of period	$	118.13		$	143.98		$	202.65		$	95.70		$	120.89
Total Return		(17.95	%)		(28.95	%)		112.94	%		(20.17	%)		(11.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,347		$	1,049		$	1,560		$	817		$	1,898
Ratios to average net assets:
Net investment income (loss)		1.48	%		(1.22	%)		(1.27	%)		0.69	%		0.83	%
Total expensesc		1.54	%		1.51	%		1.58	%		1.63	%		1.58	%
Net expensesd		1.53	%		1.49	%		1.56	%		1.58	%		1.57	%
Portfolio turnover rate		—			—			15	%		—			—

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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.

76 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

STRENGTHENING DOLLAR 2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the performance of the U.S. Dollar Index^® (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, Strengthening Dollar 2x Strategy Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the underlying index. Strengthening Dollar 2x Strategy Fund H-Class returned 10.34%, compared with a return of 4.27% for its benchmark, the underlying index.

The Japanese Yen, Euro, and British Pound were the components which contributed the most to the underlying index during the period. The Swiss Franc was the only component detracting from the underlying index during the period.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. The results of derivatives use during the period were within our expectations.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

THE RYDEX FUNDS ANNUAL REPORT | 77

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
A-Class	May 25, 2005
C-Class	May 25, 2005
H-Class	May 25, 2005

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

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	10.32%	6.28%	3.67%
A-Class Shares with sales charge‡	5.08%	5.25%	3.17%
C-Class Shares	9.51%	5.49%	2.90%
C-Class Shares with CDSC§	8.51%	5.49%	2.90%
H-Class Shares	10.34%	6.30%	3.67%
U.S. Dollar Index	4.27%	2.60%	2.14%

Cumulative Fund Performance*

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The U.S. Dollar Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

78 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
STRENGTHENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 3.4%
U.S. Treasury Bills
3.36% due 04/11/231,2	$	250,000	$	249,745
Total U.S. Treasury Bills
(Cost $249,750)				249,745
REPURCHASE AGREEMENTS††,3 - 98.3%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/234		3,983,539		3,983,539
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/234		1,573,829		1,573,829
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/234		1,573,829		1,573,829
Total Repurchase Agreements
(Cost $7,131,197)				7,131,197
Total Investments - 101.7%
(Cost $7,380,947)			$	7,380,942
Other Assets & Liabilities, net - (1.7)%				(123,114	)
Total Net Assets - 100.0%			$	7,257,828

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Purchased†
U.S. Dollar Index Futures Contracts		96		Jun 2023	$	9,814,560	$	(272,420	)

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

(Federal Funds Rate + 0.10%)

At Maturity

06/20/23

45,434

$

4,645,385

$

(108,386

)

**	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 March 31, 2023.
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 March 31, 2023.
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 79

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
STRENGTHENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	—	$	249,745	$	—	$	249,745
Repurchase Agreements		—		7,131,197		—		7,131,197
Total Assets	$	—	$	7,380,942	$	—	$	7,380,942

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	272,420	$	—	$	—	$	272,420
Currency Index Swap Agreements**		—		108,386		—		108,386
Total Liabilities	$	272,420	$	108,386	$	—	$	380,806

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	670,883	$	—	$	(660,226	)	$	(16,479	)	$	5,822	$	—		—	$	4,423
Guggenheim Ultra Short Duration Fund — Institutional Class		569,935		—		(561,784	)		(16,573	)		8,422		—		—		2,552
	$	1,240,818	$	—	$	(1,222,010	)	$	(33,052	)	$	14,244	$	—			$	6,975

80 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value (cost $249,750)	$	249,745
Repurchase agreements, at value (cost $7,131,197)		7,131,197
Receivables:
Variation margin on futures contracts		39,744
Fund shares sold		33,847
Interest		950
Investment Adviser		116
Total assets		7,455,599
Liabilities:
Unrealized depreciation on OTC swap agreements		108,386
Payable for:
Fund shares redeemed		56,658
Swap settlement		8,319
Management fees		5,911
Transfer agent and administrative fees		2,272
Distribution and service fees		1,669
Trustees’ fees*		115
Miscellaneous		14,441
Total liabilities		197,771
Net assets	$	7,257,828
Net assets consist of:
Paid in capital	$	27,461,003
Total distributable earnings (loss)		(20,203,175	)
Net assets	$	7,257,828
A-Class:
Net assets	$	623,730
Capital shares outstanding		10,742
Net asset value per share	$	58.06
Maximum offering price per share (Net asset value divided by 95.25%)	$	60.96
C-Class:
Net assets	$	38,334
Capital shares outstanding		762
Net asset value per share	$	50.31
H-Class:
Net assets	$	6,595,764
Capital shares outstanding		113,991
Net asset value per share	$	57.86

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	6,975
Interest		258,786
Total investment income		265,761
Expenses:
Management fees		84,858
Distribution and service fees:
A-Class		2,100
C-Class		432
H-Class		21,364
Transfer agent and administrative fees		20,122
Portfolio accounting and administration fees		13,462
Licensing fees		11,662
Professional fees		4,828
Custodian fees		1,328
Trustees’ fees*		1,152
Interest expense		176
Line of credit fees		79
Miscellaneous		9,781
Total expenses		171,344
Less:
Expenses reimbursed by Adviser		(3,283	)
Expenses waived by Adviser		(438	)
Total waived expenses		(3,721	)
Net expenses		167,623
Net investment income		98,138
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		791
Investments in affiliated issuers		(33,052	)
Swap agreements		(251,913	)
Futures contracts		(857,853	)
Net realized loss		(1,142,027	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(92	)
Investments in affiliated issuers		14,244
Swap agreements		(102,492	)
Futures contracts		(180,176	)
Net change in unrealized appreciation (depreciation)		(268,516	)
Net realized and unrealized loss		(1,410,543	)
Net decrease in net assets resulting from operations	$	(1,312,405	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 81

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	98,138		$	(53,463	)
Net realized gain (loss) on investments		(1,142,027	)		561,338
Net change in unrealized appreciation (depreciation) on investments		(268,516	)		(219,156	)
Net increase (decrease) in net assets resulting from operations		(1,312,405	)		288,719
Capital share transactions:
Proceeds from sale of shares
A-Class		2,713,416			681,385
C-Class		147,526			264,595
H-Class		88,021,425			37,331,615
Cost of shares redeemed
A-Class		(3,204,200	)		(1,185,208	)
C-Class		(146,172	)		(266,056	)
H-Class		(84,208,343	)		(35,803,702	)
Net increase from capital share transactions		3,323,652			1,022,629
Net increase in net assets		2,011,247			1,311,348
Net assets:
Beginning of year		5,246,581			3,935,233
End of year	$	7,257,828		$	5,246,581
Capital share activity:
Shares sold
A-Class		45,340			13,950
C-Class		2,822			6,238
H-Class		1,387,213			764,506
Shares redeemed
A-Class		(54,039	)		(24,708	)
C-Class		(2,790	)		(6,325	)
H-Class		(1,353,118	)		(735,074	)
Net increase in shares		25,428			18,587

82 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

STRENGTHENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	52.63		$	48.47		$	55.34		$	52.46		$	43.45
Income (loss) from investment operations:
Net investment income (loss)a		.38			(.64	)		(.64	)		.16			.19
Net gain (loss) on investments (realized and unrealized)		5.05	e		4.80			(5.95	)		3.17			8.82
Total from investment operations		5.43			4.16			(6.59	)		3.33			9.01
Less distributions from:
Net investment income		—			—			(.28	)		(.45	)		—
Total distributions		—			—			(.28	)		(.45	)		—
Net asset value, end of period	$	58.06		$	52.63		$	48.47		$	55.34		$	52.46
Total Returnb		10.32	%		8.58	%		(11.88	%)		6.38	%		20.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	624		$	1,023		$	1,464		$	2,535		$	1,782
Ratios to average net assets:
Net investment income (loss)		0.64	%		(1.32	%)		(1.26	%)		0.29	%		0.40	%
Total expensesc		1.82	%		1.89	%		1.91	%		2.00	%		1.83	%
Net expensesd		1.79	%		1.86	%		1.87	%		1.96	%		1.82	%
Portfolio turnover rate		—			—			—			—			9	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	45.94		$	42.62		$	49.08		$	46.91		$	39.14
Income (loss) from investment operations:
Net investment income (loss)a		.23			(.87	)		(.90	)		(.16	)		(.15	)
Net gain (loss) on investments (realized and unrealized)		4.14	e		4.19			(5.28	)		2.78			7.92
Total from investment operations		4.37			3.32			(6.18	)		2.62			7.77
Less distributions from:
Net investment income		—			—			(.28	)		(.45	)		—
Total distributions		—			—			(.28	)		(.45	)		—
Net asset value, end of period	$	50.31		$	45.94		$	42.62		$	49.08		$	46.91
Total Returnb		9.51	%		7.79	%		(12.56	%)		5.62	%		19.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	38		$	34		$	35		$	96		$	791
Ratios to average net assets:
Net investment income (loss)		0.43	%		(2.07	%)		(2.00	%)		(0.33	%)		(0.33	%)
Total expensesc		2.56	%		2.66	%		2.67	%		2.77	%		2.59	%
Net expensesd		2.52	%		2.62	%		2.63	%		2.72	%		2.58	%
Portfolio turnover rate		—			—			—			—			9	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 83

STRENGTHENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	52.44		$	48.29		$	55.12		$	52.25		$	43.27
Income (loss) from investment operations:
Net investment income (loss)a		.67			(.66	)		(.70	)		.12			.18
Net gain (loss) on investments (realized and unrealized)		4.75	e		4.81			(5.85	)		3.20			8.80
Total from investment operations		5.42			4.15			(6.55	)		3.32			8.98
Less distributions from:
Net investment income		—			—			(.28	)		(.45	)		—
Total distributions		—			—			(.28	)		(.45	)		—
Net asset value, end of period	$	57.86		$	52.44		$	48.29		$	55.12		$	52.25
Total Return		10.34	%		8.59	%		(11.86	%)		6.39	%		20.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,596		$	4,190		$	2,437		$	10,549		$	5,017
Ratios to average net assets:
Net investment income (loss)		1.08	%		(1.36	%)		(1.36	%)		0.22	%		0.36	%
Total expensesc		1.81	%		1.89	%		1.94	%		2.00	%		1.83	%
Net expensesd		1.77	%		1.85	%		1.90	%		1.96	%		1.82	%
Portfolio turnover rate		—			—			—			—			9	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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	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.

84 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

WEAKENING DOLLAR 2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 200% of the inverse (opposite) of the performance of the U.S. Dollar Index (the “underlying index”).

The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, Weakening Dollar 2x Strategy Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the underlying index. Weakening Dollar 2x Strategy Fund H-Class returned -11.74%, compared with a return of 4.27% for its benchmark, the underlying index.

The Japanese Yen, Euro, and British Pound were the components which contributed the most to the underlying index during the period. The Swiss Franc was the only component detracting from the underlying index during the period.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. Derivatives performed as expected.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

THE RYDEX FUNDS ANNUAL REPORT | 85

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
A-Class	May 25, 2005
C-Class	May 25, 2005
H-Class	May 25, 2005

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

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(11.72%)	(8.72%)	(7.00%)
A-Class Shares with sales charge‡	(15.91%)	(9.61%)	(7.46%)
C-Class Shares	(12.38%)	(9.41%)	(7.70%)
C-Class Shares with CDSC§	(13.25%)	(9.41%)	(7.70%)
H-Class Shares	(11.74%)	(8.74%)	(7.01%)
U.S. Dollar Index	4.27%	2.60%	2.14%

Cumulative Fund Performance*

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The U.S. Dollar Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class and H-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

86 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
WEAKENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 3.3%
U.S. Treasury Bills
3.36% due 04/11/231,2	$	53,000	$	52,946
Total U.S. Treasury Bills
(Cost $52,947)				52,946
REPURCHASE AGREEMENTS††,3 - 77.5%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/234		689,545		689,545
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/234		272,427		272,427
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/234		272,428		272,428
Total Repurchase Agreements
(Cost $1,234,400)				1,234,400
Total Investments - 80.8%
(Cost $1,287,347)			$	1,287,346
Other Assets & Liabilities, net - 19.2%				306,522
Total Net Assets - 100.0%			$	1,593,868

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		27		Jun 2023	$	2,760,345	$	59,734

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

(Federal Funds Rate + 0.10%)

At Maturity

06/20/23

4,173

$

426,700

$

5,751

**	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 March 31, 2023.
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 March 31, 2023.
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 87

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
WEAKENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	—	$	52,946	$	—	$	52,946
Repurchase Agreements		—		1,234,400		—		1,234,400
Currency Futures Contracts**		59,734		—		—		59,734
Currency Index Swap Agreements**		—		5,751		—		5,751
Total Assets	$	59,734	$	1,293,097	$	—	$	1,352,831

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	307,657	$	—	$	(303,616	)	$	(5,840	)	$	1,799	$	—		—	$	1,682
Guggenheim Ultra Short Duration Fund — Institutional Class		308,689		—		(305,050	)		(7,601	)		3,962		—		—		1,149
	$	616,346	$	—	$	(608,666	)	$	(13,441	)	$	5,761	$	—			$	2,831

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WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value (cost $52,947)	$	52,946
Repurchase agreements, at value (cost $1,234,400)		1,234,400
Segregated cash with broker		2,338
Unrealized appreciation on OTC swap agreements		5,751
Receivables:
Fund shares sold		347,342
Swap settlement		3,373
Interest		164
Total assets		1,646,314
Liabilities:
Payable for:
Fund shares redeemed		38,874
Variation margin on futures contracts		9,092
Management fees		969
Portfolio accounting/administration fees		666
Transfer agent and administrative fees		355
Distribution and service fees		273
Trustees’ fees*		19
Miscellaneous		2,198
Total liabilities		52,446
Net assets	$	1,593,868
Net assets consist of:
Paid in capital	$	11,729,530
Total distributable earnings (loss)		(10,135,662	)
Net assets	$	1,593,868
A-Class:
Net assets	$	224,830
Capital shares outstanding		4,592
Net asset value per share	$	48.96
Maximum offering price per share (Net asset value divided by 95.25%)	$	51.40
C-Class:
Net assets	$	5,685
Capital shares outstanding		135
Net asset value per share	$	42.26
H-Class:
Net assets	$	1,363,353
Capital shares outstanding		27,900
Net asset value per share	$	48.87

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	2,831
Interest		34,058
Total investment income		36,889
Expenses:
Management fees		11,598
Distribution and service fees:
A-Class		522
C-Class		247
H-Class		2,638
Transfer agent and administrative fees		2,820
Portfolio accounting and administration fees		1,808
Licensing fees		1,599
Professional fees		697
Trustees’ fees*		203
Custodian fees		186
Miscellaneous		286
Total expenses		22,604
Less:
Expenses reimbursed by Adviser		(446	)
Expenses waived by Adviser		(198	)
Total waived expenses		(644	)
Net expenses		21,960
Net investment income		14,929
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		112
Investments in affiliated issuers		(13,441	)
Swap agreements		(26,790	)
Futures contracts		(110,777	)
Net realized loss		(150,896	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(30	)
Investments in affiliated issuers		5,761
Swap agreements		2,880
Futures contracts		42,071
Net change in unrealized appreciation (depreciation)		50,682
Net realized and unrealized loss		(100,214	)
Net decrease in net assets resulting from operations	$	(85,285	)

* 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 ANNUAL REPORT | 89

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	14,929		$	(17,764	)
Net realized loss on investments		(150,896	)		(251,186	)
Net change in unrealized appreciation (depreciation) on investments		50,682			49,245
Net decrease in net assets resulting from operations		(85,285	)		(219,705	)
Capital share transactions:
Proceeds from sale of shares
A-Class		3,879,273			24,029
C-Class		67,534			—
H-Class		11,565,500			14,847,548
Cost of shares redeemed
A-Class		(3,833,949	)		(190,723	)
C-Class		(79,468	)		(18,380	)
H-Class		(11,130,689	)		(14,718,598	)
Net increase (decrease) from capital share transactions		468,201			(56,124	)
Net increase (decrease) in net assets		382,916			(275,829	)
Net assets:
Beginning of year		1,210,952			1,486,781
End of year	$	1,593,868		$	1,210,952
Capital share activity:
Shares sold
A-Class		77,177			376
C-Class		1,745			—
H-Class		246,282			242,520
Shares redeemed
A-Class		(76,041	)		(2,996	)
C-Class		(1,915	)		(360	)
H-Class		(236,525	)		(241,086	)
Net increase (decrease) in shares		10,723			(1,546	)

90 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

WEAKENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	55.46		$	63.71		$	57.85		$	63.74		$	77.67
Income (loss) from investment operations:
Net investment income (loss)a		.52			(.74	)		(.84	)		.16			.23
Net gain (loss) on investments (realized and unrealized)		(7.02	)		(7.51	)		6.82			(5.84	)		(14.16	)
Total from investment operations		(6.50	)		(8.25	)		5.98			(5.68	)		(13.93	)
Less distributions from:
Net investment income		—			—			(.12	)		(.21	)		—
Total distributions		—			—			(.12	)		(.21	)		—
Net asset value, end of period	$	48.96		$	55.46		$	63.71		$	57.85		$	63.74
Total Returnb		(11.72	%)		(12.95	%)		10.32	%		(8.94	%)		(17.93	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	225		$	192		$	387		$	237		$	296
Ratios to average net assets:
Net investment income (loss)		1.10	%		(1.18	%)		(1.30	%)		0.26	%		0.32	%
Total expensesc		1.74	%		1.90	%		1.90	%		2.01	%		1.80	%
Net expensesd		1.69	%		1.84	%		1.86	%		2.00	%		1.80	%
Portfolio turnover rate		—			—			48	%		—			—

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	48.23		$	55.80		$	51.07		$	56.74		$	69.66
Income (loss) from investment operations:
Net investment income (loss)a		.32			(1.06	)		(1.17	)		(.29	)		(.27	)
Net gain (loss) on investments (realized and unrealized)		(6.29	)		(6.51	)		6.02			(5.17	)		(12.65	)
Total from investment operations		(5.97	)		(7.57	)		4.85			(5.46	)		(12.92	)
Less distributions from:
Net investment income		—			—			(.12	)		(.21	)		—
Total distributions		—			—			(.12	)		(.21	)		—
Net asset value, end of period	$	42.26		$	48.23		$	55.80		$	51.07		$	56.74
Total Returnb		(12.38	%)		(13.57	%)		9.50	%		(9.65	%)		(18.55	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6		$	15		$	37		$	21		$	36
Ratios to average net assets:
Net investment income (loss)		0.81	%		(1.93	%)		(2.04	%)		(0.53	%)		(0.42	%)
Total expensesc		2.37	%		2.66	%		2.66	%		2.75	%		2.53	%
Net expensesd		2.32	%		2.59	%		2.62	%		2.73	%		2.53	%
Portfolio turnover rate		—			—			48	%		—			—

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WEAKENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	55.37		$	63.59		$	57.76		$	63.67		$	77.60
Income (loss) from investment operations:
Net investment income (loss)a		.55			(.73	)		(.93	)		.07			.28
Net gain (loss) on investments (realized and unrealized)		(7.05	)		(7.49	)		6.88			(5.77	)		(14.21	)
Total from investment operations		(6.50	)		(8.22	)		5.95			(5.70	)		(13.93	)
Less distributions from:
Net investment income		—			—			(.12	)		(.21	)		—
Total distributions		—			—			(.12	)		(.21	)		—
Net asset value, end of period	$	48.87		$	55.37		$	63.59		$	57.76		$	63.67
Total Return		(11.74	%)		(12.93	%)		10.29	%		(8.98	%)		(17.95	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,363		$	1,005		$	1,063		$	1,308		$	1,678
Ratios to average net assets:
Net investment income (loss)		1.18	%		(1.17	%)		(1.47	%)		0.12	%		0.41	%
Total expensesc		1.74	%		1.90	%		1.88	%		1.99	%		1.83	%
Net expensesd		1.69	%		1.84	%		1.86	%		1.97	%		1.83	%
Portfolio turnover rate		—			—			48	%		—			—

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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.

92 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

NOTES TO FINANCIAL STATEMENTS

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 (”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At March 31, 2023, the Trust consisted of fifty-two funds.

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

Fund Name	Investment Company Type
S&P 500® Pure Growth Fund	Non-diversified
S&P 500® Pure Value Fund	Non-diversified
S&P MidCap 400® Pure Growth Fund	Non-diversified
S&P MidCap 400® Pure Value Fund	Non-diversified
S&P SmallCap 600® Pure Growth Fund	Non-diversified
S&P SmallCap 600® Pure Value Fund	Non-diversified
Europe 1.25x Strategy Fund	Non-diversified
Japan 2x Strategy Fund	Non-diversified
Strengthening Dollar 2x Strategy Fund	Non-diversified
Weakening Dollar 2x Strategy Fund	Non-diversified

At March 31, 2023, A-Class, C-Class and H-Class shares have been issued by the Funds.

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

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

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

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

(a) Valuation of Investments

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

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser,

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NOTES TO FINANCIAL STATEMENTS (continued)

in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, the investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

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

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

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

The value of futures contracts are valued on the basis of the last sale price at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.

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

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

(b) U.S. Government and Agency Obligations

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

(c) Futures Contracts

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

94 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

(d) Swap Agreements

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

(e) Currency Translations

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

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

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

(f) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(g) Security Transactions

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

(h) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(i) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.83% at March 31, 2023.

THE RYDEX FUNDS ANNUAL REPORT | 95

NOTES TO FINANCIAL STATEMENTS (continued)

(k) Indemnifications

Under the Funds’ organizational documents, the Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note 2 – Derivatives

As part of their investment strategy, the Funds may utilize a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

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

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

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

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Statements of Assets and Liabilities; securities held as collateral are noted on the Schedules of Investments.

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

		Average Notional Amount
Fund	Use	Long		Short
Europe 1.25x Strategy Fund	Index exposure, Leverage, Liquidity	$	6,925,677	$	—
Japan 2x Strategy Fund	Index exposure, Leverage, Liquidity		6,713,281		—
Strengthening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		15,756,393		—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		2,069,571

96 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

Swap Agreements

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

Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty’s inability to perform.

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

		Average Notional Amount
Fund	Use	Long		Short
Strengthening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity	$	4,333,020	$	—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		625,763

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 March 31, 2023:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Currency futures contracts	Variation margin on futures contracts	Variation margin on futures contracts
Credit swap contracts	Unrealized appreciation on OTC swap agreements	Unrealized depreciation on OTC swap agreements

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at March 31, 2023:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Total Value at March 31, 2023
Europe 1.25x Strategy Fund	$	145,075	$	—	$	—	$	145,075
Japan 2x Strategy Fund		545,639		—		—		545,639
Weakening Dollar 2x Strategy Fund		—		59,734		5,751		65,485

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Total Value at March 31, 2023
Europe 1.25x Strategy Fund	$	—	$	34,600	$	—	$	34,600
Japan 2x Strategy Fund		—		142,463		—		142,463
Strengthening Dollar 2x Strategy Fund		—		272,420		108,386		380,806

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

THE RYDEX FUNDS ANNUAL REPORT | 97

NOTES TO FINANCIAL STATEMENTS (continued)

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the year ended March 31, 2023:

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

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statements of Operations categorized by primary risk exposure for the year ended March 31, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Futures Foreign Currency Exchange Risk			Swaps Currency Risk			Total
Europe 1.25x Strategy Fund	$	237,351	$	(93,809	)	$	—		$	143,542
Japan 2x Strategy Fund		162,295		(414,586	)		—			(252,291	)
Strengthening Dollar 2x Strategy Fund		—		(857,853	)		(251,913	)		(1,109,766	)
Weakening Dollar 2x Strategy Fund		—		(110,777	)		(26,790	)		(137,567	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Futures Foreign Currency Exchange Risk			Swaps Currency Risk			Total
Europe 1.25x Strategy Fund	$	(62,435	)	$	(91,967	)	$			$	(154,402	)
Japan 2x Strategy Fund		335,587			(89,591	)		—			245,996
Strengthening Dollar 2x Strategy Fund		—			(102,492	)		(180,176	)		(282,668	)
Weakening Dollar 2x Strategy Fund		—			42,071			2,880			44,951

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

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

Note 3 – Offsetting

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

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

98 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
Weakening Dollar 2x Strategy Fund	Swap currency contracts	$	5,751	$	—	$	5,751	$	—	$	—	$	5,751

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Strengthening Dollar 2x Strategy Fund	Swap currency contracts	$	108,386	$	—	$	108,386	$	(108,386	)	$	—	$	—

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 March 31, 2023.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Europe 1.25x Strategy Fund	Goldman Sachs International	Futures contracts	$	884,194	$	—
Japan 2x Strategy Fund	Goldman Sachs International	Futures contracts		40,222		—
Weakening Dollar 2x Strategy Fund	Goldman Sachs International	Futures contracts		2,338		—

THE RYDEX FUNDS ANNUAL REPORT | 99

NOTES TO FINANCIAL STATEMENTS (continued)

Note 4 – Fair Value Measurement

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

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

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

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

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

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

The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees calculated at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
S&P 500® Pure Growth Fund		0.75	%
S&P 500® Pure Value Fund		0.75	%
S&P MidCap 400® Pure Growth Fund		0.75	%
S&P MidCap 400® Pure Value Fund		0.75	%
S&P SmallCap 600® Pure Growth Fund		0.75	%
S&P SmallCap 600® Pure Value Fund		0.75	%
Europe 1.25x Strategy Fund		0.90	%
Japan 2x Strategy Fund		0.75	%
Strengthening Dollar 2x Strategy Fund		0.90	%
Weakening Dollar 2x Strategy Fund		0.90	%

100 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

When the aggregate assets of each series of the Trust (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

Fund Assets Under Management	Fund Asset-Based Breakpoint Reductions
$500 million – $1 billion	0.025%
>$1 billion – $2 billion	0.050%
>$2 billion	0.075%

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted a Distribution Plan applicable to A-Class shares and H-Class shares, under which GFD and other firms that provide distribution and/or shareholder services (“Service Providers”) may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares, that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ C-Class shares average daily net assets. The annual 0.25% service fee compensates a shareholder’s financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder’s financial adviser an ongoing sales commission. GFD advances the first year’s service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the year ended March 31, 2023, GFD retained sales charges of $91,746 relating to sales of A-Class 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 year ended March 31, 2023, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Europe 1.25x Strategy Fund	$	303
Japan 2x Strategy Fund		109
Strengthening Dollar 2x Strategy Fund		438
Weakening Dollar 2x Strategy Fund		198

The Board has adopted a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for Europe 1.25x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This was effective on August 1, 2022 and the end of the initial term is August 1, 2023. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board upon sixty days written notice.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

THE RYDEX FUNDS ANNUAL REPORT | 101

NOTES TO FINANCIAL STATEMENTS (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 March 31, 2023, 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 Bonds
4.80%					1.38% - 2.88%
Due 04/03/23	$	149,891,321	$	149,951,278	Due 08/15/50 - 05/15/52	$	252,867,100	$	152,889,157
BofA Securities, Inc.					U.S. Treasury Bonds
4.78%					1.88% - 3.00%
Due 04/03/23		59,219,537		59,243,126	Due 02/15/41 - 11/15/44		72,519,500		60,404,008
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
4.80%					0.13% - 1.00%
Due 04/03/23		59,219,537		59,243,225	Due 10/15/26 - 02/15/46		64,469,037		60,404,002

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

Note 7 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund — Class X. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

102 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

At March 31, 2023, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

	Gross Amounts Not Offset in the Statements of Assets and Liabilities							Securities Lending Collateral
Fund	Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested			Cash Collateral Uninvested		Total Collateral
S&P 500® Pure Value Fund	$	495,148	$	(493,817	)	$	1,331	$	493,817	*	$	—	$	493,817
S&P MidCap 400® Pure Value Fund		174,029		(172,620	)		1,409		172,620	*		—		172,620
S&P SmallCap 600® Pure Growth Fund		49,712		(49,712	)		—		49,712			—		49,712
S&P SmallCap 600® Pure Value Fund		74,487		(74,487	)		—		74,552			—		74,552
Europe 1.25x Strategy Fund		74,079		(74,079	)		—		75,187			—		75,187

(a)	Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.
*	Subsequent to March 31, 2023, additional collateral was received.

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

Note 8 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

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

The tax character of distributions paid during the year ended March 31, 2023 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
S&P 500®Pure Value Fund	$	748,446	$	—	$	748,446
S&P MidCap 400®Pure Growth Fund		—		4,111,095		4,111,095
S&P MidCap 400®Pure Value Fund		2,668,409		—		2,668,409

THE RYDEX FUNDS ANNUAL REPORT | 103

NOTES TO FINANCIAL STATEMENTS (continued)

The tax character of distributions paid during the year ended March 31, 2022 was as follows:    

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
S&P 500® Pure Growth Fund	$	570,074	$	1,958,508	$	2,528,582
S&P 500® Pure Value Fund		393,263		—		393,263
S&P MidCap 400® Pure Growth Fund		6,277,168		—		6,277,168
S&P MidCap 400® Pure Value Fund		2,336,239		—		2,336,239
S&P SmallCap 600® Pure Growth Fund		2,476,491		—		2,476,491

Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.

The tax components of distributable earnings/(loss) as of March 31, 2023 were as follows:    

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital and Other Losses			Total
S&P 500® Pure Growth Fund	$	—	$	—	$	677,721		$	(1,864,158	)	$	(1,186,437	)
S&P 500® Pure Value Fund		76,195		—		(3,434,202	)		(11,712,007	)		(15,070,014	)
S&P MidCap 400® Pure Growth Fund		—		—		323,145			(3,469,355	)		(3,146,210	)
S&P MidCap 400® Pure Value Fund		191,352		—		58,620			(1,475,579	)		(1,225,607	)
S&P SmallCap 600® Pure Growth Fund		—		—		94,286			—			94,286
S&P SmallCap 600® Pure Value Fund		45,269		—		(26,546	)		(19,479,761	)		(19,461,038	)
Europe 1.25x Strategy Fund		27,662		—		80,293			(1,112,241	)		(1,004,286	)
Japan 2x Strategy Fund		14,066		—		(24	)		(2,277,987	)		(2,263,945	)
Strengthening Dollar 2x Strategy Fund		80,753		—		(4	)		(20,283,924	)		(20,203,175	)
Weakening Dollar 2x Strategy Fund		11,426		—		(1	)		(10,147,087	)		(10,135,662	)

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. The Funds are permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of March 31, 2023, capital loss carryforwards for the Funds were as follows:

	Unlimited
Fund	Short-Term			Long-Term			Total Capital Loss Carryforward
S&P 500® Pure Value Fund	$	(10,198,114	)	$	(1,513,893	)	$	(11,712,007	)
S&P MidCap 400® Pure Growth Fund		(1,391,767	)		(1,978,604	)		(3,370,371	)
S&P MidCap 400® Pure Value Fund		(1,475,579	)		—			(1,475,579	)
S&P SmallCap 600® Pure Value Fund		(19,479,761	)		—			(19,479,761	)
Europe 1.25x Strategy Fund		(692,896	)		(419,345	)		(1,112,241	)
Japan 2x Strategy Fund		(584,888	)		(1,693,099	)		(2,277,987	)
Strengthening Dollar 2x Strategy Fund		(8,152,235	)		(12,131,689	)		(20,283,924	)
Weakening Dollar 2x Strategy Fund		(4,065,677	)		(6,081,410	)		(10,147,087	)

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to investments in real estate investment trusts, foreign currency gains and losses, losses deferred due to wash sales, distributions in connection with redemption of fund shares, and the “mark-to-market” of certain derivatives. Additional differences may result from the tax treatment of net operating losses and the deferral of qualified late-year losses. To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

104 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

The following adjustments were made on the Statements of Assets and Liabilities as of March 31, 2023 for permanent book/tax differences:

Fund	Paid In Capital			Total Distributable Earnings/(Loss)
S&P 500® Pure Growth Fund	$	639,715		$	(639,715	)
S&P 500® Pure Value Fund		1,100			(1,100	)
S&P MidCap 400® Pure Growth Fund		(168,626	)		168,626
S&P SmallCap 600® Pure Growth Fund		330,766			(330,766	)

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation/ (Depreciation)
S&P 500® Pure Growth Fund	$	33,572,686	$	1,769,541	$	(1,091,820	)	$	677,721
S&P 500® Pure Value Fund		21,415,072		—		(3,434,202	)		(3,434,202	)
S&P MidCap 400® Pure Growth Fund		27,510,543		1,866,804		(1,543,659	)		323,145
S&P MidCap 400® Pure Value Fund		11,904,281		367,390		(308,770	)		58,620
S&P SmallCap 600® Pure Growth Fund		4,579,804		359,500		(265,214	)		94,286
S&P SmallCap 600® Pure Value Fund		8,842,480		327,377		(353,923	)		(26,546	)
Europe 1.25x Strategy Fund		13,007,032		151,454		(71,085	)		80,369
Japan 2x Strategy Fund		7,285,903		225,935		(225,959	)		(24	)
Strengthening Dollar 2x Strategy Fund		7,380,946		—		(4	)		(4	)
Weakening Dollar 2x Strategy Fund		1,287,347		—		(1	)		(1	)

Pursuant to U.S. federal income tax regulations applicable to regulated investment companies, the Funds have elected to treat net capital losses and certain ordinary losses realized between November 1 and March 31 of each year as occurring on the first day of the following tax year. The Funds have also elected to treat certain ordinary losses realized between January 1 and March 31 of each year as occurring on the first day of the following tax year. For the year ended March 31, 2023, the following losses reflected in the accompanying financial statements were deferred for U.S. federal income tax purposes until April 1, 2023:

Fund	Ordinary			Capital
S&P 500® Pure Growth Fund	$	—		$	(1,864,158	)
S&P MidCap 400® Pure Growth Fund		(98,984	)		—

Note 9 – Securities Transactions

For the year ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
S&P 500® Pure Growth Fund	$	167,691,273	$	169,540,801
S&P 500® Pure Value Fund		384,614,432		520,905,336
S&P MidCap 400® Pure Growth Fund		136,016,160		142,339,669
S&P MidCap 400® Pure Value Fund		333,533,830		350,556,733
S&P SmallCap 600® Pure Growth Fund		112,939,652		113,759,959
S&P SmallCap 600® Pure Value Fund		247,510,267		257,663,361
Europe 1.25x Strategy Fund		7,855,625		3,408,851
Japan 2x Strategy Fund		—		275,584
Strengthening Dollar 2x Strategy Fund		—		1,222,010
Weakening Dollar 2x Strategy Fund		—		608,667

THE RYDEX FUNDS ANNUAL REPORT | 105

NOTES TO FINANCIAL STATEMENTS (continued)

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the year ended March 31, 2023, the Funds engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Gain (Loss)
S&P 500® Pure Growth Fund	$	9,385,022	$	19,592,517	$	(235,650	)
S&P 500® Pure Value Fund		11,801,470		32,860,483		303,919
S&P MidCap 400® Pure Growth Fund		4,991,825		4,520,533		146,790
S&P MidCap 400® Pure Value Fund		5,225,488		7,018,308		184,222
S&P SmallCap 600® Pure Growth Fund		1,816,726		2,687,592		157,997
S&P SmallCap 600® Pure Value Fund		2,549,684		2,504,796		165,535
Europe 1.25x Strategy Fund		497,954		1,152,766		(24,725	)

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 6, 2022, the line of credit agreement was renewed and expires on June 5, 2023. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 3.87% for the year ended March 31, 2023. The Funds did not have any borrowings outstanding under this agreement at March 31, 2023.

The average daily balances borrowed for the year ended March 31, 2023, were as follows:

Fund	Average Daily Balance
S&P 500® Pure Value Fund	$	3,649
S&P MidCap 400® Pure Growth Fund		74
S&P MidCap 400® Pure Value Fund		6,499
S&P SmallCap 600® Pure Growth Fund		548
S&P SmallCap 600® Pure Value Fund		195
Strengthening Dollar 2x Strategy Fund		2,227

Note 11 – Market Risks

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

106 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (concluded)

Note 12 – Subsequent Events

On May 24, 2023, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for 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, 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 arrangement will take effect on August 1, 2023 and the end of the initial term is August 1, 2024. 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.

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

THE RYDEX FUNDS ANNUAL REPORT | 107

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of 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, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund and the Board of Trustees of Rydex Series Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of 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, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund, and Weakening Dollar 2x Strategy Fund (collectively referred to as the “Funds”), (ten of the funds constituting Rydex Series Funds (the “Trust”)), including the schedules of investments, as of March 31, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (ten of the funds constituting Rydex Series Funds) at March 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Guggenheim investment companies since 1979.

Tysons, Virginia
May 25, 2023

108 | THE RYDEX FUNDS ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Federal Income Tax Information

This information is being provided as required by the Internal Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.    

In January 2024, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2023.

The Funds’ investment income (dividend income plus short-term capital gains, if any) qualifies as follows:

Of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2023, the following funds had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief and Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income and dividend received deduction columns, respectively, in the table below.

Additionally, of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2023, the following funds had the corresponding percentages qualify as interest related dividends and qualified short-term capital gains as permitted by IRC Section 871(k)(1) and IRC Section 871(k)(2), respectively. See the qualified interest income and qualified short-term capital gain columns, respectively, in the table below.

Fund	Qualified Dividend Income			Dividend Received Deduction			Qualified Interest Income			Qualified Short-Term Capital Gain
S&P 500® Pure Value Fund		100.00	%		100.00	%		0.32	%		0.00	%
S&P MidCap 400® Pure Value Fund		9.71	%		8.95	%		0.39	%		100.00	%

With respect to the taxable year ended March 31, 2023, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:

Fund	From long-term capital gain:		From long-term capital gain, using proceeds from shareholder redemptions:
S&P 500® Pure Growth Fund	$	—	$	686,039
S&P MidCap 400® Pure Growth Fund		4,111,095		—

Delivery of Shareholder Reports

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

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

Proxy Voting Information

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

THE RYDEX FUNDS ANNUAL REPORT | 109

OTHER INFORMATION (Unaudited)(concluded)

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

Sector Classification

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

Quarterly Portfolio Schedules Information

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

110 | THE RYDEX FUNDS ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

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

THE RYDEX FUNDS ANNUAL REPORT | 111

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

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

112 | THE RYDEX FUNDS ANNUAL REPORT

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

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

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

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

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

114 | THE RYDEX FUNDS ANNUAL REPORT

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

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

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

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

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

116 | THE RYDEX FUNDS ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

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

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

Our Commitment to You

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

The Information We Collect About You

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

How We Handle Your Personal Information

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

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

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 117

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

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

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

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

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

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud). If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

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

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

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

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

118 | THE RYDEX FUNDS ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

How We Safeguard Your Personal Information and Data Retention

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

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

International Visitors

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

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

We’ll Keep You Informed

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

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

THE RYDEX FUNDS ANNUAL REPORT | 119

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3.31.2023

Rydex Funds Annual Report

Domestic Equity Funds

Nova Fund

S&P 500^® Fund

Inverse S&P 500^® Strategy Fund

Monthly Rebalance NASDAQ-100^® 2x Strategy Fund

Inverse NASDAQ-100^® Strategy Fund

Mid-Cap 1.5x Strategy Fund

Inverse Mid-Cap Strategy Fund

Russell 2000^® 1.5x Strategy Fund

Russell 2000^® Fund

Inverse Russell 2000^® Strategy Fund

Dow Jones Industrial Average^® Fund

Fixed Income Funds

Government Long Bond 1.2x Strategy Fund

Inverse Government Long Bond Strategy Fund

High Yield Strategy Fund

Inverse High Yield Strategy Fund

Money Market Fund

U.S. Government Money Market Fund

GuggenheimInvestments.com RBENF-ANN-0323x0324

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS	6
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
NOVA FUND	12
S&P 500® FUND	26
INVERSE S&P 500® STRATEGY FUND	39
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND	48
INVERSE NASDAQ-100® STRATEGY FUND	58
MID-CAP 1.5x STRATEGY FUND	67
INVERSE MID-CAP STRATEGY FUND	79
RUSSELL 2000® 1.5x STRATEGY FUND	87
RUSSELL 2000® FUND	114
INVERSE RUSSELL 2000® STRATEGY FUND	140
DOW JONES INDUSTRIAL AVERAGE® FUND	148
GOVERNMENT LONG BOND 1.2x STRATEGY FUND	157
INVERSE GOVERNMENT LONG BOND STRATEGY FUND	166
HIGH YIELD STRATEGY FUND	177
INVERSE HIGH YIELD STRATEGY FUND	187
U.S. GOVERNMENT MONEY MARKET FUND	196
NOTES TO FINANCIAL STATEMENTS	202
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	221
OTHER INFORMATION	222
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	224
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	230

THE RYDEX FUNDS ANNUAL REPORT | 1

March 31, 2023

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for a selection of our funds (the “Fund” or “Funds”). This report covers performance for the 12-month period ended March 31, 2023 (the “Reporting Period”).

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

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

We encourage you to read the Economic and Market Overview section of the report, which follows this letter, and then the Performance Report and Fund Profile for each Fund.

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

Sincerely,

Security Investors, LLC

April 30, 2023

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

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

Inverse and leveraged Funds are not suitable for all investors. ● These funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, (c) understand the risk of shorting, and (d) intend to actively monitor and manage their investments. ● The more a fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● Inverse funds involve certain risks, which include increased volatility due to the funds’ possible use of short sales of securities and derivatives, such as options and futures. ● The funds’ use of derivatives, such as futures, options and swap agreements, may expose the funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Short-selling involves increased risks and costs. You risk paying more for a security than you received from its sale. ● Leveraged and inverse funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. For those funds that consistently apply leverage, the value of the funds’ shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. The funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse funds’ holdings consistent with their strategies, as frequently as daily. ● For more on these and other risks, please read the prospectus.

2 | THE RYDEX FUNDS ANNUAL REPORT

March 31, 2023

The Government Long Bond 1.2x Strategy Fund and Inverse Government Long Bond Strategy Fund are not suitable for all investors. ● These funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. ● The more a fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● The funds’ use of derivatives, such as futures, options and swap agreements, may expose the funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Leveraged and inverse funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. For those funds that consistently apply leverage, the value of the funds’ shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. The funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged funds’ holdings consistent with their strategies, as frequently as daily. ● In general, bond prices rise when interest rates fall, and vice versa. Moreover, while securities with longer maturities tend to produce higher yields, the price of longer maturity securities is also subject to greater fluctuations as a result of changes in interest rates. ● It is important to note that the funds are not guaranteed by the U.S. government. ● There are no assurances that any Guggenheim fund will achieve its objective and/or strategy. These funds are subject to active trading and tracking error risks, which may increase volatility, impact the Fund’s ability to achieve its investment objective, and may decrease the fund’s performance. ● For more on these and other risks, please read the prospectus.

The High Yield Strategy Fund and Inverse High Yield Strategy Fund may not be suitable for all investors. ● The funds’ use of derivatives such as futures, options, and swap agreements will expose the funds to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● A highly liquid secondary market may not exist for the credit default swaps the funds invest in, and there can be no assurance that a highly liquid secondary market will develop. ● The funds’ market value will change in response to interest rate changes and market conditions among other factors. ● You may have a gain or loss when you sell your shares. ● In general, bond prices rise when interest rates fall, and vice versa. ● The funds’ exposure to the high yield bond market may subject the funds to greater volatility because (i) they will be affected by the ability of high yield security issuers’ ability to make principal and interest payments and (ii) the prices of derivatives linked to high yield bonds may fluctuate unpredictably and not necessarily in relation to interest rates. ● It is important to note that the funds are not guaranteed by the U.S. government. ● The funds are subject to active trading risks that may increase volatility and impact their ability to achieve their investment objective. ● For more on these and other risks, please read the prospectus.

Monthly leveraged funds are not suitable for all investors. ● These funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking monthly leveraged investment results, and (c) intend to actively monitor and manage their investments. ● The more a fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● The fund’s use of derivatives, such as futures, options, and swap agreements, may expose the fund’s shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Monthly leveraged funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a monthly basis. Because monthly leveraged funds seek to track the performance of their benchmark on a monthly basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the quarterly, annual or other period performance of its benchmark. Due to the compounding of monthly returns, leveraged funds’ returns over periods other than one calendar month will likely differ in amount and possibly direction from the benchmark return for the same period. For those funds that consistently apply leverage, the value of the funds’ shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. Monthly leveraged funds rebalance their portfolios on a monthly basis on the last day of each calendar month, increasing exposure in response to that month’s gains or reducing exposure in response to that month’s losses. ● Throughout the month, the amount of leverage that a monthly leveraged fund provides is allowed to float. Purchasing monthly leveraged funds on any day other than the last day of each calendar month will likely mean that the monthly leveraged fund’s actual leverage is different from its monthly leverage target. Investors should monitor their monthly leveraged funds’ holdings consistent with their strategies, as frequently as daily. ● For more on these and other risks, please read the monthly leveraged funds’ prospectus.

The U.S. Government Money Market Fund may not be suitable for all investors. ● You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. ● For more on these and other risks, please read the prospectus.

THE RYDEX FUNDS ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6% to 1.2%. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned -7.73%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -1.38%. The return of the MSCI Emerging Markets Index* was -10.70%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -4.78% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned -3.34%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 2.53% for the Reporting Period.

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

*Index Definitions:

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

Bloomberg U.S. Long Treasury Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and nonconvertible. The U.S. Long Treasury Index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

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

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

Bloomberg U.S. Treasury Bellwethers 30 Yr. Index is an unmanaged index representing the on-the-run (most recently auctioned) U.S. Treasury bond with 30 years’ maturity.

4 | THE RYDEX FUNDS ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

Dow Jones Industrial Average^® is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq.

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

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

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

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

Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

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

S&P MidCap 400^® Index provides investors with a benchmark for mid-sized companies. The index covers approximately 7% of the U.S. equity market, and seeks to remain an accurate measure of mid-sized companies, reflecting the risk and return characteristics of the broader mid-cap universe on an on-going basis.

THE RYDEX FUNDS ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

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

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

An Example of Compounding

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

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

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

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

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

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

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

6 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2022 and ending March 31, 2023.

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

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Nova Fund
Investor Class	1.30%	21.25%	$ 1,000.00	$ 1,212.50	$ 7.17
A-Class	1.55%	21.08%	1,000.00	1,210.80	8.54
C-Class	2.29%	20.63%	1,000.00	1,206.30	12.60
H-Class	1.56%	21.12%	1,000.00	1,211.20	8.60
S&P 500® Fund
A-Class	1.61%	14.62%	1,000.00	1,146.20	8.61
C-Class	2.36%	14.19%	1,000.00	1,141.90	12.60
H-Class	1.61%	14.62%	1,000.00	1,146.20	8.61
Inverse S&P 500® Strategy Fund
Investor Class	1.48%	(12.18%)	1,000.00	878.20	6.93
A-Class	1.73%	(12.31%)	1,000.00	876.90	8.10
C-Class	2.47%	(12.63%)	1,000.00	873.70	11.54
H-Class	1.71%	(12.25%)	1,000.00	877.50	8.00
Monthly Rebalance NASDAQ-100® 2x Strategy Fund
A-Class	1.33%	37.20%	1,000.00	1,372.00	7.87
C-Class	2.08%	36.69%	1,000.00	1,366.90	12.27
H-Class	1.34%	37.19%	1,000.00	1,371.90	7.92
Inverse NASDAQ-100® Strategy Fund
Investor Class	1.56%	(17.41%)	1,000.00	825.90	7.10
A-Class	1.78%	(17.50%)	1,000.00	825.00	8.10
C-Class	2.55%	(17.80%)	1,000.00	822.00	11.58
H-Class	1.84%	(17.57%)	1,000.00	824.30	8.37
Mid-Cap 1.5x Strategy Fund
A-Class	1.64%	19.91%	1,000.00	1,199.10	8.99
C-Class	2.39%	19.46%	1,000.00	1,194.60	13.08
H-Class	1.64%	19.92%	1,000.00	1,199.20	8.99
Inverse Mid-Cap Strategy Fund
A-Class	1.75%	(12.38%)	1,000.00	876.20	8.19
C-Class	2.50%	(12.32%)	1,000.00	876.80	11.70
H-Class	1.76%	(12.35%)	1,000.00	876.50	8.23
Russell 2000® 1.5x Strategy Fund
A-Class	1.67%	11.01%	1,000.00	1,110.10	8.79
C-Class	2.42%	10.60%	1,000.00	1,106.00	12.71
H-Class	1.67%	11.01%	1,000.00	1,110.10	8.79
Russell 2000® Fund
A-Class	1.65%	8.36%	1,000.00	1,083.60	8.57
C-Class	2.40%	7.92%	1,000.00	1,079.20	12.44
H-Class	1.65%	8.35%	1,000.00	1,083.50	8.57
Inverse Russell 2000® Strategy Fund
A-Class	1.75%	(8.10%)	1,000.00	919.00	8.37
C-Class	2.49%	(8.45%)	1,000.00	915.50	11.89
H-Class	1.70%	(8.10%)	1,000.00	919.00	8.13

8 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Dow Jones Industrial Average® Fund
A-Class	1.57%	16.16%	$ 1,000.00	$ 1,161.60	$ 8.46
C-Class	2.32%	15.75%	1,000.00	1,157.50	12.48
H-Class	1.57%	16.18%	1,000.00	1,161.80	8.46
Government Long Bond 1.2x Strategy Fund
Investor Class	1.00%	3.28%	1,000.00	1,032.80	5.07
A-Class	1.24%	3.13%	1,000.00	1,031.30	6.28
C-Class	1.99%	2.75%	1,000.00	1,027.50	10.06
H-Class	1.24%	3.18%	1,000.00	1,031.80	6.28
Inverse Government Long Bond Strategy Fund
Investor Class	4.59%	(1.88%)	1,000.00	981.20	22.67
A-Class	4.78%	(2.00%)	1,000.00	980.00	23.60
C-Class	5.57%	(2.36%)	1,000.00	976.40	27.45
H-Class	4.80%	(1.99%)	1,000.00	980.10	23.70
High Yield Strategy Fund
A-Class	1.52%	10.75%	1,000.00	1,107.50	7.99
C-Class	2.27%	10.34%	1,000.00	1,103.40	11.90
H-Class	1.53%	10.76%	1,000.00	1,107.60	8.04
Inverse High Yield Strategy Fund
A-Class	1.53%	(7.88%)	1,000.00	921.20	7.33
C-Class	2.29%	(8.20%)	1,000.00	918.00	10.95
H-Class	1.53%	(7.86%)	1,000.00	921.40	7.33
U.S. Government Money Market Fund	1.00%	1.55%	1,000.00	1,015.50	5.02

THE RYDEX FUNDS ANNUAL REPORT | 9

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Nova Fund
Investor Class	1.30%	5.00%	$ 1,000.00	$ 1,018.45	$ 6.54
A-Class	1.55%	5.00%	1,000.00	1,017.20	7.80
C-Class	2.29%	5.00%	1,000.00	1,013.51	11.50
H-Class	1.56%	5.00%	1,000.00	1,017.15	7.85
S&P 500® Fund
A-Class	1.61%	5.00%	1,000.00	1,016.90	8.10
C-Class	2.36%	5.00%	1,000.00	1,013.16	11.85
H-Class	1.61%	5.00%	1,000.00	1,016.90	8.10
Inverse S&P 500® Strategy Fund
Investor Class	1.48%	5.00%	1,000.00	1,017.55	7.44
A-Class	1.73%	5.00%	1,000.00	1,016.31	8.70
C-Class	2.47%	5.00%	1,000.00	1,012.62	12.39
H-Class	1.71%	5.00%	1,000.00	1,016.40	8.60
Monthly Rebalance NASDAQ-100® 2x Strategy Fund
A-Class	1.33%	5.00%	1,000.00	1,018.30	6.69
C-Class	2.08%	5.00%	1,000.00	1,014.56	10.45
H-Class	1.34%	5.00%	1,000.00	1,018.25	6.74
Inverse NASDAQ-100® Strategy Fund
Investor Class	1.56%	5.00%	1,000.00	1,017.15	7.85
A-Class	1.78%	5.00%	1,000.00	1,016.06	8.95
C-Class	2.55%	5.00%	1,000.00	1,012.22	12.79
H-Class	1.84%	5.00%	1,000.00	1,015.76	9.25
Mid-Cap 1.5x Strategy Fund
A-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
C-Class	2.39%	5.00%	1,000.00	1,013.01	11.99
H-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
Inverse Mid-Cap Strategy Fund
A-Class	1.75%	5.00%	1,000.00	1,016.21	8.80
C-Class	2.50%	5.00%	1,000.00	1,012.47	12.54
H-Class	1.76%	5.00%	1,000.00	1,016.16	8.85
Russell 2000® 1.5x Strategy Fund
A-Class	1.67%	5.00%	1,000.00	1,016.60	8.40
C-Class	2.42%	5.00%	1,000.00	1,012.86	12.14
H-Class	1.67%	5.00%	1,000.00	1,016.60	8.40
Russell 2000® Fund
A-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
C-Class	2.40%	5.00%	1,000.00	1,012.96	12.04
H-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
Inverse Russell 2000® Strategy Fund
A-Class	1.74%	5.00%	1,000.00	1,016.21	8.80
C-Class	2.49%	5.00%	1,000.00	1,012.52	12.49
H-Class	1.70%	5.00%	1,000.00	1,016.45	8.55

10 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Dow Jones Industrial Average® Fund
A-Class	1.57%	5.00%	$ 1,000.00	$ 1,017.10	$ 7.90
C-Class	2.32%	5.00%	1,000.00	1,013.36	11.65
H-Class	1.57%	5.00%	1,000.00	1,017.10	7.90
Government Long Bond 1.2x Strategy Fund
Investor Class	1.00%	5.00%	1,000.00	1,019.95	5.04
A-Class	1.24%	5.00%	1,000.00	1,018.75	6.24
C-Class	1.99%	5.00%	1,000.00	1,015.01	10.00
H-Class	1.24%	5.00%	1,000.00	1,018.75	6.24
Inverse Government Long Bond Strategy Fund
Investor Class	4.59%	5.00%	1,000.00	1,002.04	22.91
A-Class	4.78%	5.00%	1,000.00	1,001.10	23.85
C-Class	5.57%	5.00%	1,000.00	997.16	27.73
H-Class	4.80%	5.00%	1,000.00	1,001.00	23.95
High Yield Strategy Fund
A-Class	1.52%	5.00%	1,000.00	1,017.35	7.64
C-Class	2.27%	5.00%	1,000.00	1,013.61	11.40
H-Class	1.53%	5.00%	1,000.00	1,017.30	7.70
Inverse High Yield Strategy Fund
A-Class	1.53%	5.00%	1,000.00	1,017.30	7.70
C-Class	2.29%	5.00%	1,000.00	1,013.51	11.50
H-Class	1.53%	5.00%	1,000.00	1,017.30	7.70
U.S. Government Money Market Fund	1.00%	5.00%	1,000.00	1,019.95	5.04

1	This ratio represents annualized Net Expense, which includes interest expense related to securities sold short. Excluding short interest expense, the operating ratio of the Inverse Government Long Bond Strategy Fund would be 1.38%, 1.62%, 2.37% and 1.62% for Investor Class, A-Class, C-Class, and H-Class, respectively. Excludes expenses of the underlying funds in which the Funds invests, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2022 to March 31, 2023.

THE RYDEX FUNDS ANNUAL REPORT | 11

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

NOVA FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 150% of the performance of the S&P 500^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, Nova Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index. Nova Fund Investor Class returned -16.18%, while the S&P 500 Index returned -7.73% over the same time period.

The sectors contributing the most to the return of the underlying index were Energy, Industrials, and Consumer Staples. The sectors detracting the most were Consumer Discretionary, Communication Services, and Financials.

The holdings contributing the most to the return of the underlying index were Exxon Mobil Corp., Merck & Co., Inc., and Eli Lilly and Co. The holdings detracting the most were Amazon.com, Inc., Tesla, Inc., and Alphabet, Inc. - Class A.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. Derivatives performed as expected.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

12 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
Investor Class	July 12, 1993
A-Class	March 31, 2004
C-Class	March 14, 2001
H-Class	September 18, 2014

Cumulative Fund Performance*

Ten Largest Holdings	(% of Total Net Assets)
Apple, Inc.	5.1%
Microsoft Corp.	4.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.0%
Guggenheim Strategy Fund II	2.3%
Amazon.com, Inc.	1.9%
Guggenheim Strategy Fund III	1.7%
NVIDIA Corp.	1.4%
Alphabet, Inc. — Class A	1.3%
Tesla, Inc.	1.2%
Berkshire Hathaway, Inc. — Class B	1.2%
Top Ten Total	23.6%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(16.18%)	12.00%	14.77%
A-Class Shares	(16.42%)	11.74%	14.49%
A-Class Shares with sales charge‡	(20.39%)	10.65%	13.93%
C-Class Shares	(17.04%)	10.90%	13.64%
C-Class Shares with CDSC§	(17.67%)	10.90%	13.64%
S&P 500 Index	(7.73%)	11.19%	12.24%

	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(16.38%)	11.74%	12.04%
S&P 500 Index	(7.73%)	11.19%	10.81%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class shares and H-Class shares will vary due to differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 13

SCHEDULE OF INVESTMENTS	March 31, 2023
NOVA FUND

	Shares		Value
COMMON STOCKS† - 71.8%
Technology — 18.1%
Apple, Inc.		79,830	$	13,163,967
Microsoft Corp.		39,955		11,519,027
NVIDIA Corp.		13,205		3,667,953
Broadcom, Inc.		2,243		1,438,974
Salesforce, Inc.*		5,367		1,072,219
Accenture plc — Class A		3,380		966,038
Adobe, Inc.*		2,457		946,854
Texas Instruments, Inc.		4,864		904,753
Advanced Micro Devices, Inc.*		8,655		848,277
Oracle Corp.		8,249		766,497
QUALCOMM, Inc.		5,985		763,566
Intel Corp.		22,206		725,470
Intuit, Inc.		1,508		672,312
International Business Machines Corp.		4,853		636,180
Applied Materials, Inc.		4,525		555,806
Analog Devices, Inc.		2,721		536,636
ServiceNow, Inc.*		1,090		506,545
Fiserv, Inc.*		3,409		385,319
Lam Research Corp.		724		383,807
Micron Technology, Inc.		5,857		353,411
Activision Blizzard, Inc.		3,823		327,211
Synopsys, Inc.*		818		315,953
Cadence Design Systems, Inc.*		1,472		309,252
KLA Corp.		743		296,583
NXP Semiconductor N.V.		1,391		259,387
Roper Technologies, Inc.		569		250,753
Microchip Technology, Inc.		2,940		246,313
Autodesk, Inc.*		1,158		241,049
MSCI, Inc. — Class A		429		240,107
Fortinet, Inc.*		3,481		231,347
Paychex, Inc.		1,722		197,324
ON Semiconductor Corp.*		2,318		190,818
Fidelity National Information Services, Inc.		3,184		172,987
Electronic Arts, Inc.		1,398		168,389
Cognizant Technology Solutions Corp. — Class A		2,732		166,461
ANSYS, Inc.*		468		155,750
HP, Inc.		4,639		136,155
Monolithic Power Systems, Inc.		240		120,130
Hewlett Packard Enterprise Co.		6,880		109,598
Take-Two Interactive Software, Inc.*		851		101,524
Skyworks Solutions, Inc.		853		100,637
Fair Isaac Corp.*		134		94,160
Broadridge Financial Solutions, Inc.		632		92,632
EPAM Systems, Inc.*		308		92,092
Teradyne, Inc.		836		89,878
Zebra Technologies Corp. — Class A*		277		88,086
Tyler Technologies, Inc.*		223		79,085
Paycom Software, Inc.*		259		78,739
NetApp, Inc.		1,157		73,874
PTC, Inc.*		571		73,219
Seagate Technology Holdings plc		1,031		68,170
Leidos Holdings, Inc.		734		67,572
Akamai Technologies, Inc.*		844		66,085
Western Digital Corp.*		1,714		64,566
Ceridian HCM Holding, Inc.*		826		60,480
Jack Henry & Associates, Inc.		392		59,082
Qorvo, Inc.*		536		54,441
DXC Technology Co.*		1,222		31,234
Total Technology				46,384,734
Consumer, Non-cyclical — 15.4%
UnitedHealth Group, Inc.		5,015		2,370,039
Johnson & Johnson		14,033		2,175,115
Procter & Gamble Co.		12,663		1,882,862
AbbVie, Inc.		9,493		1,512,899
Eli Lilly & Co.		4,233		1,453,697
Merck & Company, Inc.		13,609		1,447,861
PepsiCo, Inc.		7,392		1,347,562
Coca-Cola Co.		20,891		1,295,869
Pfizer, Inc.		30,130		1,229,304
Thermo Fisher Scientific, Inc.		2,105		1,213,259
Abbott Laboratories		9,359		947,692
Danaher Corp.		3,518		886,677
Philip Morris International, Inc.		8,321		809,217
Bristol-Myers Squibb Co.		11,413		791,035
Amgen, Inc.		2,866		692,856
S&P Global, Inc.		1,767		609,209
Elevance Health, Inc.		1,282		589,476
Medtronic plc		7,140		575,627
Gilead Sciences, Inc.		6,694		555,401
Stryker Corp.		1,810		516,701
CVS Health Corp.		6,893		512,219
Mondelez International, Inc. — Class A		7,317		510,141
Automatic Data Processing, Inc.		2,223		494,906
Intuitive Surgical, Inc.*		1,881		480,539
Regeneron Pharmaceuticals, Inc.*		577		474,104
PayPal Holdings, Inc.*		6,073		461,184
Vertex Pharmaceuticals, Inc.*		1,380		434,797
Altria Group, Inc.		9,584		427,638
Zoetis, Inc.		2,502		416,433
Cigna Group		1,603		409,615
Boston Scientific Corp.*		7,688		384,631
Becton Dickinson and Co.		1,523		377,003
Colgate-Palmolive Co.		4,483		336,897
Humana, Inc.		671		325,744
Estee Lauder Companies, Inc. — Class A		1,243		306,350
HCA Healthcare, Inc.		1,138		300,068
Edwards Lifesciences Corp.*		3,319		274,581
Moderna, Inc.*		1,773		272,297
General Mills, Inc.		3,165		270,481
McKesson Corp.		735		261,697
Moody’s Corp.		846		258,893
Kimberly-Clark Corp.		1,812		243,207
Dexcom, Inc.*		2,074		240,957
Archer-Daniels-Midland Co.		2,936		233,882
Corteva, Inc.		3,826		230,746
IDEXX Laboratories, Inc.*		444		222,036
Monster Beverage Corp.*		4,088		220,793
Biogen, Inc.*		773		214,917
Cintas Corp.		463		214,221

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
NOVA FUND

	Shares		Value
Sysco Corp.		2,724	$	210,375
Hershey Co.		788		200,475
IQVIA Holdings, Inc.*		997		198,293
Constellation Brands, Inc. — Class A		872		196,976
Illumina, Inc.*		844		196,272
Centene Corp.*		2,956		186,849
Kroger Co.		3,496		172,598
ResMed, Inc.		788		172,564
Kraft Heinz Co.		4,274		165,276
Verisk Analytics, Inc. — Class A		839		160,970
Keurig Dr Pepper, Inc.		4,561		160,912
GE HealthCare Technologies, Inc.*		1,949		159,876
CoStar Group, Inc.*		2,183		150,299
Global Payments, Inc.		1,412		148,599
United Rentals, Inc.		372		147,223
Zimmer Biomet Holdings, Inc.		1,126		145,479
AmerisourceBergen Corp. — Class A		868		138,975
Gartner, Inc.*		424		138,126
West Pharmaceutical Services, Inc.		397		137,549
Equifax, Inc.		658		133,469
Align Technology, Inc.*		390		130,315
Quanta Services, Inc.		767		127,813
Insulet Corp.*		373		118,972
Church & Dwight Company, Inc.		1,309		115,729
McCormick & Company, Inc.		1,346		112,001
Baxter International, Inc.		2,709		109,877
Laboratory Corporation of America Holdings		476		109,204
Hologic, Inc.*		1,323		106,766
Clorox Co.		663		104,913
Cardinal Health, Inc.		1,382		104,341
STERIS plc		532		101,761
Cooper Companies, Inc.		265		98,940
Waters Corp.*		319		98,772
Conagra Brands, Inc.		2,558		96,078
Kellogg Co.		1,373		91,936
Tyson Foods, Inc. — Class A		1,533		90,938
PerkinElmer, Inc.		678		90,350
J M Smucker Co.		572		90,016
Quest Diagnostics, Inc.		596		84,322
Molina Healthcare, Inc.*		313		83,724
FleetCor Technologies, Inc.*		396		83,497
Lamb Weston Holdings, Inc.		772		80,689
MarketAxess Holdings, Inc.		202		79,040
Avery Dennison Corp.		435		77,834
Bunge Ltd.		804		76,798
Incyte Corp.*		993		71,764
Teleflex, Inc.		252		63,834
Catalent, Inc.*		967		63,542
Brown-Forman Corp. — Class B		982		63,113
Viatris, Inc.		6,509		62,617
Bio-Techne Corp.		844		62,616
Hormel Foods Corp.		1,555		62,013
Henry Schein, Inc.*		727		59,280
Campbell Soup Co.		1,077		59,213
Bio-Rad Laboratories, Inc. — Class A*		116		55,566
Charles River Laboratories International, Inc.*		273		55,097
Molson Coors Beverage Co. — Class B		1,009		52,145
Rollins, Inc.		1,242		46,612
Robert Half International, Inc.		577		46,489
Dentsply Sirona, Inc.		1,153		45,290
Universal Health Services, Inc. — Class B		344		43,722
Organon & Co.		1,365		32,105
DaVita, Inc.*		295		23,927
Total Consumer, Non-cyclical				39,468,061
Financial — 10.1%
Berkshire Hathaway, Inc. — Class B*		9,670		2,985,806
JPMorgan Chase & Co.		15,744		2,051,601
Visa, Inc. — Class A		8,722		1,966,462
Mastercard, Inc. — Class A		4,528		1,645,520
Bank of America Corp.		37,464		1,071,471
Wells Fargo & Co.		20,453		764,533
Prologis, Inc. REIT		4,955		618,235
Morgan Stanley		7,013		615,741
Goldman Sachs Group, Inc.		1,817		594,359
BlackRock, Inc. — Class A		803		537,303
American Express Co.		3,196		527,180
American Tower Corp. — Class A REIT		2,499		510,646
Citigroup, Inc.		10,396		487,469
Progressive Corp.		3,140		449,208
Marsh & McLennan Companies, Inc.		2,657		442,523
Chubb Ltd.		2,228		432,633
Charles Schwab Corp.		8,187		428,835
CME Group, Inc. — Class A		1,931		369,825
Equinix, Inc. REIT		496		357,636
Aon plc — Class A		1,102		347,450
Intercontinental Exchange, Inc.		3,000		312,870
Crown Castle, Inc. REIT		2,324		311,044
PNC Financial Services Group, Inc.		2,152		273,519
U.S. Bancorp		7,478		269,582
Public Storage REIT		848		256,215
Truist Financial Corp.		7,122		242,860
Arthur J Gallagher & Co.		1,138		217,711
Realty Income Corp. REIT		3,366		213,135
Travelers Companies, Inc.		1,240		212,548
MetLife, Inc.		3,537		204,934
American International Group, Inc.		3,987		200,785
Capital One Financial Corp.		2,046		196,743
Simon Property Group, Inc. REIT		1,755		196,507
Aflac, Inc.		3,005		193,883
Welltower, Inc. REIT		2,536		181,806
Bank of New York Mellon Corp.		3,948		179,397
VICI Properties, Inc. REIT		5,388		175,756
Ameriprise Financial, Inc.		565		173,173
Prudential Financial, Inc.		1,974		163,329
Allstate Corp.		1,412		156,464
Digital Realty Trust, Inc. REIT		1,543		151,692
SBA Communications Corp. REIT		580		151,421
State Street Corp.		1,873		141,767
Discover Financial Services		1,433		141,638
T. Rowe Price Group, Inc.		1,204		135,932

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
NOVA FUND

	Shares		Value
Arch Capital Group Ltd.*		1,985	$	134,722
Willis Towers Watson plc		572		132,921
AvalonBay Communities, Inc. REIT		751		126,213
CBRE Group, Inc. — Class A*		1,696		123,486
Weyerhaeuser Co. REIT		3,933		118,501
Hartford Financial Services Group, Inc.		1,691		117,846
Extra Space Storage, Inc. REIT		718		116,984
Equity Residential REIT		1,828		109,680
M&T Bank Corp.		909		108,689
Alexandria Real Estate Equities, Inc. REIT		845		106,123
Nasdaq, Inc.		1,820		99,499
Northern Trust Corp.		1,118		98,529
Fifth Third Bancorp		3,668		97,716
Invitation Homes, Inc. REIT		3,118		97,375
Raymond James Financial, Inc.		1,040		97,001
Cincinnati Financial Corp.		844		94,595
Mid-America Apartment Communities, Inc. REIT		620		93,645
Ventas, Inc. REIT		2,147		93,072
Regions Financial Corp.		5,013		93,041
Principal Financial Group, Inc.		1,221		90,745
Huntington Bancshares, Inc.		7,746		86,755
Iron Mountain, Inc. REIT		1,560		82,540
Citizens Financial Group, Inc.		2,643		80,268
Cboe Global Markets, Inc.		569		76,383
Everest Re Group Ltd.		210		75,184
Brown & Brown, Inc.		1,261		72,407
Essex Property Trust, Inc. REIT		346		72,362
Synchrony Financial		2,346		68,222
UDR, Inc. REIT		1,660		68,160
W R Berkley Corp.		1,093		68,050
Kimco Realty Corp. REIT		3,320		64,840
Healthpeak Properties, Inc. REIT		2,935		64,482
Host Hotels & Resorts, Inc. REIT		3,838		63,289
KeyCorp		5,009		62,713
Camden Property Trust REIT		591		61,960
Loews Corp.		1,047		60,747
Globe Life, Inc.		486		53,470
Regency Centers Corp. REIT		826		50,535
Boston Properties, Inc. REIT		765		41,402
Franklin Resources, Inc.		1,531		41,245
Invesco Ltd.		2,441		40,032
Federal Realty Investment Trust REIT		393		38,840
Assurant, Inc.		284		34,100
Comerica, Inc.		703		30,524
Zions Bancorp North America		803		24,034
Lincoln National Corp.		826		18,560
First Republic Bank1		997		13,948
Total Financial				25,924,582
Communications — 8.7%
Amazon.com, Inc.*		47,853		4,942,736
Alphabet, Inc. — Class A*		31,970		3,316,248
Alphabet, Inc. — Class C*		27,870		2,898,480
Meta Platforms, Inc. — Class A*		11,947		2,532,047
Cisco Systems, Inc.		22,051		1,152,716
Walt Disney Co.*		9,805		981,775
Verizon Communications, Inc.		22,544		876,736
Comcast Corp. — Class A		22,580		856,008
Netflix, Inc.*		2,391		826,043
AT&T, Inc.		38,260		736,505
Booking Holdings, Inc.*		208		551,701
T-Mobile US, Inc.*		3,179		460,446
Motorola Solutions, Inc.		898		256,945
Arista Networks, Inc.*		1,329		223,086
Charter Communications, Inc. — Class A*		565		202,050
Warner Bros Discovery, Inc.*		11,861		179,101
Corning, Inc.		4,086		144,154
CDW Corp.		727		141,685
eBay, Inc.		2,912		129,205
VeriSign, Inc.*		491		103,763
Omnicom Group, Inc.		1,088		102,642
FactSet Research Systems, Inc.		205		85,093
Interpublic Group of Companies, Inc.		2,086		77,682
Expedia Group, Inc.*		793		76,945
Etsy, Inc.*		675		75,148
Paramount Global — Class B1		2,711		60,482
Juniper Networks, Inc.		1,739		59,857
Match Group, Inc.*		1,499		57,547
Fox Corp. — Class A		1,593		54,242
Gen Digital, Inc.		3,053		52,390
F5, Inc.*		322		46,912
News Corp. — Class A		2,052		35,438
Fox Corp. — Class B		740		23,169
DISH Network Corp. — Class A*		1,349		12,586
News Corp. — Class B		632		11,016
Total Communications				22,342,579
Consumer, Cyclical — 6.8%
Tesla, Inc.*		14,437		2,995,100
Home Depot, Inc.		5,471		1,614,602
Costco Wholesale Corp.		2,382		1,183,544
Walmart, Inc.		7,527		1,109,856
McDonald’s Corp.		3,931		1,099,147
NIKE, Inc. — Class B		6,686		819,971
Lowe’s Companies, Inc.		3,245		648,903
Starbucks Corp.		6,169		642,378
TJX Companies, Inc.		6,202		485,989
Target Corp.		2,470		409,106
O’Reilly Automotive, Inc.*		335		284,408
General Motors Co.		7,486		274,587
Ford Motor Co.		21,015		264,789
Chipotle Mexican Grill, Inc. — Class A*		148		252,827
Dollar General Corp.		1,199		252,342
AutoZone, Inc.*		101		248,273
Marriott International, Inc. — Class A		1,444		239,762
PACCAR, Inc.		2,802		205,106
Hilton Worldwide Holdings, Inc.		1,430		201,444
Yum! Brands, Inc.		1,503		198,516
Ross Stores, Inc.		1,848		196,128
Cummins, Inc.		758		181,071
Copart, Inc.*		2,301		173,059
WW Grainger, Inc.		241		166,003
Fastenal Co.		3,064		165,272

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
NOVA FUND

	Shares		Value
DR Horton, Inc.		1,677	$	163,826
Aptiv plc*		1,454		163,124
Dollar Tree, Inc.*		1,116		160,202
Ulta Beauty, Inc.*		273		148,968
Lennar Corp. — Class A		1,361		143,055
Tractor Supply Co.		593		139,379
Walgreens Boots Alliance, Inc.		3,843		132,891
Genuine Parts Co.		757		126,654
Delta Air Lines, Inc.*		3,442		120,195
Southwest Airlines Co.		3,190		103,803
Las Vegas Sands Corp.*		1,764		101,342
Darden Restaurants, Inc.		653		101,319
NVR, Inc.*		16		89,155
Best Buy Company, Inc.		1,057		82,731
United Airlines Holdings, Inc.*		1,755		77,659
LKQ Corp.		1,362		77,307
Royal Caribbean Cruises Ltd.*		1,178		76,923
MGM Resorts International		1,689		75,025
Pool Corp.		209		71,570
PulteGroup, Inc.		1,211		70,577
Domino’s Pizza, Inc.		190		62,675
Wynn Resorts Ltd.*		553		61,886
BorgWarner, Inc.		1,256		61,682
Caesars Entertainment, Inc.*		1,151		56,180
Tapestry, Inc.		1,267		54,620
Carnival Corp.*		5,379		54,597
CarMax, Inc.*		848		54,509
Live Nation Entertainment, Inc.*		765		53,550
American Airlines Group, Inc.*		3,492		51,507
Bath & Body Works, Inc.		1,226		44,847
VF Corp.		1,773		40,620
Whirlpool Corp.		293		38,682
Advance Auto Parts, Inc.		318		38,672
Hasbro, Inc.		697		37,422
Norwegian Cruise Line Holdings Ltd.*		2,262		30,424
Alaska Air Group, Inc.*		685		28,742
Ralph Lauren Corp. — Class A		221		25,784
Newell Brands, Inc.		2,020		25,129
Total Consumer, Cyclical				17,359,416
Industrial — 5.7%
Raytheon Technologies Corp.		7,863		770,023
United Parcel Service, Inc. — Class B		3,918		760,053
Honeywell International, Inc.		3,586		685,356
Union Pacific Corp.		3,284		660,938
Boeing Co.*		3,018		641,114
Caterpillar, Inc.		2,793		639,150
Deere & Co.		1,452		599,502
Lockheed Martin Corp.		1,219		576,258
General Electric Co.		5,847		558,973
Eaton Corporation plc		2,135		365,811
Illinois Tool Works, Inc.		1,490		362,740
Northrop Grumman Corp.		772		356,448
CSX Corp.		11,285		337,873
Waste Management, Inc.		1,993		325,198
3M Co.		2,955		310,600
FedEx Corp.		1,246		284,698
General Dynamics Corp.		1,208		275,678
Emerson Electric Co.		3,067		267,258
Amphenol Corp. — Class A		3,192		260,850
Norfolk Southern Corp.		1,222		259,064
Parker-Hannifin Corp.		689		231,580
Trane Technologies plc		1,230		226,296
TE Connectivity Ltd.		1,699		222,824
Johnson Controls International plc		3,688		222,091
Agilent Technologies, Inc.		1,588		219,684
TransDigm Group, Inc.		278		204,900
Carrier Global Corp.		4,478		204,869
L3Harris Technologies, Inc.		1,022		200,557
Otis Worldwide Corp.		2,227		187,959
Mettler-Toledo International, Inc.*		119		182,095
Rockwell Automation, Inc.		615		180,472
AMETEK, Inc.		1,233		179,192
Old Dominion Freight Line, Inc.		486		165,648
Keysight Technologies, Inc.*		957		154,536
Republic Services, Inc. — Class A		1,102		149,013
Fortive Corp.		1,894		129,114
Ingersoll Rand, Inc.		2,173		126,425
Vulcan Materials Co.		713		122,322
Martin Marietta Materials, Inc.		333		118,235
Dover Corp.		749		113,803
Teledyne Technologies, Inc.*		252		112,735
Xylem, Inc.		967		101,245
Westinghouse Air Brake Technologies Corp.		976		98,634
Expeditors International of Washington, Inc.		854		94,042
IDEX Corp.		405		93,567
Ball Corp.		1,684		92,805
Amcor plc		7,975		90,756
Howmet Aerospace, Inc.		1,976		83,723
Garmin Ltd.		823		83,057
Jacobs Solutions, Inc.		680		79,907
Textron, Inc.		1,120		79,106
J.B. Hunt Transport Services, Inc.		445		78,080
Snap-on, Inc.		285		70,364
Trimble, Inc.*		1,324		69,404
Packaging Corporation of America		496		68,860
Nordson Corp.		289		64,233
Stanley Black & Decker, Inc.		794		63,980
CH Robinson Worldwide, Inc.		632		62,802
Masco Corp.		1,208		60,062
Allegion plc		472		50,377
Pentair plc		883		48,803
A O Smith Corp.		680		47,022
Huntington Ingalls Industries, Inc.		214		44,302
Westrock Co.		1,367		41,652
Generac Holdings, Inc.*		340		36,724
Sealed Air Corp.		776		35,626
Mohawk Industries, Inc.*		283		28,362
Total Industrial				14,719,430
Energy — 3.4%
Exxon Mobil Corp.		22,104		2,423,925
Chevron Corp.		9,549		1,558,015

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
NOVA FUND

	Shares		Value
ConocoPhillips		6,569	$	651,711
Schlumberger Ltd.		7,623		374,289
EOG Resources, Inc.		3,153		361,428
Marathon Petroleum Corp.		2,437		328,581
Valero Energy Corp.		2,069		288,832
Pioneer Natural Resources Co.		1,275		260,406
Phillips 66		2,501		253,551
Occidental Petroleum Corp.		3,903		243,664
Hess Corp.		1,489		197,054
Williams Companies, Inc.		6,538		195,225
Kinder Morgan, Inc.		10,618		185,921
Devon Energy Corp.		3,509		177,590
Baker Hughes Co.		5,400		155,844
Halliburton Co.		4,853		153,549
Enphase Energy, Inc.*		730		153,504
ONEOK, Inc.		2,399		152,433
Diamondback Energy, Inc.		986		133,278
First Solar, Inc.*		532		115,710
Coterra Energy, Inc. — Class A		4,232		103,853
SolarEdge Technologies, Inc.*		300		91,185
Targa Resources Corp.		1,215		88,634
Marathon Oil Corp.		3,409		81,680
Equities Corp.		1,969		62,831
APA Corp.		1,726		62,240
Total Energy				8,854,933
Utilities — 2.1%
NextEra Energy, Inc.		10,667		822,212
Southern Co.		5,844		406,626
Duke Energy Corp.		4,133		398,711
Sempra Energy		1,687		255,007
American Electric Power Company, Inc.		2,758		250,950
Dominion Energy, Inc.		4,473		250,085
Exelon Corp.		5,334		223,441
Xcel Energy, Inc.		2,937		198,071
Consolidated Edison, Inc.		1,905		182,251
Public Service Enterprise Group, Inc.		2,678		167,241
WEC Energy Group, Inc.		1,693		160,480
American Water Works Company, Inc.		1,036		151,764
Eversource Energy		1,870		146,346
Edison International		2,050		144,710
PG&E Corp.*		8,642		139,741
Constellation Energy Corp.		1,755		137,768
Ameren Corp.		1,388		119,909
Entergy Corp.		1,092		117,652
FirstEnergy Corp.		2,915		116,775
DTE Energy Co.		1,040		113,922
PPL Corp.		3,952		109,826
CenterPoint Energy, Inc.		3,379		99,545
CMS Energy Corp.		1,563		95,937
AES Corp.		3,585		86,327
Atmos Energy Corp.		768		86,292
Evergy, Inc.		1,232		75,300
Alliant Energy Corp.		1,347		71,930
NiSource, Inc.		2,180		60,953
Pinnacle West Capital Corp.		607		48,099
NRG Energy, Inc.		1,236		42,382
Total Utilities				5,280,253
Basic Materials — 1.5%
Linde plc		2,644		939,783
Air Products and Chemicals, Inc.		1,192		342,354
Freeport-McMoRan, Inc.		7,672		313,862
Sherwin-Williams Co.		1,266		284,559
Ecolab, Inc.		1,330		220,155
Nucor Corp.		1,358		209,770
Newmont Corp.		4,261		208,874
Dow, Inc.		3,783		207,384
DuPont de Nemours, Inc.		2,459		176,483
PPG Industries, Inc.		1,261		168,444
Albemarle Corp.		629		139,034
LyondellBasell Industries N.V. — Class A		1,363		127,972
International Flavors & Fragrances, Inc.		1,369		125,893
Steel Dynamics, Inc.		895		101,189
Mosaic Co.		1,827		83,823
FMC Corp.		676		82,560
CF Industries Holdings, Inc.		1,053		76,332
International Paper Co.		1,909		68,839
Celanese Corp. — Class A		535		58,256
Eastman Chemical Co.		637		53,725
Total Basic Materials				3,989,291
Total Common Stocks
(Cost $175,821,063)				184,323,279
MUTUAL FUNDS† - 7.0%
Guggenheim Ultra Short Duration Fund — Institutional Class2		785,083		7,623,159
Guggenheim Strategy Fund II2		245,779		5,950,321
Guggenheim Strategy Fund III2		184,563		4,475,644
Total Mutual Funds
(Cost $18,438,175)				18,049,124
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 5.8%
Federal Home Loan Bank
4.36% due 04/03/233	$	15,000,000		14,996,375
Total Federal Agency Discount Notes
(Cost $14,996,375)				14,996,375
U.S. TREASURY BILLS†† - 4.1%
U.S. Treasury Bills
4.50% due 04/04/233		5,000,000		4,999,362
4.21% due 05/02/233,4		4,500,000		4,483,365
3.36% due 04/11/233,5		1,015,000		1,013,967
Total U.S. Treasury Bills
(Cost $10,495,797)				10,496,694

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
NOVA FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,6 - 10.9%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/234	$	15,610,031	$	15,610,031
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/234		6,167,261		6,167,261
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/234		6,167,260		6,167,260
Total Repurchase Agreements
(Cost $27,944,552)				27,944,552
SECURITIES LENDING COLLATERAL†,7 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class X, 4.65%8		22,816		22,816
Total Securities Lending Collateral
(Cost $22,816)			$	22,816
Total Investments - 99.6%
(Cost $247,718,778)			$	255,832,840
Other Assets & Liabilities, net - 0.4%				1,066,699
Total Net Assets - 100.0%			$	256,899,539

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		125		Jun 2023	$	25,860,938	$	1,170,414

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

06/28/23

28,671

$

117,816,431

$

2,505,806

Barclays Bank plc

S&P 500 Index

Pay

5.27% (SOFR + 0.45%)

At Maturity

06/27/23

11,920

48,982,298

1,331,739

BNP Paribas

S&P 500 Index

Pay

5.43% (Federal Funds Rate + 0.60%)

At Maturity

06/28/23

2,066

8,489,350

285,177

$

175,288,079

$

4,122,722

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
5	All or a portion of this security is pledged as futures collateral at March 31, 2023.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of March 31, 2023.
	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 ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
NOVA FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	184,323,279	$	—	$	—	$	184,323,279
Mutual Funds		18,049,124		—		—		18,049,124
Federal Agency Discount Notes		—		14,996,375		—		14,996,375
U.S. Treasury Bills		—		10,496,694		—		10,496,694
Repurchase Agreements		—		27,944,552		—		27,944,552
Securities Lending Collateral		22,816		—		—		22,816
Equity Futures Contracts**		1,170,414		—		—		1,170,414
Equity Index Swap Agreements**		—		4,122,722		—		4,122,722
Total Assets	$	203,565,633	$	57,560,343	$	—	$	261,125,976

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	7,051,713	$	—	$	(1,000,000	)	$	(28,493	)	$	(72,899	)	$	5,950,321		245,779	$	227,119
Guggenheim Strategy Fund III		4,547,624		—		—			—			(71,980	)		4,475,644		184,563		170,063
Guggenheim Ultra Short Duration Fund — Institutional Class		23,837,568		—		(16,000,000	)		(414,412	)		200,003			7,623,159		785,083		317,374
	$	35,436,905	$	—	$	(17,000,000	)	$	(442,905	)	$	55,124		$	18,049,124			$	714,556

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

NOVA FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value - including $22,843 of securities loaned (cost $201,336,051)	$	209,839,164
Investments in affiliated issuers, at value (cost $18,438,175)		18,049,124
Repurchase agreements, at value (cost $27,944,552)		27,944,552
Cash		1,405
Segregated cash with broker		391,469
Unrealized appreciation on OTC swap agreements		4,122,722
Receivables:
Fund shares sold		3,166,763
Variation margin on futures contracts		360,937
Dividends		155,379
Interest		3,722
Securities lending income		15
Total assets		264,035,252
Liabilities:
Segregated cash due to broker		1,160,000
Payable for:
Securities purchased		5,008,002
Fund shares redeemed		589,005
Management fees		106,494
Transfer agent fees		50,172
Swap settlement		31,694
Return of securities lending collateral		22,816
Portfolio accounting and administration fees		21,829
Distribution and service fees		5,561
Trustees’ fees*		2,551
Miscellaneous		137,589
Total liabilities		7,135,713
Net assets	$	256,899,539
Net assets consist of:
Paid in capital	$	397,832,328
Total distributable earnings (loss)		(140,932,789	)
Net assets	$	256,899,539
Investor Class:
Net assets	$	225,298,077
Capital shares outstanding		2,467,755
Net asset value per share	$	91.30
A-Class:
Net assets	$	18,584,819
Capital shares outstanding		228,395
Net asset value per share	$	81.37
Maximum offering price per share (Net asset value divided by 95.25%)	$	85.43
C-Class:
Net assets	$	1,021,055
Capital shares outstanding		15,543
Net asset value per share	$	65.69
H-Class:
Net assets	$	11,995,588
Capital shares outstanding		147,193
Net asset value per share	$	81.50

* 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 ANNUAL REPORT | 21

NOVA FUND

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $403)	$	2,381,127
Dividends from securities of affiliated issuers		714,556
Interest		708,048
Income from securities lending, net		450
Total investment income		3,804,181
Expenses:
Management fees		1,403,145
Distribution and service fees:
A-Class		35,478
C-Class		10,807
H-Class		36,785
Transfer agent fees		415,500
Portfolio accounting and administration fees		253,905
Professional fees		90,067
Trustees’ fees*		35,398
Custodian fees		27,436
Interest expense		16,133
Line of credit fees		635
Miscellaneous		196,324
Total expenses		2,521,613
Less:
Expenses waived by Adviser		(29,410	)
Net expenses		2,492,203
Net investment income		1,311,978
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(67,993,837	)
Investments in affiliated issuers		(442,905	)
Swap agreements		(34,094,000	)
Futures contracts		(9,729,857	)
Net realized loss		(112,260,599	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		12,292,736
Investments in affiliated issuers		55,124
Swap agreements		3,723,368
Futures contracts		24,079
Net change in unrealized appreciation (depreciation)		16,095,307
Net realized and unrealized loss		(96,165,292	)
Net decrease in net assets resulting from operations	$	(94,853,314	)

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

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

NOVA FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,311,978		$	(629,251	)
Net realized gain (loss) on investments		(112,260,599	)		84,279,146
Net change in unrealized appreciation (depreciation) on investments		16,095,307			(38,692,907	)
Net increase (decrease) in net assets resulting from operations		(94,853,314	)		44,956,988
Distributions to shareholders:
Investor Class		(11,389,603	)		(16,129,299	)
A-Class		(1,766,899	)		(2,007,645	)
C-Class		(204,783	)		(359,771	)
H-Class		(1,087,250	)		(1,804,671	)
Total distributions to shareholders		(14,448,535	)		(20,301,386	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		1,888,247,405			3,662,606,295
A-Class		87,207,798			160,211,360
C-Class		356,281			203,281
H-Class		196,137,541			578,940,049
Distributions reinvested
Investor Class		10,905,585			13,036,966
A-Class		1,649,156			1,944,061
C-Class		115,249			350,819
H-Class		1,087,250			1,804,671
Cost of shares redeemed
Investor Class		(1,963,356,492	)		(3,642,219,061	)
A-Class		(84,237,819	)		(159,461,992	)
C-Class		(826,901	)		(2,524,068	)
H-Class		(215,287,997	)		(597,412,425	)
Net increase (decrease) from capital share transactions		(78,002,944	)		17,479,956
Net increase (decrease) in net assets		(187,304,793	)		42,135,558
Net assets:
Beginning of year		444,204,332			402,068,774
End of year	$	256,899,539		$	444,204,332
Capital share activity:
Shares sold
Investor Class		18,516,555			26,990,584
A-Class		950,512			1,276,479
C-Class		4,851			1,925
H-Class		2,097,674			4,583,468
Shares issued from reinvestment of distributions
Investor Class		132,510			92,962
A-Class		22,465			15,167
C-Class		1,941			3,206
H-Class		14,788			14,065
Shares redeemed
Investor Class		(19,036,194	)		(26,935,753	)
A-Class		(920,554	)		(1,282,864	)
C-Class		(9,871	)		(23,392	)
H-Class		(2,299,636	)		(4,745,096	)
Net decrease in shares		(524,959	)		(9,249	)

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

NOVA FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	133.16		$	120.51		$	63.62		$	76.83		$	69.63
Income (loss) from investment operations:
Net investment income (loss)a		.77			(.16	)		.05			.61			.48
Net gain (loss) on investments (realized and unrealized)		(24.31	)		25.92			57.43			(13.82	)		6.72
Total from investment operations		(23.54	)		25.76			57.48			(13.21	)		7.20
Less distributions from:
Net investment income		—			—			(.59	)		—			—
Net realized gains		(18.32	)		(13.11	)		—			—			—
Total distributions		(18.32	)		(13.11	)		(.59	)		—			—
Net asset value, end of period	$	91.30		$	133.16		$	120.51		$	63.62		$	76.83
Total Return		(16.18	%)		20.83	%		90.46	%		(17.19	%)		10.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	225,298		$	380,170		$	326,237		$	37,874		$	242,831
Ratios to average net assets:
Net investment income (loss)		0.74	%		(0.12	%)		0.05	%		0.71	%		0.65	%
Total expensesb		1.30	%		1.25	%		1.33	%		1.37	%		1.35	%
Net expensesc		1.29	%		1.23	%		1.32	%		1.36	%		1.35	%
Portfolio turnover rate		973	%		1,027	%		785	%		690	%		1,078	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	121.63		$	111.23		$	58.89		$	71.28		$	64.72
Income (loss) from investment operations:
Net investment income (loss)a		.62			(.45	)		(.18	)		.40			.28
Net gain (loss) on investments (realized and unrealized)		(22.56	)		23.96			53.11			(12.79	)		6.28
Total from investment operations		(21.94	)		23.51			52.93			(12.39	)		6.56
Less distributions from:
Net investment income		—			—			(.59	)		—			—
Net realized gains		(18.32	)		(13.11	)		—			—			—
Total distributions		(18.32	)		(13.11	)		(.59	)		—			—
Net asset value, end of period	$	81.37		$	121.63		$	111.23		$	58.89		$	71.28
Total Returnd		(16.42	%)		20.54	%		90.00	%		(17.38	%)		10.14	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	18,585		$	21,403		$	18,596		$	7,435		$	26,022
Ratios to average net assets:
Net investment income (loss)		0.67	%		(0.35	%)		(0.20	%)		0.52	%		0.41	%
Total expensesb		1.55	%		1.50	%		1.59	%		1.62	%		1.60	%
Net expensesc		1.53	%		1.48	%		1.58	%		1.61	%		1.60	%
Portfolio turnover rate		973	%		1,027	%		785	%		690	%		1,078	%

24 | THE RYDEX FUNDS ANNUAL 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.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	103.59		$	96.96		$	51.77		$	63.15		$	57.77
Income (loss) from investment operations:
Net investment income (loss)a		(.06	)		(1.19	)		(.74	)		(.22	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		(19.52	)		20.93			46.52			(11.16	)		5.58
Total from investment operations		(19.58	)		19.74			45.78			(11.38	)		5.38
Less distributions from:
Net investment income		—			—			(.59	)		—			—
Net realized gains		(18.32	)		(13.11	)		—			—			—
Total distributions		(18.32	)		(13.11	)		(.59	)		—			—
Net asset value, end of period	$	65.69		$	103.59		$	96.96		$	51.77		$	63.15
Total Returnd		(17.04	%)		19.64	%		88.56	%		(18.02	%)		9.31	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,021		$	1,929		$	3,576		$	3,333		$	4,165
Ratios to average net assets:
Net investment income (loss)		(0.08	%)		(1.09	%)		(0.97	%)		(0.32	%)		(0.33	%)
Total expensesb		2.30	%		2.25	%		2.35	%		2.38	%		2.35	%
Net expensesc		2.27	%		2.23	%		2.33	%		2.37	%		2.35	%
Portfolio turnover rate		973	%		1,027	%		785	%		690	%		1,078	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	121.73		$	111.34		$	58.94		$	71.35		$	64.80
Income (loss) from investment operations:
Net investment income (loss)a		.37			(.48	)		(.18	)		.36			.30
Net gain (loss) on investments (realized and unrealized)		(22.28	)		23.98			53.17			(12.77	)		6.25
Total from investment operations		(21.91	)		23.50			52.99			(12.41	)		6.55
Less distributions from:
Net investment income		—			—			(.59	)		—			—
Net realized gains		(18.32	)		(13.11	)		—			—			—
Total distributions		(18.32	)		(13.11	)		(.59	)		—			—
Net asset value, end of period	$	81.50		$	121.73		$	111.34		$	58.94		$	71.35
Total Return		(16.38	%)		20.51	%		90.03	%		(17.39	%)		10.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,996		$	40,702		$	53,660		$	4,057		$	49,090
Ratios to average net assets:
Net investment income (loss)		0.39	%		(0.37	%)		(0.20	%)		0.46	%		0.44	%
Total expensesb		1.55	%		1.50	%		1.59	%		1.62	%		1.61	%
Net expensesc		1.54	%		1.48	%		1.58	%		1.61	%		1.61	%
Portfolio turnover rate		973	%		1,027	%		785	%		690	%		1,078	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Does not include expenses of the underlying funds in which the Fund invests.
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 ANNUAL REPORT | 25

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

S&P 500^® FUND

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

For the Reporting Period, S&P 500 Fund maintained a daily correlation of over 99% to its benchmark of the daily price movement of the S&P 500 Index. S&P 500 Fund H-Class returned -9.32%, while the S&P 500 Index returned -7.73% over the same time period.

The sectors contributing the most to the return of the underlying index were Energy, Industrials, and Consumer Staples. The sectors detracting the most were Consumer Discretionary, Communication Services, and Financials.

The holdings contributing the most to the return of the underlying index were Exxon Mobil Corp., Merck & Company, Inc., & Eli Lilly and Co. The holdings detracting the most were Amazon.com, Inc., Tesla, Inc., and Alphabet, Inc. - Class A.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the most efficient manner possible and not for hedging purposes. Derivatives performed as expected.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	May 31, 2006
C-Class	May 31, 2006
H-Class	May 31, 2006

Ten Largest Holdings	(% of Total Net Assets)
Apple, Inc.	6.2%
Microsoft Corp.	5.4%
Amazon.com, Inc.	2.3%
NVIDIA Corp.	1.7%
Alphabet, Inc. — Class A	1.6%
Tesla, Inc.	1.4%
Berkshire Hathaway, Inc. — Class B	1.4%
Alphabet, Inc. — Class C	1.4%
Meta Platforms, Inc. — Class A	1.2%
Exxon Mobil Corp.	1.1%
Top Ten Total	23.7%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

26 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(9.32%)	9.27%	10.35%
A-Class Shares with sales charge‡	(13.64%)	8.21%	9.82%
C-Class Shares	(10.02%)	8.46%	9.53%
C-Class Shares with CDSC§	(10.91%)	8.46%	9.53%
H-Class Shares	(9.32%)	9.28%	10.35%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class shares and H-Class shares only: performance for C-Class shares will vary due to difference in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 27

SCHEDULE OF INVESTMENTS	March 31, 2023
S&P 500® FUND

	Shares		Value
COMMON STOCKS† - 86.8%
Technology — 21.8%
Apple, Inc.		37,830	$	6,238,167
Microsoft Corp.		18,935		5,458,961
NVIDIA Corp.		6,257		1,738,007
Broadcom, Inc.		1,063		681,957
Salesforce, Inc.*		2,544		508,240
Accenture plc — Class A		1,602		457,868
Adobe, Inc.*		1,165		448,956
Texas Instruments, Inc.		2,305		428,753
Advanced Micro Devices, Inc.*		4,101		401,939
Oracle Corp.		3,909		363,224
QUALCOMM, Inc.		2,836		361,817
Intel Corp.		10,523		343,786
Intuit, Inc.		715		318,769
International Business Machines Corp.		2,300		301,507
Applied Materials, Inc.		2,145		263,470
Analog Devices, Inc.		1,289		254,217
ServiceNow, Inc.*		516		239,796
Fiserv, Inc.*		1,615		182,544
Lam Research Corp.		343		181,831
Micron Technology, Inc.		2,776		167,504
Activision Blizzard, Inc.		1,812		155,089
Synopsys, Inc.*		388		149,865
Cadence Design Systems, Inc.*		698		146,643
KLA Corp.		352		140,508
NXP Semiconductor N.V.		659		122,887
Roper Technologies, Inc.		270		118,986
Microchip Technology, Inc.		1,393		116,705
Autodesk, Inc.*		549		114,280
MSCI, Inc. — Class A		203		113,617
Fortinet, Inc.*		1,649		109,592
Paychex, Inc.		816		93,505
ON Semiconductor Corp.*		1,099		90,470
Fidelity National Information Services, Inc.		1,509		81,984
Electronic Arts, Inc.		663		79,858
Cognizant Technology Solutions Corp. — Class A		1,295		78,904
ANSYS, Inc.*		222		73,882
HP, Inc.		2,198		64,511
Monolithic Power Systems, Inc.		114		57,061
Hewlett Packard Enterprise Co.		3,261		51,948
Take-Two Interactive Software, Inc.*		403		48,078
Skyworks Solutions, Inc.		404		47,664
Fair Isaac Corp.*		64		44,972
Broadridge Financial Solutions, Inc.		299		43,824
EPAM Systems, Inc.*		146		43,654
Teradyne, Inc.		396		42,574
Zebra Technologies Corp. — Class A*		131		41,658
Tyler Technologies, Inc.*		106		37,592
Paycom Software, Inc.*		123		37,393
NetApp, Inc.		548		34,990
PTC, Inc.*		271		34,750
Seagate Technology Holdings plc		488		32,267
Leidos Holdings, Inc.		348		32,037
Akamai Technologies, Inc.*		400		31,320
Western Digital Corp.*		812		30,588
Ceridian HCM Holding, Inc.*		391		28,629
Jack Henry & Associates, Inc.		186		28,034
Qorvo, Inc.*		254		25,799
DXC Technology Co.*		579		14,799
Total Technology				21,982,230
Consumer, Non-cyclical — 18.6%
UnitedHealth Group, Inc.		2,377		1,123,347
Johnson & Johnson		6,650		1,030,750
Procter & Gamble Co.		6,001		892,288
AbbVie, Inc.		4,498		716,846
Eli Lilly & Co.		2,006		688,901
Merck & Company, Inc.		6,449		686,109
PepsiCo, Inc.		3,503		638,597
Coca-Cola Co.		9,900		614,097
Pfizer, Inc.		14,279		582,583
Thermo Fisher Scientific, Inc.		998		575,217
Abbott Laboratories		4,435		449,088
Danaher Corp.		1,667		420,151
Philip Morris International, Inc.		3,943		383,457
Bristol-Myers Squibb Co.		5,408		374,829
Amgen, Inc.		1,358		328,297
S&P Global, Inc.		837		288,572
Elevance Health, Inc.		608		279,565
Medtronic plc		3,384		272,818
Gilead Sciences, Inc.		3,172		263,181
Stryker Corp.		858		244,933
CVS Health Corp.		3,266		242,696
Mondelez International, Inc. — Class A		3,468		241,789
Automatic Data Processing, Inc.		1,054		234,652
Intuitive Surgical, Inc.*		891		227,624
Regeneron Pharmaceuticals, Inc.*		273		224,316
PayPal Holdings, Inc.*		2,878		218,555
Vertex Pharmaceuticals, Inc.*		654		206,056
Altria Group, Inc.		4,542		202,664
Zoetis, Inc.		1,186		197,398
Cigna Group		760		194,203
Boston Scientific Corp.*		3,643		182,259
Becton Dickinson and Co.		722		178,724
Colgate-Palmolive Co.		2,125		159,694
Humana, Inc.		318		154,376
Estee Lauder Companies, Inc. — Class A		589		145,165
HCA Healthcare, Inc.		539		142,124
Edwards Lifesciences Corp.*		1,573		130,134
Moderna, Inc.*		840		129,007
General Mills, Inc.		1,500		128,190
McKesson Corp.		348		123,905
Moody’s Corp.		401		122,714
Kimberly-Clark Corp.		859		115,295
Dexcom, Inc.*		983		114,205
Archer-Daniels-Midland Co.		1,392		110,887
Corteva, Inc.		1,813		109,342
IDEXX Laboratories, Inc.*		211		105,517
Monster Beverage Corp.*		1,938		104,671
Cintas Corp.		220		101,790
Biogen, Inc.*		366		101,759

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
S&P 500® FUND

	Shares		Value
Sysco Corp.		1,291	$	99,704
Hershey Co.		374		95,149
IQVIA Holdings, Inc.*		472		93,876
Constellation Brands, Inc. — Class A		413		93,293
Illumina, Inc.*		400		93,020
Centene Corp.*		1,401		88,557
ResMed, Inc.		374		81,902
Kroger Co.		1,657		81,806
Kraft Heinz Co.		2,025		78,307
Verisk Analytics, Inc. — Class A		398		76,360
Keurig Dr Pepper, Inc.		2,162		76,275
GE HealthCare Technologies, Inc.*		924		75,796
CoStar Group, Inc.*		1,034		71,191
Global Payments, Inc.		669		70,406
United Rentals, Inc.		176		69,654
Zimmer Biomet Holdings, Inc.		534		68,993
AmerisourceBergen Corp. — Class A		412		65,965
Gartner, Inc.*		201		65,480
West Pharmaceutical Services, Inc.		188		65,136
Equifax, Inc.		312		63,286
Align Technology, Inc.*		185		61,816
Quanta Services, Inc.		363		60,490
Insulet Corp.*		177		56,456
Church & Dwight Company, Inc.		620		54,814
McCormick & Company, Inc.		638		53,088
Baxter International, Inc.		1,284		52,079
Laboratory Corporation of America Holdings		225		51,620
Hologic, Inc.*		627		50,599
Clorox Co.		314		49,687
Cardinal Health, Inc.		655		49,453
STERIS plc		253		48,394
Cooper Companies, Inc.		126		47,043
Waters Corp.*		151		46,754
Conagra Brands, Inc.		1,212		45,523
Kellogg Co.		651		43,591
Tyson Foods, Inc. — Class A		727		43,126
PerkinElmer, Inc.		321		42,777
J M Smucker Co.		271		42,647
Quest Diagnostics, Inc.		282		39,897
Molina Healthcare, Inc.*		149		39,856
FleetCor Technologies, Inc.*		188		39,640
Lamb Weston Holdings, Inc.		366		38,254
MarketAxess Holdings, Inc.		96		37,564
Avery Dennison Corp.		206		36,860
Bunge Ltd.		381		36,393
Incyte Corp.*		471		34,039
Teleflex, Inc.		119		30,144
Catalent, Inc.*		458		30,095
Brown-Forman Corp. — Class B		465		29,886
Viatris, Inc.		3,085		29,678
Bio-Techne Corp.		400		29,676
Hormel Foods Corp.		737		29,391
Henry Schein, Inc.*		345		28,131
Campbell Soup Co.		510		28,040
Bio-Rad Laboratories, Inc. — Class A*		55		26,346
Charles River Laboratories International, Inc.*		129		26,035
Molson Coors Beverage Co. — Class B		478		24,703
Rollins, Inc.		589		22,105
Robert Half International, Inc.		274		22,076
Dentsply Sirona, Inc.		547		21,486
Universal Health Services, Inc. — Class B		163		20,717
Organon & Co.		647		15,217
DaVita, Inc.*		140		11,355
Total Consumer, Non-cyclical				18,705,034
Financial — 12.2%
Berkshire Hathaway, Inc. — Class B*		4,583		1,415,093
JPMorgan Chase & Co.		7,461		972,243
Visa, Inc. — Class A		4,133		931,826
Mastercard, Inc. — Class A		2,146		779,878
Bank of America Corp.		17,754		507,764
Wells Fargo & Co.		9,693		362,324
Prologis, Inc. REIT		2,348		292,960
Morgan Stanley		3,323		291,759
Goldman Sachs Group, Inc.		861		281,642
BlackRock, Inc. — Class A		381		254,935
American Express Co.		1,514		249,734
American Tower Corp. — Class A REIT		1,184		241,939
Citigroup, Inc.		4,927		231,027
Progressive Corp.		1,488		212,873
Marsh & McLennan Companies, Inc.		1,259		209,687
Chubb Ltd.		1,056		205,054
Charles Schwab Corp.		3,880		203,234
CME Group, Inc. — Class A		915		175,241
Equinix, Inc. REIT		235		169,444
Aon plc — Class A		522		164,581
Intercontinental Exchange, Inc.		1,422		148,300
Crown Castle, Inc. REIT		1,101		147,358
PNC Financial Services Group, Inc.		1,020		129,642
U.S. Bancorp		3,544		127,761
Public Storage REIT		402		121,460
Truist Financial Corp.		3,375		115,088
Arthur J Gallagher & Co.		540		103,307
Realty Income Corp. REIT		1,595		100,995
Travelers Companies, Inc.		588		100,789
MetLife, Inc.		1,676		97,108
American International Group, Inc.		1,890		95,180
Capital One Financial Corp.		970		93,275
Simon Property Group, Inc. REIT		832		93,159
Aflac, Inc.		1,424		91,877
Welltower, Inc. REIT		1,202		86,171
Bank of New York Mellon Corp.		1,871		85,018
VICI Properties, Inc. REIT		2,553		83,279
Ameriprise Financial, Inc.		268		82,142
Prudential Financial, Inc.		936		77,445
Allstate Corp.		669		74,132
Digital Realty Trust, Inc. REIT		731		71,865
SBA Communications Corp. REIT		275		71,794
State Street Corp.		888		67,213
Discover Financial Services		679		67,112
T. Rowe Price Group, Inc.		571		64,466

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
S&P 500® FUND

	Shares		Value
Arch Capital Group Ltd.*		941	$	63,866
Willis Towers Watson plc		272		63,207
AvalonBay Communities, Inc. REIT		356		59,829
CBRE Group, Inc. — Class A*		804		58,539
Weyerhaeuser Co. REIT		1,864		56,162
Hartford Financial Services Group, Inc.		802		55,891
Extra Space Storage, Inc. REIT		341		55,559
Equity Residential REIT		866		51,960
M&T Bank Corp.		431		51,535
Alexandria Real Estate Equities, Inc. REIT		401		50,362
Nasdaq, Inc.		862		47,126
Northern Trust Corp.		530		46,709
Fifth Third Bancorp		1,738		46,300
Invitation Homes, Inc. REIT		1,477		46,127
Raymond James Financial, Inc.		493		45,982
Cincinnati Financial Corp.		400		44,832
Mid-America Apartment Communities, Inc. REIT		294		44,406
Regions Financial Corp.		2,376		44,099
Ventas, Inc. REIT		1,017		44,087
Principal Financial Group, Inc.		579		43,031
Huntington Bancshares, Inc.		3,671		41,115
Iron Mountain, Inc. REIT		739		39,101
Citizens Financial Group, Inc.		1,253		38,054
Cboe Global Markets, Inc.		270		36,245
Everest Re Group Ltd.		100		35,802
Brown & Brown, Inc.		598		34,337
Essex Property Trust, Inc. REIT		164		34,299
Synchrony Financial		1,112		32,337
UDR, Inc. REIT		787		32,314
W R Berkley Corp.		518		32,251
Kimco Realty Corp. REIT		1,573		30,721
Healthpeak Properties, Inc. REIT		1,391		30,560
Host Hotels & Resorts, Inc. REIT		1,819		29,995
KeyCorp		2,374		29,723
Camden Property Trust REIT		280		29,355
Loews Corp.		496		28,778
Globe Life, Inc.		230		25,305
Regency Centers Corp. REIT		392		23,983
Boston Properties, Inc. REIT		363		19,646
Franklin Resources, Inc.		725		19,532
Invesco Ltd.		1,157		18,975
Federal Realty Investment Trust REIT		186		18,382
Assurant, Inc.		134		16,089
Comerica, Inc.		333		14,459
Zions Bancorp North America		381		11,403
Lincoln National Corp.		392		8,808
First Republic Bank1		473		6,617
Total Financial				12,286,969
Communications — 10.5%
Amazon.com, Inc.*		22,677		2,342,307
Alphabet, Inc. — Class A*		15,150		1,571,509
Alphabet, Inc. — Class C*		13,207		1,373,528
Meta Platforms, Inc. — Class A*		5,662		1,200,004
Cisco Systems, Inc.		10,450		546,274
Walt Disney Co.*		4,647		465,304
Verizon Communications, Inc.		10,683		415,462
Comcast Corp. — Class A		10,700		405,637
Netflix, Inc.*		1,133		391,429
AT&T, Inc.		18,131		349,021
Booking Holdings, Inc.*		99		262,589
T-Mobile US, Inc.*		1,507		218,274
Motorola Solutions, Inc.		425		121,605
Arista Networks, Inc.*		630		105,752
Charter Communications, Inc. — Class A*		268		95,839
Warner Bros Discovery, Inc.*		5,621		84,877
Corning, Inc.		1,936		68,302
CDW Corp.		344		67,042
eBay, Inc.		1,380		61,231
VeriSign, Inc.*		233		49,240
Omnicom Group, Inc.		516		48,680
FactSet Research Systems, Inc.		97		40,264
Interpublic Group of Companies, Inc.		988		36,793
Expedia Group, Inc.*		376		36,483
Etsy, Inc.*		320		35,626
Paramount Global — Class B		1,285		28,668
Juniper Networks, Inc.		824		28,362
Match Group, Inc.*		710		27,257
Fox Corp. — Class A		755		25,708
Gen Digital, Inc.		1,447		24,830
F5, Inc.*		153		22,291
News Corp. — Class A		973		16,804
Fox Corp. — Class B		351		10,990
DISH Network Corp. — Class A*		639		5,962
News Corp. — Class B		300		5,229
Total Communications				10,589,173
Consumer, Cyclical — 8.2%
Tesla, Inc.*		6,841		1,419,234
Home Depot, Inc.		2,592		764,951
Costco Wholesale Corp.		1,129		560,966
Walmart, Inc.		3,567		525,954
McDonald’s Corp.		1,863		520,914
NIKE, Inc. — Class B		3,169		388,646
Lowe’s Companies, Inc.		1,538		307,554
Starbucks Corp.		2,923		304,372
TJX Companies, Inc.		2,939		230,300
Target Corp.		1,171		193,953
O’Reilly Automotive, Inc.*		159		134,988
General Motors Co.		3,548		130,141
Ford Motor Co.		9,959		125,483
Dollar General Corp.		569		119,752
Chipotle Mexican Grill, Inc. — Class A*		70		119,580
AutoZone, Inc.*		48		117,991
Marriott International, Inc. — Class A		684		113,571
PACCAR, Inc.		1,328		97,209
Hilton Worldwide Holdings, Inc.		678		95,510
Yum! Brands, Inc.		712		94,041
Ross Stores, Inc.		876		92,970
Cummins, Inc.		359		85,758
Copart, Inc.*		1,090		81,979
WW Grainger, Inc.		114		78,524
Fastenal Co.		1,452		78,321

30 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
S&P 500® FUND

	Shares		Value
DR Horton, Inc.		795	$	77,664
Aptiv plc*		689		77,299
Dollar Tree, Inc.*		529		75,938
Ulta Beauty, Inc.*		129		70,391
Lennar Corp. — Class A		645		67,796
Tractor Supply Co.		281		66,046
Walgreens Boots Alliance, Inc.		1,821		62,970
Genuine Parts Co.		359		60,064
Delta Air Lines, Inc.*		1,631		56,955
Southwest Airlines Co.		1,512		49,200
Darden Restaurants, Inc.		310		48,100
Las Vegas Sands Corp.*		836		48,028
NVR, Inc.*		8		44,577
Best Buy Company, Inc.		501		39,213
United Airlines Holdings, Inc.*		832		36,816
LKQ Corp.		646		36,667
Royal Caribbean Cruises Ltd.*		558		36,437
MGM Resorts International		800		35,536
Pool Corp.		99		33,902
PulteGroup, Inc.		574		33,453
Domino’s Pizza, Inc.		90		29,688
Wynn Resorts Ltd.*		262		29,321
BorgWarner, Inc.		596		29,270
Caesars Entertainment, Inc.*		546		26,650
Tapestry, Inc.		601		25,909
Carnival Corp.*		2,549		25,872
CarMax, Inc.*		402		25,841
Live Nation Entertainment, Inc.*		363		25,410
American Airlines Group, Inc.*		1,655		24,411
Bath & Body Works, Inc.		581		21,253
VF Corp.		840		19,245
Advance Auto Parts, Inc.		151		18,363
Whirlpool Corp.		139		18,351
Hasbro, Inc.		330		17,718
Norwegian Cruise Line Holdings Ltd.*		1,072		14,419
Alaska Air Group, Inc.*		324		13,595
Ralph Lauren Corp. — Class A		105		12,250
Newell Brands, Inc.		957		11,905
Total Consumer, Cyclical				8,229,185
Industrial — 6.9%
Raytheon Technologies Corp.		3,726		364,887
United Parcel Service, Inc. — Class B		1,856		360,045
Honeywell International, Inc.		1,700		324,904
Union Pacific Corp.		1,556		313,160
Boeing Co.*		1,430		303,775
Caterpillar, Inc.		1,324		302,984
Deere & Co.		688		284,062
Lockheed Martin Corp.		578		273,238
General Electric Co.		2,771		264,908
Eaton Corporation plc		1,012		173,396
Illinois Tool Works, Inc.		706		171,876
Northrop Grumman Corp.		366		168,989
CSX Corp.		5,348		160,119
Waste Management, Inc.		945		154,195
3M Co.		1,400		147,154
FedEx Corp.		591		135,038
General Dynamics Corp.		572		130,536
Emerson Electric Co.		1,453		126,614
Amphenol Corp. — Class A		1,512		123,560
Norfolk Southern Corp.		579		122,748
Parker-Hannifin Corp.		326		109,572
Trane Technologies plc		583		107,260
TE Connectivity Ltd.		805		105,576
Johnson Controls International plc		1,748		105,265
Agilent Technologies, Inc.		753		104,170
TransDigm Group, Inc.		132		97,291
Carrier Global Corp.		2,122		97,082
L3Harris Technologies, Inc.		484		94,980
Otis Worldwide Corp.		1,055		89,042
Mettler-Toledo International, Inc.*		56		85,692
Rockwell Automation, Inc.		292		85,687
AMETEK, Inc.		584		84,873
Old Dominion Freight Line, Inc.		230		78,393
Keysight Technologies, Inc.*		454		73,312
Republic Services, Inc. — Class A		522		70,585
Fortive Corp.		898		61,217
Ingersoll Rand, Inc.		1,030		59,925
Vulcan Materials Co.		338		57,987
Martin Marietta Materials, Inc.		158		56,099
Dover Corp.		355		53,939
Teledyne Technologies, Inc.*		119		53,236
Xylem, Inc.		459		48,057
Westinghouse Air Brake Technologies Corp.		463		46,791
Expeditors International of Washington, Inc.		405		44,599
IDEX Corp.		192		44,358
Ball Corp.		799		44,033
Amcor plc		3,779		43,005
Howmet Aerospace, Inc.		937		39,701
Garmin Ltd.		390		39,359
Jacobs Solutions, Inc.		322		37,838
Textron, Inc.		531		37,504
J.B. Hunt Transport Services, Inc.		211		37,022
Snap-on, Inc.		135		33,330
Trimble, Inc.*		627		32,867
Packaging Corporation of America		235		32,625
Nordson Corp.		137		30,450
Stanley Black & Decker, Inc.		376		30,298
CH Robinson Worldwide, Inc.		299		29,712
Masco Corp.		573		28,490
Allegion plc		223		23,801
Pentair plc		418		23,103
A O Smith Corp.		323		22,335
Huntington Ingalls Industries, Inc.		101		20,909
Westrock Co.		648		19,745
Generac Holdings, Inc.*		161		17,390
Sealed Air Corp.		368		16,895
Mohawk Industries, Inc.*		134		13,429
Total Industrial				6,975,017
Energy — 4.2%
Exxon Mobil Corp.		10,475		1,148,689
Chevron Corp.		4,525		738,299

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
S&P 500® FUND

	Shares		Value
ConocoPhillips		3,113	$	308,841
Schlumberger Ltd.		3,613		177,398
EOG Resources, Inc.		1,494		171,257
Marathon Petroleum Corp.		1,155		155,729
Valero Energy Corp.		981		136,948
Pioneer Natural Resources Co.		604		123,361
Phillips 66		1,185		120,135
Occidental Petroleum Corp.		1,850		115,496
Hess Corp.		706		93,432
Williams Companies, Inc.		3,098		92,506
Kinder Morgan, Inc.		5,032		88,111
Devon Energy Corp.		1,663		84,164
Baker Hughes Co.		2,559		73,853
Halliburton Co.		2,300		72,772
Enphase Energy, Inc.*		346		72,757
ONEOK, Inc.		1,137		72,245
Diamondback Energy, Inc.		467		63,124
First Solar, Inc.*		252		54,810
Coterra Energy, Inc. — Class A		2,006		49,227
SolarEdge Technologies, Inc.*		142		43,161
Targa Resources Corp.		576		42,019
Marathon Oil Corp.		1,615		38,695
Equities Corp.		934		29,804
APA Corp.		818		29,497
Total Energy				4,196,330
Utilities — 2.5%
NextEra Energy, Inc.		5,055		389,639
Southern Co.		2,769		192,667
Duke Energy Corp.		1,959		188,985
Sempra Energy		800		120,928
American Electric Power Company, Inc.		1,307		118,924
Dominion Energy, Inc.		2,120		118,529
Exelon Corp.		2,528		105,898
Xcel Energy, Inc.		1,392		93,876
Consolidated Edison, Inc.		903		86,390
Public Service Enterprise Group, Inc.		1,269		79,249
WEC Energy Group, Inc.		802		76,022
American Water Works Company, Inc.		491		71,926
Eversource Energy		886		69,338
Edison International		971		68,543
PG&E Corp.*		4,095		66,216
Constellation Energy Corp.		832		65,312
Ameren Corp.		658		56,845
Entergy Corp.		518		55,809
FirstEnergy Corp.		1,382		55,363
DTE Energy Co.		493		54,003
PPL Corp.		1,873		52,051
CenterPoint Energy, Inc.		1,601		47,165
CMS Energy Corp.		741		45,483
AES Corp.		1,699		40,912
Atmos Energy Corp.		364		40,899
Evergy, Inc.		584		35,694
Alliant Energy Corp.		639		34,123
NiSource, Inc.		1,033		28,883
Pinnacle West Capital Corp.		288		22,821
NRG Energy, Inc.		586		20,094
Total Utilities				2,502,587
Basic Materials — 1.9%
Linde plc		1,253		445,366
Air Products and Chemicals, Inc.		565		162,274
Freeport-McMoRan, Inc.		3,636		148,749
Sherwin-Williams Co.		600		134,862
Ecolab, Inc.		630		104,284
Nucor Corp.		644		99,479
Newmont Corp.		2,019		98,971
Dow, Inc.		1,793		98,292
DuPont de Nemours, Inc.		1,165		83,612
PPG Industries, Inc.		598		79,881
Albemarle Corp.		298		65,870
LyondellBasell Industries N.V. — Class A		646		60,653
International Flavors & Fragrances, Inc.		649		59,682
Steel Dynamics, Inc.		424		47,937
Mosaic Co.		866		39,732
FMC Corp.		320		39,082
CF Industries Holdings, Inc.		499		36,172
International Paper Co.		905		32,634
Celanese Corp. — Class A		254		27,658
Eastman Chemical Co.		302		25,471
Total Basic Materials				1,890,661
Total Common Stocks
(Cost $58,431,677)				87,357,186
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 5.0%
Federal Home Loan Bank
4.35% due 04/03/232	$	5,000,000		4,998,792
Total Federal Agency Discount Notes
(Cost $4,998,792)				4,998,792
U.S. TREASURY BILLS†† - 1.0%
U.S. Treasury Bills
4.21% due 05/02/232		800,000		797,043
3.36% due 04/11/232,3		203,000		202,793
Total U.S. Treasury Bills
(Cost $999,896)				999,836
REPURCHASE AGREEMENTS††,4 - 8.4%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/235		4,722,851		4,722,851
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/235		1,865,919		1,865,919
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/235		1,865,919		1,865,919
Total Repurchase Agreements
(Cost $8,454,689)				8,454,689

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
S&P 500® FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,6 - 0.0%
Money Market Fund
First American Government Obligations Fund, 4.65%7		4,956	$	4,956
Total Securities Lending Collateral
(Cost $4,956)				4,956
Total Investments — 101.2%
(Cost $72,890,010)			$	101,815,459
Other Assets & Liabilities, net - (1.2)%				(1,199,420	)
Total Net Assets — 100.0%			$	100,616,039

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		27		Jun 2023	$	5,585,963	$	228,655

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

06/28/23

1,013

$

4,163,118

$

139,846

Barclays Bank plc

S&P 500 Index

Pay

5.27% (SOFR + 0.45%)

At Maturity

06/27/23

547

2,249,394

72,134

BNP Paribas

S&P 500 Index

Pay

5.43% (Federal Funds Rate + 0.60%)

At Maturity

06/28/23

451

1,853,629

62,265

$

8,266,141

$

274,245

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — See Note 7.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at March 31, 2023.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as equity index swap collateral at March 31, 2023.
6	Securities lending collateral — See Note 7.
7	Rate indicated is the 7-day yield as of March 31, 2023.
	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 ANNUAL REPORT | 33

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
S&P 500® FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	87,357,186	$	—	$	—	$	87,357,186
Federal Agency Discount Notes		—		4,998,792		—		4,998,792
U.S. Treasury Bills		—		999,836		—		999,836
Repurchase Agreements		—		8,454,689		—		8,454,689
Securities Lending Collateral		4,956		—		—		4,956
Equity Futures Contracts**		228,655		—		—		228,655
Equity Index Swap Agreements**		—		274,245		—		274,245
Total Assets	$	87,590,797	$	14,727,562	$	—	$	102,318,359

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

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

S&P 500^® FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $4,952 of securities loaned (cost $64,435,321)	$	93,360,770
Repurchase agreements, at value (cost $8,454,689)		8,454,689
Cash		1,230
Segregated cash with broker		100,694
Unrealized appreciation on OTC swap agreements		274,245
Receivables:
Fund shares sold		584,934
Variation margin on futures contracts		77,962
Dividends		76,488
Swap settlement		40,471
Interest		1,126
Securities lending income		20
Total assets		102,972,629
Liabilities:
Segregated cash due to broker		120,000
Payable for:
Fund shares redeemed		1,958,764
Management fees		80,684
Transfer agent fees		35,434
Distribution and service fees		31,636
Portfolio accounting and administration fees		22,053
Return of securities lending collateral		4,956
Trustees’ fees*		1,935
Miscellaneous		101,128
Total liabilities		2,356,590
Net assets	$	100,616,039
Net assets consist of:
Paid in capital	$	95,834,209
Total distributable earnings (loss)		4,781,830
Net assets	$	100,616,039
A-Class:
Net assets	$	15,703,440
Capital shares outstanding		247,160
Net asset value per share	$	63.54
Maximum offering price per share (Net asset value divided by 95.25%)	$	66.71
C-Class:
Net assets	$	7,493,687
Capital shares outstanding		139,057
Net asset value per share	$	53.89
H-Class:
Net assets	$	77,418,912
Capital shares outstanding		1,218,401
Net asset value per share	$	63.54

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $445)	$	1,751,545
Interest		319,256
Income from securities lending, net		653
Total investment income		2,071,454
Expenses:
Management fees		841,657
Distribution and service fees:
A-Class		43,640
C-Class		75,699
H-Class		217,992
Transfer agent fees		252,411
Portfolio accounting and administration fees		216,155
Professional fees		64,758
Trustees’ fees*		20,010
Custodian fees		16,548
Interest expense		376
Miscellaneous		110,192
Total expenses		1,859,438
Net investment income		212,016
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		13,360,132
Swap agreements		(1,615,102	)
Futures contracts		261,159
Net realized gain		12,006,189
Net change in unrealized appreciation (depreciation) on:
Investments		(25,312,107	)
Swap agreements		181,288
Futures contracts		153,521
Net change in unrealized appreciation (depreciation)		(24,977,298	)
Net realized and unrealized loss		(12,971,109	)
Net decrease in net assets resulting from operations	$	(12,759,093	)

* 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 ANNUAL REPORT | 35

S&P 500^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	212,016		$	(558,870	)
Net realized gain on investments		12,006,189			1,249,795
Net change in unrealized appreciation (depreciation) on investments		(24,977,298	)		16,193,390
Net increase (decrease) in net assets resulting from operations		(12,759,093	)		16,884,315
Distributions to shareholders:
A-Class		(166,524	)		(331,339	)
C-Class		(95,260	)		(163,855	)
H-Class		(1,119,511	)		(2,286,541	)
Total distributions to shareholders		(1,381,295	)		(2,781,735	)
Capital share transactions:
Proceeds from sale of shares
A-Class		163,996,670			52,642,627
C-Class		8,401,805			12,658,121
H-Class		1,165,341,867			919,080,240
Distributions reinvested
A-Class		156,579			312,707
C-Class		86,278			145,929
H-Class		1,113,139			2,276,597
Cost of shares redeemed
A-Class		(166,137,432	)		(55,161,701	)
C-Class		(10,253,653	)		(15,655,773	)
H-Class		(1,207,132,991	)		(925,522,755	)
Net decrease from capital share transactions		(44,427,738	)		(9,224,008	)
Net increase (decrease) in net assets		(58,568,126	)		4,878,572
Net assets:
Beginning of year		159,184,165			154,305,593
End of year	$	100,616,039		$	159,184,165
Capital share activity:
Shares sold
A-Class		2,698,775			756,957
C-Class		161,320			206,893
H-Class		18,869,344			13,170,805
Shares issued from reinvestment of distributions
A-Class		2,650			4,242
C-Class		1,718			2,306
H-Class		18,841			30,877
Shares redeemed
A-Class		(2,720,235	)		(791,006	)
C-Class		(193,195	)		(260,813	)
H-Class		(19,504,067	)		(13,327,429	)
Net decrease in shares		(664,849	)		(207,168	)

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

S&P 500^® FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	70.89		$	63.06		$	46.64		$	51.55		$	48.72
Income (loss) from investment operations:
Net investment income (loss)a		.18			(.18	)		(.08	)		.17			.15
Net gain (loss) on investments (realized and unrealized)		(6.83	)		8.94			24.50			(4.54	)		3.45
Total from investment operations		(6.65	)		8.76			24.42			(4.37	)		3.60
Less distributions from:
Net investment income		—			—			(.02	)		(.12	)		(.05	)
Net realized gains		(.70	)		(.93	)		(7.98	)		(.42	)		(.72	)
Total distributions		(.70	)		(.93	)		(8.00	)		(.54	)		(.77	)
Net asset value, end of period	$	63.54		$	70.89		$	63.06		$	46.64		$	51.55
Total Returnb		(9.32	%)		13.82	%		53.64	%		(8.67	%)		7.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	15,703		$	18,856		$	18,653		$	12,798		$	20,307
Ratios to average net assets:
Net investment income (loss)		0.30	%		(0.25	%)		(0.13	%)		0.31	%		0.30	%
Total expenses		1.60	%		1.56	%		1.65	%		1.68	%		1.67	%
Portfolio turnover rate		701	%		268	%		284	%		227	%		157	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	60.71		$	54.52		$	41.37		$	46.12		$	44.00
Income (loss) from investment operations:
Net investment income (loss)a		(.30	)		(.60	)		(.46	)		(.24	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		(5.82	)		7.72			21.61			(3.97	)		3.09
Total from investment operations		(6.12	)		7.12			21.15			(4.21	)		2.89
Less distributions from:
Net investment income		—			—			(.02	)		(.12	)		(.05	)
Net realized gains		(.70	)		(.93	)		(7.98	)		(.42	)		(.72	)
Total distributions		(.70	)		(.93	)		(8.00	)		(.54	)		(.77	)
Net asset value, end of period	$	53.89		$	60.71		$	54.52		$	41.37		$	46.12
Total Returnb		(10.02	%)		12.99	%		52.49	%		(9.35	%)		6.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,494		$	10,273		$	12,040		$	8,981		$	14,599
Ratios to average net assets:
Net investment income (loss)		(0.57	%)		(1.00	%)		(0.88	%)		(0.50	%)		(0.45	%)
Total expenses		2.36	%		2.31	%		2.39	%		2.43	%		2.41	%
Portfolio turnover rate		701	%		268	%		284	%		227	%		157	%

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

S&P 500^® FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	70.90		$	63.07		$	46.64		$	51.54		$	48.71
Income (loss) from investment operations:
Net investment income (loss)a		.15			(.18	)		(.08	)		.15			.16
Net gain (loss) on investments (realized and unrealized)		(6.81	)		8.94			24.51			(4.51	)		3.44
Total from investment operations		(6.66	)		8.76			24.43			(4.36	)		3.60
Less distributions from:
Net investment income		—			—			(.02	)		(.12	)		(.05	)
Net realized gains		(.70	)		(.93	)		(7.98	)		(.42	)		(.72	)
Total distributions		(.70	)		(.93	)		(8.00	)		(.54	)		(.77	)
Net asset value, end of period	$	63.54		$	70.90		$	63.07		$	46.64		$	51.54
Total Return		(9.32	%)		13.84	%		53.64	%		(8.65	%)		7.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	77,419		$	130,055		$	123,613		$	112,799		$	120,014
Ratios to average net assets:
Net investment income (loss)		0.23	%		(0.25	%)		(0.13	%)		0.28	%		0.32	%
Total expenses		1.61	%		1.56	%		1.65	%		1.68	%		1.66	%
Portfolio turnover rate		701	%		268	%		284	%		227	%		157	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

INVERSE S&P 500^® STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the S&P 500^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, Inverse S&P 500 Strategy Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index. Inverse S&P 500 Strategy Fund Investor Class returned 7.34%, while the S&P 500 Index returned -7.73% over the same time period.

The sectors contributing the most to the return of the underlying index were Energy, Industrials, and Consumer Staples. The sectors detracting the most were Consumer Discretionary, Communication Services, and Financials.

The holdings contributing the most to the return of the underlying index were Exxon Mobil Corp., Merck & Co., Inc., and Eli Lilly and Co. The holdings detracting the most were Amazon.com, Inc., Tesla, Inc., and Alphabet, Inc. - Class A.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. Derivatives performed as expected.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

THE RYDEX FUNDS ANNUAL REPORT | 39

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
Investor Class	January 7, 1994
A-Class	March 31, 2004
C-Class	March 15, 2001
H-Class	September 18, 2014

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

Cumulative Fund Performance*

Largest Holdings	(% of Total Net Assets)
Guggenheim Strategy Fund II	10.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.6%
Total	16.7%
“Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	7.34%	(12.66%)	(12.99%)
A-Class Shares	7.08%	(12.89%)	(13.21%)
A-Class Shares with sales charge‡	1.98%	(13.73%)	(13.63%)
C-Class Shares	6.28%	(13.53%)	(13.86%)
C-Class Shares with CDSC§	5.28%	(13.53%)	(13.86%)
S&P 500 Index	(7.73%)	11.19%	12.24%

	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	7.12%	(12.87%)	(12.09%)
S&P 500 Index	(7.73%)	11.19%	10.81%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class shares and H-Class shares will vary due to differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

40 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
INVERSE S&P 500® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 16.7%
Guggenheim Strategy Fund II1		262,625	$	6,358,154
Guggenheim Ultra Short Duration Fund — Institutional Class1		426,990		4,146,075
Total Mutual Funds
(Cost $10,738,043)				10,504,229
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 27.3%
Federal Home Loan Bank
4.64% due 05/05/232	$	7,000,000		6,971,174
4.60% due 04/14/232		6,200,000		6,191,283
4.50% due 04/12/232		4,000,000		3,994,500
Total Federal Agency Discount Notes
(Cost $17,153,525)				17,156,957
U.S. TREASURY BILLS†† - 17.9%
U.S. Treasury Bills
4.50% due 04/04/232		5,000,000		4,999,362
4.21% due 05/02/232,3		1,700,000		1,693,716
3.36% due 04/11/232,4		542,000		541,448
U.S. Cash Management Bill
3.94% due 04/17/232		4,000,000		3,992,689
Total U.S. Treasury Bills
(Cost $11,225,180)				11,227,215

FEDERAL AGENCY NOTES†† - 17.2%
Federal Home Loan Bank
4.91% (SOFR + 0.09%, Rate Floor: 0.00%) due 07/03/23◊	5,000,000		5,000,605
4.94% (SOFR + 0.12%, Rate Floor: 0.00%) due 09/06/23◊	3,300,000		3,301,706
4.90% (SOFR + 0.08%, Rate Floor: 0.00%) due 06/14/23◊	2,500,000		2,500,357
Total Federal Agency Notes
(Cost $10,800,000)			10,802,668
REPURCHASE AGREEMENTS††,5 - 25.2%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/233	8,826,833		8,826,833
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/233	3,487,333		3,487,333
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/233	3,487,333		3,487,333
Total Repurchase Agreements
(Cost $15,801,499)			15,801,499
Total Investments — 104.3%
(Cost $65,718,247)			65,492,568
Other Assets & Liabilities, net - (4.3)%			(2,723,730	)
Total Net Assets — 100.0%		$	62,768,838

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		49		Jun 2023	$	10,137,488	$	(562,912	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

BNP Paribas

S&P 500 Index

Receive

5.03% (Federal Funds Rate + 0.20%)

At Maturity

06/28/23

1,309

$

5,380,139

$

(180,728

)

Barclays Bank plc

S&P 500 Index

Receive

5.12% (SOFR + 0.30%)

At Maturity

06/27/23

4,634

19,042,202

(610,658

)

Goldman Sachs International

S&P 500 Index

Receive

5.13% (Federal Funds Rate + 0.30%)

At Maturity

06/28/23

6,813

27,995,719

(940,433

)

$

52,418,060

$

(1,731,819

)

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
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 March 31, 2023. 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 March 31, 2023.
4	All or a portion of this security is pledged as futures collateral at March 31, 2023.
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 March 31, 2023 (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	$	10,504,229	$	—	$	—	$	10,504,229
Federal Agency Discount Notes		—		17,156,957		—		17,156,957
U.S. Treasury Bills		—		11,227,215		—		11,227,215
Federal Agency Notes		—		10,802,668		—		10,802,668
Repurchase Agreements		—		15,801,499		—		15,801,499
Total Assets	$	10,504,229	$	54,988,339	$	—	$	65,492,568

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	562,912	$	—	$	—	$	562,912
Equity Index Swap Agreements**		—		1,731,819		—		1,731,819
Total Liabilities	$	562,912	$	1,731,819	$	—	$	2,294,731

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

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
INVERSE S&P 500® STRATEGY FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	6,447,447	$	—	$	—	$	—	$	(89,293	)	$	6,358,154		262,625	$	236,078
Guggenheim Ultra Short Duration Fund — Institutional Class		4,180,234		—		—		—		(34,159	)		4,146,075		426,990		133,204
	$	10,627,681	$	—	$	—	$	—	$	(123,452	)	$	10,504,229			$	369,282

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

INVERSE S&P 500^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $39,178,705)	$	39,186,840
Investments in affiliated issuers, at value (cost $10,738,043)		10,504,229
Repurchase agreements, at value (cost $15,801,499)		15,801,499
Segregated cash with broker		514,649
Receivables:
Fund shares sold		527,229
Dividends		44,655
Interest		26,342
Investment Adviser		3,464
Total assets		66,608,907
Liabilities:
Unrealized depreciation on OTC swap agreements		1,731,819
Payable for:
Fund shares redeemed		1,626,310
Swap settlement		201,888
Variation margin on futures contracts		141,488
Management fees		54,693
Transfer agent fees		20,697
Distribution and service fees		2,180
Trustees’ fees*		1,078
Miscellaneous		59,916
Total liabilities		3,840,069
Net assets	$	62,768,838
Net assets consist of:
Paid in capital	$	329,945,669
Total distributable earnings (loss)		(267,176,831	)
Net assets	$	62,768,838
Investor Class:
Net assets	$	56,203,485
Capital shares outstanding		1,813,000
Net asset value per share	$	31.00
A-Class:
Net assets	$	4,164,276
Capital shares outstanding		147,307
Net asset value per share	$	28.27
Maximum offering price per share (Net asset value divided by 95.25%)	$	29.68
C-Class:
Net assets	$	801,150
Capital shares outstanding		32,638
Net asset value per share	$	24.55
H-Class:
Net assets	$	1,599,927
Capital shares outstanding		56,552
Net asset value per share	$	28.29

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	369,282
Interest		2,012,544
Total investment income		2,381,826
Expenses:
Management fees		762,729
Distribution and service fees:
A-Class		8,375
C-Class		8,408
H-Class		7,090
Transfer agent fees		184,301
Portfolio accounting and administration fees		119,067
Interest expense		78,430
Professional fees		44,295
Custodian fees		12,052
Trustees’ fees*		11,232
Line of credit fees		156
Miscellaneous		90,432
Total expenses		1,326,567
Less:
Expenses reimbursed by Adviser:		(28,399	)
Expenses waived by Adviser		(10,334	)
Total waived/reimbursed expenses		(38,733	)
Net expenses		1,287,834
Net investment income		1,093,992
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		10,799
Swap agreements		36,000
Futures contracts		(319,207	)
Net realized loss		(272,408	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		7,385
Investments in affiliated issuers		(123,452	)
Swap agreements		(179,235	)
Futures contracts		(562,912	)
Net change in unrealized appreciation (depreciation)		(858,214	)
Net realized and unrealized loss		(1,130,622	)
Net decrease in net assets resulting from operations	$	(36,630	)

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

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

INVERSE S&P 500^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	1,093,992		$	(437,361	)
Net realized loss on investments		(272,408	)		(7,798,713	)
Net change in unrealized appreciation (depreciation) on investments		(858,214	)		(1,268,053	)
Net decrease in net assets resulting from operations		(36,630	)		(9,504,127	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		275,554,341			68,440,551
A-Class		10,216,741			3,806,708
C-Class		973,671			3,987,812
H-Class		47,033,095			26,613,905
Cost of shares redeemed
Investor Class		(266,747,915	)		(66,318,411	)
A-Class		(7,975,728	)		(3,196,902	)
C-Class		(946,029	)		(3,447,814	)
H-Class		(48,066,981	)		(24,476,613	)
Net increase from capital share transactions		10,041,195			5,409,236
Net increase (decrease) in net assets		10,004,565			(4,094,891	)
Net assets:
Beginning of year		52,764,273			56,859,164
End of year	$	62,768,838		$	52,764,273
Capital share activity:
Shares sold
Investor Class		8,506,158			2,252,560
A-Class		347,893			136,807
C-Class		36,018			163,439
H-Class		1,603,396			949,204
Shares redeemed
Investor Class		(8,339,953	)		(2,170,879	)
A-Class		(269,870	)		(116,290	)
C-Class		(36,364	)		(146,568	)
H-Class		(1,645,973	)		(879,621	)
Net increase in shares		201,305			188,652

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

INVERSE S&P 500^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	28.88		$	34.46		$	56.92		$	56.77		$	61.76
Income (loss) from investment operations:
Net investment income (loss)a		.42			(.28	)		(.47	)		.31			.46
Net gain (loss) on investments (realized and unrealized)		1.70			(5.30	)		(21.84	)		.26			(5.45	)
Total from investment operations		2.12			(5.58	)		(22.31	)		.57			(4.99	)
Less distributions from:
Net investment income		—			—			(.15	)		(.42	)		—
Total distributions		—			—			(.15	)		(.42	)		—
Net asset value, end of period	$	31.00		$	28.88		$	34.46		$	56.92		$	56.77
Total Return		7.34	%		(16.19	%)		(39.21	%)		1.10	%		(8.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	56,203		$	47,555		$	53,937		$	85,839		$	46,105
Ratios to average net assets:
Net investment income (loss)		1.31	%		(0.91	%)		(1.12	%)		0.58	%		0.78	%
Total expensesb		1.53	%		1.41	%		1.51	%		1.53	%		1.52	%
Net expensesc		1.49	%		1.39	%		1.50	%		1.51	%		1.51	%
Portfolio turnover rate		—			—			—			—			—

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	26.40		$	31.58		$	52.33		$	52.36		$	57.11
Income (loss) from investment operations:
Net investment income (loss)a		.40			(.32	)		(.56	)		.21			.27
Net gain (loss) on investments (realized and unrealized)		1.47			(4.86	)		(20.04	)		.18			(5.02	)
Total from investment operations		1.87			(5.18	)		(20.60	)		.39			(4.75	)
Less distributions from:
Net investment income		—			—			(.15	)		(.42	)		—
Total distributions		—			—			(.15	)		(.42	)		—
Net asset value, end of period	$	28.27		$	26.40		$	31.58		$	52.33		$	52.36
Total Returnd		7.08	%		(16.40	%)		(39.38	%)		0.85	%		(8.32	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,164		$	1,829		$	1,540		$	7,575		$	3,306
Ratios to average net assets:
Net investment income (loss)		1.34	%		(1.15	%)		(1.39	%)		0.43	%		0.50	%
Total expensesb		1.79	%		1.66	%		1.78	%		1.78	%		1.76	%
Net expensesc		1.74	%		1.64	%		1.77	%		1.76	%		1.76	%
Portfolio turnover rate		—			—			—			—			—

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

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.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	23.10		$	27.84		$	46.49		$	46.92		$	51.56
Income (loss) from investment operations:
Net investment income (loss)a		.09			(.46	)		(.80	)		(.22	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		1.36			(4.28	)		(17.70	)		.21			(4.51	)
Total from investment operations		1.45			(4.74	)		(18.50	)		(.01	)		(4.64	)
Less distributions from:
Net investment income		—			—			(.15	)		(.42	)		—
Total distributions		—			—			(.15	)		(.42	)		—
Net asset value, end of period	$	24.55		$	23.10		$	27.84		$	46.49		$	46.92
Total Returnd		6.28	%		(17.03	%)		(39.82	%)		0.09	%		(9.00	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	801		$	762		$	449		$	6,376		$	2,681
Ratios to average net assets:
Net investment income (loss)		0.35	%		(1.92	%)		(2.16	%)		(0.51	%)		(0.27	%)
Total expensesb		2.53	%		2.41	%		2.54	%		2.53	%		2.51	%
Net expensesc		2.48	%		2.39	%		2.53	%		2.51	%		2.51	%
Portfolio turnover rate		—			—			—			—			—

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	26.41		$	31.58		$	52.32		$	52.35		$	57.11
Income (loss) from investment operations:
Net investment income (loss)a		.25			(.32	)		(.56	)		.17			.29
Net gain (loss) on investments (realized and unrealized)		1.63			(4.85	)		(20.03	)		.22			(5.05	)
Total from investment operations		1.88			(5.17	)		(20.59	)		.39			(4.76	)
Less distributions from:
Net investment income		—			—			(.15	)		(.42	)		—
Total distributions		—			—			(.15	)		(.42	)		—
Net asset value, end of period	$	28.29		$	26.41		$	31.58		$	52.32		$	52.35
Total Return		7.12	%		(16.37	%)		(39.37	%)		0.85	%		(8.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,600		$	2,618		$	933		$	8,890		$	6,772
Ratios to average net assets:
Net investment income (loss)		0.86	%		(1.15	%)		(1.38	%)		0.34	%		0.52	%
Total expensesb		1.78	%		1.66	%		1.78	%		1.78	%		1.77	%
Net expensesc		1.74	%		1.64	%		1.76	%		1.76	%		1.76	%
Portfolio turnover rate		—			—			—			—			—

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Does not include expenses of the underlying funds in which the Fund invests.
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 ANNUAL REPORT | 47

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a calendar month basis. The Fund’s current benchmark is 200% of the performance of the NASDAQ-100 Index^® (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time different than a full calendar month.

For the Reporting Period, the Monthly Rebalance NASDAQ-100 2x Strategy Fund H-Class returned -30.42%, while the NASDAQ-100 Index returned -10.35% over the same time period.

The sectors contributing the most to the return of the underlying index were Health Care, Consumer Staples, and Industrials. The sectors detracting the most from the return were Consumer Discretionary, Information Technology, and Communication Services.

The holdings contributing the most to the return of the underlying index were NVIDIA Corp., Gilead Sciences, Inc., and PepsiCo, Inc. The holdings detracting the most were Amazon.com, Inc., Tesla, Inc., and Apple, Inc.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the most efficient manner possible and to provide leverage and not for hedging purposes. Derivatives performed as expected.

Due to compounding, the Fund’s performance generally will not correlate to the performance of the benchmark over periods greater than a full calendar month. For example, the Fund’s compounded returns for periods greater than a full calendar month will be different than the performance of the benchmark over the same period.

The effects of compounding on the performance of the Fund will be more pronounced when the underlying index experiences increased volatility, the greater the leverage employed in the Fund, and over longer holding periods. Investors in the Fund should actively monitor and manage their investments to ensure they are consistent with their strategies. The effects of compounding are discussed in more detail on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

48 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
A-Class	November 28, 2014
C-Class	November 28, 2014
H-Class	November 28, 2014

Cumulative Fund Performance*

Ten Largest Holdings	(% of Total Net Assets)
Microsoft Corp.	10.7%
Apple, Inc.	10.5%
Amazon.com, Inc.	5.3%
NVIDIA Corp.	4.5%
Tesla, Inc.	3.3%
Alphabet, Inc. — Class A	3.2%
Alphabet, Inc. — Class C	3.1%
Meta Platforms, Inc. — Class A	3.1%
Broadcom, Inc.	1.7%
PepsiCo, Inc.	1.6%
Top Ten Total	47.0%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	Since Inception (11/28/14)
A-Class Shares	(30.38%)	23.33%	25.09%
A-Class Shares with sales charge‡	(33.69%)	22.13%	24.36%
C-Class Shares	(30.96%)	22.39%	24.12%
C-Class Shares with CDSC§	(31.65%)	22.39%	24.12%
H-Class Shares	(30.42%)	23.29%	25.43%
NASDAQ-100 Index	(10.35%)	15.96%	15.43%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The NASDAQ-100 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to difference in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 49

SCHEDULE OF INVESTMENTS	March 31, 2023
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 85.1%
Technology — 41.5%
Microsoft Corp.		143,151	$	41,270,433
Apple, Inc.		245,748		40,523,845
NVIDIA Corp.		61,880		17,188,408
Broadcom, Inc.		10,445		6,700,885
Adobe, Inc.*		11,469		4,419,809
Texas Instruments, Inc.		22,703		4,222,985
Advanced Micro Devices, Inc.*		40,369		3,956,566
QUALCOMM, Inc.		27,933		3,563,692
Intel Corp.		103,642		3,385,984
Intuit, Inc.		7,028		3,133,293
Applied Materials, Inc.		21,172		2,600,557
Analog Devices, Inc.		12,673		2,499,369
Lam Research Corp.		3,380		1,791,805
Fiserv, Inc.*		15,736		1,778,640
Activision Blizzard, Inc.		19,648		1,681,672
Micron Technology, Inc.		27,337		1,649,514
ASML Holding N.V. — Class G		2,201		1,498,243
Synopsys, Inc.*		3,816		1,473,930
Cadence Design Systems, Inc.*		6,838		1,436,596
KLA Corp.		3,469		1,384,721
Fortinet, Inc.*		19,643		1,305,474
NXP Semiconductor N.V.		6,492		1,210,596
Microchip Technology, Inc.		13,724		1,149,797
Autodesk, Inc.*		5,406		1,125,313
Workday, Inc. — Class A*		5,111		1,055,626
Paychex, Inc.		9,031		1,034,862
GLOBALFOUNDRIES, Inc.*,1		13,655		985,618
Marvell Technology, Inc.		21,375		925,537
Electronic Arts, Inc.		6,870		827,492
Cognizant Technology Solutions Corp. — Class A		12,759		777,406
Crowdstrike Holdings, Inc. — Class A*		5,469		750,675
ANSYS, Inc.*		2,182		726,170
Atlassian Corp. — Class A*		3,761		643,770
Datadog, Inc. — Class A*		7,367		535,286
Zoom Video Communications, Inc. — Class A*		6,154		454,411
Zscaler, Inc.*		3,613		422,107
Total Technology				160,091,087
Communications — 22.2%
Amazon.com, Inc.*		197,888		20,439,851
Alphabet, Inc. — Class A*		117,230		12,160,268
Alphabet, Inc. — Class C*		115,249		11,985,896
Meta Platforms, Inc. — Class A*		55,761		11,817,986
Cisco Systems, Inc.		102,610		5,363,938
T-Mobile US, Inc.*		30,549		4,424,717
Comcast Corp. — Class A		105,386		3,995,183
Netflix, Inc.*		11,157		3,854,520
Booking Holdings, Inc.*		943		2,501,223
MercadoLibre, Inc.*		1,259		1,659,438
Palo Alto Networks, Inc.*		7,581		1,514,229
Charter Communications, Inc. — Class A*		3,824		1,367,501
Airbnb, Inc. — Class A*		10,245		1,274,478
PDD Holdings, Inc. ADR*		14,910		1,131,669
Warner Bros Discovery, Inc.*		60,878		919,258
eBay, Inc.		13,450		596,776
JD.com, Inc. ADR		11,547		506,798
Sirius XM Holdings, Inc.1		97,467		386,944
Total Communications				85,900,673
Consumer, Non-cyclical — 10.4%
PepsiCo, Inc.		34,504		6,290,079
Amgen, Inc.		13,377		3,233,890
Gilead Sciences, Inc.		31,243		2,592,232
Mondelez International, Inc. — Class A		34,154		2,381,217
Automatic Data Processing, Inc.		10,381		2,311,122
Intuitive Surgical, Inc.*		8,778		2,242,516
Regeneron Pharmaceuticals, Inc.*		2,693		2,212,757
PayPal Holdings, Inc.*		28,344		2,152,444
Vertex Pharmaceuticals, Inc.*		6,441		2,029,366
Moderna, Inc.*		9,679		1,486,501
Monster Beverage Corp.*		26,142		1,411,929
Keurig Dr Pepper, Inc.		35,235		1,243,091
Kraft Heinz Co.		30,689		1,186,744
Cintas Corp.		2,546		1,177,983
Dexcom, Inc.*		9,681		1,124,739
AstraZeneca plc ADR		15,103		1,048,299
IDEXX Laboratories, Inc.*		2,077		1,038,666
Biogen, Inc.*		3,620		1,006,468
Seagen, Inc.*		4,680		947,560
Illumina, Inc.*		3,958		920,433
Verisk Analytics, Inc. — Class A		3,876		743,649
CoStar Group, Inc.*		10,191		701,650
Align Technology, Inc.*		1,919		641,214
Total Consumer, Non-cyclical				40,124,549
Consumer, Cyclical — 8.0%
Tesla, Inc.*		61,103		12,676,428
Costco Wholesale Corp.		11,116		5,523,207
Starbucks Corp.		28,793		2,998,215
O’Reilly Automotive, Inc.*		1,549		1,315,070
Marriott International, Inc. — Class A		7,719		1,281,663
Lululemon Athletica, Inc.*		3,066		1,116,607
PACCAR, Inc.		13,090		958,188
Ross Stores, Inc.		8,627		915,583
Copart, Inc.*		11,940		898,007
Dollar Tree, Inc.*		5,542		795,554
Fastenal Co.		14,304		771,558
Walgreens Boots Alliance, Inc.		21,608		747,205
Lucid Group, Inc.*,1		45,857		368,690
Rivian Automotive, Inc. — Class A*		23,030		356,505
Total Consumer, Cyclical				30,722,480
Industrial — 1.5%
Honeywell International, Inc.		16,739		3,199,158
CSX Corp.		51,673		1,547,089
Old Dominion Freight Line, Inc.		2,756		939,355
Total Industrial				5,685,602

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
Utilities — 1.0%
American Electric Power Company, Inc.		12,887	$	1,172,588
Exelon Corp.		24,906		1,043,312
Xcel Energy, Inc.		13,775		928,986
Constellation Energy Corp.		8,195		643,308
Total Utilities				3,788,194
Energy — 0.5%
Baker Hughes Co.		25,333		731,110
Enphase Energy, Inc.*		3,420		719,158
Diamondback Energy, Inc.		4,599		621,647
Total Energy				2,071,915
Total Common Stocks
(Cost $283,129,436)				328,384,500
MUTUAL FUNDS† - 1.8%
Guggenheim Ultra Short Duration Fund — Institutional Class2		363,006		3,524,787
Guggenheim Strategy Fund II2		140,153		3,393,112
Total Mutual Funds
(Cost $6,977,593)				6,917,899
	Face Amount
U.S. TREASURY BILLS†† - 6.7%
U.S. Treasury Bills
4.21% due 05/02/233	$	20,300,000		20,224,958
U.S. Treasury Bills
3.36% due 04/11/233,4		5,732,000		5,726,166
Total U.S. Treasury Bills
(Cost $25,952,675)				25,951,124

REPURCHASE AGREEMENTS††,5 - 4.7%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/236	10,228,109		10,228,109
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/236	4,040,954		4,040,954
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/236	4,040,954		4,040,954
Total Repurchase Agreements
(Cost $18,310,017)			18,310,017
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.3%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%8	1,123,163		1,123,163
Total Securities Lending Collateral
(Cost $1,123,163)			1,123,163
Total Investments — 98.6%
(Cost $335,492,884)			380,686,703
Other Assets & Liabilities, net — 1.4%			5,367,087
Total Net Assets — 100.0%		$	386,053,790

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		211		Jun 2023	$	56,129,165	$	5,401,512

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Barclays Bank plc

NASDAQ-100 Index

Pay

5.32% (SOFR + 0.50%)

At Maturity

06/27/23

15,816

$

208,480,809

$

8,039,149

BNP Paribas

NASDAQ-100 Index

Pay

5.48% (Federal Funds Rate + 0.65%)

At Maturity

06/28/23

7,175

94,577,705

4,095,414

Goldman Sachs International

NASDAQ-100 Index

Pay

5.33% (Federal Funds Rate + 0.50%)

At Maturity

06/28/23

6,434

84,805,458

1,028,221

$

387,863,972

$

13,162,784

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

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — See Note 7.
2	Affiliated issuer.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at March 31, 2023.
5	Repurchase Agreements — See Note 6.
6	All or a portion of this security is pledged as equity index swap collateral at March 31, 2023.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of March 31, 2023.
	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 March 31, 2023 (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	$	328,384,500	$	—	$	—	$	328,384,500
Mutual Funds		6,917,899		—		—		6,917,899
U.S. Treasury Bills		—		25,951,124		—		25,951,124
Repurchase Agreements		—		18,310,017		—		18,310,017
Securities Lending Collateral		1,123,163		—		—		1,123,163
Equity Futures Contracts**		5,401,512		—		—		5,401,512
Equity Index Swap Agreements**		—		13,162,784		—		13,162,784
Total Assets	$	341,827,074	$	57,423,925	$	—	$	399,250,999

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

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	10,904,111	$	—	$	(7,300,000	)	$	(176,992	)	$	(34,007	)	$	3,393,112		140,153	$	286,023
Guggenheim Ultra Short Duration Fund — Institutional Class		21,389,957		—		(17,600,000	)		(462,543	)		197,373			3,524,787		363,006		290,858
	$	32,294,068	$	—	$	(24,900,000	)	$	(639,535	)	$	163,366		$	6,917,899			$	576,881

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

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value - including $1,104,914 of securities loaned (cost $310,205,274)	$	355,458,787
Investments in affiliated issuers, at value (cost $6,977,593)		6,917,899
Repurchase agreements, at value (cost $18,310,017)		18,310,017
Cash		1
Unrealized appreciation on OTC swap agreements		13,162,784
Receivables:
Fund shares sold		1,350,821
Variation margin on futures contracts		879,498
Investment Adviser		128,971
Dividends		80,106
Swap settlement		29,340
Securities lending income		4,616
Interest		2,439
Total assets		396,325,279
Liabilities:
Segregated cash due to broker		7,810,000
Payable for:
Return of securities lending collateral		1,123,163
Fund shares redeemed		565,990
Management fees		268,493
Transfer agent and administrative fees		90,154
Distribution and service fees		75,310
Trustees’ fees*		5,140
Miscellaneous		333,239
Total liabilities		10,271,489
Net assets	$	386,053,790
Net assets consist of:
Paid in capital	$	442,764,394
Total distributable earnings (loss)		(56,710,604	)
Net assets	$	386,053,790
A-Class:
Net assets	$	4,614,174
Capital shares outstanding		15,437
Net asset value per share	$	298.90
Maximum offering price per share (Net asset value divided by 95.25%)	$	313.81
C-Class:
Net assets	$	950,802
Capital shares outstanding		3,408
Net asset value per share	$	278.89
H-Class:
Net assets	$	380,488,814
Capital shares outstanding		1,242,161
Net asset value per share	$	306.31

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $3,620)	$	2,047,698
Dividends from securities of affiliated issuers		576,881
Interest		1,452,426
Income from securities lending, net		54,718
Total investment income		4,131,723
Expenses:
Management fees		2,619,970
Distribution and service fees:
A-Class		11,567
C-Class		8,642
H-Class		714,042
Transfer agent fees		628,061
Portfolio accounting and administration fees		398,736
Professional fees		171,417
Interest expense		128,500
Trustees’ fees*		46,076
Custodian fees		42,009
Line of credit fees		4,099
Miscellaneous		389,062
Total expenses		5,162,181
Less:
Expenses reimbursed by Adviser:		(103,506	)
Expenses waived by Adviser		(1,205,115	)
Total waived expenses		(1,308,621	)
Net expenses		3,853,560
Net investment income		278,163
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(40,199,960	)
Investments in affiliated issuers		(639,535	)
Swap agreements		(24,254,293	)
Futures contracts		(13,505,891	)
Net realized loss		(78,599,679	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		43,203,066
Investments in affiliated issuers		163,366
Swap agreements		4,240,110
Futures contracts		4,081,434
Net change in unrealized appreciation (depreciation)		51,687,976
Net realized and unrealized loss		(26,911,703	)
Net decrease in net assets resulting from operations	$	(26,633,540	)

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

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

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	278,163		$	(2,700,011	)
Net realized gain (loss) on investments		(78,599,679	)		22,777,914
Net change in unrealized appreciation (depreciation) on investments		51,687,976			2,309,125
Net increase (decrease) in net assets resulting from operations		(26,633,540	)		22,387,028
Distributions to shareholders:
A-Class		—			(193,566	)
C-Class		—			(52,927	)
H-Class		—			(12,143,000	)
Total distributions to shareholders		—			(12,389,493	)
Capital share transactions:
Proceeds from sale of shares
A-Class		6,041,787			11,112,055
C-Class		275,014			984,013
H-Class		3,336,949,993			3,520,837,476
Distributions reinvested
A-Class		—			178,884
C-Class		—			47,659
H-Class		—			12,085,255
Cost of shares redeemed
A-Class		(7,341,375	)		(9,230,951	)
C-Class		(299,704	)		(1,549,695	)
H-Class		(3,046,284,758	)		(3,519,147,202	)
Net increase from capital share transactions		289,340,957			15,317,494
Net increase in net assets		262,707,417			25,315,029
Net assets:
Beginning of year		123,346,373			98,031,344
End of year	$	386,053,790		$	123,346,373
Capital share activity:
Shares sold
A-Class		21,048			24,788
C-Class		1,051			2,325
H-Class		11,582,345			8,244,418
Shares issued from reinvestment of distributions
A-Class		—			346
C-Class		—			98
H-Class		—			22,788
Shares redeemed
A-Class		(25,121	)		(21,111	)
C-Class		(1,190	)		(4,065	)
H-Class		(10,598,076	)		(8,258,466	)
Net increase in shares		980,057			11,121

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 55

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	429.31		$	355.42		$	141.86		$	134.54		$	113.31
Income (loss) from investment operations:
Net investment income (loss)a		.32			(3.11	)		(1.74	)		.23			.25
Net gain (loss) on investments (realized and unrealized)		(130.73	)		88.53			233.57			7.28			20.98
Total from investment operations		(130.41	)		85.42			231.83			7.51			21.23
Less distributions from:
Net investment income		—			—			—			(.19	)		—
Net realized gains		—			(11.53	)		(18.27	)		—			—
Total distributions		—			(11.53	)		(18.27	)		(.19	)		—
Net asset value, end of period	$	298.90		$	429.31		$	355.42		$	141.86		$	134.54
Total Returnb		(30.38	%)		23.48	%		164.83	%		5.56	%		18.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,614		$	8,376		$	5,504		$	2,434		$	3,077
Ratios to average net assets:
Net investment income (loss)		0.12	%		(0.70	%)		(0.60	%)		0.15	%		0.19	%
Total expensesc		1.77	%		1.69	%		1.77	%		1.83	%		1.81	%
Net expensesd,e		1.31	%		1.32	%		1.33	%		1.34	%		1.35	%
Portfolio turnover rate		1,054	%		922	%		509	%		990	%		467	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	403.95		$	337.38		$	136.06		$	130.01		$	110.32
Income (loss) from investment operations:
Net investment income (loss)a		(1.56	)		(6.08	)		(3.70	)		(.83	)		(.64	)
Net gain (loss) on investments (realized and unrealized)		(123.50	)		84.18			223.29			7.07			20.33
Total from investment operations		(125.06	)		78.10			219.59			6.24			19.69
Less distributions from:
Net investment income		—			—			—			(.19	)		—
Net realized gains		—			(11.53	)		(18.27	)		—			—
Total distributions		—			(11.53	)		(18.27	)		(.19	)		—
Net asset value, end of period	$	278.89		$	403.95		$	337.38		$	136.06		$	130.01
Total Returnb		(30.96	%)		22.55	%		162.86	%		4.77	%		17.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	951		$	1,433		$	1,751		$	552		$	476
Ratios to average net assets:
Net investment income (loss)		(0.61	%)		(1.44	%)		(1.34	%)		(0.55	%)		(0.52	%)
Total expensesc		2.52	%		2.44	%		2.52	%		2.58	%		2.57	%
Net expensesd,e		2.06	%		2.07	%		2.08	%		2.09	%		2.11	%
Portfolio turnover rate		1,054	%		922	%		509	%		990	%		467	%

56 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	440.25		$	364.34		$	145.23		$	137.80		$	116.07
Income (loss) from investment operations:
Net investment income (loss)a		.27			(3.35	)		(1.81	)		.12			.19
Net gain (loss) on investments (realized and unrealized)		(134.21	)		90.79			239.19			7.50			21.54
Total from investment operations		(133.94	)		87.44			237.38			7.62			21.73
Less distributions from:
Net investment income		—			—			—			(.19	)		—
Net realized gains		—			(11.53	)		(18.27	)		—			—
Total distributions		—			(11.53	)		(18.27	)		(.19	)		—
Net asset value, end of period	$	306.31		$	440.25		$	364.34		$	145.23		$	137.80
Total Return		(30.42	%)		23.46	%		164.81	%		5.51	%		18.72	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	380,489		$	113,538		$	90,776		$	22,586		$	128,354
Ratios to average net assets:
Net investment income (loss)		0.10	%		(0.71	%)		(0.60	%)		0.08	%		0.15	%
Total expensesc		1.77	%		1.69	%		1.77	%		1.82	%		1.81	%
Net expensesd,e		1.32	%		1.33	%		1.33	%		1.34	%		1.35	%
Portfolio turnover rate		1,054	%		922	%		509	%		990	%		467	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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 expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	03/31/23	03/31/22	03/31/21	03/31/20	03/31/19
A-Class	1.27%	1.32%	1.33%	1.33%	1.35%
C-Class	2.02%	2.06%	2.08%	2.08%	2.10%
H-Class	1.28%	1.33%	1.33%	1.33%	1.35%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 57

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

INVERSE NASDAQ-100^® STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the NASDAQ-100^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, Inverse NASDAQ-100 Strategy Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index. Inverse NASDAQ-100^® Strategy Fund Investor Class returned 6.07%, while the NASDAQ-100 Index returned -10.35% over the same time period.

The sectors contributing the most to the return of the underlying index were Health Care, Consumer Staples, and Industrials. The sectors detracting the most from the return were Consumer Discretionary, Information Technology, and Communication Services.

The holdings contributing the most to the return of the underlying index were NVIDIA Corp., Gilead Sciences, Inc., and PepsiCo, Inc. The holdings detracting the most were Amazon.com, Inc., Tesla, Inc., and Apple, Inc.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. Derivatives performed as expected.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

58 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
Investor Class	September 3, 1998
A-Class	March 31, 2004
C-Class	March 7, 2001
H-Class	September 18, 2014

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

Cumulative Fund Performance*

Largest Holdings	(% of Total Net Assets)
Guggenheim Strategy Fund II	3.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.7%
Total	6.5%
“Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	6.07%	(18.09%)	(18.31%)
A-Class Shares	5.84%	(18.30%)	(18.41%)
A-Class Shares with sales charge‡	0.81%	(19.09%)	(18.80%)
C-Class Shares	5.08%	(18.92%)	(19.13%)
C-Class Shares with CDSC§	4.08%	(18.92%)	(19.13%)
NASDAQ-100 Index	(10.35%)	15.96%	17.95%

	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	5.83%	(18.32%)	(17.21%)
NASDAQ-100 Index	(10.35%)	15.96%	14.66%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The NASDAQ-100 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class shares and H-Class shares will vary due to differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 59

SCHEDULE OF INVESTMENTS	March 31, 2023
INVERSE NASDAQ-100® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 6.5%
Guggenheim Strategy Fund II1		49,399	$	1,195,958
Guggenheim Ultra Short Duration Fund — Institutional Class1		87,169		846,408
Total Mutual Funds
(Cost $2,033,556)				2,042,366
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 30.5%
Federal Home Loan Bank
4.60% due 04/14/232	$	5,100,000		5,092,830
4.64% due 05/05/232		4,600,000		4,581,057
Total Federal Agency Discount Notes
(Cost $9,671,370)				9,673,887
U.S. TREASURY BILLS†† - 25.8%
U.S. Treasury Bills
4.50% due 04/04/232		5,000,000		4,999,362
4.21% due 05/02/232,3		3,200,000		3,188,170
Total U.S. Treasury Bills
(Cost $8,186,524)				8,187,532

FEDERAL AGENCY NOTES†† - 9.5%
Federal Home Loan Bank
4.92% (SOFR + 0.10%, Rate Floor: 0.00%) due 06/22/23◊	3,000,000		3,000,582
Total Federal Agency Notes
(Cost $3,000,000)			3,000,582
REPURCHASE AGREEMENTS††,4 - 34.1%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/233	6,036,999		6,036,999
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/233	2,385,117		2,385,117
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/233	2,385,117		2,385,117
Total Repurchase Agreements
(Cost $10,807,233)			10,807,233
Total Investments — 106.4%
(Cost $33,698,683)			33,711,600
Other Assets & Liabilities, net - (6.4)%			(2,024,278	)
Total Net Assets — 100.0%		$	31,687,322

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

06/28/23

415

$

5,475,471

$

(237,098

)

BNP Paribas

NASDAQ-100 Index

Receive

5.08% (Federal Funds Rate + 0.25%)

At Maturity

06/28/23

604

7,965,247

(344,922

)

Barclays Bank plc

NASDAQ-100 Index

Receive

5.17% (SOFR + 0.35%)

At Maturity

06/27/23

1,385

18,262,013

(704,192

)

$

31,702,731

$

(1,286,212

)

60 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
INVERSE NASDAQ-100® STRATEGY FUND

†	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 March 31, 2023. 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 March 31, 2023.
4	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	2,042,366	$	—	$	—	$	2,042,366
Federal Agency Discount Notes		—		9,673,887		—		9,673,887
U.S. Treasury Bills		—		8,187,532		—		8,187,532
Federal Agency Notes		—		3,000,582		—		3,000,582
Repurchase Agreements		—		10,807,233		—		10,807,233
Total Assets	$	2,042,366	$	31,669,234	$	—	$	33,711,600

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	1,286,212	$	—	$	1,286,212

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 61

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
INVERSE NASDAQ-100® STRATEGY FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,212,754	$	—	$	—	$	—	$	(16,796	)	$	1,195,958		49,399	$	44,407
Guggenheim Ultra Short Duration Fund — Institutional Class		853,381		—		—		—		(6,973	)		846,408		87,169		27,193
	$	2,066,135	$	—	$	—	$	—	$	(23,769	)	$	2,042,366			$	71,600

62 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $20,857,894)	$	20,862,001
Investments in affiliated issuers, at value (cost $2,033,556)		2,042,366
Repurchase agreements, at value (cost $10,807,233)		10,807,233
Receivables:
Fund shares sold		256,647
Dividends		8,677
Interest		6,264
Investment Adviser		2,957
Total assets		33,986,145
Liabilities:
Unrealized depreciation on OTC swap agreements		1,286,212
Payable for:
Fund shares redeemed		853,445
Swap settlement		91,709
Management fees		25,640
Transfer agent fees		11,358
Distribution and service fees		557
Trustees’ fees*		498
Miscellaneous		29,404
Total liabilities		2,298,823
Net assets	$	31,687,322
Net assets consist of:
Paid in capital	$	106,479,722
Total distributable earnings (loss)		(74,792,400	)
Net assets	$	31,687,322
Investor Class:
Net assets	$	29,761,941
Capital shares outstanding		1,291,155
Net asset value per share	$	23.05
A-Class:
Net assets	$	1,311,107
Capital shares outstanding		59,329
Net asset value per share	$	22.10
Maximum offering price per share (Net asset value divided by 95.25%)	$	23.20
C-Class:
Net assets	$	40,149
Capital shares outstanding		2,207
Net asset value per share	$	18.19
H-Class:
Net assets	$	574,125
Capital shares outstanding		26,375
Net asset value per share	$	21.77

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	71,600
Interest		1,384,758
Total investment income		1,456,358
Expenses:
Management fees		430,804
Distribution and service fees:
A-Class		3,799
C-Class		2,548
H-Class		6,767
Transfer agent fees		101,012
Portfolio accounting and administration fees		69,093
Interest expense		53,339
Professional fees		23,746
Custodian fees		6,854
Trustees’ fees*		6,054
Line of credit fees		372
Miscellaneous		69,768
Total expenses		774,156
Less:
Expenses reimbursed by Adviser:		(18,148	)
Expenses waived by Adviser		(2,109	)
Total waived/reimbursed expenses		(20,257	)
Net expenses		753,899
Net investment income		702,459
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		7,078
Swap agreements		(5,838,544	)
Futures contracts		148,766
Net realized loss		(5,682,700	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		8,322
Investments in affiliated issuers		(23,769	)
Swap agreements		(616,835	)
Futures contracts		22,787
Net change in unrealized appreciation (depreciation)		(609,495	)
Net realized and unrealized loss		(6,292,195	)
Net decrease in net assets resulting from operations	$	(5,589,736	)

* 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 ANNUAL REPORT | 63

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	702,459		$	(281,270	)
Net realized loss on investments		(5,682,700	)		(12,065,512	)
Net change in unrealized appreciation (depreciation) on investments		(609,495	)		(1,820,653	)
Net decrease in net assets resulting from operations		(5,589,736	)		(14,167,435	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		524,576,731			256,389,834
A-Class		6,472,154			4,856,561
C-Class		258,552			940,381
H-Class		15,316,386			4,811,372
Cost of shares redeemed
Investor Class		(503,565,331	)		(253,810,120	)
A-Class		(7,224,219	)		(4,197,327	)
C-Class		(1,075,097	)		(265,042	)
H-Class		(17,542,627	)		(2,415,101	)
Net increase from capital share transactions		17,216,549			6,310,558
Net increase (decrease) in net assets		11,626,813			(7,856,877	)
Net assets:
Beginning of year		20,060,509			27,917,386
End of year	$	31,687,322		$	20,060,509
Capital share activity:
Shares sold
Investor Class		20,063,694			11,021,776
A-Class		268,140			221,643
C-Class		12,742			52,144
H-Class		617,520			225,001
Shares redeemed
Investor Class		(19,458,419	)		(11,330,224	)
A-Class		(299,089	)		(190,427	)
C-Class		(51,367	)		(14,793	)
H-Class		(715,937	)		(113,775	)
Net increase (decrease) in shares		437,284			(128,655	)

64 | THE RYDEX FUNDS ANNUAL 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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	21.73		$	26.17		$	47.65		$	54.72		$	63.05
Income (loss) from investment operations:
Net investment income (loss)a		.40			(.28	)		(.40	)		.09			.56
Net gain (loss) on investments (realized and unrealized)		.92	e		(4.16	)		(21.05	)		(6.83	)		(8.89	)
Total from investment operations		1.32			(4.44	)		(21.45	)		(6.74	)		(8.33	)
Less distributions from:
Net investment income		—			—			(.03	)		(.33	)		—
Total distributions		—			—			(.03	)		(.33	)		—
Net asset value, end of period	$	23.05		$	21.73		$	26.17		$	47.65		$	54.72
Total Return		6.07	%		(16.97	%)		(45.03	%)		(12.32	%)		(13.21	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	29,762		$	14,902		$	26,018		$	59,321		$	6,473
Ratios to average net assets:
Net investment income (loss)		1.55	%		(1.22	%)		(1.28	%)		0.17	%		0.93	%
Total expensesb		1.59	%		1.46	%		1.54	%		1.57	%		1.56	%
Net expensesc		1.55	%		1.44	%		1.52	%		1.54	%		1.54	%
Portfolio turnover rate		—			23	%		37	%		37	%		38	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	20.88		$	25.22		$	46.04		$	53.01		$	61.24
Income (loss) from investment operations:
Net investment income (loss)a		.33			(.31	)		(.45	)		.19			.41
Net gain (loss) on investments (realized and unrealized)		.89	e		(4.03	)		(20.34	)		(6.83	)		(8.64	)
Total from investment operations		1.22			(4.34	)		(20.79	)		(6.64	)		(8.23	)
Less distributions from:
Net investment income		—			—			(.03	)		(.33	)		—
Total distributions		—			—			(.03	)		(.33	)		—
Net asset value, end of period	$	22.10		$	20.88		$	25.22		$	46.04		$	53.01
Total Returnd		5.84	%		(17.21	%)		(45.17	%)		(12.53	%)		(13.44	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,311		$	1,885		$	1,489		$	523		$	835
Ratios to average net assets:
Net investment income (loss)		1.35	%		(1.41	%)		(1.51	%)		0.39	%		0.72	%
Total expensesb		1.82	%		1.70	%		1.78	%		1.81	%		1.81	%
Net expensesc		1.78	%		1.68	%		1.76	%		1.76	%		1.79	%
Portfolio turnover rate		—			23	%		37	%		37	%		38	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 65

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.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	17.31		$	21.07		$	38.76		$	45.03		$	52.43
Income (loss) from investment operations:
Net investment income (loss)a		(.24	)		(.38	)		(.60	)		(.17	)		(.06	)
Net gain (loss) on investments (realized and unrealized)		1.12	e		(3.38	)		(17.06	)		(5.77	)		(7.34	)
Total from investment operations		.88			(3.76	)		(17.66	)		(5.94	)		(7.40	)
Less distributions from:
Net investment income		—			—			(.03	)		(.33	)		—
Total distributions		—			—			(.03	)		(.33	)		—
Net asset value, end of period	$	18.19		$	17.31		$	21.07		$	38.76		$	45.03
Total Returnd		5.08	%		(17.85	%)		(45.58	%)		(13.19	%)		(14.11	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	40		$	707		$	73		$	234		$	128
Ratios to average net assets:
Net investment income (loss)		(1.22	%)		(2.16	%)		(2.26	%)		(0.41	%)		(0.13	%)
Total expensesb		2.56	%		2.45	%		2.55	%		2.57	%		2.53	%
Net expensesc		2.55	%		2.43	%		2.54	%		2.53	%		2.53	%
Portfolio turnover rate		—			23	%		37	%		37	%		38	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	20.57		$	24.83		$	45.36		$	52.24		$	60.37
Income (loss) from investment operations:
Net investment income (loss)a		.09			(.32	)		(.46	)		(.02	)		.37
Net gain (loss) on investments (realized and unrealized)		1.11	e		(3.94	)		(20.04	)		(6.53	)		(8.50	)
Total from investment operations		1.20			(4.26	)		(20.50	)		(6.55	)		(8.13	)
Less distributions from:
Net investment income		—			—			(.03	)		(.33	)		—
Total distributions		—			—			(.03	)		(.33	)		—
Net asset value, end of period	$	21.77		$	20.57		$	24.83		$	45.36		$	52.24
Total Return		5.83	%		(17.16	%)		(45.21	%)		(12.54	%)		(13.47	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	574		$	2,567		$	337		$	583		$	341
Ratios to average net assets:
Net investment income (loss)		0.39	%		(1.49	%)		(1.51	%)		(0.05	%)		0.63	%
Total expensesb		1.83	%		1.72	%		1.79	%		1.82	%		1.81	%
Net expensesc		1.80	%		1.71	%		1.78	%		1.79	%		1.79	%
Portfolio turnover rate		—			23	%		37	%		37	%		38	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Does not include expenses of the underlying funds in which the Fund invests.
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.

66 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

MID-CAP 1.5x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark for midcap securities on a daily basis. The Fund’s current benchmark is 150% of the performance of the S&P MidCap 400^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, Mid-Cap 1.5x Strategy Fund had a correlation of more than 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index. Mid-Cap 1.5x Strategy Fund H-Class returned -12.69%, while the S&P MidCap 400 Index returned -5.12% over the same period.

The sectors contributing the most to the return of the underlying index were Industrials and Consumer Staples. The sectors detracting the most were Real Estate, Financials, and Health Care.

The holdings contributing the most to the return of the underlying index were First Solar, Inc., Axon Enterprise, Inc., and Fair Isaac Corp. The holdings detracting the most were Alcoa Corp., Medical Properties Trust, Inc., and Cleveland-Cliffs, Inc.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. Derivatives performed as expected.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

THE RYDEX FUNDS ANNUAL REPORT | 67

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
A-Class	March 31, 2004
C-Class	August 20, 2001
H-Class	August 16, 2001

Cumulative Fund Performance*

Ten Largest Holdings	(% of Total Net Assets)
Guggenheim Ultra Short Duration Fund — Institutional Class	8.0%
Guggenheim Strategy Fund II	2.2%
Axon Enterprise, Inc.	0.5%
Reliance Steel & Aluminum Co.	0.5%
Lattice Semiconductor Corp.	0.4%
Hubbell, Inc.	0.4%
Builders FirstSource, Inc.	0.4%
Graco, Inc.	0.4%
Deckers Outdoor Corp.	0.4%
Jabil, Inc.	0.4%
Top Ten Total	13.6%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(12.69%)	5.92%	10.52%
A-Class Shares with sales charge‡	(16.84%)	4.89%	9.98%
C-Class Shares	(13.37%)	5.13%	9.70%
C-Class Shares with CDSC§	(14.23%)	5.13%	9.70%
H-Class Shares	(12.69%)	5.90%	10.55%
S&P MidCap 400 Index	(5.12%)	7.67%	9.80%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

68 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 71.9%
Industrial — 16.1%
Axon Enterprise, Inc.*		244	$	54,863
Hubbell, Inc.		194		47,202
Builders FirstSource, Inc.*		531		47,142
Graco, Inc.		609		44,463
Jabil, Inc.		481		42,405
AECOM		502		42,329
Carlisle Companies, Inc.		187		42,275
Toro Co.		378		42,018
Lincoln Electric Holdings, Inc.		208		35,173
Regal Rexnord Corp.		239		33,634
Knight-Swift Transportation Holdings, Inc.		580		32,816
Owens Corning		337		32,285
Cognex Corp.		624		30,919
AGCO Corp.		224		30,285
Lennox International, Inc.		117		29,400
Donaldson Company, Inc.		439		28,684
Middleby Corp.*		195		28,589
Tetra Tech, Inc.		192		28,207
EMCOR Group, Inc.		172		27,966
AptarGroup, Inc.		236		27,893
Fortune Brands Innovations, Inc.		463		27,192
Arrow Electronics, Inc.*		210		26,223
Saia, Inc.*		96		26,120
Clean Harbors, Inc.*		182		25,946
nVent Electric plc		602		25,850
ITT, Inc.		299		25,804
National Instruments Corp.		471		24,685
Valmont Industries, Inc.		77		24,585
Universal Display Corp.		157		24,355
Curtiss-Wright Corp.		138		24,324
TopBuild Corp.*		115		23,936
Littelfuse, Inc.		89		23,860
Landstar System, Inc.		130		23,304
MDU Resources Group, Inc.		734		22,372
Sonoco Products Co.		352		21,472
Acuity Brands, Inc.		116		21,197
Woodward, Inc.		216		21,032
Hexcel Corp.		304		20,748
Novanta, Inc.*		129		20,523
MasTec, Inc.*		214		20,210
Oshkosh Corp.		236		19,630
Timken Co.		239		19,531
Crane Holdings Co.		172		19,522
Chart Industries, Inc.*		154		19,312
Trex Company, Inc.*		396		19,273
Coherent Corp.*		502		19,116
Eagle Materials, Inc.		130		19,077
Advanced Drainage Systems, Inc.		226		19,031
Exponent, Inc.		183		18,243
MSA Safety, Inc.		133		17,756
UFP Industries, Inc.		223		17,722
Simpson Manufacturing Company, Inc.		154		16,885
Watts Water Technologies, Inc. — Class A		99		16,664
Silgan Holdings, Inc.		302		16,208
Ryder System, Inc.		181		16,152
Flowserve Corp.		472		16,048
Fluor Corp.*		513		15,857
Vontier Corp.		570		15,584
Kirby Corp.*		216		15,055
Avnet, Inc.		330		14,916
TD SYNNEX Corp.		152		14,712
Stericycle, Inc.*		333		14,522
Louisiana-Pacific Corp.		259		14,040
GATX Corp.		127		13,973
Belden, Inc.		155		13,449
XPO, Inc.*		415		13,239
EnerSys		148		12,858
Terex Corp.		244		11,805
Esab Corp.		187		11,046
Mercury Systems, Inc.*		210		10,735
Vishay Intertechnology, Inc.		468		10,586
Werner Enterprises, Inc.		212		9,644
Energizer Holdings, Inc.		240		8,328
Worthington Industries, Inc.		109		7,047
Greif, Inc. — Class A		92		5,830
Vicor Corp.*		80		3,755
Total Industrial				1,729,437
Financial — 15.4%
Rexford Industrial Realty, Inc. REIT		683		40,741
Life Storage, Inc. REIT		307		40,245
CubeSmart REIT		811		37,485
First Horizon Corp.		1,938		34,458
Annaly Capital Management, Inc. REIT		1,691		32,315
Reinsurance Group of America, Inc. — Class A		241		31,995
RenaissanceRe Holdings Ltd.		158		31,654
Lamar Advertising Co. — Class A REIT		315		31,465
Interactive Brokers Group, Inc. — Class A		371		30,630
American Financial Group, Inc.		252		30,618
National Retail Properties, Inc. REIT		655		28,918
East West Bancorp, Inc.		509		28,249
Unum Group		675		26,703
Healthcare Realty Trust, Inc. REIT		1,374		26,560
EastGroup Properties, Inc. REIT		157		25,955
First Industrial Realty Trust, Inc. REIT		477		25,377
Voya Financial, Inc.		350		25,011
Jones Lang LaSalle, Inc.*		171		24,879
Old Republic International Corp.		996		24,870
Webster Financial Corp.		628		24,756
Cullen/Frost Bankers, Inc.		232		24,439
Commerce Bancshares, Inc.		411		23,982
Kinsale Capital Group, Inc.		78		23,412
Brixmor Property Group, Inc. REIT		1,083		23,306
Omega Healthcare Investors, Inc. REIT		846		23,189
Primerica, Inc.		133		22,908
Stifel Financial Corp.		380		22,454
New York Community Bancorp, Inc.		2,460		22,238
Agree Realty Corp. REIT		320		21,955
SEI Investments Co.		368		21,179
First American Financial Corp.		374		20,817

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 69

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Selective Insurance Group, Inc.		218	$	20,782
Jefferies Financial Group, Inc.		653		20,726
Prosperity Bancshares, Inc.		330		20,302
Spirit Realty Capital, Inc. REIT		504		20,079
Starwood Property Trust, Inc. REIT		1,118		19,778
SouthState Corp.		273		19,454
RLI Corp.		146		19,405
Affiliated Managers Group, Inc.		136		19,369
Apartment Income REIT Corp.		537		19,230
Medical Properties Trust, Inc. REIT1		2,163		17,780
Rayonier, Inc. REIT		532		17,694
United Bankshares, Inc.		485		17,072
Glacier Bancorp, Inc.		400		16,804
Hanover Insurance Group, Inc.		129		16,577
Kite Realty Group Trust REIT		791		16,548
Synovus Financial Corp.		525		16,186
Columbia Banking System, Inc.		751		16,086
Wintrust Financial Corp.		219		15,976
Essent Group Ltd.		389		15,579
Old National Bancorp		1,058		15,256
Pinnacle Financial Partners, Inc.		276		15,224
FNB Corp.		1,302		15,103
Western Union Co.		1,349		15,041
First Financial Bankshares, Inc.		469		14,961
Evercore, Inc. — Class A		129		14,884
Home BancShares, Inc.		683		14,828
PotlatchDeltic Corp. REIT		292		14,454
MGIC Investment Corp.		1,060		14,225
Valley National Bancorp		1,518		14,026
Cadence Bank		659		13,681
Bank OZK		398		13,612
Independence Realty Trust, Inc. REIT		808		12,952
Janus Henderson Group plc		479		12,761
National Storage Affiliates Trust REIT		305		12,743
Kemper Corp.		231		12,626
Kilroy Realty Corp. REIT		381		12,344
Physicians Realty Trust REIT		824		12,302
Federated Hermes, Inc. — Class B		305		12,243
Cousins Properties, Inc. REIT		547		11,695
Hancock Whitney Corp.		309		11,248
Brighthouse Financial, Inc.*		247		10,895
SLM Corp.		869		10,767
EPR Properties REIT		271		10,325
Park Hotels & Resorts, Inc. REIT		812		10,036
Associated Banc-Corp.		543		9,763
Corporate Office Properties Trust REIT		406		9,626
Sabra Health Care REIT, Inc.		834		9,591
CNO Financial Group, Inc.		413		9,164
Cathay General Bancorp		263		9,079
UMB Financial Corp.		157		9,062
Vornado Realty Trust REIT		582		8,945
Highwoods Properties, Inc. REIT		380		8,812
Texas Capital Bancshares, Inc.*		174		8,519
Fulton Financial Corp.		605		8,361
Macerich Co. REIT		777		8,236
International Bancshares Corp.		191		8,179
Douglas Emmett, Inc. REIT		635		7,830
Bank of Hawaii Corp.		144		7,499
Navient Corp.		366		5,852
PacWest Bancorp1		425		4,135
Total Financial				1,659,075
Consumer, Non-cyclical — 12.0%
Penumbra, Inc.*		138		38,237
Service Corporation International		555		38,173
United Therapeutics Corp.*		165		36,953
Neurocrine Biosciences, Inc.*		349		35,326
Performance Food Group Co.*		564		34,032
Darling Ingredients, Inc.*		579		33,814
Jazz Pharmaceuticals plc*		227		33,217
Masimo Corp.*		175		32,295
Repligen Corp.*		186		31,315
Paylocity Holding Corp.*		149		29,618
Chemed Corp.		54		29,038
WEX, Inc.*		157		28,871
Bruker Corp.		361		28,461
Shockwave Medical, Inc.*		131		28,405
US Foods Holding Corp.*		739		27,299
FTI Consulting, Inc.*		124		24,471
Ingredion, Inc.		237		24,110
Envista Holdings Corp.*		589		24,078
Acadia Healthcare Company, Inc.*		329		23,770
Tenet Healthcare Corp.*		390		23,174
Exelixis, Inc.*		1,170		22,710
GXO Logistics, Inc.*		428		21,597
Lantheus Holdings, Inc.*		249		20,557
Encompass Health Corp.		360		19,476
H&R Block, Inc.		550		19,388
Option Care Health, Inc.*		604		19,189
Euronet Worldwide, Inc.*		170		19,023
Flowers Foods, Inc.		694		19,023
Halozyme Therapeutics, Inc.*		488		18,637
HealthEquity, Inc.*		306		17,965
Avis Budget Group, Inc.*		90		17,532
Post Holdings, Inc.*		194		17,435
Perrigo Company plc		486		17,433
QuidelOrtho Corp.*		193		17,194
Medpace Holdings, Inc.*		91		17,113
BellRing Brands, Inc.*		482		16,388
Coty, Inc. — Class A*		1,324		15,967
Globus Medical, Inc. — Class A*		281		15,916
Insperity, Inc.		128		15,558
ManpowerGroup, Inc.		183		15,103
Haemonetics Corp.*		182		15,061
Integra LifeSciences Holdings Corp.*		262		15,041
ASGN, Inc.*		180		14,881
Lancaster Colony Corp.		72		14,607
Neogen Corp.*		780		14,446
Celsius Holdings, Inc.*		146		13,569
Sprouts Farmers Market, Inc.*		382		13,381
Syneos Health, Inc.*		372		13,251
Grand Canyon Education, Inc.*		111		12,643
ICU Medical, Inc.*		73		12,042

70 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Brink’s Co.		168	$	11,222
Boston Beer Company, Inc. — Class A*		34		11,176
Azenta, Inc.*		250		11,155
STAAR Surgical Co.*		174		11,127
Inari Medical, Inc.*		174		10,743
Arrowhead Pharmaceuticals, Inc.*		391		9,931
Hertz Global Holdings, Inc.*		582		9,481
Omnicell, Inc.*		161		9,446
Enovis Corp.*		172		9,200
Coca-Cola Consolidated, Inc.		17		9,096
Grocery Outlet Holding Corp.*		320		9,043
Progyny, Inc.*		272		8,737
Amedisys, Inc.*		117		8,605
LivaNova plc*		193		8,411
Patterson Companies, Inc.		312		8,352
Graham Holdings Co. — Class B		14		8,342
Helen of Troy Ltd.*		87		8,280
R1 RCM, Inc.*		496		7,440
Sotera Health Co.*		357		6,394
John Wiley & Sons, Inc. — Class A		155		6,009
Pilgrim’s Pride Corp.*		162		3,755
Total Consumer, Non-cyclical				1,292,728
Consumer, Cyclical — 11.4%
Deckers Outdoor Corp.*		95		42,707
Five Below, Inc.*		200		41,194
Watsco, Inc.		120		38,179
BJ’s Wholesale Club Holdings, Inc.*		485		36,894
Aramark		941		33,688
Dick’s Sporting Goods, Inc.		216		30,648
Churchill Downs, Inc.		119		30,589
Lear Corp.		214		29,851
Casey’s General Stores, Inc.		135		29,222
Williams-Sonoma, Inc.		240		29,198
Crocs, Inc.*		223		28,196
Texas Roadhouse, Inc. — Class A		242		26,151
Autoliv, Inc.		280		26,141
Tempur Sealy International, Inc.		615		24,286
Gentex Corp.		847		23,741
Mattel, Inc.*		1,280		23,565
Skechers USA, Inc. — Class A*		485		23,047
Lithia Motors, Inc. — Class A		99		22,664
Toll Brothers, Inc.		371		22,271
Polaris, Inc.		197		21,794
Wyndham Hotels & Resorts, Inc.		319		21,644
Brunswick Corp.		262		21,484
Capri Holdings Ltd.*		454		21,338
GameStop Corp. — Class A*,1		913		21,017
Univar Solutions, Inc.*		589		20,633
PVH Corp.		229		20,418
Light & Wonder, Inc. — Class A*		338		20,297
Wingstop, Inc.		108		19,827
Marriott Vacations Worldwide Corp.		138		18,611
Murphy USA, Inc.		72		18,580
Fox Factory Holding Corp.*		153		18,570
Boyd Gaming Corp.		286		18,338
Harley-Davidson, Inc.		480		18,225
Macy’s, Inc.		979		17,123
AutoNation, Inc.*		124		16,661
Penn Entertainment, Inc.*		560		16,609
RH*		67		16,318
Visteon Corp.*		102		15,997
Thor Industries, Inc.		193		15,370
Leggett & Platt, Inc.		479		15,271
Taylor Morrison Home Corp. — Class A*		391		14,960
MSC Industrial Direct Company, Inc. — Class A		171		14,364
Adient plc*		344		14,090
Wendy’s Co.		615		13,395
FirstCash Holdings, Inc.		135		12,875
Hilton Grand Vacations, Inc.*		287		12,751
YETI Holdings, Inc.*		311		12,440
Ollie’s Bargain Outlet Holdings, Inc.*		209		12,109
KB Home		295		11,853
Choice Hotels International, Inc.		100		11,719
Columbia Sportswear Co.		128		11,551
Travel + Leisure Co.		293		11,486
Foot Locker, Inc.		286		11,351
Goodyear Tire & Rubber Co.*		1,021		11,251
Topgolf Callaway Brands Corp.*		501		10,832
Scotts Miracle-Gro Co. — Class A		147		10,252
Victoria’s Secret & Co.*		292		9,972
Carter’s, Inc.		138		9,925
Kohl’s Corp.		399		9,392
Papa John’s International, Inc.		116		8,692
JetBlue Airways Corp.*		1,169		8,510
Gap, Inc.		765		7,681
Dana, Inc.		461		6,938
Nordstrom, Inc.1		405		6,589
Under Armour, Inc. — Class A*		681		6,463
Under Armour, Inc. — Class C*		685		5,843
Total Consumer, Cyclical				1,233,641
Technology — 5.7%
Lattice Semiconductor Corp.*		495		47,273
Manhattan Associates, Inc.*		226		34,996
Dynatrace, Inc.*		783		33,121
Wolfspeed, Inc.*		449		29,163
Genpact Ltd.		608		28,102
KBR, Inc.		495		27,250
CACI International, Inc. — Class A*		85		25,184
Aspen Technology, Inc.*		105		24,032
Cirrus Logic, Inc.*		200		21,876
Science Applications International Corp.		197		21,170
Silicon Laboratories, Inc.*		115		20,135
ExlService Holdings, Inc.*		119		19,258
Concentrix Corp.		154		18,719
MKS Instruments, Inc.		207		18,344
Super Micro Computer, Inc.*		168		17,900
Power Integrations, Inc.		206		17,436
Maximus, Inc.		219		17,235
Qualys, Inc.*		125		16,252
Synaptics, Inc.*		142		15,783
Teradata Corp.*		368		14,823

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 71

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
IPG Photonics Corp.*		116	$	14,304
Lumentum Holdings, Inc.*		247		13,340
MACOM Technology Solutions Holdings, Inc.*		186		13,176
NCR Corp.*		498		11,748
Envestnet, Inc.*		200		11,734
Allegro MicroSystems, Inc.*		235		11,278
Blackbaud, Inc.*		161		11,157
ACI Worldwide, Inc.*		406		10,954
Kyndryl Holdings, Inc.*		739		10,908
Amkor Technology, Inc.		363		9,445
CommVault Systems, Inc.*		161		9,135
SiTime Corp.*		58		8,249
Xerox Holdings Corp.		405		6,237
Total Technology				609,717
Basic Materials — 3.9%
Reliance Steel & Aluminum Co.		212		54,429
RPM International, Inc.		466		40,654
Cleveland-Cliffs, Inc.*		1,861		34,112
Royal Gold, Inc.		237		30,741
Alcoa Corp.		639		27,196
Olin Corp.		444		24,642
Axalta Coating Systems Ltd.*		797		24,141
Valvoline, Inc.		621		21,698
United States Steel Corp.		818		21,350
Commercial Metals Co.		423		20,685
Ashland, Inc.		180		18,488
Chemours Co.		536		16,048
Cabot Corp.		203		15,558
Westlake Corp.		124		14,382
Avient Corp.		309		12,718
Sensient Technologies Corp.		152		11,637
MP Materials Corp.*		333		9,387
Ingevity Corp.*		127		9,083
NewMarket Corp.		24		8,759
Total Basic Materials				415,708
Energy — 2.9%
NOV, Inc.		1,418		26,247
HF Sinclair Corp.		486		23,513
Range Resources Corp.		873		23,108
Antero Resources Corp.*		997		23,021
PDC Energy, Inc.		333		21,372
Chord Energy Corp.		150		20,190
Southwestern Energy Co.*		3,985		19,925
Murphy Oil Corp.		528		19,525
ChampionX Corp.		717		19,452
Matador Resources Co.		405		19,298
PBF Energy, Inc. — Class A		413		17,908
DT Midstream, Inc.		349		17,230
Sunrun, Inc.*		769		15,495
Valaris Ltd.*		217		14,118
Antero Midstream Corp.		1,209		12,683
CNX Resources Corp.*		614		9,836
Equitrans Midstream Corp.		1,563		9,034
SunPower Corp. — Class A*		308		4,263
Total Energy				316,218
Utilities — 2.7%
Essential Utilities, Inc.		862		37,626
OGE Energy Corp.		723		27,228
UGI Corp.		757		26,313
IDACORP, Inc.		183		19,824
National Fuel Gas Co.		331		19,112
New Jersey Resources Corp.		350		18,620
Portland General Electric Co.		322		15,743
ONE Gas, Inc.		195		15,450
Hawaiian Electric Industries, Inc.		395		15,168
PNM Resources, Inc.		310		15,091
Ormat Technologies, Inc.		176		14,920
Black Hills Corp.		235		14,828
Southwest Gas Holdings, Inc.		223		13,926
Spire, Inc.		190		13,327
ALLETE, Inc.		206		13,260
NorthWestern Corp.		209		12,093
Total Utilities				292,529
Communications — 1.8%
Ciena Corp.*		536		28,151
Iridium Communications, Inc.		454		28,116
Nexstar Media Group, Inc. — Class A		136		23,482
New York Times Co. — Class A		594		23,095
Frontier Communications Parent, Inc.*		805		18,330
World Wrestling Entertainment, Inc. — Class A		157		14,328
TEGNA, Inc.		806		13,629
Ziff Davis, Inc.*		170		13,269
Cable One, Inc.		17		11,934
Calix, Inc.*		206		11,039
TripAdvisor, Inc.*		378		7,507
Total Communications				192,880
Total Common Stocks
(Cost $6,885,448)				7,741,933
MUTUAL FUNDS† - 10.2%
Guggenheim Ultra Short Duration Fund — Institutional Class2		88,750		861,767
Guggenheim Strategy Fund II2		9,844		238,314
Total Mutual Funds
(Cost $1,123,598)				1,100,081
	Face Amount
U.S. TREASURY BILLS†† - 1.5%
U.S. Treasury Bills
4.21% due 05/02/233,4	$	100,000		99,630
3.36% due 04/11/234,5		58,000		57,941
Total U.S. Treasury Bills
(Cost $157,580)				157,571

72 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
MID-CAP 1.5x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,6 - 13.1%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/233	$	787,120	$	787,120
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/233		310,977		310,977
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/233		310,978		310,978
Total Repurchase Agreements
(Cost $1,409,075)				1,409,075
		Shares
SECURITIES LENDING COLLATERAL†,7 - 0.3%
Money Market Fund
First American Government Obligations Fund — Class X 4.65%8		37,062		37,062
Total Securities Lending Collateral
(Cost $37,062)				37,062
Total Investments — 97.0%
(Cost $9,612,763)			$	10,445,722
Other Assets & Liabilities, net — 3.0%				320,245
Total Net Assets — 100.0%			$	10,765,967

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		4		Jun 2023	$	1,012,000	$	23,874

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

06/28/23

1,529

$

3,840,415

$

111,646

Barclays Bank plc

S&P MidCap 400 Index

Pay

5.17% (SOFR + 0.35%)

At Maturity

06/27/23

789

1,981,594

67,302

BNP Paribas

S&P MidCap 400 Index

Pay

5.28% (Federal Funds Rate + 0.45%)

At Maturity

06/28/23

629

1,580,765

49,326

$

7,402,774

$

228,274

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at March 31, 2023.
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 March 31, 2023.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of March 31, 2023.
	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 ANNUAL REPORT | 73

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
MID-CAP 1.5x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	7,741,933	$	—	$	—	$	7,741,933
Mutual Funds		1,100,081		—		—		1,100,081
U.S. Treasury Bills		—		157,571		—		157,571
Repurchase Agreements		—		1,409,075		—		1,409,075
Securities Lending Collateral		37,062		—		—		37,062
Equity Futures Contracts**		23,874		—		—		23,874
Equity Index Swap Agreements**		—		228,274		—		228,274
Total Assets	$	8,902,950	$	1,794,920	$	—	$	10,697,870

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	241,661	$	—	$	—	$	—	$	(3,347	)	$	238,314		9,844	$	8,848
Guggenheim Ultra Short Duration Fund — Institutional Class		868,866		—		—		—		(7,099	)		861,767		88,750		27,687
	$	1,110,527	$	—	$	—	$	—	$	(10,446	)	$	1,100,081			$	36,535

74 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

MID-CAP 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value - including $37,102 of securities loaned (cost $7,080,090)	$	7,936,566
Investments in affiliated issuers, at value (cost $1,123,598)		1,100,081
Repurchase agreements, at value (cost $1,409,075)		1,409,075
Cash		115
Segregated cash with broker		98,491
Unrealized appreciation on OTC swap agreements		228,274
Receivables:
Variation margin on futures contracts		17,920
Dividends		13,882
Fund shares sold		11,474
Swap settlement		8,212
Investment Adviser		574
Interest		188
Securities lending income		78
Total assets		10,824,930
Liabilities:
Payable for:
Return of securities lending collateral		37,062
Management fees		7,983
Transfer agent fees		2,951
Distribution and service fees		2,344
Trustees’ fees*		158
Miscellaneous		8,465
Total liabilities		58,963
Net assets	$	10,765,967
Net assets consist of:
Paid in capital	$	12,289,868
Total distributable earnings (loss)		(1,523,901	)
Net assets	$	10,765,967
A-Class:
Net assets	$	3,735,868
Capital shares outstanding		37,033
Net asset value per share	$	100.88
Maximum offering price per share (Net asset value divided by 95.25%)	$	105.91
C-Class:
Net assets	$	113,356
Capital shares outstanding		1,382
Net asset value per share	$	82.02
H-Class:
Net assets	$	6,916,743
Capital shares outstanding		68,254
Net asset value per share	$	101.34

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers	$	137,247
Dividends from securities of affiliated issuers		36,535
Interest		74,891
Income from securities lending, net		2,394
Total investment income		251,067
Expenses:
Management fees		111,660
Distribution and service fees:
A-Class		8,913
C-Class		1,682
H-Class		21,684
Transfer agent fees		27,793
Portfolio accounting and administration fees		17,084
Professional fees		6,385
Trustees’ fees*		2,181
Custodian fees		1,995
Interest expense		516
Miscellaneous		12,593
Total expenses		212,486
Less:
Expenses reimbursed by Adviser		(3,970	)
Expenses waived by Adviser		(2,148	)
Total waived/reimbursed expenses		(6,118	)
Net expenses		206,368
Net investment income		44,699
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(808,185	)
Swap agreements		(1,283,297	)
Futures contracts		(76,260	)
Net realized loss		(2,167,742	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		3,117
Investments in affiliated issuers		(10,446	)
Swap agreements		114,245
Futures contracts		(35,637	)
Net change in unrealized appreciation (depreciation)		71,279
Net realized and unrealized loss		(2,096,463	)
Net decrease in net assets resulting from operations	$	(2,051,764	)

* 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 ANNUAL REPORT | 75

MID-CAP 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	44,699		$	(96,969	)
Net realized gain (loss) on investments		(2,167,742	)		2,368,791
Net change in unrealized appreciation (depreciation) on investments		71,279			(2,327,154	)
Net decrease in net assets resulting from operations		(2,051,764	)		(55,332	)
Distributions to shareholders:
A-Class		—			(726,986	)
C-Class		—			(50,174	)
H-Class		—			(1,524,994	)
Total distributions to shareholders		—			(2,302,154	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,273,678			1,340,606
C-Class		3,775			27,769
H-Class		30,349,399			54,280,706
Distributions reinvested
A-Class		—			721,957
C-Class		—			46,932
H-Class		—			1,493,574
Cost of shares redeemed
A-Class		(1,038,553	)		(1,758,868	)
C-Class		(88,795	)		(469,086	)
H-Class		(32,255,891	)		(55,830,752	)
Net decrease from capital share transactions		(1,756,387	)		(147,162	)
Net decrease in net assets		(3,808,151	)		(2,504,648	)
Net assets:
Beginning of year		14,574,118			17,078,766
End of year	$	10,765,967		$	14,574,118
Capital share activity:
Shares sold
A-Class		13,383			9,355
C-Class		46			234
H-Class		301,824			416,343
Shares issued from reinvestment of distributions
A-Class		—			5,927
C-Class		—			469
H-Class		—			12,206
Shares redeemed
A-Class		(11,115	)		(13,390	)
C-Class		(1,100	)		(4,067	)
H-Class		(322,539	)		(430,872	)
Net decrease in shares		(19,501	)		(3,795	)

76 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

MID-CAP 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	115.54		$	131.92		$	56.02		$	89.82		$	90.38
Income (loss) from investment operations:
Net investment income (loss)a		.41			(.72	)		(.68	)		.37			.58
Net gain (loss) on investments (realized and unrealized)		(15.07	)		6.46			77.00			(33.98	)		(.73	)
Total from investment operations		(14.66	)		5.74			76.32			(33.61	)		(.15	)
Less distributions from:
Net investment income		—			—			(.42	)		(.19	)		(.11	)
Net realized gains		—			(22.12	)		—			—			(.30	)
Total distributions		—			(22.12	)		(.42	)		(.19	)		(.41	)
Net asset value, end of period	$	100.88		$	115.54		$	131.92		$	56.02		$	89.82
Total Returnb		(12.69	%)		3.49	%		136.41	%		(37.52	%)		(0.11	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,736		$	4,017		$	4,337		$	1,950		$	3,469
Ratios to average net assets:
Net investment income (loss)		0.41	%		(0.54	%)		(0.75	%)		0.40	%		0.64	%
Total expensesc		1.70	%		1.66	%		1.75	%		1.77	%		1.77	%
Net expensesd		1.65	%		1.65	%		1.72	%		1.72	%		1.75	%
Portfolio turnover rate		44	%		159	%		501	%		617	%		721	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	94.68		$	112.55		$	48.18		$	77.86		$	78.99
Income (loss) from investment operations:
Net investment income (loss)a		(.34	)		(1.48	)		(1.12	)		(.27	)		(.09	)
Net gain (loss) on investments (realized and unrealized)		(12.32	)		5.73			65.91			(29.22	)		(.63	)
Total from investment operations		(12.66	)		4.25			64.79			(29.49	)		(.72	)
Less distributions from:
Net investment income		—			—			(.42	)		(.19	)		(.11	)
Net realized gains		—			(22.12	)		—			—			(.30	)
Total distributions		—			(22.12	)		(.42	)		(.19	)		(.41	)
Net asset value, end of period	$	82.02		$	94.68		$	112.55		$	48.18		$	77.86
Total Returnb		(13.37	%)		2.71	%		134.67	%		(37.98	%)		(0.86	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	113		$	231		$	653		$	1,933		$	3,722
Ratios to average net assets:
Net investment income (loss)		(0.42	%)		(1.31	%)		(1.59	%)		(0.34	%)		(0.12	%)
Total expensesc		2.45	%		2.41	%		2.52	%		2.52	%		2.51	%
Net expensesd		2.40	%		2.39	%		2.50	%		2.47	%		2.50	%
Portfolio turnover rate		44	%		159	%		501	%		617	%		721	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 77

MID-CAP 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	116.07		$	132.43		$	56.24		$	90.18		$	90.82
Income (loss) from investment operations:
Net investment income (loss)a		.36			(.76	)		(.60	)		.27			.42
Net gain (loss) on investments (realized and unrealized)		(15.09	)		6.52			77.21			(34.02	)		(.65	)
Total from investment operations		(14.73	)		5.76			76.61			(33.75	)		(.23	)
Less distributions from:
Net investment income		—			—			(.42	)		(.19	)		(.11	)
Net realized gains		—			(22.12	)		—			—			(.30	)
Total distributions		—			(22.12	)		(.42	)		(.19	)		(.41	)
Net asset value, end of period	$	101.34		$	116.07		$	132.43		$	56.24		$	90.18
Total Return		(12.69	%)		3.49	%		136.39	%		(37.52	%)		(0.21	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,917		$	10,327		$	12,089		$	4,054		$	14,017
Ratios to average net assets:
Net investment income (loss)		0.36	%		(0.57	%)		(0.64	%)		0.28	%		0.49	%
Total expensesc		1.70	%		1.66	%		1.74	%		1.79	%		1.78	%
Net expensesd		1.65	%		1.65	%		1.72	%		1.77	%		1.77	%
Portfolio turnover rate		44	%		159	%		501	%		617	%		721	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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.

78 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

INVERSE MID-CAP STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the S&P MidCap 400^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, Inverse Mid-Cap Strategy Fund achieved a daily correlation of 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index. Inverse Mid-Cap Strategy Fund H-Class returned 3.16%, while the S&P MidCap 400 Index returned -5.12% over the same period.

The sectors contributing the most to the return of the underlying index were Industrials and Consumer Staples. The sectors detracting the most were Real Estate, Financials, and Health Care.

The holdings contributing the most to the return of the underlying index were First Solar, Inc., Axon Enterprise, Inc., and Fair Isaac Corp. The holdings detracting the most were Alcoa Corp., Medical Properties Trust, Inc., and Cleveland-Cliffs, Inc.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. Derivatives performed as expected.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

THE RYDEX FUNDS ANNUAL REPORT | 79

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
A-Class	March 31, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

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

Cumulative Fund Performance*

Largest Holdings	(% of Total Net Assets)
Guggenheim Strategy Fund II	1.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	1.7%
Total	3.5%
“Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	3.18%	(11.59%)	(12.28%)
A-Class Shares with sales charge‡	(1.72%)	(12.45%)	(12.70%)
C-Class Shares	3.10%	(12.06%)	(12.85%)
C-Class Shares with CDSC§	2.10%	(12.06%)	(12.85%)
H-Class Shares	3.16%	(11.56%)	(12.26%)
S&P MidCap 400 Index	(5.12%)	7.67%	9.80%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to the differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

80 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
INVERSE MID-CAP STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 3.5%
Guggenheim Strategy Fund II1		2,020	$	48,904
Guggenheim Ultra Short Duration Fund — Institutional Class1		4,630		44,958
Total Mutual Funds
(Cost $95,671)				93,862
	Face Amount
U.S. TREASURY BILLS†† - 1.9%
U.S. Treasury Bills
4.21% due 05/02/232,3	$	50,000		49,815
Total U.S. Treasury Bills
(Cost $49,819)				49,815

REPURCHASE AGREEMENTS††,4 - 98.1%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/232	1,450,643		1,450,643
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/232	573,125		573,125
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/232	573,125		573,125
Total Repurchase Agreements
(Cost $2,596,893)			2,596,893
Total Investments — 103.5%
(Cost $2,742,383)		$	2,740,570
Other Assets & Liabilities, net - (3.5)%			(92,974	)
Total Net Assets — 100.0%		$	2,647,596

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

BNP Paribas

S&P MidCap 400 Index

Receive

4.88% (Federal Funds Rate + 0.05%)

At Maturity

06/28/23

45

$

113,903

$

(3,553

)

Barclays Bank plc

S&P MidCap 400 Index

Receive

5.02% (SOFR + 0.20%)

At Maturity

06/27/23

131

328,452

(11,155

)

Goldman Sachs International

S&P MidCap 400 Index

Receive

4.78% (Federal Funds Rate - 0.05%)

At Maturity

06/28/23

887

2,227,742

(69,303

)

$

2,670,097

$

(84,011

)

†	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 March 31, 2023.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 81

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
INVERSE MID-CAP STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	93,862	$	—	$	—	$	93,862
U.S. Treasury Bills		—		49,815		—		49,815
Repurchase Agreements		—		2,596,893		—		2,596,893
Total Assets	$	93,862	$	2,646,708	$	—	$	2,740,570

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	84,011	$	—	$	84,011

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	49,591	$	—	$	—	$	—	$	(687	)	$	48,904		2,020	$	1,816
Guggenheim Ultra Short Duration Fund — Institutional Class		45,328		—		—		—		(370	)		44,958		4,630		1,444
	$	94,919	$	—	$	—	$	—	$	(1,057	)	$	93,862			$	3,260

82 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE MID-CAP STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $49,819)	$	49,815
Investments in affiliated issuers, at value (cost $95,671)		93,862
Repurchase agreements, at value (cost $2,596,893)		2,596,893
Receivables:
Fund shares sold		28,392
Dividends		398
Interest		346
Total assets		2,769,706
Liabilities:
Unrealized depreciation on OTC swap agreements		84,011
Payable for:
Fund shares redeemed		28,784
Swap settlement		4,418
Management fees		1,673
Distribution and service fees		467
Transfer agent fees		462
Portfolio accounting and administration fees		115
Trustees’ fees*		31
Miscellaneous		2,149
Total liabilities		122,110
Net assets	$	2,647,596
Net assets consist of:
Paid in capital	$	8,807,861
Total distributable earnings (loss)		(6,160,265	)
Net assets	$	2,647,596
A-Class:
Net assets	$	58,450
Capital shares outstanding		984
Net asset value per share	$	59.40
Maximum offering price per share (Net asset value divided by 95.25%)	$	62.36
C-Class:
Net assets	$	128
Capital shares outstanding		2
Net asset value per share	$	51.61
H-Class:
Net assets	$	2,589,018
Capital shares outstanding		43,559
Net asset value per share	$	59.44

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	3,260
Interest		32,527
Total investment income		35,787
Expenses:
Management fees		10,766
Distribution and service fees:
A-Class		172
C-Class		22
H-Class		2,813
Transfer agent fees		2,489
Portfolio accounting and administration fees		1,762
Professional fees		935
Interest expense		622
Custodian fees		167
Trustees’ fees*		143
Miscellaneous		592
Total expenses		20,483
Less:
Expenses reimbursed by Adviser		(377	)
Expenses waived by Adviser		(112	)
Total waived/reimbursed expenses		(489	)
Net expenses		19,994
Net investment income		15,793
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		25
Swap agreements		(250,519	)
Futures contracts		(11,908	)
Net realized loss		(262,402	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(4	)
Investments in affiliated issuers		(1,057	)
Swap agreements		(78,438	)
Net change in unrealized appreciation (depreciation)		(79,499	)
Net realized and unrealized loss		(341,901	)
Net decrease in net assets resulting from operations	$	(326,108	)

* 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 ANNUAL REPORT | 83

INVERSE MID-CAP STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	15,793		$	(9,129	)
Net realized loss on investments		(262,402	)		(76,715	)
Net change in unrealized appreciation (depreciation) on investments		(79,499	)		1,104
Net decrease in net assets resulting from operations		(326,108	)		(84,740	)
Capital share transactions:
Proceeds from sale of shares
A-Class		28,054			57,437
C-Class		34,650			200
H-Class		12,682,143			3,103,693
Cost of shares redeemed
A-Class		(32,440	)		(86,400	)
C-Class		(32,762	)		(3,081	)
H-Class		(10,058,036	)		(3,516,728	)
Net increase (decrease) from capital share transactions		2,621,609			(444,879	)
Net increase (decrease) in net assets		2,295,501			(529,619	)
Net assets:
Beginning of year		352,095			881,714
End of year	$	2,647,596		$	352,095
Capital share activity:
Shares sold
A-Class		461			947
C-Class		581			4
H-Class		206,583			52,122
Shares redeemed
A-Class		(537	)		(1,454	)
C-Class		(581	)		(64	)
H-Class		(168,074	)		(59,304	)
Net increase (decrease) in shares		38,433			(7,749	)

84 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE MID-CAP STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020i			Year Ended March 31, 2019i
Per Share Data
Net asset value, beginning of period	$	57.57		$	63.60		$	127.90		$	109.10		$	111.55
Income (loss) from investment operations:
Net investment income (loss)a		.90			(.75	)		(.45	)		.75			.65
Net gain (loss) on investments (realized and unrealized)		.93	e		(5.28	)		(63.36	)		18.85	e		(3.10	)
Total from investment operations		1.83			(6.03	)		(63.81	)		19.60			(2.45	)
Less distributions from:
Net investment income		—			—			(.49	)		(.80	)		—
Total distributions		—			—			(.49	)		(.80	)		—
Net asset value, end of period	$	59.40		$	57.57		$	63.60		$	127.90		$	109.10
Total Returnb		3.18	%		(9.48	%)		(49.94	%)		18.13	%		(2.20	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	58		$	61		$	100		$	60		$	133
Ratios to average net assets:
Net investment income (loss)		1.48	%		(1.25	%)		(1.29	%)		0.68	%		0.60	%
Total expensesc		1.66	%		1.66	%		1.76	%		1.77	%		1.77	%
Net expensesd		1.61	%		1.63	%		1.73	%		1.70	%		1.75	%
Portfolio turnover rate		—			24	%		42	%		—			48	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020i			Year Ended March 31, 2019i
Per Share Data
Net asset value, beginning of period	$	50.06		$	55.65		$	112.07		$	97.04		$	99.70
Income (loss) from investment operations:
Net investment income (loss)a		(.54	)		(1.10	)		(.83	)		—	f		(.30	)
Net gain (loss) on investments (realized and unrealized)		2.09	e		(4.49	)		(55.10	)		15.83	e		(2.36	)
Total from investment operations		1.55			(5.59	)		(55.93	)		15.83			(2.66	)
Less distributions from:
Net investment income		—			—			(.49	)		(.80	)		—
Total distributions		—			—			(.49	)		(.80	)		—
Net asset value, end of period	$	51.61		$	50.06		$	55.65		$	112.07		$	97.04
Total Returnb		3.10	%		(10.04	%)		(50.08	%)		16.78	%		(2.71	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	—	g	$	—	g	$	3		$	–	g	$	–	g
Ratios to average net assets:
Net investment income (loss)		(0.94	%)		(2.11	%)		(1.95	%)		0.00	%h		(0.33	%)
Total expensesc		2.39	%		2.39	%		2.49	%		2.63	%		2.47	%
Net expensesd		2.39	%		2.39	%		2.46	%		2.63	%		2.47	%
Portfolio turnover rate		—			24	%		42	%		—			48	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 85

INVERSE MID-CAP STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020i			Year Ended March 31, 2019i
Per Share Data
Net asset value, beginning of period	$	57.62		$	63.65		$	128.00		$	109.20		$	111.46
Income (loss) from investment operations:
Net investment income (loss)a		.81			(.84	)		(.42	)		.70			.65
Net gain (loss) on investments (realized and unrealized)		1.01	e		(5.19	)		(63.44	)		18.90	e		(2.91	)
Total from investment operations		1.82			(6.03	)		(63.86	)		19.60			(2.26	)
Less distributions from:
Net investment income		—			—			(.49	)		(.80	)		—
Total distributions		—			—			(.49	)		(.80	)		—
Net asset value, end of period	$	59.44		$	57.62		$	63.65		$	128.00		$	109.20
Total Return		3.16	%		(9.47	%)		(49.94	%)		18.11	%		(2.02	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,589		$	291		$	779		$	1,488		$	769
Ratios to average net assets:
Net investment income (loss)		1.32	%		(1.40	%)		(1.38	%)		0.65	%		0.61	%
Total expensesc		1.71	%		1.66	%		1.77	%		1.78	%		1.77	%
Net expensesd		1.67	%		1.64	%		1.75	%		1.70	%		1.75	%
Portfolio turnover rate		—			24	%		42	%		—			48	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
f	Less than $0.01 per share.
g	Less than $1,000 in Net Assets.
h	Less than 0.01%
i	Reverse share split — Per share amounts for the years presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.

86 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

RUSSELL 2000^® 1.5x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of a specific benchmark for small-cap securities on a daily basis. The Fund’s current benchmark is 150% of the Russell 2000^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, Russell 2000^® 1.5x Strategy Fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the Russell 2000 Index. Russell 2000^® 1.5x Strategy Fund H-Class returned -21.57%, while the Russell 2000 Index returned -11.61% over the same time period.

The sectors contributing the most to the return of the underlying index were Consumer Staples and Communication Services. The sectors detracting the most were Financials, Health Care, and Real Estate.

The holdings contributing the most to the return of the underlying index were Crocs, Inc., Iridium Communications, Inc., and Super Micro Computer, Inc. The holdings detracting the most were AMC Entertainment Holdings, Inc. - Class A, Avis Budget Group, Inc., and Silvergate Capital Corp. - Class A.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. Derivatives performed as expected.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

THE RYDEX FUNDS ANNUAL REPORT | 87

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
A-Class	March 31, 2004
C-Class	January 23, 2001
H-Class	November 1, 2000

Cumulative Fund Performance*

Ten Largest Holdings	(% of Total Net Assets)
Guggenheim Ultra Short Duration Fund — Institutional Class	12.0%
Guggenheim Strategy Fund II	10.0%
Crocs, Inc.	0.2%
Shockwave Medical, Inc.	0.2%
Iridium Communications, Inc.	0.2%
EMCOR Group, Inc.	0.2%
Texas Roadhouse, Inc. — Class A	0.2%
Saia, Inc.	0.2%
Inspire Medical Systems, Inc.	0.2%
Kinsale Capital Group, Inc.	0.2%
Top Ten Total	23.6%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(21.58%)	1.71%	7.88%
A-Class Shares with sales charge‡	(25.30%)	0.72%	7.35%
C-Class Shares	(22.10%)	0.94%	7.07%
C-Class Shares with CDSC§	(22.88%)	0.94%	7.07%
H-Class Shares	(21.57%)	1.71%	7.86%
Russell 2000 Index	(11.61%)	4.71%	9.47%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

88 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 64.6%
Consumer, Non-cyclical — 15.2%
Shockwave Medical, Inc.*		62	$	13,443
Inspire Medical Systems, Inc.*		50		11,704
Apellis Pharmaceuticals, Inc.*		162		10,686
Karuna Therapeutics, Inc.*		56		10,172
Lantheus Holdings, Inc.*		118		9,742
Option Care Health, Inc.*		290		9,213
Celsius Holdings, Inc.*		96		8,922
Ensign Group, Inc.		93		8,885
Halozyme Therapeutics, Inc.*		232		8,860
Intra-Cellular Therapies, Inc.*		159		8,610
HealthEquity, Inc.*		144		8,454
Medpace Holdings, Inc.*		44		8,274
API Group Corp.*		359		8,070
Alkermes plc*		283		7,978
BellRing Brands, Inc.*		229		7,786
Insperity, Inc.		62		7,536
Haemonetics Corp.*		87		7,199
Merit Medical Systems, Inc.*		97		7,173
ASGN, Inc.*		85		7,027
elf Beauty, Inc.*		85		7,000
Neogen Corp.*		377		6,982
Lancaster Colony Corp.		34		6,898
iRhythm Technologies, Inc.*		52		6,450
Sprouts Farmers Market, Inc.*		184		6,445
Prometheus Biosciences, Inc.*		60		6,439
Triton International Ltd.		101		6,385
AMN Healthcare Services, Inc.*		75		6,222
Alight, Inc. — Class A*		668		6,152
Simply Good Foods Co.*		154		6,124
PTC Therapeutics, Inc.*		123		5,958
IVERIC bio, Inc.*		237		5,766
Hostess Brands, Inc.*		231		5,747
Prestige Consumer Healthcare, Inc.*		86		5,386
STAAR Surgical Co.*		84		5,372
Intellia Therapeutics, Inc.*		144		5,367
Madrigal Pharmaceuticals, Inc.*		22		5,330
Amicus Therapeutics, Inc.*		478		5,301
Brink’s Co.		79		5,277
TriNet Group, Inc.*		65		5,240
ABM Industries, Inc.		116		5,213
CONMED Corp.		50		5,193
Inari Medical, Inc.*		83		5,124
Cytokinetics, Inc.*		143		5,032
Herc Holdings, Inc.		44		5,012
Pacific Biosciences of California, Inc.*		429		4,968
Korn Ferry		91		4,708
Vaxcyte, Inc.*		125		4,685
Select Medical Holdings Corp.		180		4,653
Axonics, Inc.*		85		4,638
Blueprint Medicines Corp.*		103		4,634
StoneCo Ltd. — Class A*		480		4,579
Arrowhead Pharmaceuticals, Inc.*		178		4,521
Revance Therapeutics, Inc.*		140		4,509
Omnicell, Inc.*		76		4,459
TreeHouse Foods, Inc.*		88		4,438
Integer Holdings Corp.*		57		4,418
Inter Parfums, Inc.		31		4,409
Reata Pharmaceuticals, Inc. — Class A*		48		4,364
Denali Therapeutics, Inc.*		189		4,355
Coca-Cola Consolidated, Inc.		8		4,281
WD-40 Co.		24		4,273
Primo Water Corp.		273		4,191
Progyny, Inc.*		130		4,176
Alarm.com Holdings, Inc.*		83		4,173
LivaNova plc*		94		4,097
Patterson Companies, Inc.		152		4,069
CBIZ, Inc.*		82		4,058
Cal-Maine Foods, Inc.		66		4,019
TransMedics Group, Inc.*		53		4,014
Glaukos Corp.*		80		4,008
Insmed, Inc.*		235		4,007
ACADIA Pharmaceuticals, Inc.*		209		3,933
Helen of Troy Ltd.*		41		3,902
R1 RCM, Inc.*		260		3,900
J & J Snack Foods Corp.		26		3,854
Sage Therapeutics, Inc.*		91		3,818
NeoGenomics, Inc.*		218		3,795
Edgewell Personal Care Co.		89		3,775
NuVasive, Inc.*		91		3,759
EVERTEC, Inc.		106		3,578
Graham Holdings Co. — Class B		6		3,575
Chegg, Inc.*		216		3,521
ICF International, Inc.		32		3,510
Strategic Education, Inc.		39		3,503
TG Therapeutics, Inc.*		232		3,489
Axsome Therapeutics, Inc.*		56		3,454
Beam Therapeutics, Inc.*		111		3,399
Prothena Corporation plc*		68		3,296
AtriCure, Inc.*		79		3,275
REVOLUTION Medicines, Inc.*		151		3,271
Myriad Genetics, Inc.*		138		3,206
Corcept Therapeutics, Inc.*		147		3,184
Pacira BioSciences, Inc.*		78		3,183
Supernus Pharmaceuticals, Inc.*		85		3,080
Adtalem Global Education, Inc.*		79		3,051
Bridgebio Pharma, Inc.*		181		3,001
Vector Group Ltd.		249		2,991
Surgery Partners, Inc.*		86		2,964
Krystal Biotech, Inc.*		37		2,962
Vir Biotechnology, Inc.*		125		2,909
Remitly Global, Inc.*		171		2,899
Addus HomeCare Corp.*		27		2,882
John Wiley & Sons, Inc. — Class A		74		2,869
Stride, Inc.*		73		2,865
CorVel Corp.*		15		2,854
Flywire Corp.*		97		2,848
Celldex Therapeutics, Inc.*		79		2,842
Embecta Corp.		101		2,840
FibroGen, Inc.*		152		2,836
Xencor, Inc.*		100		2,789

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 89

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Veracyte, Inc.*		124	$	2,765
Riot Platforms, Inc.*,1		276		2,757
Catalyst Pharmaceuticals, Inc.*		166		2,752
Herbalife Nutrition Ltd.*		170		2,737
Huron Consulting Group, Inc.*		34		2,733
Laureate Education, Inc. — Class A		232		2,728
Monro, Inc.		55		2,719
AbCellera Biologics, Inc.*		359		2,707
Central Garden & Pet Co. — Class A*		69		2,696
United Natural Foods, Inc.*		102		2,688
BioCryst Pharmaceuticals, Inc.*		321		2,677
Hain Celestial Group, Inc.*		156		2,675
Provention Bio, Inc.*		109		2,627
Amylyx Pharmaceuticals, Inc.*		88		2,582
Aurinia Pharmaceuticals, Inc.*		233		2,554
Silk Road Medical, Inc.*		65		2,543
Ironwood Pharmaceuticals, Inc. — Class A*		236		2,483
Amphastar Pharmaceuticals, Inc.*		66		2,475
Relay Therapeutics, Inc.*		148		2,438
Sabre Corp.*		567		2,433
LiveRamp Holdings, Inc.*		110		2,412
Textainer Group Holdings Ltd.		75		2,408
Vericel Corp.*		82		2,404
Travere Therapeutics, Inc.*		106		2,384
Avanos Medical, Inc.*		80		2,379
Weis Markets, Inc.		28		2,371
Payoneer Global, Inc.*		376		2,361
Arvinas, Inc.*		86		2,350
Cerevel Therapeutics Holdings, Inc.*		96		2,341
Akero Therapeutics, Inc.*		61		2,334
MGP Ingredients, Inc.		24		2,321
Andersons, Inc.		56		2,314
Coursera, Inc.*		197		2,270
Universal Corp.		42		2,221
Ingles Markets, Inc. — Class A		25		2,217
Nevro Corp.*		61		2,205
Syndax Pharmaceuticals, Inc.*		104		2,196
Agios Pharmaceuticals, Inc.*		95		2,182
National Beverage Corp.*		41		2,162
US Physical Therapy, Inc.		22		2,154
RadNet, Inc.*		86		2,153
Kforce, Inc.		34		2,150
Pediatrix Medical Group, Inc.*		144		2,147
Upbound Group, Inc.		87		2,132
PROG Holdings, Inc.*		86		2,046
ZipRecruiter, Inc. — Class A*		127		2,024
Dynavax Technologies Corp.*		205		2,011
Chefs’ Warehouse, Inc.*		59		2,009
Chinook Therapeutics, Inc.*		86		1,991
Avid Bioservices, Inc.*		106		1,989
Kymera Therapeutics, Inc.*		67		1,985
Medifast, Inc.		19		1,970
Alphatec Holdings, Inc.*		125		1,950
Krispy Kreme, Inc.		124		1,928
Beauty Health Co.*		152		1,920
Ligand Pharmaceuticals, Inc. — Class B*		26		1,913
B&G Foods, Inc.1		122		1,895
Utz Brands, Inc.		114		1,877
Matthews International Corp. — Class A		52		1,875
Owens & Minor, Inc.*		128		1,862
CoreCivic, Inc.*		202		1,858
ModivCare, Inc.*		22		1,850
Protagonist Therapeutics, Inc.*		80		1,840
Cytek Biosciences, Inc.*		198		1,820
Healthcare Services Group, Inc.		130		1,803
DICE Therapeutics, Inc.*		62		1,776
MannKind Corp.*		432		1,771
LeMaitre Vascular, Inc.		34		1,750
Beyond Meat, Inc.*		107		1,737
Avidity Biosciences, Inc.*		113		1,735
Adaptive Biotechnologies Corp.*		194		1,713
MoneyGram International, Inc.*		163		1,699
Viridian Therapeutics, Inc.*		66		1,679
Marathon Digital Holdings, Inc.*,1		192		1,674
Heska Corp.*		17		1,660
Morphic Holding, Inc.*		44		1,656
GEO Group, Inc.*		206		1,625
Arcus Biosciences, Inc.*		89		1,623
Cassava Sciences, Inc.*		67		1,616
Treace Medical Concepts, Inc.*		64		1,612
Accolade, Inc.*		112		1,611
Geron Corp.*		742		1,610
Fresh Del Monte Produce, Inc.		53		1,596
Iovance Biotherapeutics, Inc.*		261		1,595
Rocket Pharmaceuticals, Inc.*		93		1,593
Recursion Pharmaceuticals, Inc. — Class A*		236		1,574
Arcellx, Inc.*		51		1,571
Perdoceo Education Corp.*		117		1,571
SpringWorks Therapeutics, Inc.*		61		1,570
Legalzoom.com, Inc.*		167		1,567
AdaptHealth Corp.*		126		1,566
UFP Technologies, Inc.*		12		1,558
John B Sanfilippo & Son, Inc.		16		1,551
SpartanNash Co.		62		1,538
Biohaven Ltd.*		110		1,503
Harmony Biosciences Holdings, Inc.*		46		1,502
Twist Bioscience Corp.*		97		1,463
Crinetics Pharmaceuticals, Inc.*		91		1,461
Ventyx Biosciences, Inc.*		43		1,441
ImmunoGen, Inc.*		373		1,432
Replimune Group, Inc.*		81		1,430
First Advantage Corp.*		102		1,424
Collegium Pharmaceutical, Inc.*		59		1,415
Green Dot Corp. — Class A*		82		1,409
Cross Country Healthcare, Inc.*		63		1,406
Zentalis Pharmaceuticals, Inc.*		81		1,393
Deciphera Pharmaceuticals, Inc.*		90		1,390
Enanta Pharmaceuticals, Inc.*		34		1,375
Cardiovascular Systems, Inc.*		69		1,370
Paragon 28, Inc.*		80		1,366

90 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Cimpress plc*		31	$	1,359
Kura Oncology, Inc.*		111		1,358
National Healthcare Corp.		23		1,336
Oscar Health, Inc. — Class A*		204		1,334
Keros Therapeutics, Inc.*		31		1,324
REGENXBIO, Inc.*		70		1,324
SunOpta, Inc.*		169		1,301
CRA International, Inc.		12		1,294
BioLife Solutions, Inc.*		58		1,261
Atrion Corp.		2		1,256
PROCEPT BioRobotics Corp.*		44		1,250
Tootsie Roll Industries, Inc.		28		1,249
Innoviva, Inc.*		110		1,237
Quanex Building Products Corp.		57		1,227
DocGo, Inc.*		141		1,220
Varex Imaging Corp.*		67		1,219
Deluxe Corp.		76		1,216
Theravance Biopharma, Inc.*		112		1,215
ADMA Biologics, Inc.*		363		1,202
SP Plus Corp.*		35		1,200
Cogent Biosciences, Inc.*		111		1,198
USANA Health Sciences, Inc.*		19		1,195
Immunovant, Inc.*		77		1,194
Fulgent Genetics, Inc.*		38		1,186
Transcat, Inc.*		13		1,162
Duckhorn Portfolio, Inc.*		73		1,161
SI-BONE, Inc.*		59		1,161
OrthoPediatrics Corp.*		26		1,152
Verve Therapeutics, Inc.*		79		1,139
Udemy, Inc.*		126		1,113
Point Biopharma Global, Inc.*		149		1,083
Barrett Business Services, Inc.		12		1,064
Community Health Systems, Inc.*		217		1,063
Heidrick & Struggles International, Inc.		35		1,063
Ideaya Biosciences, Inc.*		77		1,057
National Research Corp. — Class A		24		1,044
Anavex Life Sciences Corp.*		120		1,028
OPKO Health, Inc.*		701		1,023
23andMe Holding Co. — Class A*		446		1,017
Repay Holdings Corp.*		153		1,005
TrueBlue, Inc.*		56		997
Cass Information Systems, Inc.		23		996
Orthofix Medical, Inc.*		59		988
Arcturus Therapeutics Holdings, Inc.*		41		983
Inhibrx, Inc.*		52		981
Kelly Services, Inc. — Class A		59		979
Vita Coco Company, Inc.*		49		961
I3 Verticals, Inc. — Class A*		39		957
Castle Biosciences, Inc.*		42		954
RAPT Therapeutics, Inc.*		52		954
Brookdale Senior Living, Inc. — Class A*		323		953
American Well Corp. — Class A*		398		939
Resources Connection, Inc.		55		938
LifeStance Health Group, Inc.*		125		929
Ennis, Inc.		44		928
Scilex Holding Co.*		113		928
ANI Pharmaceuticals, Inc.*		23		914
Nuvalent, Inc. — Class A*		35		913
Emergent BioSolutions, Inc.*		88		912
Arlo Technologies, Inc.*		150		909
Aclaris Therapeutics, Inc.*		112		906
4D Molecular Therapeutics, Inc.*		52		894
2U, Inc.*		130		891
ViewRay, Inc.*		257		889
Cerus Corp.*		299		888
Artivion, Inc.*		67		878
Editas Medicine, Inc.*		120		870
Coherus Biosciences, Inc.*		127		869
Calavo Growers, Inc.		30		863
ACCO Brands Corp.		160		851
Paysafe Ltd.*		49		843
V2X, Inc.*		21		834
Fate Therapeutics, Inc.*		144		821
CareDx, Inc.*		89		813
Franklin Covey Co.*		21		808
NanoString Technologies, Inc.*		81		802
European Wax Center, Inc. — Class A		42		798
Vital Farms, Inc.*		52		796
Arcutis Biotherapeutics, Inc.*		71		781
Mission Produce, Inc.*		70		778
Agiliti, Inc.*		48		767
AnaptysBio, Inc.*		35		762
OraSure Technologies, Inc.*		125		756
MacroGenics, Inc.*		105		753
MaxCyte, Inc.*		152		752
Viad Corp.*		36		750
Anika Therapeutics, Inc.*		26		747
Mirum Pharmaceuticals, Inc.*		31		745
Agenus, Inc.*		489		743
Hackett Group, Inc.		40		739
Carriage Services, Inc. — Class A		24		733
CTI BioPharma Corp.*		173		727
Nurix Therapeutics, Inc.*		80		710
Cutera, Inc.*		30		709
Lyell Immunopharma, Inc.*		300		708
Ocular Therapeutix, Inc.*		134		706
Custom Truck One Source, Inc.*		104		706
Central Garden & Pet Co.*		17		698
Seres Therapeutics, Inc.*		123		697
Multiplan Corp.*		656		695
Allogene Therapeutics, Inc.*		139		687
Pennant Group, Inc.*		48		685
2seventy bio, Inc.*		66		673
EQRx, Inc.*		347		673
AngioDynamics, Inc.*		65		672
Target Hospitality Corp.*		51		670
MiMedx Group, Inc.*		196		668
Quanterix Corp.*		59		665
SomaLogic, Inc.*		260		663
Alector, Inc.*		107		662
Axogen, Inc.*		70		661
Pulmonx Corp.*		59		660

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 91

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Tejon Ranch Co.*		36	$	658
Vanda Pharmaceuticals, Inc.*		96		652
Forrester Research, Inc.*		20		647
Day One Biopharmaceuticals, Inc.*		48		642
Mersana Therapeutics, Inc.*		156		641
Bioxcel Therapeutics, Inc.*		34		634
Dyne Therapeutics, Inc.*		55		634
ShotSpotter, Inc.*		16		629
Alta Equipment Group, Inc.		38		602
RxSight, Inc.*		36		600
Kiniksa Pharmaceuticals Ltd. — Class A*		54		581
Liquidia Corp.*		83		574
Bluebird Bio, Inc.*		179		569
Utah Medical Products, Inc.		6		569
Arbutus Biopharma Corp.*		187		567
Clover Health Investments Corp.*		668		564
Senseonics Holdings, Inc.*		795		564
Intercept Pharmaceuticals, Inc.*		42		564
Bionano Genomics, Inc.*		507		563
Tactile Systems Technology, Inc.*		34		558
iTeos Therapeutics, Inc.*		41		558
Phibro Animal Health Corp. — Class A		36		552
Invitae Corp.*		408		551
PetIQ, Inc.*		48		549
Surmodics, Inc.*		24		547
Turning Point Brands, Inc.		26		546
Evolus, Inc.*		62		525
Aaron’s Company, Inc.		54		522
Caribou Biosciences, Inc.*		97		515
Karyopharm Therapeutics, Inc.*		132		513
iRadimed Corp.		13		512
Eagle Pharmaceuticals, Inc.*		18		511
Sana Biotechnology, Inc.*		155		507
Zynex, Inc.*		42		504
Inogen, Inc.*		40		499
HilleVax, Inc.*		30		496
SIGA Technologies, Inc.		82		472
OmniAb, Inc.*		128		471
Seneca Foods Corp. — Class A*		9		470
Sterling Check Corp.*		42		468
Atara Biotherapeutics, Inc.*		160		464
Cullinan Oncology, Inc.*		45		460
Nano-X Imaging Ltd.*,1		79		456
Atea Pharmaceuticals, Inc.*		132		442
Edgewise Therapeutics, Inc.*		66		440
BrightView Holdings, Inc.*		78		438
Butterfly Network, Inc.*		230		432
Joint Corp.*		25		421
Universal Technical Institute, Inc.*		57		421
Distribution Solutions Group, Inc.*		9		409
Tarsus Pharmaceuticals, Inc.*		32		402
Rigel Pharmaceuticals, Inc.*		299		395
Sutro Biopharma, Inc.*		85		393
Monte Rosa Therapeutics, Inc.*		50		390
Sangamo Therapeutics, Inc.*		221		389
WW International, Inc.*		94		387
Tyra Biosciences, Inc.*		24		386
Cara Therapeutics, Inc.*		77		378
Xeris Biopharma Holdings, Inc.*		230		375
Janux Therapeutics, Inc.*		30		363
Kodiak Sciences, Inc.*		58		360
Generation Bio Co.*		83		357
Seer, Inc.*		91		351
Inovio Pharmaceuticals, Inc.*		427		350
Lexicon Pharmaceuticals, Inc.*		144		350
Village Super Market, Inc. — Class A		15		343
Cue Health, Inc.*,1		188		342
Design Therapeutics, Inc.*		59		340
Benson Hill, Inc.*		296		341
KalVista Pharmaceuticals, Inc.*		43		338
Erasca, Inc.*		112		337
Nuvation Bio, Inc.*		202		335
Mineralys Therapeutics, Inc.*		21		329
Information Services Group, Inc.		64		326
Y-mAbs Therapeutics, Inc.*		65		326
Kinnate Biopharma, Inc.*		52		325
Stoke Therapeutics, Inc.*		39		325
Tango Therapeutics, Inc.*		82		324
Aerovate Therapeutics, Inc.*		16		323
Ocugen, Inc.*		373		318
PepGen, Inc.*		26		318
Alpine Immune Sciences, Inc.*		41		317
Humacyte, Inc.*		102		315
Willdan Group, Inc.*		20		312
PMV Pharmaceuticals, Inc.*		64		305
Aura Biosciences, Inc.*		32		297
Adicet Bio, Inc.*		50		288
Phathom Pharmaceuticals, Inc.*		40		286
Kezar Life Sciences, Inc.*		91		285
NGM Biopharmaceuticals, Inc.*		69		282
Quantum-Si, Inc.*		159		280
CareMax, Inc.*		104		278
MeiraGTx Holdings plc*		53		274
Innovage Holding Corp.*,1		34		271
Heron Therapeutics, Inc.*		179		270
Alico, Inc.		11		266
Organogenesis Holdings, Inc.*		123		262
Zimvie, Inc.*		36		260
ImmunityBio, Inc.*,1		142		258
Theseus Pharmaceuticals, Inc.*		29		258
Cano Health, Inc.*		281		256
Fulcrum Therapeutics, Inc.*		89		254
Amneal Pharmaceuticals, Inc.*		179		249
IGM Biosciences, Inc.*		18		247
HF Foods Group, Inc.*		63		247
Nature’s Sunshine Products, Inc.*		24		245
Quad/Graphics, Inc.*		56		240
Akoya Biosciences, Inc.*		29		237
BRC, Inc. — Class A*		45		231
Rent the Runway, Inc. — Class A*		81		231
C4 Therapeutics, Inc.*		73		229
Nautilus Biotechnology, Inc.*		82		227

92 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Icosavax, Inc.*		39	$	226
Outlook Therapeutics, Inc.*		206		225
Nektar Therapeutics*		315		221
Prime Medicine, Inc.*		18		221
Foghorn Therapeutics, Inc.*		35		217
Vicarious Surgical, Inc.*		95		216
22nd Century Group, Inc.*		280		215
Allovir, Inc.*		54		213
Nkarta, Inc.*		57		202
Honest Company, Inc.*		112		202
Natural Grocers by Vitamin Cottage, Inc.		17		200
Acrivon Therapeutics, Inc.*		15		190
Vera Therapeutics, Inc.*		24		186
Affimed N.V.*		248		185
Precigen, Inc.*		174		184
Chimerix, Inc.*		146		184
Esperion Therapeutics, Inc.*		115		183
Whole Earth Brands, Inc.*		71		182
Aadi Bioscience, Inc.*		25		181
American Public Education, Inc.*		33		179
Bakkt Holdings, Inc.*		102		176
Lifecore Biomedical, Inc.*		46		174
ALX Oncology Holdings, Inc.*		37		167
Vaxart, Inc.*		215		163
Rallybio Corp.*		28		160
Absci Corp.*		91		159
Cipher Mining, Inc.*		68		159
Athira Pharma, Inc.*		59		147
Spire Global, Inc.*		217		145
Moneylion, Inc.*		254		144
Tenaya Therapeutics, Inc.*		49		140
Gossamer Bio, Inc.*		110		139
EyePoint Pharmaceuticals, Inc.*		46		135
Jounce Therapeutics, Inc.*		73		135
Veru, Inc.*		112		130
Inotiv, Inc.*		30		130
PFSweb, Inc.		29		123
Century Therapeutics, Inc.*		35		121
Tattooed Chef, Inc.*		85		121
Singular Genomics Systems, Inc.*		97		117
PhenomeX, Inc.*		98		114
Priority Technology Holdings, Inc.*		31		111
AirSculpt Technologies, Inc.		22		111
Thorne HealthTech, Inc.*		24		111
Relmada Therapeutics, Inc.*		48		108
Invivyd, Inc.*		89		107
Kronos Bio, Inc.*		71		104
CompoSecure, Inc.*		14		103
VBI Vaccines, Inc.*		334		101
GeneDx Holdings Corp.*		275		100
Local Bounti Corp.*		112		89
Beachbody Company, Inc.*		182		88
Bird Global, Inc. — Class A*		298		83
Aveanna Healthcare Holdings, Inc.*		77		80
Instil Bio, Inc.*		121		80
AN2 Therapeutics, Inc.*		8		79
AppHarvest, Inc.*		128		78
Pardes Biosciences, Inc.*		59		78
Talaris Therapeutics, Inc.*		40		75
Bright Health Group, Inc.*		335		74
GreenLight Biosciences Holdings PBC*		155		67
Eiger BioPharmaceuticals, Inc.*		72		65
Vintage Wine Estates, Inc.*		58		62
Bioventus, Inc. — Class A*		55		59
Praxis Precision Medicines, Inc.*		67		54
MarketWise, Inc.*		29		54
P3 Health Partners, Inc.*		42		44
VistaGen Therapeutics, Inc.*		337		42
Babylon Holdings Ltd. — Class A*		7		36
ATI Physical Therapy, Inc.*		130		33
Alpha Teknova, Inc.*		11		33
Enochian Biosciences, Inc.*		34		31
Science 37 Holdings, Inc.*		109		31
Oncology Institute, Inc.*		40		27
Celularity, Inc.*		33		20
Wejo Group Ltd.*		40		20
Tenon Medical, Inc.*		6		11
Greenidge Generation Holdings, Inc.*		23		10
Owlet, Inc.*		28		9
Boxed, Inc.*,1		25		5
Leafly Holdings, Inc.*		9		4
Gelesis Holdings, Inc.*		21		3
Ligand Pharmaceuticals, Inc.*,††		12		—
Ligand Pharmaceuticals, Inc.*,††		12		—
Total Consumer, Non-cyclical				939,810
Financial — 13.8%
Kinsale Capital Group, Inc.		38		11,406
STAG Industrial, Inc. REIT		313		10,586
Agree Realty Corp. REIT		152		10,429
Selective Insurance Group, Inc.		103		9,819
SouthState Corp.		130		9,264
Terreno Realty Corp. REIT		140		9,044
RLI Corp.		67		8,905
Ryman Hospitality Properties, Inc. REIT		93		8,345
Glacier Bancorp, Inc.		193		8,108
United Bankshares, Inc.		226		7,955
Kite Realty Group Trust REIT		378		7,908
Houlihan Lokey, Inc.		88		7,699
Old National Bancorp		510		7,354
Essent Group Ltd.		182		7,289
First Financial Bankshares, Inc.		226		7,209
Home BancShares, Inc.		326		7,077
Valley National Bancorp		748		6,911
PotlatchDeltic Corp. REIT		138		6,831
Phillips Edison & Company, Inc. REIT		203		6,622
Cadence Bank		314		6,519
Independence Realty Trust, Inc. REIT		384		6,155
Radian Group, Inc.		274		6,055
Essential Properties Realty Trust, Inc. REIT		243		6,039
Federated Hermes, Inc. — Class B		148		5,941
Physicians Realty Trust REIT		390		5,823
Apple Hospitality REIT, Inc.		374		5,804

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 93

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Hancock Whitney Corp.		149	$	5,424
Blackstone Mortgage Trust, Inc. — Class A REIT		295		5,266
Focus Financial Partners, Inc. — Class A*		100		5,187
Independent Bank Corp.		79		5,184
United Community Banks, Inc.		184		5,174
Broadstone Net Lease, Inc. REIT		301		5,120
LXP Industrial Trust REIT		478		4,928
Mr Cooper Group, Inc.*		120		4,916
Jackson Financial, Inc. — Class A		130		4,863
Community Bank System, Inc.		92		4,829
ServisFirst Bancshares, Inc.		88		4,807
Corporate Office Properties Trust REIT		197		4,671
Associated Banc-Corp.		259		4,657
First Interstate BancSystem, Inc. — Class A		155		4,628
Sabra Health Care REIT, Inc.		402		4,623
Atlantic Union Bankshares Corp.		130		4,556
Hamilton Lane, Inc. — Class A		61		4,513
American Equity Investment Life Holding Co.		123		4,488
Enstar Group Ltd.*		19		4,404
UMB Financial Corp.		76		4,387
CNO Financial Group, Inc.		196		4,349
Genworth Financial, Inc. — Class A*		861		4,322
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		148		4,233
Moelis & Co. — Class A		110		4,228
Cathay General Bancorp		121		4,177
Ameris Bancorp		114		4,170
Piper Sandler Cos.		30		4,158
Outfront Media, Inc. REIT		254		4,122
Walker & Dunlop, Inc.		54		4,113
Texas Capital Bancshares, Inc.*		84		4,113
SITE Centers Corp. REIT		333		4,089
WSFS Financial Corp.		107		4,024
International Bancshares Corp.		93		3,982
Macerich Co. REIT		373		3,954
Pacific Premier Bancorp, Inc.		164		3,939
McGrath RentCorp		42		3,919
Four Corners Property Trust, Inc. REIT		145		3,895
Fulton Financial Corp.		280		3,870
CVB Financial Corp.		230		3,836
Equity Commonwealth REIT		184		3,811
National Health Investors, Inc. REIT		72		3,714
Simmons First National Corp. — Class A		212		3,708
Axos Financial, Inc.*		100		3,692
Innovative Industrial Properties, Inc. REIT		48		3,647
Sunstone Hotel Investors, Inc. REIT		367		3,626
First BanCorp		313		3,574
First Financial Bancorp		162		3,527
Tanger Factory Outlet Centers, Inc. REIT		175		3,435
Eastern Bankshares, Inc.		270		3,407
Kennedy-Wilson Holdings, Inc.		205		3,401
Washington Federal, Inc.		112		3,373
Artisan Partners Asset Management, Inc. — Class A		105		3,358
Arbor Realty Trust, Inc. REIT		285		3,275
CareTrust REIT, Inc.		167		3,270
First Merchants Corp.		99		3,262
Banner Corp.		59		3,208
Pebblebrook Hotel Trust REIT		226		3,173
NMI Holdings, Inc. — Class A*		142		3,171
TowneBank		117		3,118
StoneX Group, Inc.*		30		3,106
WesBanco, Inc.		101		3,101
Urban Edge Properties REIT		199		2,997
Seacoast Banking Corporation of Florida		126		2,986
Park National Corp.		25		2,964
PJT Partners, Inc. — Class A		41		2,960
BankUnited, Inc.		131		2,958
DiamondRock Hospitality Co. REIT		363		2,951
RLJ Lodging Trust REIT		277		2,936
Retail Opportunity Investments Corp. REIT		209		2,918
Trupanion, Inc.*		68		2,917
Cushman & Wakefield plc*		276		2,909
Renasant Corp.		95		2,905
BGC Partners, Inc. — Class A		554		2,897
Independent Bank Group, Inc.		62		2,874
Navient Corp.		177		2,830
Service Properties Trust REIT		284		2,829
BancFirst Corp.		34		2,825
Cohen & Steers, Inc.		44		2,814
Enterprise Financial Services Corp.		62		2,765
Heartland Financial USA, Inc.		72		2,762
InvenTrust Properties Corp. REIT		118		2,761
PennyMac Financial Services, Inc.		46		2,742
Elme Communities REIT		152		2,715
Stock Yards Bancorp, Inc.		49		2,702
Lakeland Financial Corp.		43		2,693
Getty Realty Corp. REIT		74		2,666
Bancorp, Inc.*		95		2,646
Bread Financial Holdings, Inc.		87		2,638
BRP Group, Inc. — Class A*		103		2,622
Trustmark Corp.		106		2,618
PRA Group, Inc.*		67		2,610
Xenia Hotels & Resorts, Inc. REIT		198		2,592
Hilltop Holdings, Inc.		86		2,552
Northwest Bancshares, Inc.		212		2,550
St. Joe Co.		60		2,497
Cannae Holdings, Inc.*		123		2,482
Two Harbors Investment Corp. REIT		168		2,471
NBT Bancorp, Inc.		73		2,461
LTC Properties, Inc. REIT		69		2,424
Provident Financial Services, Inc.		126		2,417
Alexander & Baldwin, Inc. REIT		126		2,383
Horace Mann Educators Corp.		71		2,377
Bank of NT Butterfield & Son Ltd.		88		2,376
City Holding Co.		26		2,363
Enova International, Inc.*		53		2,355
First Bancorp		66		2,344
Triumph Financial, Inc.*		40		2,322
Palomar Holdings, Inc.*		42		2,318

94 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Global Net Lease, Inc. REIT		180	$	2,315
Nelnet, Inc. — Class A		25		2,297
Virtus Investment Partners, Inc.		12		2,285
Apollo Commercial Real Estate Finance, Inc. REIT		245		2,281
Chimera Investment Corp. REIT		402		2,267
Acadia Realty Trust REIT		162		2,260
TriCo Bancshares		54		2,246
StepStone Group, Inc. — Class A		92		2,233
Veris Residential, Inc. REIT*		150		2,196
First Commonwealth Financial Corp.		176		2,188
Easterly Government Properties, Inc. REIT		158		2,171
Avantax, Inc.*		82		2,158
S&T Bancorp, Inc.		68		2,139
Farmer Mac — Class C		16		2,131
OFG Bancorp		83		2,070
Encore Capital Group, Inc.*		41		2,068
iStar, Inc. REIT*		70		2,062
Compass Diversified Holdings		107		2,041
Westamerica BanCorp		46		2,038
Apartment Investment and Management Co. — Class A REIT		260		1,999
Hope Bancorp, Inc.		202		1,984
Sandy Spring Bancorp, Inc.		76		1,974
Employers Holdings, Inc.		47		1,959
Radius Global Infrastructure, Inc. — Class A*		133		1,951
Pathward Financial, Inc.		47		1,950
FB Financial Corp.		62		1,927
Stellar Bancorp, Inc.		78		1,920
PennyMac Mortgage Investment Trust REIT		155		1,911
Berkshire Hills Bancorp, Inc.		76		1,905
Stewart Information Services Corp.		47		1,896
Ladder Capital Corp. — Class A REIT		198		1,871
OceanFirst Financial Corp.		101		1,867
Claros Mortgage Trust, Inc.		160		1,864
Safety Insurance Group, Inc.		25		1,863
Eagle Bancorp, Inc.		55		1,841
First Busey Corp.		89		1,810
MFA Financial, Inc. REIT		178		1,766
Southside Bancshares, Inc.		53		1,760
ProAssurance Corp.		95		1,756
NETSTREIT Corp. REIT		96		1,755
Franklin BSP Realty Trust, Inc. REIT		146		1,742
National Bank Holdings Corp. — Class A		52		1,740
Goosehead Insurance, Inc. — Class A*		33		1,723
Lakeland Bancorp, Inc.		109		1,705
NexPoint Residential Trust, Inc. REIT		39		1,703
Redfin Corp.*		184		1,667
AMERISAFE, Inc.		34		1,664
Newmark Group, Inc. — Class A		235		1,664
Veritex Holdings, Inc.		91		1,662
Argo Group International Holdings Ltd.		55		1,611
German American Bancorp, Inc.		48		1,602
New York Mortgage Trust, Inc. REIT		161		1,601
Tompkins Financial Corp.		24		1,589
American Assets Trust, Inc. REIT		85		1,580
Piedmont Office Realty Trust, Inc. — Class A REIT		214		1,562
Brookline Bancorp, Inc.		148		1,554
Compass, Inc. — Class A*		472		1,524
eXp World Holdings, Inc.		120		1,523
Capitol Federal Financial, Inc.		226		1,521
Paramount Group, Inc. REIT		332		1,514
Community Healthcare Trust, Inc. REIT		41		1,501
Empire State Realty Trust, Inc. — Class A REIT		231		1,499
ARMOUR Residential REIT, Inc.1		281		1,475
Centerspace REIT		27		1,475
Necessity Retail REIT, Inc.		233		1,463
Mercury General Corp.		46		1,460
Uniti Group, Inc. REIT		411		1,459
Live Oak Bancshares, Inc.		58		1,413
Marcus & Millichap, Inc.		44		1,413
Brandywine Realty Trust REIT		296		1,400
International Money Express, Inc.*		54		1,392
RPT Realty REIT		146		1,388
Plymouth Industrial REIT, Inc.		66		1,387
Armada Hoffler Properties, Inc. REIT		117		1,382
WisdomTree, Inc.		235		1,377
Ellington Financial, Inc. REIT		110		1,343
Redwood Trust, Inc. REIT		197		1,328
Nicolet Bankshares, Inc.*		21		1,324
James River Group Holdings Ltd.		64		1,322
Brightsphere Investment Group, Inc.		56		1,321
Preferred Bank/Los Angeles CA		24		1,315
Ready Capital Corp. REIT		128		1,302
SiriusPoint Ltd.*		160		1,301
Dime Community Bancshares, Inc.		57		1,295
Premier Financial Corp.		62		1,285
Heritage Financial Corp.		60		1,284
LendingClub Corp.*		177		1,276
Summit Hotel Properties, Inc. REIT		182		1,274
UMH Properties, Inc. REIT		86		1,272
Peoples Bancorp, Inc.		49		1,262
Origin Bancorp, Inc.		39		1,254
QCR Holdings, Inc.		28		1,229
1st Source Corp.		28		1,208
AssetMark Financial Holdings, Inc.*		38		1,195
Ambac Financial Group, Inc.*		77		1,192
Enact Holdings, Inc.		52		1,189
Univest Financial Corp.		50		1,187
CBL & Associates Properties, Inc. REIT		46		1,179
Lemonade, Inc.*		81		1,155
ConnectOne Bancorp, Inc.		65		1,149
Banc of California, Inc.		91		1,140
KKR Real Estate Finance Trust, Inc. REIT		99		1,128
First Bancshares, Inc.		43		1,111
Dynex Capital, Inc. REIT		91		1,103
Columbia Financial, Inc.*		59		1,079
Community Trust Bancorp, Inc.		28		1,063
Universal Health Realty Income Trust REIT		22		1,058

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 95

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Broadmark Realty Capital, Inc. REIT		225	$	1,057
TrustCo Bank Corporation NY		33		1,054
Amerant Bancorp, Inc.		48		1,045
Old Second Bancorp, Inc.		74		1,040
Washington Trust Bancorp, Inc.		30		1,040
Office Properties Income Trust REIT		84		1,033
Anywhere Real Estate, Inc.*		194		1,024
B Riley Financial, Inc.1		36		1,022
United Fire Group, Inc.		37		982
Customers Bancorp, Inc.*		53		981
National Western Life Group, Inc. — Class A		4		970
Global Medical REIT, Inc.		106		966
Hanmi Financial Corp.		52		966
BrightSpire Capital, Inc. REIT		163		962
Byline Bancorp, Inc.		44		951
Gladstone Land Corp. REIT		56		932
HarborOne Bancorp, Inc.		76		927
Camden National Corp.		25		905
Farmland Partners, Inc. REIT		84		899
First Mid Bancshares, Inc.		33		898
Urstadt Biddle Properties, Inc. — Class A REIT		51		896
Brookfield Business Corp. — Class A		45		892
Peapack-Gladstone Financial Corp.		30		889
Bank First Corp.		12		883
Chatham Lodging Trust REIT		84		881
Northfield Bancorp, Inc.		74		872
TPG RE Finance Trust, Inc. REIT		120		871
Gladstone Commercial Corp. REIT		68		859
Heritage Commerce Corp.		103		858
Victory Capital Holdings, Inc. — Class A		29		849
Central Pacific Financial Corp.		47		841
Kearny Financial Corp.		103		836
CrossFirst Bankshares, Inc.*		79		828
Mercantile Bank Corp.		27		826
Diamond Hill Investment Group, Inc.		5		823
Universal Insurance Holdings, Inc.		45		820
Saul Centers, Inc. REIT		21		819
Great Southern Bancorp, Inc.		16		811
Ares Commercial Real Estate Corp. REIT		89		809
Midland States Bancorp, Inc.		37		792
Cambridge Bancorp		12		778
Alexander’s, Inc. REIT		4		775
Horizon Bancorp, Inc.		70		774
MBIA, Inc.*		83		769
EZCORP, Inc. — Class A*		87		748
Whitestone REIT — Class B		81		745
NerdWallet, Inc. — Class A*		45		728
Flushing Financial Corp.		48		715
First Financial Corp.		19		712
RMR Group, Inc. — Class A		27		708
Capital City Bank Group, Inc.		24		703
Merchants Bancorp		27		703
Hingham Institution For Savings The		3		700
FRP Holdings, Inc.*		12		695
Bar Harbor Bankshares		26		688
Farmers National Banc Corp.		54		683
Equity Bancshares, Inc. — Class A		28		682
First Community Bankshares, Inc.		27		676
CNB Financial Corp.		35		672
Mid Penn Bancorp, Inc.		26		666
One Liberty Properties, Inc. REIT		29		665
Orion Office REIT, Inc.		99		663
First Foundation, Inc.		89		663
CTO Realty Growth, Inc. REIT		38		656
Orchid Island Capital, Inc. REIT		61		655
Coastal Financial Corp.*		18		648
Perella Weinberg Partners		71		646
Invesco Mortgage Capital, Inc. REIT		58		643
Republic Bancorp, Inc. — Class A		15		636
Business First Bancshares, Inc.		37		634
Tiptree, Inc. — Class A		43		627
SmartFinancial, Inc.		27		625
Independent Bank Corp.		35		622
HomeTrust Bancshares, Inc.		25		615
Bank of Marin Bancorp		28		613
Metropolitan Bank Holding Corp.*		18		610
Arrow Financial Corp.		24		598
Indus Realty Trust, Inc. REIT		9		597
HCI Group, Inc.		11		590
Carter Bankshares, Inc.*		42		588
MidWestOne Financial Group, Inc.		24		586
World Acceptance Corp.*		7		583
RE/MAX Holdings, Inc. — Class A		31		582
American National Bankshares, Inc.		18		571
Peoples Financial Services Corp.		13		563
HomeStreet, Inc.		31		558
Diversified Healthcare Trust REIT		413		558
Citizens & Northern Corp.		26		556
GCM Grosvenor, Inc. — Class A		71		555
First of Long Island Corp.		41		553
West BanCorp, Inc.		30		548
Oppenheimer Holdings, Inc. — Class A		14		548
Metrocity Bankshares, Inc.		32		547
Capstar Financial Holdings, Inc.		36		545
Southern Missouri Bancorp, Inc.		14		524
ACNB Corp.		16		521
Financial Institutions, Inc.		27		521
Farmers & Merchants Bancorp Incorporated/Archbold OH		21		511
Selectquote, Inc.*		232		503
Enterprise Bancorp, Inc.		16		503
Waterstone Financial, Inc.		33		499
Five Star Bancorp		23		491
LendingTree, Inc.*		18		480
Postal Realty Trust, Inc. — Class A REIT		31		472
City Office REIT, Inc.		68		469
Esquire Financial Holdings, Inc.		12		469
Amalgamated Financial Corp.		26		460
Macatawa Bank Corp.		45		460
Braemar Hotels & Resorts, Inc. REIT		119		459

96 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Granite Point Mortgage Trust, Inc. REIT		90	$	446
Shore Bancshares, Inc.		31		443
First Bancorp, Inc.		17		440
Civista Bancshares, Inc.		26		439
Hippo Holdings, Inc.*		27		438
Blue Foundry Bancorp*		46		438
Summit Financial Group, Inc.		21		436
RBB Bancorp		28		434
John Marshall Bancorp, Inc.		20		432
Greenlight Capital Re Ltd. — Class A*		46		432
Home Bancorp, Inc.		13		429
First Business Financial Services, Inc.		14		427
Guaranty Bancshares, Inc.		15		418
Alerus Financial Corp.		26		417
BRT Apartments Corp. REIT		21		414
Sierra Bancorp		24		413
Donegal Group, Inc. — Class A		27		413
Bridgewater Bancshares, Inc.*		38		412
Douglas Elliman, Inc.		131		407
South Plains Financial, Inc.		19		407
Northeast Bank		12		404
eHealth, Inc.*		43		402
Southern First Bancshares, Inc.*		13		399
Skyward Specialty Insurance Group, Inc.*		18		394
Star Holdings*		22		386
Red River Bancshares, Inc.		8		385
Primis Financial Corp.		39		376
MVB Financial Corp.		18		371
Sculptor Capital Management, Inc.		43		370
Hersha Hospitality Trust — Class A REIT		55		370
BayCom Corp.		21		359
Orrstown Financial Services, Inc.		18		357
HBT Financial, Inc.		18		355
Third Coast Bancshares, Inc.*		22		346
Industrial Logistics Properties Trust REIT		112		344
Legacy Housing Corp.*		15		341
AFC Gamma, Inc. REIT		28		340
Regional Management Corp.		13		339
BCB Bancorp, Inc.		25		328
Silvercrest Asset Management Group, Inc. — Class A		18		327
Parke Bancorp, Inc.		18		320
Investors Title Co.		2		302
First Internet Bancorp		18		300
Blue Ridge Bankshares, Inc.		29		296
PCB Bancorp		20		290
Colony Bankcorp, Inc.		28		286
First Western Financial, Inc.*		14		277
FVCBankcorp, Inc.*		26		277
Unity Bancorp, Inc.		12		274
First Bank/Hamilton NJ		27		273
Greene County Bancorp, Inc.		12		272
Franklin Street Properties Corp. REIT		171		268
Capital Bancorp, Inc.		16		266
Applied Digital Corp.*		117		262
Luther Burbank Corp.		27		256
Bankwell Financial Group, Inc.		10		249
Trean Insurance Group, Inc.*		40		245
Crawford & Co. — Class A		27		226
Stratus Properties, Inc.		11		220
Nexpoint Real Estate Finance, Inc. REIT		14		219
Pioneer Bancorp, Inc.*		20		197
NI Holdings, Inc.*		15		195
Atlanticus Holdings Corp.*		7		190
Ashford Hospitality Trust, Inc. REIT*		59		189
Oportun Financial Corp.*		49		189
USCB Financial Holdings, Inc.*		19		188
First Guaranty Bancshares, Inc.		11		172
Consumer Portfolio Services, Inc.*		16		171
Provident Bancorp, Inc.		25		171
Sterling Bancorp, Inc.*		30		170
Angel Oak Mortgage, Inc. REIT		22		161
Velocity Financial, Inc.*		16		145
SWK Holdings Corp.*		7		125
Chicago Atlantic Real Estate Finance, Inc. REIT		9		122
Clipper Realty, Inc. REIT		21		121
Bluerock Homes Trust, Inc.*		6		119
Republic First Bancorp, Inc.*		85		116
Associated Capital Group, Inc. — Class A		3		111
Doma Holdings, Inc.*		238		97
Transcontinental Realty Investors, Inc.*		2		85
Finance of America Companies, Inc. — Class A*		67		83
American Realty Investors, Inc.*		3		79
Curo Group Holdings Corp.		38		66
Offerpad Solutions, Inc.*		119		63
Root, Inc. — Class A*		13		59
OppFi, Inc.*		24		49
Home Point Capital, Inc.		14		27
Sunlight Financial Holdings, Inc.*		42		13
Cryptyde, Inc.*		34		3
Total Financial				853,299
Industrial — 9.6%
EMCOR Group, Inc.		82		13,332
Saia, Inc.*		46		12,516
RBC Bearings, Inc.*		49		11,404
Evoqua Water Technologies Corp.*		205		10,193
Novanta, Inc.*		61		9,704
Atkore, Inc.*		68		9,553
Applied Industrial Technologies, Inc.		66		9,381
Chart Industries, Inc.*		74		9,280
Comfort Systems USA, Inc.		61		8,904
Exponent, Inc.		88		8,773
UFP Industries, Inc.		103		8,185
Simpson Manufacturing Company, Inc.		74		8,113
Watts Water Technologies, Inc. — Class A		47		7,911
Aerojet Rocketdyne Holdings, Inc.*		137		7,695
Fluor Corp.*		247		7,635
Fabrinet*		64		7,601
Franklin Electric Company, Inc.		80		7,528
AAON, Inc.		76		7,349

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 97

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Casella Waste Systems, Inc. — Class A*		87	$	7,191
Mueller Industries, Inc.		97		7,127
GATX Corp.		61		6,711
Belden, Inc.		74		6,421
Advanced Energy Industries, Inc.		65		6,370
Bloom Energy Corp. — Class A*		313		6,238
Badger Meter, Inc.		51		6,213
EnerSys		71		6,168
O-I Glass, Inc.*		267		6,064
Sanmina Corp.*		99		6,038
John Bean Technologies Corp.		55		6,011
Summit Materials, Inc. — Class A*		208		5,926
Encore Wire Corp.		31		5,745
Hillenbrand, Inc.		120		5,704
Federal Signal Corp.		103		5,584
Terex Corp.		115		5,564
SPX Technologies, Inc.*		76		5,364
Arcosa, Inc.		84		5,301
Vishay Intertechnology, Inc.		225		5,089
Forward Air Corp.		47		5,065
Werner Enterprises, Inc.		110		5,004
Moog, Inc. — Class A		49		4,937
Albany International Corp. — Class A		54		4,825
Hub Group, Inc. — Class A*		56		4,701
Plexus Corp.*		48		4,683
Dycom Industries, Inc.*		50		4,682
Scorpio Tankers, Inc.		82		4,617
Zurn Elkay Water Solutions Corp.		216		4,614
Cactus, Inc. — Class A		108		4,453
Boise Cascade Co.		69		4,364
Itron, Inc.*		78		4,325
Energizer Holdings, Inc.		124		4,303
ESCO Technologies, Inc.		45		4,295
Brady Corp. — Class A		79		4,245
Kadant, Inc.		20		4,170
Materion Corp.		35		4,060
Frontdoor, Inc.*		144		4,015
AeroVironment, Inc.*		43		3,941
Kennametal, Inc.		141		3,889
ArcBest Corp.		42		3,882
Matson, Inc.		65		3,879
Golar LNG Ltd.*		175		3,780
Mueller Water Products, Inc. — Class A		271		3,778
EnPro Industries, Inc.		36		3,740
Helios Technologies, Inc.		57		3,728
International Seaways, Inc.		86		3,584
Frontline plc		216		3,577
Worthington Industries, Inc.		55		3,556
MYR Group, Inc.*		28		3,528
CSW Industrials, Inc.		25		3,473
Trinity Industries, Inc.		142		3,459
Masonite International Corp.*		38		3,449
Barnes Group, Inc.		85		3,424
Alamo Group, Inc.		17		3,131
Granite Construction, Inc.		76		3,122
AAR Corp.*		57		3,109
Kratos Defense & Security Solutions, Inc.*		215		2,898
Lindsay Corp.		19		2,871
OSI Systems, Inc.*		28		2,866
Enovix Corp.*		189		2,818
Greif, Inc. — Class A		43		2,725
CTS Corp.		55		2,720
Gibraltar Industries, Inc.*		55		2,668
Knowles Corp.*		156		2,652
Enerpac Tool Group Corp.		101		2,575
Standex International Corp.		21		2,571
DHT Holdings, Inc.		237		2,562
PGT Innovations, Inc.*		100		2,511
NV5 Global, Inc.*		24		2,495
Griffon Corp.		76		2,433
TTM Technologies, Inc.*		176		2,374
Primoris Services Corp.		94		2,318
Energy Recovery, Inc.*		96		2,213
Tennant Co.		32		2,193
Air Transport Services Group, Inc.*		102		2,125
Marten Transport Ltd.		101		2,116
Napco Security Technologies, Inc.*		55		2,067
TriMas Corp.		73		2,034
Mirion Technologies, Inc.*		238		2,033
Golden Ocean Group Ltd.		212		2,018
Modine Manufacturing Co.*		86		1,982
Hillman Solutions Corp.*		234		1,970
Sterling Infrastructure, Inc.*		51		1,932
NEXTracker, Inc. — Class A*		53		1,922
JELD-WEN Holding, Inc.*		150		1,899
SFL Corporation Ltd.		199		1,890
Construction Partners, Inc. — Class A*		70		1,886
Joby Aviation, Inc.*		434		1,884
CryoPort, Inc.*		77		1,848
Columbus McKinnon Corp.		49		1,821
Vicor Corp.*		38		1,784
Greenbrier Companies, Inc.		55		1,770
Sturm Ruger & Company, Inc.		30		1,723
Teekay Tankers Ltd. — Class A*		40		1,717
Apogee Enterprises, Inc.		39		1,687
Montrose Environmental Group, Inc.*		47		1,676
Astec Industries, Inc.		40		1,650
FLEX LNG Ltd.		49		1,645
GrafTech International Ltd.		337		1,638
Ichor Holdings Ltd.*		49		1,604
Proto Labs, Inc.*		48		1,591
Mesa Laboratories, Inc.		9		1,573
American Woodmark Corp.*		29		1,510
Rocket Lab USA, Inc.*		373		1,507
Benchmark Electronics, Inc.		61		1,445
Thermon Group Holdings, Inc.*		57		1,420
TimkenSteel Corp.*		77		1,412
Janus International Group, Inc.*		142		1,400
Myers Industries, Inc.		64		1,372
Chase Corp.		13		1,361
Nordic American Tankers Ltd.		343		1,358
LSB Industries, Inc.*		129		1,333

98 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Li-Cycle Holdings Corp.*		236	$	1,329
Heartland Express, Inc.		81		1,289
PureCycle Technologies, Inc.*		184		1,288
Triumph Group, Inc.*		111		1,287
Ryerson Holding Corp.		34		1,237
GoPro, Inc. — Class A*		225		1,132
Kaman Corp.		49		1,120
Ducommun, Inc.*		20		1,094
Dorian LPG Ltd.		54		1,077
Ardmore Shipping Corp.		71		1,056
Eagle Bulk Shipping, Inc.		23		1,046
Manitowoc Company, Inc.*		61		1,042
CIRCOR International, Inc.*		33		1,027
Genco Shipping & Trading Ltd.		64		1,002
Gorman-Rupp Co.		40		1,000
Heritage-Crystal Clean, Inc.*		28		997
Kimball Electronics, Inc.*		41		988
Clearwater Paper Corp.*		29		969
Smith & Wesson Brands, Inc.		78		960
Hyster-Yale Materials Handling, Inc.		19		948
Harsco Corp.*		137		936
Argan, Inc.		23		931
Vishay Precision Group, Inc.*		22		919
Insteel Industries, Inc.		32		890
Allied Motion Technologies, Inc.		23		889
Olympic Steel, Inc.		17		888
Xometry, Inc. — Class A*		58		868
Costamare, Inc.		92		866
Stoneridge, Inc.*		46		860
Luxfer Holdings plc		47		794
FARO Technologies, Inc.*		32		787
nLight, Inc.*		77		784
MicroVision, Inc.*		288		769
Greif, Inc. — Class B		10		765
Teekay Corp.*		122		754
AerSale Corp.*		43		740
Powell Industries, Inc.		17		724
Cadre Holdings, Inc.		33		711
Archer Aviation, Inc. — Class A*		246		704
DXP Enterprises, Inc.*		26		700
IES Holdings, Inc.*		16		689
Omega Flex, Inc.		6		669
National Presto Industries, Inc.		9		649
Babcock & Wilcox Enterprises, Inc.*		105		636
Great Lakes Dredge & Dock Corp.*		113		614
Centrus Energy Corp. — Class A*		19		612
Pactiv Evergreen, Inc.		75		600
Astronics Corp.*		44		588
Blink Charging Co.*,1		67		580
Covenant Logistics Group, Inc. — Class A		16		567
Comtech Telecommunications Corp.		45		562
Daseke, Inc.*		70		541
SmartRent, Inc.*		210		536
Northwest Pipe Co.*		17		531
NuScale Power Corp.*		54		491
Safe Bulkers, Inc.		128		472
Park Aerospace Corp.		34		457
Evolv Technologies Holdings, Inc.*		146		455
Tutor Perini Corp.*		73		450
Radiant Logistics, Inc.*		66		433
Tredegar Corp.		47		429
Universal Logistics Holdings, Inc.		14		408
Eastman Kodak Co.*		99		406
Ranpak Holdings Corp.*		75		391
Atlas Technical Consultants, Inc.*		32		390
PAM Transportation Services, Inc.*		12		344
Sight Sciences, Inc.*		38		332
908 Devices, Inc.*		38		327
Pure Cycle Corp.*		34		321
Concrete Pumping Holdings, Inc.*		45		306
AMMO, Inc.*		152		299
Akoustis Technologies, Inc.*		90		277
Turtle Beach Corp.*		27		271
Charge Enterprises, Inc.*		225		247
Identiv, Inc.*		38		233
Latham Group, Inc.*		75		215
ESS Tech, Inc.*		140		195
Caesarstone Ltd.		39		161
Transphorm, Inc.*		39		156
Karat Packaging, Inc.		11		147
Hydrofarm Holdings Group, Inc.*		76		132
Berkshire Grey, Inc.*		86		119
Astra Space, Inc.*		263		112
Redwire Corp.*		33		100
View, Inc.*		194		97
NL Industries, Inc.		15		91
Sarcos Technology and Robotics Corp.*		163		77
Momentus, Inc.*		96		56
AEye, Inc.*		46		14
Fathom Digital Manufacturing C*		22		12
Total Industrial				597,303
Consumer, Cyclical — 8.0%
Crocs, Inc.*		106		13,445
Texas Roadhouse, Inc. — Class A		116		12,535
Light & Wonder, Inc. — Class A*		163		9,788
Wingstop, Inc.		52		9,546
Murphy USA, Inc.		35		9,032
Fox Factory Holding Corp.*		74		8,981
Academy Sports & Outdoors, Inc.		132		8,613
Asbury Automotive Group, Inc.*		38		7,980
Visteon Corp.*		48		7,528
Meritage Homes Corp.		63		7,356
Taylor Morrison Home Corp. — Class A*		182		6,963
Skyline Champion Corp.*		92		6,921
Adient plc*		166		6,799
Hilton Grand Vacations, Inc.*		149		6,620
FirstCash Holdings, Inc.		65		6,199
Signet Jewelers Ltd.		78		6,067
Foot Locker, Inc.		141		5,596
Group 1 Automotive, Inc.		24		5,434
Goodyear Tire & Rubber Co.*		488		5,378
KB Home		131		5,264

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 99

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Topgolf Callaway Brands Corp.*		243	$	5,254
Beacon Roofing Supply, Inc.*		89		5,238
Steven Madden Ltd.		135		4,860
Cavco Industries, Inc.*		15		4,766
LCI Industries		43		4,725
Installed Building Products, Inc.		41		4,675
Kontoor Brands, Inc.		96		4,646
UniFirst Corp.		26		4,582
Resideo Technologies, Inc.*		250		4,570
International Game Technology plc		170		4,556
Tri Pointe Homes, Inc.*		174		4,406
Sonos, Inc.*		221		4,336
Cracker Barrel Old Country Store, Inc.		38		4,317
SeaWorld Entertainment, Inc.*		69		4,230
Papa John’s International, Inc.		56		4,196
GMS, Inc.*		72		4,168
LGI Homes, Inc.*		35		3,991
Dorman Products, Inc.*		46		3,968
Bloomin’ Brands, Inc.		154		3,950
Rush Enterprises, Inc. — Class A		72		3,931
Red Rock Resorts, Inc. — Class A		88		3,922
Boot Barn Holdings, Inc.*		51		3,909
MDC Holdings, Inc.		100		3,887
Shake Shack, Inc. — Class A*		65		3,607
American Eagle Outfitters, Inc.		268		3,602
Gentherm, Inc.*		57		3,444
Dana, Inc.		225		3,386
Nu Skin Enterprises, Inc. — Class A		85		3,341
Spirit Airlines, Inc.		190		3,262
PriceSmart, Inc.		45		3,217
Century Communities, Inc.		50		3,196
Jack in the Box, Inc.		36		3,153
ODP Corp.*		70		3,149
Veritiv Corp.		23		3,108
Urban Outfitters, Inc.*		110		3,049
Winnebago Industries, Inc.		52		3,000
Acushnet Holdings Corp.		58		2,955
Cheesecake Factory, Inc.		84		2,944
M/I Homes, Inc.*		46		2,902
Sally Beauty Holdings, Inc.*		186		2,898
Brinker International, Inc.*		75		2,850
Cinemark Holdings, Inc.*		189		2,795
Luminar Technologies, Inc.*,1		426		2,765
Oxford Industries, Inc.		26		2,745
Dave & Buster’s Entertainment, Inc.*		74		2,722
World Fuel Services Corp.		106		2,708
MillerKnoll, Inc.		132		2,699
Vista Outdoor, Inc.*		97		2,688
Methode Electronics, Inc.		61		2,677
Madison Square Garden Entertainment Corp.*		45		2,658
Patrick Industries, Inc.		38		2,615
Everi Holdings, Inc.*		152		2,607
XPEL, Inc.*		38		2,582
KAR Auction Services, Inc.*		188		2,572
National Vision Holdings, Inc.*		136		2,562
Allegiant Travel Co. — Class A*		27		2,483
H&E Equipment Services, Inc.		55		2,433
Abercrombie & Fitch Co. — Class A*		86		2,386
Wolverine World Wide, Inc.		134		2,285
Liberty Media Corporation-Liberty Braves — Class C*		66		2,223
Dillard’s, Inc. — Class A		7		2,154
La-Z-Boy, Inc.		74		2,152
Wabash National Corp.		85		2,090
Lions Gate Entertainment Corp. — Class B*		201		2,086
iRobot Corp.*		47		2,051
HNI Corp.		71		1,977
Malibu Boats, Inc. — Class A*		35		1,976
SkyWest, Inc.*		87		1,929
TravelCenters of America, Inc.*		22		1,903
Buckle, Inc.		53		1,892
Fisker, Inc.*,1		308		1,891
indie Semiconductor, Inc. — Class A*		176		1,857
Dine Brands Global, Inc.		26		1,759
Monarch Casino & Resort, Inc.		23		1,705
Virgin Galactic Holdings, Inc.*,1		420		1,701
Sonic Automotive, Inc. — Class A		31		1,685
Green Brick Partners, Inc.*		47		1,648
Winmark Corp.		5		1,602
IMAX Corp.*		81		1,554
Warby Parker, Inc. — Class A*		146		1,546
American Axle & Manufacturing Holdings, Inc.*		196		1,531
Golden Entertainment, Inc.*		35		1,523
Camping World Holdings, Inc. — Class A		68		1,419
Ermenegildo Zegna N.V.		104		1,419
MRC Global, Inc.*		145		1,409
OneSpaWorld Holdings Ltd.*		115		1,379
Shyft Group, Inc.		60		1,365
ScanSource, Inc.*		44		1,339
Franchise Group, Inc.		48		1,308
Hibbett, Inc.		22		1,298
Standard Motor Products, Inc.		35		1,292
Clean Energy Fuels Corp.*		295		1,286
Caleres, Inc.		59		1,276
Douglas Dynamics, Inc.		40		1,275
Steelcase, Inc. — Class A		150		1,263
Arko Corp.		145		1,231
Bally’s Corp.*		63		1,230
Sleep Number Corp.*		39		1,186
Sweetgreen, Inc. — Class A*		151		1,184
G-III Apparel Group Ltd.*		76		1,182
Portillo’s, Inc. — Class A*		55		1,175
RCI Hospitality Holdings, Inc.		15		1,173
Chico’s FAS, Inc.*		213		1,172
Sun Country Airlines Holdings, Inc.*		57		1,169
Life Time Group Holdings, Inc.*		73		1,165
BJ’s Restaurants, Inc.*		39		1,136
Lions Gate Entertainment Corp. — Class A*		102		1,129

100 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Chuy’s Holdings, Inc.*		31	$	1,111
Sovos Brands, Inc.*		66		1,101
Denny’s Corp.*		97		1,083
A-Mark Precious Metals, Inc.		31		1,074
Vizio Holding Corp. — Class A*		117		1,074
Ethan Allen Interiors, Inc.		39		1,071
Titan Machinery, Inc.*		35		1,066
MarineMax, Inc.*		37		1,064
Xponential Fitness, Inc. — Class A*		35		1,064
Guess?, Inc.		54		1,051
BlueLinx Holdings, Inc.*		15		1,019
MasterCraft Boat Holdings, Inc.*		31		943
Titan International, Inc.*		89		933
EVgo, Inc.*,1		119		927
Ruth’s Hospitality Group, Inc.		55		903
PC Connection, Inc.		20		899
Children’s Place, Inc.*		22		886
Accel Entertainment, Inc.*		97		884
America’s Car-Mart, Inc.*		11		871
Bowlero Corp.*,1		51		864
Beazer Homes USA, Inc.*		52		826
Interface, Inc. — Class A		101		820
Hawaiian Holdings, Inc.*		89		815
VSE Corp.		18		808
Haverty Furniture Companies, Inc.		25		798
Xperi, Inc.*		72		787
Kimball International, Inc. — Class B		63		781
Genesco, Inc.*		21		774
Designer Brands, Inc. — Class A		88		769
Movado Group, Inc.		26		748
Shoe Carnival, Inc.		29		744
Lovesac Co.*		25		723
REV Group, Inc.		57		683
Solid Power, Inc.*		226		680
Nikola Corp.*,1		557		674
Marcus Corp.		42		672
Miller Industries, Inc.		19		671
Rush Enterprises, Inc. — Class B		11		659
Hudson Technologies, Inc.*		75		655
Aspen Aerogels, Inc.*		87		648
Frontier Group Holdings, Inc.*		64		630
Global Industrial Co.		23		617
Blue Bird Corp.*		30		613
Hovnanian Enterprises, Inc. — Class A*		9		611
Qurate Retail, Inc. — Class A*		609		602
Liberty Media Corporation-Liberty Braves — Class A*		17		588
Proterra, Inc.*		385		585
PetMed Express, Inc.		36		585
Build-A-Bear Workshop, Inc. — Class A		25		581
Sportsman’s Warehouse Holdings, Inc.*		67		568
Johnson Outdoors, Inc. — Class A		9		567
Lindblad Expeditions Holdings, Inc.*		58		554
Destination XL Group, Inc.*		100		551
Big Lots, Inc.		49		537
OneWater Marine, Inc. — Class A*		19		531
Funko, Inc. — Class A*		56		528
Kura Sushi USA, Inc. — Class A*		8		527
Zumiez, Inc.*		28		516
Forestar Group, Inc.*		31		482
Dream Finders Homes, Inc. — Class A*		36		477
Clarus Corp.		50		472
Bluegreen Vacations Holding Corp.		17		465
Hyliion Holdings Corp.*		230		455
First Watch Restaurant Group, Inc.*		26		418
Full House Resorts, Inc.*		57		412
Microvast Holdings, Inc.*		300		372
NEOGAMES S.A.*		24		365
TuSimple Holdings, Inc. — Class A*		243		357
Workhorse Group, Inc.*		264		351
Noodles & Co.*		72		349
El Pollo Loco Holdings, Inc.		36		345
Century Casinos, Inc.*		47		345
GrowGeneration Corp.*		100		342
Tilly’s, Inc. — Class A*		44		339
Rush Street Interactive, Inc.*		106		330
Canoo, Inc.*		491		321
Cato Corp. — Class A		36		318
ONE Group Hospitality, Inc.*		39		316
Snap One Holdings Corp.*		31		290
Big 5 Sporting Goods Corp.1		37		285
Weyco Group, Inc.		11		278
Rocky Brands, Inc.		12		277
Citi Trends, Inc.*		14		266
Fossil Group, Inc.*		82		262
ThredUp, Inc. — Class A*		102		258
Tile Shop Holdings, Inc.*		54		253
Purple Innovation, Inc.*		95		251
Sonder Holdings, Inc.*		327		248
Holley, Inc.*		89		244
Motorcar Parts of America, Inc.*		32		238
Reservoir Media, Inc.*		36		235
Mullen Automotive, Inc.*		1,756		231
Traeger, Inc.*		56		230
Universal Electronics, Inc.*		21		213
Rite Aid Corp.*		95		213
LL Flooring Holdings, Inc.*		54		205
Aeva Technologies, Inc.*		169		201
Container Store Group, Inc.*		57		196
Tupperware Brands Corp.*		77		193
Lordstown Motors Corp. — Class A*		289		192
Marine Products Corp.		14		185
Wheels Up Experience, Inc.*		276		175
Superior Group of Companies, Inc.		20		157
Cenntro Electric Group Ltd.*		320		148
Duluth Holdings, Inc. — Class B*		23		147
Conn’s, Inc.*		23		139
Landsea Homes Corp.*		22		133
Lifetime Brands, Inc.		22		129
Torrid Holdings, Inc.*		29		127
Vinco Ventures, Inc.*		393		126
Hyzon Motors, Inc.*,1		153		125

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 101

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
PLBY Group, Inc.*		54	$	107
Aterian, Inc.*		114		98
Express, Inc.*		113		89
F45 Training Holdings, Inc.*		63		73
Bed Bath & Beyond, Inc.*,1		139		59
CompX International, Inc.		3		54
Xos, Inc.*		96		50
JOANN, Inc.1		19		30
Lightning eMotors, Inc.*		69		20
Cepton, Inc.*		17		8
Total Consumer, Cyclical				495,051
Technology — 6.8%
Silicon Laboratories, Inc.*		55		9,630
SPS Commerce, Inc.*		63		9,595
Rambus, Inc.*		186		9,534
Tenable Holdings, Inc.*		194		9,217
ExlService Holdings, Inc.*		56		9,063
Qualys, Inc.*		67		8,711
Super Micro Computer, Inc.*		81		8,631
Workiva, Inc.*		82		8,398
Power Integrations, Inc.		98		8,295
Maximus, Inc.		105		8,264
Insight Enterprises, Inc.*		54		7,720
Synaptics, Inc.*		69		7,669
Axcelis Technologies, Inc.*		57		7,595
Onto Innovation, Inc.*		86		7,558
Diodes, Inc.*		77		7,143
MACOM Technology Solutions Holdings, Inc.*		94		6,659
Altair Engineering, Inc. — Class A*		90		6,490
Box, Inc. — Class A*		242		6,483
Blackline, Inc.*		96		6,446
Duolingo, Inc.*		41		5,846
Envestnet, Inc.*		96		5,632
Blackbaud, Inc.*		81		5,613
ACI Worldwide, Inc.*		195		5,261
PagerDuty, Inc.*		147		5,142
Kulicke & Soffa Industries, Inc.		97		5,111
Impinj, Inc.*		37		5,014
MicroStrategy, Inc. — Class A*		17		4,969
Sprout Social, Inc. — Class A*		81		4,931
Ambarella, Inc.*		63		4,878
Varonis Systems, Inc.*		185		4,812
DigitalOcean Holdings, Inc.*		121		4,740
Rapid7, Inc.*		102		4,683
Amkor Technology, Inc.		178		4,632
Evolent Health, Inc. — Class A*		142		4,608
MaxLinear, Inc. — Class A*		126		4,437
CommVault Systems, Inc.*		77		4,369
Progress Software Corp.		74		4,251
FormFactor, Inc.*		133		4,236
Appfolio, Inc. — Class A*		34		4,232
Verra Mobility Corp.*		243		4,112
Verint Systems, Inc.*		110		4,096
SiTime Corp.*		28		3,983
Fastly, Inc. — Class A*		194		3,445
C3.ai, Inc. — Class A*,1		102		3,424
NetScout Systems, Inc.*		118		3,381
Cohu, Inc.*		83		3,186
Appian Corp. — Class A*		70		3,107
Xerox Holdings Corp.		198		3,049
CSG Systems International, Inc.		54		2,900
Clear Secure, Inc. — Class A		108		2,826
Agilysys, Inc.*		34		2,805
Phreesia, Inc.*		85		2,745
Asana, Inc. — Class A*		127		2,683
Semtech Corp.*		110		2,655
Parsons Corp.*		59		2,640
Ultra Clean Holdings, Inc.*		79		2,620
ACV Auctions, Inc. — Class A*		199		2,569
Apollo Medical Holdings, Inc.*		68		2,480
Schrodinger Incorporated/United States*		94		2,475
Veradigm, Inc.*		189		2,466
Privia Health Group, Inc.*		89		2,457
Everbridge, Inc.*		69		2,392
3D Systems Corp.*		221		2,369
Sumo Logic, Inc.*		196		2,348
PDF Solutions, Inc.*		52		2,205
Momentive Global, Inc.*		227		2,116
Model N, Inc.*		63		2,109
Zuora, Inc. — Class A*		210		2,075
Zeta Global Holdings Corp. — Class A*		189		2,047
E2open Parent Holdings, Inc.*		345		2,008
Digital Turbine, Inc.*		162		2,002
Digi International, Inc.*		59		1,987
AvidXchange Holdings, Inc.*		254		1,981
PROS Holdings, Inc.*		71		1,945
Avid Technology, Inc.*		60		1,919
Cerence, Inc.*		68		1,910
Yext, Inc.*		197		1,893
Veeco Instruments, Inc.*		88		1,859
Donnelley Financial Solutions, Inc.*		45		1,839
Photronics, Inc.*		104		1,724
NextGen Healthcare, Inc.*		98		1,706
Adeia, Inc.		180		1,595
PowerSchool Holdings, Inc. — Class A*		79		1,566
ForgeRock, Inc. — Class A*		76		1,566
PAR Technology Corp.*		46		1,562
N-able, Inc.*		118		1,558
Outset Medical, Inc.*		84		1,546
SMART Global Holdings, Inc.*		85		1,465
IonQ, Inc.*		206		1,267
TTEC Holdings, Inc.		34		1,266
Olo, Inc. — Class A*		155		1,265
OneSpan, Inc.*		72		1,260
Amplitude, Inc. — Class A*		98		1,219
CEVA, Inc.*		40		1,217
Corsair Gaming, Inc.*		66		1,211
Sapiens International Corporation N.V.		55		1,195
Simulations Plus, Inc.		27		1,186
EngageSmart, Inc.*		61		1,174
Pitney Bowes, Inc.		300		1,167

102 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Consensus Cloud Solutions, Inc.*		33	$	1,125
Intapp, Inc.*		25		1,121
Health Catalyst, Inc.*		95		1,109
Alignment Healthcare, Inc.*		171		1,088
Desktop Metal, Inc. — Class A*		458		1,053
Matterport, Inc.*		382		1,043
Alpha & Omega Semiconductor Ltd.*		38		1,024
PubMatic, Inc. — Class A*		74		1,023
Conduent, Inc.*		294		1,008
BigCommerce Holdings, Inc.*		112		1,001
ACM Research, Inc. — Class A*		84		983
Grid Dynamics Holdings, Inc.*		85		974
Vimeo, Inc.*		248		950
Integral Ad Science Holding Corp.*		66		942
AvePoint, Inc.*		224		923
8x8, Inc.*		194		809
Instructure Holdings, Inc.*		31		803
Alkami Technology, Inc.*		62		785
Computer Programs and Systems, Inc.*		25		755
Domo, Inc. — Class B*		53		752
Sharecare, Inc.*		509		723
SolarWinds Corp.*		84		722
Mitek Systems, Inc.*		75		719
American Software, Inc. — Class A		55		694
MeridianLink, Inc.*		40		692
Cvent Holding Corp.*		78		652
Ebix, Inc.		48		633
ON24, Inc.*		72		631
Bandwidth, Inc. — Class A*		40		608
Cantaloupe, Inc.*		101		576
Daily Journal Corp.*		2		570
LivePerson, Inc.*		122		538
Inspired Entertainment, Inc.*		42		537
Playstudios, Inc.*		138		509
Enfusion, Inc. — Class A*		45		472
Digimarc Corp.*		24		472
EverCommerce, Inc.*		43		455
Unisys Corp.*		116		450
Nutex Health, Inc.*		436		440
Ouster, Inc.*		521		436
Vuzix Corp.*		103		426
HireRight Holdings Corp.*		37		393
IBEX Holdings Ltd.*		16		390
Rimini Street, Inc.*		84		346
Skillz, Inc.*		543		322
Blend Labs, Inc. — Class A*		321		320
Brightcove, Inc.*		71		316
Veritone, Inc.*		54		315
Faraday Future Intelligent Electric, Inc.*		878		311
Red Violet, Inc.*		17		299
Skillsoft Corp.*		141		282
AXT, Inc.*		70		279
eGain Corp.*		36		273
Weave Communications, Inc.*		54		268
Outbrain, Inc.*		63		260
CS Disco, Inc.*		39		259
Telos Corp.*		93		235
Atomera, Inc.*		36		229
Velo3D, Inc.*		98		222
SkyWater Technology, Inc.*		19		216
Upland Software, Inc.*		50		215
NextNav, Inc.*		105		213
Porch Group, Inc.*		140		200
Cardlytics, Inc.*		56		190
Rackspace Technology, Inc.*		100		188
Markforged Holding Corp.*		191		183
Diebold Nixdorf, Inc.*		128		154
SecureWorks Corp. — Class A*		17		146
Arteris, Inc.*		30		127
LiveVox Holdings, Inc.*		39		121
Latch, Inc.*		151		115
Viant Technology, Inc. — Class A*		25		109
WM Technology, Inc.*		128		109
Rigetti Computing, Inc.*		58		42
IronNet, Inc.*		112		39
Pear Therapeutics, Inc.*		118		30
Kaleyra, Inc.*		17		28
Cerberus Cyber Sentinel Corp.*		79		27
Total Technology				420,318
Energy — 4.1%
Chord Energy Corp.		72		9,691
Murphy Oil Corp.		256		9,467
ChampionX Corp.		348		9,441
Matador Resources Co.		196		9,339
PBF Energy, Inc. — Class A		205		8,889
Civitas Resources, Inc.		128		8,747
Denbury, Inc.*		87		7,624
Weatherford International plc*		123		7,300
Valaris Ltd.*		106		6,896
Magnolia Oil & Gas Corp. — Class A		303		6,630
Shoals Technologies Group, Inc. — Class A*		282		6,427
Helmerich & Payne, Inc.		179		6,399
SM Energy Co.		210		5,914
Kosmos Energy Ltd.*		783		5,825
Noble Corporation plc*		147		5,802
Array Technologies, Inc.*		262		5,733
Peabody Energy Corp.*		204		5,222
California Resources Corp.		128		4,928
CNX Resources Corp.*		291		4,662
Patterson-UTI Energy, Inc.		372		4,352
Permian Resources Corp.		408		4,284
Equitrans Midstream Corp.		715		4,133
Alpha Metallurgical Resources, Inc.		26		4,056
Tidewater, Inc.*		81		3,571
Northern Oil and Gas, Inc.		116		3,521
CONSOL Energy, Inc.		60		3,496
Arch Resources, Inc.		26		3,418
Warrior Met Coal, Inc.		89		3,267
Oceaneering International, Inc.*		174		3,068
Liberty Energy, Inc. — Class A		233		2,985
Callon Petroleum Co.*		85		2,842

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 103

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Green Plains, Inc.*		91	$	2,820
Delek US Holdings, Inc.		122		2,800
Sitio Royalties Corp. — Class A		122		2,757
Expro Group Holdings N.V.*		150		2,754
Sunnova Energy International, Inc.*		173		2,702
Borr Drilling Ltd.*		337		2,554
Par Pacific Holdings, Inc.*		85		2,482
NexTier Oilfield Solutions, Inc.*		305		2,425
Archrock, Inc.		235		2,296
NOW, Inc.*		192		2,141
Diamond Offshore Drilling, Inc.*		175		2,107
FuelCell Energy, Inc.*,1		708		2,018
SunPower Corp. — Class A*		142		1,965
Nabors Industries Ltd.*		16		1,951
Helix Energy Solutions Group, Inc.*		249		1,927
Comstock Resources, Inc.		159		1,716
Dril-Quip, Inc.*		59		1,693
Talos Energy, Inc.*		114		1,692
CVR Energy, Inc.		51		1,672
US Silica Holdings, Inc.*		128		1,528
Gulfport Energy Corp.*		19		1,520
Ranger Oil Corp. — Class A		35		1,429
Stem, Inc.*,1		250		1,418
Vital Energy, Inc.*		29		1,321
SunCoke Energy, Inc.		145		1,302
Fluence Energy, Inc.*		62		1,256
ProPetro Holding Corp.*		152		1,093
Tellurian, Inc.*		885		1,089
Berry Corp.		132		1,036
Earthstone Energy, Inc. — Class A*		78		1,015
RPC, Inc.		129		992
Kinetik Holdings, Inc. — Class A		31		970
Bristow Group, Inc.*		43		963
Vertex Energy, Inc.*		95		939
Oil States International, Inc.*		109		908
Montauk Renewables, Inc.*		112		881
Select Energy Services, Inc. — Class A		124		863
VAALCO Energy, Inc.		184		833
W&T Offshore, Inc.*		164		833
TPI Composites, Inc.*		63		822
SandRidge Energy, Inc.*		55		793
REX American Resources Corp.*		27		772
Excelerate Energy, Inc. — Class A		32		709
DMC Global, Inc.*		32		703
Riley Exploration Permian, Inc.		18		685
Crescent Energy Co. — Class A		58		656
Newpark Resources, Inc.*		149		574
TETRA Technologies, Inc.*		216		572
Gevo, Inc.*		342		527
ProFrac Holding Corp. — Class A*		41		519
Solaris Oilfield Infrastructure, Inc. — Class A		55		470
SilverBow Resources, Inc.*		20		457
Amplify Energy Corp.*		62		426
Eneti, Inc.		41		383
National Energy Services Reunited Corp.*		67		352
Cleanspark, Inc.*		126		350
Ramaco Resources, Inc.		39		344
FutureFuel Corp.		45		332
Aris Water Solution, Inc. — Class A		38		296
NACCO Industries, Inc. — Class A		8		289
Ring Energy, Inc.*		149		283
NextDecade Corp.*		56		278
HighPeak Energy, Inc.		12		276
Energy Vault Holdings, Inc.*		110		235
Alto Ingredients, Inc.*		126		189
Empire Petroleum Corp.*		15		186
Aemetis, Inc.*		51		118
Heliogen, Inc.*		157		38
Battalion Oil Corp.*		4		26
Total Energy				255,250
Communications — 2.6%
Iridium Communications, Inc.		217		13,439
TEGNA, Inc.		388		6,561
Maxar Technologies, Inc.		127		6,485
Ziff Davis, Inc.*		79		6,166
Calix, Inc.*		100		5,359
Cogent Communications Holdings, Inc.		74		4,715
Viavi Solutions, Inc.*		395		4,278
Perficient, Inc.*		59		4,259
Extreme Networks, Inc.*		219		4,187
InterDigital, Inc.		51		3,718
Yelp, Inc. — Class A*		119		3,653
Marqeta, Inc. — Class A*		753		3,441
Bumble, Inc. — Class A*		174		3,402
Cargurus, Inc.*		176		3,288
DigitalBridge Group, Inc.		274		3,285
Shutterstock, Inc.		42		3,049
Infinera Corp.*		329		2,553
Q2 Holdings, Inc.*		97		2,388
Upwork, Inc.*		207		2,343
Harmonic, Inc.*		160		2,334
CommScope Holding Company, Inc.*		355		2,261
ePlus, Inc.*		46		2,256
Cars.com, Inc.*		115		2,219
ADTRAN Holdings, Inc.		133		2,109
Magnite, Inc.*		227		2,102
Liberty Latin America Ltd. — Class C*		254		2,098
Hims & Hers Health, Inc.*		211		2,093
Revolve Group, Inc.*		71		1,867
Telephone & Data Systems, Inc.		175		1,839
A10 Networks, Inc.		114		1,766
Scholastic Corp.		51		1,745
TechTarget, Inc.*		48		1,734
Squarespace, Inc. — Class A*		54		1,716
Shenandoah Telecommunications Co.		84		1,598
Credo Technology Group Holding Ltd.*		167		1,573
Overstock.com, Inc.*		74		1,500
QuinStreet, Inc.*		90		1,428
Globalstar, Inc.*		1,189		1,379
Figs, Inc. — Class A*		221		1,368
Planet Labs PBC*		337		1,324

104 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Open Lending Corp. — Class A*		184	$	1,295
Gogo, Inc.*		86		1,247
Gray Television, Inc.		142		1,238
Sinclair Broadcast Group, Inc. — Class A		69		1,184
Eventbrite, Inc. — Class A*		134		1,150
HealthStream, Inc.		42		1,138
EchoStar Corp. — Class A*		58		1,061
Anterix, Inc.*		32		1,057
Thryv Holdings, Inc.*		44		1,015
Stagwell, Inc.*		136		1,009
WideOpenWest, Inc.*		93		989
EW Scripps Co. — Class A*		102		960
Clearfield, Inc.*		20		932
NETGEAR, Inc.*		50		926
AMC Networks, Inc. — Class A*		52		914
Boston Omaha Corp. — Class A*		38		899
IDT Corp. — Class B*		25		852
iHeartMedia, Inc. — Class A*		209		815
ATN International, Inc.		19		778
Clear Channel Outdoor Holdings, Inc.*		637		764
Rover Group, Inc.*		161		729
Stitch Fix, Inc. — Class A*		141		721
Aviat Networks, Inc.*		19		655
Couchbase, Inc.*		46		647
MediaAlpha, Inc. — Class A*		42		629
Entravision Communications Corp. — Class A		103		623
Liquidity Services, Inc.*		46		606
Liberty Latin America Ltd. — Class A*		71		590
United States Cellular Corp.*		26		539
1-800-Flowers.com, Inc. — Class A*		46		529
Quotient Technology, Inc.*		157		515
Preformed Line Products Co.		4		512
Ooma, Inc.*		40		500
CarParts.com, Inc.*		90		481
EverQuote, Inc. — Class A*		34		473
Gannett Company, Inc.*		250		467
OptimizeRx Corp.*		31		454
ContextLogic, Inc. — Class A*		1,001		446
Ribbon Communications, Inc.*		125		428
Nerdy, Inc.*		94		393
fuboTV, Inc.*		309		374
Cambium Networks Corp.*		20		354
Vivid Seats, Inc. — Class A*,1		44		336
Blade Air Mobility, Inc.*		98		331
Tucows, Inc. — Class A*		17		331
Consolidated Communications Holdings, Inc.*		128		330
BARK, Inc.*		206		299
DHI Group, Inc.*		75		291
Solo Brands, Inc. — Class A*		38		273
Lands’ End, Inc.*		27		262
DZS, Inc.*		30		237
Advantage Solutions, Inc.*		144		228
Allbirds, Inc. — Class A*		167		200
Edgio, Inc.*		238		188
RealReal, Inc.*		149		188
Innovid Corp.*		132		186
Vacasa, Inc. — Class A*		193		186
1stdibs.com, Inc.*		41		163
Groupon, Inc.*		38		160
Gambling.com Group Ltd.*		16		159
Urban One, Inc.*		26		143
Focus Universal, Inc.*,1		47		116
Cumulus Media, Inc. — Class A*		30		111
RumbleON, Inc. — Class B*		18		109
Urban One, Inc.*		14		106
Value Line, Inc.		2		97
Inseego Corp.*		149		87
Arena Group Holdings, Inc.*		20		85
Casa Systems, Inc.*		62		79
Terran Orbital Corp.*,1		41		75
KORE Group Holdings, Inc.*		61		74
Ondas Holdings, Inc.*		61		66
AdTheorent Holding Company, Inc.*		34		58
Lulu’s Fashion Lounge Holdings, Inc.*		13		31
Audacy, Inc.*		208		28
Inspirato, Inc.*		22		21
Cyxtera Technologies, Inc.*		64		20
aka Brands Holding Corp.*		19		10
Total Communications				162,430
Basic Materials — 2.4%
Commercial Metals Co.		203		9,927
ATI, Inc.*		215		8,484
Cabot Corp.		97		7,434
Balchem Corp.		55		6,956
Avient Corp.		157		6,462
HB Fuller Co.		92		6,297
Livent Corp.*		282		6,125
Hecla Mining Co.		957		6,058
Sensient Technologies Corp.		73		5,589
Rogers Corp.*		32		5,230
Ingevity Corp.*		66		4,720
Arconic Corp.*		177		4,643
Quaker Chemical Corp.		23		4,553
Innospec, Inc.		43		4,415
Stepan Co.		37		3,812
Carpenter Technology Corp.		83		3,715
Minerals Technologies, Inc.		56		3,384
Constellium SE*		218		3,331
Tronox Holdings plc — Class A		203		2,919
Orion Engineered Carbons S.A.		107		2,792
Sylvamo Corp.		59		2,729
Novagold Resources, Inc.*		415		2,581
Compass Minerals International, Inc.		61		2,092
Mativ Holdings, Inc.		94		2,018
Kaiser Aluminum Corp.		27		2,015
Coeur Mining, Inc.*		483		1,927
AdvanSix, Inc.		48		1,837
Piedmont Lithium, Inc.*		30		1,801
AZZ, Inc.		43		1,773
Uranium Energy Corp.*		614		1,768

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 105

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Perimeter Solutions S.A.*		204	$	1,648
Ecovyst, Inc.*		146		1,613
Energy Fuels, Inc.*		271		1,512
Hawkins, Inc.		34		1,489
Schnitzer Steel Industries, Inc. — Class A		45		1,399
Koppers Holdings, Inc.		37		1,294
Trinseo plc		60		1,251
Diversey Holdings Ltd.*		137		1,108
American Vanguard Corp.		49		1,072
Haynes International, Inc.		21		1,052
Lightwave Logic, Inc.*		194		1,015
Ivanhoe Electric Incorporated / US*		80		972
Century Aluminum Co.*		91		910
Origin Materials, Inc.*		183		781
Rayonier Advanced Materials, Inc.*		107		671
United States Lime & Minerals, Inc.		4		611
Intrepid Potash, Inc.*		21		580
Danimer Scientific, Inc.*		157		542
Amyris, Inc.*		342		465
Codexis, Inc.*		106		439
Ur-Energy, Inc.*		364		386
Kronos Worldwide, Inc.		38		350
Dakota Gold Corp.*		89		322
5E Advanced Materials, Inc.*		57		309
Glatfelter Corp.		76		243
PolyMet Mining Corp.*		97		209
Unifi, Inc.*		25		204
Hycroft Mining Holding Corp.*		262		113
Valhi, Inc.		4		70
Terawulf, Inc.*		37		35
Total Basic Materials				150,052
Utilities — 2.1%
New Jersey Resources Corp.		168		8,938
Brookfield Infrastructure Corp. — Class A		170		7,830
Ormat Technologies, Inc.		91		7,714
Portland General Electric Co.		155		7,578
ONE Gas, Inc.		93		7,368
PNM Resources, Inc.		149		7,253
Southwest Gas Holdings, Inc.		116		7,244
Black Hills Corp.		112		7,067
ALLETE, Inc.		100		6,437
Spire, Inc.		88		6,172
NorthWestern Corp.		101		5,844
American States Water Co.		64		5,689
California Water Service Group		94		5,471
Avista Corp.		126		5,349
Otter Tail Corp.		72		5,204
MGE Energy, Inc.		63		4,893
Clearway Energy, Inc. — Class C		142		4,449
Chesapeake Utilities Corp.		30		3,840
SJW Group		47		3,578
Northwest Natural Holding Co.		60		2,854
Ameresco, Inc. — Class A*		55		2,707
Middlesex Water Co.		30		2,344
Clearway Energy, Inc. — Class A		60		1,802
Unitil Corp.		27		1,540
York Water Co.		25		1,118
Altus Power, Inc.*,1		159		871
Artesian Resources Corp. — Class A		15		830
Global Water Resources, Inc.		24		298
FTC Solar, Inc.*		73		164
Via Renewables, Inc.		4		77
Total Utilities				132,523
Government — 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		48		834
Total Common Stocks
(Cost $4,421,023)				4,006,870
WARRANTS† - 0.0%
Triumph Group, Inc.*
Expiring 12/19/23		—		—
Total Warrants
(Cost $1)				—
RIGHTS† - 0.0%
Basic Materials — 0.0%
PolyMet Mining Corp.*
Expires 05/04/23		52		—
Consumer, Non-cyclical — 0.0%
Tobira Therapeutics, Inc.*,†††		14		—
Total Rights
(Cost $10)				—
MUTUAL FUNDS† - 22.0%
Guggenheim Ultra Short Duration Fund — Institutional Class2		76,553		743,330
Guggenheim Strategy Fund II2		25,618		620,207
Total Mutual Funds
(Cost $1,387,675)				1,363,537

106 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 6.5%
U.S. Treasury Bills
4.21% due 05/02/233,4	$	300,000	$	298,891
3.36% due 04/11/234,5		107,000		106,891
Total U.S. Treasury Bills
(Cost $405,806)				405,782
REPURCHASE AGREEMENTS††,6 - 5.2%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/233		179,671		179,671
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/233		70,985		70,985
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/233		70,985		70,985
Total Repurchase Agreements
(Cost $321,641)				321,641
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.3%
Money Market Fund
First American Government Obligations Fund — Class X, 4.65%8		20,650		20,650
Total Securities Lending Collateral
(Cost $20,650)				20,650
Total Investments — 98.6%
(Cost $6,556,806)				6,118,480
Other Assets & Liabilities, net — 1.4%				83,848
Total Net Assets — 100.0%			$	6,202,328

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		17		Jun 2023	$	1,541,390	$	22,839

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Barclays Bank plc

Russell 2000 Index

Pay

4.82% (SOFR)

At Maturity

06/27/23

910

$

1,641,057

$

44,440

BNP Paribas

Russell 2000 Index

Pay

5.03% (Federal Funds Rate + 0.20%)

At Maturity

06/28/23

784

1,413,764

39,101

Goldman Sachs International

Russell 2000 Index

Pay

4.93% (Federal Funds Rate + 0.10%)

At Maturity

06/28/23

385

693,266

17,252

$

3,748,087

$

100,793

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 107

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs, 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 March 31, 2023 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at March 31, 2023.
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 March 31, 2023.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of March 31, 2023.
	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 March 31, 2023 (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	$	4,006,870		$	—	*	$	—		$	4,006,870
Warrants		—	*		—			—			—
Rights		—	*		—			—	*		—
Mutual Funds		1,363,537			—			—			1,363,537
U.S. Treasury Bills		—			405,782			—			405,782
Repurchase Agreements		—			321,641			—			321,641
Securities Lending Collateral		20,650			—			—			20,650
Equity Futures Contracts**		22,839			—			—			22,839
Equity Index Swap Agreements**		—			100,793			—			100,793
Total Assets	$	5,413,896		$	828,216		$	—		$	6,242,112

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

108 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	905,308	$	—	$	(275,000	)	$	(6,008	)	$	(4,093	)	$	620,207		25,618	$	23,568
Guggenheim Ultra Short Duration Fund — Institutional Class		899,762		—		(150,000	)		(3,071	)		(3,361	)		743,330		76,553		24,060
	$	1,805,070	$	—	$	(425,000	)	$	(9,079	)	$	(7,454	)	$	1,363,537			$	47,628

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 109

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value - including $20,748 of securities loaned (cost $4,847,490)	$	4,433,302
Investments in affiliated issuers, at value (cost $1,387,675)		1,363,537
Repurchase agreements, at value (cost $321,641)		321,641
Cash		531
Unrealized appreciation on OTC swap agreements		100,793
Receivables:
Variation margin on futures contracts		28,305
Dividends		9,975
Fund shares sold		2,135
Swap settlement		647
Investment Adviser		275
Securities lending income		168
Interest		43
Total assets		6,261,352
Liabilities:
Payable for:
Fund shares redeemed		20,917
Return of securities lending collateral		20,650
Licensing fees		5,067
Management fees		4,622
Transfer agent fees		1,753
Distribution and service fees		1,342
Trustees’ fees*		93
Miscellaneous		4,580
Total liabilities		59,024
Net assets	$	6,202,328
Net assets consist of:
Paid in capital	$	9,944,060
Total distributable earnings (loss)		(3,741,732	)
Net assets	$	6,202,328
A-Class:
Net assets	$	878,776
Capital shares outstanding		19,809
Net asset value per share	$	44.36
Maximum offering price per share (Net asset value divided by 95.25%)	$	46.57
C-Class:
Net assets	$	23,224
Capital shares outstanding		720
Net asset value per share	$	32.26
H-Class:
Net assets	$	5,300,328
Capital shares outstanding		120,255
Net asset value per share	$	44.08

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $106)	$	71,236
Dividends from securities of affiliated issuers		47,628
Interest		43,363
Income from securities lending, net		2,812
Total investment income		165,039
Expenses:
Management fees		69,136
Distribution and service fees:
A-Class		2,508
C-Class		247
H-Class		16,635
Transfer agent fees		17,166
Portfolio accounting and administration fees		10,630
Professional fees		3,933
Trustees’ fees*		1,394
Custodian fees		1,308
Interest expense		150
Line of credit fees		12
Miscellaneous		11,238
Total expenses		134,357
Less:
Expenses reimbursed by Adviser		(2,489	)
Expenses waived by Adviser		(1,890	)
Total waived/reimbursed expenses		(4,379	)
Net expenses		129,978
Net investment income		35,061
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(343,028	)
Investments in affiliated issuers		(9,079	)
Swap agreements		(1,026,629	)
Futures contracts		(234,149	)
Net realized loss		(1,612,885	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(524,440	)
Investments in affiliated issuers		(7,454	)
Swap agreements		(74,527	)
Futures contracts		(41,867	)
Net change in unrealized appreciation (depreciation)		(648,288	)
Net realized and unrealized loss		(2,261,173	)
Net decrease in net assets resulting from operations	$	(2,226,112	)

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

110 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	35,061		$	(127,445	)
Net realized loss on investments		(1,612,885	)		(1,852,892	)
Net change in unrealized appreciation (depreciation) on investments		(648,288	)		379,162
Net decrease in net assets resulting from operations		(2,226,112	)		(1,601,175	)
Distributions to shareholders:
A-Class		—			(553,693	)
C-Class		—			(31,348	)
H-Class		—			(3,371,767	)
Total distributions to shareholders		—			(3,956,808	)
Capital share transactions:
Proceeds from sale of shares
A-Class		77,416			115,319
C-Class		10,638			55,620
H-Class		3,226,589			19,064,386
Distributions reinvested
A-Class		—			530,048
C-Class		—			22,970
H-Class		—			3,360,182
Cost of shares redeemed
A-Class		(186,855	)		(385,781	)
C-Class		(14,659	)		(77,930	)
H-Class		(4,670,676	)		(18,446,500	)
Net increase (decrease) from capital share transactions		(1,557,547	)		4,238,314
Net decrease in net assets		(3,783,659	)		(1,319,669	)
Net assets:
Beginning of year		9,985,987			11,305,656
End of year	$	6,202,328		$	9,985,987
Capital share activity:
Shares sold
A-Class		1,603			1,197
C-Class		331			859
H-Class		67,658			218,200
Shares issued from reinvestment of distributions
A-Class		—			8,359
C-Class		—			494
H-Class		—			53,336
Shares redeemed
A-Class		(4,203	)		(4,423	)
C-Class		(455	)		(1,391	)
H-Class		(101,899	)		(211,098	)
Net increase (decrease) in shares		(36,965	)		65,533

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 111

RUSSELL 2000^® 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	56.57		$	101.22		$	39.16		$	63.62		$	64.49
Income (loss) from investment operations:
Net investment income (loss)a		.22			(1.02	)		(.94	)		.32			.34
Net gain (loss) on investments (realized and unrealized)		(12.43	)		(7.02	)		63.25			(24.78	)		(1.21	)e
Total from investment operations		(12.21	)		(8.04	)		62.31			(24.46	)		(.87	)
Less distributions from:
Net investment income		—			—			(.25	)		—			—
Net realized gains		—			(36.61	)		—			—			—
Total distributions		—			(36.61	)		(.25	)		—			—
Net asset value, end of period	$	44.36		$	56.57		$	101.22		$	39.16		$	63.62
Total Returnb		(21.58	%)		(11.85	%)		159.26	%		(38.45	%)		(1.35	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	879		$	1,268		$	1,749		$	948		$	2,064
Ratios to average net assets:
Net investment income (loss)		0.48	%		(1.18	%)		(1.40	%)		0.50	%		0.52	%
Total expensesc		1.75	%		1.71	%		1.79	%		1.82	%		1.80	%
Net expensesd		1.69	%		1.68	%		1.77	%		1.76	%		1.78	%
Portfolio turnover rate		9	%		62	%		—			93	%		258	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	41.41		$	84.58		$	32.98		$	54.00		$	55.14
Income (loss) from investment operations:
Net investment income (loss)a		(.09	)		(1.28	)		(1.27	)		(.12	)		(.30	)
Net gain (loss) on investments (realized and unrealized)		(9.06	)		(5.28	)		53.12			(20.90	)		(.84	)e
Total from investment operations		(9.15	)		(6.56	)		51.85			(21.02	)		(1.14	)
Less distributions from:
Net investment income		—			—			(.25	)		—			—
Net realized gains		—			(36.61	)		—			—			—
Total distributions		—			(36.61	)		(.25	)		—			—
Net asset value, end of period	$	32.26		$	41.41		$	84.58		$	32.98		$	54.00
Total Returnb		(22.10	%)		(12.52	%)		157.38	%		(38.93	%)		(2.07	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	23		$	35		$	75		$	22		$	78
Ratios to average net assets:
Net investment income (loss)		(0.27	%)		(1.93	%)		(2.16	%)		(0.22	%)		(0.50	%)
Total expensesc		2.50	%		2.46	%		2.52	%		2.57	%		2.54	%
Net expensesd		2.44	%		2.43	%		2.50	%		2.51	%		2.53	%
Portfolio turnover rate		9	%		62	%		—			93	%		258	%

112 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^® 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	56.20		$	100.81		$	39.00		$	63.37		$	64.22
Income (loss) from investment operations:
Net investment income (loss)a		.21			(.98	)		(.98	)		.09			.29
Net gain (loss) on investments (realized and unrealized)		(12.33	)		(7.02	)		63.04			(24.46	)		(1.14	)e
Total from investment operations		(12.12	)		(8.00	)		62.06			(24.37	)		(.85	)
Less distributions from:
Net investment income		—			—			(.25	)		—			—
Net realized gains		—			(36.61	)		—			—			—
Total distributions		—			(36.61	)		(.25	)		—			—
Net asset value, end of period	$	44.08		$	56.20		$	100.81		$	39.00		$	63.37
Total Return		(21.57	%)		(11.86	%)		159.27	%		(38.46	%)		(1.32	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,300		$	8,683		$	9,482		$	3,347		$	6,676
Ratios to average net assets:
Net investment income (loss)		0.46	%		(1.17	%)		(1.42	%)		0.14	%		0.46	%
Total expensesc		1.75	%		1.71	%		1.78	%		1.84	%		1.81	%
Net expensesd		1.69	%		1.68	%		1.76	%		1.80	%		1.80	%
Portfolio turnover rate		9	%		62	%		—			93	%		258	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 113

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

RUSSELL 2000^® FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the Russell 2000^® Index (the “underlying index”).

For the Reporting Period, Russell 2000^® Fund maintained a daily correlation of over 99% to its benchmark of the daily price movement of the Russell 2000 Index. Russell 2000^® Fund H-Class returned -12.98%, while the Russell 2000 Index returned -11.61% over the same time period.

The sectors contributing the most to the return of the underlying index were Consumer Staples and Communication Services. The sectors detracting the most were Financials, Health Care, and Real Estate.

The holdings contributing the most to the return of the underlying index were Crocs, Inc., Iridium Communications, Inc., and Super Micro Computer, Inc. The holdings detracting the most were AMC Entertainment Holdings, Inc. - Class A, Avis Budget Group, Inc., and Silvergate Capital Corp. - Class A.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the most efficient manner possible and not for hedging purposes. Derivatives performed as expected.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	May 31, 2006
C-Class	May 31, 2006
H-Class	May 31, 2006

Ten Largest Holdings	(% of Total Net Assets)
Vanguard Russell 2000 ETF	5.4%
iShares Russell 2000 Index ETF	5.4%
Shockwave Medical, Inc.	0.3%
Iridium Communications, Inc.	0.3%
EMCOR Group, Inc.	0.3%
Crocs, Inc.	0.3%
Texas Roadhouse, Inc. — Class A	0.3%
Saia, Inc.	0.3%
Inspire Medical Systems, Inc.	0.2%
RBC Bearings, Inc.	0.2%
Top Ten Total	13.0%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

114 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(12.99%)	2.99%	6.23%
A-Class Shares with sales charge‡	(17.13%)	1.99%	5.71%
C-Class Shares	(13.62%)	2.21%	5.42%
C-Class Shares with CDSC§	(14.48%)	2.21%	5.42%
H-Class Shares	(12.98%)	3.00%	6.21%
Russell 2000 Index	(11.61%)	4.71%	9.47%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 115

SCHEDULE OF INVESTMENTS	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
COMMON STOCKS† - 81.1%
Consumer, Non-cyclical — 19.0%
Shockwave Medical, Inc.*		264	$	57,243
Inspire Medical Systems, Inc.*		211		49,389
Apellis Pharmaceuticals, Inc.*		692		45,644
Karuna Therapeutics, Inc.*		240		43,594
Lantheus Holdings, Inc.*		504		41,610
Option Care Health, Inc.*		1,235		39,236
Celsius Holdings, Inc.*		410		38,105
Ensign Group, Inc.		398		38,025
Halozyme Therapeutics, Inc.*		982		37,503
Intra-Cellular Therapies, Inc.*		676		36,605
HealthEquity, Inc.*		613		35,989
Medpace Holdings, Inc.*		187		35,165
API Group Corp.*		1,527		34,327
Alkermes plc*		1,203		33,913
BellRing Brands, Inc.*		987		33,558
Insperity, Inc.		264		32,089
Haemonetics Corp.*		370		30,618
Merit Medical Systems, Inc.*		413		30,541
ASGN, Inc.*		363		30,009
elf Beauty, Inc.*		362		29,811
Neogen Corp.*		1,603		29,688
Lancaster Colony Corp.		144		29,215
Prometheus Biosciences, Inc.*		257		27,581
iRhythm Technologies, Inc.*		222		27,535
Sprouts Farmers Market, Inc.*		783		27,428
Triton International Ltd.		431		27,248
AMN Healthcare Services, Inc.*		321		26,630
Alight, Inc. — Class A*		2,842		26,175
Simply Good Foods Co.*		656		26,089
PTC Therapeutics, Inc.*		520		25,189
Hostess Brands, Inc.*		986		24,532
IVERIC bio, Inc.*		1,008		24,525
Prestige Consumer Healthcare, Inc.*		368		23,048
STAAR Surgical Co.*		357		22,830
Intellia Therapeutics, Inc.*		612		22,809
Madrigal Pharmaceuticals, Inc.*		94		22,772
Amicus Therapeutics, Inc.*		2,042		22,646
TriNet Group, Inc.*		279		22,490
Brink’s Co.		335		22,378
CONMED Corp.		214		22,226
Inari Medical, Inc.*		358		22,103
ABM Industries, Inc.		490		22,021
Cytokinetics, Inc.*		613		21,571
Pacific Biosciences of California, Inc.*		1,828		21,168
Herc Holdings, Inc.		185		21,072
Select Medical Holdings Corp.		775		20,034
Korn Ferry		387		20,023
Blueprint Medicines Corp.*		443		19,931
Vaxcyte, Inc.*		530		19,864
Axonics, Inc.*		364		19,860
StoneCo Ltd. — Class A*		2,069		19,738
Arrowhead Pharmaceuticals, Inc.*		769		19,533
Omnicell, Inc.*		328		19,244
Revance Therapeutics, Inc.*		596		19,197
TreeHouse Foods, Inc.*		380		19,163
Integer Holdings Corp.*		246		19,065
Inter Parfums, Inc.		132		18,776
Reata Pharmaceuticals, Inc. — Class A*		206		18,730
Coca-Cola Consolidated, Inc.		35		18,728
Denali Therapeutics, Inc.*		804		18,524
Primo Water Corp.		1,176		18,052
Alarm.com Holdings, Inc.*		359		18,051
WD-40 Co.		101		17,983
Progyny, Inc.*		558		17,923
LivaNova plc*		400		17,432
Patterson Companies, Inc.		650		17,401
CBIZ, Inc.*		349		17,272
Cal-Maine Foods, Inc.		283		17,232
Glaukos Corp.*		341		17,084
TransMedics Group, Inc.*		225		17,039
Insmed, Inc.*		999		17,033
ACADIA Pharmaceuticals, Inc.*		898		16,900
Helen of Troy Ltd.*		177		16,845
R1 RCM, Inc.*,1		1,118		16,770
J & J Snack Foods Corp.		113		16,749
Edgewell Personal Care Co.		384		16,289
Sage Therapeutics, Inc.*		388		16,280
NeoGenomics, Inc.*		928		16,156
NuVasive, Inc.*		390		16,111
Graham Holdings Co. — Class B		27		16,088
EVERTEC, Inc.		451		15,221
Strategic Education, Inc.		169		15,181
Chegg, Inc.*		929		15,143
TG Therapeutics, Inc.*		995		14,965
ICF International, Inc.		136		14,919
Axsome Therapeutics, Inc.*		236		14,556
Beam Therapeutics, Inc.*		474		14,514
AtriCure, Inc.*		341		14,134
Prothena Corporation plc*		289		14,008
REVOLUTION Medicines, Inc.*		642		13,906
Corcept Therapeutics, Inc.*		638		13,819
Myriad Genetics, Inc.*		593		13,775
Pacira BioSciences, Inc.*		335		13,671
Supernus Pharmaceuticals, Inc.*		366		13,260
Surgery Partners, Inc.*		379		13,064
Bridgebio Pharma, Inc.*		781		12,949
Adtalem Global Education, Inc.*		334		12,899
Vector Group Ltd.		1,073		12,887
Vir Biotechnology, Inc.*		541		12,589
Krystal Biotech, Inc.*		157		12,569
Remitly Global, Inc.*		739		12,526
John Wiley & Sons, Inc. — Class A		321		12,445
Flywire Corp.*		420		12,331
Celldex Therapeutics, Inc.*		342		12,305
Addus HomeCare Corp.*		115		12,277
CorVel Corp.*		64		12,178
Stride, Inc.*		310		12,168
FibroGen, Inc.*		652		12,166
Embecta Corp.		426		11,979
Xencor, Inc.*		428		11,937
Veracyte, Inc.*		535		11,931
Catalyst Pharmaceuticals, Inc.*		716		11,871

116 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Laureate Education, Inc. — Class A		1,001	$	11,772
Herbalife Nutrition Ltd.*		731		11,769
Huron Consulting Group, Inc.*		146		11,734
Central Garden & Pet Co. — Class A*		300		11,721
Riot Platforms, Inc.*,1		1,170		11,688
AbCellera Biologics, Inc.*		1,546		11,657
United Natural Foods, Inc.*		440		11,594
BioCryst Pharmaceuticals, Inc.*		1,385		11,551
Monro, Inc.		231		11,418
Hain Celestial Group, Inc.*		661		11,336
Provention Bio, Inc.*		466		11,231
Aurinia Pharmaceuticals, Inc.*		1,001		10,971
Amylyx Pharmaceuticals, Inc.*		373		10,944
Silk Road Medical, Inc.*		277		10,839
Ironwood Pharmaceuticals, Inc. — Class A*		1,021		10,741
Amphastar Pharmaceuticals, Inc.*		286		10,725
Sabre Corp.*		2,434		10,442
Weis Markets, Inc.		123		10,414
Relay Therapeutics, Inc.*		628		10,343
Vericel Corp.*		352		10,321
Textainer Group Holdings Ltd.		321		10,307
LiveRamp Holdings, Inc.*		470		10,307
Avanos Medical, Inc.*		346		10,290
Cerevel Therapeutics Holdings, Inc.*		420		10,244
Payoneer Global, Inc.*		1,627		10,218
Travere Therapeutics, Inc.*		454		10,210
MGP Ingredients, Inc.		105		10,155
Arvinas, Inc.*		362		9,890
Andersons, Inc.		239		9,875
Akero Therapeutics, Inc.*		257		9,833
Coursera, Inc.*		842		9,700
Universal Corp.		181		9,573
Ingles Markets, Inc. — Class A		106		9,402
Nevro Corp.*		260		9,399
Syndax Pharmaceuticals, Inc.*		444		9,377
Agios Pharmaceuticals, Inc.*		407		9,349
US Physical Therapy, Inc.		95		9,301
National Beverage Corp.*		176		9,279
Kforce, Inc.		146		9,233
RadNet, Inc.*		368		9,211
Pediatrix Medical Group, Inc.*		608		9,065
Upbound Group, Inc.		369		9,044
PROG Holdings, Inc.*		373		8,874
Chinook Therapeutics, Inc.*		374		8,658
Dynavax Technologies Corp.*		882		8,652
Chefs’ Warehouse, Inc.*		254		8,649
ZipRecruiter, Inc. — Class A*		538		8,576
Avid Bioservices, Inc.*		455		8,536
Kymera Therapeutics, Inc.*		282		8,356
Krispy Kreme, Inc.		536		8,335
Alphatec Holdings, Inc.*		534		8,330
Ligand Pharmaceuticals, Inc. — Class B*		113		8,312
Medifast, Inc.		80		8,294
Beauty Health Co.*		646		8,159
B&G Foods, Inc.1		521		8,091
Utz Brands, Inc.		490		8,070
Matthews International Corp. — Class A		223		8,041
Owens & Minor, Inc.*		550		8,002
Protagonist Therapeutics, Inc.*		344		7,912
ModivCare, Inc.*		94		7,904
Cytek Biosciences, Inc.*		852		7,830
CoreCivic, Inc.*		842		7,746
MannKind Corp.*		1,878		7,700
Healthcare Services Group, Inc.		553		7,670
Marathon Digital Holdings, Inc.*,1		864		7,534
DICE Therapeutics, Inc.*		261		7,478
LeMaitre Vascular, Inc.		145		7,463
Beyond Meat, Inc.*		458		7,433
Avidity Biosciences, Inc.*		482		7,399
Adaptive Biotechnologies Corp.*		832		7,347
MoneyGram International, Inc.*		700		7,294
Morphic Holding, Inc.*		193		7,264
Viridian Therapeutics, Inc.*		282		7,174
Accolade, Inc.*		491		7,061
Rocket Pharmaceuticals, Inc.*		411		7,040
Heska Corp.*		72		7,029
Arcus Biosciences, Inc.*		384		7,004
GEO Group, Inc.*		884		6,975
Cassava Sciences, Inc.*		285		6,874
Iovance Biotherapeutics, Inc.*		1,125		6,874
Fresh Del Monte Produce, Inc.		228		6,865
Geron Corp.*		3,159		6,855
SpringWorks Therapeutics, Inc.*		265		6,821
Arcellx, Inc.*		220		6,778
Perdoceo Education Corp.*		502		6,742
Recursion Pharmaceuticals, Inc. — Class A*		1,009		6,730
Legalzoom.com, Inc.*		717		6,725
AdaptHealth Corp.*		539		6,700
Treace Medical Concepts, Inc.*		263		6,625
UFP Technologies, Inc.*		51		6,622
John B Sanfilippo & Son, Inc.		66		6,397
Biohaven Ltd.*		468		6,393
SpartanNash Co.		257		6,374
Harmony Biosciences Holdings, Inc.*		195		6,367
Twist Bioscience Corp.*		419		6,319
Crinetics Pharmaceuticals, Inc.*		393		6,312
Atrion Corp.		10		6,279
Ventyx Biosciences, Inc.*		184		6,164
ImmunoGen, Inc.*		1,602		6,152
Paragon 28, Inc.*		359		6,128
First Advantage Corp.*		438		6,114
Replimune Group, Inc.*		345		6,093
Keros Therapeutics, Inc.*		142		6,063
Green Dot Corp. — Class A*		350		6,013
Zentalis Pharmaceuticals, Inc.*		349		6,003
Collegium Pharmaceutical, Inc.*		250		5,997
Cardiovascular Systems, Inc.*		301		5,978
Enanta Pharmaceuticals, Inc.*		147		5,945
Cross Country Healthcare, Inc.*		266		5,937
Deciphera Pharmaceuticals, Inc.*		382		5,902
Kura Oncology, Inc.*		479		5,858
Oscar Health, Inc. — Class A*		890		5,821

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 117

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Cimpress plc*		132	$	5,784
REGENXBIO, Inc.*		300		5,673
SunOpta, Inc.*		729		5,613
CRA International, Inc.		51		5,499
BioLife Solutions, Inc.*		252		5,481
National Healthcare Corp.		94		5,459
PROCEPT BioRobotics Corp.*		191		5,424
Tootsie Roll Industries, Inc.		120		5,370
Quanex Building Products Corp.		247		5,318
Innoviva, Inc.*		472		5,310
USANA Health Sciences, Inc.*		84		5,284
DocGo, Inc.*		609		5,268
Varex Imaging Corp.*		288		5,239
Theravance Biopharma, Inc.*		482		5,230
Deluxe Corp.		323		5,168
Cogent Biosciences, Inc.*		477		5,147
SP Plus Corp.*		149		5,109
Immunovant, Inc.*		328		5,087
Verve Therapeutics, Inc.*		345		4,975
SI-BONE, Inc.*		250		4,918
Duckhorn Portfolio, Inc.*		309		4,913
OrthoPediatrics Corp.*		110		4,872
Fulgent Genetics, Inc.*		156		4,870
ADMA Biologics, Inc.*		1,465		4,849
Udemy, Inc.*		539		4,759
Transcat, Inc.*		53		4,738
Point Biopharma Global, Inc.*		641		4,660
Community Health Systems, Inc.*		934		4,577
National Research Corp. — Class A		105		4,569
Inhibrx, Inc.*		240		4,529
Barrett Business Services, Inc.		51		4,521
Ideaya Biosciences, Inc.*		327		4,490
Heidrick & Struggles International, Inc.		146		4,433
OPKO Health, Inc.*		3,014		4,400
23andMe Holding Co. — Class A*		1,922		4,382
Cass Information Systems, Inc.		101		4,374
Anavex Life Sciences Corp.*		510		4,371
Repay Holdings Corp.*		653		4,290
TrueBlue, Inc.*		240		4,272
Orthofix Medical, Inc.*		254		4,255
Kelly Services, Inc. — Class A		252		4,181
I3 Verticals, Inc. — Class A*		170		4,170
Arcturus Therapeutics Holdings, Inc.*		173		4,147
Castle Biosciences, Inc.*		181		4,112
Brookdale Senior Living, Inc. — Class A*		1,388		4,095
Vita Coco Company, Inc.*		208		4,081
Resources Connection, Inc.		237		4,043
American Well Corp. — Class A*		1,712		4,040
LifeStance Health Group, Inc.*		539		4,005
Ennis, Inc.		189		3,986
Emergent BioSolutions, Inc.*		375		3,885
Arlo Technologies, Inc.*		641		3,884
2U, Inc.*		566		3,877
Nuvalent, Inc. — Class A*		148		3,861
4D Molecular Therapeutics, Inc.*		223		3,833
Cerus Corp.*		1,288		3,825
ViewRay, Inc.*		1,105		3,823
Artivion, Inc.*		291		3,812
RAPT Therapeutics, Inc.*		206		3,780
Coherus Biosciences, Inc.*		550		3,762
Editas Medicine, Inc.*		516		3,741
ANI Pharmaceuticals, Inc.*		94		3,734
Calavo Growers, Inc.		128		3,683
ACCO Brands Corp.		686		3,650
Aclaris Therapeutics, Inc.*		447		3,616
Paysafe Ltd.*		209		3,612
Fate Therapeutics, Inc.*		621		3,540
V2X, Inc.*		89		3,535
Franklin Covey Co.*		91		3,501
CareDx, Inc.*		380		3,473
NanoString Technologies, Inc.*		347		3,435
Vital Farms, Inc.*		223		3,412
Arcutis Biotherapeutics, Inc.*		306		3,366
Mission Produce, Inc.*		299		3,322
Scilex Holding Co.*		402		3,294
AnaptysBio, Inc.*		151		3,286
Agiliti, Inc.*		205		3,276
Mirum Pharmaceuticals, Inc.*		136		3,267
OraSure Technologies, Inc.*		536		3,243
MacroGenics, Inc.*		450		3,227
MaxCyte, Inc.*		650		3,218
Viad Corp.*		151		3,147
Anika Therapeutics, Inc.*		109		3,130
Hackett Group, Inc.		169		3,123
Lyell Immunopharma, Inc.*		1,291		3,047
Central Garden & Pet Co.*		74		3,038
Ocular Therapeutix, Inc.*		575		3,030
Nurix Therapeutics, Inc.*		341		3,028
Custom Truck One Source, Inc.*		445		3,022
Carriage Services, Inc. — Class A		99		3,021
Agenus, Inc.*		1,987		3,020
Multiplan Corp.*		2,821		2,990
Seres Therapeutics, Inc.*		526		2,982
Allogene Therapeutics, Inc.*		595		2,939
CTI BioPharma Corp.*		692		2,906
Cutera, Inc.*		123		2,905
EQRx, Inc.*		1,497		2,904
SomaLogic, Inc.*		1,136		2,897
Target Hospitality Corp.*		220		2,891
AngioDynamics, Inc.*		278		2,875
Alector, Inc.*		464		2,872
MiMedx Group, Inc.*		841		2,868
Axogen, Inc.*		303		2,863
Quanterix Corp.*		253		2,851
Pulmonx Corp.*		255		2,851
European Wax Center, Inc. — Class A		150		2,850
2seventy bio, Inc.*		279		2,846
Tejon Ranch Co.*		155		2,832
Vanda Pharmaceuticals, Inc.*		415		2,818
Mersana Therapeutics, Inc.*		673		2,766
Pennant Group, Inc.*		192		2,742
Dyne Therapeutics, Inc.*		237		2,730
Day One Biopharmaceuticals, Inc.*		204		2,727
RxSight, Inc.*		162		2,702

118 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Forrester Research, Inc.*		83	$	2,685
Bioxcel Therapeutics, Inc.*		143		2,668
ShotSpotter, Inc.*		66		2,595
Arbutus Biopharma Corp.*		837		2,536
Kiniksa Pharmaceuticals Ltd. — Class A*		232		2,496
Senseonics Holdings, Inc.*		3,486		2,475
Liquidia Corp.*		356		2,460
Bionano Genomics, Inc.*		2,207		2,450
Intercept Pharmaceuticals, Inc.*		182		2,444
Alta Equipment Group, Inc.		154		2,441
Bluebird Bio, Inc.*		760		2,417
Clover Health Investments Corp.*		2,850		2,409
iTeos Therapeutics, Inc.*		176		2,395
Invitae Corp.*		1,769		2,388
Turning Point Brands, Inc.		113		2,373
Utah Medical Products, Inc.		25		2,369
Tactile Systems Technology, Inc.*		144		2,364
PetIQ, Inc.*		205		2,345
Phibro Animal Health Corp. — Class A		152		2,329
Surmodics, Inc.*		101		2,301
Evolus, Inc.*		265		2,242
Karyopharm Therapeutics, Inc.*		575		2,237
Eagle Pharmaceuticals, Inc.*		78		2,213
Caribou Biosciences, Inc.*		413		2,193
Aaron’s Company, Inc.		226		2,183
Sana Biotechnology, Inc.*		664		2,171
Inogen, Inc.*		171		2,134
OmniAb, Inc.*		568		2,090
iRadimed Corp.		53		2,086
SIGA Technologies, Inc.		352		2,024
Atara Biotherapeutics, Inc.*		696		2,018
Zynex, Inc.*		168		2,016
Seneca Foods Corp. — Class A*		38		1,986
Cullinan Oncology, Inc.*		193		1,974
Sterling Check Corp.*		176		1,962
Atea Pharmaceuticals, Inc.*		570		1,909
Butterfly Network, Inc.*		992		1,865
Universal Technical Institute, Inc.*		244		1,801
Nano-X Imaging Ltd.*,1		311		1,794
BrightView Holdings, Inc.*		318		1,787
Joint Corp.*		105		1,767
Monte Rosa Therapeutics, Inc.*		219		1,706
Rigel Pharmaceuticals, Inc.*		1,288		1,700
Tarsus Pharmaceuticals, Inc.*		135		1,697
Distribution Solutions Group, Inc.*		37		1,682
WW International, Inc.*		405		1,669
Cara Therapeutics, Inc.*		335		1,645
Xeris Biopharma Holdings, Inc.*		988		1,610
HilleVax, Inc.*		97		1,603
Tyra Biosciences, Inc.*		98		1,575
Janux Therapeutics, Inc.*		128		1,549
Sangamo Therapeutics, Inc.*		880		1,549
Erasca, Inc.*		511		1,538
Kodiak Sciences, Inc.*		248		1,538
Generation Bio Co.*		354		1,522
Edgewise Therapeutics, Inc.*		223		1,487
Seer, Inc.*		385		1,486
Benson Hill, Inc.*		1,278		1,469
Cue Health, Inc.*		803		1,461
Design Therapeutics, Inc.*		253		1,460
Nuvation Bio, Inc.*		869		1,443
Sutro Biopharma, Inc.*		311		1,437
KalVista Pharmaceuticals, Inc.*		182		1,430
Village Super Market, Inc. — Class A		62		1,419
Mineralys Therapeutics, Inc.*		90		1,409
Stoke Therapeutics, Inc.*		168		1,399
Aerovate Therapeutics, Inc.*		69		1,392
Y-mAbs Therapeutics, Inc.*		274		1,373
Tango Therapeutics, Inc.*		347		1,371
Ocugen, Inc.*		1,603		1,368
Kinnate Biopharma, Inc.*		218		1,363
Willdan Group, Inc.*		87		1,359
PepGen, Inc.*		111		1,358
Humacyte, Inc.*		434		1,341
Aura Biosciences, Inc.*		144		1,336
Information Services Group, Inc.		262		1,334
PMV Pharmaceuticals, Inc.*		275		1,312
Inovio Pharmaceuticals, Inc.*		1,581		1,296
Phathom Pharmaceuticals, Inc.*		177		1,264
Lexicon Pharmaceuticals, Inc.*		515		1,251
Adicet Bio, Inc.*		217		1,250
MeiraGTx Holdings plc*		238		1,230
NGM Biopharmaceuticals, Inc.*		298		1,216
CareMax, Inc.*		450		1,202
Quantum-Si, Inc.*		681		1,199
Alico, Inc.		49		1,186
Heron Therapeutics, Inc.*		768		1,160
Innovage Holding Corp.*,1		143		1,141
Theseus Pharmaceuticals, Inc.*		127		1,128
Zimvie, Inc.*		155		1,121
Organogenesis Holdings, Inc.*		524		1,116
ImmunityBio, Inc.*,1		611		1,112
Cano Health, Inc.*		1,209		1,100
Quad/Graphics, Inc.*		256		1,098
HF Foods Group, Inc.*		274		1,074
Amneal Pharmaceuticals, Inc.*		769		1,069
IGM Biosciences, Inc.*		76		1,044
Kezar Life Sciences, Inc.*		332		1,039
Nature’s Sunshine Products, Inc.*		101		1,031
Outlook Therapeutics, Inc.*		934		1,018
BRC, Inc. — Class A*		198		1,018
Rent the Runway, Inc. — Class A*		350		998
Nautilus Biotechnology, Inc.*		356		986
C4 Therapeutics, Inc.*		314		986
Icosavax, Inc.*		167		969
Prime Medicine, Inc.*		78		959
Akoya Biosciences, Inc.*		117		957
Nektar Therapeutics*		1,354		952
22nd Century Group, Inc.*		1,209		930
Vicarious Surgical, Inc.*		408		926
Foghorn Therapeutics, Inc.*		149		924
Allovir, Inc.*		232		914
Alpine Immune Sciences, Inc.*		117		903
Honest Company, Inc.*		486		875

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 119

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Nkarta, Inc.*		241	$	856
Vera Therapeutics, Inc.*		109		846
Precigen, Inc.*		796		844
Acrivon Therapeutics, Inc.*		65		825
Natural Grocers by Vitamin Cottage, Inc.		69		811
Chimerix, Inc.*		629		793
Affimed N.V.*		1,062		792
Aadi Bioscience, Inc.*		108		782
Whole Earth Brands, Inc.*		304		778
American Public Education, Inc.*		140		759
Bakkt Holdings, Inc.*		431		741
Lifecore Biomedical, Inc.*		196		740
Esperion Therapeutics, Inc.*		459		730
Fulcrum Therapeutics, Inc.*		256		730
ALX Oncology Holdings, Inc.*		160		723
Vaxart, Inc.*		947		717
Absci Corp.*		394		689
Rallybio Corp.*		120		685
Cipher Mining, Inc.*		291		678
Athira Pharma, Inc.*		254		635
Tenaya Therapeutics, Inc.*		220		627
Spire Global, Inc.*		934		624
Inotiv, Inc.*		137		593
Gossamer Bio, Inc.*		470		592
Jounce Therapeutics, Inc.*		315		583
EyePoint Pharmaceuticals, Inc.*		194		570
Veru, Inc.*		486		564
Moneylion, Inc.*		934		530
PFSweb, Inc.		124		526
Tattooed Chef, Inc.*		366		520
Century Therapeutics, Inc.*		149		517
PhenomeX, Inc.*		442		513
Singular Genomics Systems, Inc.*		417		505
Priority Technology Holdings, Inc.*		134		481
Thorne HealthTech, Inc.*		103		476
AirSculpt Technologies, Inc.		93		469
Relmada Therapeutics, Inc.*		204		461
Invivyd, Inc.*		384		461
GeneDx Holdings Corp.*		1,247		455
Kronos Bio, Inc.*		303		442
VBI Vaccines, Inc.*		1,439		436
CompoSecure, Inc.*		59		434
Beachbody Company, Inc.*		781		377
Bird Global, Inc. — Class A*		1,297		363
Aveanna Healthcare Holdings, Inc.*		332		345
Instil Bio, Inc.*		519		343
AN2 Therapeutics, Inc.*		34		336
AppHarvest, Inc.*		547		335
Talaris Therapeutics, Inc.*		170		320
Bright Health Group, Inc.*		1,441		317
Celularity, Inc.*		468		290
Eiger BioPharmaceuticals, Inc.*		307		275
Pardes Biosciences, Inc.*		200		264
Vintage Wine Estates, Inc.*		239		256
Bioventus, Inc. — Class A*		235		251
Praxis Precision Medicines, Inc.*		295		239
MarketWise, Inc.*		127		235
P3 Health Partners, Inc.*		182		193
VistaGen Therapeutics, Inc.*		1,501		187
Babylon Holdings Ltd. — Class A*		32		163
ATI Physical Therapy, Inc.*		558		142
Alpha Teknova, Inc.*		46		136
Enochian Biosciences, Inc.*		147		135
Science 37 Holdings, Inc.*		464		131
Local Bounti Corp.*		133		106
Oncology Institute, Inc.*		133		90
Wejo Group Ltd.*		172		85
GreenLight Biosciences Holdings PBC*		100		43
Greenidge Generation Holdings, Inc.*		95		43
Tenon Medical, Inc.*		24		42
Owlet, Inc.*		130		42
Boxed, Inc.*,1		82		15
Leafly Holdings, Inc.*		32		13
Gelesis Holdings, Inc.*		70		11
Ligand Pharmaceuticals, Inc.*,††		43		—
Ligand Pharmaceuticals, Inc.*,††		43		—
Total Consumer, Non-cyclical				4,016,077
Financial — 17.3%
Kinsale Capital Group, Inc.		159		47,724
STAG Industrial, Inc. REIT		1,332		45,048
Agree Realty Corp. REIT		646		44,322
Selective Insurance Group, Inc.		441		42,041
SouthState Corp.		554		39,478
Terreno Realty Corp. REIT		595		38,437
RLI Corp.		288		38,278
Ryman Hospitality Properties, Inc. REIT		398		35,713
Glacier Bancorp, Inc.		820		34,448
United Bankshares, Inc.		963		33,898
Kite Realty Group Trust REIT		1,608		33,639
Houlihan Lokey, Inc.		374		32,721
Old National Bancorp		2,164		31,205
Essent Group Ltd.		778		31,159
First Financial Bankshares, Inc.		959		30,592
Home BancShares, Inc.		1,388		30,133
Valley National Bancorp		3,180		29,383
PotlatchDeltic Corp. REIT		587		29,056
Phillips Edison & Company, Inc. REIT		864		28,184
Cadence Bank		1,340		27,818
Independence Realty Trust, Inc. REIT		1,657		26,562
Essential Properties Realty Trust, Inc. REIT		1,038		25,794
Radian Group, Inc.		1,163		25,702
Federated Hermes, Inc. — Class B		630		25,288
Physicians Realty Trust REIT		1,682		25,112
Apple Hospitality REIT, Inc.		1,592		24,708
Hancock Whitney Corp.		636		23,150
Blackstone Mortgage Trust, Inc. — Class A REIT		1,272		22,705
Independent Bank Corp.		341		22,376
Focus Financial Partners, Inc. — Class A*		430		22,304
United Community Banks, Inc.		789		22,187
Broadstone Net Lease, Inc. REIT		1,277		21,722
Mr Cooper Group, Inc.*		512		20,977
Community Bank System, Inc.		398		20,891
LXP Industrial Trust REIT		2,009		20,713

120 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Jackson Financial, Inc. — Class A		553	$	20,688
ServisFirst Bancshares, Inc.		371		20,268
Associated Banc-Corp.		1,114		20,030
Corporate Office Properties Trust REIT		841		19,940
Sabra Health Care REIT, Inc.		1,722		19,803
First Interstate BancSystem, Inc. — Class A		660		19,708
Hamilton Lane, Inc. — Class A		265		19,605
Atlantic Union Bankshares Corp.		554		19,418
Enstar Group Ltd.*		83		19,239
American Equity Investment Life Holding Co.		523		19,084
UMB Financial Corp.		327		18,874
CNO Financial Group, Inc.		845		18,751
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		643		18,390
Genworth Financial, Inc. — Class A*		3,655		18,348
Moelis & Co. — Class A		471		18,105
Ameris Bancorp		494		18,071
Cathay General Bancorp		515		17,778
Piper Sandler Cos.		128		17,742
Outfront Media, Inc. REIT		1,093		17,739
Texas Capital Bancshares, Inc.*		357		17,479
Walker & Dunlop, Inc.		229		17,443
SITE Centers Corp. REIT		1,417		17,401
International Bancshares Corp.		399		17,085
Macerich Co. REIT		1,609		17,055
WSFS Financial Corp.		453		17,037
Pacific Premier Bancorp, Inc.		699		16,790
McGrath RentCorp		179		16,702
Four Corners Property Trust, Inc. REIT		618		16,599
CVB Financial Corp.		993		16,563
Fulton Financial Corp.		1,197		16,543
Equity Commonwealth REIT		774		16,030
National Health Investors, Inc. REIT		309		15,938
Axos Financial, Inc.*		428		15,802
Innovative Industrial Properties, Inc. REIT		207		15,730
Simmons First National Corp. — Class A		898		15,706
Sunstone Hotel Investors, Inc. REIT		1,578		15,591
First BanCorp		1,331		15,200
First Financial Bancorp		696		15,152
Tanger Factory Outlet Centers, Inc. REIT		757		14,860
Kennedy-Wilson Holdings, Inc.		881		14,616
Washington Federal, Inc.		484		14,578
Eastern Bankshares, Inc.		1,137		14,349
Artisan Partners Asset Management, Inc. — Class A		448		14,327
CareTrust REIT, Inc.		731		14,313
Arbor Realty Trust, Inc. REIT		1,230		14,133
First Merchants Corp.		428		14,103
Banner Corp.		255		13,864
Pebblebrook Hotel Trust REIT		970		13,619
TowneBank		510		13,592
NMI Holdings, Inc. — Class A*		606		13,532
StoneX Group, Inc.*		130		13,459
WesBanco, Inc.		423		12,986
Urban Edge Properties REIT		854		12,861
DiamondRock Hospitality Co. REIT		1,566		12,732
PJT Partners, Inc. — Class A		176		12,705
Seacoast Banking Corporation of Florida		536		12,703
Park National Corp.		107		12,687
RLJ Lodging Trust REIT		1,193		12,646
BankUnited, Inc.		558		12,600
Retail Opportunity Investments Corp. REIT		901		12,578
Cushman & Wakefield plc*		1,187		12,511
Renasant Corp.		408		12,477
Trupanion, Inc.*		288		12,352
Independent Bank Group, Inc.		266		12,329
BGC Partners, Inc. — Class A		2,342		12,249
Service Properties Trust REIT		1,227		12,221
BancFirst Corp.		146		12,133
Cohen & Steers, Inc.		189		12,088
Navient Corp.		753		12,040
InvenTrust Properties Corp. REIT		506		11,840
PennyMac Financial Services, Inc.		198		11,803
Heartland Financial USA, Inc.		307		11,777
Stock Yards Bancorp, Inc.		213		11,745
Enterprise Financial Services Corp.		263		11,727
Elme Communities REIT		652		11,645
Lakeland Financial Corp.		183		11,463
BRP Group, Inc. — Class A*		448		11,406
Getty Realty Corp. REIT		315		11,349
Trustmark Corp.		458		11,313
Bread Financial Holdings, Inc.		373		11,309
Bancorp, Inc.*		405		11,279
Xenia Hotels & Resorts, Inc. REIT		854		11,179
PRA Group, Inc.*		285		11,104
Hilltop Holdings, Inc.		372		11,037
Northwest Bancshares, Inc.		907		10,911
St. Joe Co.		257		10,694
Two Harbors Investment Corp. REIT		715		10,518
NBT Bancorp, Inc.		312		10,518
Provident Financial Services, Inc.		544		10,434
LTC Properties, Inc. REIT		295		10,363
Cannae Holdings, Inc.*		513		10,352
Horace Mann Educators Corp.		307		10,278
Alexander & Baldwin, Inc. REIT		541		10,230
Enova International, Inc.*		229		10,175
First Bancorp		283		10,052
Nelnet, Inc. — Class A		109		10,016
Global Net Lease, Inc. REIT		778		10,005
City Holding Co.		110		9,997
Palomar Holdings, Inc.*		181		9,991
Bank of NT Butterfield & Son Ltd.		370		9,990
StepStone Group, Inc. — Class A		405		9,829
Triumph Financial, Inc.*		169		9,812
Apollo Commercial Real Estate Finance, Inc. REIT		1,050		9,775
Chimera Investment Corp. REIT		1,730		9,757
Virtus Investment Partners, Inc.		51		9,710
Acadia Realty Trust REIT		695		9,695
TriCo Bancshares		233		9,690
Veris Residential, Inc. REIT*		643		9,414
Easterly Government Properties, Inc. REIT		680		9,343
First Commonwealth Financial Corp.		750		9,322

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 121

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Avantax, Inc.*		352	$	9,265
S&T Bancorp, Inc.		291		9,152
Farmer Mac — Class C		67		8,924
iStar, Inc. REIT*		298		8,749
Compass Diversified Holdings		456		8,701
Encore Capital Group, Inc.*		172		8,677
OFG Bancorp		347		8,654
Apartment Investment and Management Co. — Class A REIT		1,118		8,597
Westamerica BanCorp		194		8,594
Hope Bancorp, Inc.		864		8,484
Sandy Spring Bancorp, Inc.		326		8,469
Employers Holdings, Inc.		203		8,463
Pathward Financial, Inc.		201		8,339
FB Financial Corp.		267		8,298
Radius Global Infrastructure, Inc. — Class A*		565		8,289
Stellar Bancorp, Inc.		334		8,220
Stewart Information Services Corp.		201		8,110
PennyMac Mortgage Investment Trust REIT		657		8,101
Ladder Capital Corp. — Class A REIT		848		8,014
OceanFirst Financial Corp.		433		8,002
Claros Mortgage Trust, Inc.		686		7,992
Safety Insurance Group, Inc.		107		7,974
Berkshire Hills Bancorp, Inc.		316		7,919
First Busey Corp.		386		7,851
Eagle Bancorp, Inc.		228		7,631
MFA Financial, Inc. REIT		766		7,599
NETSTREIT Corp. REIT		407		7,440
ProAssurance Corp.		402		7,429
NexPoint Residential Trust, Inc. REIT		170		7,424
Goosehead Insurance, Inc. — Class A*		142		7,412
Franklin BSP Realty Trust, Inc. REIT		617		7,361
Southside Bancshares, Inc.		221		7,337
National Bank Holdings Corp. — Class A		218		7,294
Lakeland Bancorp, Inc.		464		7,257
Veritex Holdings, Inc.		392		7,158
Redfin Corp.*		784		7,103
Newmark Group, Inc. — Class A		999		7,073
AMERISAFE, Inc.		143		7,000
Argo Group International Holdings Ltd.		237		6,942
German American Bancorp, Inc.		207		6,908
Tompkins Financial Corp.		104		6,886
American Assets Trust, Inc. REIT		369		6,860
New York Mortgage Trust, Inc. REIT		683		6,803
Piedmont Office Realty Trust, Inc. — Class A REIT		917		6,694
Brookline Bancorp, Inc.		628		6,594
eXp World Holdings, Inc.1		514		6,523
Community Healthcare Trust, Inc. REIT		177		6,478
Compass, Inc. — Class A*		2,001		6,463
Capitol Federal Financial, Inc.		955		6,427
Empire State Realty Trust, Inc. — Class A REIT		988		6,412
Mercury General Corp.		199		6,316
Paramount Group, Inc. REIT		1,384		6,311
Uniti Group, Inc. REIT		1,772		6,291
ARMOUR Residential REIT, Inc1		1,197		6,284
Necessity Retail REIT, Inc.		997		6,261
Centerspace REIT		112		6,119
International Money Express, Inc.*		233		6,007
Brandywine Realty Trust REIT		1,267		5,993
WisdomTree, Inc.		1,018		5,966
Live Oak Bancshares, Inc.		244		5,946
Marcus & Millichap, Inc.		185		5,940
RPT Realty REIT		624		5,934
Armada Hoffler Properties, Inc. REIT		501		5,917
Plymouth Industrial REIT, Inc.		281		5,904
UMH Properties, Inc. REIT		388		5,739
Nicolet Bankshares, Inc.*		91		5,738
Brightsphere Investment Group, Inc.		242		5,706
James River Group Holdings Ltd.		274		5,658
Redwood Trust, Inc. REIT		836		5,635
LendingClub Corp.*		778		5,609
SiriusPoint Ltd.*		688		5,594
Heritage Financial Corp.		258		5,521
Dime Community Bancshares, Inc.		243		5,521
Ellington Financial, Inc. REIT		450		5,494
Summit Hotel Properties, Inc. REIT		782		5,474
Premier Financial Corp.		264		5,473
Preferred Bank/Los Angeles CA		99		5,426
Origin Bancorp, Inc.		168		5,401
Ready Capital Corp. REIT		529		5,380
Peoples Bancorp, Inc.		207		5,330
QCR Holdings, Inc.		120		5,269
1st Source Corp.		120		5,178
Ambac Financial Group, Inc.*		331		5,124
Enact Holdings, Inc.		224		5,121
CBL & Associates Properties, Inc. REIT		199		5,102
Univest Financial Corp.		214		5,080
AssetMark Financial Holdings, Inc.*		161		5,063
Lemonade, Inc.*		347		4,948
ConnectOne Bancorp, Inc.		277		4,897
Banc of California, Inc.		387		4,849
KKR Real Estate Finance Trust, Inc. REIT		421		4,795
Dynex Capital, Inc. REIT		390		4,727
First Bancshares, Inc.		182		4,701
Columbia Financial, Inc.*		256		4,680
Universal Health Realty Income Trust REIT		96		4,619
Broadmark Realty Capital, Inc. REIT		972		4,568
Amerant Bancorp, Inc.		208		4,526
Old Second Bancorp, Inc.		316		4,443
TrustCo Bank Corporation NY		139		4,440
Community Trust Bancorp, Inc.		116		4,402
Washington Trust Bancorp, Inc.		127		4,402
Office Properties Income Trust REIT		357		4,391
B Riley Financial, Inc.1		153		4,344
Bank First Corp.		58		4,268
United Fire Group, Inc.		160		4,248
Customers Bancorp, Inc.*		228		4,223
Hanmi Financial Corp.		226		4,197
Anywhere Real Estate, Inc.*		793		4,187
Global Medical REIT, Inc.		456		4,154
BrightSpire Capital, Inc. REIT		700		4,130

122 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
National Western Life Group, Inc. — Class A		17	$	4,125
Gladstone Land Corp. REIT		240		3,996
HarborOne Bancorp, Inc.		325		3,965
Byline Bancorp, Inc.		183		3,956
Camden National Corp.		107		3,872
Brookfield Business Corp. — Class A		195		3,865
Northfield Bancorp, Inc.		325		3,829
First Mid Bancshares, Inc.		139		3,784
Peapack-Gladstone Financial Corp.		127		3,762
Chatham Lodging Trust REIT		357		3,745
TPG RE Finance Trust, Inc. REIT		515		3,739
Urstadt Biddle Properties, Inc. — Class A REIT		210		3,690
Farmland Partners, Inc. REIT		342		3,659
Gladstone Commercial Corp. REIT		289		3,650
Heritage Commerce Corp.		438		3,649
Central Pacific Financial Corp.		203		3,634
Diamond Hill Investment Group, Inc.		22		3,621
Universal Insurance Holdings, Inc.		197		3,589
Kearny Financial Corp.		442		3,589
Mercantile Bank Corp.		115		3,517
Great Southern Bancorp, Inc.		69		3,497
Victory Capital Holdings, Inc. — Class A		119		3,483
CrossFirst Bankshares, Inc.*		331		3,469
Ares Commercial Real Estate Corp. REIT		379		3,445
Saul Centers, Inc. REIT		88		3,432
Midland States Bancorp, Inc.		157		3,363
MBIA, Inc.*		359		3,324
Horizon Bancorp, Inc.		300		3,318
Cambridge Bancorp		51		3,305
EZCORP, Inc. — Class A*		377		3,242
Whitestone REIT — Class B		349		3,211
Flushing Financial Corp.		215		3,201
NerdWallet, Inc. — Class A*		192		3,107
Alexander’s, Inc. REIT		16		3,100
First Financial Corp.		82		3,073
Merchants Bancorp		117		3,047
First Community Bankshares, Inc.		120		3,006
Farmers National Banc Corp.		237		2,996
RMR Group, Inc. — Class A		114		2,991
Bar Harbor Bankshares		111		2,936
Capital City Bank Group, Inc.		100		2,931
Orchid Island Capital, Inc. REIT		267		2,865
CNB Financial Corp.		149		2,861
Orion Office REIT, Inc.		426		2,854
First Foundation, Inc.		382		2,846
FRP Holdings, Inc.*		49		2,836
Invesco Mortgage Capital, Inc. REIT		255		2,828
Coastal Financial Corp.*		78		2,809
One Liberty Properties, Inc. REIT		122		2,797
Equity Bancshares, Inc. — Class A		114		2,778
Mid Penn Bancorp, Inc.		107		2,740
Business First Bancshares, Inc.		159		2,724
Republic Bancorp, Inc. — Class A		64		2,716
Tiptree, Inc. — Class A		183		2,666
SmartFinancial, Inc.		115		2,661
Indus Realty Trust, Inc. REIT		40		2,652
Independent Bank Corp.		149		2,648
HomeTrust Bancshares, Inc.		107		2,631
Metropolitan Bank Holding Corp.*		77		2,610
Arrow Financial Corp.		104		2,591
MidWestOne Financial Group, Inc.		105		2,564
Carter Bankshares, Inc.*		183		2,562
Bank of Marin Bancorp		117		2,561
HCI Group, Inc.		47		2,519
Perella Weinberg Partners		273		2,484
RE/MAX Holdings, Inc. — Class A		132		2,476
American National Bankshares, Inc.		78		2,473
World Acceptance Corp.*		29		2,415
Metrocity Bankshares, Inc.		141		2,410
GCM Grosvenor, Inc. — Class A		307		2,398
Diversified Healthcare Trust REIT		1,775		2,396
Citizens & Northern Corp.		112		2,395
HomeStreet, Inc.		133		2,393
Hingham Institution For Savings The		10		2,334
CTO Realty Growth, Inc. REIT		134		2,313
Capstar Financial Holdings, Inc.		151		2,288
Oppenheimer Holdings, Inc. — Class A		58		2,271
Farmers & Merchants Bancorp Incorporated/Archbold OH		93		2,262
Peoples Financial Services Corp.		52		2,254
Southern Missouri Bancorp, Inc.		60		2,245
First of Long Island Corp.		166		2,241
Waterstone Financial, Inc.		146		2,209
West BanCorp, Inc.		120		2,192
Enterprise Bancorp, Inc.		69		2,171
Selectquote, Inc.*		999		2,168
Financial Institutions, Inc.		112		2,159
LendingTree, Inc.*		78		2,080
Esquire Financial Holdings, Inc.		52		2,033
ACNB Corp.		62		2,018
Postal Realty Trust, Inc. — Class A REIT		132		2,009
Five Star Bancorp		94		2,006
Macatawa Bank Corp.		196		2,003
City Office REIT, Inc.		289		1,994
Granite Point Mortgage Trust, Inc. REIT		387		1,919
Hippo Holdings, Inc.*		118		1,915
Civista Bancshares, Inc.		113		1,907
Braemar Hotels & Resorts, Inc. REIT		494		1,907
Blue Foundry Bancorp*		200		1,904
Shore Bancshares, Inc.		133		1,899
First Bancorp, Inc.		73		1,890
Amalgamated Financial Corp.		104		1,840
John Marshall Bancorp, Inc.		85		1,836
Greenlight Capital Re Ltd. — Class A*		195		1,831
Home Bancorp, Inc.		55		1,817
Alerus Financial Corp.		113		1,814
First Business Financial Services, Inc.		59		1,800
Donegal Group, Inc. — Class A		115		1,757
BRT Apartments Corp. REIT		89		1,755
Douglas Elliman, Inc.		564		1,754
Sierra Bancorp		101		1,739
Southern First Bancshares, Inc.*		56		1,719

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 123

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
eHealth, Inc.*		182	$	1,704
Summit Financial Group, Inc.		82		1,701
Guaranty Bancshares, Inc.		61		1,700
RBB Bancorp		109		1,689
Skyward Specialty Insurance Group, Inc.*		77		1,684
Sculptor Capital Management, Inc.		195		1,679
Northeast Bank		49		1,649
Star Holdings*		95		1,644
Bridgewater Bancshares, Inc.*		151		1,637
South Plains Financial, Inc.		75		1,606
Primis Financial Corp.		165		1,589
HBT Financial, Inc.		80		1,578
Hersha Hospitality Trust — Class A REIT		234		1,572
BayCom Corp.		92		1,571
MVB Financial Corp.		75		1,548
Red River Bancshares, Inc.		32		1,540
Investors Title Co.		10		1,510
Orrstown Financial Services, Inc.		76		1,509
Legacy Housing Corp.*		66		1,502
Third Coast Bancshares, Inc.*		95		1,492
Industrial Logistics Properties Trust REIT		486		1,492
Regional Management Corp.		57		1,487
AFC Gamma, Inc. REIT		120		1,459
BCB Bancorp, Inc.		107		1,405
Silvercrest Asset Management Group, Inc. — Class A		75		1,364
Parke Bancorp, Inc.		76		1,351
Blue Ridge Bankshares, Inc.		127		1,295
PCB Bancorp		88		1,275
Colony Bankcorp, Inc.		122		1,244
Unity Bancorp, Inc.		53		1,209
FVCBankcorp, Inc.*		111		1,182
First Bank/Hamilton NJ		115		1,161
Franklin Street Properties Corp. REIT		738		1,159
First Western Financial, Inc.*		58		1,148
Greene County Bancorp, Inc.		50		1,134
Applied Digital Corp.*		499		1,118
First Internet Bancorp		67		1,116
Capital Bancorp, Inc.		67		1,115
Bankwell Financial Group, Inc.		42		1,044
Luther Burbank Corp.		110		1,043
Trean Insurance Group, Inc.*		168		1,028
Crawford & Co. — Class A		122		1,020
Nexpoint Real Estate Finance, Inc. REIT		59		925
Stratus Properties, Inc.		44		880
Atlanticus Holdings Corp.*		32		868
Pioneer Bancorp, Inc.*		87		858
Ashford Hospitality Trust, Inc. REIT*		257		825
NI Holdings, Inc.*		62		806
Oportun Financial Corp.*		207		799
USCB Financial Holdings, Inc.*		80		791
Consumer Portfolio Services, Inc.*		71		759
Provident Bancorp, Inc.		107		732
Sterling Bancorp, Inc.*		128		724
First Guaranty Bancshares, Inc.		45		705
Angel Oak Mortgage, Inc. REIT		89		650
Chicago Atlantic Real Estate Finance, Inc. REIT		46		621
Velocity Financial, Inc.*		64		578
Clipper Realty, Inc. REIT		89		511
Bluerock Homes Trust, Inc.*		25		495
Republic First Bancorp, Inc.*		362		492
Associated Capital Group, Inc. — Class A		13		480
SWK Holdings Corp.*		26		464
Doma Holdings, Inc.*		1,024		417
Transcontinental Realty Investors, Inc.*		9		382
Finance of America Companies, Inc. — Class A*		289		358
American Realty Investors, Inc.*		11		290
Curo Group Holdings Corp.		164		284
Offerpad Solutions, Inc.*		509		268
Root, Inc. — Class A*		58		262
OppFi, Inc.*		105		215
Home Point Capital, Inc.		59		114
Sunlight Financial Holdings, Inc.*		185		58
Cryptyde, Inc.*		134		11
Total Financial				3,643,995
Industrial — 12.1%
EMCOR Group, Inc.		349		56,744
Saia, Inc.*		196		53,328
RBC Bearings, Inc.*		210		48,873
Evoqua Water Technologies Corp.*		868		43,157
Novanta, Inc.*		262		41,682
Atkore, Inc.*		290		40,739
Applied Industrial Technologies, Inc.		282		40,081
Chart Industries, Inc.*		314		39,376
Comfort Systems USA, Inc.		261		38,096
Exponent, Inc.		376		37,483
UFP Industries, Inc.		442		35,126
Simpson Manufacturing Company, Inc.		316		34,646
Watts Water Technologies, Inc. — Class A		202		34,001
Aerojet Rocketdyne Holdings, Inc.*		586		32,916
Fluor Corp.*		1,051		32,486
Fabrinet*		272		32,303
Franklin Electric Company, Inc.		341		32,088
AAON, Inc.		323		31,231
Casella Waste Systems, Inc. — Class A*		369		30,502
Mueller Industries, Inc.		413		30,347
GATX Corp.		259		28,495
Advanced Energy Industries, Inc.		279		27,342
Belden, Inc.		314		27,246
Bloom Energy Corp. — Class A*		1,327		26,447
Badger Meter, Inc.		216		26,313
EnerSys		301		26,151
O-I Glass, Inc.*		1,136		25,799
John Bean Technologies Corp.		236		25,793
Sanmina Corp.*		421		25,677
Summit Materials, Inc. — Class A*		878		25,014
Hillenbrand, Inc.		515		24,478
Encore Wire Corp.		130		24,093
Federal Signal Corp.		444		24,069
Terex Corp.		494		23,900
SPX Technologies, Inc.*		326		23,009

124 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Arcosa, Inc.		358	$	22,593
Vishay Intertechnology, Inc.		960		21,715
Forward Air Corp.		200		21,552
Werner Enterprises, Inc.		468		21,289
Moog, Inc. — Class A		211		21,258
Albany International Corp. — Class A		231		20,642
Hub Group, Inc. — Class A*		238		19,978
Dycom Industries, Inc.*		213		19,948
Plexus Corp.*		203		19,807
Zurn Elkay Water Solutions Corp.		927		19,801
Scorpio Tankers, Inc.		348		19,596
Cactus, Inc. — Class A		462		19,048
Itron, Inc.*		337		18,687
Boise Cascade Co.		292		18,469
ESCO Technologies, Inc.		192		18,326
Energizer Holdings, Inc.		526		18,252
Kadant, Inc.		86		17,933
Brady Corp. — Class A		333		17,892
Materion Corp.		152		17,632
Frontdoor, Inc.*		617		17,202
AeroVironment, Inc.*		184		16,865
Kennametal, Inc.		608		16,769
Matson, Inc.		276		16,469
ArcBest Corp.		178		16,451
Golar LNG Ltd.*		754		16,286
Mueller Water Products, Inc. — Class A		1,164		16,226
EnPro Industries, Inc.		155		16,103
Helios Technologies, Inc.		242		15,827
Frontline plc		930		15,401
MYR Group, Inc.*		122		15,373
Worthington Industries, Inc.		234		15,128
International Seaways, Inc.		360		15,005
CSW Industrials, Inc.		108		15,004
Trinity Industries, Inc.		612		14,908
Masonite International Corp.*		164		14,886
Barnes Group, Inc.		365		14,702
Alamo Group, Inc.		74		13,628
Granite Construction, Inc.		330		13,556
AAR Corp.*		244		13,310
Kratos Defense & Security Solutions, Inc.*		922		12,429
Lindsay Corp.		82		12,393
OSI Systems, Inc.*		119		12,181
Enovix Corp.*		812		12,107
CTS Corp.		236		11,672
Greif, Inc. — Class A		184		11,660
Knowles Corp.*		668		11,356
Gibraltar Industries, Inc.*		229		11,106
DHT Holdings, Inc.		1,021		11,037
PGT Innovations, Inc.*		432		10,848
Enerpac Tool Group Corp.		422		10,761
Standex International Corp.		87		10,652
NV5 Global, Inc.*		100		10,397
Griffon Corp.		321		10,275
TTM Technologies, Inc.*		756		10,198
Primoris Services Corp.		395		9,741
Tennant Co.		138		9,457
Energy Recovery, Inc.*		410		9,450
Marten Transport Ltd.		435		9,113
Air Transport Services Group, Inc.*		427		8,894
Golden Ocean Group Ltd.		917		8,730
Mirion Technologies, Inc.*		1,022		8,728
TriMas Corp.		313		8,720
Napco Security Technologies, Inc.*		232		8,719
Modine Manufacturing Co.*		372		8,575
Hillman Solutions Corp.*		1,004		8,454
Sterling Infrastructure, Inc.*		218		8,258
Joby Aviation, Inc.*		1,900		8,246
NEXTracker, Inc. — Class A*		227		8,231
SFL Corporation Ltd.		857		8,141
Construction Partners, Inc. — Class A*		298		8,028
JELD-WEN Holding, Inc.*		623		7,887
CryoPort, Inc.*		326		7,824
Columbus McKinnon Corp.		209		7,766
Vicor Corp.*		165		7,745
Greenbrier Companies, Inc.		238		7,657
Sturm Ruger & Company, Inc.		128		7,352
Montrose Environmental Group, Inc.*		206		7,348
Teekay Tankers Ltd. — Class A*		171		7,341
Apogee Enterprises, Inc.		166		7,179
FLEX LNG Ltd.		212		7,119
Astec Industries, Inc.		171		7,054
GrafTech International Ltd.		1,447		7,032
Ichor Holdings Ltd.*		209		6,843
Proto Labs, Inc.*		201		6,663
Mesa Laboratories, Inc.		38		6,640
Rocket Lab USA, Inc.*		1,591		6,428
American Woodmark Corp.*		123		6,405
Benchmark Electronics, Inc.		261		6,183
Thermon Group Holdings, Inc.*		247		6,155
Janus International Group, Inc.*		610		6,015
TimkenSteel Corp.*		327		5,997
Chase Corp.		56		5,865
Myers Industries, Inc.		271		5,808
Nordic American Tankers Ltd.		1,439		5,698
Li-Cycle Holdings Corp.*,1		1,008		5,675
LSB Industries, Inc.*		546		5,640
Heartland Express, Inc.		349		5,556
PureCycle Technologies, Inc.*		793		5,551
Triumph Group, Inc.*		478		5,540
Ryerson Holding Corp.		143		5,202
GoPro, Inc. — Class A*		965		4,854
Kaman Corp.		209		4,778
Eagle Bulk Shipping, Inc.		101		4,596
Dorian LPG Ltd.		229		4,566
Ducommun, Inc.*		83		4,541
Ardmore Shipping Corp.		301		4,476
Manitowoc Company, Inc.*		259		4,426
Kimball Electronics, Inc.*		180		4,338
CIRCOR International, Inc.*		138		4,294
Genco Shipping & Trading Ltd.		274		4,291
Gorman-Rupp Co.		169		4,225
Clearwater Paper Corp.*		125		4,177
Smith & Wesson Brands, Inc.		339		4,173
Heritage-Crystal Clean, Inc.*		116		4,131

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 125

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Hyster-Yale Materials Handling, Inc.		81	$	4,041
Harsco Corp.*		586		4,002
Insteel Industries, Inc.		140		3,895
Argan, Inc.		95		3,845
Vishay Precision Group, Inc.*		92		3,842
Allied Motion Technologies, Inc.		98		3,788
Olympic Steel, Inc.		72		3,759
Xometry, Inc. — Class A*		251		3,757
Costamare, Inc.		394		3,708
Stoneridge, Inc.*		196		3,665
FARO Technologies, Inc.*		139		3,421
Luxfer Holdings plc		202		3,414
nLight, Inc.*		327		3,329
MicroVision, Inc.*		1,236		3,300
Teekay Corp.*		524		3,238
AerSale Corp.*		182		3,134
DXP Enterprises, Inc.*		114		3,069
Greif, Inc. — Class B		40		3,061
Powell Industries, Inc.		67		2,853
IES Holdings, Inc.*		65		2,801
National Presto Industries, Inc.		38		2,739
Babcock & Wilcox Enterprises, Inc.*		448		2,715
Omega Flex, Inc.		24		2,675
Great Lakes Dredge & Dock Corp.*		488		2,650
Pactiv Evergreen, Inc.		323		2,584
Astronics Corp.*		189		2,525
Cadre Holdings, Inc.		117		2,520
Archer Aviation, Inc. — Class A*		881		2,520
Centrus Energy Corp. — Class A*		78		2,512
Covenant Logistics Group, Inc. — Class A		69		2,444
Blink Charging Co.*,1		282		2,439
Comtech Telecommunications Corp.		192		2,396
Daseke, Inc.*		306		2,365
SmartRent, Inc.*		894		2,280
Northwest Pipe Co.*		72		2,249
NuScale Power Corp.*		233		2,118
Safe Bulkers, Inc.		554		2,044
Park Aerospace Corp.		147		1,977
Evolv Technologies Holdings, Inc.*		628		1,959
Tutor Perini Corp.*		314		1,937
Radiant Logistics, Inc.*		287		1,883
Tredegar Corp.		202		1,844
Eastman Kodak Co.*		426		1,747
Ranpak Holdings Corp.*		325		1,696
Atlas Technical Consultants, Inc.*		135		1,646
Universal Logistics Holdings, Inc.		54		1,574
Sight Sciences, Inc.*		161		1,407
PAM Transportation Services, Inc.*		49		1,403
908 Devices, Inc.*		163		1,402
Pure Cycle Corp.*		145		1,370
Concrete Pumping Holdings, Inc.*		199		1,353
AMMO, Inc.*		653		1,287
Akoustis Technologies, Inc.*		409		1,260
Turtle Beach Corp.*		114		1,142
Identiv, Inc.*		164		1,007
Latham Group, Inc.*		322		921
Charge Enterprises, Inc.*		765		841
ESS Tech, Inc.*		602		837
Caesarstone Ltd.		170		702
Transphorm, Inc.*		164		654
Hydrofarm Holdings Group, Inc.*		326		564
Karat Packaging, Inc.		42		560
Berkshire Grey, Inc.*		370		511
Astra Space, Inc.*		1,086		461
View, Inc.*		881		441
Redwire Corp.*		145		439
NL Industries, Inc.		63		382
Sarcos Technology and Robotics Corp.*		537		255
Momentus, Inc.*		413		242
AEye, Inc.*		198		62
Fathom Digital Manufacturing C*		77		42
Total Industrial				2,547,644
Consumer, Cyclical — 10.0%
Crocs, Inc.*		448		56,645
Texas Roadhouse, Inc. — Class A		495		53,490
Light & Wonder, Inc. — Class A*		697		41,855
Wingstop, Inc.		221		40,571
Murphy USA, Inc.		149		38,449
Fox Factory Holding Corp.*		314		38,110
Academy Sports & Outdoors, Inc.		561		36,605
Asbury Automotive Group, Inc.*		163		34,230
Visteon Corp.*		207		32,464
Meritage Homes Corp.		270		31,525
Skyline Champion Corp.*		394		29,641
Taylor Morrison Home Corp. — Class A*		772		29,537
Adient plc*		702		28,754
Hilton Grand Vacations, Inc.*		634		28,169
FirstCash Holdings, Inc.		278		26,513
Signet Jewelers Ltd.		330		25,667
Group 1 Automotive, Inc.		105		23,774
Foot Locker, Inc.		595		23,616
Goodyear Tire & Rubber Co.*		2,077		22,889
KB Home		562		22,581
Topgolf Callaway Brands Corp.*		1,044		22,571
Beacon Roofing Supply, Inc.*		383		22,540
Steven Madden Ltd.		569		20,484
LCI Industries		186		20,436
Cavco Industries, Inc.*		64		20,335
Kontoor Brands, Inc.		414		20,033
Installed Building Products, Inc.		175		19,955
Resideo Technologies, Inc.*		1,080		19,742
UniFirst Corp.		112		19,738
International Game Technology plc		731		19,591
Tri Pointe Homes, Inc.*		752		19,041
Sonos, Inc.*		953		18,698
Cracker Barrel Old Country Store, Inc.		163		18,517
Papa John’s International, Inc.		243		18,208
SeaWorld Entertainment, Inc.*		294		18,025
GMS, Inc.*		309		17,888
LGI Homes, Inc.*		153		17,447
Dorman Products, Inc.*		196		16,907
Boot Barn Holdings, Inc.*		220		16,861
Rush Enterprises, Inc. — Class A		308		16,817
Red Rock Resorts, Inc. — Class A		377		16,803

126 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
MDC Holdings, Inc.		431	$	16,753
Bloomin’ Brands, Inc.		650		16,672
Shake Shack, Inc. — Class A*		279		15,482
American Eagle Outfitters, Inc.		1,151		15,469
Gentherm, Inc.*		247		14,924
Dana, Inc.		963		14,493
Nu Skin Enterprises, Inc. — Class A		363		14,270
Spirit Airlines, Inc.		814		13,976
PriceSmart, Inc.		189		13,510
Jack in the Box, Inc.		153		13,401
Century Communities, Inc.		209		13,359
ODP Corp.*		295		13,269
Urban Outfitters, Inc.*		476		13,195
Veritiv Corp.		96		12,973
Winnebago Industries, Inc.		220		12,694
Cheesecake Factory, Inc.		358		12,548
Acushnet Holdings Corp.		246		12,531
M/I Homes, Inc.*		198		12,492
Sally Beauty Holdings, Inc.*		800		12,464
Brinker International, Inc.*		324		12,312
Cinemark Holdings, Inc.*		814		12,039
Luminar Technologies, Inc.*,1		1,854		12,032
Dave & Buster’s Entertainment, Inc.*		321		11,810
World Fuel Services Corp.		456		11,651
Oxford Industries, Inc.		110		11,615
MillerKnoll, Inc.		567		11,595
Vista Outdoor, Inc.*		417		11,555
Methode Electronics, Inc.		261		11,453
Madison Square Garden Entertainment Corp.*		192		11,341
Patrick Industries, Inc.		161		11,078
Everi Holdings, Inc.*		643		11,027
National Vision Holdings, Inc.*		584		11,003
XPEL, Inc.*		161		10,940
KAR Auction Services, Inc.*		798		10,917
Allegiant Travel Co. — Class A*		116		10,670
H&E Equipment Services, Inc.		238		10,527
Abercrombie & Fitch Co. — Class A*		362		10,045
Wolverine World Wide, Inc.		575		9,804
Liberty Media Corporation-Liberty Braves — Class C*		281		9,467
La-Z-Boy, Inc.		321		9,335
Lions Gate Entertainment Corp. — Class B*		861		8,937
Dillard’s, Inc. — Class A		29		8,923
iRobot Corp.*		201		8,772
Wabash National Corp.		351		8,631
HNI Corp.		307		8,547
Malibu Boats, Inc. — Class A*		151		8,524
indie Semiconductor, Inc. — Class A*		783		8,261
SkyWest, Inc.*		372		8,247
TravelCenters of America, Inc.*		94		8,131
Buckle, Inc.		225		8,030
Fisker, Inc.*,1		1,307		8,025
Dine Brands Global, Inc.		110		7,440
Monarch Casino & Resort, Inc.		99		7,341
Sonic Automotive, Inc. — Class A		133		7,227
Virgin Galactic Holdings, Inc.*,1		1,760		7,128
Green Brick Partners, Inc.*		202		7,082
Winmark Corp.		21		6,729
IMAX Corp.*		350		6,713
American Axle & Manufacturing Holdings, Inc.*		844		6,592
Warby Parker, Inc. — Class A*		622		6,587
Golden Entertainment, Inc.*		150		6,527
Ermenegildo Zegna N.V.		443		6,042
MRC Global, Inc.*		619		6,017
Camping World Holdings, Inc. — Class A1		287		5,990
OneSpaWorld Holdings Ltd.*		495		5,935
Shyft Group, Inc.		258		5,869
ScanSource, Inc.*		188		5,723
Hibbett, Inc.		94		5,544
Standard Motor Products, Inc.		150		5,536
Clean Energy Fuels Corp.*		1,265		5,515
Caleres, Inc.		252		5,451
Steelcase, Inc. — Class A		642		5,406
Douglas Dynamics, Inc.		167		5,326
Bally’s Corp.*		272		5,309
Arko Corp.		623		5,289
Franchise Group, Inc.		192		5,232
Sweetgreen, Inc. — Class A*		655		5,135
Sun Country Airlines Holdings, Inc.*		247		5,064
Chico’s FAS, Inc.*		914		5,027
Life Time Group Holdings, Inc.*		314		5,012
RCI Hospitality Holdings, Inc.		64		5,003
G-III Apparel Group Ltd.*		319		4,960
BJ’s Restaurants, Inc.*		170		4,954
Sleep Number Corp.*		160		4,866
Lions Gate Entertainment Corp. — Class A*		435		4,815
Sovos Brands, Inc.*		285		4,754
Chuy’s Holdings, Inc.*		132		4,732
Denny’s Corp.*		423		4,721
Portillo’s, Inc. — Class A*		219		4,680
A-Mark Precious Metals, Inc.		135		4,678
Ethan Allen Interiors, Inc.		170		4,668
Vizio Holding Corp. — Class A*		507		4,654
Titan Machinery, Inc.*		152		4,628
Xponential Fitness, Inc. — Class A*		151		4,589
MarineMax, Inc.*		158		4,543
Guess?, Inc.		230		4,476
BlueLinx Holdings, Inc.*		65		4,417
Titan International, Inc.*		382		4,003
MasterCraft Boat Holdings, Inc.*		131		3,986
EVgo, Inc.*,1		507		3,950
Ruth’s Hospitality Group, Inc.		235		3,859
PC Connection, Inc.		84		3,777
Accel Entertainment, Inc.*		414		3,772
Bowlero Corp.*		218		3,695
VSE Corp.		79		3,547
Haverty Furniture Companies, Inc.		111		3,542
Children’s Place, Inc.*		88		3,542
Beazer Homes USA, Inc.*		223		3,541
America’s Car-Mart, Inc.*		44		3,485

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 127

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Interface, Inc. — Class A		427	$	3,467
Hawaiian Holdings, Inc.*		378		3,462
Xperi, Inc.*		310		3,388
Kimball International, Inc. — Class B		272		3,373
Genesco, Inc.*		90		3,319
Shoe Carnival, Inc.		129		3,309
Designer Brands, Inc. — Class A		377		3,295
Movado Group, Inc.		113		3,251
Nikola Corp.*,1		2,488		3,010
Lovesac Co.*		103		2,977
Solid Power, Inc.*		978		2,944
Rush Enterprises, Inc. — Class B		49		2,935
REV Group, Inc.		244		2,926
Miller Industries, Inc.		82		2,899
Marcus Corp.		177		2,832
Hudson Technologies, Inc.*		321		2,802
Aspen Aerogels, Inc.*		371		2,764
Frontier Group Holdings, Inc.*		279		2,745
Blue Bird Corp.*		130		2,656
Global Industrial Co.		97		2,604
Qurate Retail, Inc. — Class A*		2,613		2,581
Liberty Media Corporation-Liberty Braves — Class A*		74		2,559
Johnson Outdoors, Inc. — Class A		40		2,520
Hovnanian Enterprises, Inc. — Class A*		37		2,510
Proterra, Inc.*		1,649		2,506
Sportsman’s Warehouse Holdings, Inc.*		291		2,468
PetMed Express, Inc.		150		2,436
Destination XL Group, Inc.*		435		2,397
Lindblad Expeditions Holdings, Inc.*		247		2,361
OneWater Marine, Inc. — Class A*,1		84		2,349
Build-A-Bear Workshop, Inc. — Class A		101		2,347
Kura Sushi USA, Inc. — Class A*		35		2,304
Big Lots, Inc.		209		2,291
Funko, Inc. — Class A*		237		2,235
Zumiez, Inc.*		117		2,157
Forestar Group, Inc.*		136		2,116
Dream Finders Homes, Inc. — Class A*		156		2,067
Clarus Corp.		215		2,032
Hyliion Holdings Corp.*		1,013		2,006
Bluegreen Vacations Holding Corp.		70		1,917
Full House Resorts, Inc.*		245		1,771
Microvast Holdings, Inc.*		1,271		1,576
TuSimple Holdings, Inc. — Class A*		1,044		1,535
Workhorse Group, Inc.*		1,125		1,496
Century Casinos, Inc.*		204		1,495
Noodles & Co.*		304		1,474
NEOGAMES S.A.*		97		1,474
GrowGeneration Corp.*		428		1,464
Rush Street Interactive, Inc.*		453		1,409
El Pollo Loco Holdings, Inc.		145		1,391
Canoo, Inc.*		2,092		1,365
ONE Group Hospitality, Inc.*		168		1,361
Tilly’s, Inc. — Class A*		168		1,295
Snap One Holdings Corp.*		135		1,262
Big 5 Sporting Goods Corp.		160		1,230
Rocky Brands, Inc.		52		1,200
First Watch Restaurant Group, Inc.*		74		1,188
Cato Corp. — Class A		134		1,185
Citi Trends, Inc.*		61		1,160
Purple Innovation, Inc.*		433		1,143
Fossil Group, Inc.*		348		1,114
Weyco Group, Inc.		44		1,113
ThredUp, Inc. — Class A*		438		1,108
Tile Shop Holdings, Inc.*		228		1,069
Sonder Holdings, Inc.*		1,409		1,067
Holley, Inc.*		383		1,049
Motorcar Parts of America, Inc.*		140		1,042
Biglari Holdings, Inc. — Class B*		6		1,015
Traeger, Inc.*		245		1,007
Reservoir Media, Inc.*		153		998
Mullen Automotive, Inc.*		7,475		981
Universal Electronics, Inc.*		91		923
Rite Aid Corp.*		409		916
Aeva Technologies, Inc.*		723		860
Container Store Group, Inc.*		243		833
Tupperware Brands Corp.*		330		825
LL Flooring Holdings, Inc.*		216		821
Marine Products Corp.		62		818
Lordstown Motors Corp. — Class A*		1,190		789
Wheels Up Experience, Inc.*		1,191		754
Superior Group of Companies, Inc.		87		685
Cenntro Electric Group Ltd.*		1,374		635
Duluth Holdings, Inc. — Class B*		97		619
Conn’s, Inc.*		97		588
Lifetime Brands, Inc.		96		565
Hyzon Motors, Inc.*		656		535
Torrid Holdings, Inc.*,1		108		471
PLBY Group, Inc.*		233		461
Landsea Homes Corp.*		74		448
Vinco Ventures, Inc.*,1		1,299		417
Aterian, Inc.*		454		390
Express, Inc.*		479		378
F45 Training Holdings, Inc.*		274		318
Bed Bath & Beyond, Inc.*		606		259
Xos, Inc.*		415		218
CompX International, Inc.		12		217
JOANN, Inc.		83		132
Lightning eMotors, Inc.*		309		89
Cepton, Inc.*		55		25
Total Consumer, Cyclical				2,115,209
Technology — 8.5%
Silicon Laboratories, Inc.*		234		40,971
SPS Commerce, Inc.*		267		40,664
Rambus, Inc.*		789		40,444
Tenable Holdings, Inc.*		825		39,196
ExlService Holdings, Inc.*		239		38,677
Super Micro Computer, Inc.*		347		36,973
Qualys, Inc.*		284		36,926
Workiva, Inc.*		353		36,151
Power Integrations, Inc.		419		35,464
Maximus, Inc.		447		35,179
Insight Enterprises, Inc.*		232		33,167
Synaptics, Inc.*		292		32,456

128 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Axcelis Technologies, Inc.*		242	$	32,246
Onto Innovation, Inc.*		366		32,164
Diodes, Inc.*		329		30,518
MACOM Technology Solutions Holdings, Inc.*		401		28,407
Altair Engineering, Inc. — Class A*		385		27,762
Box, Inc. — Class A*		1,032		27,647
Blackline, Inc.*		408		27,397
Duolingo, Inc.*		177		25,238
Envestnet, Inc.*		408		23,937
Blackbaud, Inc.*		345		23,909
ACI Worldwide, Inc.*		828		22,339
PagerDuty, Inc.*		638		22,317
Kulicke & Soffa Industries, Inc.		412		21,708
Impinj, Inc.*		158		21,412
Ambarella, Inc.*		273		21,136
Sprout Social, Inc. — Class A*		345		21,004
MicroStrategy, Inc. — Class A*		71		20,755
Varonis Systems, Inc.*		789		20,522
DigitalOcean Holdings, Inc.*		518		20,290
Rapid7, Inc.*		436		20,017
Evolent Health, Inc. — Class A*		612		19,859
Amkor Technology, Inc.		757		19,697
MaxLinear, Inc. — Class A*		537		18,908
CommVault Systems, Inc.*		332		18,838
FormFactor, Inc.*		576		18,346
Progress Software Corp.		317		18,212
Appfolio, Inc. — Class A*		144		17,925
Verint Systems, Inc.*		478		17,801
Verra Mobility Corp.*		1,035		17,512
SiTime Corp.*		119		16,925
Fastly, Inc. — Class A*		837		14,865
C3.ai, Inc. — Class A*,1		440		14,771
NetScout Systems, Inc.*		503		14,411
Cohu, Inc.*		348		13,360
Appian Corp. — Class A*		298		13,225
Xerox Holdings Corp.		853		13,136
Clear Secure, Inc. — Class A		476		12,457
CSG Systems International, Inc.		229		12,297
Agilysys, Inc.*		146		12,046
Phreesia, Inc.*		367		11,850
Asana, Inc. — Class A*		550		11,622
Semtech Corp.*		472		11,394
Parsons Corp.*		252		11,275
ACV Auctions, Inc. — Class A*		868		11,206
Ultra Clean Holdings, Inc.*		337		11,175
Schrodinger Incorporated/United States*		403		10,611
Apollo Medical Holdings, Inc.*		290		10,576
Privia Health Group, Inc.*		381		10,519
Veradigm, Inc.*		803		10,479
Sumo Logic, Inc.*		867		10,387
Everbridge, Inc.*		295		10,228
3D Systems Corp.*		945		10,130
PDF Solutions, Inc.*		222		9,413
Model N, Inc.*		275		9,204
Zuora, Inc. — Class A*		929		9,179
Momentive Global, Inc.*		973		9,068
Zeta Global Holdings Corp. — Class A*		819		8,870
Digi International, Inc.*		257		8,656
E2open Parent Holdings, Inc.*		1,487		8,654
Digital Turbine, Inc.*		693		8,565
AvidXchange Holdings, Inc.*		1,094		8,533
PROS Holdings, Inc.*		305		8,357
Cerence, Inc.*		297		8,343
Avid Technology, Inc.*		257		8,219
Yext, Inc.*		836		8,034
Veeco Instruments, Inc.*		374		7,903
Donnelley Financial Solutions, Inc.*		188		7,682
Photronics, Inc.*		448		7,428
NextGen Healthcare, Inc.*		409		7,121
Adeia, Inc.		778		6,893
PowerSchool Holdings, Inc. — Class A*		341		6,759
PAR Technology Corp.*		198		6,724
N-able, Inc.*		509		6,719
ForgeRock, Inc. — Class A*		322		6,633
Outset Medical, Inc.*		358		6,587
SMART Global Holdings, Inc.*		358		6,172
Olo, Inc. — Class A*		672		5,484
IonQ, Inc.*		887		5,455
Corsair Gaming, Inc.*		297		5,450
TTEC Holdings, Inc.		140		5,212
CEVA, Inc.*		171		5,203
Amplitude, Inc. — Class A*		417		5,187
OneSpan, Inc.*		296		5,180
Simulations Plus, Inc.		117		5,141
Sapiens International Corporation N.V.		236		5,126
EngageSmart, Inc.*		262		5,044
Pitney Bowes, Inc.		1,292		5,026
Intapp, Inc.*		107		4,798
Consensus Cloud Solutions, Inc.*		139		4,739
Health Catalyst, Inc.*		405		4,726
Alignment Healthcare, Inc.*		726		4,617
Desktop Metal, Inc. — Class A*		1,978		4,549
Matterport, Inc.*		1,653		4,513
Alpha & Omega Semiconductor Ltd.*		165		4,447
PubMatic, Inc. — Class A*		318		4,395
Conduent, Inc.*		1,268		4,349
BigCommerce Holdings, Inc.*		480		4,291
Grid Dynamics Holdings, Inc.*		366		4,194
ACM Research, Inc. — Class A*		357		4,177
Vimeo, Inc.*		1,069		4,094
Integral Ad Science Holding Corp.*		285		4,067
AvePoint, Inc.*		965		3,976
8x8, Inc.*		830		3,461
Alkami Technology, Inc.*		267		3,380
Instructure Holdings, Inc.*		129		3,341
Computer Programs and Systems, Inc.*		108		3,262
Domo, Inc. — Class B*		228		3,235
Sharecare, Inc.*		2,199		3,123
SolarWinds Corp.*		361		3,105
Mitek Systems, Inc.*		314		3,011
MeridianLink, Inc.*		171		2,958
American Software, Inc. — Class A		232		2,926
Cvent Holding Corp.*		338		2,826

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 129

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
ON24, Inc.*		312	$	2,733
Bandwidth, Inc. — Class A*		173		2,630
Ebix, Inc.		196		2,585
Daily Journal Corp.*		9		2,565
Cantaloupe, Inc.*		441		2,514
LivePerson, Inc.*		525		2,315
Playstudios, Inc.*		592		2,184
Inspired Entertainment, Inc.*		163		2,085
Enfusion, Inc. — Class A*		197		2,069
Digimarc Corp.*		102		2,004
Unisys Corp.*		494		1,917
EverCommerce, Inc.*		181		1,915
Nutex Health, Inc.*		1,868		1,887
Vuzix Corp.*		443		1,834
Ouster, Inc.*		2,123		1,776
HireRight Holdings Corp.*		157		1,666
IBEX Holdings Ltd.*		66		1,610
Rimini Street, Inc.*		365		1,504
Blend Labs, Inc. — Class A*		1,396		1,391
Skillz, Inc.*		2,318		1,375
Brightcove, Inc.*		307		1,366
Veritone, Inc.*		233		1,358
Faraday Future Intelligent Electric, Inc.*		3,739		1,324
Red Violet, Inc.*		72		1,267
Skillsoft Corp.*		606		1,212
AXT, Inc.*		303		1,206
Outbrain, Inc.*		290		1,198
eGain Corp.*		156		1,184
Weave Communications, Inc.*		233		1,158
CS Disco, Inc.*		166		1,102
Telos Corp.*		402		1,017
Atomera, Inc.*		152		968
Velo3D, Inc.*		422		958
SkyWater Technology, Inc.*		84		956
Upland Software, Inc.*		218		937
Porch Group, Inc.*		605		865
Cardlytics, Inc.*		238		808
Rackspace Technology, Inc.*		429		807
Markforged Holding Corp.*		839		804
NextNav, Inc.*		345		700
Diebold Nixdorf, Inc.*		545		654
SecureWorks Corp. — Class A*		74		634
Arteris, Inc.*		130		550
LiveVox Holdings, Inc.*		167		516
WM Technology, Inc.*		552		469
Viant Technology, Inc. — Class A*		106		461
Latch, Inc.*		498		380
IronNet, Inc.*		493		173
Rigetti Computing, Inc.*		237		172
Pear Therapeutics, Inc.*		514		131
Cerberus Cyber Sentinel Corp.*		361		122
Kaleyra, Inc.*		62		102
Total Technology				1,796,938
Energy — 5.2%
Chord Energy Corp.		307		41,322
Murphy Oil Corp.		1,088		40,234
ChampionX Corp.		1,478		40,098
Matador Resources Co.		830		39,550
PBF Energy, Inc. — Class A		873		37,853
Civitas Resources, Inc.		544		37,177
Denbury, Inc.*		370		32,423
Weatherford International plc*		522		30,981
Valaris Ltd.*		454		29,537
Magnolia Oil & Gas Corp. — Class A		1,288		28,182
Shoals Technologies Group, Inc. — Class A*		1,202		27,394
Helmerich & Payne, Inc.		759		27,134
SM Energy Co.		898		25,288
Kosmos Energy Ltd.*		3,371		25,080
Array Technologies, Inc.*		1,125		24,615
Noble Corporation plc*		622		24,550
Peabody Energy Corp.*		879		22,502
California Resources Corp.		547		21,060
CNX Resources Corp.*		1,241		19,881
Patterson-UTI Energy, Inc.		1,602		18,743
Permian Resources Corp.		1,737		18,239
Equitrans Midstream Corp.		3,069		17,739
Alpha Metallurgical Resources, Inc.		112		17,472
Tidewater, Inc.*		345		15,208
CONSOL Energy, Inc.		256		14,917
Northern Oil and Gas, Inc.		488		14,811
Arch Resources, Inc.		110		14,461
Warrior Met Coal, Inc.		384		14,097
Oceaneering International, Inc.*		746		13,152
Liberty Energy, Inc. — Class A		993		12,720
Callon Petroleum Co.*		368		12,306
Green Plains, Inc.*		397		12,303
Sitio Royalties Corp. — Class A		523		11,820
Delek US Holdings, Inc.		513		11,773
Expro Group Holdings N.V.*		641		11,769
Sunnova Energy International, Inc.*		741		11,574
Borr Drilling Ltd.*		1,486		11,264
Par Pacific Holdings, Inc.*		365		10,658
NexTier Oilfield Solutions, Inc.*		1,311		10,422
Archrock, Inc.		1,011		9,877
NOW, Inc.*		823		9,176
Diamond Offshore Drilling, Inc.*		747		8,994
FuelCell Energy, Inc.*,1		3,013		8,587
SunPower Corp. — Class A*		611		8,456
Nabors Industries Ltd.*		68		8,290
Helix Energy Solutions Group, Inc.*		1,067		8,259
Talos Energy, Inc.*		517		7,672
Comstock Resources, Inc.		685		7,391
CVR Energy, Inc.		220		7,212
Dril-Quip, Inc.*		249		7,144
US Silica Holdings, Inc.*		553		6,603
Gulfport Energy Corp.*		81		6,480
Stem, Inc.*		1,076		6,101
Ranger Oil Corp. — Class A		141		5,758
Vital Energy, Inc.*		123		5,601
SunCoke Energy, Inc.		622		5,585
Fluence Energy, Inc.*		270		5,468
ProPetro Holding Corp.*		652		4,688
Tellurian, Inc.*		3,809		4,685

130 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Berry Corp.		567	$	4,451
RPC, Inc.		555		4,268
Earthstone Energy, Inc. — Class A*		322		4,189
Vertex Energy, Inc.*,1		403		3,982
Bristow Group, Inc.*		174		3,898
Oil States International, Inc.*		464		3,865
Kinetik Holdings, Inc. — Class A		122		3,819
Montauk Renewables, Inc.*		480		3,778
Select Energy Services, Inc. — Class A		533		3,710
W&T Offshore, Inc.*		706		3,587
VAALCO Energy, Inc.		789		3,574
TPI Composites, Inc.*		273		3,563
SandRidge Energy, Inc.*		237		3,415
REX American Resources Corp.*		114		3,259
DMC Global, Inc.*		140		3,076
Excelerate Energy, Inc. — Class A		138		3,055
Riley Exploration Permian, Inc.		79		3,007
Crescent Energy Co. — Class A		243		2,748
TETRA Technologies, Inc.*		929		2,462
Newpark Resources, Inc.*		637		2,452
Gevo, Inc.*		1,469		2,262
ProFrac Holding Corp. — Class A*		172		2,179
Solaris Oilfield Infrastructure, Inc. — Class A		235		2,007
SilverBow Resources, Inc.*		87		1,988
Amplify Energy Corp.*		266		1,827
Eneti, Inc.		173		1,618
National Energy Services Reunited Corp.*		285		1,499
Ramaco Resources, Inc.		167		1,471
FutureFuel Corp.		192		1,417
Aris Water Solution, Inc. — Class A		165		1,285
Ring Energy, Inc.*		657		1,248
NextDecade Corp.*		227		1,128
HighPeak Energy, Inc.		48		1,104
NACCO Industries, Inc. — Class A		30		1,082
Energy Vault Holdings, Inc.*		475		1,017
Alto Ingredients, Inc.*		539		808
Cleanspark, Inc.*		286		795
Empire Petroleum Corp.*		48		596
Aemetis, Inc.*		220		510
Heliogen, Inc.*		676		162
Battalion Oil Corp.*		19		125
Total Energy				1,088,622
Communications — 3.3%
Iridium Communications, Inc.		922		57,099
TEGNA, Inc.		1,644		27,800
Maxar Technologies, Inc.		543		27,726
Ziff Davis, Inc.*		341		26,615
Calix, Inc.*		425		22,776
Cogent Communications Holdings, Inc.		321		20,454
Perficient, Inc.*		255		18,408
Viavi Solutions, Inc.*		1,657		17,945
Extreme Networks, Inc.*		932		17,820
InterDigital, Inc.		222		16,184
Yelp, Inc. — Class A*		499		15,319
Marqeta, Inc. — Class A*		3,241		14,811
Bumble, Inc. — Class A*		740		14,467
Cargurus, Inc.*		763		14,253
DigitalBridge Group, Inc.		1,166		13,980
Shutterstock, Inc.		178		12,923
Infinera Corp.*		1,426		11,066
Q2 Holdings, Inc.*		417		10,267
Upwork, Inc.*		896		10,143
Harmonic, Inc.*		687		10,023
CommScope Holding Company, Inc.*		1,532		9,759
ePlus, Inc.*		198		9,710
Cars.com, Inc.*		492		9,496
Magnite, Inc.*		976		9,038
Hims & Hers Health, Inc.*		906		8,987
ADTRAN Holdings, Inc.		566		8,977
Liberty Latin America Ltd. — Class C*		1,084		8,954
Revolve Group, Inc.*		305		8,021
Telephone & Data Systems, Inc.		753		7,914
Scholastic Corp.		218		7,460
A10 Networks, Inc.		471		7,296
TechTarget, Inc.*		201		7,260
Squarespace, Inc. — Class A*		226		7,180
Shenandoah Telecommunications Co.		362		6,885
Credo Technology Group Holding Ltd.*		721		6,792
Overstock.com, Inc.*		318		6,446
QuinStreet, Inc.*		377		5,983
Globalstar, Inc.*		5,106		5,923
Figs, Inc. — Class A*		951		5,887
Planet Labs PBC*		1,435		5,639
Open Lending Corp. — Class A*		787		5,540
Gogo, Inc.*		367		5,321
Gray Television, Inc.		610		5,319
Sinclair Broadcast Group, Inc. — Class A		299		5,131
Eventbrite, Inc. — Class A*		577		4,951
HealthStream, Inc.		181		4,905
EchoStar Corp. — Class A*		251		4,591
Anterix, Inc.*		136		4,493
Thryv Holdings, Inc.*		189		4,358
WideOpenWest, Inc.*		400		4,252
Clearfield, Inc.*		91		4,239
Stagwell, Inc.*		570		4,230
EW Scripps Co. — Class A*		436		4,103
AMC Networks, Inc. — Class A*		226		3,973
NETGEAR, Inc.*		211		3,906
IDT Corp. — Class B*		111		3,783
Boston Omaha Corp. — Class A*		155		3,669
iHeartMedia, Inc. — Class A*		899		3,506
ATN International, Inc.		81		3,314
Clear Channel Outdoor Holdings, Inc.*		2,721		3,265
Stitch Fix, Inc. — Class A*		617		3,153
Rover Group, Inc.*		691		3,130
Couchbase, Inc.*		204		2,868
Aviat Networks, Inc.*		82		2,826
MediaAlpha, Inc. — Class A*		182		2,726
Entravision Communications Corp. — Class A		443		2,680
Preformed Line Products Co.		19		2,433
Liquidity Services, Inc.*		183		2,410
Liberty Latin America Ltd. — Class A*		286		2,377

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 131

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
1-800-Flowers.com, Inc. — Class A*		206	$	2,369
United States Cellular Corp.*		112		2,322
Quotient Technology, Inc.*		669		2,194
Ooma, Inc.*		172		2,152
EverQuote, Inc. — Class A*		147		2,043
CarParts.com, Inc.*		378		2,018
Gannett Company, Inc.*		1,075		2,010
ContextLogic, Inc. — Class A*		4,268		1,903
Ribbon Communications, Inc.*		540		1,847
OptimizeRx Corp.*		125		1,829
Nerdy, Inc.*		411		1,718
fuboTV, Inc.*		1,379		1,669
Cambium Networks Corp.*		86		1,524
Vivid Seats, Inc. — Class A*,1		189		1,442
Tucows, Inc. — Class A*		74		1,439
Consolidated Communications Holdings, Inc.*		555		1,432
Blade Air Mobility, Inc.*		419		1,416
DHI Group, Inc.*		320		1,242
BARK, Inc.*		846		1,227
Solo Brands, Inc. — Class A*		165		1,185
Lands’ End, Inc.*		113		1,098
DZS, Inc.*		138		1,089
Advantage Solutions, Inc.*		616		973
Allbirds, Inc. — Class A*		712		854
RealReal, Inc.*		652		822
Vacasa, Inc. — Class A*		853		821
Edgio, Inc.*		1,025		811
Innovid Corp.*		571		805
1stdibs.com, Inc.*		174		691
Groupon, Inc.*		161		678
Gambling.com Group Ltd.*		66		654
Cumulus Media, Inc. — Class A*		136		502
Focus Universal, Inc.*		197		491
Urban One, Inc.*		62		468
Urban One, Inc.*		85		468
RumbleON, Inc. — Class B*		77		467
Inseego Corp.*		644		375
Arena Group Holdings, Inc.*		86		365
Value Line, Inc.		7		338
Casa Systems, Inc.*		264		335
Terran Orbital Corp.*,1		179		329
KORE Group Holdings, Inc.*		263		321
Ondas Holdings, Inc.*		264		285
AdTheorent Holding Company, Inc.*		113		191
Audacy, Inc.*		889		120
Lulu’s Fashion Lounge Holdings, Inc.*		42		100
Cyxtera Technologies, Inc.*		283		86
Inspirato, Inc.*		73		70
aka Brands Holding Corp.*		84		46
Total Communications				694,772
Basic Materials — 3.0%
Commercial Metals Co.		862		42,152
ATI, Inc.*		916		36,145
Cabot Corp.		411		31,499
Balchem Corp.		235		29,723
Avient Corp.		672		27,659
HB Fuller Co.		397		27,175
Livent Corp.*		1,200		26,064
Hecla Mining Co.		4,083		25,845
Sensient Technologies Corp.		310		23,734
Rogers Corp.*		138		22,553
Ingevity Corp.*		277		19,811
Quaker Chemical Corp.		100		19,795
Arconic Corp.*		749		19,646
Innospec, Inc.		184		18,891
Stepan Co.		159		16,382
Carpenter Technology Corp.		356		15,935
Minerals Technologies, Inc.		242		14,622
Constellium SE*		932		14,241
Tronox Holdings plc — Class A		873		12,554
Orion Engineered Carbons S.A.		451		11,767
Sylvamo Corp.		251		11,611
Novagold Resources, Inc.*		1,785		11,103
Kaiser Aluminum Corp.		119		8,881
Compass Minerals International, Inc.		256		8,778
Mativ Holdings, Inc.		403		8,652
Coeur Mining, Inc.*		2,079		8,295
Piedmont Lithium, Inc.*		130		7,807
AdvanSix, Inc.		199		7,616
Uranium Energy Corp.*		2,638		7,598
AZZ, Inc.		183		7,547
Perimeter Solutions S.A.*		869		7,022
Ecovyst, Inc.*		624		6,895
Energy Fuels, Inc.*		1,164		6,495
Hawkins, Inc.		145		6,348
Schnitzer Steel Industries, Inc. — Class A		191		5,940
Trinseo plc		261		5,442
Koppers Holdings, Inc.		151		5,280
Diversey Holdings Ltd.*		583		4,716
American Vanguard Corp.		213		4,660
Haynes International, Inc.		91		4,558
Lightwave Logic, Inc.*		833		4,357
Ivanhoe Electric Incorporated / US*		342		4,155
Century Aluminum Co.*		387		3,870
Origin Materials, Inc.*		784		3,348
Rayonier Advanced Materials, Inc.*		460		2,884
Danimer Scientific, Inc.*		676		2,332
United States Lime & Minerals, Inc.		15		2,290
Intrepid Potash, Inc.*		82		2,263
Amyris, Inc.*		1,500		2,040
Codexis, Inc.*		457		1,892
Ur-Energy, Inc.*		1,563		1,657
Kronos Worldwide, Inc.		165		1,520
Dakota Gold Corp.*		385		1,394
5E Advanced Materials, Inc.*		241		1,306
Glatfelter Corp.		328		1,047
PolyMet Mining Corp.*		413		888
Unifi, Inc.*		106		866
Hycroft Mining Holding Corp.*		1,130		489
Valhi, Inc.		18		313
Terawulf, Inc.*		169		158
Total Basic Materials				640,506

132 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

	Shares		Value
Utilities — 2.7%
New Jersey Resources Corp.		710	$	37,772
Brookfield Infrastructure Corp. — Class A		723		33,301
Ormat Technologies, Inc.		386		32,721
Portland General Electric Co.		660		32,267
ONE Gas, Inc.		397		31,454
Southwest Gas Holdings, Inc.		495		30,913
PNM Resources, Inc.		632		30,766
Black Hills Corp.		480		30,288
ALLETE, Inc.		424		27,293
Spire, Inc.		377		26,443
NorthWestern Corp.		429		24,822
American States Water Co.		273		24,267
California Water Service Group		401		23,338
Avista Corp.		545		23,135
Otter Tail Corp.		306		22,115
MGE Energy, Inc.		272		21,126
Clearway Energy, Inc. — Class C		612		19,174
Chesapeake Utilities Corp.		130		16,639
SJW Group		201		15,302
Northwest Natural Holding Co.		255		12,128
Ameresco, Inc. — Class A*		237		11,665
Middlesex Water Co.		130		10,156
Clearway Energy, Inc. — Class A		260		7,808
Unitil Corp.		119		6,788
York Water Co.		105		4,693
Altus Power, Inc.*,1		678		3,715
Artesian Resources Corp. — Class A		61		3,377
Global Water Resources, Inc.		99		1,231
FTC Solar, Inc.*		316		711
Via Renewables, Inc.		18		335
Total Utilities				565,743
Government — 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		206		3,580
Total Common Stocks
(Cost $19,629,157)				17,113,086
RIGHTS† - 0.0%
Basic Materials — 0.0%
PolyMet Mining Corp.*		230		—
Consumer, Non-cyclical — 0.0%
Oncternal Therapeutics, Inc.*,†††		7		—
Tobira Therapeutics, Inc.*,†††		141		—
Total Consumer, Non-cyclical				—
Total Rights
(Cost $153)				—
EXCHANGE-TRADED FUNDS† - 10.7%
Vanguard Russell 2000 ETF		15,743		1,134,756
iShares Russell 2000 Index ETF1		6,356		1,133,910
Total Exchange-Traded Funds
(Cost $2,799,130)				2,268,666
	Face Amount
U.S. TREASURY BILLS†† - 0.1%
U.S. Treasury Bills
3.36% due 04/11/232,3	$	13,000		12,987
Total U.S. Treasury Bills
(Cost $12,987)				12,987
REPURCHASE AGREEMENTS††,4 - 8.1%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/235		949,953		949,953
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/235		375,310		375,310
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/235		375,310		375,310
Total Repurchase Agreements
(Cost $1,700,573)				1,700,573
	Shares
SECURITIES LENDING COLLATERAL†,6 - 4.5%
Money Market Fund
First American Government Obligations Fund, 4.65%7		952,152		952,152
Total Securities Lending Collateral
(Cost $952,152)				952,152
Total Investments — 104.5%
(Cost $25,094,152)			$	22,047,464
Other Assets & Liabilities, net - (4.5)%				(945,970	)
Total Net Assets — 100.0%			$	21,101,494

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		2		Jun 2023	$	181,340	$	8,120

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 133

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

Russell 2000 Index

Pay

4.93% (Federal Funds Rate + 0.10%)

At Maturity

06/28/23

535

$

964,113

$

26,434

BNP Paribas

Russell 2000 Index

Pay

5.03% (Federal Funds Rate + 0.20%)

At Maturity

06/28/23

198

357,426

9,884

Barclays Bank plc

Russell 2000 Index

Pay

4.82% (SOFR)

At Maturity

06/27/23

109

196,627

5,324

$

1,518,166

$

41,642

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — See Note 7.
2	All or a portion of this security is pledged as futures collateral at March 31, 2023.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as equity index swap collateral at March 31, 2023.
6	Securities lending collateral — See Note 7.
7	Rate indicated is the 7-day yield as of March 31, 2023.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

134 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
RUSSELL 2000® FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	17,113,086	$	—	*	$	—		$	17,113,086
Rights		—		—			—	*		—
Exchange-Traded Funds		2,268,666		—			—			2,268,666
U.S. Treasury Bills		—		12,987			—			12,987
Repurchase Agreements		—		1,700,573			—			1,700,573
Securities Lending Collateral		952,152		—			—			952,152
Equity Futures Contracts**		8,120		—			—			8,120
Equity Index Swap Agreements**		—		41,642			—			41,642
Total Assets	$	20,342,024	$	1,755,202		$	—		$	22,097,226

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 135

RUSSELL 2000^® FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $949,636 of securities loaned (cost $23,393,579)	$	20,346,891
Repurchase agreements, at value (cost $1,700,573)		1,700,573
Cash		2,409
Segregated cash with broker		23,000
Unrealized appreciation on OTC swap agreements		41,642
Receivables:
Dividends		18,328
Variation margin on futures contracts		3,330
Fund shares sold		2,155
Swap settlement		1,902
Securities lending income		1,064
Interest		227
Total assets		22,141,521
Liabilities:
Payable for:
Return of securities lending collateral		952,152
Fund shares redeemed		23,531
Management fees		14,656
Transfer agent fees		6,633
Distribution and service fees		5,879
Portfolio accounting and administration fees		4,006
Trustees’ fees*		344
Miscellaneous		32,826
Total liabilities		1,040,027
Net assets	$	21,101,494
Net assets consist of:
Paid in capital	$	27,363,167
Total distributable earnings (loss)		(6,261,673	)
Net assets	$	21,101,494
A-Class:
Net assets	$	3,805,764
Capital shares outstanding		86,335
Net asset value per share	$	44.08
Maximum offering price per share (Net asset value divided by 95.25%)	$	46.28
C-Class:
Net assets	$	1,534,803
Capital shares outstanding		41,097
Net asset value per share	$	37.35
H-Class:
Net assets	$	15,760,927
Capital shares outstanding		358,441
Net asset value per share	$	43.97

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $380)	$	298,254
Interest		159,198
Income from securities lending, net		15,638
Total investment income		473,090
Expenses:
Management fees		188,978
Distribution and service fees:
A-Class		16,978
C-Class		16,204
H-Class		41,968
Transfer agent fees		57,037
Portfolio accounting and administration fees		48,364
Professional fees		14,153
Trustees’ fees*		4,579
Custodian fees		3,869
Interest expense		63
Miscellaneous		35,907
Total expenses		428,100
Net investment income		44,990
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,218,652	)
Swap agreements		(1,077,345	)
Futures contracts		(313,585	)
Net realized loss		(2,609,582	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,625,134	)
Swap agreements		(58,779	)
Futures contracts		3,748
Net change in unrealized appreciation (depreciation)		(1,680,165	)
Net realized and unrealized loss		(4,289,747	)
Net decrease in net assets resulting from operations	$	(4,244,757	)

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

136 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	44,990		$	(408,854	)
Net realized loss on investments		(2,609,582	)		(836,810	)
Net change in unrealized appreciation (depreciation) on investments		(1,680,165	)		(1,231,604	)
Net decrease in net assets resulting from operations		(4,244,757	)		(2,477,268	)
Distributions to shareholders:
A-Class		—			(1,380,296	)
C-Class		—			(292,995	)
H-Class		—			(2,471,695	)
Total distributions to shareholders		—			(4,144,986	)
Capital share transactions:
Proceeds from sale of shares
A-Class		15,034,155			17,520,237
C-Class		287,217			1,581,608
H-Class		20,564,801			37,692,434
Distributions reinvested
A-Class		—			1,363,190
C-Class		—			220,999
H-Class		—			2,449,855
Cost of shares redeemed
A-Class		(15,994,733	)		(23,403,707	)
C-Class		(390,831	)		(3,123,918	)
H-Class		(20,271,844	)		(47,441,374	)
Net decrease from capital share transactions		(771,235	)		(13,140,676	)
Net decrease in net assets		(5,015,992	)		(19,762,930	)
Net assets:
Beginning of year		26,117,486			45,880,416
End of year	$	21,101,494		$	26,117,486
Capital share activity:
Shares sold
A-Class		339,145			293,769
C-Class		7,559			29,850
H-Class		453,292			631,536
Shares issued from reinvestment of distributions
A-Class		—			25,352
C-Class		—			4,804
H-Class		—			45,681
Shares redeemed
A-Class		(366,931	)		(405,915	)
C-Class		(10,500	)		(59,133	)
H-Class		(459,644	)		(794,616	)
Net decrease in shares		(37,079	)		(228,672	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 137

RUSSELL 2000^® FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	50.66		$	61.82		$	32.24		$	43.81		$	43.67
Income (loss) from investment operations:
Net investment income (loss)a		.13			(.69	)		(.77	)		—	b		(.05	)
Net gain (loss) on investments (realized and unrealized)		(6.71	)		(3.41	)		30.35			(10.89	)		.19	d
Total from investment operations		(6.58	)		(4.10	)		29.58			(10.89	)		.14
Less distributions from:
Net investment income		—			—			—			(.01	)		—
Net realized gains		—			(7.06	)		—			(.67	)		—
Total distributions		—			(7.06	)		—			(.68	)		—
Net asset value, end of period	$	44.08		$	50.66		$	61.82		$	32.24		$	43.81
Total Returnc		(12.99	%)		(7.29	%)		91.75	%		(25.32	%)		0.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,806		$	5,781		$	12,421		$	10,712		$	18,569
Ratios to average net assets:
Net investment income (loss)		0.28	%		(1.14	%)		(1.53	%)		—	e		(0.11	%)
Total expenses		1.65	%		1.60	%		1.67	%		1.73	%		1.71	%
Portfolio turnover rate		25	%		76	%		—			35	%		112	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	43.24		$	54.24		$	28.50		$	39.09		$	39.26
Income (loss) from investment operations:
Net investment income (loss)a		(.21	)		(.98	)		(.95	)		(.29	)		(.37	)
Net gain (loss) on investments (realized and unrealized)		(5.68	)		(2.96	)		26.69			(9.62	)		.20	d
Total from investment operations		(5.89	)		(3.94	)		25.74			(9.91	)		(.17	)
Less distributions from:
Net investment income		—			—			—			(.01	)		—
Net realized gains		—			(7.06	)		—			(.67	)		—
Total distributions		—			(7.06	)		—			(.68	)		—
Net asset value, end of period	$	37.35		$	43.24		$	54.24		$	28.50		$	39.09
Total Returnc		(13.62	%)		(8.05	%)		90.32	%		(25.88	%)		(0.43	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,535		$	1,904		$	3,717		$	1,590		$	3,264
Ratios to average net assets:
Net investment income (loss)		(0.56	%)		(1.89	%)		(2.28	%)		(0.74	%)		(0.91	%)
Total expenses		2.40	%		2.36	%		2.43	%		2.48	%		2.46	%
Portfolio turnover rate		25	%		76	%		—			35	%		112	%

138 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^® FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	50.53		$	61.68		$	32.17		$	43.70		$	43.57
Income (loss) from investment operations:
Net investment income (loss)a		.09			(.66	)		(.75	)		.01			(.06	)
Net gain (loss) on investments (realized and unrealized)		(6.65	)		(3.43	)		30.26			(10.86	)		.19	d
Total from investment operations		(6.56	)		(4.09	)		29.51			(10.85	)		.13
Less distributions from:
Net investment income		—			—			—			(.01	)		—
Net realized gains		—			(7.06	)		—			(.67	)		—
Total distributions		—			(7.06	)		—			(.68	)		—
Net asset value, end of period	$	43.97		$	50.53		$	61.68		$	32.17		$	43.70
Total Return		(12.98	%)		(7.29	%)		91.73	%		(25.30	%)		0.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	15,761		$	18,432		$	29,743		$	6,731		$	19,384
Ratios to average net assets:
Net investment income (loss)		0.21	%		(1.12	%)		(1.52	%)		0.01	%		(0.14	%)
Total expenses		1.65	%		1.61	%		1.67	%		1.73	%		1.71	%
Portfolio turnover rate		25	%		76	%		—			35	%		112	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Less than $0.01 per share.
c	Total return does not reflect the impact of any applicable sales charges.
d	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
e	Less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 139

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

INVERSE RUSSELL 2000^® STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the Russell 2000^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, Inverse Russell 2000^® Strategy Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index. Inverse Russell 2000^® Strategy Fund H-Class returned 9.09%, while the Russell 2000 Index returned -11.61% over the same time period.

The sectors contributing the most to the return of the underlying index were Consumer Staples and Communication Services. The sectors detracting the most were Financials, Health Care, and Real Estate.

The holdings contributing the most to the return of the underlying index were Crocs, Inc., Iridium Communications, Inc., and Super Micro Computer, Inc. The holdings detracting the most were AMC Entertainment Holdings, Inc. - Class A, Avis Budget Group, Inc., and Silvergate Capital Corp. - Class A.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the highest efficient manner and to provide leverage and not for hedging purposes. Derivatives performed as expected.

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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

140 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
A-Class	March 31, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

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

Cumulative Fund Performance*

Largest Holdings	(% of Total Net Assets)
Guggenheim Strategy Fund II	15.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	15.7%
Total	31.5%
“Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	9.07%	(10.31%)	(11.93%)
A-Class Shares with sales charge‡	3.89%	(11.18%)	(12.36%)
C-Class Shares	8.18%	(10.99%)	(12.58%)
C-Class Shares with CDSC§	7.18%	(10.99%)	(12.58%)
H-Class Shares	9.09%	(10.29%)	(11.91%)
Russell 2000 Index	(11.61%)	4.71%	9.47%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 141

SCHEDULE OF INVESTMENTS	March 31, 2023
INVERSE RUSSELL 2000® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 31.5%
Guggenheim Strategy Fund II1		39,100	$	946,618
Guggenheim Ultra Short Duration Fund — Institutional Class1		97,310		944,879
Total Mutual Funds
(Cost $1,914,222)				1,891,497
	Face Amount
U.S. TREASURY BILLS†† - 0.8%
U.S. Treasury Bills
4.21% due 05/02/232,3	$	50,000		49,815
Total U.S. Treasury Bills
(Cost $49,819)				49,815

REPURCHASE AGREEMENTS††,4 - 70.9%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/232	2,379,286		2,379,286
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/232	940,016		940,016
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/232	940,016		940,016
Total Repurchase Agreements
(Cost $4,259,318)			4,259,318
Total Investments — 103.2%
(Cost $6,223,359)		$	6,200,630
Other Assets & Liabilities, net - (3.2)%			(190,110	)
Total Net Assets — 100.0%		$	6,010,520

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements Sold Short††

BNP Paribas

Russell 2000 Index

Receive

4.63% (Federal Funds Rate - 0.20%)

At Maturity

06/28/23

349

$

629,363

$

(17,407

)

Barclays Bank plc

Russell 2000 Index

Receive

4.32% (SOFR - 0.50%)

At Maturity

06/27/23

571

1,028,550

(27,853

)

Goldman Sachs International

Russell 2000 Index

Receive

4.68% (Federal Funds Rate - 0.15%)

At Maturity

06/28/23

2,414

4,351,670

(120,355

)

$

6,009,583

$

(165,615

)

†	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 March 31, 2023.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

142 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
INVERSE RUSSELL 2000® STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	1,891,497	$	—	$	—	$	1,891,497
U.S. Treasury Bills		—		49,815		—		49,815
Repurchase Agreements		—		4,259,318		—		4,259,318
Total Assets	$	1,891,497	$	4,309,133	$	—	$	6,200,630

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	165,615	$	—	$	165,615

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	959,911	$	—	$	—	$	—	$	(13,293	)	$	946,618		39,100	$	35,148
Guggenheim Ultra Short Duration Fund — Institutional Class		952,665		—		—		—		(7,786	)		944,879		97,310		30,357
	$	1,912,576	$	—	$	—	$	—	$	(21,079	)	$	1,891,497			$	65,505

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 143

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $49,819)	$	49,815
Investments in affiliated issuers, at value (cost $1,914,222)		1,891,497
Repurchase agreements, at value (cost $4,259,318)		4,259,318
Segregated cash with broker		45,246
Receivables:
Fund shares sold		64,664
Dividends		8,016
Investment Adviser		577
Interest		568
Total assets		6,319,701
Liabilities:
Unrealized depreciation on OTC swap agreements		165,615
Payable for:
Fund shares redeemed		110,244
Swap settlement		10,809
Management fees		5,143
Transfer agent fees		2,392
Distribution and service fees		1,520
Trustees’ fees*		105
Miscellaneous		13,353
Total liabilities		309,181
Net assets	$	6,010,520
Net assets consist of:
Paid in capital	$	48,111,242
Total distributable earnings (loss)		(42,100,722	)
Net assets	$	6,010,520
A-Class:
Net assets	$	501,159
Capital shares outstanding		8,334
Net asset value per share	$	60.13
Maximum offering price per share (Net asset value divided by 95.25%)	$	63.13
C-Class:
Net assets	$	55,172
Capital shares outstanding		1,061
Net asset value per share	$	52.00
H-Class:
Net assets	$	5,454,189
Capital shares outstanding		90,335
Net asset value per share	$	60.38

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	65,505
Interest		268,642
Total investment income		334,147
Expenses:
Management fees		107,887
Distribution and service fees:
A-Class		1,250
C-Class		473
H-Class		28,600
Transfer agent fees		26,088
Portfolio accounting and administration fees		16,885
Interest expense		5,760
Professional fees		5,603
Custodian fees		1,767
Trustees’ fees*		1,685
Miscellaneous		17,597
Total expenses		213,595
Less:
Expenses reimbursed by Adviser		(4,019	)
Expenses waived by Adviser		(2,355	)
Total waived/reimbursed expenses		(6,374	)
Net expenses		207,221
Net investment income		126,926
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		470
Swap agreements		(789,380	)
Futures contracts		(120,586	)
Net realized loss		(909,496	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(34	)
Investments in affiliated issuers		(21,079	)
Swap agreements		(143,753	)
Net change in unrealized appreciation (depreciation)		(164,866	)
Net realized and unrealized loss		(1,074,362	)
Net decrease in net assets resulting from operations	$	(947,436	)

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

144 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	126,926		$	(70,365	)
Net realized gain (loss) on investments		(909,496	)		107,402
Net change in unrealized appreciation (depreciation) on investments		(164,866	)		(200,849	)
Net decrease in net assets resulting from operations		(947,436	)		(163,812	)
Capital share transactions:
Proceeds from sale of shares
A-Class		403,082			2,036,187
C-Class		117,157			10,281
H-Class		101,535,042			55,676,842
Cost of shares redeemed
A-Class		(372,766	)		(1,774,903	)
C-Class		(85,772	)		(8,149	)
H-Class		(100,505,459	)		(55,343,428	)
Net increase from capital share transactions		1,091,284			596,830
Net increase in net assets		143,848			433,018
Net assets:
Beginning of year		5,866,672			5,433,654
End of year	$	6,010,520		$	5,866,672
Capital share activity:
Shares sold
A-Class		6,565			36,508
C-Class		2,169			215
H-Class		1,660,486			1,004,972
Shares redeemed
A-Class		(6,263	)		(34,263	)
C-Class		(1,696	)		(170	)
H-Class		(1,667,628	)		(999,148	)
Net increase (decrease) in shares		(6,367	)		8,114

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 145

INVERSE RUSSELL 2000^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e			Year Ended March 31, 2019e
Per Share Data
Net asset value, beginning of period	$	55.13		$	55.28		$	120.61		$	102.08		$	104.50
Income (loss) from investment operations:
Net investment income (loss)a		.67			(.64	)		(.45	)		.50			.70
Net gain (loss) on investments (realized and unrealized)		4.33	f		.49			(64.83	)		18.73	f		(3.12	)
Total from investment operations		5.00			(.15	)		(65.28	)		19.23			(2.42	)
Less distributions from:
Net investment income		—			—			(.05	)		(.70	)		—
Total distributions		—			—			(.05	)		(.70	)		—
Net asset value, end of period	$	60.13		$	55.13		$	55.28		$	120.61		$	102.08
Total Returnb		9.07	%		(0.27	%)		(54.13	%)		19.00	%		(2.30	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	501		$	443		$	320		$	207		$	746
Ratios to average net assets:
Net investment income (loss)		1.13	%		(1.17	%)		(1.38	%)		0.51	%		0.65	%
Total expensesc		1.80	%		1.71	%		1.80	%		1.82	%		1.83	%
Net expensesd		1.75	%		1.66	%		1.78	%		1.78	%		1.81	%
Portfolio turnover rate		—			—			14	%		7	%		40	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e			Year Ended March 31, 2019e
Per Share Data
Net asset value, beginning of period	$	48.07		$	48.51		$	106.73		$	91.07		$	93.97
Income (loss) from investment operations:
Net investment income (loss)a		.30			(.89	)		(.61	)		(.30	)		(.25	)
Net gain (loss) on investments (realized and unrealized)		3.63	f		.45			(57.56	)		16.66	f		(2.65	)
Total from investment operations		3.93			(.44	)		(58.17	)		16.36			(2.90	)
Less distributions from:
Net investment income		—			—			(.05	)		(.70	)		—
Total distributions		—			—			(.05	)		(.70	)		—
Net asset value, end of period	$	52.00		$	48.07		$	48.51		$	106.73		$	91.07
Total Returnb		8.18	%		(0.91	%)		(54.49	%)		18.22	%		(3.09	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	55		$	28		$	26		$	94		$	460
Ratios to average net assets:
Net investment income (loss)		0.58	%		(1.88	%)		(2.15	%)		(0.34	%)		(0.26	%)
Total expensesc		2.55	%		2.46	%		2.57	%		2.57	%		2.56	%
Net expensesd		2.49	%		2.40	%		2.54	%		2.53	%		2.55	%
Portfolio turnover rate		—			—			14	%		7	%		40	%

146 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE RUSSELL 2000^® STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020e			Year Ended March 31, 2019e
Per Share Data
Net asset value, beginning of period	$	55.35		$	55.51		$	121.09		$	102.43		$	104.78
Income (loss) from investment operations:
Net investment income (loss)a		.64			(.64	)		(.44	)		.10			.55
Net gain (loss) on investments (realized and unrealized)		4.39	f		.48			(65.09	)		19.26	f		(2.90	)
Total from investment operations		5.03			(.16	)		(65.53	)		19.36			(2.35	)
Less distributions from:
Net investment income		—			—			(.05	)		(.70	)		—
Total distributions		—			—			(.05	)		(.70	)		—
Net asset value, end of period	$	60.38		$	55.35		$	55.51		$	121.09		$	102.43
Total Return		9.09	%		(0.29	%)		(54.13	%)		19.08	%		(2.24	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,454		$	5,396		$	5,087		$	22,414		$	9,392
Ratios to average net assets:
Net investment income (loss)		1.06	%		(1.17	%)		(1.42	%)		0.07	%		0.53	%
Total expensesc		1.78	%		1.71	%		1.81	%		1.82	%		1.82	%
Net expensesd		1.72	%		1.66	%		1.79	%		1.79	%		1.81	%
Portfolio turnover rate		—			-—			14	%		7	%		40	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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	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.
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 ANNUAL REPORT | 147

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

DOW JONES INDUSTRIAL AVERAGE^® FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the Dow Jones Industrial Average^® (the “underlying index”).

For the Reporting Period, Dow Jones Industrial Average^® Fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the Dow Jones Industrial Average Index. Dow Jones Industrial Average^® Fund H-Class returned -3.87%, while the Dow Jones Industrial Average Index returned -1.98% over the same time period.

The sectors contributing the most to the return of the underlying index were Consumer Discretionary, Health Care, and Energy. The sectors detracting the most were Information Technology, Communication Services, and Financials.

The holdings contributing the most to the return of the underlying index were McDonald’s Corp., Merck & Company, Inc., and Boeing Co. The holdings detracting the most were Walt Disney Co., 3M Co., and American Express Co.

Derivatives in the Fund were used to help provide exposure to the composition of the benchmark in the most efficient manner possible and not for hedging purposes. Derivatives performed as expected.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

148 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Inception Dates:
A-Class	December 1, 2015
C-Class	December 1, 2015
H-Class	December 1, 2015

Cumulative Fund Performance*

Ten Largest Holdings	(% of Total Net Assets)
UnitedHealth Group, Inc.	8.4%
Goldman Sachs Group, Inc.	5.8%
Home Depot, Inc.	5.2%
Microsoft Corp.	5.1%
McDonald’s Corp.	4.9%
Amgen, Inc.	4.3%
Caterpillar, Inc.	4.1%
Visa, Inc. — Class A	4.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.8%
Boeing Co.	3.8%
Top Ten Total	49.4%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	Since Inception (12/01/15)
A-Class Shares	(3.90%)	7.01%	9.40%
A-Class Shares with sales charge‡	(8.46%)	5.97%	8.68%
C-Class Shares	(4.61%)	6.22%	8.58%
C-Class Shares with CDSC§	(5.53%)	6.22%	8.58%
H-Class Shares	(3.87%)	7.01%	9.41%
Dow Jones Industrial Average Index	(1.98%)	9.01%	11.33%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Dow Jones Industrial Average Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 149

SCHEDULE OF INVESTMENTS	March 31, 2023
DOW JONES INDUSTRIAL AVERAGE® FUND

	Shares		Value
COMMON STOCKS† - 89.4%
Consumer, Non-cyclical — 21.0%
UnitedHealth Group, Inc.		4,481	$	2,117,676
Amgen, Inc.		4,481		1,083,282
Johnson & Johnson		4,481		694,555
Procter & Gamble Co.		4,481		666,280
Merck & Company, Inc.		4,481		476,734
Coca-Cola Co.		4,481		277,956
Total Consumer, Non-cyclical				5,316,483
Financial — 18.0%
Goldman Sachs Group, Inc.		4,481		1,465,780
Visa, Inc. — Class A		4,481		1,010,286
Travelers Companies, Inc.		4,481		768,088
American Express Co.		4,481		739,141
JPMorgan Chase & Co.		4,481		583,919
Total Financial				4,567,214
Consumer, Cyclical — 15.6%
Home Depot, Inc.		4,481		1,322,433
McDonald’s Corp.		4,481		1,252,932
Walmart, Inc.		4,481		660,723
NIKE, Inc. — Class B		4,481		549,550
Walgreens Boots Alliance, Inc.		4,481		154,953
Total Consumer, Cyclical				3,940,591
Technology — 14.5%
Microsoft Corp.		4,481		1,291,873
Salesforce, Inc.*		4,481		895,214
Apple, Inc.		4,481		738,917
International Business Machines Corp.		4,481		587,414
Intel Corp.		4,481		146,394
Total Technology				3,659,812
Industrial — 13.0%
Caterpillar, Inc.		4,481		1,025,432
Boeing Co.*		4,481		951,899
Honeywell International, Inc.		4,481		856,409
3M Co.		4,481		470,998
Total Industrial				3,304,738
Communications — 3.4%
Walt Disney Co.*		4,481		448,683
Cisco Systems, Inc.		4,481		234,244
Verizon Communications, Inc.		4,481		174,266
Total Communications				857,193
Energy — 2.9%
Chevron Corp.		4,481		731,120
Basic Materials — 1.0%
Dow, Inc.		4,481		245,648
Total Common Stocks
(Cost $19,510,774)				22,622,799
MUTUAL FUNDS† - 7.4%
Guggenheim Ultra Short Duration Fund — Institutional Class1		98,739		958,754
Guggenheim Strategy Fund II1		37,085		897,823
Total Mutual Funds
(Cost $1,898,270)				1,856,577
	Face Amount
U.S. TREASURY BILLS†† - 0.4%
U.S. Treasury Bills
4.21% due 05/02/232,3	$	100,000		99,630
Total U.S. Treasury Bills
(Cost $99,637)				99,630
REPURCHASE AGREEMENTS††,4 - 1.1%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/232		160,334		160,334
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/232		63,345		63,345
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/232		63,345		63,345
Total Repurchase Agreements
(Cost $287,024)				287,024
Total Investments — 98.3%
(Cost $21,795,705)			$	24,866,030
Other Assets & Liabilities, net — 1.7%				442,351
Total Net Assets — 100.0%			$	25,308,381

150 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
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 Index Mini Futures Contracts		5		Jun 2023	$	836,450	$	20,025

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements††

Barclays Bank plc

Dow Jones Industrial Average Index

Pay

5.32% (SOFR + 0.50%)

At Maturity

06/27/23

37

$

1,232,831

$

20,529

BNP Paribas

Dow Jones Industrial Average Index

Pay

5.38% (Federal Funds Rate + 0.55%)

At Maturity

06/28/23

19

617,428

16,328

$

1,850,259

$

36,857

*	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 March 31, 2023.
3	Rate indicated is the effective yield at the time of purchase.
4	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	22,622,799	$	—	$	—	$	22,622,799
Mutual Funds		1,856,577		—		—		1,856,577
U.S. Treasury Bills		—		99,630		—		99,630
Repurchase Agreements		—		287,024		—		287,024
Equity Futures Contracts**		20,025		—		—		20,025
Equity Index Swap Agreements**		—		36,857		—		36,857
Total Assets	$	24,499,401	$	423,511	$	—	$	24,922,912

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 151

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
DOW JONES INDUSTRIAL AVERAGE® FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	910,432	$	—	$	—		$	—		$	(12,609	)	$	897,823		37,085	$	33,336
Guggenheim Ultra Short Duration Fund — Institutional Class		2,386,129		—		(1,400,000	)		(41,542	)		14,167			958,754		98,739		38,180
	$	3,296,561	$	—	$	(1,400,000	)	$	(41,542	)	$	1,558		$	1,856,577			$	71,516

152 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

DOW JONES INDUSTRIAL AVERAGE^® FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $19,610,411)	$	22,722,429
Investments in affiliated issuers, at value (cost $1,898,270)		1,856,577
Repurchase agreements, at value (cost $287,024)		287,024
Segregated cash with broker		40,000
Unrealized appreciation on OTC swap agreements		36,857
Receivables:
Fund shares sold		406,112
Dividends		17,306
Variation margin on futures contracts		10,350
Interest		38
Total assets		25,376,693
Liabilities:
Payable for:
Fund shares redeemed		16,095
Management fees		15,500
Professional fees		8,657
Transfer agent fees		7,364
Printing fees		5,005
Distribution and service fees		6,980
Portfolio accounting and administration fees		3,193
Trustees’ fees*		363
Swap settlement		194
Miscellaneous		4,961
Total liabilities		68,312
Net assets	$	25,308,381
Net assets consist of:
Paid in capital	$	24,234,818
Total distributable earnings (loss)		1,073,563
Net assets	$	25,308,381
A-Class:
Net assets	$	3,749,293
Capital shares outstanding		46,761
Net asset value per share	$	80.18
Maximum offering price per share (Net asset value divided by 95.25%)	$	84.18
C-Class:
Net assets	$	2,846,201
Capital shares outstanding		37,752
Net asset value per share	$	75.39
H-Class:
Net assets	$	18,712,887
Capital shares outstanding		233,161
Net asset value per share	$	80.26

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of unaffiliated issuers	$	512,455
Dividends from securities of affiliated issuers		71,516
Interest		58,520
Income from securities lending, net		1,867
Total investment income		644,358
Expenses:
Management fees		211,659
Distribution and service fees:
A-Class		11,015
C-Class		27,022
H-Class		52,782
Transfer agent fees		61,153
Portfolio accounting and administration fees		39,945
Registration fees		18,407
Professional fees		14,781
Trustees’ fees*		4,337
Custodian fees		4,239
Interest expense		630
Line of credit fees		44
Miscellaneous		16,959
Total expenses		462,973
Less:
Expenses waived by Adviser		(3,484	)
Net expenses		459,489
Net investment income		184,869
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		3,990,036
Investments in affiliated issuers		(41,542	)
Swap agreements		(81,382	)
Futures contracts		(79,503	)
Net realized gain		3,787,609
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(3,283,172	)
Investments in affiliated issuers		1,558
Swap agreements		44,955
Futures contracts		24,312
Net change in unrealized appreciation (depreciation)		(3,212,347	)
Net realized and unrealized gain		575,262
Net increase in net assets resulting from operations	$	760,131

* 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 ANNUAL REPORT | 153

DOW JONES INDUSTRIAL AVERAGE^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	184,869		$	25,847
Net realized gain (loss) on investments		3,787,609			(2,594,628	)
Net change in unrealized appreciation (depreciation) on investments		(3,212,347	)		922,717
Net increase (decrease) in net assets resulting from operations		760,131			(1,646,064	)
Distributions to shareholders:
A-Class		(125,880	)		(73,239	)
C-Class		(88,282	)		(39,310	)
H-Class		(617,177	)		(328,493	)
Total distributions to shareholders		(831,339	)		(441,042	)
Capital share transactions:
Proceeds from sale of shares
A-Class		16,530,435			14,137,715
C-Class		719,834			757,554
H-Class		136,595,167			112,056,497
Distributions reinvested
A-Class		122,857			71,724
C-Class		85,555			38,732
H-Class		614,515			327,965
Cost of shares redeemed
A-Class		(17,340,135	)		(12,752,208	)
C-Class		(719,478	)		(723,714	)
H-Class		(141,871,511	)		(104,478,439	)
Net increase (decrease) from capital share transactions		(5,262,761	)		9,435,826
Net increase (decrease) in net assets		(5,333,969	)		7,348,720
Net assets:
Beginning of year		30,642,350			23,293,630
End of year	$	25,308,381		$	30,642,350
Capital share activity:
Shares sold
A-Class		205,921			162,368
C-Class		9,409			9,166
H-Class		1,714,832			1,271,008
Shares issued from reinvestment of distributions
A-Class		1,554			807
C-Class		1,149			458
H-Class		7,766			3,685
Shares redeemed
A-Class		(214,524	)		(145,006	)
C-Class		(9,543	)		(8,752	)
H-Class		(1,756,498	)		(1,218,778	)
Net increase (decrease) in shares		(39,934	)		74,956

154 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

DOW JONES INDUSTRIAL AVERAGE^® FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	86.09		$	82.82		$	57.33		$	70.54		$	66.00
Income (loss) from investment operations:
Net investment income (loss)a		.52			.05			.02			.47			.55
Net gain (loss) on investments (realized and unrealized)		(3.90	)e		4.32	e		29.21			(10.67	)		4.78
Total from investment operations		(3.38	)		4.37			29.23			(10.20	)		5.33
Less distributions from:
Net investment income		(.47	)		—			(.06	)		(.31	)		(.64	)
Net realized gains		(2.06	)		(1.10	)		(3.68	)		(2.70	)		(.15	)
Total distributions		(2.53	)		(1.10	)		(3.74	)		(3.01	)		(.79	)
Net asset value, end of period	$	80.18		$	86.09		$	82.82		$	57.33		$	70.54
Total Returnb		(3.90	%)		5.23	%		51.61	%		(15.38	%)		8.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,749		$	4,632		$	2,952		$	2,652		$	19,022
Ratios to average net assets:
Net investment income (loss)		0.65	%		0.05	%		0.02	%		0.65	%		0.80	%
Total expensesc		1.57	%		1.56	%		1.69	%		1.66	%		1.61	%
Net expensesd		1.55	%		1.55	%		1.68	%		1.64	%		1.61	%
Portfolio turnover rate		414	%		240	%		110	%		186	%		465	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	81.70		$	79.25		$	55.37		$	68.74		$	64.81
Income (loss) from investment operations:
Net investment income (loss)a		(.03	)		(.56	)		(.49	)		(.02	)		.03
Net gain (loss) on investments (realized and unrealized)		(3.75	)e		4.11	e		28.11			(10.34	)		4.69
Total from investment operations		(3.78	)		3.55			27.62			(10.36	)		4.72
Less distributions from:
Net investment income		(.47	)		—			(.06	)		(.31	)		(.64	)
Net realized gains		(2.06	)		(1.10	)		(3.68	)		(2.70	)		(.15	)
Total distributions		(2.53	)		(1.10	)		(3.74	)		(3.01	)		(.79	)
Net asset value, end of period	$	75.39		$	81.70		$	79.25		$	55.37		$	68.74
Total Returnb		(4.61	%)		4.43	%		50.52	%		(16.03	%)		7.37	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,846		$	3,001		$	2,842		$	1,637		$	1,731
Ratios to average net assets:
Net investment income (loss)		(0.04	%)		(0.68	%)		(0.70	%)		(0.03	%)		0.04	%
Total expensesc		2.32	%		2.32	%		2.44	%		2.42	%		2.36	%
Net expensesd		2.30	%		2.31	%		2.43	%		2.40	%		2.36	%
Portfolio turnover rate		414	%		240	%		110	%		186	%		465	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 155

DOW JONES INDUSTRIAL AVERAGE^® FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	86.15		$	82.88		$	57.36		$	70.59		$	66.04
Income (loss) from investment operations:
Net investment income (loss)a		.60			.17			.03			.51			.55
Net gain (loss) on investments (realized and unrealized)		(3.96	)e		4.20	e		29.23			(10.73	)		4.79
Total from investment operations		(3.36	)		4.37			29.26			(10.22	)		5.34
Less distributions from:
Net investment income		(.47	)		—			(.06	)		(.31	)		(.64	)
Net realized gains		(2.06	)		(1.10	)		(3.68	)		(2.70	)		(.15	)
Total distributions		(2.53	)		(1.10	)		(3.74	)		(3.01	)		(.79	)
Net asset value, end of period	$	80.26		$	86.15		$	82.88		$	57.36		$	70.59
Total Return		(3.87	%)		5.23	%		51.64	%		(15.40	%)		8.16	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	18,713		$	23,009		$	17,500		$	24,331		$	40,617
Ratios to average net assets:
Net investment income (loss)		0.74	%		0.19	%		0.05	%		0.70	%		0.80	%
Total expensesc		1.57	%		1.57	%		1.70	%		1.66	%		1.62	%
Net expensesd		1.56	%		1.55	%		1.69	%		1.64	%		1.62	%
Portfolio turnover rate		414	%		240	%		110	%		186	%		465	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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	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.

156 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correspond, before fees and expenses, to a benchmark for U.S. Government securities on a daily basis. The Fund’s current benchmark is 120% of the daily price movement of the Long Treasury Bond. The Long Treasury Bond is the U.S. Treasury bond with the longest maturity, which is currently 30 years. The price movement of the Long Treasury Bond is based on the daily price change of the most recently issued Long Treasury Bond. The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, the Government Long Bond 1.2x Strategy Fund Investor Class returned -25.66%. The Price Movement of the Long Treasury Bond was -23.32% over the same period. For comparison, the return the Bloomberg U.S. Long Treasury Index was -16.00% and the Bloomberg U.S. Treasury Bellwethers 30 Yr. Index was -20.19%.

As prices of long-term Treasury bonds fell over the Reporting Period, their yields rose, from 2.44% to 3.67%, with yields moving between 3.5-4.0% for the first quarter of 2023. Yields of on-the-run U.S. Treasury 30 year bonds reached their peak for the Reporting Period in October, around 4.38%.

This performance was partly due to the U.S. Federal Reserve’s aggressive pace of interest rate hikes—eight times in the Reporting Period for a cumulative total of 4.50%, taking rates to their highest level since the mid-2000s. That included two hikes in the first quarter of 2023, each 25 basis points, to lift the Fed funds rate range to 4.75-5.00%.

The hikes were in response to inflation that soared to a 40-year high in 2022, due in part to consumer demand and a tight labor market. Inflation cooled in the last months of 2022, but is still above its 2% long-term target. Resilient labor market data and services inflation suggest the Fed’s job may not be done. At the same time, concerns over the lags of monetary tightening and banking sector stability argue for a more cautious approach to policy. The Fed is wary of letting financial conditions ease too far and too fast, which would undo the economic impact of their aggressive rate hikes.

Derivatives in the Fund are used to provide additional exposure to composition of the benchmark in the most efficient manner possible and to provide leverage and not for hedging purposes. Derivatives performed as expected.

Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amounts 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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

THE RYDEX FUNDS ANNUAL REPORT | 157

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(continued) March 31, 2023

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	January 3, 1994
A-Class	March 31, 2004
C-Class	May 2, 2001
H-Class	September 18, 2014

The Fund invests principally in U.S. Government securities and in derivative investments such as futures contracts.

Largest Holdings	(% of Total Net Assets)
U.S. Treasury Bonds	85.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.6%
Guggenheim Strategy Fund II	4.4%
Total	95.0%
“Largest Holdings” excludes any temporary cash or derivative investments.

158 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(25.66%)	(3.21%)	0.05%
A-Class Shares	(25.88%)	(3.48%)	(0.17%)
A-Class Shares with sales charge‡	(29.40%)	(4.41%)	(0.66%)
C-Class Shares	(26.47%)	(4.19%)	(0.95%)
C-Class Shares with CDSC§	(27.18%)	(4.19%)	(0.95%)
Bloomberg U.S. Long Treasury Index	(16.00%)	(0.35%)	1.45%
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(20.19%)	(1.15%)	0.93%
Price Movement of Long Treasury Bond**	(23.32%)	(3.66%)	(1.77%)

	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(25.87%)	(3.47%)	(0.41%)
Bloomberg U.S. Long Treasury Index	(16.00%)	(0.35%)	1.65%
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(20.19%)	(1.15%)	(1.08%)
Price Movement of Long Treasury Bond**	(23.32%)	(3.66%)	(1.50%)

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Bloomberg U.S. Long Treasury Index, Bloomberg U.S. Treasury Bellwethers 30 year Index and the Price Movement of Long Treasury Bond are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce its reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class shares and H-Class shares will vary due to differences in fee structures.
**	Does not reflect any interest.
***	Effective August 1, 2022, the Fund changed its comparative benchmark to the Bloomberg U.S. Treasury Bellwethers 30 Year Index.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 159

SCHEDULE OF INVESTMENTS	March 31, 2023
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 10.0%
Guggenheim Ultra Short Duration Fund — Institutional Class1		253,606	$	2,462,516
Guggenheim Strategy Fund II1		81,235		1,966,699
Total Mutual Funds
(Cost $4,535,378)				4,429,215
	Face Amount
U.S. GOVERNMENT SECURITIES†† - 85.0%
U.S. Treasury Bonds
3.63% due 02/15/53	$	38,100,000		37,826,156
Total U.S. Government Securities
(Cost $36,376,610)				37,826,156
U.S. TREASURY BILLS†† - 1.9%
U.S. Treasury Bills
3.36% due 04/11/232,3		851,000		850,134
Total U.S. Treasury Bills
(Cost $850,149)				850,134

REPURCHASE AGREEMENTS††,4 - 2.0%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	501,956		501,956
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23	198,314		198,314
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23	198,314		198,314
Total Repurchase Agreements
(Cost $898,584)			898,584
Total Investments — 98.9%
(Cost $42,660,721)		$	44,004,089
Other Assets & Liabilities, net — 1.1%			510,703
Total Net Assets — 100.0%		$	44,514,792

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury Ultra Long Bond Futures Contracts		118		Jun 2023	$	16,711,750	$	720,470

**	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 March 31, 2023.
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.

160 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	4,429,215	$	—	$	—	$	4,429,215
U.S. Government Securities		—		37,826,156		—		37,826,156
U.S. Treasury Bills		—		850,134		—		850,134
Repurchase Agreements		—		898,584		—		898,584
Interest Rate Futures Contracts**		720,470		—		—		720,470
Total Assets	$	5,149,685	$	39,574,874	$	—	$	44,724,559

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,728,073	$	—	$	(3,700,000	)	$	(87,149	)	$	25,775	$	1,966,699		81,235	$	85,395
Guggenheim Ultra Short Duration Fund — Institutional Class		5,526,328		—		(3,000,000	)		(96,827	)		33,015		2,462,516		253,606		91,312
	$	11,254,401	$	—	$	(6,700,000	)	$	(183,976	)	$	58,790	$	4,429,215			$	176,707

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 161

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $37,226,759)	$	38,676,290
Investments in affiliated issuers, at value (cost $4,535,378)		4,429,215
Repurchase agreements, at value (cost $898,584)		898,584
Segregated cash with broker		51,424
Receivables:
Securities sold		12,608,719
Fund shares sold		338,639
Variation margin on futures contracts		257,527
Interest		229,035
Dividends		18,739
Total assets		57,508,172
Liabilities:
Payable for:
Fund shares redeemed		12,910,812
Management fees		22,065
Transfer agent fees		11,184
Distribution and service fees		7,982
Portfolio accounting and administration fees		6,889
Trustees’ fees*		782
Miscellaneous		33,666
Total liabilities		12,993,380
Net assets	$	44,514,792
Net assets consist of:
Paid in capital	$	105,816,126
Total distributable earnings (loss)		(61,301,334	)
Net assets	$	44,514,792
Investor Class:
Net assets	$	17,260,145
Capital shares outstanding		644,164
Net asset value per share	$	26.79
A-Class:
Net assets	$	2,647,912
Capital shares outstanding		97,826
Net asset value per share	$	27.07
Maximum offering price per share (Net asset value divided by 95.25%)	$	28.42
C-Class:
Net assets	$	384,160
Capital shares outstanding		14,269
Net asset value per share	$	26.92
H-Class:
Net assets	$	24,222,575
Capital shares outstanding		893,866
Net asset value per share	$	27.10

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	176,707
Interest		1,839,579
Total investment income		2,016,286
Expenses:
Management fees		311,446
Distribution and service fees:
A-Class		5,257
C-Class		1,909
H-Class		93,663
Transfer agent fees		121,222
Portfolio accounting and administration fees		81,508
Registration fees		47,849
Professional fees		36,927
Trustees’ fees*		12,279
Custodian fees		9,184
Line of credit fees		24
Miscellaneous		4,715
Total expenses		725,983
Less:
Expenses waived by Adviser		(8,291	)
Net expenses		717,692
Net investment income		1,298,594
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(27,262,668	)
Investments in affiliated issuers		(183,976	)
Futures contracts		(9,788,707	)
Net realized loss		(37,235,351	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		610,206
Investments in affiliated issuers		58,790
Futures contracts		645,428
Net change in unrealized appreciation (depreciation)		1,314,424
Net realized and unrealized loss		(35,920,927	)
Net decrease in net assets resulting from operations	$	(34,622,333	)

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

162 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,298,594		$	644,943
Net realized loss on investments		(37,235,351	)		(8,916,731	)
Net change in unrealized appreciation (depreciation) on investments		1,314,424			1,610,186
Net decrease in net assets resulting from operations		(34,622,333	)		(6,661,602	)
Distributions to shareholders:
Investor Class		(482,297	)		(247,228	)
A-Class		(45,813	)		(16,711	)
H-Class		(765,619	)		(380,952	)
Total distributions to shareholders		(1,293,729	)		(644,891	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		1,129,806,243			1,284,348,371
A-Class		3,185,992			2,191,417
C-Class		844,347			1,249,077
H-Class		749,356,668			870,390,775
Distributions reinvested
Investor Class		407,526			226,961
A-Class		44,878			15,380
H-Class		765,619			380,769
Cost of shares redeemed
Investor Class		(1,104,284,363	)		(1,331,286,210	)
A-Class		(2,176,557	)		(1,404,749	)
C-Class		(573,858	)		(1,223,686	)
H-Class		(760,516,645	)		(910,236,231	)
Net increase (decrease) from capital share transactions		16,859,850			(85,348,126	)
Net decrease in net assets		(19,056,212	)		(92,654,619	)
Net assets:
Beginning of year		63,571,004			156,225,623
End of year	$	44,514,792		$	63,571,004
Capital share activity:
Shares sold
Investor Class		37,816,102			32,025,430
A-Class		112,769			52,021
C-Class		29,443			30,512
H-Class		26,450,947			20,875,218
Shares issued from reinvestment of distributions
Investor Class		14,010			5,560
A-Class		1,631			371
H-Class		27,540			9,240
Shares redeemed
Investor Class		(37,508,178	)		(33,537,449	)
A-Class		(76,327	)		(34,615	)
C-Class		(19,239	)		(30,946	)
H-Class		(26,903,414	)		(21,782,726	)
Net decrease in shares		(54,716	)		(2,387,384	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 163

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	36.94		$	37.93		$	74.11		$	53.22		$	51.21
Income (loss) from investment operations:
Net investment income (loss)a		.64			.39			.25			.77			.96
Net gain (loss) on investments (realized and unrealized)		(10.11	)		(1.00	)		(14.59	)		22.86			2.00
Total from investment operations		(9.47	)		(.61	)		(14.34	)		23.63			2.96
Less distributions from:
Net investment income		(.68	)		(.38	)		(.25	)		(.77	)		(.95	)
Net realized gains		—			—			(21.59	)		(1.97	)		—
Total distributions		(.68	)		(.38	)		(21.84	)		(2.74	)		(.95	)
Net asset value, end of period	$	26.79		$	36.94		$	37.93		$	74.11		$	53.22
Total Return		(25.66	%)		(1.71	%)		(24.72	%)		45.84	%		5.93	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	17,260		$	11,904		$	69,360		$	37,919		$	67,103
Ratios to average net assets:
Net investment income (loss)		2.15	%		0.95	%		0.40	%		1.28	%		1.94	%
Total expensesb		1.01	%		0.96	%		1.07	%		1.07	%		1.07	%
Net expensesd		0.99	%		0.95	%		1.05	%		1.05	%		1.06	%
Portfolio turnover rate		2,562	%		2,153	%		1,938	%		1,130	%		1,182	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	37.34		$	38.34		$	74.70		$	53.63		$	51.62
Income (loss) from investment operations:
Net investment income (loss)a		.62			.28			.11			.72			.83
Net gain (loss) on investments (realized and unrealized)		(10.28	)		(1.00	)		(14.78	)		22.95			2.01
Total from investment operations		(9.66	)		(.72	)		(14.67	)		23.67			2.84
Less distributions from:
Net investment income		(.61	)		(.28	)		(.10	)		(.63	)		(.83	)
Net realized gains		—			—			(21.59	)		(1.97	)		—
Total distributions		(.61	)		(.28	)		(21.69	)		(2.60	)		(.83	)
Net asset value, end of period	$	27.07		$	37.34		$	38.34		$	74.70		$	53.63
Total Returnc		(25.88	%)		(1.96	%)		(24.98	%)		45.48	%		5.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,648		$	2,231		$	1,610		$	2,775		$	24,639
Ratios to average net assets:
Net investment income (loss)		2.18	%		0.66	%		0.18	%		1.24	%		1.65	%
Total expensesb		1.25	%		1.21	%		1.30	%		1.32	%		1.33	%
Net expensesd		1.24	%		1.19	%		1.29	%		1.30	%		1.32	%
Portfolio turnover rate		2,562	%		2,153	%		1,938	%		1,130	%		1,182	%

164 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	36.61		$	37.63		$	74.15		$	53.27		$	51.24
Income (loss) from investment operations:
Net investment income (loss)a		.40			(.05	)		(.33	)		.13			.45
Net gain (loss) on investments (realized and unrealized)		(10.09	)		(.97	)		(14.60	)		22.92			2.04
Total from investment operations		(9.69	)		(1.02	)		(14.93	)		23.05			2.49
Less distributions from:
Net investment income		—			—			—			(.20	)		(.46	)
Net realized gains		—			—			(21.59	)		(1.97	)		—
Total distributions		—			—			(21.59	)		(2.17	)		(.46	)
Net asset value, end of period	$	26.92		$	36.61		$	37.63		$	74.15		$	53.27
Total Returnc		(26.47	%)		(2.71	%)		(25.55	%)		44.41	%		4.92	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	384		$	149		$	169		$	1,249		$	607
Ratios to average net assets:
Net investment income (loss)		1.41	%		(0.12	%)		(0.55	%)		0.21	%		0.91	%
Total expensesb		2.01	%		1.96	%		2.05	%		2.08	%		2.07	%
Net expensesd		1.99	%		1.94	%		2.03	%		2.06	%		2.06	%
Portfolio turnover rate		2,562	%		2,153	%		1,938	%		1,130	%		1,182	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	37.37		$	38.38		$	74.75		$	53.65		$	51.64
Income (loss) from investment operations:
Net investment income (loss)a		.60			.28			.13			.61			.84
Net gain (loss) on investments (realized and unrealized)		(10.26	)		(1.01	)		(14.82	)		23.09			2.01
Total from investment operations		(9.66	)		(.73	)		(14.69	)		23.70			2.85
Less distributions from:
Net investment income		(.61	)		(.28	)		(.09	)		(.63	)		(.84	)
Net realized gains		—			—			(21.59	)		(1.97	)		—
Total distributions		(.61	)		(.28	)		(21.68	)		(2.60	)		(.84	)
Net asset value, end of period	$	27.10		$	37.37		$	38.38		$	74.75		$	53.65
Total Return		(25.87	%)		(1.95	%)		(24.98	%)		45.55	%		5.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	24,223		$	49,287		$	85,087		$	78,070		$	42,397
Ratios to average net assets:
Net investment income (loss)		2.05	%		0.69	%		0.23	%		1.02	%		1.67	%
Total expensesb		1.25	%		1.21	%		1.29	%		1.32	%		1.32	%
Net expensesd		1.24	%		1.19	%		1.28	%		1.30	%		1.31	%
Portfolio turnover rate		2,562	%		2,153	%		1,938	%		1,130	%		1,182	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Does not include expenses of the underlying funds in which the Fund invests.
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 ANNUAL REPORT | 165

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

OBJECTIVE: Seeks to provide total returns that inversely correlate, before fees and expenses, to the price movements of a benchmark for U.S. Treasury debt instruments or futures contract on a specified debt instrument on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the daily price movement of the Long Treasury Bond. The Long Treasury Bond is the U.S. Treasury bond with the longest maturity, which is currently 30 years. The price movement of the Long Treasury Bond is based on the daily price change of the most recently issued Long Treasury Bond. The Fund does not seek to achieve its investment objective over a period of time greater than one day.

For the Reporting Period, the Inverse Government Long Bond Strategy Fund Investor Class returned 25.15%. The Price Movement of the Long Treasury Bond was -23.32% over the same period. For comparison, the return the Bloomberg U.S. Long Treasury Index was -16.00% and the Bloomberg U.S. Treasury Bellwethers 30 Yr. Index was -20.19%.

As prices of long-term Treasury bonds fell over the Reporting Period, their yields rose, from 2.44% to 3.67%, with yields moving between 3.5-4.0% for the first quarter of 2023. Yields of on-the-run U.S. Treasury 30 year bonds reached their peak for the Reporting Period in October, around 4.38%.

This performance was partly due to the U.S. Federal Reserve’s aggressive pace of interest rate hikes—eight times in the Reporting Period for a cumulative total of 4.50%, taking rates to their highest level since the mid-2000s. That included two hikes in the first quarter of 2023, each 25 basis points, to lift the Fed funds rate range to 4.75-5.00%.

The hikes were in response to inflation that soared to a 40-year high in 2022, due in part to consumer demand and a tight labor market. Inflation cooled in the last months of 2022, but is still above its 2% long-term target. Resilient labor market data and services inflation suggest the Fed’s job may not be done. At the same time, concerns over the lags of monetary tightening and banking sector stability argue for a more cautious approach to policy. The Fed is wary of letting financial conditions ease too far and too fast, which would undo the economic impact of their aggressive rate hikes.

Derivatives in the Fund are used to provide additional exposure to composition of the benchmark in the most efficient manner possible and to provide leverage and not for hedging purposes. Derivatives performed as expected.

Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amounts 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.

The effects of compounding may cause the longer-term correlation of the Fund to its benchmark to diminish. The apparent discrepancy between the leveraged and unleveraged indices is the result of compounding, which is described briefly on page 6 of this report.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

166 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(continued) March 31, 2023

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	March 3, 1995
A-Class	March 31, 2004
C-Class	March 28, 2001
H-Class	September 18, 2014

The Fund invests principally in short sales and derivative investments such as futures contracts.

Largest Holdings	(% of Total Net Assets)
Guggenheim Ultra Short Duration Fund — Institutional Class	10.6%
Guggenheim Strategy Fund II	10.6%
Total	21.2%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS ANNUAL REPORT | 167

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	25.15%	(0.67%)	(2.68%)
A-Class Shares	24.84%	(0.92%)	(2.92%)
A-Class Shares with sales charge‡	18.91%	(1.88%)	(3.39%)
C-Class Shares	23.88%	(1.66%)	(3.64%)
C-Class Shares with CDSC§	22.91%	(1.66%)	(3.64%)
Bloomberg U.S. Long Treasury Index	(16.00%)	(0.35%)	1.45%
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(20.19%)	(1.15%)	0.93%
Price Movement of Long Treasury Bond**	(23.32%)	(3.66%)	(1.77%)

	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	24.85%	(0.88%)	(3.12%)
Bloomberg U.S. Long Treasury Index	(16.00%)	(0.35%)	1.65%
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(20.19%)	(1.15%)	(1.08%)
Price Movement of Long Treasury Bond**	(23.32%)	(3.66%)	(1.50%)

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Bloomberg U.S. Long Treasury Index, Bloomberg U.S. Treasury Bellwethers 30 Year Index and the Price Movement of Long Treasury Bond are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class shares and H-Class shares will vary due to differences in fee structures.
**	Does not reflect any interest.
***	Effective August 1, 2022, the Fund changed its comparative benchmark to the Bloomberg U.S. Treasury Bellwethers 30 Year Index.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

168 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 21.2%
Guggenheim Ultra Short Duration Fund — Institutional Class1		528,512	$	5,131,850
Guggenheim Strategy Fund II1		210,588		5,098,333
Total Mutual Funds
(Cost $10,470,929)				10,230,183
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 27.9%
Federal Home Loan Bank
4.36% due 04/03/232	$	8,000,000		7,998,067
4.64% due 05/05/232		5,500,000		5,477,351
Total Federal Agency Discount Notes
(Cost $13,473,964)				13,475,418
FEDERAL AGENCY NOTES†† - 16.6%
Farmer Mac
4.88% (SOFR + 0.06%, Rate Floor: 0.00%) due 09/15/23◊		4,000,000		4,001,008
Federal Home Loan Bank
4.91% (SOFR + 0.09%, Rate Floor: 0.00%) due 07/03/23◊		4,000,000		4,000,484
Total Federal Agency Notes
(Cost $8,000,000)				8,001,492
U.S. TREASURY BILLS†† - 0.7%
U.S. Treasury Bills
3.36% due 04/11/232,3		367,000		366,626
Total U.S. Treasury Bills
(Cost $366,633)				366,626
REPURCHASE AGREEMENTS††,4 - 75.8%
Individual Repurchase Agreements5
Mizuho Securities USA LLC issued 03/31/23 at 4.65% due 04/03/23 (secured by a U.S. Treasury Bond, at a rate of 3.63% and maturing 02/15/53 as collateral, with a value of $24,075,840) to be repurchased at $23,606,813		23,603,764		23,603,764
Barclays Capital, Inc. issued 03/31/23 at 4.50% due 04/03/23 (secured by a U.S. Treasury Bond, at a rate of 3.63% and maturing 02/15/53 as collateral, with a value of $6,693,240) to be repurchased at $6,562,820		6,562,000		6,562,000
Joint Repurchase Agreements5
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23		3,592,205		3,592,205
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		1,419,220		1,419,220
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		1,419,220		1,419,220
Total Repurchase Agreements
(Cost $36,596,409)				36,596,409
Total Investments — 142.2%
(Cost $68,907,935)			$	68,670,128
U.S. Government Securities Sold Short† - (84.9)%
U.S. Treasury Bonds
3.63% due 02/15/53††		41,300,000		(41,003,156	)
Total U.S. Government Securities Sold Short - (84.9)%
(Proceeds $40,096,240)			$	(41,003,156	)
Other Assets & Liabilities, net — 42.7%				20,631,591
Total Net Assets — 100.0%			$	48,298,563

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury Ultra Long Bond Futures Contracts		56		Jun 2023	$	7,931,000	$	(320,384	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 169

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at March 31, 2023. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at March 31, 2023.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as short security collateral at March 31, 2023.
	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 March 31, 2023 (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	$	10,230,183	$	—	$	—	$	10,230,183
Federal Agency Discount Notes		—		13,475,418		—		13,475,418
Federal Agency Notes		—		8,001,492		—		8,001,492
U.S. Treasury Bills		—		366,626		—		366,626
Repurchase Agreements		—		36,596,409		—		36,596,409
Total Assets	$	10,230,183	$	58,439,945	$	—	$	68,670,128

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Government Securities	$	—	$	41,003,156	$	—	$	41,003,156
Interest Rate Futures Contracts**		320,384		—		—		320,384
Total Liabilities	$	320,384	$	41,003,156	$	—	$	41,323,540

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

170 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,169,933	$	—	$	—	$	—	$	(71,600	)	$	5,098,333		210,588	$	189,301
Guggenheim Ultra Short Duration Fund — Institutional Class		5,174,130		—		—		—		(42,280	)		5,131,850		528,512		164,875
	$	10,344,063	$	—	$	—	$	—	$	(113,880	)	$	10,230,183			$	354,176

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 171

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $21,840,597)	$	21,843,536
Investments in affiliated issuers, at value (cost $10,470,929)		10,230,183
Repurchase agreements, at value (cost $36,596,409)		36,596,409
Receivables:
Fund shares sold		11,037,572
Securities sold		9,928,125
Interest		22,671
Dividends		43,352
Investment Adviser		3,069
Total assets		89,704,917
Liabilities:
Securities sold short, at value (proceeds $40,096,240)		41,003,156
Payable for:
Variation margin on futures contracts		103,250
Fund shares redeemed		70,889
Management fees		33,879
Transfer agent fees		15,547
Distribution and service fees		2,958
Trustees’ fees*		691
Miscellaneous		175,984
Total liabilities		41,406,354
Net assets	$	48,298,563
Net assets consist of:
Paid in capital	$	289,143,323
Total distributable earnings (loss)		(240,844,760	)
Net assets	$	48,298,563
Investor Class:
Net assets	$	29,663,036
Capital shares outstanding		177,834
Net asset value per share	$	166.83
A-Class:
Net assets	$	3,676,979
Capital shares outstanding		23,217
Net asset value per share	$	158.40
Maximum offering price per share (Net asset value divided by 95.25%)	$	166.30
C-Class:
Net assets	$	886,411
Capital shares outstanding		6,634
Net asset value per share	$	133.62
H-Class:
Net assets	$	14,072,137
Capital shares outstanding		88,452
Net asset value per share	$	159.09

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	354,176
Interest		4,350,106
Total investment income		4,704,282
Expenses:
Management fees		1,004,033
Distribution and service fees:
A-Class		11,984
C-Class		18,281
H-Class		37,585
Transfer agent fees		252,134
Interest expense		3,210,123
Portfolio accounting and administration fees		151,811
Professional fees		48,573
Trustees’ fees*		17,199
Custodian fees		16,116
Line of credit fees		265
Miscellaneous		117,569
Total expenses		4,885,673
Less:
Expenses reimbursed by Adviser:		(31,887	)
Expenses waived by Adviser		(12,790	)
Total waived/reimbursed expenses		(44,677	)
Net expenses		4,840,996
Net investment loss		(136,714	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(8,138	)
Investments sold short		23,921,208
Futures contracts		3,587,813
Net realized gain		27,500,883
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(146	)
Investments in affiliated issuers		(113,880	)
Investments sold short		(4,859,919	)
Futures contracts		(599,445	)
Net change in unrealized appreciation (depreciation)		(5,573,390	)
Net realized and unrealized gain		21,927,493
Net increase in net assets resulting from operations	$	21,790,779

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

172 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(136,714	)	$	(1,880,439	)
Net realized gain (loss) on investments		27,500,883			(7,482,429	)
Net change in unrealized appreciation (depreciation) on investments		(5,573,390	)		1,235,801
Net increase (decrease) in net assets resulting from operations		21,790,779			(8,127,067	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		463,344,342			1,277,221,857
A-Class		6,466,235			1,744,144
C-Class		1,595,615			228,458
H-Class		264,686,394			130,450,921
Cost of shares redeemed
Investor Class		(528,744,464	)		(1,228,728,871	)
A-Class		(8,316,812	)		(1,898,962	)
C-Class		(2,143,895	)		(584,995	)
H-Class		(266,169,839	)		(125,148,295	)
Net increase (decrease) from capital share transactions		(69,282,424	)		53,284,257
Net increase (decrease) in net assets		(47,491,645	)		45,157,190
Net assets:
Beginning of year		95,790,208			50,633,018
End of year	$	48,298,563		$	95,790,208
Capital share activity:
Shares sold
Investor Class		2,832,017			9,767,235
A-Class		45,564			14,361
C-Class		12,795			2,213
H-Class		1,740,575			1,032,033
Shares redeemed
Investor Class		(3,242,605	)		(9,443,034	)
A-Class		(56,908	)		(15,839	)
C-Class		(15,875	)		(5,651	)
H-Class		(1,745,689	)		(994,354	)
Net increase (decrease) in shares		(430,126	)		356,964

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 173

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f			Year Ended March 31, 2019f
Per Share Data
Net asset value, beginning of period	$	133.30		$	139.52		$	114.58		$	165.45		$	173.19
Income (loss) from investment operations:
Net investment income (loss)a		(.15	)		(3.89	)		(1.30	)		.60			(.65	)
Net gain (loss) on investments (realized and unrealized)		33.68			(2.33	)		26.68			(51.47	)		(7.09	)
Total from investment operations		33.53			(6.22	)		25.38			(50.87	)		(7.74	)
Less distributions from:
Net investment income		—			—			(.44	)		—			—
Total distributions		—			—			(.44	)		—			—
Net asset value, end of period	$	166.83		$	133.30		$	139.52		$	114.58		$	165.45
Total Return		25.15	%		(4.46	%)		22.19	%		(30.73	%)		(4.47	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	29,663		$	78,436		$	36,863		$	20,983		$	43,149
Ratios to average net assets:
Net investment income (loss)		(0.09	%)		(3.02	%)		(2.46	%)		0.40	%		(0.37	%)
Total expensesb		4.32	%		3.31	%		2.75	%		2.91	%		4.12	%
Net expensesc,d		4.28	%		3.29	%		2.73	%		2.89	%		4.12	%
Portfolio turnover rate		1,076	%		2,058	%		2,159	%		864	%		603	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f			Year Ended March 31, 2019f
Per Share Data
Net asset value, beginning of period	$	126.88		$	133.13		$	109.61		$	158.62		$	166.49
Income (loss) from investment operations:
Net investment income (loss)a		.56			(3.77	)		(1.09	)		.20			(.95	)
Net gain (loss) on investments (realized and unrealized)		30.96			(2.48	)		25.05			(49.21	)		(6.92	)
Total from investment operations		31.52			(6.25	)		23.96			(49.01	)		(7.87	)
Less distributions from:
Net investment income		—			—			(.44	)		—			—
Total distributions		—			—			(.44	)		—			—
Net asset value, end of period	$	158.40		$	126.88		$	133.13		$	109.61		$	158.62
Total Returne		24.84	%		(4.69	%)		21.95	%		(30.90	%)		(4.74	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,677		$	4,385		$	4,798		$	4,832		$	11,407
Ratios to average net assets:
Net investment income (loss)		0.37	%		(3.11	%)		(2.59	%)		0.15	%		(0.57	%)
Total expensesb		4.61	%		3.47	%		2.97	%		3.17	%		4.38	%
Net expensesc,d		4.56	%		3.45	%		2.94	%		3.15	%		4.37	%
Portfolio turnover rate		1,076	%		2,058	%		2,159	%		864	%		603	%

174 | THE RYDEX FUNDS ANNUAL 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.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f			Year Ended March 31, 2019f
Per Share Data
Net asset value, beginning of period	$	107.86		$	114.03		$	94.64		$	138.00		$	145.93
Income (loss) from investment operations:
Net investment income (loss)a		(1.03	)		(4.01	)		(1.11	)		(.75	)		(2.15	)
Net gain (loss) on investments (realized and unrealized)		26.79			(2.16	)		20.94			(42.61	)		(5.78	)
Total from investment operations		25.76			(6.17	)		19.83			(43.36	)		(7.93	)
Less distributions from:
Net investment income		—			—			(.44	)		—			—
Total distributions		—			—			(.44	)		—			—
Net asset value, end of period	$	133.62		$	107.86		$	114.03		$	94.64		$	138.00
Total Returne		23.88	%		(5.41	%)		21.00	%		(31.41	%)		(5.45	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	886		$	1,048		$	1,500		$	2,472		$	6,937
Ratios to average net assets:
Net investment income (loss)		(0.79	%)		(3.85	%)		(3.32	%)		(0.59	%)		(1.44	%)
Total expensesb		5.35	%		4.22	%		3.70	%		3.93	%		5.14	%
Net expensesc,d		5.31	%		4.19	%		3.68	%		3.91	%		5.13	%
Portfolio turnover rate		1,076	%		2,058	%		2,159	%		864	%		603	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 175

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f			Year Ended March 31, 2019f
Per Share Data
Net asset value, beginning of period	$	127.42		$	133.70		$	109.85		$	159.05		$	166.92
Income (loss) from investment operations:
Net investment income (loss)a		(.55	)		(3.95	)		(.98	)		.25			(1.00	)
Net gain (loss) on investments (realized and unrealized)		32.22			(2.33	)		25.27			(49.45	)		(6.87	)
Total from investment operations		31.67			(6.28	)		24.29			(49.20	)		(7.87	)
Less distributions from:
Net investment income		—			—			(.44	)		—			—
Total distributions		—			—			(.44	)		—			—
Net asset value, end of period	$	159.09		$	127.42		$	133.70		$	109.85		$	159.05
Total Return		24.85	%		(4.70	%)		22.18	%		(30.93	%)		(4.70	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,072		$	11,922		$	7,472		$	5,881		$	9,561
Ratios to average net assets:
Net investment income (loss)		(0.36	%)		(3.20	%)		(2.62	%)		0.16	%		(0.58	%)
Total expensesb		4.55	%		3.49	%		2.94	%		3.30	%		4.37	%
Net expensesc,d		4.51	%		3.47	%		2.92	%		3.28	%		4.36	%
Portfolio turnover rate		1,076	%		2,058	%		2,159	%		872	%		603	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Does not include expenses of the underlying funds in which the Fund invests.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total expenses may include interest expense related to short sales. Excluding interest expense, the operating expense ratios for the years presented were as follows:

	03/31/23	03/31/22	03/31/21	03/31/20	03/31/19
Investor Class	1.40%	1.39%	1.47%	1.50%	1.50%
A-Class	1.64%	1.63%	1.73%	1.75%	1.75%
C-Class	2.40%	2.38%	2.48%	2.50%	2.50%
H-Class	1.65%	1.64%	1.73%	1.75%	1.75%

e	Total return does not reflect the impact of any applicable sales charges.
f	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.

176 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

HIGH YIELD STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correlate, before fees and expenses, to the performance of the high yield bond market.

For the Reporting Period, High Yield Strategy Fund H-Class returned -1.88%. For comparison, the Bloomberg U.S. Corporate High Yield Index (the “Index”) returned -3.34% over the same time period.

The Fund primarily invests in credit default swaps to gain exposure similar to the high yield bond market. 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 buyer of credit default swaps is buying credit protection or mitigating credit risk. A seller of credit default swaps is selling credit protection or assuming credit risk. The Fund will normally be a seller of credit protection (assuming credit risk) as it seeks to gain exposure to the high yield bond market. In addition, the Fund may invest in bond futures for the purpose of managing duration risk. For cash management purposes, the Fund may invest in other fixed income securities and money market instruments.

The high yield sector lost ground over the Reporting Period amid the sharp rise in interest rates, due to the ongoing conflict in Ukraine, elevated inflation, and the potential for recession. The sector also had considerable outflows during the Reporting Period, which pressured trading levels. Issues in the capital goods and energy sectors contributed the most to the return of the Index for the Reporting Period, while issues in the communications, consumer non-cyclical, and consumer cyclical sectors detracted the most from return. Bonds in the largest rating categories of the Index detracted from performance for the Reporting Period, with Bs and CCCs underperforming BB rated bonds. High yield fundamentals remain on solid footing with leverage and interest coverage metrics ahead of historical averages. Rating agency downgrades slightly decelerated from the fourth quarter, but downgrades continue to outnumber upgrades by a ratio of 1.8 to 1. This pace is in-line with post GFC averages. The high yield default rate at 1.9% remains below its long-term average of 4%.

Derivatives in the Fund are used to help provide exposure to the composition of the benchmark in the most efficient manner possible and not for hedging purposes. Derivatives performed as expected.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

THE RYDEX FUNDS ANNUAL REPORT | 177

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(continued) March 31, 2023

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	April 16, 2007
C-Class	April 16, 2007
H-Class	April 16, 2007

The Fund invests principally in derivative investments such as high yield credit default swap agreements and futures contracts.

Largest Holdings	(% of Total Net Assets)
Guggenheim Strategy Fund III	10.4%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.9%
Guggenheim Strategy Fund II	6.9%
Total	24.2%
“Largest Holdings” excludes any temporary cash or derivative investments.

178 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(1.89%)	1.32%	2.98%
A-Class Shares with sales charge‡	(6.55%)	0.34%	2.49%
C-Class Shares	(2.62%)	0.57%	2.21%
C-Class Shares with CDSC§	(3.59%)	0.57%	2.21%
H-Class Shares	(1.88%)	1.33%	2.99%
Bloomberg U.S. Corporate High Yield Index	(3.34%)	3.21%	4.10%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Bloomberg U.S. Corporate High Yield Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return. The graphs are based on A-Class shares and H-Class shares only; performance for C-Class shares will vary due to differences in fee structures.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 179

SCHEDULE OF INVESTMENTS	March 31, 2023
HIGH YIELD STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 24.2%
Guggenheim Strategy Fund III1		79,841	$	1,936,146
Guggenheim Ultra Short Duration Fund — Institutional Class1		133,249		1,293,848
Guggenheim Strategy Fund II1		53,173		1,287,312
Total Mutual Funds
(Cost $4,578,426)				4,517,306
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 11.3%
Federal Home Loan Bank
4.64% due 05/05/232	$	1,300,000		1,294,647
4.64% due 05/03/232		819,000		815,845
Total Federal Agency Discount Notes
(Cost $2,109,925)				2,110,492
U.S. TREASURY BILLS†† - 3.4%
U.S. Treasury Bills
3.36% due 04/11/232,3		640,000		639,348
Total U.S. Treasury Bills
(Cost $639,360)				639,348
REPURCHASE AGREEMENTS††,4 - 52.1%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/235		5,446,242		5,446,242
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/235		2,151,719		2,151,719
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/235		2,151,718		2,151,718
Total Repurchase Agreements
(Cost $9,749,679)				9,749,679
Total Investments — 91.0%
(Cost $17,077,390)			$	17,016,825
Other Assets & Liabilities, net — 9.0%				1,682,372
Total Net Assets — 100.0%			$	18,699,197

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		145		Jun 2023	$	15,899,024	$	157,456

Centrally Cleared Credit Default Swap Agreements Protection Sold††
Counterparty	Exchange	Index	Protection Premium Rate	Payment Frequency		Maturity Date		Notional Amount		Value		Upfront Premiums Received			Unrealized Appreciation**
Barclays Bank plc	ICE	CDX.NA.HY.40.V1	5.00%		Quarterly		06/20/28	$	11,150,000	$	169,480	$	(12,109	)	$	181,589
Goldman Sachs International	ICE	CDX.NA.HY.40.V1	5.00%		Quarterly		06/20/28		5,700,000		86,640		(6,849	)		93,489
										$	256,120	$	(18,958	)	$	275,078

180 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
HIGH YIELD STRATEGY FUND

Total Return Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Credit Index Swap Agreements††

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

5.23% (Federal Funds Rate + 0.40%)

At Maturity

04/27/23

16,337

$

1,234,260

$

35,451

BNP Paribas

SPDR Bloomberg High Yield Bond ETF

Pay

5.28% (Federal Funds Rate + 0.45%)

At Maturity

06/28/23

1,788

165,971

4,900

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

5.23% (Federal Funds Rate + 0.40%)

At Maturity

06/28/23

1,222

92,337

2,652

$

1,492,568

$

43,003

**	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 March 31, 2023.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as equity index swap collateral at March 31, 2023.
	CDX.NA.HY.40.V1 — Credit Default Swap North American High Yield Series 40 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	4,517,306	$	—	$	—	$	4,517,306
Federal Agency Discount Notes		—		2,110,492		—		2,110,492
U.S. Treasury Bills		—		639,348		—		639,348
Repurchase Agreements		—		9,749,679		—		9,749,679
Interest Rate Futures Contracts**		157,456		—		—		157,456
Credit Default Swap Agreements**		—		275,078		—		275,078
Credit Index Swap Agreements**		—		43,003		—		43,003
Total Assets	$	4,674,762	$	12,817,600	$	—	$	17,492,362

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 181

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
HIGH YIELD STRATEGY FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,305,391	$	—	$	—		$	—		$	(18,079	)	$	1,287,312		53,173	$	47,799
Guggenheim Strategy Fund III		2,768,259		—		(800,000	)		(6,501	)		(25,612	)		1,936,146		79,841		73,922
Guggenheim Ultra Short Duration Fund — Institutional Class		1,539,748		—		(235,000	)		(722	)		(10,178	)		1,293,848		133,249		41,758
	$	5,613,398	$	—	$	(1,035,000	)	$	(7,223	)	$	(53,869	)	$	4,517,306			$	163,479

182 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $2,749,285)	$	2,749,840
Investments in affiliated issuers, at value (cost $4,578,426)		4,517,306
Repurchase agreements, at value (cost $9,749,679)		9,749,679
Segregated cash with broker		1,380,355
Unrealized appreciation on OTC swap agreements		43,003
Receivables:
Fund shares sold		174,549
Variation margin on credit default swap agreements		91,480
Variation margin on futures contracts		51,866
Protection fees on credit default swap agreements		28,750
Dividends		19,143
Swap settlement		5,479
Interest		1,299
Total assets		18,812,749
Liabilities:
Overdraft due to custodian bank		25
Segregated cash due to broker		60,301
Unamortized upfront premiums received on credit default swap agreements		18,958
Payable for:
Management fees		9,896
Transfer agent fees		5,234
Distribution and service fees		4,137
Portfolio accounting and administration fees		2,068
Fund shares redeemed		888
Trustees’ fees*		234
Miscellaneous		11,811
Total liabilities		113,552
Net assets	$	18,699,197
Net assets consist of:
Paid in capital	$	31,810,676
Total distributable earnings (loss)		(13,111,479	)
Net assets	$	18,699,197
A-Class:
Net assets	$	2,523,651
Capital shares outstanding		22,045
Net asset value per share	$	114.48
Maximum offering price per share (Net asset value divided by 95.25%)	$	120.19
C-Class:
Net assets	$	1,251,493
Capital shares outstanding		12,938
Net asset value per share	$	96.73
H-Class:
Net assets	$	14,924,053
Capital shares outstanding		130,438
Net asset value per share	$	114.41

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	163,479
Interest		413,306
Total investment income		576,785
Expenses:
Management fees		147,034
Distribution and service fees:
A-Class		6,645
C-Class		11,702
H-Class		39,441
Transfer agent fees		42,695
Portfolio accounting and administration fees		27,747
Professional fees		9,062
Trustees’ fees*		3,375
Custodian fees		2,835
Miscellaneous		21,213
Total expenses		311,749
Less:
Expenses waived by Adviser		(3,265	)
Net expenses		308,484
Net investment income		268,301
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		99,641
Investments in affiliated issuers		(7,223	)
Swap agreements		(1,190,950	)
Futures contracts		(1,522,760	)
Net realized loss		(2,621,292	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		781
Investments in affiliated issuers		(53,869	)
Swap agreements		268,947
Futures contracts		455,946
Net change in unrealized appreciation (depreciation)		671,805
Net realized and unrealized loss		(1,949,487	)
Net decrease in net assets resulting from operations	$	(1,681,186	)

* 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 ANNUAL REPORT | 183

HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	268,301		$	(348,639	)
Net realized loss on investments		(2,621,292	)		(958,848	)
Net change in unrealized appreciation (depreciation) on investments		671,805			(252,879	)
Net decrease in net assets resulting from operations		(1,681,186	)		(1,560,366	)
Distributions to shareholders:
A-Class		(8,535	)		—
C-Class		(4,445	)		—
H-Class		(37,467	)		—
Total distributions to shareholders		(50,447	)		—
Capital share transactions:
Proceeds from sale of shares
A-Class		499,340			1,434,143
C-Class		450,915			1,164,664
H-Class		192,130,601			140,079,849
Distributions reinvested
A-Class		8,316			—
C-Class		4,332			—
H-Class		36,864			—
Cost of shares redeemed
A-Class		(866,875	)		(2,343,856	)
C-Class		(472,670	)		(1,901,694	)
H-Class		(192,581,810	)		(141,643,176	)
Net decrease from capital share transactions		(790,987	)		(3,210,070	)
Net decrease in net assets		(2,522,620	)		(4,770,436	)
Net assets:
Beginning of year		21,221,817			25,992,253
End of year	$	18,699,197		$	21,221,817
Capital share activity:
Shares sold
A-Class		4,376			11,628
C-Class		4,689			10,838
H-Class		1,733,394			1,131,315
Shares issued from reinvestment of distributions
A-Class		76			—
C-Class		46			—
H-Class		335			—
Shares redeemed
A-Class		(7,702	)		(19,128	)
C-Class		(4,955	)		(17,987	)
H-Class		(1,748,098	)		(1,148,414	)
Net decrease in shares		(17,839	)		(31,748	)

184 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

HIGH YIELD STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f			Year Ended March 31, 2019f
Per Share Data
Net asset value, beginning of period	$	117.11		$	122.60		$	108.68		$	120.48		$	116.32
Income (loss) from investment operations:
Net investment income (loss)a		1.41			(1.36	)		(.55	)		.70			.70
Net gain (loss) on investments (realized and unrealized)		(3.68	)		(4.13	)		14.47	e		(7.05	)		7.41
Total from investment operations		(2.27	)		(5.49	)		13.92			(6.35	)		8.11
Less distributions from:
Net investment income		(.36	)		—			—			(5.45	)		(3.95	)
Total distributions		(.36	)		—			—			(5.45	)		(3.95	)
Net asset value, end of period	$	114.48		$	117.11		$	122.60		$	108.68		$	120.48
Total Returnb		(1.89	%)		(4.48	%)		12.81	%		(5.76	%)		7.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,524		$	2,962		$	4,021		$	3,933		$	7,631
Ratios to average net assets:
Net investment income (loss)		1.28	%		(1.10	%)		(1.21	%)		0.58	%		0.59	%
Total expensesc		1.54	%		1.51	%		1.60	%		1.63	%		1.61	%
Net expensesd		1.52	%		1.49	%		1.57	%		1.61	%		1.60	%
Portfolio turnover rate		—			40	%		134	%		—			21	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f			Year Ended March 31, 2019f
Per Share Data
Net asset value, beginning of period	$	99.76		$	105.21		$	93.96		$	105.62		$	103.17
Income (loss) from investment operations:
Net investment income (loss)a		.50			(1.97	)		(.81	)		(.20	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		(3.17	)		(3.49	)		12.06	e		(6.01	)		6.60
Total from investment operations		(2.67	)		(5.46	)		11.25			(6.21	)		6.40
Less distributions from:
Net investment income		(.36	)		—			—			(5.45	)		(3.95	)
Total distributions		(.36	)		—			—			(5.45	)		(3.95	)
Net asset value, end of period	$	96.73		$	99.75		$	105.21		$	93.96		$	105.62
Total Returnb		(2.62	%)		(5.19	%)		11.97	%		(6.45	%)		6.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,251		$	1,313		$	2,136		$	866		$	1,480
Ratios to average net assets:
Net investment income (loss)		0.53	%		(1.86	%)		(1.96	%)		(0.20	%)		(0.21	%)
Total expensesc		2.29	%		2.26	%		2.34	%		2.38	%		2.35	%
Net expensesd		2.27	%		2.24	%		2.32	%		2.36	%		2.35	%
Portfolio turnover rate		—			40	%		134	%		—			21	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 185

HIGH YIELD STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020f			Year Ended March 31, 2019f
Per Share Data
Net asset value, beginning of period	$	117.03		$	122.51		$	108.54		$	120.32		$	116.17
Income (loss) from investment operations:
Net investment income (loss)a		1.61			(1.41	)		(.47	)		.75			.60
Net gain (loss) on investments (realized and unrealized)		(3.87	)		(4.07	)		14.44	e		(7.08	)		7.50
Total from investment operations		(2.26	)		(5.48	)		13.97			(6.33	)		8.10
Less distributions from:
Net investment income		(.36	)		—			—			(5.45	)		(3.95	)
Total distributions		(.36	)		—			—			(5.45	)		(3.95	)
Net asset value, end of period	$	114.41		$	117.03		$	122.51		$	108.54		$	120.32
Total Return		(1.88	%)		(4.47	%)		12.87	%		(5.73	%)		7.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,924		$	16,947		$	19,835		$	23,125		$	101,180
Ratios to average net assets:
Net investment income (loss)		1.45	%		(1.14	%)		(1.23	%)		0.59	%		0.49	%
Total expensesc		1.55	%		1.51	%		1.61	%		1.63	%		1.60	%
Net expensesd		1.53	%		1.49	%		1.59	%		1.61	%		1.60	%
Portfolio turnover rate		—			40	%		134	%		—			21	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
f	Reverse share split — Per share amounts for the periods presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.

186 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

INVERSE HIGH YIELD STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that inversely correlate, before fees and expenses, to the performance of the high yield bond market.

For the Reporting Period, Inverse High Yield Strategy Fund H-Class returned 1.35%. For comparison, the Bloomberg U.S. Corporate High Yield Index returned -3.34% for the same period.

The Fund primarily invests in credit default swaps to gain exposure similar to the high yield bond market. 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 buyer of credit default swaps is buying credit protection or mitigating credit risk. A seller of credit default swaps is selling credit protection or assuming credit risk. The Fund will normally be a seller of credit protection (assuming credit risk) as it seeks to gain exposure to the high yield bond market. In addition, the Fund may invest in bond futures for the purpose of managing duration risk. For cash management purposes, the Fund may invest in other fixed income securities and money market instruments.

The high yield sector lost ground over the Reporting Period amid the sharp rise in interest rates, due to the ongoing conflict in Ukraine, elevated inflation, and the potential for recession. The sector also had considerable outflows during the Reporting Period, which pressured trading levels. Issues in the capital goods and energy sectors contributed the most to the return of the Index for the Reporting Period, while issues in the communications, consumer non-cyclical, and consumer cyclical sectors detracted the most from return. Bonds in the largest rating categories of the Index detracted from performance for the Reporting Period, with Bs and CCCs underperforming BB rated bonds. High yield fundamentals remain on solid footing with leverage and interest coverage metrics ahead of historical averages. Rating agency downgrades slightly decelerated from the fourth quarter, but downgrades continue to outnumber upgrades by a ratio of 1.8 to 1. This pace is in-line with post GFC averages. The high yield default rate at 1.9% remains below its long-term average of 4%.

Derivatives in the Fund are used to provide additional exposure to composition of the benchmark in the most efficient manner possible and to provide leverage and not for hedging purposes. Derivatives performed as expected.

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Ultra Short Duration, Guggenheim Strategy Fund II, and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by Guggenheim Investments. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by Guggenheim Investments and/or its affiliates, and are not available to the public, with the exception of Guggenheim Ultra Short Duration Fund, which is available to the public. Guggenheim Strategy Fund II and Guggenheim Strategy Fund III do not charge an investment management fee. Guggenheim Ultra Short Duration Fund charges an investment management fee, but the Fund’s adviser has agreed to waive fees to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. For the Reporting Period ended March 31, 2023, investment in the Short Term Investment Vehicles benefited Fund performance.

Performance displayed represents past performance, which is no guarantee of future results.

THE RYDEX FUNDS ANNUAL REPORT | 187

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(continued) March 31, 2023

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	April 16, 2007
C-Class	April 16, 2007
H-Class	April 16, 2007

The Fund invests principally in derivative investments such as high yield credit default swap agreements and futures contracts.

Largest Holdings	(% of Total Net Assets)
Guggenheim Strategy Fund II	3.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.0%
Total	5.8%
“Largest Holdings” excludes any temporary cash or derivative investments.

188 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	1.26%	(3.09%)	(5.42%)
A-Class Shares with sales charge‡	(3.55%)	(4.03%)	(5.88%)
C-Class Shares	0.57%	(3.86%)	(6.09%)
C-Class Shares with CDSC§	(0.43%)	(3.86%)	(6.09%)
H-Class Shares	1.35%	(3.11%)	(5.22%)
Bloomberg U.S. Corporate High Yield Index	(3.34%)	3.21%	4.10%

‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 189

SCHEDULE OF INVESTMENTS	March 31, 2023
INVERSE HIGH YIELD STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 5.8%
Guggenheim Strategy Fund II1		29,310	$	709,584
Guggenheim Ultra Short Duration Fund — Institutional Class1		37,683		365,903
Total Mutual Funds
(Cost $1,096,686)				1,075,487
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 32.7%
Federal Home Loan Bank
4.36% due 04/03/232	$	6,000,000		5,998,550
Total Federal Agency Discount Notes
(Cost $5,998,550)				5,998,550
FEDERAL AGENCY NOTES†† - 13.6%
Federal Home Loan Bank
4.90% (SOFR + 0.08%, Rate Floor: 0.00%) due 06/14/23◊		2,500,000		2,500,357
Total Federal Agency Notes
(Cost $2,500,000)				2,500,357
U.S. TREASURY BILLS†† - 1.5%
U.S. Treasury Bills
3.36% due 04/11/232,3		274,000		273,721
Total U.S. Treasury Bills
(Cost $273,726)				273,721
REPURCHASE AGREEMENTS††,4 - 40.5%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23		4,151,540		4,151,540
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		1,640,203		1,640,203
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		1,640,203		1,640,203
Total Repurchase Agreements
(Cost $7,431,946)				7,431,946
Total Investments — 94.1%
(Cost $17,300,908)			$	17,280,061
Other Assets & Liabilities, net — 5.9%				1,082,436
Total Net Assets — 100.0%			$	18,362,497

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		157		Jun 2023	$	17,214,805	$	(247,138	)

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate	Payment Frequency		Maturity Date		Notional Amount		Value			Upfront Premiums Paid(Received)			Unrealized Depreciation**
Barclays Bank plc	ICE	CDX.NA.HY.40.V1	5.00%		Quarterly		06/20/28	$	18,300,000	$	(278,160	)	$	(21,992	)	$	(256,168	)

**	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 March 31, 2023. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at March 31, 2023.
4	Repurchase Agreements — See Note 6.
	CDX.NA.HY.40.V1 — Credit Default Swap North American High Yield Series 40 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

190 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
INVERSE HIGH YIELD STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	1,075,487	$	—	$	—	$	1,075,487
Federal Agency Discount Notes		—		5,998,550		—		5,998,550
Federal Agency Notes		—		2,500,357		—		2,500,357
U.S. Treasury Bills		—		273,721		—		273,721
Repurchase Agreements		—		7,431,946		—		7,431,946
Total Assets	$	1,075,487	$	16,204,574	$	—	$	17,280,061

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	247,138	$	—	$	—	$	247,138
Credit Default Swap Agreements**		—		256,168		—		256,168
Total Liabilities	$	247,138	$	256,168	$	—	$	503,306

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

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2022, 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/1601445/000182126822000340/gug84768.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 year ended March 31, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/22		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 03/31/23		Shares 03/31/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	369,264	$	350,000	$	—	$	—	$	(9,680	)	$	709,584		29,310	$	26,210
Guggenheim Ultra Short Duration Fund — Institutional Class		368,917		—		—		—		(3,014	)		365,903		37,683		11,756
	$	738,181	$	350,000	$	—	$	—	$	(12,694	)	$	1,075,487			$	37,966

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 191

INVERSE HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $8,772,276)	$	8,772,628
Investments in affiliated issuers, at value (cost $1,096,686)		1,075,487
Repurchase agreements, at value (cost $7,431,946)		7,431,946
Segregated cash with broker		1,344,553
Receivables:
Interest		6,930
Fund shares sold		6,001
Dividends		4,580
Investment Adviser		1,990
Total assets		18,644,115
Liabilities:
Overdraft due to custodian bank		2
Unamortized upfront premiums received on credit default swap agreements		21,992
Payable for:
Variation margin on credit default swap agreements		99,624
Variation margin on futures contracts		56,948
Swap settlement		37,265
Fund shares redeemed		23,091
Management fees		13,816
Transfer agent and administrative fees		5,266
Distribution and service fees		4,686
Portfolio accounting and administration fees		2,825
Trustees’ fees*		327
Miscellaneous		15,776
Total liabilities		281,618
Net assets	$	18,362,497
Net assets consist of:
Paid in capital	$	30,278,378
Total distributable earnings (loss)		(11,915,881	)
Net assets	$	18,362,497
A-Class:
Net assets	$	350,724
Capital shares outstanding		7,041
Net asset value per share	$	49.81
Maximum offering price per share (Net asset value divided by 95.25%)	$	52.29
C-Class:
Net assets	$	84,923
Capital shares outstanding		1,930
Net asset value per share	$	44.00
H-Class:
Net assets	$	17,926,850
Capital shares outstanding		350,698
Net asset value per share	$	51.12

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	37,966
Interest		464,134
Total investment income		502,100
Expenses:
Management fees		159,532
Distribution and service fees:
A-Class		2,987
C-Class		1,476
H-Class		49,821
Transfer agent and administrative fees		46,951
Portfolio accounting and administration fees		29,407
Professional fees		13,083
Custodian fees		3,029
Trustees’ fees*		2,839
Miscellaneous		19,019
Total expenses		328,144
Less:
Expenses waived by Adviser		(912	)
Net expenses		327,232
Net investment income		174,868
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(113	)
Swap agreements		(1,650,749	)
Futures contracts		574,556
Net realized loss		(1,076,306	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		355
Investments in affiliated issuers		(12,694	)
Swap agreements		(202,870	)
Futures contracts		(472,314	)
Net change in unrealized appreciation (depreciation)		(687,523	)
Net realized and unrealized loss		(1,763,829	)
Net decrease in net assets resulting from operations	$	(1,588,961	)

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

192 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	174,868		$	(102,200	)
Net realized loss on investments		(1,076,306	)		(121,956	)
Net change in unrealized appreciation (depreciation) on investments		(687,523	)		161,911
Net decrease in net assets resulting from operations		(1,588,961	)		(62,245	)
Distributions to shareholders:
A-Class		—			(11,491	)
C-Class		—			(3,058	)
H-Class		—			(96,565	)
Total distributions to shareholders		—			(111,114	)
Capital share transactions:
Proceeds from sale of shares
A-Class		12,971,586			35,242,510
C-Class		198,714			6,544
H-Class		376,217,137			229,708,354
Distributions reinvested
A-Class		—			11,478
C-Class		—			3,058
H-Class		—			95,922
Cost of shares redeemed
A-Class		(12,561,305	)		(40,527,697	)
C-Class		(234,107	)		(50,058	)
H-Class		(363,702,708	)		(226,748,463	)
Net increase (decrease) from capital share transactions		12,889,317			(2,258,352	)
Net increase (decrease) in net assets		11,300,356			(2,431,711	)
Net assets:
Beginning of year		7,062,141			9,493,852
End of year	$	18,362,497		$	7,062,141
Capital share activity:
Shares sold
A-Class		245,159			729,390
C-Class		4,376			150
H-Class		7,080,789			4,619,706
Shares issued from reinvestment of distributions
A-Class		—			243
C-Class		—			73
H-Class		—			1,987
Shares redeemed
A-Class		(242,948	)		(836,699	)
C-Class		(5,160	)		(1,136	)
H-Class		(6,863,025	)		(4,561,710	)
Net increase (decrease) in shares		219,191			(47,996	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 193

INVERSE HIGH YIELD STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	49.19		$	50.15		$	62.01		$	60.47		$	64.28
Income (loss) from investment operations:
Net investment income (loss)a		(.01	)		(.64	)		(.68	)		.24			.42
Net gain (loss) on investments (realized and unrealized)		.63	e		.82			(7.31	)		1.30			(4.23	)
Total from investment operations		.62			.18			(7.99	)		1.54			(3.81	)
Less distributions from:
Net investment income		—			(1.14	)		(3.87	)		—			—
Total distributions		—			(1.14	)		(3.87	)		—			—
Net asset value, end of period	$	49.81		$	49.19		$	50.15		$	62.01		$	60.47
Total Returnb		1.26	%		0.47	%		(12.88	%)		2.56	%		(5.93	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	351		$	238		$	5,612		$	256		$	282
Ratios to average net assets:
Net investment income (loss)		(0.02	%)		(1.31	%)		(1.28	%)		0.40	%		0.66	%
Total expensesc		1.55	%		1.50	%		1.56	%		1.62	%		1.60	%
Net expensesd		1.55	%		1.49	%		1.54	%		1.61	%		1.60	%
Portfolio turnover rate		—			344	%		438	%		254	%		—

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	43.75		$	44.74		$	56.62		$	55.76		$	59.73
Income (loss) from investment operations:
Net investment income (loss)a		.01			(.81	)		(.90	)		(.05	)		.01
Net gain (loss) on investments (realized and unrealized)		.24	e		.96			(7.11	)		.91			(3.98	)
Total from investment operations		.25			.15			(8.01	)		.86			(3.97	)
Less distributions from:
Net investment income		—			(1.14	)		(3.87	)		—			—
Total distributions		—			(1.14	)		(3.87	)		—			—
Net asset value, end of period	$	44.00		$	43.75		$	44.74		$	56.62		$	55.76
Total Returnb		0.57	%		0.45	%		(14.23	%)		1.54	%		(6.65	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	85		$	119		$	162		$	362		$	738
Ratios to average net assets:
Net investment income (loss)		0.01	%		(1.88	%)		(1.78	%)		(0.09	%)		0.02	%
Total expensesc		2.29	%		2.26	%		2.36	%		2.37	%		2.36	%
Net expensesd		2.29	%		2.22	%		2.31	%		2.34	%		2.35	%
Portfolio turnover rate		—			344	%		438	%		254	%		—

194 | THE RYDEX FUNDS ANNUAL 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.

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	50.44		$	50.99		$	63.45		$	61.97		$	65.89
Income (loss) from investment operations:
Net investment income (loss)a		.47			(.68	)		(.74	)		.06			.41
Net gain (loss) on investments (realized and unrealized)		.21	e		1.27			(7.85	)		1.42			(4.33	)
Total from investment operations		.68			.59			(8.59	)		1.48			(3.92	)
Less distributions from:
Net investment income		—			(1.14	)		(3.87	)		—			—
Total distributions		—			(1.14	)		(3.87	)		—			—
Net asset value, end of period	$	51.12		$	50.44		$	50.99		$	63.45		$	61.97
Total Return		1.35	%		1.27	%		(13.58	%)		2.39	%		(5.95	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	17,927		$	6,706		$	3,719		$	13,479		$	4,675
Ratios to average net assets:
Net investment income (loss)		0.88	%		(1.35	%)		(1.26	%)		0.09	%		0.63	%
Total expensesc		1.54	%		1.52	%		1.62	%		1.64	%		1.61	%
Net expensesd		1.53	%		1.51	%		1.60	%		1.62	%		1.59	%
Portfolio turnover rate		—			344	%		438	%		254	%		—

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
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	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 ANNUAL REPORT | 195

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

U.S. GOVERNMENT MONEY MARKET FUND

OBJECTIVE: Seeks to provide security of principal, high current income, and liquidity.

For the Reporting Period, U.S. Government Money Market Fund returned 1.86%.

The U.S. Federal Reserve (the “Fed”) started raising rates again at their March 2022 meeting, and there have been eight hikes since. The Fed’s target rate rose from the 0.25% to 0.50% at the beginning of the Reporting Period to 4.75-5.00% at the end of the Reporting Period. Central banks are expected to raise rates further over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show, including the collapse of Silicon Valley Bank and Signature Bank that prompted banks to rush for liquidity support from the Fed.

While markets have been volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite PMI rose to a 10-month high. More forward looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring. The Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth in 2023, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6% to 1.2%.

Performance displayed represents past performance, which is no guarantee of future results.

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Holdings Diversification (Market Exposure as % of Net Assets)

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

FADN - Federal Agency Discount Note
FAN - Federal Agency Note

Inception Date: June 18, 2012

The Fund invests principally in money market instruments issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities and enters into repurchase agreements fully collateralized by U.S. government securities.

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
U.S. Government Money Market Fund	1.86%	0.80%	0.42%

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

196 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
U.S. GOVERNMENT MONEY MARKET FUND

	Face Amount		Value
FEDERAL AGENCY NOTES†† - 58.0%
Federal Home Loan Bank
4.91% (SOFR + 0.09%, Rate Floor: 0.00%) due 07/03/23◊	$	25,000,000	$	25,000,000
4.90% (SOFR + 0.08%, Rate Floor: 0.00%) due 06/14/23◊		20,000,000		20,000,000
4.86% (SOFR + 0.04%, Rate Floor: 0.00%) due 05/03/23◊		17,000,000		17,000,000
4.92% (SOFR + 0.10%, Rate Floor: 0.00%) due 06/22/23◊		17,000,000		17,000,000
4.87% (SOFR + 0.05%, Rate Floor: 0.00%) due 07/18/23◊		17,000,000		16,999,883
4.94% (SOFR + 0.12%, Rate Floor: 0.00%) due 09/06/23◊		13,000,000		13,000,000
4.92% (SOFR + 0.10%, Rate Floor: 0.00%) due 11/14/23◊		12,500,000		12,500,000
4.88% (SOFR + 0.06%, Rate Floor: 0.00%) due 05/01/23◊		5,000,000		5,000,164
4.88% (SOFR + 0.06%, Rate Floor: 0.00%) due 04/10/23◊		3,800,000		3,799,990
Federal Farm Credit Bank
4.77% (3 Month U.S. Treasury Bill Rate + 0.04%, Rate Floor: 0.00%) due 05/03/23◊		18,500,000		18,498,891
4.97% (SOFR + 0.15%, Rate Floor: 0.00%) due 03/20/24◊		12,500,000		12,500,000
0.52% due 04/13/23		2,000,000		1,997,650
Farmer Mac
4.88% (SOFR + 0.06%, Rate Floor: 0.00%) due 09/15/23◊		17,500,000		17,500,000
Total Federal Agency Notes
(Cost $180,796,578)				180,796,578
U.S. GOVERNMENT SECURITIES†† - 9.0%
U.S. Treasury Floating Rate Note
4.76% (3 Month U.S. Treasury Bill Rate + 0.03%, Rate Floor: 0.00%) due 07/31/23◊		16,000,000		15,996,880
4.77% (3 Month U.S. Treasury Bill Rate + 0.03%, Rate Floor: 0.00%) due 04/30/23◊		12,000,000		12,001,499
Total U.S. Government Securities
(Cost $27,998,379)				27,998,379
FEDERAL AGENCY DISCOUNT NOTES†† - 8.4%
Federal Home Loan Bank
4.74% due 05/19/231		10,000,000		9,936,867
4.78% due 05/24/231		8,200,000		8,142,295
4.40% due 04/21/231		8,000,000		7,980,444
Total Federal Agency Discount Notes
(Cost $26,059,606)				26,059,606
U.S. TREASURY BILLS†† - 1.8%
U.S. Cash Management Bill
3.94% due 04/17/231		5,600,000		5,588,464
Total U.S. Treasury Bills
(Cost $5,588,464)				5,588,464
REPURCHASE AGREEMENTS††,2 - 22.3%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23		38,866,150		38,866,150
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		15,355,361		15,355,361
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		15,355,361		15,355,361
Total Repurchase Agreements
(Cost $69,576,872)				69,576,872
Total Investments — 99.5%
(Cost $310,019,899)			$	310,019,899
Other Assets & Liabilities, net — 0.5%				1,679,036
Total Net Assets — 100.0%			$	311,698,935

††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at March 31, 2023. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
1	Rate indicated is the effective yield at the time of purchase.
2	Repurchase Agreements — See Note 6.
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 197

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
U.S. GOVERNMENT MONEY MARKET FUND

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	—	$	180,796,578	$	—	$	180,796,578
U.S. Government Securities		—		27,998,379		—		27,998,379
Federal Agency Discount Notes		—		26,059,606		—		26,059,606
U.S. Treasury Bills		—		5,588,464		—		5,588,464
Repurchase Agreements		—		69,576,872		—		69,576,872
Total Assets	$	—	$	310,019,899	$	—	$	310,019,899

198 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value (cost $240,443,027)	$	240,443,027
Repurchase agreements, at value (cost $69,576,872)		69,576,872
Receivables:
Fund shares sold		10,014,977
Interest		999,049
Total assets		321,033,925
Liabilities:
Overdraft due to custodian bank		2,882
Payable for:
Fund shares redeemed		8,848,685
Management fees		130,371
Transfer agent fees		79,270
Portfolio accounting and administration fees		38,673
Distributions to shareholders		6,514
Trustees’ fees*		4,525
Miscellaneous		224,070
Total liabilities		9,334,990
Net assets	$	311,698,935
Net assets consist of:
Paid in capital	$	311,564,710
Total distributable earnings (loss)		134,225
Net assets	$	311,698,935
Capital shares outstanding		311,542,489
Net asset value per share	$	1.00

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Interest	$	10,261,391
Total investment income		10,261,391
Expenses:
Management fees		1,915,839
Transfer agent fees		695,579
Portfolio accounting and administration fees		502,331
Registration fees		249,865
Professional fees		199,681
Trustees’ fees*		57,638
Custodian fees		54,997
Miscellaneous		132,166
Total expenses		3,808,096
Less:
Expenses reimbursed by Adviser		(164,084	)
Expenses waived by Adviser		(336,883	)
Total waived/reimbursed expenses		(500,967	)
Net expenses		3,307,129
Net investment income		6,954,262
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		126,680
Net realized gain		126,680
Net increase in net assets resulting from operations	$	7,080,942

* 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 ANNUAL REPORT | 199

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	6,954,262		$	(118,562	)
Net realized gain on investments		126,680			7,445
Net change in unrealized appreciation (depreciation) on investments		—			—
Net increase (decrease) in net assets resulting from operations		7,080,942			(111,117	)
Distributions to shareholders		(6,835,558	)		(4,605	)
Capital share transactions:
Proceeds from sale of shares		5,208,833,348			6,335,738,314
Distributions reinvested		6,220,015			4,601
Cost of shares redeemed		(5,259,800,910	)		(6,328,397,172	)
Net increase (decrease) from capital share transactions		(44,747,547	)		7,345,743
Net increase (decrease) in net assets		(44,502,163	)		7,230,021
Net assets:
Beginning of year		356,201,098			348,971,077
End of year	$	311,698,935		$	356,201,098
Capital share activity:
Shares sold		5,208,833,322			6,335,738,314
Shares issued from reinvestment of distributions		6,218,785			4,552
Shares redeemed		(5,259,800,910	)		(6,328,397,172	)
Net increase (decrease) in shares		(44,748,803	)		7,345,694

200 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

U.S. GOVERNMENT MONEY MARKET FUND

FINANCIAL HIGHLIGHTS

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

	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)a		.02			—	d		—	d		.01			.01
Net gain (loss) on investments (realized and unrealized)		—	d		—	d		—	d		—	d		—	d
Total from investment operations		.02			—	d		—	d		.01			.01
Less distributions from:
Net investment income		(.02	)		—			—			(.01	)		(.01	)
Net realized gains		—			—			—			—			—
Total distributions		(.02	)		—			—			(.01	)		(.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return		1.86	%		0.00	%		0.05	%		0.99	%		1.10	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	311,699		$	356,201		$	348,971		$	390,791		$	413,200
Ratios to average net assets:
Net investment income (loss)		1.81	%		(0.04	%)		0.00	%e		1.01	%		1.10	%
Total expenses		0.99	%		0.95	%		1.04	%		1.06	%		1.05	%
Net expensesc		0.86	%		0.12	%		0.16	%		1.03	%		1.05	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Distributions from net investment income are less than $0.01 per share.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Less than $0.01 per share.
e	Less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 201

NOTES TO FINANCIAL STATEMENTS

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 (”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At March 31, 2023, the Trust consisted of fifty-two funds.

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

Fund Name	Investment Company Type
Nova Fund		Non-diversified
S&P 500® Fund		Non-diversified
Inverse S&P 500® Strategy Fund		Non-diversified
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		Non-diversified
Inverse NASDAQ-100® Strategy Fund		Non-diversified
Mid-Cap 1.5x Strategy Fund		Non-diversified
Inverse Mid-Cap Strategy Fund		Non-diversified
Russell 2000® 1.5x Strategy Fund		Non-diversified
Russell 2000® Fund		Non-diversified
Inverse Russell 2000® Strategy Fund		Non-diversified
Dow Jones Industrial Average® Fund		Non-diversified
Government Long Bond 1.2x Strategy Fund		Diversified
Inverse Government Long Bond Strategy Fund		Diversified
High Yield Strategy Fund		Non-diversified
Inverse High Yield Strategy Fund		Non-diversified
U.S. Government Money Market Fund		Diversified

At March 31, 2023, Investor Class, A-Class, C-Class, H-Class and Money Market Class shares have been issued by the Funds.

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

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

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

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

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange (“NYSE”), usually 4:00 p.m. for the Russell 2000^® Fund and the S&P 500^® Fund. All other Funds in this report will price at the afternoon NAV. The NAV is calculated using the current market value of each Fund’s total assets as of the respective time of calculation. These financial statements are based on the March 31, 2023, afternoon NAV.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily

202 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

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

Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, the investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

The U.S. Government Money Market Fund values debt securities at amortized cost pursuant to Rule 2a-7 of the 1940 Act, which approximates market value.

With the exception of the U.S. Government Money Market Fund, U.S. government securities are valued by either independent pricing services, the last traded fill price, or at the reported bid price at the close of business.

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

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent pricing service.

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

The value of futures contracts are valued on the basis of the last sale price at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

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

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

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments

THE RYDEX FUNDS ANNUAL REPORT | 203

NOTES TO FINANCIAL STATEMENTS (continued)

trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(b) U.S. Government and Agency Obligations

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

(c) Short Sales

When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short sales.

Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

(d) Futures Contracts

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

(e) Swap Agreements

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

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

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

(f) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(g) Security Transactions

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

204 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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

(h) Distributions

Dividends from net investment income are declared daily in the Government Long Bond 1.2x Strategy Fund and the U.S. Government Money Market Fund. Distributions of net investment income in the remaining Funds and distributions of net realized gains, if any, in all Funds are declared at least annually. Dividends are reinvested in additional shares unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(i) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.83% at March 31, 2023.

(k) Indemnifications

Under the Funds’ organizational documents, the Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note 2 – Financial Instruments and Derivatives

As part of their investment strategy, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the 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 to increase investment flexibility (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

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

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

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

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

For any Fund whose investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires

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NOTES TO FINANCIAL STATEMENTS (continued)

a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds’ Statements of Assets and Liabilities; securities held as collateral are noted on the Schedules of Investments.

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

		Average Notional Amount
Fund	Use	Long		Short
Nova Fund	Index exposure, Leverage, Liquidity	$	23,066,462	$	—
S&P 500® Fund	Index exposure, Liquidity		3,120,495		—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		7,460,350
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		99,936,482		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		63,226		1,459,579
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		1,361,283		—
Inverse Mid-Cap Strategy Fund	Index exposure, Liquidity		—		184,585
Russell 2000® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		891,488		—
Russell 2000® Fund	Index exposure, Liquidity		807,420		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		362,621
Dow Jones Industrial Average® Fund	Index exposure, Leverage, Liquidity		912,985		—
Government Long Bond 1.2x Strategy Fund	Duration, Index exposure, Leverage, Liquidity		21,474,758		—
Inverse Government Long Bond Strategy Fund	Duration, Index exposure, Liquidity		—		15,164,112
High Yield Strategy Fund	Duration, Index exposure, Liquidity		15,653,919		—
Inverse High Yield Strategy Fund	Duration, Index exposure, Liquidity		—		19,808,419

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.

206 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (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
Nova Fund	Index exposure, Leverage, Liquidity	$	110,771,395	$	—
S&P 500® Fund	Index exposure, Liquidity		7,308,837		—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		78,967,786
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		266,792,297		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		—		48,298,140
Mid-Cap 1.5x Strategy Fund	Index exposure, Liquidity		8,343,338		—
Inverse Mid-Cap Strategy Fund	Index exposure, Liquidity		—		1,145,458
Russell 2000® 1.5x Strategy Fund	Index exposure, Liquidity		5,578,841		—
Russell 2000® Fund	Index exposure, Liquidity		4,501,309		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		11,693,382
Dow Jones Industrial Average® Fund	Index exposure, Leverage, Liquidity		3,754,052		—
High Yield Strategy Fund	Duration, Index exposure, Liquidity		2,001,593		—

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

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

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

		Average Notional Amount
Fund	Use	Protection Sold		Protection Purchased
High Yield Strategy Fund	Duration, Index exposure, Liquidity	$	17,901,167	$	—
Inverse High Yield Strategy Fund	Duration, Index exposure, Liquidity		—		23,724,458

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NOTES TO FINANCIAL STATEMENTS (continued)

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 March 31, 2023:

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 contracts	Variation margin on credit default swap agreements	Unamortized upfront premiums received on credit default swap agreements Variation margin on credit default swap agreements
Equity/Credit swap contracts	Unrealized appreciation on OTC swap agreements	Unrealized depreciation on OTC swap agreements

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at March 31, 2023:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at March 31, 2023
Nova Fund	$	1,170,414	$	4,122,722	$	—	$	—	$	5,293,136
S&P 500® Fund		228,655		274,245		—		—		502,900
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		5,401,512		13,162,784		—		—		18,564,296
Mid-Cap 1.5x Strategy Fund		23,874		228,274		—		—		252,148
Russell 2000® 1.5x Strategy Fund		22,839		100,793		—		—		123,632
Russell 2000® Fund		8,120		41,642		—		—		49,762
Dow Jones Industrial Average® Fund		20,025		36,857		—		—		56,882
Government Long Bond 1.2x Strategy Fund		—		—		720,470		—		720,470
High Yield Strategy Fund		—		—		157,456		318,081		475,537

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at March 31, 2023
Inverse S&P 500® Strategy Fund	$	562,912	$	1,731,819	$	—	$	—	$	2,294,731
Inverse NASDAQ-100® Strategy Fund		—		1,286,212		—		—		1,286,212
Inverse Mid-Cap Strategy Fund		—		84,011		—		—		84,011
Inverse Russell 2000® Strategy Fund		—		165,615		—		—		165,615
Inverse Government Long Bond Strategy Fund		—		—		320,384		—		320,384
Inverse High Yield Strategy Fund		—		—		247,138		256,168		503,306

* Includes cumulative appreciation (depreciation) of futures contracts and centrally-cleared swaps as reported on the Schedules of Investments. Variation margin is reported within the Funds’ Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the year ended March 31, 2023:

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
Equity/Credit swap contracts	Net realized gain (loss) on swap agreements Net change in unrealized appreciation (depreciation) on swap agreements

208 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (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 year ended March 31, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk			Total
Nova Fund	$	(9,729,857	)	$	(34,094,000	)	$	—		$	—		$	(43,823,857	)
S&P 500® Fund		261,159			(1,615,102	)		—			—			(1,353,943	)
Inverse S&P 500® Strategy Fund		(319,207	)		36,000			—			—			(283,207	)
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		(13,505,891	)		(24,254,293	)		—			—			(37,760,184	)
Inverse NASDAQ-100® Strategy Fund		148,766			(5,838,544	)		—			—			(5,689,778	)
Mid-Cap 1.5x Strategy Fund		(76,260	)		(1,283,297	)		—			—			(1,359,557	)
Inverse Mid-Cap Strategy Fund		(11,908	)		(250,519	)		—			—			(262,427	)
Russell 2000® 1.5x Strategy Fund		(234,149	)		(1,026,629	)		—			—			(1,260,778	)
Russell 2000® Fund		(313,585	)		(1,077,345	)		—			—			(1,390,930	)
Inverse Russell 2000® Strategy Fund		(120,586	)		(789,380	)		—			—			(909,966	)
Dow Jones Industrial Average® Fund		(79,503	)		(81,382	)		—			—			(160,885	)
Government Long Bond 1.2x Strategy Fund		—			—			(9,788,707	)		—			(9,788,707	)
Inverse Government Long Bond Strategy Fund		—			—			3,587,813			—			3,587,813
High Yield Strategy Fund		—			—			(1,522,760	)		(1,190,950	)		(2,713,710	)
Inverse High Yield Strategy Fund		—			—			574,556			(1,650,749	)		(1,076,193	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk			Total
Nova Fund	$	24,079		$	3,723,368		$	—		$	—		$	3,747,447
S&P 500® Fund		153,521			181,288			—			—			334,809
Inverse S&P 500® Strategy Fund		(562,912	)		(179,235	)		—			—			(742,147	)
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		4,081,434			4,240,110			—			—			8,321,544
Inverse NASDAQ-100® Strategy Fund		22,787			(616,835	)		—			—			(594,048	)
Mid-Cap 1.5x Strategy Fund		(35,637	)		114,245			—			—			78,608
Inverse Mid-Cap Strategy Fund		—			(78,438	)		—			—			(78,438	)
Russell 2000® 1.5x Strategy Fund		(41,867	)		(74,527	)		—			—			(116,394	)
Russell 2000® Fund		3,748			(58,779	)		—			—			(55,031	)
Inverse Russell 2000® Strategy Fund		—			(143,753	)		—			—			(143,753	)
Dow Jones Industrial Average® Fund		24,312			44,955			—			—			69,267
Government Long Bond 1.2x Strategy Fund		—			—			645,428			—			645,428
Inverse Government Long Bond Strategy Fund		—			—			(599,445	)		—			(599,445	)
High Yield Strategy Fund		—			—			455,946			268,947			724,893
Inverse High Yield Strategy Fund		—			—			(472,314	)		(202,870	)		(675,184	)

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 of investment grade or better. The Trust monitors the counterparty credit risk.

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.

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NOTES TO FINANCIAL STATEMENTS (continued)

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

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds’ Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds’ Statements of Assets and Liabilities.

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received			Net Amount
Nova Fund	Swap equity contracts	$	4,122,722	$	—	$	4,122,722	$	—	$	(1,160,000	)	$	2,962,722
S&P 500® Fund	Swap equity contracts		274,245		—		274,245		—		—			274,245
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Swap equity contracts		13,162,784		—		13,162,784		—		—			13,162,784
Mid-Cap 1.5x Strategy Fund	Swap equity contracts		228,274		—		228,274		—		—			228,274
Russell 2000® 1.5x Strategy Fund	Swap equity contracts		100,793		—		100,793		—		—			100,793
Russell 2000® Fund	Swap equity contracts		41,642		—		41,642		—		—			41,642
Dow Jones Industrial Average® Fund	Swap equity contracts		36,857		—		36,857		—		—			36,857
High Yield Strategy Fund	Credit index swap agreements		43,003		—		43,003		—		—			43,003

210 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Inverse S&P 500® Strategy Fund	Swap equity contracts	$	1,731,819	$	—	$	1,731,819	$	(1,227,424	)	$	(504,395	)	$	—
Inverse NASDAQ-100® Strategy Fund	Swap equity contracts		1,286,212		—		1,286,212		(1,286,212	)		—			—
Inverse Mid-Cap Strategy Fund	Swap equity contracts		84,011		—		84,011		(84,011	)		—			—
Inverse Russell 2000® Strategy Fund	Swap equity contracts		165,615		—		165,615		(137,762	)		(27,853	)		—

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 March 31, 2023.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Nova Fund	Barclays Bank plc	Total return swap agreements	$	—	$	310,000
	Goldman Sachs International	Futures contracts		391,469		—
	Goldman Sachs International	Total return swap agreements		—		850,000
Nova Fund Total				391,469		1,160,000
S&P 500® Fund	Goldman Sachs International	Futures contracts		100,694		—
	Goldman Sachs International	Total return swap agreements		—		120,000
S&P 500® Fund Total				100,694		120,000
Inverse S&P 500® Strategy Fund	Barclays Bank plc	Total return swap agreements		504,395		—
	Goldman Sachs International	Futures contracts		10,254		—
Inverse S&P 500® Strategy Fund Total				514,649		—
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Barclays Bank plc	Total return swap agreements		—		4,700,000
	BNP Paribas	Total return swap agreements		—		2,470,000
	Goldman Sachs International	Total return swap agreements		—		640,000
Monthly Rebalance NASDAQ-100® 2x Strategy Fund Total						7,810,000
Mid-Cap 1.5x Strategy Fund	Barclays Bank plc	Total return swap agreements		98,491		—
Russell 2000® Fund	Barclays Bank plc	Total return swap agreements		23,000		—
Inverse Russell 2000® Strategy Fund	Barclays Bank plc	Total return swap agreements		45,246		—
Dow Jones Industrial Average® Fund	Goldman Sachs International	Futures contracts		40,000		—
Government Long Bond 1.2x Strategy Fund	Goldman Sachs International	Futures contracts		51,424		—
High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		1,241,011		—
	Goldman Sachs International	Credit default swap agreements		—		60,301
	Goldman Sachs International	Futures contracts		139,344		—
High Yield Strategy Fund Total				1,380,355		60,301
Inverse High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		1,344,553		—

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NOTES TO FINANCIAL STATEMENTS (continued)

Note 4 – Fair Value Measurement

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

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

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

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

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

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

The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees calculated at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
Nova Fund		0.75	%
S&P 500® Fund		0.75	%
Inverse S&P 500® Strategy Fund		0.90	%
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		0.90	%
Inverse NASDAQ-100® Strategy Fund		0.90	%
Mid-Cap 1.5x Strategy Fund		0.90	%
Inverse Mid-Cap Strategy Fund		0.90	%
Russell 2000® 1.5x Strategy Fund		0.90	%
Russell 2000® Fund		0.75	%
Inverse Russell 2000® Strategy Fund		0.90	%
Dow Jones Industrial Average® Fund		0.75	%
Government Long Bond 1.2x Strategy Fund		0.50	%
Inverse Government Long Bond Strategy Fund		0.90	%
High Yield Strategy Fund		0.75	%
Inverse High Yield Strategy Fund		0.75	%
U.S. Government Money Market Fund		0.50	%

212 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

When the aggregate assets of each series of the Trust (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

Fund Assets Under Management	Fund Asset-Based Breakpoint Reductions
$500 million - $1 billion		0.025	%
$1 billion - $2 billion		0.050	%
>$2 billion		0.075	%

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted a Distribution Plan applicable to A-Class shares and H-Class shares for which GFD and other firms that provide distribution and/or shareholder services (“Service Providers”) may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ C-Class shares average daily net assets. The annual 0.25% service fee compensates a shareholder’s financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder’s financial adviser an ongoing sales commission. GFD advances the first year’s service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the year ended March 31, 2023, GFD retained sales charges of $91,746 relating to sales of A-Class 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 year ended March 31, 2023, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Nova Fund	$	29,410
Inverse S&P 500® Strategy Fund		10,334
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		28,255
Inverse NASDAQ-100® Strategy Fund		2,109
Mid-Cap 1.5x Strategy Fund		2,148
Inverse Mid-Cap Strategy Fund		112
Russell 2000® 1.5x Strategy Fund		1,890
Inverse Russell 2000® Strategy Fund		2,355
Dow Jones Industrial Average® Fund		3,484
Government Long Bond 1.2x Strategy Fund		8,291
Inverse Government Long Bond Strategy Fund		12,790
High Yield Strategy Fund		3,265
Inverse High Yield Strategy Fund		912

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 ANNUAL REPORT | 213

NOTES TO FINANCIAL STATEMENTS (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 A-Class, C-Class and H-Class shares ( including Rule 12b-1 fees if any) (excluding brokerage, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnifi cation, and extraordinary expenses) from exceeding 1.35%, 2.10% and 1.35% of the Fund’s A-Class, C-Class and H-Class shares average daily net assets, respectively. The Total Annual Fund Operating Expenses After Fee Waiver and /or Expense Reimbursement includes Excluded Expenses and, thus, from time to time may be higher than 1.35%, 2.10% and 1.35%, respectively. This agreement may be terminated only with the approval of the Fund’s Board of Trustees.

The Board has adopted a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for Inverse S&P 500^® Strategy Fund, Monthly Rebalance NASDAQ-100^® 2x Strategy Fund, Inverse NASDAQ-100^® Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000^® 1.5x Strategy Fund, Inverse Russell 2000^® Strategy Fund and Inverse Government Long Bond Strategy Fund and U.S. Government Money Market Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This was effective on August 1, 2022 and the end of the initial term is August 1, 2023. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board upon sixty days’ written notice.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

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

Note 6 – Repurchase Agreements

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

At March 31, 2023, 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 Bonds
4.80%					1.38% - 2.88%
Due 04/03/23	$	149,891,321	$	149,951,278	Due 08/15/50 - 05/15/52	$	252,867,100	$	152,889,157
BofA Securities, Inc.					U.S. Treasury Bonds
4.78%					1.88% - 3.00%
Due 04/03/23		59,219,537		59,243,126	Due 02/15/41 - 11/15/44		72,519,500		60,404,008
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
4.80%					0.13% - 1.00%
Due 04/03/23		59,219,537		59,243,225	Due 10/15/26 - 02/15/46		64,469,037		60,404,002

214 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

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

Note 7 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the Funds’ Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund — Class X. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

At March 31, 2023, 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
Nova Fund	$	22,843	$	(22,816	)	$	27	$	22,816	*	$	—	$	22,816
S&P 500® Fund		4,952		(4,952	)		—		4,956			—		4,956
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		1,104,914		(1,104,914	)		—		1,123,163			—		1,123,163
Mid-Cap 1.5x Strategy Fund		37,102		(37,062	)		40		37,062	*		—		37,062
Russell 2000® 1.5x Strategy Fund		20,748		(20,650	)		98		20,650	*		—		20,650
Russell 2000® Fund		949,636		(949,636	)		—		952,152			—		952,152

(a)	Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.
*	Subsequent to March 31, 2023, additional collateral was received.

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

Note 8 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code 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

THE RYDEX FUNDS ANNUAL REPORT | 215

NOTES TO FINANCIAL STATEMENTS (continued)

be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

The tax character of distributions paid during the year ended March 31, 2023 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
Nova Fund	$	14,448,535	$	—	$	14,448,535
S&P 500® Fund		1,381,295		—		1,381,295
Dow Jones Industrial Average® Fund		210,716		620,623		831,339
Government Long Bond 1.2x Strategy Fund		1,293,729		—		1,293,729
High Yield Strategy Fund		50,447		—		50,447
U.S. Government Money Market Fund		6,835,528		30		6,835,558

The tax character of distributions paid during the year ended March 31, 2022 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
Nova Fund	$	20,301,386	$	—	$	20,301,386
S&P 500® Fund		2,781,735		—		2,781,735
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		12,389,493		—		12,389,493
Mid-Cap 1.5x Strategy Fund		2,302,154		—		2,302,154
Russell 2000® 1.5x Strategy Fund		3,956,808		—		3,956,808
Russell 2000® Fund		4,144,986		—		4,144,986
Dow Jones Industrial Average® Fund		441,042		—		441,042
Government Long Bond 1.2x Strategy Fund		644,891		—		644,891
Inverse High Yield Strategy Fund		111,114		—		111,114
U.S. Government Money Market Fund		4,517		88		4,605

Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.

The tax components of distributable earnings/(loss) as of March 31, 2023 were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital and Other Losses			Total
Nova Fund	$	1,311,978	$	—	$	(7,694,480	)	$	(134,550,287	)	$	(140,932,789	)
S&P 500® Fund		411,430		608,279		3,762,121			—			4,781,830
Inverse S&P 500® Strategy Fund		1,093,992		—		(1,957,498	)		(266,313,325	)		(267,176,831	)
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		278,163		—		(17,800,759	)		(39,188,008	)		(56,710,604	)
Inverse NASDAQ-100® Strategy Fund		702,459		—		(1,295,153	)		(74,199,706	)		(74,792,400	)
Mid-Cap 1.5x Strategy Fund		44,699		—		402,122			(1,970,722	)		(1,523,901	)
Inverse Mid-Cap Strategy Fund		15,793		—		(85,824	)		(6,090,234	)		(6,160,265	)
Russell 2000® 1.5x Strategy Fund		14,424		—		(558,406	)		(3,197,750	)		(3,741,732	)
Russell 2000® Fund		44,167		—		(3,565,832	)		(2,740,008	)		(6,261,673	)
Inverse Russell 2000® Strategy Fund		102,457		—		(188,344	)		(42,014,835	)		(42,100,722	)
Dow Jones Industrial Average® Fund		—		—		1,073,563			—			1,073,563
Government Long Bond 1.2x Strategy Fund		4,917		—		584,279			(61,890,530	)		(61,301,334	)
Inverse Government Long Bond Strategy Fund		—		—		(1,878,135	)		(238,966,625	)		(240,844,760	)
High Yield Strategy Fund		103,857		—		235,633			(13,450,969	)		(13,111,479	)
Inverse High Yield Strategy Fund		—		—		(278,288	)		(11,637,593	)		(11,915,881	)
U.S. Government Money Market Fund		13,302		120,923		—			—			134,225

216 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. The Funds are permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of March 31, 2023, capital loss carryforwards for the Funds were as follows:

	Unlimited
Fund	Short-Term			Long-Term			Total Capital Loss Carryforward
Nova Fund	$	(118,472,344	)	$	(16,077,943	)	$	(134,550,287	)
Inverse S&P 500® Strategy Fund		(239,074,712	)		(27,238,613	)		(266,313,325	)
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		(30,096,989	)		(9,091,019	)		(39,188,008	)
Inverse NASDAQ-100® Strategy Fund		(70,321,176	)		(3,878,530	)		(74,199,706	)
Mid-Cap 1.5x Strategy Fund		(1,785,734	)		(184,988	)		(1,970,722	)
Inverse Mid-Cap Strategy Fund		(5,343,919	)		(746,315	)		(6,090,234	)
Russell 2000® 1.5x Strategy Fund		(2,918,282	)		(279,468	)		(3,197,750	)
Russell 2000® Fund		(2,120,422	)		(619,586	)		(2,740,008	)
Inverse Russell 2000® Strategy Fund		(35,191,389	)		(6,823,446	)		(42,014,835	)
Government Long Bond 1.2x Strategy Fund		(51,025,321	)		(10,865,209	)		(61,890,530	)
Inverse Government Long Bond Strategy Fund		(191,525,219	)		(47,441,406	)		(238,966,625	)
High Yield Strategy Fund		(11,977,065	)		(1,473,904	)		(13,450,969	)
Inverse High Yield Strategy Fund		(9,100,322	)		(1,634,941	)		(10,735,263	)

For the year ended March 31, 2023, the following capital loss carryforward amounts were utilized:

Fund	Utilized
Dow Jones Industrial Average® Fund	$	2,390,866
Inverse Government Long Bond Strategy Fund		20,923,214

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to investments in real estate investment trusts and swap agreements, losses deferred due to wash sales, distributions in connection with redemption of fund shares, the deferral of qualified late-year losses, reclassification of distributions, and the “mark-to-market,” recharacterization, or disposition of certain Passive Foreign Investment Companies (PFICs). Additional differences may result from the tax treatment of net operating losses and the “mark-to-market” of certain derivatives. To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

The following adjustments were made on the Statements of Assets and Liabilities as of March 31, 2023 for permanent book/tax differences:

Fund	Paid In Capital			Total Distributable Earnings/(Loss)
S&P 500® Fund	$	12,710,250		$	(12,710,250	)
Russell 2000® 1.5x Strategy Fund		1,163			(1,163	)
Dow Jones Industrial Average® Fund		1,141,448			(1,141,448	)
Inverse Government Long Bond Strategy Fund		(818,826	)		818,826
Inverse High Yield Strategy Fund		(129,792	)		129,792

THE RYDEX FUNDS ANNUAL REPORT | 217

NOTES TO FINANCIAL STATEMENTS (continued)

At March 31, 2023, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation/ (Depreciation)
Nova Fund	$	267,650,042	$	—	$	(7,694,480	)	$	(7,694,480	)
S&P 500® Fund		98,327,583		3,856,152		(94,031	)		3,762,121
Inverse S&P 500® Strategy Fund		65,718,247		8,266		(1,965,764	)		(1,957,498	)
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		411,650,246		—		(17,800,759	)		(17,800,759	)
Inverse NASDAQ-100® Strategy Fund		33,720,541		—		(1,295,153	)		(1,295,153	)
Mid-Cap 1.5x Strategy Fund		10,271,874		911,524		(509,402	)		402,122
Inverse Mid-Cap Strategy Fund		2,742,383		—		(85,824	)		(85,824	)
Russell 2000® 1.5x Strategy Fund		6,777,679		477,203		(1,035,609	)		(558,406	)
Russell 2000® Fund		25,654,938		1,543,989		(5,109,821	)		(3,565,832	)
Inverse Russell 2000® Strategy Fund		6,223,359		—		(188,344	)		(188,344	)
Dow Jones Industrial Average® Fund		23,829,324		1,211,320		(137,757	)		1,073,563
Government Long Bond 1.2x Strategy Fund		43,419,810		742,263		(157,984	)		584,279
Inverse Government Long Bond Strategy Fund		29,545,107		1,068		(1,879,203	)		(1,878,135	)
High Yield Strategy Fund		17,099,273		318,445		(82,812	)		235,633
Inverse High Yield Strategy Fund		17,302,181		337		(278,625	)		(278,288	)
U.S. Government Money Market Fund		310,019,899		—		—			—

Pursuant to U.S. federal income tax regulations applicable to regulated investment companies, the Funds have elected to treat net capital losses and certain ordinary losses realized between November 1 and March 31 of each year as occurring on the first day of the following tax year. The Funds have also elected to treat certain ordinary losses realized between January 1 and March 31 of each year as occurring on the first day of the following tax year. For the year ended March 31, 2023, the following losses reflected in the accompanying financial statements were deferred for U.S. federal income tax purposes until April 1, 2023:

Fund	Ordinary			Capital
Inverse High Yield Strategy Fund	$	(902,330	)	$	—

Note 9 – Securities Transactions

For the year ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Nova Fund	$	1,746,494,889	$	1,865,136,054
S&P 500® Fund		731,013,406		783,187,243
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		2,779,123,664		2,552,658,867
Mid-Cap 1.5x Strategy Fund		4,471,263		6,851,398
Russell 2000® 1.5x Strategy Fund		578,478		2,969,504
Russell 2000® Fund		5,561,301		5,029,528
Inverse Russell 2000® Strategy Fund		—		—
Dow Jones Industrial Average® Fund		123,578,062		119,820,191
Government Long Bond 1.2x Strategy Fund		—		6,700,000
High Yield Strategy Fund		—		1,035,000
Inverse High Yield Strategy Fund		350,000		—
U.S. Government Money Market Fund		—		5,961,000

218 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

For the year ended March 31, 2023, the cost of purchases and proceeds from sales of government securities were as follows:

Fund	Purchases		Sales
Inverse NASDAQ-100® Strategy Fund	$	—	$	2,000,000
Government Long Bond 1.2x Strategy Fund		1,516,890,930		1,502,858,313
Inverse Government Long Bond Strategy Fund		1,138,351,328		1,112,558,909
U.S. Government Money Market Fund		—		5,600,000

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the year ended March 31, 2023, the Funds engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Gain (Loss)
Nova Fund	$	393,550,855	$	317,858,264	$	(11,308,452	)
S&P 500® Fund		330,159,968		346,450,082		16,093,108
Monthly Rebalance Nasdaq-100® 2x Strategy Fund		435,174,477		391,428,101		(4,318,061	)
Mid-Cap 1.5x Strategy Fund		1,481,868		197,835		(24,423	)
Russell 2000® 1.5x Strategy Fund		—		1,661,467		(330,235	)
Russell 2000® Fund		3,488,237		1,924,728		(827,592	)
Dow Jones Industrial Average® Fund		20,453,481		37,397,667		2,557,560

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 6, 2022, the line of credit agreement was renewed and expires on June 5, 2023. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 3.87% for the year ended March 31, 2023. The Funds did not have any borrowings outstanding under this agreement at March 31, 2023.

The average daily balances borrowed for the year ended March 31, 2023, were as follows:

Fund	Average Daily Balance
Nova Fund	$	15,301
Inverse S&P 500® Strategy Fund		3,641
Monthly Rebalance Nasdaq-100® 2x Strategy Fund		251,660
Inverse NASDAQ-100® Strategy Fund		9,600
Russell 2000® 1.5x Strategy Fund		737
Dow Jones Industrial Average® Fund		2,170
Government Long Bond 1.2x Strategy Fund		589
Inverse Government Long Bond Strategy Fund		7,482
Inverse High Yield Strategy Fund		30

Note 11 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of

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NOTES TO FINANCIAL STATEMENTS (concluded)

expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

Note 12 – Subsequent Events

On May 24, 2023, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for Nova Fund, S&P 500 Fund, Inverse S&P 500 Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000 1.5x Strategy Fund, Russell 2000 Fund, Inverse Russell 2000 Strategy Fund, Dow Jones Industrial Average Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund and Inverse High Yield Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This arrangement will take effect on August 1, 2023 and the end of the initial term is August 1, 2024. 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.

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

220 | THE RYDEX FUNDS ANNUAL REPORT

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of Nova Fund, S&P 500^® Fund, Inverse S&P 500^® Strategy Fund, Monthly Rebalance NASDAQ-100^® 2x Strategy Fund, Inverse NASDAQ-100^® Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000^® 1.5x Strategy Fund, Russell 2000^® Fund, Inverse Russell 2000^® Strategy Fund, Dow Jones Industrial Average^® Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, Inverse High Yield Strategy Fund and U.S. Government Money Market Fund and the Board of Trustees of Rydex Series Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Nova Fund, S&P 500^® Fund, Inverse S&P 500^® Strategy Fund, Monthly Rebalance NASDAQ-100^® 2x Strategy Fund, Inverse NASDAQ-100^® Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000^® 1.5x Strategy Fund, Russell 2000^® Fund, Inverse Russell 2000^® Strategy Fund, Dow Jones Industrial Average^® Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, Inverse High Yield Strategy Fund and U.S. Government Money Market Fund (collectively referred to as the “Funds”), (sixteen of the funds constituting Rydex Series Funds (the “Trust”)), including the schedules of investments, as of March 31, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (sixteen of the funds constituting Rydex Series Funds) at March 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian, transfer agent, and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Guggenheim investment companies since 1979.

Tysons, Virginia
May 25, 2023

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OTHER INFORMATION (Unaudited)

Federal Income Tax Information

This information is being provided as required by the Internal Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.

In January 2024, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2023.

The Funds’ investment income (dividend income plus short-term capital gains, if any) qualifies as follows:

Of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2023, the following funds had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief and Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income and dividend received deduction columns, respectively, in the table below.

Additionally, of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2023, the following funds had the corresponding percentages qualify as interest related dividends and qualified short-term capital gains as permitted by IRC Section 871(k)(1) and IRC Section 871(k)(2), respectively. See the qualified interest income and qualified short-term capital gain columns, respectively, in the table below.

Fund	Qualified Dividend Income			Dividend Received Deduction			Qualified Interest Income			Qualified Short-Term Capital Gain
Nova Fund		1.90	%		2.54	%		17.72	%		100.00	%
S&P 500® Fund		33.23	%		33.18	%		7.42	%		100.00	%
Dow Jones Industrial Average® Fund		100.00	%		100.00	%		18.07	%		100.00	%
Government Long Bond 1.2x Strategy Fund		0.06	%		0.00	%		98.98	%		0.00	%
High Yield Strategy Fund		0.00	%		0.00	%		50.00	%		0.00	%
U.S. Government Money Market Fund		0.00	%		0.00	%		99.93	%		100.00	%

With respect to the taxable year ended March 31, 2023, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:

Fund	From long-term capital gain:		From long-term capital gain, using proceeds from shareholder redemptions:
S&P 500® Fund	$	—	$	12,710,250
Dow Jones Industrial Average® Fund		620,623		1,141,448
U.S. Government Money Market Fund		30		—

Delivery of Shareholder Reports

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

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

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OTHER INFORMATION (Unaudited)(concluded)

Proxy Voting Information

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

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

Sector Classification

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

Quarterly Portfolio Schedules Information

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

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

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

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

Our Commitment to You

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

The Information We Collect About You

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

How We Handle Your Personal Information

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

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

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

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

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

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

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

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

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

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

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

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

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

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

Opt-Out Provisions and Your Data Choices

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

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

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

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

How We Protect Privacy Online

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

THE RYDEX FUNDS ANNUAL REPORT | 231

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

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

How We Safeguard Your Personal Information and Data Retention

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

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

International Visitors

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

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

We’ll Keep You Informed

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

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

232 | THE RYDEX FUNDS ANNUAL REPORT

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3.31.2023

Rydex Funds Annual Report

Sector Funds

Banking Fund

Basic Materials Fund

Biotechnology Fund

Consumer Products Fund

Electronics Fund

Energy Fund

Energy Services Fund

Financial Services Fund

Health Care Fund

Internet Fund

Leisure Fund

Precious Metals Fund

Real Estate Fund

Retailing Fund

Technology Fund

Telecommunications Fund

Transportation Fund

Utilities Fund

GuggenheimInvestments.com RSECF-ANN-0323x0324

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
BANKING FUND	10
BASIC MATERIALS FUND	18
BIOTECHNOLOGY FUND	26
CONSUMER PRODUCTS FUND	34
ELECTRONICS FUND	42
ENERGY FUND	50
ENERGY SERVICES FUND	58
FINANCIAL SERVICES FUND	66
HEALTH CARE FUND	75
INTERNET FUND	83
LEISURE FUND	91
PRECIOUS METALS FUND	99
REAL ESTATE FUND	107
RETAILING FUND	116
TECHNOLOGY FUND	124
TELECOMMUNICATIONS FUND	132
TRANSPORTATION FUND	140
UTILITIES FUND	148
NOTES TO FINANCIAL STATEMENTS	156
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	168
OTHER INFORMATION	169
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	171
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	177

THE RYDEX FUNDS ANNUAL REPORT | 1

March 31, 2023

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the annual shareholder report for Rydex Sector Funds (the “Fund” or “Funds”). This report covers performance for the 12-month period ended March 31, 2023 (the “Reporting Period”).

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

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

We encourage you to read the Economic and Market Overview section of the report, which follows this letter, and then the Performance Report and Fund Profile for each Fund.

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

Sincerely,

Security Investors, LLC

April 30, 2023

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

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

Sector funds may not be suitable for all investors. Investing in sector funds is more volatile than investing in broadly diversified funds, as there is a greater risk due to the concentration of the funds’ holdings in issuers within the same sector or industry. Certain of the sector funds are considered non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund.

2 | THE RYDEX FUNDS ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) March 31, 2023

Developments in March 2023 highlighted the increasingly difficult place in which the U.S. Federal Reserve (the “Fed”) and other central banks find themselves as they work toward restoring price stability and maintaining financial stability. The collapse of Silicon Valley Bank and Signature Bank prompted banks to rush for liquidity support from the Fed, totaling $165 billion in the immediate aftermath. Overseas, the Swiss National Bank provided the equivalent of $54 billion in emergency liquidity to Credit Suisse before a deal was struck with rival UBS to buy it for $3.25 billion.

Heightened concerns about further bank stress and central banks’ ability to continue aggressively tightening monetary policy weighed heavily on market-implied expectations for the path of policy rates. Nevertheless, in March 2023 the Fed raised rates by 25 basis points and the European Central Bank raised rates by 50 basis points. One basis point equals 0.01%. We expect central banks will continue to raise rates over the next few months in their continuing effort to bring inflation to heel, despite the cracks in financial stability that are beginning to show.

While markets were volatile, data releases indicated that the U.S. economy is still on a relatively firm footing. March job growth came in at 236,000, well above the level needed to keep the unemployment rate from rising. Housing data has surprised to the upside, likely in response to the recent softening of mortgage rates. Meanwhile, the S&P Global U.S. composite Purchasing Managers’ Index (“PMI”) rose to a 10-month high, with strength especially evident in sub-indices for the service sector. Forward-looking data looks more concerning, however, with the Leading Economic Index turning down further, initial signs of job loss in the most cyclical and interest rate sensitive sectors, and business surveys souring on the economic outlook and plans for spending and hiring.

The Fed acknowledged in its March 2023 Federal Open Market Committee meeting statement that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. In recognition of this new risk, the Fed’s updated Summary of Economic Projections showed a small downward revision of real gross domestic product growth this year, from 0.5% to 0.4%, followed by a larger downward revision for next year, from 1.6% to 1.2%. We continue to expect a recession could begin midway through the year.

For the Reporting Period, the S&P 500^® Index* returned -7.73%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -1.38%. The return of the MSCI Emerging Markets Index* was -10.70%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -4.78% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned -3.34%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 2.53% for the Reporting Period.

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

*Index Definitions:

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

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) March 31, 2023

MSCI U.S. REIT Index is a free float market capitalization weighted index that is comprised of equity real estate investment trust (“REIT”) securities that belong to the MSCI U.S. Investable Market 2500 Index. The MSCI U.S. REIT Index includes only REIT securities that are of reasonable size in terms of full and free float-adjusted market capitalization to ensure that the performance of the equity REIT universe can be captured and replicated in actual institutional and retail portfolios of different sizes.

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

S&P 500^® Consumer Discretionary Index is a sub-index of the S&P 500^® . The Consumer Discretionary index includes companies in the following industries: automobiles and components, consumer durables, apparel, hotels, restaurants, leisure, media and retailing.

S&P 500^® Consumer Staples Index is a sub-index of the S&P 500^® . The Consumer Staples index comprises companies whose businesses are less sensitive to economic cycles. It includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. It also includes food & drug retailing companies as well as hypermarkets and consumer super centers.

S&P 500^® Energy Index is a sub-index of the S&P 500^® . The Energy index comprises companies whose businesses are dominated by either of the following activities: the construction or provision of oil rigs, drilling equipment and other energy-related equipment and services, including seismic data collection; companies engaged in the exploration, production, marketing, refining and/or transportation of oil and gas products, coal and other consumable fuels.

S&P 500^® Financials Index is a sub-index of the S&P 500^® . The Financials index contains companies involved in activities such as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, and financial investment, and real estate, including REITs.

S&P 500^® Health Care Index is a sub-index of the S&P 500^® . The Health Care index encompasses two main industry groups. The first includes companies which manufacture health care equipment and supplies or provide health care related services, including distributors of health care products, providers of basic health-care services, and owners and operators of health care facilities and organizations. The first group also includes companies operating in the health care technology industry. The second group includes companies primarily involved in the research, development, production and marketing of pharmaceuticals, biotechnology and life sciences products.

S&P 500^® Industrials Index is a sub-index of the S&P 500^® . The Industrials index includes companies whose businesses are dominated by one of the following activities: the manufacture and distribution of capital goods, including aerospace & defense, construction, engineering & building products, electrical equipment and industrial machinery; the provision of commercial services and supplies, including printing, environmental, office and security services; the provision of professional services, including employment and research & consulting services; or the provision of transportation services, including airlines, couriers, marine, road & rail and transportation infrastructure.

S&P 500^® Information Technology Index is a sub-index of the S&P 500^® . The Information Technology index covers the following general areas: technology software & services, including companies that primarily develop software in various fields such as the internet, applications, systems, databases management and/or home entertainment, and companies that provide information technology consulting and services, as well as data processing and outsourced services; secondly, technology hardware & equipment, including manufacturers and distributors of communications equipment, computers & peripherals, electronic equipment and related instruments; and thirdly, semiconductors & semiconductor equipment manufacturers.

S&P 500^® Materials Index is a sub-index of the S&P 500^® . The Materials index encompasses a wide range of commodity-related manufacturing industries. Included in this sector are companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel.

S&P 500^® Telecommunications Services Index is a sub-index of the S&P 500^® . The Telecommunications Services index contains companies that provide communications services primarily through a fixed-line, cellular, wireless, high bandwidth and/or fiber optic cable network.

S&P 500^® Utilities Index is a sub-index of the S&P 500^® . The Utilities index encompasses those companies considered electric, gas or water utilities, or companies that operate as independent producers and/or distributors of power.

4 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning September 30, 2022 and ending March 31, 2023.

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

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

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

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

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

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

THE RYDEX FUNDS ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Banking Fund
Investor Class	1.40%	(11.45%)	$ 1,000.00	$ 885.50	$ 6.58
A-Class	1.65%	(11.56%)	1,000.00	884.40	7.75
C-Class	2.40%	(11.89%)	1,000.00	881.10	11.26
H-Class	1.65%	(11.55%)	1,000.00	884.50	7.75
Basic Materials Fund
Investor Class	1.39%	20.19%	1,000.00	1,201.90	7.63
A-Class	1.64%	20.03%	1,000.00	1,200.30	9.00
C-Class	2.39%	19.59%	1,000.00	1,195.90	13.08
H-Class	1.65%	20.00%	1,000.00	1,200.00	9.05
Biotechnology Fund
Investor Class	1.39%	7.43%	1,000.00	1,074.30	7.19
A-Class	1.64%	7.29%	1,000.00	1,072.90	8.48
C-Class	2.39%	6.90%	1,000.00	1,069.00	12.33
H-Class	1.64%	7.30%	1,000.00	1,073.00	8.48
Consumer Products Fund
Investor Class	1.39%	13.57%	1,000.00	1,135.70	7.40
A-Class	1.64%	13.43%	1,000.00	1,134.30	8.73
C-Class	2.39%	13.01%	1,000.00	1,130.10	12.69
H-Class	1.64%	13.44%	1,000.00	1,134.40	8.73
Electronics Fund
Investor Class	1.39%	37.87%	1,000.00	1,378.70	8.24
A-Class	1.64%	37.70%	1,000.00	1,377.00	9.72
C-Class	2.39%	37.19%	1,000.00	1,371.90	14.13
H-Class	1.64%	37.70%	1,000.00	1,377.00	9.72
Energy Fund
Investor Class	1.39%	8.68%	1,000.00	1,086.80	7.23
A-Class	1.65%	8.55%	1,000.00	1,085.50	8.58
C-Class	2.40%	8.14%	1,000.00	1,081.40	12.45
H-Class	1.65%	8.55%	1,000.00	1,085.50	8.58
Energy Services Fund
Investor Class	1.39%	25.66%	1,000.00	1,256.60	7.82
A-Class	1.65%	25.49%	1,000.00	1,254.90	9.28
C-Class	2.40%	25.03%	1,000.00	1,250.30	13.46
H-Class	1.65%	25.50%	1,000.00	1,255.00	9.28
Financial Services Fund
Investor Class	1.40%	3.74%	1,000.00	1,037.40	7.11
A-Class	1.65%	3.60%	1,000.00	1,036.00	8.38
C-Class	2.40%	3.21%	1,000.00	1,032.10	12.16
H-Class	1.65%	3.60%	1,000.00	1,036.00	8.38
Health Care Fund
Investor Class	1.39%	11.57%	1,000.00	1,115.70	7.33
A-Class	1.64%	11.42%	1,000.00	1,114.20	8.64
C-Class	2.39%	11.00%	1,000.00	1,110.00	12.57
H-Class	1.64%	11.41%	1,000.00	1,114.10	8.64

6 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Internet Fund
Investor Class	1.40%	19.58%	$ 1,000.00	$ 1,195.80	$ 7.66
A-Class	1.65%	19.44%	1,000.00	1,194.40	9.03
C-Class	2.40%	18.98%	1,000.00	1,189.80	13.10
H-Class	1.65%	19.44%	1,000.00	1,194.40	9.03
Leisure Fund
Investor Class	1.40%	23.22%	1,000.00	1,232.20	7.79
A-Class	1.65%	23.06%	1,000.00	1,230.60	9.18
C-Class	2.40%	22.61%	1,000.00	1,226.10	13.32
H-Class	1.65%	23.08%	1,000.00	1,230.80	9.18
Precious Metals Fund
Investor Class	1.29%	33.50%	1,000.00	1,335.00	7.51
A-Class	1.54%	33.35%	1,000.00	1,333.50	8.96
C-Class	2.29%	32.83%	1,000.00	1,328.30	13.29
H-Class	1.54%	33.35%	1,000.00	1,333.50	8.96
Real Estate Fund
A-Class	1.66%	4.67%	1,000.00	1,046.70	8.47
C-Class	2.41%	4.26%	1,000.00	1,042.60	12.27
H-Class	1.66%	4.65%	1,000.00	1,046.50	8.47
Retailing Fund
Investor Class	1.40%	14.02%	1,000.00	1,140.20	7.47
A-Class	1.65%	13.88%	1,000.00	1,138.80	8.80
C-Class	2.40%	13.45%	1,000.00	1,134.50	12.77
H-Class	1.65%	13.88%	1,000.00	1,138.80	8.80
Technology Fund
Investor Class	1.40%	22.72%	1,000.00	1,227.20	7.77
A-Class	1.64%	22.57%	1,000.00	1,225.70	9.10
C-Class	2.39%	22.11%	1,000.00	1,221.10	13.23
H-Class	1.64%	22.56%	1,000.00	1,225.60	9.10
Telecommunications Fund
Investor Class	1.40%	13.29%	1,000.00	1,132.90	7.44
A-Class	1.66%	13.19%	1,000.00	1,131.90	8.82
C-Class	2.40%	12.77%	1,000.00	1,127.70	12.73
H-Class	1.66%	13.18%	1,000.00	1,131.80	8.82
Transportation Fund
Investor Class	1.39%	10.39%	1,000.00	1,103.90	7.29
A-Class	1.65%	10.23%	1,000.00	1,102.30	8.65
C-Class	2.40%	9.84%	1,000.00	1,098.40	12.56
H-Class	1.64%	10.25%	1,000.00	1,102.50	8.60
Utilities Fund
Investor Class	1.39%	5.88%	1,000.00	1,058.80	7.13
A-Class	1.64%	5.73%	1,000.00	1,057.30	8.41
C-Class	2.39%	5.37%	1,000.00	1,053.70	12.24
H-Class	1.64%	5.73%	1,000.00	1,057.30	8.41

THE RYDEX FUNDS ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Banking Fund
Investor Class	1.40%	5.00%	$ 1,000.00	$ 1,017.95	$ 7.04
A-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
C-Class	2.40%	5.00%	1,000.00	1,012.96	12.04
H-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
Basic Materials Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.00	6.99
A-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
C-Class	2.39%	5.00%	1,000.00	1,013.01	11.99
H-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
Biotechnology Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.00	6.99
A-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
C-Class	2.39%	5.00%	1,000.00	1,013.01	11.99
H-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
Consumer Products Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.00	6.99
A-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
C-Class	2.39%	5.00%	1,000.00	1,013.01	11.99
H-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
Electronics Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.00	6.99
A-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
C-Class	2.39%	5.00%	1,000.00	1,013.01	11.99
H-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
Energy Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.00	6.99
A-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
C-Class	2.40%	5.00%	1,000.00	1,012.96	12.04
H-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
Energy Services Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.00	6.99
A-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
C-Class	2.40%	5.00%	1,000.00	1,012.96	12.04
H-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
Financial Services Fund
Investor Class	1.40%	5.00%	1,000.00	1,017.95	7.04
A-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
C-Class	2.40%	5.00%	1,000.00	1,012.96	12.04
H-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
Health Care Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.00	6.99
A-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
C-Class	2.39%	5.00%	1,000.00	1,013.01	11.99
H-Class	1.64%	5.00%	1,000.00	1,016.75	8.25

8 | THE RYDEX FUNDS ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value September 30, 2022	Ending Account Value March 31, 2023	Expenses Paid During Period2
Internet Fund
Investor Class	1.40%	5.00%	$ 1,000.00	$ 1,017.95	$ 7.04
A-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
C-Class	2.40%	5.00%	1,000.00	1,012.96	12.04
H-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
Leisure Fund
Investor Class	1.40%	5.00%	1,000.00	1,017.95	7.04
A-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
C-Class	2.40%	5.00%	1,000.00	1,012.96	12.04
H-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
Precious Metals Fund
Investor Class	1.29%	5.00%	1,000.00	1,018.50	6.49
A-Class	1.54%	5.00%	1,000.00	1,017.25	7.75
C-Class	2.29%	5.00%	1,000.00	1,013.51	11.50
H-Class	1.54%	5.00%	1,000.00	1,017.25	7.75
Real Estate Fund
A-Class	1.66%	5.00%	1,000.00	1,016.65	8.35
C-Class	2.41%	5.00%	1,000.00	1,012.91	12.09
H-Class	1.66%	5.00%	1,000.00	1,016.65	8.35
Retailing Fund
Investor Class	1.40%	5.00%	1,000.00	1,017.95	7.04
A-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
C-Class	2.40%	5.00%	1,000.00	1,012.96	12.04
H-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
Technology Fund
Investor Class	1.40%	5.00%	1,000.00	1,017.95	7.04
A-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
C-Class	2.39%	5.00%	1,000.00	1,013.01	11.99
H-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
Telecommunications Fund
Investor Class	1.40%	5.00%	1,000.00	1,017.95	7.04
A-Class	1.66%	5.00%	1,000.00	1,016.65	8.35
C-Class	2.40%	5.00%	1,000.00	1,012.96	12.04
H-Class	1.66%	5.00%	1,000.00	1,016.65	8.35
Transportation Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.00	6.99
A-Class	1.65%	5.00%	1,000.00	1,016.70	8.30
C-Class	2.40%	5.00%	1,000.00	1,012.96	12.04
H-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
Utilities Fund
Investor Class	1.39%	5.00%	1,000.00	1,018.00	6.99
A-Class	1.64%	5.00%	1,000.00	1,016.75	8.25
C-Class	2.39%	5.00%	1,000.00	1,013.01	11.99
H-Class	1.64%	5.00%	1,000.00	1,016.75	8.25

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 182/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period September 30, 2022 to March 31, 2023.

THE RYDEX FUNDS ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

BANKING FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the banking sector, including commercial banks (and their holding companies) and savings and loan institutions (“Banking Companies”).

Affecting the banking sector was the collapse of Silicon Valley Bank and Signature Bank in March 2023, which stemmed from the government’s efforts to contain the effects of economic dislocations in the wake of the COVID-19 pandemic. Unprecedented stimulus in 2020 and 2021 had filled the financial system with deposits (liabilities for a bank), which banks invested on the asset side by adding to holdings of securities, given that loan demand was depressed. Many banks took the opportunity to increase the yield on those securities holdings by investing in long duration Treasuries and mortgage-backed securities (“MBS”), while others more presciently parked the excess liquidity in cash or short-term investments. The Fed’s campaign to raise short-term interest rates at the fastest pace since the 1980s led to banks accumulating billions of dollars of unrealized losses on their securities holdings, just as their deposits began fleeing in search of better yields, a situation that led to the federal government’s seizure of First Republic Bank in early May and subsequent sale to JPMorgan Chase.

The U.S. Federal Reserve’s (the “Fed”) new Bank Term Funding Program addressed part of the issues faced by banks, giving them a way to access liquidity without recognizing losses on their fixed-income securities holdings. The Fed’s discount window also allowed for a broader range of collateral. While helping prevent further panic-induced bank runs, the Fed’s programs to the banks are unlikely to fully stem deposit outflows, which will likely continue as depositors burn through cash or move it to higher-yielding alternatives like T-bills or money market funds. The Fed acknowledged in March that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. While banks that failed had their unique issues, problems may continue to pop up in banks and other parts of the financial system.

For the Reporting Period, Banking Fund Investor Class returned -27.01%, compared with the S&P 500 Index, which returned -7.73%. The S&P 500 Financials Index returned -14.24%.

The only industry that contributed was thrifts & mortgage finance companies. The industries that detracted the most: regional banks, diversified banks, and diversified financial services.

The individual holdings that contributed the most: First Citizens BancShares, Inc. - Class A, ICICI Bank, Ltd. ADR, and Itau Unibanco Holding S.A. ADR Preferred. Those that detracted the most: SVB Financial Group, Signature Bank, and First Republic Bank.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	April 1, 1998

Ten Largest Holdings	(% of Total Net Assets)
Citigroup, Inc.	4.1%
JPMorgan Chase & Co.	4.1%
Bank of America Corp.	4.0%
Wells Fargo & Co.	3.8%
U.S. Bancorp	3.5%
PNC Financial Services Group, Inc.	3.3%
Truist Financial Corp.	3.2%
Capital One Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.9%
State Street Corp.	2.4%
Top Ten Total	34.2%
“Ten Largest Holdings” excludes any temporary cash investments.

10 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(27.01%)	(2.15%)	4.24%
A-Class Shares	(27.18%)	(2.48%)	3.94%
A-Class Shares with sales charge‡	(30.64%)	(3.42%)	3.44%
C-Class Shares	(27.73%)	(3.21%)	3.16%
C-Class Shares with CDSC§	(28.42%)	(3.21%)	3.16%
H-Class Shares**	(27.18%)	(2.48%)	3.90%
S&P 500 Financials Index	(14.24%)	5.41%	10.32%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and S&P 500 Financials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce its reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS	March 31, 2023
BANKING FUND

	Shares		Value
COMMON STOCKS† - 97.9%
Banks - 92.3%
Citigroup, Inc.		4,667	$	218,836
JPMorgan Chase & Co.		1,666		217,097
Bank of America Corp.		7,367		210,696
Wells Fargo & Co.		5,419		202,562
U.S. Bancorp		5,143		185,405
PNC Financial Services Group, Inc.		1,402		178,194
Truist Financial Corp.		5,012		170,909
Bank of New York Mellon Corp.		3,392		154,133
State Street Corp.		1,672		126,554
M&T Bank Corp.		924		110,483
Northern Trust Corp.		1,232		108,576
Fifth Third Bancorp		4,033		107,439
Regions Financial Corp.		5,650		104,864
Huntington Bancshares, Inc.		8,961		100,363
ICICI Bank Ltd. ADR		4,523		97,606
Citizens Financial Group, Inc.		3,101		94,177
KeyCorp		6,912		86,538
First Horizon Corp.		4,695		83,477
Toronto-Dominion Bank		1,213		72,659
First Citizens BancShares, Inc. — Class A		74		72,009
East West Bancorp, Inc.		1,240		68,820
Popular, Inc.		1,138		65,333
Commerce Bancshares, Inc.		1,110		64,769
Webster Financial Corp.		1,630		64,255
Bank of Nova Scotia1		1,260		63,454
Cullen/Frost Bankers, Inc.		596		62,783
HDFC Bank Ltd. ADR		930		62,003
NU Holdings Limited/Cayman Islands — Class A*		13,016		61,956
Royal Bank of Canada		644		61,554
HSBC Holdings plc ADR1		1,709		58,328
Comerica, Inc.		1,334		57,922
Prosperity Bancshares, Inc.		938		57,706
Banco Bradesco S.A. ADR		21,891		57,354
SouthState Corp.		800		57,008
First Financial Bankshares, Inc.		1,687		53,815
United Bankshares, Inc.		1,514		53,293
Synovus Financial Corp.		1,723		53,120
Columbia Banking System, Inc.		2,457		52,629
Pinnacle Financial Partners, Inc.		940		51,850
Bank of Montreal		581		51,773
Zions Bancorp North America		1,715		51,330
Wintrust Financial Corp.		701		51,138
Old National Bancorp		3,507		50,571
FNB Corp.		4,340		50,344
Valley National Bancorp		5,311		49,074
Cadence Bank		2,305		47,852
UBS Group AG1		2,213		47,225
Bank OZK		1,366		46,717
Canadian Imperial Bank of Commerce		1,073		45,517
United Community Banks, Inc.		1,596		44,880
Western Alliance Bancorporation1		1,204		42,790
Hancock Whitney Corp.		1,171		42,624
Deutsche Bank AG1		4,151		42,382
Independent Bank Corp.		634		41,603
Associated Banc-Corp.		2,191		39,394
First Interstate BancSystem, Inc. — Class A		1,315		39,266
Ameris Bancorp		1,042		38,116
Cathay General Bancorp		1,095		37,799
Fulton Financial Corp.		2,643		36,526
Texas Capital Bancshares, Inc.*		725		35,496
CVB Financial Corp.		2,081		34,711
Seacoast Banking Corporation of Florida		1,430		33,891
UMB Financial Corp.		517		29,841
PacWest Bancorp1		2,481		24,140
First Republic Bank1		1,592		22,272
Silvergate Capital Corp. — Class A*,1		2,454		3,976
Total Banks				4,911,777
Diversified Financial Services - 2.9%
Capital One Financial Corp.		1,623		156,067
Savings & Loans - 2.7%
New York Community Bancorp, Inc.		7,973		72,076
Pacific Premier Bancorp, Inc.		1,528		36,703
Washington Federal, Inc.		1,144		34,457
Total Savings & Loans				143,236
Total Common Stocks
(Cost $4,527,697)				5,211,080
PREFERRED STOCKS† - 1.5%
Financial - 1.5%
Itau Unibanco Holding S.A.
ADR		16,322		79,488
Total Preferred Stocks
(Cost $72,048)				79,488
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	14,009		14,009
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		5,534		5,534
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		5,535		5,535
Total Repurchase Agreements
(Cost $25,078)				25,078

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
BANKING FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 4.3%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		227,181	$	227,181
Total Securities Lending Collateral
(Cost $227,181)				227,181
Total Investments - 104.2%
(Cost $4,852,004)			$	5,542,827
Other Assets & Liabilities, net - (4.2)%				(224,177	)
Total Net Assets - 100.0%			$	5,318,650

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (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	$	5,211,080	$	—	$	—	$	5,211,080
Preferred Stocks		79,488		—		—		79,488
Repurchase Agreements		—		25,078		—		25,078
Securities Lending Collateral		227,181		—		—		227,181
Total Assets	$	5,517,749	$	25,078	$	—	$	5,542,827

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

BANKING FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $224,546 of securities loaned (cost $4,826,926)	$	5,517,749
Repurchase agreements, at value (cost $25,078)		25,078
Receivables:
Securities sold		112,469
Dividends		18,609
Fund shares sold		900
Foreign tax reclaims		782
Securities lending income		135
Interest		4
Total assets		5,675,726
Liabilities:
Payable for:
Return of securities lending collateral		227,181
Fund shares redeemed		117,049
Management fees		4,355
Transfer agent fees		1,719
Distribution and service fees		1,371
Portfolio accounting and administration fees		782
Trustees’ fees*		90
Miscellaneous		4,529
Total liabilities		357,076
Net assets	$	5,318,650
Net assets consist of:
Paid in capital	$	16,368,118
Total distributable earnings (loss)		(11,049,468	)
Net assets	$	5,318,650
Investor Class:
Net assets	$	1,531,405
Capital shares outstanding		21,723
Net asset value per share	$	70.50
A-Class:
Net assets	$	2,845,104
Capital shares outstanding		45,409
Net asset value per share	$	62.66
Maximum offering price per share (Net asset value divided by 95.25%)	$	65.78
C-Class:
Net assets	$	828,226
Capital shares outstanding		15,446
Net asset value per share	$	53.62
H-Class:
Net assets	$	113,915
Capital shares outstanding		1,872
Net asset value per share	$	60.85

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $4,059)	$	270,916
Interest		1,174
Income from securities lending, net		504
Total investment income		272,594
Expenses:
Management fees		76,931
Distribution and service fees:
A-Class		8,922
C-Class		12,075
H-Class		936
Transfer agent fees		20,907
Portfolio accounting and administration fees		12,384
Professional fees		2,809
Trustees’ fees*		2,480
Custodian fees		1,598
Line of credit fees		210
Miscellaneous		9,185
Total expenses		148,437
Net investment income		124,157
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,142,823
Net realized gain		1,142,823
Net change in unrealized appreciation (depreciation) on:
Investments		(4,044,030	)
Net change in unrealized appreciation (depreciation)		(4,044,030	)
Net realized and unrealized loss		(2,901,207	)
Net decrease in net assets resulting from operations	$	(2,777,050	)

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

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

BANKING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	124,157		$	300,682
Net realized gain on investments		1,142,823			394,136
Net change in unrealized appreciation (depreciation) on investments		(4,044,030	)		(606,233	)
Net increase (decrease) in net assets resulting from operations		(2,777,050	)		88,585
Distributions to shareholders:
Investor Class		(141,982	)		(95,987	)
A-Class		(115,109	)		(22,759	)
C-Class		(38,799	)		(11,775	)
H-Class		(4,792	)		(42,522	)
Total distributions to shareholders		(300,682	)		(173,043	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		37,557,660			183,255,069
A-Class		1,993,053			3,587,616
C-Class		389,919			2,706,835
H-Class		540,677			20,206,275
Distributions reinvested
Investor Class		140,351			95,654
A-Class		113,828			22,623
C-Class		38,698			11,756
H-Class		4,695			42,504
Cost of shares redeemed
Investor Class		(39,145,083	)		(187,860,624	)
A-Class		(2,695,148	)		(3,226,427	)
C-Class		(1,161,889	)		(1,555,949	)
H-Class		(2,535,748	)		(22,615,331	)
Net decrease from capital share transactions		(4,758,987	)		(5,329,999	)
Net decrease in net assets		(7,836,719	)		(5,414,457	)
Net assets:
Beginning of year		13,155,369			18,569,826
End of year	$	5,318,650		$	13,155,369
Capital share activity:
Shares sold
Investor Class		422,891			1,795,247
A-Class		26,938			38,825
C-Class		5,630			33,608
H-Class		7,214			227,308
Shares issued from reinvestment of distributions
Investor Class		1,726			921
A-Class		1,574			243
C-Class		624			146
H-Class		67			470
Shares redeemed
Investor Class		(445,428	)		(1,847,955	)
A-Class		(34,617	)		(34,722	)
C-Class		(16,813	)		(19,633	)
H-Class		(32,132	)		(256,166	)
Net decrease in shares		(62,326	)		(61,708	)

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

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	99.66		$	95.71		$	51.83		$	74.58		$	86.27
Income (loss) from investment operations:
Net investment income (loss)a		1.43			1.03			1.25			1.14			.81
Net gain (loss) on investments (realized and unrealized)		(28.00	)		3.42			44.89			(23.38	)		(10.92	)
Total from investment operations		(26.57	)		4.45			46.14			(22.24	)		(10.11	)
Less distributions from:
Net investment income		(2.59	)		(.50	)		(2.26	)		(.51	)		(1.58	)
Total distributions		(2.59	)		(.50	)		(2.26	)		(.51	)		(1.58	)
Net asset value, end of period	$	70.50		$	99.66		$	95.71		$	51.83		$	74.58
Total Return		(27.01	%)		4.62	%		90.06	%		(30.08	%)		(11.63	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,531		$	4,239		$	9,027		$	17,507		$	5,997
Ratios to average net assets:
Net investment income (loss)		1.62	%		1.02	%		1.79	%		1.47	%		0.97	%
Total expenses		1.40	%		1.36	%		1.43	%		1.48	%		1.46	%
Portfolio turnover rate		384	%		501	%		799	%		360	%		633	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	89.12		$	85.85		$	46.98		$	67.81		$	78.80
Income (loss) from investment operations:
Net investment income (loss)a		1.08			.71			1.02			.87			.57
Net gain (loss) on investments (realized and unrealized)		(24.95	)		3.06			40.11			(21.19	)		(9.98	)
Total from investment operations		(23.87	)		3.77			41.13			(20.32	)		(9.41	)
Less distributions from:
Net investment income		(2.59	)		(.50	)		(2.26	)		(.51	)		(1.58	)
Total distributions		(2.59	)		(.50	)		(2.26	)		(.51	)		(1.58	)
Net asset value, end of period	$	62.66		$	89.12		$	85.85		$	46.98		$	67.81
Total Returnb		(27.18	%)		4.36	%		88.72	%		(30.25	%)		(11.85	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,845		$	4,591		$	4,050		$	2,789		$	4,849
Ratios to average net assets:
Net investment income (loss)		1.38	%		0.77	%		1.67	%		1.23	%		0.76	%
Total expenses		1.65	%		1.61	%		1.69	%		1.73	%		1.72	%
Portfolio turnover rate		384	%		501	%		799	%		360	%		633	%

16 | THE RYDEX FUNDS ANNUAL 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.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	77.28		$	75.07		$	41.57		$	60.51		$	71.05
Income (loss) from investment operations:
Net investment income (loss)a		.41			.03			.49			.31			(.05	)
Net gain (loss) on investments (realized and unrealized)		(21.48	)		2.68			35.27			(18.74	)		(8.91	)
Total from investment operations		(21.07	)		2.71			35.76			(18.43	)		(8.96	)
Less distributions from:
Net investment income		(2.59	)		(.50	)		(2.26	)		(.51	)		(1.58	)
Total distributions		(2.59	)		(.50	)		(2.26	)		(.51	)		(1.58	)
Net asset value, end of period	$	53.62		$	77.28		$	75.07		$	41.57		$	60.51
Total Returnb		(27.73	%)		3.58	%		87.34	%		(30.78	%)		(12.51	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	828		$	2,010		$	892		$	764		$	1,284
Ratios to average net assets:
Net investment income (loss)		0.61	%		0.03	%		0.93	%		0.49	%		(0.07	%)
Total expenses		2.40	%		2.36	%		2.45	%		2.48	%		2.46	%
Portfolio turnover rate		384	%		501	%		799	%		360	%		633	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	86.66		$	83.48		$	45.73		$	66.00		$	76.78
Income (loss) from investment operations:
Net investment income (loss)a		.91			.63			.85			.74			.45
Net gain (loss) on investments (realized and unrealized)		(24.13	)		3.05			39.16			(20.50	)		(9.65	)
Total from investment operations		(23.22	)		3.68			40.01			(19.76	)		(9.20	)
Less distributions from:
Net investment income		(2.59	)		(.50	)		(2.26	)		(.51	)		(1.58	)
Total distributions		(2.59	)		(.50	)		(2.26	)		(.51	)		(1.58	)
Net asset value, end of period	$	60.85		$	86.66		$	83.48		$	45.73		$	66.00
Total Return		(27.18	%)		4.38	%		88.66	%		(30.24	%)		(11.89	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	114		$	2,316		$	4,601		$	162		$	1,531
Ratios to average net assets:
Net investment income (loss)		1.16	%		0.71	%		1.15	%		1.02	%		0.60	%
Total expenses		1.65	%		1.60	%		1.63	%		1.74	%		1.70	%
Portfolio turnover rate		384	%		501	%		799	%		360	%		633	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

BASIC MATERIALS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in the mining, manufacture, or sale of basic materials, such as lumber, steel, iron, aluminum, concrete, chemicals, and other basic building and manufacturing materials (“Basic Materials Companies”).

For the Reporting Period, Basic Materials Fund Investor Class returned -8.59%, compared with a return of -7.73% for the S&P 500 Index. The S&P 500 Materials Index returned -6.28%.

The industries that contributed the most: industrial gases, steel, and construction & engineering. The industries that detracted the most: fertilizer & agricultural chemicals, specialty chemicals, and paper & plastic packaging.

The individual holdings that contributed the most: Air Products and Chemicals, Inc., Steel Dynamics, Inc., and Reliance Steel & Aluminum Co. Those that detracted the most: Newmont Corp., Alcoa Corp., and Ball Corp.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	May 3, 2001
H-Class	April 14, 1998

Ten Largest Holdings	(% of Total Net Assets)
Linde plc	4.7%
Freeport-McMoRan, Inc.	2.8%
Air Products and Chemicals, Inc.	2.8%
Vale S.A. ADR	2.6%
Sherwin-Williams Co.	2.5%
Corteva, Inc.	2.3%
Ecolab, Inc.	2.3%
Newmont Corp.	2.2%
Dow, Inc.	2.2%
Nucor Corp.	2.2%
Top Ten Total	26.6%
“Ten Largest Holdings” excludes any temporary cash investments.

18 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(8.59%)	8.50%	6.69%
A-Class Shares	(8.83%)	8.23%	6.42%
A-Class Shares with sales charge‡	(13.16%)	7.18%	5.90%
C-Class Shares	(9.51%)	7.42%	5.62%
C-Class Shares with CDSC§	(10.39%)	7.42%	5.62%
H-Class Shares**	(8.85%)	8.23%	6.35%
S&P 500 Materials Index	(6.28%)	9.60%	9.75%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Materials index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce its reported returns. The graphs are based on Investor Class share and A-Class shares only; performance for C-Class shares and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 19

SCHEDULE OF INVESTMENTS	March 31, 2023
BASIC MATERIALS FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Chemicals - 39.2%
Linde plc		4,600	$	1,635,024
Air Products and Chemicals, Inc.		3,362		965,600
Sherwin-Williams Co.		3,908		878,401
Ecolab, Inc.		4,757		787,426
Dow, Inc.		13,968		765,726
PPG Industries, Inc.		5,149		687,803
DuPont de Nemours, Inc.		9,152		656,839
Albemarle Corp.		2,771		612,502
LyondellBasell Industries N.V. — Class A		6,489		609,252
International Flavors & Fragrances, Inc.		6,580		605,097
FMC Corp.		3,891		475,208
Mosaic Co.		10,308		472,931
Nutrien Ltd.1		6,139		453,365
CF Industries Holdings, Inc.		6,100		442,189
RPM International, Inc.		4,656		406,190
Celanese Corp. — Class A		3,663		398,864
Eastman Chemical Co.		4,466		376,663
Olin Corp.		5,920		328,560
Axalta Coating Systems Ltd.*		10,485		317,591
Valvoline, Inc.		8,583		299,890
Ashland, Inc.		2,712		278,550
Huntsman Corp.		9,266		253,518
Element Solutions, Inc.		12,853		248,191
Chemours Co.		8,263		247,394
Livent Corp.*		11,099		241,070
Westlake Corp.		2,078		241,006
Total Chemicals				13,684,850
Mining - 28.1%
Freeport-McMoRan, Inc.		23,707		969,853
Newmont Corp.		15,673		768,290
Barrick Gold Corp.		39,733		737,842
Rio Tinto plc ADR		7,962		546,193
BHP Group Ltd. ADR		8,266		524,147
Teck Resources Ltd. — Class B		12,782		466,543
Wheaton Precious Metals Corp.		9,429		454,101
Agnico Eagle Mines Ltd.		8,880		452,614
Gold Fields Ltd. ADR		29,151		388,291
AngloGold Ashanti Ltd. ADR		15,147		366,406
Royal Gold, Inc.		2,820		365,782
Pan American Silver Corp.		19,878		361,780
Kinross Gold Corp.		74,000		348,540
Franco-Nevada Corp.		2,385		347,733
Alcoa Corp.		7,753		329,968
Southern Copper Corp.		4,189		319,411
Alamos Gold, Inc. — Class A		23,936		292,737
Yamana Gold, Inc.		49,352		288,709
Lithium Americas Corp.*,1		12,406		269,955
First Majestic Silver Corp.		36,538		263,439
Sibanye Stillwater Ltd. ADR1		31,144		259,118
Hecla Mining Co.		38,979		246,737
SSR Mining, Inc.		14,664		221,720
MP Materials Corp.*		7,263		204,744
Total Mining				9,794,653
Iron & Steel - 12.9%
Vale S.A. ADR		57,971		914,782
Nucor Corp.		4,894		755,976
Steel Dynamics, Inc.		4,587		518,606
Reliance Steel & Aluminum Co.		1,823		468,037
Cleveland-Cliffs, Inc.*		20,032		367,187
ArcelorMittal S.A.1		11,458		345,115
Commercial Metals Co.		6,022		294,476
Gerdau S.A. ADR		58,887		290,311
United States Steel Corp.		10,831		282,689
ATI, Inc.*		6,861		270,735
Total Iron & Steel				4,507,914
Packaging & Containers - 8.8%
Ball Corp.		9,243		509,382
Packaging Corporation of America		3,117		432,733
Amcor plc		37,717		429,219
Crown Holdings, Inc.		4,633		383,195
Westrock Co.		11,236		342,361
Graphic Packaging Holding Co.		13,379		341,031
Berry Global Group, Inc.		5,404		318,296
Sealed Air Corp.		6,734		309,158
Total Packaging & Containers				3,065,375
Building Materials - 4.7%
Martin Marietta Materials, Inc.		1,621		575,552
Vulcan Materials Co.		3,323		570,094
Eagle Materials, Inc.		1,924		282,347
Louisiana-Pacific Corp.		4,038		218,900
Total Building Materials				1,646,893
Biotechnology - 2.3%
Corteva, Inc.		13,259		799,650
Household Products & Housewares - 1.3%
Avery Dennison Corp.		2,581		461,819
Forest Products & Paper - 1.2%
International Paper Co.		11,916		429,691
Housewares - 0.6%
Scotts Miracle-Gro Co. — Class A		2,810		195,969
Coal - 0.3%
Alpha Metallurgical Resources, Inc.		765		119,340
Healthcare-Services - 0.2%
Ginkgo Bioworks Holdings, Inc.*,1		51,767		68,850
Total Common Stocks
(Cost $21,699,006)				34,775,004

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

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
BASIC MATERIALS FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.9%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	173,456	$	173,456
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		68,529		68,529
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		68,530		68,530
Total Repurchase Agreements
(Cost $310,515)				310,515

	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.7%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		950,738		950,738
Total Securities Lending Collateral
(Cost $950,738)				950,738
Total Investments - 103.2%
(Cost $22,960,259)			$	36,036,257
Other Assets & Liabilities, net - (3.2)%				(1,118,953	)
Total Net Assets - 100.0%			$	34,917,304

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	34,775,004	$	—	$	—	$	34,775,004
Repurchase Agreements		—		310,515		—		310,515
Securities Lending Collateral		950,738		—		—		950,738
Total Assets	$	35,725,742	$	310,515	$	—	$	36,036,257

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

BASIC MATERIALS FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $926,991 of securities loaned (cost $22,649,744)	$	35,725,742
Repurchase agreements, at value (cost $310,515)		310,515
Cash		5,280
Receivables:
Dividends		71,978
Fund shares sold		32,795
Securities lending income		489
Foreign tax reclaims		437
Interest		41
Total assets		36,147,277
Liabilities:
Payable for:
Return of securities lending collateral		950,738
Deferred foreign capital gain taxes		130,382
Fund shares redeemed		70,720
Management fees		28,608
Transfer agent fees		10,286
Portfolio accounting and administration fees		5,132
Distribution and service fees		4,430
Trustees’ fees*		593
Miscellaneous		29,084
Total liabilities		1,229,973
Net assets	$	34,917,304
Net assets consist of:
Paid in capital	$	26,918,670
Total distributable earnings (loss)		7,998,634
Net assets	$	34,917,304
Investor Class:
Net assets	$	23,163,898
Capital shares outstanding		287,161
Net asset value per share	$	80.67
A-Class:
Net assets	$	7,563,336
Capital shares outstanding		102,096
Net asset value per share	$	74.08
Maximum offering price per share (Net asset value divided by 95.25%)	$	77.77
C-Class:
Net assets	$	2,626,898
Capital shares outstanding		42,298
Net asset value per share	$	62.10
H-Class:
Net assets	$	1,563,172
Capital shares outstanding		21,854
Net asset value per share	$	71.53

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $5,410)	$	1,031,120
Interest		8,823
Income from securities lending, net		1,281
Total investment income		1,041,224
Expenses:
Management fees		360,897
Distribution and service fees:
A-Class		18,321
C-Class		30,055
H-Class		6,487
Transfer agent fees		96,976
Portfolio accounting and administration fees		57,233
Professional fees		22,183
Trustees’ fees*		7,492
Custodian fees		6,383
Line of credit fees		16
Miscellaneous		40,911
Total expenses		646,954
Net investment income		394,270
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		999,821
Net realized gain		999,821
Net change in unrealized appreciation (depreciation) on
Investments		(10,382,838	)
Net change in unrealized appreciation (depreciation)		(10,382,838	)
Net realized and unrealized loss		(9,383,017	)
Net decrease in net assets resulting from operations	$	(8,988,747	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

22 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

BASIC MATERIALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	394,270		$	385,263
Net realized gain (loss) on investments		999,821			(2,243,305	)
Net change in unrealized appreciation (depreciation) on investments		(10,382,838	)		5,809,127
Net increase (decrease) in net assets resulting from operations		(8,988,747	)		3,951,085
Distributions to shareholders:
Investor Class		(383,064	)		(696,616	)
A-Class		(129,402	)		(157,685	)
C-Class		(58,507	)		(91,602	)
H-Class		(72,279	)		(47,177	)
Total distributions to shareholders		(643,252	)		(993,080	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		49,912,072			98,263,058
A-Class		2,856,561			3,669,874
C-Class		1,128,838			2,842,962
H-Class		5,008,351			35,636,504
Distributions reinvested
Investor Class		372,564			684,258
A-Class		123,203			150,033
C-Class		58,257			91,209
H-Class		72,218			46,331
Cost of shares redeemed
Investor Class		(70,700,665	)		(88,653,849	)
A-Class		(2,088,268	)		(2,737,559	)
C-Class		(1,903,212	)		(1,982,115	)
H-Class		(13,113,466	)		(26,499,643	)
Net increase (decrease) from capital share transactions		(28,273,547	)		21,511,063
Net increase (decrease) in net assets		(37,905,546	)		24,469,068
Net assets:
Beginning of year		72,822,850			48,353,782
End of year	$	34,917,304		$	72,822,850
Capital share activity:
Shares sold
Investor Class		592,203			1,137,647
A-Class		38,096			47,399
C-Class		17,926			42,753
H-Class		68,572			450,413
Shares issued from reinvestment of distributions
Investor Class		4,847			8,171
A-Class		1,744			1,942
C-Class		982			1,390
H-Class		1,059			620
Shares redeemed
Investor Class		(878,910	)		(1,063,116	)
A-Class		(28,466	)		(35,795	)
C-Class		(31,357	)		(30,147	)
H-Class		(178,116	)		(350,741	)
Net increase (decrease) in shares		(391,420	)		210,536

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 23

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	89.73		$	78.37		$	42.39		$	58.04		$	60.37
Income (loss) from investment operations:
Net investment income (loss)a		.89			.60			.43			.43			.35
Net gain (loss) on investments (realized and unrealized)		(8.66	)		12.39			37.12			(13.42	)		(1.85	)
Total from investment operations		(7.77	)		12.99			37.55			(12.99	)		(1.50	)
Less distributions from:
Net investment income		(1.29	)		—			(.54	)		(.90	)		(.24	)
Net realized gains		—			(1.63	)		(1.03	)		(1.76	)		(.59	)
Total distributions		(1.29	)		(1.63	)		(1.57	)		(2.66	)		(.83	)
Net asset value, end of period	$	80.67		$	89.73		$	78.37		$	42.39		$	58.04
Total Return		(8.59	%)		16.72	%		89.00	%		(23.61	%)		(2.36	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	23,164		$	51,058		$	38,112		$	13,313		$	26,704
Ratios to average net assets:
Net investment income (loss)		1.11	%		0.71	%		0.67	%		0.74	%		0.59	%
Total expenses		1.39	%		1.36	%		1.43	%		1.48	%		1.47	%
Portfolio turnover rate		126	%		169	%		162	%		67	%		247	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	82.73		$	72.55		$	39.41		$	54.27		$	56.66
Income (loss) from investment operations:
Net investment income (loss)a		.56			.35			.25			.26			.25
Net gain (loss) on investments (realized and unrealized)		(7.92	)		11.46			34.46			(12.46	)		(1.81	)
Total from investment operations		(7.36	)		11.81			34.71			(12.20	)		(1.56	)
Less distributions from:
Net investment income		(1.29	)		—			(.54	)		(.90	)		(.24	)
Net realized gains		—			(1.63	)		(1.03	)		(1.76	)		(.59	)
Total distributions		(1.29	)		(1.63	)		(1.57	)		(2.66	)		(.83	)
Net asset value, end of period	$	74.08		$	82.73		$	72.55		$	39.41		$	54.27
Total Returnb		(8.83	%)		16.43	%		88.52	%		(23.80	%)		(2.60	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,563		$	7,506		$	5,599		$	2,966		$	6,810
Ratios to average net assets:
Net investment income (loss)		0.77	%		0.45	%		0.44	%		0.48	%		0.45	%
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%
Portfolio turnover rate		126	%		169	%		162	%		67	%		247	%

24 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

BASIC MATERIALS FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	70.12		$	62.18		$	34.17		$	47.73		$	50.32
Income (loss) from investment operations:
Net investment income (loss)a		—	c		(.18	)		(.17	)		(.11	)		(.21	)
Net gain (loss) on investments (realized and unrealized)		(6.73	)		9.75			29.75			(10.79	)		(1.55	)
Total from investment operations		(6.73	)		9.57			29.58			(10.90	)		(1.76	)
Less distributions from:
Net investment income		(1.29	)		—			(.54	)		(.90	)		(.24	)
Net realized gains		—			(1.63	)		(1.03	)		(1.76	)		(.59	)
Total distributions		(1.29	)		(1.63	)		(1.57	)		(2.66	)		(.83	)
Net asset value, end of period	$	62.10		$	70.12		$	62.18		$	34.17		$	47.73
Total Returnb		(9.51	%)		15.57	%		87.07	%		(24.35	%)		(3.35	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,627		$	3,839		$	2,534		$	1,526		$	2,930
Ratios to average net assets:
Net investment income (loss)		—	d		(0.27	%)		(0.34	%)		(0.23	%)		(0.42	%)
Total expenses		2.39	%		2.36	%		2.44	%		2.47	%		2.47	%
Portfolio turnover rate		126	%		169	%		162	%		67	%		247	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	79.95		$	70.17		$	38.15		$	52.62		$	54.95
Income (loss) from investment operations:
Net investment income (loss)a		.28			.56			.19			.27			.12
Net gain (loss) on investments (realized and unrealized)		(7.41	)		10.85			33.40			(12.08	)		(1.62	)
Total from investment operations		(7.13	)		11.41			33.59			(11.81	)		(1.50	)
Less distributions from:
Net investment income		(1.29	)		—			(.54	)		(.90	)		(.24	)
Net realized gains		—			(1.63	)		(1.03	)		(1.76	)		(.59	)
Total distributions		(1.29	)		(1.63	)		(1.57	)		(2.66	)		(.83	)
Net asset value, end of period	$	71.53		$	79.95		$	70.17		$	38.15		$	52.62
Total Return		(8.85	%)		16.42	%		88.51	%		(23.81	%)		(2.59	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,563		$	10,420		$	2,108		$	825		$	1,424
Ratios to average net assets:
Net investment income (loss)		0.38	%		0.73	%		0.33	%		0.51	%		0.21	%
Total expenses		1.65	%		1.60	%		1.68	%		1.72	%		1.71	%
Portfolio turnover rate		126	%		169	%		162	%		67	%		247	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	Less than $0.01 per share.
d	Less than 0.01% or (0.01%).

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 25

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

BIOTECHNOLOGY FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the biotechnology industry, including companies involved in research and development, genetic, or other biological engineering, and in the design, manufacture, or sale of related biotechnology products or services (“Biotechnology Companies”).

For the Reporting Period, Biotechnology Fund Investor Class returned -5.64%, compared with the S&P 500 Index, which returned -7.73%. The S&P 500 Health Care Index returned -3.70%.

The industries that contributed the most: biotechnology and fertilizers & agricultural chemicals. The industries that detracted the most: life sciences tools & services, health care services, and pharmaceuticals.

The individual holdings that contributed the most: Gilead Sciences, Inc., Seagen, Inc., and Biogen, Inc. Those that detracted the most: Novavax, Inc., Illumina, Inc., and Guardant Health, Inc.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	April 1, 1998

Ten Largest Holdings	(% of Total Net Assets)
AbbVie, Inc.	8.7%
Amgen, Inc.	5.8%
Gilead Sciences, Inc.	5.2%
Regeneron Pharmaceuticals, Inc.	4.9%
Vertex Pharmaceuticals, Inc.	4.6%
Moderna, Inc.	3.6%
Corteva, Inc.	3.4%
Biogen, Inc.	3.2%
Illumina, Inc.	3.1%
AstraZeneca plc ADR	2.8%
Top Ten Total	45.3%
“Ten Largest Holdings” excludes any temporary cash investments.

26 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(5.64%)	3.78%	9.08%
A-Class Shares	(5.87%)	3.52%	8.81%
A-Class Shares with sales charge‡	(10.34%)	2.52%	8.28%
C-Class Shares	(6.58%)	2.75%	7.99%
C-Class Shares with CDSC§	(7.50%)	2.75%	7.99%
H-Class Shares**	(5.87%)	3.53%	8.74%
S&P 500 Health Care Index	(3.70%)	11.82%	12.87%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class shares and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 27

SCHEDULE OF INVESTMENTS	March 31, 2023
BIOTECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Biotechnology - 74.2%
Amgen, Inc.		28,237	$	6,826,295
Gilead Sciences, Inc.		73,808		6,123,850
Regeneron Pharmaceuticals, Inc.*		7,016		5,764,837
Vertex Pharmaceuticals, Inc.*		17,196		5,417,944
Moderna, Inc.*		27,547		4,230,668
Corteva, Inc.		65,815		3,969,303
Biogen, Inc.*		13,722		3,815,128
Illumina, Inc.*		15,666		3,643,128
Seagen, Inc.*		15,585		3,155,495
Alnylam Pharmaceuticals, Inc.*		14,987		3,002,196
Horizon Therapeutics plc*		26,949		2,941,214
Royalty Pharma plc — Class A		72,267		2,603,780
BioMarin Pharmaceutical, Inc.*		25,868		2,515,404
Incyte Corp.*		29,503		2,132,182
Sarepta Therapeutics, Inc.*		13,848		1,908,670
United Therapeutics Corp.*		8,465		1,895,821
Exelixis, Inc.*		79,122		1,535,758
Argenx SE ADR*		3,980		1,482,868
Apellis Pharmaceuticals, Inc.*		22,417		1,478,625
BioNTech SE ADR		11,824		1,472,916
Halozyme Therapeutics, Inc.*		36,691		1,401,229
CRISPR Therapeutics AG*,1		30,193		1,365,629
Ionis Pharmaceuticals, Inc.*		36,933		1,319,986
IVERIC bio, Inc.*		43,535		1,059,207
Amicus Therapeutics, Inc.*		91,855		1,018,672
Cytokinetics, Inc.*		28,928		1,017,976
Arrowhead Pharmaceuticals, Inc.*		38,486		977,544
PTC Therapeutics, Inc.*		19,991		968,364
Intellia Therapeutics, Inc.*		25,776		960,672
Vir Biotechnology, Inc.*		38,129		887,262
Denali Therapeutics, Inc.*		38,256		881,418
Insmed, Inc.*		51,541		878,774
Karuna Therapeutics, Inc.*		4,704		854,435
ACADIA Pharmaceuticals, Inc.*		44,248		832,747
TG Therapeutics, Inc.*		55,026		827,591
Guardant Health, Inc.*		35,001		820,424
Blueprint Medicines Corp.*		17,115		770,004
Ultragenyx Pharmaceutical, Inc.*		18,714		750,431
Mirati Therapeutics, Inc.*		20,152		749,251
BioCryst Pharmaceuticals, Inc.*		89,014		742,377
Prothena Corporation plc*		15,137		733,690
Beam Therapeutics, Inc.*		21,520		658,942
Twist Bioscience Corp.*		33,540		505,783
Novavax, Inc.*,1		69,323		480,408
Total Biotechnology				87,378,898
Pharmaceuticals - 20.7%
AbbVie, Inc.		64,009		10,201,114
AstraZeneca plc ADR		48,251		3,349,102
Viatris, Inc.		210,718		2,027,107
Neurocrine Biosciences, Inc.*		18,863		1,909,313
Jazz Pharmaceuticals plc*		12,204		1,785,811
Alkermes plc*		56,026		1,579,373
Catalyst Pharmaceuticals, Inc.*		45,813		759,580
Prometheus Biosciences, Inc.*		6,970		748,020
Ironwood Pharmaceuticals, Inc. — Class A*		66,850		703,262
Vaxcyte, Inc.*		17,552		657,849
Madrigal Pharmaceuticals, Inc.*		2,657		643,685
Total Pharmaceuticals				24,364,216
Healthcare-Products - 2.9%
Exact Sciences Corp.*		30,296		2,054,372
Natera, Inc.*		24,936		1,384,447
Total Healthcare-Products				3,438,819
Healthcare-Services - 1.8%
Syneos Health, Inc.*		32,114		1,143,901
Medpace Holdings, Inc.*		4,888		919,188
Total Healthcare-Services				2,063,089
Total Common Stocks
(Cost $59,651,922)				117,245,022
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	333,783		333,783
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		131,872		131,872
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		131,872		131,872
Total Repurchase Agreements
(Cost $597,527)				597,527
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.8%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		945,904		945,904
Total Securities Lending Collateral
(Cost $945,904)				945,904
Total Investments - 100.9%
(Cost $61,195,353)			$	118,788,453
Other Assets & Liabilities, net - (0.9)%				(1,069,568	)
Total Net Assets - 100.0%			$	117,718,885

28 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
BIOTECHNOLOGY FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (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	$	117,245,022	$	—	$	—	$	117,245,022
Repurchase Agreements		—		597,527		—		597,527
Securities Lending Collateral		945,904		—		—		945,904
Total Assets	$	118,190,926	$	597,527	$	—	$	118,788,453

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 29

BIOTECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $954,936 of securities loaned (cost $60,597,826)	$	118,190,926
Repurchase agreements, at value (cost $597,527)		597,527
Receivables:
Fund shares sold		142,759
Foreign tax reclaims		4,335
Securities lending income		1,919
Interest		79
Total assets		118,937,545
Liabilities:
Payable for:
Return of securities lending collateral		945,904
Management fees		84,270
Fund shares redeemed		47,483
Transfer agent fees		32,870
Portfolio accounting and administration fees		15,119
Distribution and service fees		6,202
Trustees’ fees*		1,720
Miscellaneous		85,092
Total liabilities		1,218,660
Net assets	$	117,718,885
Net assets consist of:
Paid in capital	$	67,525,080
Total distributable earnings (loss)		50,193,805
Net assets	$	117,718,885
Investor Class:
Net assets	$	93,775,965
Capital shares outstanding		1,373,186
Net asset value per share	$	68.29
A-Class:
Net assets	$	16,120,959
Capital shares outstanding		271,612
Net asset value per share	$	59.35
Maximum offering price per share (Net asset value divided by 95.25%)	$	62.31
C-Class:
Net assets	$	1,725,467
Capital shares outstanding		36,777
Net asset value per share	$	46.92
H-Class:
Net assets	$	6,096,494
Capital shares outstanding		107,654
Net asset value per share	$	56.63

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $6,297)	$	1,340,942
Interest		18,124
Income from securities lending, net		56,942
Total investment income		1,416,008
Expenses:
Management fees		1,146,876
Distribution and service fees:
A-Class		43,932
C-Class		23,196
H-Class		16,268
Transfer agent fees		299,253
Portfolio accounting and administration fees		187,707
Professional fees		69,067
Trustees’ fees*		23,324
Custodian fees		19,797
Line of credit fees		146
Miscellaneous		132,827
Total expenses		1,962,393
Net investment loss		(546,385	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,868,860	)
Net realized loss		(1,868,860	)
Net change in unrealized appreciation (depreciation) on:
Investments		(6,943,222	)
Net change in unrealized appreciation (depreciation)		(6,943,222	)
Net realized and unrealized loss		(8,812,082	)
Net decrease in net assets resulting from operations	$	(9,358,467	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

30 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

BIOTECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(546,385	)	$	(1,175,713	)
Net realized gain (loss) on investments		(1,868,860	)		12,588,668
Net change in unrealized appreciation (depreciation) on investments		(6,943,222	)		(22,670,440	)
Net decrease in net assets resulting from operations		(9,358,467	)		(11,257,485	)
Distributions to shareholders:
Investor Class		(1,400,398	)		(23,744,351	)
A-Class		(261,302	)		(4,221,623	)
C-Class		(40,352	)		(1,013,611	)
H-Class		(98,449	)		(2,107,725	)
Total distributions to shareholders		(1,800,501	)		(31,087,310	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		59,349,087			55,644,687
A-Class		4,270,307			4,868,126
C-Class		288,533			994,793
H-Class		1,146,596			11,528,352
Distributions reinvested
Investor Class		1,340,834			22,672,327
A-Class		256,294			4,154,552
C-Class		39,028			984,202
H-Class		98,371			2,103,907
Cost of shares redeemed
Investor Class		(80,587,920	)		(74,858,687	)
A-Class		(6,316,518	)		(6,337,911	)
C-Class		(1,527,907	)		(5,855,149	)
H-Class		(4,045,536	)		(10,595,896	)
Net increase (decrease) from capital share transactions		(25,688,831	)		5,303,303
Net decrease in net assets		(36,847,799	)		(37,041,492	)
Net assets:
Beginning of year		154,566,684			191,608,176
End of year	$	117,718,885		$	154,566,684
Capital share activity:
Shares sold
Investor Class		854,810			619,547
A-Class		71,911			59,701
C-Class		5,958			14,874
H-Class		20,151			149,625
Shares issued from reinvestment of distributions
Investor Class		19,100			280,633
A-Class		4,197			58,863
C-Class		807			17,401
H-Class		1,688			31,220
Shares redeemed
Investor Class		(1,175,811	)		(836,763	)
A-Class		(105,566	)		(82,507	)
C-Class		(32,044	)		(86,166	)
H-Class		(67,269	)		(145,705	)
Net increase (decrease) in shares		(402,068	)		80,723

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 31

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	73.30		$	94.01		$	71.72		$	83.02		$	87.17
Income (loss) from investment operations:
Net investment income (loss)a		(.24	)		(.52	)		(.58	)		(.44	)		(.68	)
Net gain (loss) on investments (realized and unrealized)		(3.87	)		(4.42	)		29.82			(7.26	)		6.42
Total from investment operations		(4.11	)		(4.94	)		29.24			(7.70	)		5.74
Less distributions from:
Net realized gains		(.90	)		(15.77	)		(6.95	)		(3.60	)		(9.89	)
Total distributions		(.90	)		(15.77	)		(6.95	)		(3.60	)		(9.89	)
Net asset value, end of period	$	68.29		$	73.30		$	94.01		$	71.72		$	83.02
Total Return		(5.64	%)		(6.81	%)		40.80	%		(9.91	%)		7.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	93,776		$	122,777		$	151,506		$	122,194		$	177,344
Ratios to average net assets:
Net investment income (loss)		(0.34	%)		(0.56	%)		(0.62	%)		(0.56	%)		(0.79	%)
Total expenses		1.39	%		1.36	%		1.45	%		1.48	%		1.46	%
Portfolio turnover rate		61	%		65	%		115	%		64	%		100	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	63.98		$	84.21		$	64.92		$	75.66		$	80.55
Income (loss) from investment operations:
Net investment income (loss)a		(.35	)		(.65	)		(.73	)		(.57	)		(.82	)
Net gain (loss) on investments (realized and unrealized)		(3.38	)		(3.81	)		26.97			(6.57	)		5.82
Total from investment operations		(3.73	)		(4.46	)		26.24			(7.14	)		5.00
Less distributions from:
Net realized gains		(.90	)		(15.77	)		(6.95	)		(3.60	)		(9.89	)
Total distributions		(.90	)		(15.77	)		(6.95	)		(3.60	)		(9.89	)
Net asset value, end of period	$	59.35		$	63.98		$	84.21		$	64.92		$	75.66
Total Returnb		(5.87	%)		(7.04	%)		40.44	%		(10.14	%)		7.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,121		$	19,263		$	22,317		$	14,565		$	23,199
Ratios to average net assets:
Net investment income (loss)		(0.59	%)		(0.80	%)		(0.87	%)		(0.80	%)		(1.04	%)
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.71	%
Portfolio turnover rate		61	%		65	%		115	%		64	%		100	%

32 | THE RYDEX FUNDS ANNUAL 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.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	51.15		$	70.90		$	55.85		$	66.05		$	72.14
Income (loss) from investment operations:
Net investment income (loss)a		(.64	)		(1.09	)		(1.15	)		(.97	)		(1.27	)
Net gain (loss) on investments (realized and unrealized)		(2.69	)		(2.89	)		23.15			(5.63	)		5.07
Total from investment operations		(3.33	)		(3.98	)		22.00			(6.60	)		3.80
Less distributions from:
Net realized gains		(.90	)		(15.77	)		(6.95	)		(3.60	)		(9.89	)
Total distributions		(.90	)		(15.77	)		(6.95	)		(3.60	)		(9.89	)
Net asset value, end of period	$	46.92		$	51.15		$	70.90		$	55.85		$	66.05
Total Returnb		(6.58	%)		(7.74	%)		39.39	%		(10.80	%)		6.87	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,725		$	3,174		$	8,221		$	8,692		$	14,248
Ratios to average net assets:
Net investment income (loss)		(1.34	%)		(1.58	%)		(1.61	%)		(1.56	%)		(1.79	%)
Total expenses		2.39	%		2.36	%		2.45	%		2.48	%		2.46	%
Portfolio turnover rate		61	%		65	%		115	%		64	%		100	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	61.09		$	81.10		$	62.70		$	73.18		$	78.26
Income (loss) from investment operations:
Net investment income (loss)a		(.34	)		(.64	)		(.66	)		(.59	)		(.82	)
Net gain (loss) on investments (realized and unrealized)		(3.22	)		(3.60	)		26.01			(6.29	)		5.63
Total from investment operations		(3.56	)		(4.24	)		25.35			(6.88	)		4.81
Less distributions from:
Net realized gains		(.90	)		(15.77	)		(6.95	)		(3.60	)		(9.89	)
Total distributions		(.90	)		(15.77	)		(6.95	)		(3.60	)		(9.89	)
Net asset value, end of period	$	56.63		$	61.09		$	81.10		$	62.70		$	73.18
Total Return		(5.87	%)		(7.04	%)		40.45	%		(10.12	%)		7.66	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,096		$	9,352		$	9,565		$	8,365		$	13,315
Ratios to average net assets:
Net investment income (loss)		(0.59	%)		(0.82	%)		(0.83	%)		(0.85	%)		(1.06	%)
Total expenses		1.64	%		1.61	%		1.72	%		1.73	%		1.71	%
Portfolio turnover rate		61	%		65	%		115	%		64	%		100	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 33

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

CONSUMER PRODUCTS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in manufacturing finished goods and services both domestically and internationally (“Consumer Products Companies”).

For the Reporting Period, Consumer Products Fund Investor Class returned 1.40%, compared with a return of -7.73% for the S&P 500 Index. The S&P 500 Consumer Staples Index returned 1.22%.

The industries that contributed the most: soft drinks, packaged foods & meats, and household products. The industries that detracted the most: agricultural products & services, personal care products, and food retail.

The individual holdings that contributed the most: Monster Beverage Corp., Lamb Weston Holdings, Inc., and PepsiCo, Inc. Those that detracted the most: Tyson Foods, Inc. - Class A, BRC, Inc. - Class A, and Hormel Foods Corp.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	July 6, 1998
A-Class	September 1, 2004
C-Class	July 24, 2001
H-Class	August 17, 1998

Ten Largest Holdings (% of Total Net Assets)
Procter & Gamble Co.	6.8%
PepsiCo, Inc.	5.7%
Coca-Cola Co.	5.6%
Philip Morris International, Inc.	4.4%
Mondelez International, Inc. — Class A	3.5%
Estee Lauder Companies, Inc. — Class A	3.3%
Altria Group, Inc.	3.2%
Colgate-Palmolive Co.	2.8%
Hershey Co.	2.6%
General Mills, Inc.	2.6%
Top Ten Total	40.5%
“Ten Largest Holdings” excludes any temporary cash investments.

34 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	1.40%	6.66%	7.59%
A-Class Shares	1.13%	6.40%	7.32%
A-Class Shares with sales charge‡	(3.68%)	5.37%	6.80%
C-Class Shares	0.37%	5.60%	6.52%
C-Class Shares with CDSC§	(0.53%)	5.60%	6.52%
H-Class Shares**	1.14%	6.40%	7.26%
S&P 500 Consumer Staples Index	1.22%	10.63%	9.62%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Consumer Staples Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 35

SCHEDULE OF INVESTMENTS	March 31, 2023
CONSUMER PRODUCTS FUND

	Shares		Value
COMMON STOCKS† - 99.2%
Food - 36.0%
Mondelez International, Inc. — Class A		39,977	$	2,787,197
Hershey Co.		8,061		2,050,799
General Mills, Inc.		23,994		2,050,527
Sysco Corp.		23,075		1,782,082
Kroger Co.		33,322		1,645,107
Kraft Heinz Co.		40,128		1,551,750
McCormick & Company, Inc.		16,858		1,402,754
Tyson Foods, Inc. — Class A		21,628		1,282,973
Conagra Brands, Inc.		32,238		1,210,859
Kellogg Co.		17,912		1,199,388
Lamb Weston Holdings, Inc.		10,798		1,128,607
J M Smucker Co.		7,162		1,127,084
Hormel Foods Corp.		23,903		953,252
Campbell Soup Co.		17,091		939,663
Performance Food Group Co.*		14,801		893,092
US Foods Holding Corp.*		21,628		798,938
Post Holdings, Inc.*		6,913		621,271
Flowers Foods, Inc.		22,245		609,736
Simply Good Foods Co.*		14,213		565,251
Albertsons Companies, Inc. — Class A		26,556		551,834
Sprouts Farmers Market, Inc.*		15,531		544,051
Hostess Brands, Inc.*		20,257		503,994
Cal-Maine Foods, Inc.		7,723		470,254
Grocery Outlet Holding Corp.*		16,065		453,997
Lancaster Colony Corp.		2,047		415,295
Hain Celestial Group, Inc.*		19,940		341,971
Pilgrim’s Pride Corp.*		11,641		269,838
Beyond Meat, Inc.*,1		16,178		262,569
Total Food				28,414,133
Beverages - 27.3%
PepsiCo, Inc.		24,710		4,504,633
Coca-Cola Co.		71,040		4,406,611
Monster Beverage Corp.*		33,550		1,812,036
Constellation Brands, Inc. — Class A		7,587		1,713,827
Keurig Dr Pepper, Inc.		45,018		1,588,235
Brown-Forman Corp. — Class B		24,423		1,569,666
Coca-Cola Europacific Partners plc		21,190		1,254,236
Anheuser-Busch InBev S.A. ADR		17,846		1,190,864
Fomento Economico Mexicano SAB de CV ADR		11,410		1,086,118
Molson Coors Beverage Co. — Class B		17,136		885,588
Ambev S.A. ADR		234,846		662,266
Celsius Holdings, Inc.*		5,432		504,850
Boston Beer Company, Inc. — Class A*		997		327,714
Total Beverages				21,506,644
Cosmetics & Personal Care - 14.9%
Procter & Gamble Co.		36,022		5,356,111
Estee Lauder Companies, Inc. — Class A		10,421		2,568,360
Colgate-Palmolive Co.		29,812		2,240,372
Unilever plc ADR1		22,064		1,145,784
Beauty Health Co.*		23,777		300,303
Olaplex Holdings, Inc.*		38,893		166,073
Total Cosmetics & Personal Care				11,777,003
Agriculture - 13.8%
Philip Morris International, Inc.		35,786		3,480,189
Altria Group, Inc.		55,554		2,478,819
Archer-Daniels-Midland Co.		23,639		1,883,083
British American Tobacco plc ADR		30,739		1,079,554
Bunge Ltd.		11,025		1,053,108
Darling Ingredients, Inc.*		15,246		890,366
Total Agriculture				10,865,119
Household Products & Housewares - 5.7%
Kimberly-Clark Corp.		14,439		1,938,003
Church & Dwight Company, Inc.		14,974		1,323,851
Clorox Co.		7,927		1,254,368
Total Household Products & Housewares				4,516,222
Retail - 1.5%
Casey’s General Stores, Inc.		3,725		806,314
Freshpet, Inc.*		5,818		385,093
Total Retail				1,191,407
Total Common Stocks
(Cost $40,122,222)				78,270,528
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	256,527		256,527
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		101,350		101,350
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		101,350		101,350
Total Repurchase Agreements
(Cost $459,227)				459,227
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		378,211		378,211
Total Securities Lending Collateral
(Cost $378,211)				378,211
Total Investments - 100.3%
(Cost $40,959,660)			$	79,107,966
Other Assets & Liabilities, net - (0.3)%				(257,828	)
Total Net Assets - 100.0%			$	78,850,138

36 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
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	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (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	$	78,270,528	$	—	$	—	$	78,270,528
Repurchase Agreements		—		459,227		—		459,227
Securities Lending Collateral		378,211		—		—		378,211
Total Assets	$	78,648,739	$	459,227	$	—	$	79,107,966

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 37

CONSUMER PRODUCTS FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $373,481 of securities loaned (cost $40,500,433)	$	78,648,739
Repurchase agreements, at value (cost $459,227)		459,227
Receivables:
Dividends		197,785
Fund shares sold		60,003
Securities lending income		11,361
Foreign tax reclaims		1,389
Interest		61
Total assets		79,378,565
Liabilities:
Payable for:
Return of securities lending collateral		378,211
Management fees		55,191
Transfer agent fees		21,839
Portfolio accounting and administration fees		9,902
Distribution and service fees		6,340
Trustees’ fees*		1,123
Fund shares redeemed		139
Miscellaneous		55,682
Total liabilities		528,427
Net assets	$	78,850,138
Net assets consist of:
Paid in capital	$	44,121,151
Total distributable earnings (loss)		34,728,987
Net assets	$	78,850,138
Investor Class:
Net assets	$	62,815,530
Capital shares outstanding		1,097,406
Net asset value per share	$	57.24
A-Class:
Net assets	$	9,448,910
Capital shares outstanding		190,797
Net asset value per share	$	49.52
Maximum offering price per share (Net asset value divided by 95.25%)	$	51.99
C-Class:
Net assets	$	4,844,832
Capital shares outstanding		130,334
Net asset value per share	$	37.17
H-Class:
Net assets	$	1,740,866
Capital shares outstanding		37,270
Net asset value per share	$	46.71

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $1,042)	$	2,510,508
Interest		8,941
Income from securities lending, net		195,137
Total investment income		2,714,586
Expenses:
Management fees		762,252
Distribution and service fees:
A-Class		24,610
C-Class		54,648
H-Class		5,072
Transfer agent fees		197,525
Portfolio accounting and administration fees		125,158
Professional fees		46,612
Trustees’ fees*		14,338
Custodian fees		13,117
Line of credit fees		811
Miscellaneous		89,905
Total expenses		1,334,048
Net investment income		1,380,538
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		7,319,617
Net realized gain		7,319,617
Net change in unrealized appreciation (depreciation) on:
Investments		(6,377,523	)
Net change in unrealized appreciation (depreciation)		(6,377,523	)
Net realized and unrealized gain		942,094
Net increase in net assets resulting from operations	$	2,322,632

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

38 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSUMER PRODUCTS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,380,538		$	871,947
Net realized gain on investments		7,319,617			14,373,645
Net change in unrealized appreciation (depreciation) on investments		(6,377,523	)		(11,356,625	)
Net increase in net assets resulting from operations		2,322,632			3,888,967
Distributions to shareholders:
Investor Class		(6,119,772	)		(8,985,729	)
A-Class		(795,613	)		(1,536,855	)
C-Class		(516,440	)		(1,275,508	)
H-Class		(157,306	)		(846,731	)
Total distributions to shareholders		(7,589,131	)		(12,644,823	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		79,518,264			73,605,684
A-Class		2,870,632			1,912,283
C-Class		258,817			1,052,146
H-Class		506,704			3,640,736
Distributions reinvested
Investor Class		6,019,493			8,768,762
A-Class		773,384			1,516,110
C-Class		506,935			1,249,393
H-Class		154,590			846,351
Cost of shares redeemed
Investor Class		(86,456,869	)		(91,846,100	)
A-Class		(3,292,719	)		(3,272,082	)
C-Class		(1,983,481	)		(3,751,701	)
H-Class		(1,211,992	)		(6,921,884	)
Net decrease from capital share transactions		(2,336,242	)		(13,200,302	)
Net decrease in net assets		(7,602,741	)		(21,956,158	)
Net assets:
Beginning of year		86,452,879			108,409,037
End of year	$	78,850,138		$	86,452,879
Capital share activity:
Shares sold
Investor Class		1,362,299			1,163,888
A-Class		54,959			32,676
C-Class		6,490			22,369
H-Class		10,521			69,300
Shares issued from reinvestment of distributions
Investor Class		106,502			151,551
A-Class		15,803			29,874
C-Class		13,772			31,670
H-Class		3,349			17,599
Shares redeemed
Investor Class		(1,488,436	)		(1,442,836	)
A-Class		(65,081	)		(57,436	)
C-Class		(49,841	)		(79,717	)
H-Class		(25,191	)		(136,464	)
Net decrease in shares		(54,854	)		(197,526	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 39

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	60.53		$	66.72		$	52.88		$	59.56		$	61.08
Income (loss) from investment operations:
Net investment income (loss)a		.97			.66			.70			.72			.92
Net gain (loss) on investments (realized and unrealized)		(.17	)c		2.18			18.44			(5.71	)		1.40
Total from investment operations		.80			2.84			19.14			(4.99	)		2.32
Less distributions from:
Net investment income		(.62	)		(.62	)		(.73	)		(.77	)		(.80	)
Net realized gains		(3.47	)		(8.41	)		(4.57	)		(.92	)		(3.04	)
Total distributions		(4.09	)		(9.03	)		(5.30	)		(1.69	)		(3.84	)
Net asset value, end of period	$	57.24		$	60.53		$	66.72		$	52.88		$	59.56
Total Return		1.40	%		4.89	%		36.78	%		(8.81	%)		4.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	62,816		$	67,612		$	83,023		$	79,890		$	142,633
Ratios to average net assets:
Net investment income (loss)		1.65	%		1.01	%		1.12	%		1.17	%		1.56	%
Total expenses		1.39	%		1.36	%		1.45	%		1.47	%		1.46	%
Portfolio turnover rate		79	%		60	%		38	%		59	%		84	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	53.05		$	59.72		$	47.88		$	54.21		$	56.08
Income (loss) from investment operations:
Net investment income (loss)a		.68			.44			.50			.51			.69
Net gain (loss) on investments (realized and unrealized)		(.12	)c		1.92			16.64			(5.15	)		1.28
Total from investment operations		.56			2.36			17.14			(4.64	)		1.97
Less distributions from:
Net investment income		(.62	)		(.62	)		(.73	)		(.77	)		(.80	)
Net realized gains		(3.47	)		(8.41	)		(4.57	)		(.92	)		(3.04	)
Total distributions		(4.09	)		(9.03	)		(5.30	)		(1.69	)		(3.84	)
Net asset value, end of period	$	49.52		$	53.05		$	59.72		$	47.88		$	54.21
Total Returnb		1.13	%		4.65	%		36.43	%		(9.04	%)		3.82	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,449		$	9,820		$	10,751		$	8,561		$	13,659
Ratios to average net assets:
Net investment income (loss)		1.34	%		0.76	%		0.89	%		0.92	%		1.28	%
Total expenses		1.64	%		1.61	%		1.69	%		1.72	%		1.71	%
Portfolio turnover rate		79	%		60	%		38	%		59	%		84	%

40 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

CONSUMER PRODUCTS FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	41.14		$	48.68		$	40.08		$	45.98		$	48.50
Income (loss) from investment operations:
Net investment income (loss)a		.22			—			.06			.08			.28
Net gain (loss) on investments (realized and unrealized)		(.10	)c		1.49			13.84			(4.29	)		1.04
Total from investment operations		.12			1.49			13.90			(4.21	)		1.32
Less distributions from:
Net investment income		(.62	)		(.62	)		(.73	)		(.77	)		(.80	)
Net realized gains		(3.47	)		(8.41	)		(4.57	)		(.92	)		(3.04	)
Total distributions		(4.09	)		(9.03	)		(5.30	)		(1.69	)		(3.84	)
Net asset value, end of period	$	37.17		$	41.14		$	48.68		$	40.08		$	45.98
Total Returnb		0.37	%		3.87	%		35.40	%		(9.73	%)		3.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,845		$	6,578		$	9,035		$	9,816		$	14,976
Ratios to average net assets:
Net investment income (loss)		0.56	%		—			0.12	%		0.16	%		0.60	%
Total expenses		2.39	%		2.36	%		2.45	%		2.47	%		2.46	%
Portfolio turnover rate		79	%		60	%		38	%		59	%		84	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	50.27		$	57.06		$	45.93		$	52.07		$	54.02
Income (loss) from investment operations:
Net investment income (loss)a		.62			.38			.49			.46			.69
Net gain (loss) on investments (realized and unrealized)		(.09	)c		1.86			15.94			(4.91	)		1.20
Total from investment operations		.53			2.24			16.43			(4.45	)		1.89
Less distributions from:
Net investment income		(.62	)		(.62	)		(.73	)		(.77	)		(.80	)
Net realized gains		(3.47	)		(8.41	)		(4.57	)		(.92	)		(3.04	)
Total distributions		(4.09	)		(9.03	)		(5.30	)		(1.69	)		(3.84	)
Net asset value, end of period	$	46.71		$	50.27		$	57.06		$	45.93		$	52.07
Total Return		1.14	%		4.65	%		36.43	%		(9.05	%)		3.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,741		$	2,443		$	5,601		$	4,284		$	10,118
Ratios to average net assets:
Net investment income (loss)		1.28	%		0.68	%		0.90	%		0.86	%		1.32	%
Total expenses		1.64	%		1.61	%		1.69	%		1.72	%		1.71	%
Portfolio turnover rate		79	%		60	%		38	%		59	%		84	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 41

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

ELECTRONICS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the electronics sector, including semiconductor manufacturers and distributors, and makers and vendors of other electronic components and devices (“Electronics Companies”).

For the Reporting Period, Electronics Fund Investor Class returned -3.52%, compared with a return of -7.73% for the S&P 500 Index. The S&P 500 Information Technology Index returned -4.55%.

No industry contributed to return. The industries that detracted the most: semiconductors and semiconductor equipment.

The individual holdings that contributed the most: First Solar, Inc., NVIDIA Corp., and GLOBALFOUNDRIES, Inc. Those that detracted the most: Intel Corp., Marvell Technology, Inc., and QUALCOMM, Inc.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 26, 2001
H-Class	April 2, 1998

Ten Largest Holdings	(% of Total Net Assets)
NVIDIA Corp.	11.0%
Broadcom, Inc.	6.4%
Texas Instruments, Inc.	5.2%
Advanced Micro Devices, Inc.	5.0%
QUALCOMM, Inc.	4.8%
Intel Corp.	4.7%
Analog Devices, Inc.	4.0%
Applied Materials, Inc.	4.0%
Lam Research Corp.	3.3%
Micron Technology, Inc.	3.3%
Top Ten Total	51.7%
“Ten Largest Holdings” excludes any temporary cash investments.

42 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(3.52%)	19.98%	20.68%
A-Class Shares	(3.77%)	19.69%	20.39%
A-Class Shares with sales charge‡	(8.34%)	18.53%	19.80%
C-Class Shares	(4.49%)	18.79%	19.48%
C-Class Shares with CDSC§	(5.45%)	18.79%	19.48%
H-Class Shares**	(3.77%)	19.68%	20.30%
S&P 500 Information Technology Index	(4.55%)	19.64%	20.14%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce its reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 43

SCHEDULE OF INVESTMENTS	March 31, 2023
ELECTRONICS FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Semiconductors - 92.9%
NVIDIA Corp.		21,724	$	6,034,275
Broadcom, Inc.		5,438		3,488,695
Texas Instruments, Inc.		15,380		2,860,834
Advanced Micro Devices, Inc.*		27,768		2,721,542
QUALCOMM, Inc.		20,817		2,655,833
Intel Corp.		79,369		2,592,985
Analog Devices, Inc.		11,170		2,202,947
Applied Materials, Inc.		17,650		2,167,950
Lam Research Corp.		3,442		1,824,673
Micron Technology, Inc.		29,551		1,783,107
KLA Corp.		4,028		1,607,857
Microchip Technology, Inc.		17,282		1,447,886
Marvell Technology, Inc.		31,018		1,343,079
ON Semiconductor Corp.*		15,602		1,284,357
ASML Holding N.V. — Class G		1,835		1,249,103
NXP Semiconductor N.V.		6,614		1,233,346
Taiwan Semiconductor Manufacturing Company Ltd. ADR		13,171		1,225,166
Monolithic Power Systems, Inc.		2,037		1,019,600
Skyworks Solutions, Inc.		7,931		935,699
Teradyne, Inc.		8,200		881,582
Lattice Semiconductor Corp.*		8,102		773,741
Entegris, Inc.		8,967		735,384
STMicroelectronics N.V. — Class Y1		13,068		699,007
Qorvo, Inc.*		6,873		698,091
Wolfspeed, Inc.*		9,553		620,467
United Microelectronics Corp. ADR*,1		66,607		583,477
ASE Technology Holding Company Ltd. ADR		71,262		567,958
Cirrus Logic, Inc.*		4,961		542,634
Rambus, Inc.*		10,315		528,747
GLOBALFOUNDRIES, Inc.*,1		7,205		520,057
MKS Instruments, Inc.		5,749		509,476
Silicon Laboratories, Inc.*		2,903		508,286
Power Integrations, Inc.		5,515		466,790
Synaptics, Inc.*		4,059		451,158
Axcelis Technologies, Inc.*		3,359		447,587
MACOM Technology Solutions Holdings, Inc.*		5,909		418,594
Ambarella, Inc.*		4,650		360,003
Amkor Technology, Inc.		12,648		329,101
Impinj, Inc.*		2,416		327,416
Semtech Corp.*		9,932		239,758
Total Semiconductors				50,888,248
Energy-Alternate Sources - 5.5%
Enphase Energy, Inc.*		5,552		1,167,475
First Solar, Inc.*		4,733		1,029,427
SolarEdge Technologies, Inc.*		2,680		814,586
Total Energy-Alternate Sources				3,011,488
Electrical Components & Equipment - 1.0%
Universal Display Corp.		3,722		577,394
Total Common Stocks
(Cost $31,283,822)				54,477,130
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	207,076		207,076
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		81,812		81,812
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		81,812		81,812
Total Repurchase Agreements
(Cost $370,700)				370,700
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.5%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		829,210		829,210
Total Securities Lending Collateral
(Cost $829,210)				829,210
Total Investments - 101.6%
(Cost $32,483,732)			$	55,677,040
Other Assets & Liabilities, net - (1.6)%				(873,030	)
Total Net Assets - 100.0%			$	54,804,010

44 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
ELECTRONICS FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (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	$	54,477,130	$	—	$	—	$	54,477,130
Repurchase Agreements		—		370,700		—		370,700
Securities Lending Collateral		829,210		—		—		829,210
Total Assets	$	55,306,340	$	370,700	$	—	$	55,677,040

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 45

ELECTRONICS FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $818,200 of securities loaned (cost $32,113,032)	$	55,306,340
Repurchase agreements, at value (cost $370,700)		370,700
Cash		1,216
Receivables:
Fund shares sold		57,029
Dividends		18,026
Securities lending income		1,157
Interest		50
Total assets		55,754,518
Liabilities:
Payable for:
Return of securities lending collateral		829,210
Management fees		34,204
Fund shares redeemed		32,239
Transfer agent fees		11,738
Portfolio accounting and administration fees		6,136
Distribution and service fees		2,772
Trustees’ fees*		687
Miscellaneous		33,522
Total liabilities		950,508
Net assets	$	54,804,010
Net assets consist of:
Paid in capital	$	38,841,020
Total distributable earnings (loss)		15,962,990
Net assets	$	54,804,010
Investor Class:
Net assets	$	42,114,247
Capital shares outstanding		143,330
Net asset value per share	$	293.83
A-Class:
Net assets	$	5,769,236
Capital shares outstanding		21,533
Net asset value per share	$	267.90
Maximum offering price per share (Net asset value divided by 95.25%)	$	281.26
C-Class:
Net assets	$	1,246,308
Capital shares outstanding		5,451
Net asset value per share	$	228.60
H-Class:
Net assets	$	5,674,219
Capital shares outstanding		21,858
Net asset value per share	$	259.59

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $3,162)	$	463,181
Interest		6,439
Income from securities lending, net		10,030
Total investment income		479,650
Expenses:
Management fees		326,035
Distribution and service fees:
A-Class		12,080
C-Class		12,469
H-Class		3,382
Transfer agent fees		85,353
Portfolio accounting and administration fees		53,422
Registration fees		29,006
Professional fees		25,572
Trustees’ fees*		7,488
Custodian fees		5,840
Line of credit fees		10
Miscellaneous		1,827
Total expenses		562,484
Net investment loss		(82,834	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(400,879	)
Net realized loss		(400,879	)
Net change in unrealized appreciation (depreciation) on:
Investments		(329,138	)
Net change in unrealized appreciation (depreciation)		(329,138	)
Net realized and unrealized loss		(730,017	)
Net decrease in net assets resulting from operations	$	(812,851	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

46 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ELECTRONICS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(82,834	)	$	(373,019	)
Net realized loss on investments		(400,879	)		(71,238	)
Net change in unrealized appreciation (depreciation) on investments		(329,138	)		(4,976,021	)
Net decrease in net assets resulting from operations		(812,851	)		(5,420,278	)
Distributions to shareholders:
Investor Class		—			(2,283,199	)
A-Class		—			(397,140	)
C-Class		—			(114,035	)
H-Class		—			(182,571	)
Total distributions to shareholders		—			(2,976,945	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		64,807,683			182,248,214
A-Class		2,458,522			12,659,571
C-Class		644,277			1,789,573
H-Class		4,876,943			26,552,857
Distributions reinvested
Investor Class		—			2,241,300
A-Class		—			395,788
C-Class		—			113,652
H-Class		—			182,550
Cost of shares redeemed
Investor Class		(83,230,672	)		(171,070,528	)
A-Class		(5,039,489	)		(8,523,286	)
C-Class		(1,075,489	)		(3,204,867	)
H-Class		(1,279,413	)		(33,383,135	)
Net increase (decrease) from capital share transactions		(17,837,638	)		10,001,689
Net increase (decrease) in net assets		(18,650,489	)		1,604,466
Net assets:
Beginning of year		73,454,499			71,850,033
End of year	$	54,804,010		$	73,454,499
Capital share activity:
Shares sold
Investor Class		248,810			563,688
A-Class		10,279			41,690
C-Class		3,082			7,357
H-Class		19,796			94,680
Shares issued from reinvestment of distributions
Investor Class		—			6,380
A-Class		—			1,232
C-Class		—			410
H-Class		—			586
Shares redeemed
Investor Class		(304,912	)		(566,974	)
A-Class		(20,454	)		(31,123	)
C-Class		(5,309	)		(13,331	)
H-Class		(5,543	)		(121,028	)
Net decrease in shares		(54,251	)		(16,433	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 47

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	304.55		$	281.78		$	137.65		$	126.31		$	136.98
Income (loss) from investment operations:
Net investment income (loss)a		(.35	)		(1.59	)		(.71	)		—	b		.27
Net gain (loss) on investments (realized and unrealized)		(10.37	)		35.88			150.08			11.35			(.29	)
Total from investment operations		(10.72	)		34.29			149.37			11.35			(.02	)
Less distributions from:
Net investment income		—			—			—			(.01	)		—
Net realized gains		—			(11.52	)		(5.24	)		—			(10.65	)
Total distributions		—			(11.52	)		(5.24	)		(.01	)		(10.65	)
Net asset value, end of period	$	293.83		$	304.55		$	281.78		$	137.65		$	126.31
Total Return		(3.52	%)		11.63	%		109.05	%		8.99	%		1.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	42,114		$	60,738		$	55,324		$	38,634		$	18,642
Ratios to average net assets:
Net investment income (loss)		(0.14	%)		(0.51	%)		(0.33	%)		—	d		0.21	%
Total expenses		1.39	%		1.36	%		1.44	%		1.48	%		1.46	%
Portfolio turnover rate		147	%		281	%		163	%		265	%		521	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	278.40		$	259.00		$	127.06		$	116.88		$	127.98
Income (loss) from investment operations:
Net investment income (loss)a		(.95	)		(2.15	)		(1.15	)		(.31	)		(.03	)
Net gain (loss) on investments (realized and unrealized)		(9.55	)		33.07			138.33			10.50			(.42	)
Total from investment operations		(10.50	)		30.92			137.18			10.19			(.45	)
Less distributions from:
Net investment income		—			—			—			(.01	)		—
Net realized gains		—			(11.52	)		(5.24	)		—			(10.65	)
Total distributions		—			(11.52	)		(5.24	)		(.01	)		(10.65	)
Net asset value, end of period	$	267.90		$	278.40		$	259.00		$	127.06		$	116.88
Total Returnc		(3.77	%)		11.35	%		108.53	%		8.72	%		1.10	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,769		$	8,827		$	5,156		$	2,120		$	3,908
Ratios to average net assets:
Net investment income (loss)		(0.41	%)		(0.76	%)		(0.58	%)		(0.23	%)		(0.02	%)
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%
Portfolio turnover rate		147	%		281	%		163	%		265	%		521	%

48 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ELECTRONICS FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	239.35		$	225.59		$	111.87		$	103.69		$	115.77
Income (loss) from investment operations:
Net investment income (loss)a		(2.30	)		(3.58	)		(2.32	)		(1.14	)		(.91	)
Net gain (loss) on investments (realized and unrealized)		(8.45	)		28.86			121.28			9.33			(.52	)
Total from investment operations		(10.75	)		25.28			118.96			8.19			(1.43	)
Less distributions from:
Net investment income		—			—			—			(.01	)		—
Net realized gains		—			(11.52	)		(5.24	)		—			(10.65	)
Total distributions		—			(11.52	)		(5.24	)		(.01	)		(10.65	)
Net asset value, end of period	$	228.60		$	239.35		$	225.59		$	111.87		$	103.69
Total Returnc		(4.49	%)		10.51	%		106.98	%		7.91	%		0.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,246		$	1,838		$	2,987		$	1,701		$	1,317
Ratios to average net assets:
Net investment income (loss)		(1.16	%)		(1.48	%)		(1.34	%)		(0.96	%)		(0.83	%)
Total expenses		2.39	%		2.36	%		2.44	%		2.48	%		2.45	%
Portfolio turnover rate		147	%		281	%		163	%		265	%		521	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	269.75		$	251.22		$	123.34		$	113.47		$	124.62
Income (loss) from investment operations:
Net investment income (loss)a		(.97	)		(2.32	)		(1.23	)		(.30	)		(.54	)
Net gain (loss) on investments (realized and unrealized)		(9.19	)		32.37			134.35			10.18			.04	e
Total from investment operations		(10.16	)		30.05			133.12			9.88			(.50	)
Less distributions from:
Net investment income		—			—			—			(.01	)		—
Net realized gains		—			(11.52	)		(5.24	)		—			(10.65	)
Total distributions		—			(11.52	)		(5.24	)		(.01	)		(10.65	)
Net asset value, end of period	$	259.59		$	269.75		$	251.22		$	123.34		$	113.47
Total Return		(3.77	%)		11.35	%		108.53	%		8.72	%		1.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,674		$	2,051		$	8,383		$	2,142		$	3,686
Ratios to average net assets:
Net investment income (loss)		(0.43	%)		(0.85	%)		(0.60	%)		(0.22	%)		(0.45	%)
Total expenses		1.64	%		1.60	%		1.67	%		1.73	%		1.68	%
Portfolio turnover rate		147	%		281	%		163	%		265	%		521	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Less than $0.01 per share.
c	Total return does not reflect the impact of any applicable sales charges.
d	Less than 0.01% or (0.01%).
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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 49

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

ENERGY FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies involved in the energy field, including the exploration, production, and development of oil, gas, coal, and alternative sources of energy (“Energy Companies”).

For the Reporting Period, Energy Fund Investor Class returned 5.34%, compared with the -7.73% return of the S&P 500 Index. The S&P 500 Energy Index returned 13.63%.

The industries that contributed the most: oil & gas refining & marketing, integrated oil & gas, and semiconductors. The industries that detracted the most: electrical components & equipment, oil & gas equipment & services, and oil & gas exploration & production.

The individual holdings that contributed the most: Exxon Mobil Corp., First Solar, Inc., and Marathon Petroleum Corp. Those that detracted the most: Plug Power, Inc., Baker Hughes Co., and Ovintiv, Inc.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 21, 1998
A-Class	September 1, 2004
C-Class	April 19, 2001
H-Class	May 5, 1998

Ten Largest Holdings	(% of Total Net Assets)
Exxon Mobil Corp.	7.0%
Chevron Corp.	5.5%
ConocoPhillips	3.5%
Schlumberger Ltd.	2.8%
EOG Resources, Inc.	2.7%
Marathon Petroleum Corp.	2.5%
Valero Energy Corp.	2.4%
Phillips 66	2.2%
Pioneer Natural Resources Co.	2.2%
Cheniere Energy, Inc.	2.0%
Top Ten Total	32.8%
“Ten Largest Holdings” excludes any temporary cash investments.

50 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	5.34%	3.40%	(1.38%)
A-Class Shares	5.08%	3.15%	(1.61%)
A-Class Shares with sales charge‡	0.08%	2.15%	(2.09%)
C-Class Shares	4.29%	2.38%	(2.37%)
C-Class Shares with CDSC§	3.29%	2.38%	(2.37%)
H-Class Shares**	5.08%	3.13%	(1.70%)
S&P 500 Energy Index	13.63%	9.53%	4.44%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 51

SCHEDULE OF INVESTMENTS	March 31, 2023
ENERGY FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Oil & Gas - 66.9%
Exxon Mobil Corp.		46,486	$	5,097,655
Chevron Corp.		24,286		3,962,504
ConocoPhillips		25,518		2,531,641
EOG Resources, Inc.		16,978		1,946,188
Marathon Petroleum Corp.		13,403		1,807,126
Valero Energy Corp.		12,231		1,707,448
Phillips 66		15,895		1,611,435
Pioneer Natural Resources Co.		7,863		1,605,939
Occidental Petroleum Corp.		23,175		1,446,815
Hess Corp.		10,883		1,440,256
Devon Energy Corp.		26,995		1,366,217
BP plc ADR		31,641		1,200,459
Diamondback Energy, Inc.		8,689		1,174,492
Petroleo Brasileiro S.A. ADR		109,773		1,144,932
Coterra Energy, Inc. — Class A		40,756		1,000,152
Shell plc ADR		16,511		950,043
Marathon Oil Corp.		38,589		924,592
APA Corp.		22,186		800,027
Equities Corp.		23,757		758,086
Suncor Energy, Inc.		24,374		756,813
Chesapeake Energy Corp.		9,576		728,159
Ovintiv, Inc.		18,908		682,201
Cenovus Energy, Inc.		38,135		665,837
Canadian Natural Resources Ltd.		11,811		653,739
HF Sinclair Corp.		12,481		603,831
Equinor ASA ADR		21,218		603,228
Range Resources Corp.		21,915		580,090
Antero Resources Corp.*		24,685		569,977
PDC Energy, Inc.		8,662		555,927
Murphy Oil Corp.		14,811		547,711
Civitas Resources, Inc.		7,991		546,105
Southwestern Energy Co.*		107,870		539,350
Matador Resources Co.		11,296		538,254
PBF Energy, Inc. — Class A		12,021		521,231
Transocean Ltd.*		77,672		493,994
Magnolia Oil & Gas Corp. — Class A		22,545		493,285
Chord Energy Corp.		3,637		489,540
Noble Corporation plc*		12,177		480,626
Permian Resources Corp.		44,650		468,825
Valaris Ltd.*		7,118		463,097
Denbury, Inc.*		5,208		456,377
Weatherford International plc*		7,673		455,393
Kosmos Energy Ltd.*		60,999		453,833
SM Energy Co.		15,265		429,862
Helmerich & Payne, Inc.		11,723		419,097
CNX Resources Corp.*		23,900		382,878
Northern Oil and Gas, Inc.		12,048		365,657
Patterson-UTI Energy, Inc.		30,455		356,323
Callon Petroleum Co.*		10,165		339,918
Delek US Holdings, Inc.		12,353		283,501
Comstock Resources, Inc.		21,096		227,626
Total Oil & Gas				48,628,292
Pipelines - 12.1%
Cheniere Energy, Inc.		9,278		1,462,213
Williams Companies, Inc.		46,912		1,400,792
Kinder Morgan, Inc.		79,176		1,386,372
ONEOK, Inc.		19,396		1,232,422
Targa Resources Corp.		12,928		943,098
Enbridge, Inc.		18,881		720,310
TC Energy Corp.		14,120		549,409
Golar LNG Ltd.*		19,362		418,219
Equitrans Midstream Corp.		64,744		374,220
New Fortress Energy, Inc.		10,348		304,542
Total Pipelines				8,791,597
Oil & Gas Services - 8.9%
Schlumberger Ltd.		41,298		2,027,732
Baker Hughes Co.		44,007		1,270,042
Halliburton Co.		36,842		1,165,681
NOV, Inc.		33,489		619,881
ChampionX Corp.		19,911		540,185
TechnipFMC plc*		39,327		536,814
Liberty Energy, Inc. — Class A		25,241		323,337
Total Oil & Gas Services				6,483,672
Energy-Alternate Sources - 6.7%
Enphase Energy, Inc.*		5,912		1,243,175
SolarEdge Technologies, Inc.*		3,914		1,189,660
First Solar, Inc.*		5,039		1,095,983
Plug Power, Inc.*		50,800		595,376
Sunrun, Inc.*		24,001		483,620
Green Plains, Inc.*		8,269		256,256
Total Energy-Alternate Sources				4,864,070
Coal - 1.3%
Peabody Energy Corp.*		16,644		426,086
CONSOL Energy, Inc.		4,761		277,424
Arch Resources, Inc.		1,578		207,444
Total Coal				910,954
Transportation - 1.2%
Scorpio Tankers, Inc.		7,856		442,372
Frontline plc		24,482		405,422
Total Transportation				847,794
Mining - 0.9%
Cameco Corp.		25,579		669,402
Retail - 0.7%
Murphy USA, Inc.		1,944		501,649
Metal Fabricate & Hardware - 0.6%
Tenaris S.A. ADR		16,281		462,706
Total Common Stocks
(Cost $46,900,983)				72,160,136

52 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
ENERGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	255,329	$	255,329
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		100,877		100,877
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		100,876		100,876
Total Repurchase Agreements
(Cost $457,082)				457,082
Total Investments - 99.9%
(Cost $47,358,065)			$	72,617,218
Other Assets & Liabilities, net - 0.1%				51,691
Total Net Assets - 100.0%			$	72,668,909

*	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 March 31, 2023 (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	$	72,160,136	$	—	$	—	$	72,160,136
Repurchase Agreements		—		457,082		—		457,082
Total Assets	$	72,160,136	$	457,082	$	—	$	72,617,218

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 53

ENERGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value (cost $46,900,983)	$	72,160,136
Repurchase agreements, at value (cost $457,082)		457,082
Cash		11,812
Receivables:
Fund shares sold		272,835
Dividends		56,322
Securities lending income		137
Interest		61
Total assets		72,958,385
Liabilities:
Payable for:
Fund shares redeemed		145,732
Management fees		53,509
Transfer agent fees		21,602
Portfolio accounting and administration fees		9,600
Distribution and service fees		3,424
Trustees’ fees*		1,099
Miscellaneous		54,510
Total liabilities		289,476
Net assets	$	72,668,909
Net assets consist of:
Paid in capital	$	74,051,329
Total distributable earnings (loss)		(1,382,420	)
Net assets	$	72,668,909
Investor Class:
Net assets	$	64,349,951
Capital shares outstanding		261,174
Net asset value per share	$	246.39
A-Class:
Net assets	$	4,725,638
Capital shares outstanding		20,871
Net asset value per share	$	226.42
Maximum offering price per share (Net asset value divided by 95.25%)	$	237.71
C-Class:
Net assets	$	2,366,323
Capital shares outstanding		12,379
Net asset value per share	$	191.16
H-Class:
Net assets	$	1,226,997
Capital shares outstanding		5,607
Net asset value per share	$	218.83

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $30,161)	$	3,985,310
Interest		11,178
Income from securities lending, net		3,979
Total investment income		4,000,467
Expenses:
Management fees		814,401
Distribution and service fees:
A-Class		11,305
C-Class		24,495
H-Class		4,978
Transfer agent fees		212,006
Portfolio accounting and administration fees		132,475
Professional fees		48,201
Custodian fees		13,824
Trustees’ fees*		13,507
Line of credit fees		1,055
Miscellaneous		99,461
Total expenses		1,375,708
Net investment income		2,624,759
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,513,188
Net realized gain		1,513,188
Net change in unrealized appreciation (depreciation) on:
Investments		(3,129,366	)
Net change in unrealized appreciation (depreciation)		(3,129,366	)
Net realized and unrealized loss		(1,616,178	)
Net increase in net assets resulting from operations	$	1,008,581

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

54 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ENERGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,624,759		$	1,218,217
Net realized gain on investments		1,513,188			4,094,283
Net change in unrealized appreciation (depreciation) on investments		(3,129,366	)		20,769,850
Net increase in net assets resulting from operations		1,008,581			26,082,350
Distributions to shareholders:
Investor Class		(1,959,102	)		(272,328	)
A-Class		(135,857	)		(17,226	)
C-Class		(93,199	)		(6,906	)
H-Class		(44,531	)		(10,363	)
Total distributions to shareholders		(2,232,689	)		(306,823	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		407,488,224			271,052,529
A-Class		3,874,977			3,727,225
C-Class		2,397,625			1,587,379
H-Class		6,210,390			12,987,251
Distributions reinvested
Investor Class		1,886,962			270,767
A-Class		123,065			16,329
C-Class		90,710			6,696
H-Class		44,038			9,780
Cost of shares redeemed
Investor Class		(401,744,251	)		(255,335,090	)
A-Class		(3,229,120	)		(3,172,125	)
C-Class		(1,613,288	)		(1,219,353	)
H-Class		(6,982,117	)		(13,119,025	)
Net increase from capital share transactions		8,547,215			16,812,363
Net increase in net assets		7,323,107			42,587,890
Net assets:
Beginning of year		65,345,802			22,757,912
End of year	$	72,668,909		$	65,345,802
Capital share activity:
Shares sold
Investor Class		1,598,042			1,425,959
A-Class		16,517			20,617
C-Class		11,680			10,787
H-Class		27,295			81,073
Shares issued from reinvestment of distributions
Investor Class		7,383			1,455
A-Class		524			95
C-Class		456			45
H-Class		194			59
Shares redeemed
Investor Class		(1,584,347	)		(1,306,447	)
A-Class		(14,291	)		(18,225	)
C-Class		(8,415	)		(8,287	)
H-Class		(31,583	)		(82,948	)
Net increase in shares		23,455			124,183

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 55

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	239.96		$	152.94		$	81.74		$	204.01		$	223.24
Income (loss) from investment operations:
Net investment income (loss)a		7.06			3.62			1.44			2.91			1.05
Net gain (loss) on investments (realized and unrealized)		6.01	d		84.29			72.59			(123.74	)		(18.87	)
Total from investment operations		13.07			87.91			74.03			(120.83	)		(17.82	)
Less distributions from:
Net investment income		(6.64	)		(.89	)		(2.83	)		(1.44	)		(1.41	)
Total distributions		(6.64	)		(.89	)		(2.83	)		(1.44	)		(1.41	)
Net asset value, end of period	$	246.39		$	239.96		$	152.94		$	81.74		$	204.01
Total Return		5.34	%		57.65	%		91.43	%		(59.61	%)		(7.94	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	64,350		$	57,612		$	18,220		$	4,216		$	16,172
Ratios to average net assets:
Net investment income (loss)		2.79	%		1.99	%		2.02	%		1.65	%		0.46	%
Total expenses		1.39	%		1.36	%		1.42	%		1.48	%		1.46	%
Portfolio turnover rate		363	%		382	%		939	%		428	%		525	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	221.55		$	141.62		$	76.01		$	190.30		$	208.85
Income (loss) from investment operations:
Net investment income (loss)a		5.79			2.67			1.00			2.46			.63
Net gain (loss) on investments (realized and unrealized)		5.72	d		78.15			67.44			(115.31	)		(17.77	)
Total from investment operations		11.51			80.82			68.44			(112.85	)		(17.14	)
Less distributions from:
Net investment income		(6.64	)		(.89	)		(2.83	)		(1.44	)		(1.41	)
Total distributions		(6.64	)		(.89	)		(2.83	)		(1.44	)		(1.41	)
Net asset value, end of period	$	226.42		$	221.55		$	141.62		$	76.01		$	190.30
Total Returnb		5.08	%		57.25	%		90.89	%		(59.69	%)		(8.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,726		$	4,015		$	2,214		$	985		$	3,369
Ratios to average net assets:
Net investment income (loss)		2.48	%		1.60	%		1.60	%		1.50	%		0.33	%
Total expenses		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%
Portfolio turnover rate		363	%		382	%		939	%		428	%		525	%

56 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ENERGY FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	189.40		$	122.07		$	66.27		$	167.39		$	185.28
Income (loss) from investment operations:
Net investment income (loss)a		3.61			1.32			.56			1.08			(1.08	)
Net gain (loss) on investments (realized and unrealized)		4.79	d		66.90			58.07			(100.76	)		(15.40	)
Total from investment operations		8.40			68.22			58.63			(99.68	)		(16.48	)
Less distributions from:
Net investment income		(6.64	)		(.89	)		(2.83	)		(1.44	)		(1.41	)
Total distributions		(6.64	)		(.89	)		(2.83	)		(1.44	)		(1.41	)
Net asset value, end of period	$	191.16		$	189.40		$	122.07		$	66.27		$	167.39
Total Returnb		4.29	%		56.07	%		89.48	%		(60.01	%)		(8.83	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,366		$	1,640		$	746		$	432		$	1,637
Ratios to average net assets:
Net investment income (loss)		1.82	%		0.91	%		1.05	%		0.76	%		(0.56	%)
Total expenses		2.39	%		2.36	%		2.44	%		2.48	%		2.45	%
Portfolio turnover rate		363	%		382	%		939	%		428	%		525	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	214.30		$	137.02		$	73.61		$	184.50		$	202.54
Income (loss) from investment operations:
Net investment income (loss)a		5.41			2.80			1.06			1.92			1.20
Net gain (loss) on investments (realized and unrealized)		5.76	d		75.37			65.18			(111.37	)		(17.83	)
Total from investment operations		11.17			78.17			66.24			(109.45	)		(16.63	)
Less distributions from:
Net investment income		(6.64	)		(.89	)		(2.83	)		(1.44	)		(1.41	)
Total distributions		(6.64	)		(.89	)		(2.83	)		(1.44	)		(1.41	)
Net asset value, end of period	$	218.83		$	214.30		$	137.02		$	73.61		$	184.50
Total Return		5.08	%		57.25	%		90.87	%		(59.73	%)		(8.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,227		$	2,079		$	1,578		$	646		$	824
Ratios to average net assets:
Net investment income (loss)		2.40	%		1.73	%		1.60	%		1.25	%		0.54	%
Total expenses		1.65	%		1.61	%		1.68	%		1.72	%		1.70	%
Portfolio turnover rate		363	%		382	%		939	%		428	%		525	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	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.
d	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 57

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

ENERGY SERVICES FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the energy services field, including those that provide services and equipment in the areas of oil, coal, and gas exploration and production (“Energy Services Companies”).

For the Reporting Period, Energy Services Fund Investor Class returned -7.75%, compared with the S&P 500 Index, which returned -7.73%. The S&P 500 Energy Index returned 13.63%.

The industries that contributed the most: oil & gas drilling and trading companies & distributors. The industries that detracted the most: oil & gas equipment & services, specialty chemicals, and semiconductor equipment.

The individual holdings that contributed the most: Schlumberger, Ltd., Weatherford International plc, and Tidewater, Inc. Those that detracted the most: Baker Hughes Co., Halliburton Co., and Aspen Aerogels, Inc.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	April 2, 1998

Ten Largest Holdings	(% of Total Net Assets)
Schlumberger Ltd.	15.5%
Baker Hughes Co.	9.7%
Halliburton Co.	8.9%
NOV, Inc.	4.7%
ChampionX Corp.	4.1%
TechnipFMC plc	3.8%
Transocean Ltd.	3.8%
Noble Corporation plc	3.7%
Weatherford International plc	3.6%
Valaris Ltd.	3.6%
Top Ten Total	61.4%
“Ten Largest Holdings” excludes any temporary cash investments.

58 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(7.75%)	(10.24%)	(12.04%)
A-Class Shares	(8.00%)	(10.47%)	(12.25%)
A-Class Shares with sales charge‡	(12.36%)	(11.33%)	(12.68%)
C-Class Shares	(8.67%)	(11.13%)	(12.91%)
C-Class Shares with CDSC§	(9.59%)	(11.13%)	(12.91%)
H-Class Shares**	(7.99%)	(10.43%)	(12.32%)
S&P 500 Energy Index	13.63%	9.53%	4.44%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and S&P 500 Energy Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 59

SCHEDULE OF INVESTMENTS	March 31, 2023
ENERGY SERVICES FUND

	Shares		Value
COMMON STOCKS† - 99.8%
Oil & Gas Services - 69.8%
Schlumberger Ltd.		113,913	$	5,593,128
Baker Hughes Co.		121,370		3,502,738
Halliburton Co.		101,623		3,215,352
NOV, Inc.		92,372		1,709,806
ChampionX Corp.		54,913		1,489,790
TechnipFMC plc*		100,083		1,366,133
Tidewater, Inc.*		21,599		952,084
Liberty Energy, Inc. — Class A		69,613		891,743
Oceaneering International, Inc.*		47,042		829,351
NexTier Oilfield Solutions, Inc.*		100,254		797,019
Archrock, Inc.		78,035		762,402
Helix Energy Solutions Group, Inc.*		87,307		675,756
Expro Group Holdings N.V.*		34,409		631,749
US Silica Holdings, Inc.*		51,193		611,245
Core Laboratories N.V.		26,165		576,938
ProPetro Holding Corp.*		71,423		513,531
RPC, Inc.		65,619		504,610
ProFrac Holding Corp. — Class A*		25,720		325,872
Nine Energy Service, Inc.*		31,298		174,017
Total Oil & Gas Services				25,123,264
Oil & Gas - 23.5%
Transocean Ltd.*		214,228		1,362,490
Noble Corporation plc*		33,588		1,325,718
Weatherford International plc*		22,133		1,313,593
Valaris Ltd.*		19,638		1,277,648
Helmerich & Payne, Inc.		32,325		1,155,619
Patterson-UTI Energy, Inc.		84,001		982,812
Diamond Offshore Drilling, Inc.*		61,344		738,582
Nabors Industries Ltd.*		2,512		306,238
Total Oil & Gas				8,462,700
Machinery-Diversified - 3.3%
Cactus, Inc. — Class A		28,454		1,173,159
Metal Fabricate & Hardware - 3.2%
Tenaris S.A. ADR		41,220		1,171,472
Total Common Stocks
(Cost $32,291,374)				35,930,595

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	122,993		122,993
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		48,593		48,593
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		48,593		48,593
Total Repurchase Agreements
(Cost $220,179)				220,179
Total Investments - 100.4%
(Cost $32,511,553)			$	36,150,774
Other Assets & Liabilities, net - (0.4)%				(127,612	)
Total Net Assets - 100.0%			$	36,023,162

60 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
ENERGY SERVICES FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	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 March 31, 2023 (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	$	35,930,595	$	—	$	—	$	35,930,595
Repurchase Agreements		—		220,179		—		220,179
Total Assets	$	35,930,595	$	220,179	$	—	$	36,150,774

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 61

ENERGY SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value (cost $32,291,374)	$	35,930,595
Repurchase agreements, at value (cost $220,179)		220,179
Receivables:
Dividends		27,970
Fund shares sold		11,532
Interest		30
Total assets		36,190,306
Liabilities:
Payable for:
Fund shares redeemed		97,473
Management fees		26,788
Transfer agent fees		9,316
Portfolio accounting and administration fees		4,806
Distribution and service fees		1,451
Trustees’ fees*		550
Miscellaneous		26,760
Total liabilities		167,144
Net assets	$	36,023,162
Net assets consist of:
Paid in capital	$	72,551,952
Total distributable earnings (loss)		(36,528,790	)
Net assets	$	36,023,162
Investor Class:
Net assets	$	32,625,989
Capital shares outstanding		152,528
Net asset value per share	$	213.90
A-Class:
Net assets	$	1,333,573
Capital shares outstanding		6,734
Net asset value per share	$	198.04
Maximum offering price per share (Net asset value divided by 95.25%)	$	207.92
C-Class:
Net assets	$	981,116
Capital shares outstanding		5,767
Net asset value per share	$	170.13
H-Class:
Net assets	$	1,082,484
Capital shares outstanding		5,640
Net asset value per share	$	191.93

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $164)	$	363,922
Interest		4,598
Income from securities lending, net		209
Total investment income		368,729
Expenses:
Management fees		282,528
Distribution and service fees:
A-Class		3,060
C-Class		11,255
H-Class		6,523
Transfer agent fees		75,153
Portfolio accounting and administration fees		44,851
Professional fees		18,713
Custodian fees		4,904
Trustees’ fees*		4,553
Line of credit fees		167
Miscellaneous		32,372
Total expenses		484,079
Net investment loss		(115,350	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(3,763,523	)
Net realized loss		(3,763,523	)
Net change in unrealized appreciation (depreciation) on:
Investments		(4,501,202	)
Net change in unrealized appreciation (depreciation)		(4,501,202	)
Net realized and unrealized loss		(8,264,725	)
Net decrease in net assets resulting from operations	$	(8,380,075	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

62 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

ENERGY SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(115,350	)	$	(104,528	)
Net realized gain (loss) on investments		(3,763,523	)		2,221,184
Net change in unrealized appreciation (depreciation) on investments		(4,501,202	)		5,378,720
Net increase (decrease) in net assets resulting from operations		(8,380,075	)		7,495,376
Distributions to shareholders:
Investor Class		—			(21,872	)
A-Class		—			(1,886	)
C-Class		—			(4,576	)
H-Class		—			(2,813	)
Total distributions to shareholders		—			(31,147	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		101,215,610			77,176,798
A-Class		3,290,830			2,199,033
C-Class		1,085,028			1,637,269
H-Class		5,884,787			21,796,874
Distributions reinvested
Investor Class		—			21,449
A-Class		—			1,851
C-Class		—			4,576
H-Class		—			2,791
Cost of shares redeemed
Investor Class		(71,089,547	)		(77,547,416	)
A-Class		(2,884,947	)		(1,974,352	)
C-Class		(791,941	)		(1,542,259	)
H-Class		(14,588,982	)		(13,505,610	)
Net increase from capital share transactions		22,120,838			8,271,004
Net increase in net assets		13,740,763			15,735,233
Net assets:
Beginning of year		22,282,399			6,547,166
End of year	$	36,023,162		$	22,282,399
Capital share activity:
Shares sold
Investor Class		457,345			430,685
A-Class		16,020			12,542
C-Class		6,039			11,060
H-Class		28,497			128,869
Shares issued from reinvestment of distributions
Investor Class		—			123
A-Class		—			11
C-Class		—			32
H-Class		—			18
Shares redeemed
Investor Class		(345,252	)		(418,168	)
A-Class		(14,097	)		(12,036	)
C-Class		(4,641	)		(10,209	)
H-Class		(75,866	)		(80,393	)
Net increase in shares		68,045			62,534

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 63

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	231.88		$	169.20		$	75.50		$	281.99		$	378.02
Income (loss) from investment operations:
Net investment income (loss)a		(.56	)		(.63	)		.20			2.40			.15
Net gain (loss) on investments (realized and unrealized)		(17.42	)		63.81			95.34			(208.59	)		(92.88	)
Total from investment operations		(17.98	)		63.18			95.54			(206.19	)		(92.73	)
Less distributions from:
Net investment income		—			(.50	)		(1.84	)		(.30	)		(3.30	)
Total distributions		—			(.50	)		(1.84	)		(.30	)		(3.30	)
Net asset value, end of period	$	213.90		$	231.88		$	169.20		$	75.50		$	281.99
Total Return		(7.75	%)		37.44	%		127.06	%		(73.21	%)		(24.43	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	32,626		$	9,376		$	4,703		$	1,502		$	6,896
Ratios to average net assets:
Net investment income (loss)		(0.26	%)		(0.35	%)		0.82	%		1.11	%		0.06	%
Total expenses		1.39	%		1.36	%		1.42	%		1.48	%		1.46	%
Portfolio turnover rate		242	%		290	%		770	%		810	%		1,453	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	215.25		$	157.49		$	70.51		$	264.03		$	355.19
Income (loss) from investment operations:
Net investment income (loss)a		(1.16	)		(1.04	)		.19			1.95			1.80
Net gain (loss) on investments (realized and unrealized)		(16.05	)		59.30			88.63			(195.17	)		(89.66	)
Total from investment operations		(17.21	)		58.26			88.82			(193.22	)		(87.86	)
Less distributions from:
Net investment income		—			(.50	)		(1.84	)		(.30	)		(3.30	)
Total distributions		—			(.50	)		(1.84	)		(.30	)		(3.30	)
Net asset value, end of period	$	198.04		$	215.25		$	157.49		$	70.51		$	264.03
Total Returnb		(8.00	%)		37.09	%		126.39	%		(73.26	%)		(24.65	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,334		$	1,036		$	676		$	191		$	829
Ratios to average net assets:
Net investment income (loss)		(0.58	%)		(0.61	%)		0.87	%		0.94	%		0.60	%
Total expenses		1.64	%		1.61	%		1.68	%		1.73	%		1.73	%
Portfolio turnover rate		242	%		290	%		770	%		810	%		1,453	%

64 | THE RYDEX FUNDS ANNUAL 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.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	186.29		$	137.36		$	62.08		$	234.26		$	317.99
Income (loss) from investment operations:
Net investment income (loss)a		(2.20	)		(2.02	)		(.01	)		.30			(2.55	)
Net gain (loss) on investments (realized and unrealized)		(13.96	)		51.45			77.13			(172.18	)		(77.88	)
Total from investment operations		(16.16	)		49.43			77.12			(171.88	)		(80.43	)
Less distributions from:
Net investment income		—			(.50	)		(1.84	)		(.30	)		(3.30	)
Total distributions		—			(.50	)		(1.84	)		(.30	)		(3.30	)
Net asset value, end of period	$	170.13		$	186.29		$	137.36		$	62.08		$	234.26
Total Returnb		(8.67	%)		36.07	%		124.62	%		(73.46	%)		25.17	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	981		$	814		$	479		$	192		$	826
Ratios to average net assets:
Net investment income (loss)		(1.27	%)		(1.37	%)		(0.03	%)		0.20	%		(0.84	%)
Total expenses		2.40	%		2.36	%		2.43	%		2.48	%		2.45	%
Portfolio turnover rate		242	%		290	%		770	%		810	%		1,453	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020c			Year Ended March 31, 2019c
Per Share Data
Net asset value, beginning of period	$	208.59		$	152.63		$	68.37		$	255.45		$	343.95
Income (loss) from investment operations:
Net investment income (loss)a		(1.52	)		(.75	)		.02			1.65			.45
Net gain (loss) on investments (realized and unrealized)		(15.14	)		57.21			86.08			(188.43	)		(85.65	)
Total from investment operations		(16.66	)		56.46			86.10			(186.78	)		(85.20	)
Less distributions from:
Net investment income		—			(.50	)		(1.84	)		(.30	)		(3.30	)
Total distributions		—			(.50	)		(1.84	)		(.30	)		(3.30	)
Net asset value, end of period	$	191.93		$	208.59		$	152.63		$	68.37		$	255.45
Total Return		(7.99	%)		37.09	%		126.23	%		(73.19	%)		(24.67	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,082		$	11,057		$	689		$	528		$	6,395
Ratios to average net assets:
Net investment income (loss)		(0.76	%)		(0.43	%)		0.11	%		0.77	%		0.15	%
Total expenses		1.65	%		1.62	%		1.68	%		1.72	%		1.70	%
Portfolio turnover rate		242	%		290	%		770	%		810	%		1,453	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	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 ANNUAL REPORT | 65

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

FINANCIAL SERVICES FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the financial services sector (“Financial Services Companies”).

Affecting the financial services sector was the collapse of Silicon Valley Bank and Signature Bank in March 2023, which stemmed from the government’s efforts to contain the effects of economic dislocations in the wake of the COVID-19 pandemic. Unprecedented stimulus in 2020 and 2021 had filled the financial system with deposits (liabilities for a bank), which banks invested on the asset side by adding to holdings of securities, given that loan demand was depressed. Many banks took the opportunity to increase the yield on those securities holdings by investing in long duration Treasuries and mortgage-backed securities (“MBS”), while others more presciently parked the excess liquidity in cash or short-term investments. The Fed’s campaign to raise short-term interest rates at the fastest pace since the 1980s led to banks accumulating billions of dollars of unrealized losses on their securities holdings, just as their deposits began fleeing in search of better yields, a situation that led to the federal government’s seizure of First Republic Bank in early May and subsequent sale to JPMorgan Chase.

The U.S. Federal Reserve’s (the “Fed”) new Bank Term Funding Program addressed part of the issues faced by banks, giving them a way to access liquidity without recognizing losses on their fixed-income securities holdings. The Fed’s discount window also allowed for a broader range of collateral. While helping prevent further panic-induced bank runs, the Fed’s programs to the banks are unlikely to fully stem deposit outflows, which will likely continue as depositors burn through cash or move it to higher-yielding alternatives like T-bills or money market funds. The Fed acknowledged in March that a contraction of credit emanating from volatility in the banking sector was likely to create new headwinds for the economy. While banks that failed had their unique issues, problems may continue to pop up in banks and other parts of the financial system.

For the Reporting Period, Financial Services Fund Investor Class returned -18.35%, while the S&P 500 Index returned -7.73% over the same period. The S&P 500 Financials Index returned -14.24%.

The industries that contributed the most: data processing & outsourced services, reinsurance, and diversified REITs. The industries that detracted the most: regional banks, residential REITs, and consumer finance.

The individual holdings that contributed the most: Progressive Corp., MSCI, Inc. – Class A, and RenaissanceRe Holdings, Ltd. Those that detracted the most: SVB Financial Group, Signature Bank, and First Republic Bank.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 2, 1998
A-Class	September 1, 2004
C-Class	April 19, 2001
H-Class	April 6, 1998

Ten Largest Holdings	(% of Total Net Assets)
Berkshire Hathaway, Inc. — Class B	3.2%
Visa, Inc. — Class A	2.7%
JPMorgan Chase & Co.	2.4%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.7%
Wells Fargo & Co.	1.4%
Prologis, Inc.	1.4%
Goldman Sachs Group, Inc.	1.3%
S&P Global, Inc.	1.3%
Morgan Stanley	1.3%
Top Ten Total	18.8%
“Ten Largest Holdings” excludes any temporary cash investments.

66 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(18.35%)	4.15%	7.22%
A-Class Shares	(18.56%)	3.89%	6.95%
A-Class Shares with sales charge‡	(22.42%)	2.88%	6.43%
C-Class Shares	(19.17%)	3.11%	6.16%
C-Class Shares with CDSC§	(19.77%)	3.11%	6.16%
H-Class Shares**	(18.56%)	3.89%	6.89%
S&P 500 Financials Index	(14.24%)	5.41%	10.32%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 67

SCHEDULE OF INVESTMENTS	March 31, 2023
FINANCIAL SERVICES FUND

	Shares		Value
COMMON STOCKS† - 98.5%
Banks - 23.8%
JPMorgan Chase & Co.		1,279	$	166,666
Bank of America Corp.		4,137		118,318
Wells Fargo & Co.		2,614		97,711
Goldman Sachs Group, Inc.		281		91,918
Morgan Stanley		1,017		89,293
Citigroup, Inc.		1,704		79,901
U.S. Bancorp		1,687		60,816
PNC Financial Services Group, Inc.		471		59,864
Truist Financial Corp.		1,645		56,095
Bank of New York Mellon Corp.		1,113		50,575
ICICI Bank Ltd. ADR		2,255		48,663
State Street Corp.		561		42,462
Toronto-Dominion Bank		703		42,110
Popular, Inc.		728		41,794
Bank of Nova Scotia1		795		40,036
HDFC Bank Ltd. ADR		593		39,535
NU Holdings Limited/Cayman Islands — Class A*		8,077		38,447
Royal Bank of Canada		402		38,423
M&T Bank Corp.		307		36,708
HSBC Holdings plc ADR		1,073		36,621
Northern Trust Corp.		413		36,398
Fifth Third Bancorp		1,322		35,218
Regions Financial Corp.		1,853		34,392
Huntington Bancshares, Inc.		2,939		32,917
Citizens Financial Group, Inc.		1,018		30,917
KeyCorp		2,266		28,370
First Horizon Corp.		1,540		27,381
East West Bancorp, Inc.		416		23,088
Banco Bradesco S.A. ADR		8,318		21,793
Comerica, Inc.		448		19,452
Zions Bancorp North America		575		17,210
Old National Bancorp		1,150		16,583
Valley National Bancorp		1,743		16,105
Pinnacle Financial Partners, Inc.		287		15,831
Bank OZK		459		15,698
First Citizens BancShares, Inc. — Class A		14		13,623
PacWest Bancorp1		757		7,366
First Republic Bank1		461		6,449
Total Banks				1,674,747
REITs - 21.8%
Prologis, Inc.		769		95,948
American Tower Corp. — Class A		411		83,984
Equinix, Inc.		98		70,662
Crown Castle, Inc.		495		66,251
Public Storage		193		58,313
Realty Income Corp.		868		54,962
Simon Property Group, Inc.		458		51,282
Welltower, Inc.		714		51,187
VICI Properties, Inc.		1,497		48,832
Digital Realty Trust, Inc.		471		46,304
SBA Communications Corp.		174		45,426
AvalonBay Communities, Inc.		246		41,343
Equity Residential		682		40,920
Alexandria Real Estate Equities, Inc.		318		39,938
Weyerhaeuser Co.		1,322		39,832
Extra Space Storage, Inc.		244		39,755
Invitation Homes, Inc.		1,178		36,789
Sun Communities, Inc.		258		36,347
Mid-America Apartment Communities, Inc.		238		35,947
Ventas, Inc.		800		34,680
Iron Mountain, Inc.		640		33,862
UDR, Inc.		782		32,109
Gaming and Leisure Properties, Inc.		611		31,809
Essex Property Trust, Inc.		149		31,162
Kimco Realty Corp.		1,538		30,037
Rexford Industrial Realty, Inc.		499		29,765
Healthpeak Properties, Inc.		1,348		29,616
Life Storage, Inc.		223		29,233
Host Hotels & Resorts, Inc.		1,769		29,171
Regency Centers Corp.		466		28,510
Camden Property Trust		271		28,412
Lamar Advertising Co. — Class A		277		27,669
CubeSmart		593		27,408
American Homes 4 Rent — Class A		826		25,978
Annaly Capital Management, Inc.		1,359		25,970
Boston Properties, Inc.		452		24,462
AGNC Investment Corp.		2,011		20,271
Medical Properties Trust, Inc.1		2,260		18,577
Vornado Realty Trust		916		14,079
Total REITs				1,536,802
Diversified Financial Services - 19.9%
Visa, Inc. — Class A		839		189,161
Mastercard, Inc. — Class A		406		147,544
BlackRock, Inc. — Class A		126		84,309
American Express Co.		500		82,475
Charles Schwab Corp.		1,369		71,708
CME Group, Inc. — Class A		360		68,947
Intercontinental Exchange, Inc.		641		66,850
Capital One Financial Corp.		544		52,311
Interactive Brokers Group, Inc. — Class A		617		50,939
Ameriprise Financial, Inc.		161		49,346
Discover Financial Services		446		44,083
Apollo Global Management, Inc.		692		43,707
T. Rowe Price Group, Inc.		372		41,999
Nasdaq, Inc.		743		40,620
Tradeweb Markets, Inc. — Class A		481		38,009
XP, Inc. — Class A*		3,161		37,521
Raymond James Financial, Inc.		382		35,629
Cboe Global Markets, Inc.		249		33,426
LPL Financial Holdings, Inc.		164		33,194
Coinbase Global, Inc. — Class A*,1		444		30,001
Synchrony Financial		1,019		29,632
Franklin Resources, Inc.		867		23,357
Ally Financial, Inc.		912		23,247
Invesco Ltd.		1,399		22,944
SoFi Technologies, Inc.*		3,125		18,969
Western Union Co.		1,539		17,160
SLM Corp.		1,141		14,137

68 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
FINANCIAL SERVICES FUND

	Shares		Value
Upstart Holdings, Inc.*,1		571	$	9,073
Total Diversified Financial Services				1,400,298
Insurance - 17.9%
Berkshire Hathaway, Inc. — Class B*		733		226,328
Marsh & McLennan Companies, Inc.		477		79,444
Progressive Corp.		549		78,540
Aon plc — Class A		216		68,103
Willis Towers Watson plc		239		55,539
Chubb Ltd.		284		55,147
Arthur J Gallagher & Co.		286		54,715
Arch Capital Group Ltd.*		782		53,074
Travelers Companies, Inc.		309		52,966
Aflac, Inc.		783		50,519
American International Group, Inc.		999		50,310
MetLife, Inc.		840		48,670
Prudential Financial, Inc.		563		46,583
Allstate Corp.		411		45,543
Hartford Financial Services Group, Inc.		573		39,932
Everest Re Group Ltd.		104		37,234
Principal Financial Group, Inc.		488		36,268
Cincinnati Financial Corp.		312		34,969
Brown & Brown, Inc.		558		32,040
W R Berkley Corp.		479		29,823
Equitable Holdings, Inc.		997		25,314
Voya Financial, Inc.		324		23,153
Unum Group		563		22,272
Lincoln National Corp.		733		16,470
Total Insurance				1,262,956
Commercial Services - 6.7%
S&P Global, Inc.		262		90,330
PayPal Holdings, Inc.*		1,036		78,674
Moody’s Corp.		197		60,286
Block, Inc. — Class A*		764		52,449
Global Payments, Inc.		433		45,569
StoneCo Ltd. — Class A*		3,833		36,567
FleetCor Technologies, Inc.*		161		33,947
MarketAxess Holdings, Inc.		81		31,694
Toast, Inc. — Class A*		1,442		25,595
Affirm Holdings, Inc.*		1,334		15,034
Total Commercial Services				470,145
Private Equity - 3.5%
Blackstone, Inc. — Class A		978		85,908
KKR & Company, Inc. — Class A		961		50,472
Ares Management Corp. — Class A		507		42,304
Brookfield Corp.		1,285		41,878
Carlyle Group, Inc.		770		23,916
Total Private Equity				244,478
Software - 2.9%
Fiserv, Inc.*		622		70,305
MSCI, Inc. — Class A		101		56,529
Fidelity National Information Services, Inc.		881		47,865
Jack Henry & Associates, Inc.		187		28,184
Total Software				202,883
Internet - 0.7%
Zillow Group, Inc. — Class C*		616		27,393
Robinhood Markets, Inc. — Class A*		2,332		22,644
Total Internet				50,037
Real Estate - 0.5%
CBRE Group, Inc. — Class A*		533		38,808
Media - 0.5%
FactSet Research Systems, Inc.		82		34,037
Savings & Loans - 0.3%
New York Community Bancorp, Inc.		2,614		23,630
Total Common Stocks
(Cost $6,729,506)				6,938,821
PREFERRED STOCKS† - 0.6%
Financial - 0.6%
Itau Unibanco Holding S.A.
ADR		9,001		43,835
Total Preferred Stocks
(Cost $39,739)				43,835
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.9%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	37,204		37,204
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		14,698		14,698
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		14,699		14,699
Total Repurchase Agreements
(Cost $66,601)				66,601
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.1%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		75,513		75,513
Total Securities Lending Collateral
(Cost $75,513)				75,513
Total Investments - 101.1%
(Cost $6,911,359)			$	7,124,770
Other Assets & Liabilities, net - (1.1)%				(76,382	)
Total Net Assets - 100.0%			$	7,048,388

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 69

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
FINANCIAL SERVICES FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (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	$	6,938,821	$	—	$	—	$	6,938,821
Preferred Stocks		43,835		—		—		43,835
Repurchase Agreements		—		66,601		—		66,601
Securities Lending Collateral		75,513		—		—		75,513
Total Assets	$	7,058,169	$	66,601	$	—	$	7,124,770

70 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $76,228 of securities loaned (cost $6,844,758)	$	7,058,169
Repurchase agreements, at value (cost $66,601)		66,601
Cash		194
Receivables:
Dividends		12,554
Fund shares sold		760
Foreign tax reclaims		299
Securities lending income		235
Interest		9
Total assets		7,138,821
Liabilities:
Payable for:
Return of securities lending collateral		75,513
Management fees		5,217
Transfer agent fees		1,920
Distribution and service fees		1,119
Portfolio accounting and administration fees		936
Fund shares redeemed		239
Trustees’ fees*		107
Miscellaneous		5,382
Total liabilities		90,433
Net assets	$	7,048,388
Net assets consist of:
Paid in capital	$	10,242,883
Total distributable earnings (loss)		(3,194,495	)
Net assets	$	7,048,388
Investor Class:
Net assets	$	4,269,351
Capital shares outstanding		64,578
Net asset value per share	$	66.11
A-Class:
Net assets	$	1,575,777
Capital shares outstanding		26,313
Net asset value per share	$	59.89
Maximum offering price per share (Net asset value divided by 95.25%)	$	62.87
C-Class:
Net assets	$	829,497
Capital shares outstanding		17,100
Net asset value per share	$	48.51
H-Class:
Net assets	$	373,763
Capital shares outstanding		6,499
Net asset value per share	$	57.51

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $1,259)	$	286,758
Interest		1,407
Income from securities lending, net		2,505
Total investment income		290,670
Expenses:
Management fees		104,553
Distribution and service fees:
A-Class		5,846
C-Class		9,713
H-Class		3,451
Transfer agent fees		29,687
Portfolio accounting and administration fees		16,100
Registration fees		9,656
Professional fees		5,776
Trustees’ fees*		3,628
Custodian fees		2,124
Line of credit fees		91
Miscellaneous		358
Total expenses		190,983
Net investment income		99,687
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		4,933,068
Net realized gain		4,933,068
Net change in unrealized appreciation (depreciation) on:
Investments		(8,604,998	)
Net change in unrealized appreciation (depreciation)		(8,604,998	)
Net realized and unrealized loss		(3,671,930	)
Net decrease in net assets resulting from operations	$	(3,572,243	)

* 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 ANNUAL REPORT | 71

FINANCIAL SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	99,687		$	238,055
Net realized gain on investments		4,933,068			1,954,354
Net change in unrealized appreciation (depreciation) on investments		(8,604,998	)		1,680,516
Net increase (decrease) in net assets resulting from operations		(3,572,243	)		3,872,925
Distributions to shareholders:
Investor Class		(1,002,375	)		(389,940	)
A-Class		(472,199	)		(31,773	)
C-Class		(229,698	)		(13,689	)
H-Class		(110,821	)		(5,359	)
Total distributions to shareholders		(1,815,093	)		(440,761	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		25,704,725			160,477,130
A-Class		1,026,489			2,553,393
C-Class		204,435			1,448,795
H-Class		753,776			31,611,881
Distributions reinvested
Investor Class		933,611			386,572
A-Class		466,298			31,719
C-Class		227,947			13,339
H-Class		109,475			5,286
Cost of shares redeemed
Investor Class		(51,332,334	)		(164,261,323	)
A-Class		(2,206,918	)		(2,592,746	)
C-Class		(361,088	)		(1,418,493	)
H-Class		(12,509,239	)		(21,662,739	)
Net increase (decrease) from capital share transactions		(36,982,823	)		6,592,814
Net increase (decrease) in net assets		(42,370,159	)		10,024,978
Net assets:
Beginning of year		49,418,547			39,393,569
End of year	$	7,048,388		$	49,418,547
Capital share activity:
Shares sold
Investor Class		299,625			1,575,301
A-Class		13,965			28,036
C-Class		3,210			18,147
H-Class		9,815			340,539
Shares issued from reinvestment of distributions
Investor Class		13,794			3,696
A-Class		7,601			327
C-Class		4,577			160
H-Class		1,858			56
Shares redeemed
Investor Class		(562,772	)		(1,628,946	)
A-Class		(29,906	)		(27,345	)
C-Class		(5,673	)		(17,792	)
H-Class		(146,214	)		(240,129	)
Net increase (decrease) in shares		(390,120	)		52,050

72 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL SERVICES FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	101.95		$	88.84		$	54.80		$	68.68		$	72.17
Income (loss) from investment operations:
Net investment income (loss)a		.87			.64			.88			.83			.53
Net gain (loss) on investments (realized and unrealized)		(19.17	)		13.35			33.16			(14.39	)		(.86	)c
Total from investment operations		(18.30	)		13.99			34.04			(13.56	)		(.33	)
Less distributions from:
Net investment income		(2.30	)		(.34	)		—			(.32	)		(.89	)
Net realized gains		(15.24	)		(.54	)		—			—			(2.27	)
Total distributions		(17.54	)		(.88	)		—			(.32	)		(3.16	)
Net asset value, end of period	$	66.11		$	101.95		$	88.84		$	54.80		$	68.68
Total Return		(18.35	%)		15.72	%		62.12	%		(19.88	%)		(0.14	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,269		$	32,004		$	32,328		$	2,968		$	4,978
Ratios to average net assets:
Net investment income (loss)		1.00	%		0.63	%		1.19	%		1.12	%		0.74	%
Total expenses		1.40	%		1.36	%		1.41	%		1.48	%		1.45	%
Portfolio turnover rate		177	%		406	%		246	%		249	%		410	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	94.54		$	82.65		$	51.10		$	64.22		$	67.88
Income (loss) from investment operations:
Net investment income (loss)a		.76			.36			.55			.54			.37
Net gain (loss) on investments (realized and unrealized)		(17.87	)		12.41			31.00			(13.34	)		(.87	)c
Total from investment operations		(17.11	)		12.77			31.55			(12.80	)		(.50	)
Less distributions from:
Net investment income		(2.30	)		(.34	)		—			(.32	)		(.89	)
Net realized gains		(15.24	)		(.54	)		—			—			(2.27	)
Total distributions		(17.54	)		(.88	)		—			(.32	)		(3.16	)
Net asset value, end of period	$	59.89		$	94.54		$	82.65		$	51.10		$	64.22
Total Returnb		(18.56	%)		15.42	%		61.74	%		(20.07	%)		(0.41	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,576		$	3,276		$	2,780		$	5,745		$	7,602
Ratios to average net assets:
Net investment income (loss)		0.97	%		0.39	%		0.86	%		0.78	%		0.55	%
Total expenses		1.64	%		1.61	%		1.70	%		1.72	%		1.71	%
Portfolio turnover rate		177	%		406	%		246	%		249	%		410	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 73

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.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	81.13		$	71.57		$	44.59		$	56.49		$	60.56
Income (loss) from investment operations:
Net investment income (loss)a		.15			(.28	)		(.03	)		.01			(.16	)
Net gain (loss) on investments (realized and unrealized)		(15.23	)		10.72			27.01			(11.59	)		(.75	)c
Total from investment operations		(15.08	)		10.44			26.98			(11.58	)		(.91	)
Less distributions from:
Net investment income		(2.30	)		(.34	)		—			(.32	)		(.89	)
Net realized gains		(15.24	)		(.54	)		—			—			(2.27	)
Total distributions		(17.54	)		(.88	)		—			(.32	)		(3.16	)
Net asset value, end of period	$	48.51		$	81.13		$	71.57		$	44.59		$	56.49
Total Returnb		(19.17	%)		14.55	%		60.51	%		(20.66	%)		(1.15	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	829		$	1,216		$	1,036		$	638		$	985
Ratios to average net assets:
Net investment income (loss)		0.24	%		(0.35	%)		(0.06	%)		0.02	%		(0.27	%)
Total expenses		2.40	%		2.36	%		2.43	%		2.47	%		2.46	%
Portfolio turnover rate		177	%		406	%		246	%		249	%		410	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	91.63		$	80.10		$	49.53		$	62.26		$	65.93
Income (loss) from investment operations:
Net investment income (loss)a		(.06	)		.41			.68			.54			.03
Net gain (loss) on investments (realized and unrealized)		(16.52	)		12.00			29.89			(12.95	)		(.54	)c
Total from investment operations		(16.58	)		12.41			30.57			(12.41	)		(.51	)
Less distributions from:
Net investment income		(2.30	)		(.34	)		—			(.32	)		(.89	)
Net realized gains		(15.24	)		(.54	)		—			—			(2.27	)
Total distributions		(17.54	)		(.88	)		—			(.32	)		(3.16	)
Net asset value, end of period	$	57.51		$	91.63		$	80.10		$	49.53		$	62.26
Total Return		(18.56	%)		15.47	%		61.72	%		(20.08	%)		(0.42	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	374		$	12,923		$	3,250		$	611		$	1,606
Ratios to average net assets:
Net investment income (loss)		(0.08	)%		0.45	%		1.07	%		0.81	%		0.05	%
Total expenses		1.66	%		1.61	%		1.69	%		1.72	%		1.73	%
Portfolio turnover rate		177	%		406	%		246	%		249	%		410	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	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.

74 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

HEALTH CARE FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the health care industry (“Health Care Companies”).

For the Reporting Period, Health Care Fund Investor Class returned -6.16%, compared with a -7.73% return for the S&P 500 Index. The S&P 500 Health Care Index returned -3.70%.

The industries that contributed the most: biotechnology and health care distributors. The industries that detracted the most: health care equipment, life sciences tools & services, and health care services.

The individual holdings that contributed the most: Merck & Co., Inc., Eli Lilly and Co., and Gilead Sciences, Inc. Those that detracted the most: Medtronic plc, Baxter International, Inc., and CVS Health Corp.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 17, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	May 11, 1998

Ten Largest Holdings	(% of Total Net Assets)
UnitedHealth Group, Inc.	3.4%
Johnson & Johnson	3.2%
Eli Lilly & Co.	2.8%
AbbVie, Inc.	2.7%
Merck & Company, Inc.	2.6%
Thermo Fisher Scientific, Inc.	2.4%
Pfizer, Inc.	2.4%
Abbott Laboratories	2.1%
Danaher Corp.	2.1%
Bristol-Myers Squibb Co.	1.9%
Top Ten Total	25.6%
“Ten Largest Holdings” excludes any temporary cash investments.

THE RYDEX FUNDS ANNUAL REPORT | 75

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(6.16%)	9.09%	10.95%
A-Class Shares	(6.38%)	8.81%	10.67%
A-Class Shares with sales charge‡	(10.84%)	7.76%	10.13%
C-Class Shares	(7.07%)	8.02%	9.85%
C-Class Shares with CDSC§	(7.97%)	8.02%	9.85%
H-Class Shares**	(6.38%)	8.83%	10.61%
S&P 500 Health Care Index	(3.70%)	11.82%	12.87%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged Indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 20, 215, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

76 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
HEALTH CARE FUND

	Shares		Value
COMMON STOCKS† - 99.2%
Pharmaceuticals - 33.3%
Johnson & Johnson		5,315	$	823,825
Eli Lilly & Co.		2,080		714,314
AbbVie, Inc.		4,409		702,662
Merck & Company, Inc.		6,267		666,746
Pfizer, Inc.		15,200		620,160
Bristol-Myers Squibb Co.		7,212		499,864
CVS Health Corp.		5,281		392,431
AstraZeneca plc ADR		5,046		350,243
Becton Dickinson and Co.		1,405		347,794
Zoetis, Inc.		2,057		342,367
Cigna Group		1,338		341,899
McKesson Corp.		819		291,605
Dexcom, Inc.*		2,351		273,139
Novo Nordisk A/S ADR		1,437		228,684
Novartis AG ADR		2,463		226,596
Jazz Pharmaceuticals plc*		1,497		219,056
AmerisourceBergen Corp. — Class A		1,358		217,429
GSK plc ADR		6,103		217,145
Alkermes plc*		7,101		200,177
Teva Pharmaceutical Industries Ltd. ADR*		21,607		191,222
Cardinal Health, Inc.		2,458		185,579
Viatris, Inc.		14,515		139,634
Henry Schein, Inc.*		1,654		134,867
Neurocrine Biosciences, Inc.*		1,313		132,902
Elanco Animal Health, Inc.*		9,102		85,559
Total Pharmaceuticals				8,545,899
Healthcare-Products - 28.7%
Thermo Fisher Scientific, Inc.		1,081		623,056
Abbott Laboratories		5,371		543,867
Danaher Corp.		2,090		526,764
Stryker Corp.		1,418		404,796
Intuitive Surgical, Inc.*		1,540		393,424
Boston Scientific Corp.*		7,005		350,460
Medtronic plc		4,326		348,762
Edwards Lifesciences Corp.*		3,490		288,728
IDEXX Laboratories, Inc.*		542		271,043
ResMed, Inc.		1,081		236,728
Zimmer Biomet Holdings, Inc.		1,669		215,635
West Pharmaceutical Services, Inc.		609		211,000
Align Technology, Inc.*		607		202,823
Insulet Corp.*		609		194,247
Baxter International, Inc.		4,680		189,821
STERIS plc		966		184,776
Hologic, Inc.*		2,267		182,947
Cooper Companies, Inc.		489		182,573
Waters Corp.*		569		176,179
PerkinElmer, Inc.		1,293		172,305
Teleflex, Inc.		589		149,200
Avantor, Inc.*		7,054		149,122
Exact Sciences Corp.*		2,087		141,519
Bio-Techne Corp.		1,879		139,403
Masimo Corp.*		684		126,225
Dentsply Sirona, Inc.		3,116		122,397
Bruker Corp.		1,497		118,024
Repligen Corp.*		587		98,827
Lantheus Holdings, Inc.*		1,184		97,751
Natera, Inc.*		1,719		95,439
Shockwave Medical, Inc.*		414		89,768
Neogen Corp.*		4,187		77,543
Inari Medical, Inc.*		1,031		63,654
Total Healthcare-Products				7,368,806
Biotechnology - 19.5%
Amgen, Inc.		1,943		469,720
Gilead Sciences, Inc.		5,082		421,653
Regeneron Pharmaceuticals, Inc.*		489		401,797
Vertex Pharmaceuticals, Inc.*		1,198		377,454
Moderna, Inc.*		1,896		291,188
Biogen, Inc.*		956		265,797
Illumina, Inc.*		1,091		253,712
Seagen, Inc.*		1,086		219,882
Alnylam Pharmaceuticals, Inc.*		1,044		209,134
Horizon Therapeutics plc*		1,857		202,673
Argenx SE ADR*		519		193,369
BioNTech SE ADR		1,480		184,364
Royalty Pharma plc — Class A		4,977		179,321
BioMarin Pharmaceutical, Inc.*		1,781		173,184
Incyte Corp.*		2,033		146,925
Sarepta Therapeutics, Inc.*		964		132,868
United Therapeutics Corp.*		589		131,912
Exelixis, Inc.*		5,448		105,746
Apellis Pharmaceuticals, Inc.*		1,543		101,776
Halozyme Therapeutics, Inc.*		2,526		96,468
Ionis Pharmaceuticals, Inc.*		2,544		90,923
IVERIC bio, Inc.*		2,999		72,966
Cytokinetics, Inc.*		1,993		70,134
Intellia Therapeutics, Inc.*		1,812		67,533
Karuna Therapeutics, Inc.*		356		64,664
Mirati Therapeutics, Inc.*		1,388		51,606
Novavax, Inc.*,1		4,775		33,091
Total Biotechnology				5,009,860
Healthcare-Services - 15.4%
UnitedHealth Group, Inc.		1,834		866,730
Elevance Health, Inc.		921		423,485
Humana, Inc.		647		314,093
HCA Healthcare, Inc.		1,159		305,605
IQVIA Holdings, Inc.*		1,246		247,817
Centene Corp.*		3,785		239,250
ICON plc*		964		205,901
Laboratory Corporation of America Holdings		821		188,354
Quest Diagnostics, Inc.		1,184		167,512
Molina Healthcare, Inc.*		602		161,029
Charles River Laboratories International, Inc.*		662		133,605
Catalent, Inc.*		2,005		131,748
Universal Health Services, Inc. — Class B		969		123,160
Acadia Healthcare Company, Inc.*		1,440		104,040
Tenet Healthcare Corp.*		1,687		100,241

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 77

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
HEALTH CARE FUND

	Shares		Value
Teladoc Health, Inc.*		3,092	$	80,083
Syneos Health, Inc.*		2,214		78,863
Medpace Holdings, Inc.*		354		66,570
Total Healthcare-Services				3,938,086
Electronics - 1.0%
Agilent Technologies, Inc.		1,881		260,218
Software - 0.9%
Veeva Systems, Inc. — Class A*		1,216		223,489
Commercial Services - 0.4%
HealthEquity, Inc.*		1,502		88,182
Total Common Stocks
(Cost $17,518,715)				25,434,540
RIGHTS††† - 0.0%
Pharmaceuticals - 0.0%
Johnson & Johnson
Expires 12/31/29		752		—
Total Rights
(Cost $—)				—

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	106,080		106,080
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		41,910		41,910
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		41,911		41,911
Total Repurchase Agreements
(Cost $189,901)				189,901
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.1%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		23,915		23,915
Total Securities Lending Collateral
(Cost $23,915)				23,915
Total Investments - 100.0%
(Cost $17,732,531)			$	25,648,356
Other Assets & Liabilities, net - 0.0%				(5,706	)
Total Net Assets - 100.0%			$	25,642,650

*	Non-income producing security.
†	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 March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	25,434,540	$	—	$	—		$	25,434,540
Rights		—		—		—	*		—
Repurchase Agreements		—		189,901		—			189,901
Securities Lending Collateral		23,915		—		—			23,915
Total Assets	$	25,458,455	$	189,901	$	—		$	25,648,356

* Security has a market value of $0.

78 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

HEALTH CARE FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $24,553 of securities loaned (cost $17,542,630)	$	25,458,455
Repurchase agreements, at value (cost $189,901)		189,901
Receivables:
Fund shares sold		48,621
Dividends		17,062
Foreign tax reclaims		6,188
Securities lending income		117
Interest		25
Total assets		25,720,369
Liabilities:
Payable for:
Return of securities lending collateral		23,915
Management fees		18,335
Transfer agent fees		7,967
Portfolio accounting and administration fees		3,289
Distribution and service fees		2,592
Fund shares redeemed		2,432
Trustees’ fees*		374
Miscellaneous		18,815
Total liabilities		77,719
Net assets	$	25,642,650
Net assets consist of:
Paid in capital	$	22,298,489
Total distributable earnings (loss)		3,344,161
Net assets	$	25,642,650
Investor Class:
Net assets	$	17,872,759
Capital shares outstanding		465,836
Net asset value per share	$	38.37
A-Class:
Net assets	$	4,923,090
Capital shares outstanding		145,514
Net asset value per share	$	33.83
Maximum offering price per share (Net asset value divided by 95.25%)	$	35.52
C-Class:
Net assets	$	1,528,660
Capital shares outstanding		56,112
Net asset value per share	$	27.24
H-Class:
Net assets	$	1,318,141
Capital shares outstanding		40,702
Net asset value per share	$	32.39

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $2,488)	$	394,069
Interest		5,238
Income from securities lending, net		1,884
Total investment income		401,191
Expenses:
Management fees		302,564
Distribution and service fees:
A-Class		12,523
C-Class		19,933
H-Class		5,063
Transfer agent fees		78,701
Portfolio accounting and administration fees		49,586
Registration fees		23,192
Professional fees		16,633
Trustees’ fees*		5,860
Custodian fees		5,323
Line of credit fees		72
Miscellaneous		14,224
Total expenses		533,674
Net investment loss		(132,483	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,740,666
Net realized gain		1,740,666
Net change in unrealized appreciation (depreciation) on:
Investments		(4,500,536	)
Net change in unrealized appreciation (depreciation)		(4,500,536	)
Net realized and unrealized loss		(2,759,870	)
Net decrease in net assets resulting from operations	$	(2,892,353	)

* 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 ANNUAL REPORT | 79

HEALTH CARE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(132,483	)	$	(178,621	)
Net realized gain on investments		1,740,666			1,658,607
Net change in unrealized appreciation (depreciation) on investments		(4,500,536	)		1,963,044
Net increase (decrease) in net assets resulting from operations		(2,892,353	)		3,443,030
Distributions to shareholders:
Investor Class		(558,000	)		(1,915,427	)
A-Class		(94,447	)		(231,621	)
C-Class		(39,724	)		(134,836	)
H-Class		(27,218	)		(67,981	)
Total distributions to shareholders		(719,389	)		(2,349,865	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		102,301,697			100,610,633
A-Class		1,972,855			1,324,336
C-Class		372,082			1,488,382
H-Class		3,780,739			25,350,018
Distributions reinvested
Investor Class		549,584			1,897,246
A-Class		93,606			228,894
C-Class		38,384			132,840
H-Class		26,585			67,915
Cost of shares redeemed
Investor Class		(108,242,862	)		(98,580,907	)
A-Class		(2,315,534	)		(1,755,296	)
C-Class		(1,340,731	)		(2,206,368	)
H-Class		(12,105,427	)		(16,839,371	)
Net increase (decrease) from capital share transactions		(14,869,022	)		11,718,322
Net increase (decrease) in net assets		(18,480,764	)		12,811,487
Net assets:
Beginning of year		44,123,414			31,311,927
End of year	$	25,642,650		$	44,123,414
Capital share activity:
Shares sold
Investor Class		2,667,799			2,332,052
A-Class		58,331			34,856
C-Class		13,452			47,899
H-Class		117,002			693,002
Shares issued from reinvestment of distributions
Investor Class		14,383			44,640
A-Class		2,777			6,075
C-Class		1,411			4,315
H-Class		824			1,882
Shares redeemed
Investor Class		(2,829,507	)		(2,294,346	)
A-Class		(69,097	)		(46,738	)
C-Class		(48,731	)		(70,909	)
H-Class		(369,188	)		(455,241	)
Net increase (decrease) in shares		(440,544	)		297,487

80 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

HEALTH CARE FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	41.55		$	39.24		$	30.27		$	32.03		$	28.88
Income (loss) from investment operations:
Net investment income (loss)a		(.10	)		(.12	)		(.15	)		(.06	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		(2.45	)		3.84			12.50			(1.70	)		3.78
Total from investment operations		(2.55	)		3.72			12.35			(1.76	)		3.65
Less distributions from:
Net realized gains		(.63	)		(1.41	)		(3.38	)		—			(.50	)
Total distributions		(.63	)		(1.41	)		(3.38	)		—			(.50	)
Net asset value, end of period	$	38.37		$	41.55		$	39.24		$	30.27		$	32.03
Total Return		(6.16	%)		9.40	%		41.24	%		(5.49	%)		12.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	17,873		$	25,478		$	20,831		$	12,408		$	64,185
Ratios to average net assets:
Net investment income (loss)		(0.26	%)		(0.29	%)		(0.41	%)		(0.19	%)		(0.42	%)
Total expenses		1.39	%		1.35	%		1.46	%		1.47	%		1.46	%
Portfolio turnover rate		268	%		238	%		256	%		248	%		341	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	36.81		$	34.99		$	27.33		$	29.00		$	26.26
Income (loss) from investment operations:
Net investment income (loss)a		(.16	)		(.19	)		(.21	)		(.12	)		(.19	)
Net gain (loss) on investments (realized and unrealized)		(2.19	)		3.42			11.25			(1.55	)		3.43
Total from investment operations		(2.35	)		3.23			11.04			(1.67	)		3.24
Less distributions from:
Net realized gains		(.63	)		(1.41	)		(3.38	)		—			(.50	)
Total distributions		(.63	)		(1.41	)		(3.38	)		—			(.50	)
Net asset value, end of period	$	33.83		$	36.81		$	34.99		$	27.33		$	29.00
Total Returnb		(6.38	%)		9.14	%		40.87	%		(5.76	%)		12.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,923		$	5,650		$	5,575		$	3,606		$	4,865
Ratios to average net assets:
Net investment income (loss)		(0.49	%)		(0.50	%)		(0.63	%)		(0.43	%)		(0.68	%)
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%
Portfolio turnover rate		268	%		238	%		256	%		248	%		341	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 81

HEALTH CARE FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	29.99		$	28.95		$	23.21		$	24.81		$	22.69
Income (loss) from investment operations:
Net investment income (loss)a		(.34	)		(.39	)		(.40	)		(.30	)		(.35	)
Net gain (loss) on investments (realized and unrealized)		(1.78	)		2.84			9.52			(1.30	)		2.97
Total from investment operations		(2.12	)		2.45			9.12			(1.60	)		2.62
Less distributions from:
Net realized gains		(.63	)		(1.41	)		(3.38	)		—			(.50	)
Total distributions		(.63	)		(1.41	)		(3.38	)		—			(.50	)
Net asset value, end of period	$	27.24		$	29.99		$	28.95		$	23.21		$	24.81
Total Returnb		(7.07	%)		8.34	%		39.82	%		(6.45	%)		11.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,529		$	2,699		$	3,147		$	2,826		$	4,340
Ratios to average net assets:
Net investment income (loss)		(1.25	%)		(1.26	%)		(1.39	%)		(1.20	%)		(1.42	%)
Total expenses		2.39	%		2.36	%		2.45	%		2.48	%		2.46	%
Portfolio turnover rate		268	%		238	%		256	%		248	%		341	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	35.26		$	33.57		$	26.31		$	27.91		$	25.29
Income (loss) from investment operations:
Net investment income (loss)a		(.21	)		(.17	)		(.21	)		(.13	)		(.18	)
Net gain (loss) on investments (realized and unrealized)		(2.03	)		3.27			10.85			(1.47	)		3.30
Total from investment operations		(2.24	)		3.10			10.64			(1.60	)		3.12
Less distributions from:
Net realized gains		(.63	)		(1.41	)		(3.38	)		—			(.50	)
Total distributions		(.63	)		(1.41	)		(3.38	)		—			(.50	)
Net asset value, end of period	$	32.39		$	35.26		$	33.57		$	26.31		$	27.91
Total Return		(6.38	%)		9.14	%		40.93	%		(5.73	%)		12.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,318		$	10,297		$	1,760		$	1,021		$	7,871
Ratios to average net assets:
Net investment income (loss)		(0.64	%)		(0.46	%)		(0.68	%)		(0.45	%)		(0.66	%)
Total expenses		1.65	%		1.61	%		1.76	%		1.72	%		1.73	%
Portfolio turnover rate		268	%		238	%		256	%		248	%		341	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

82 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

INTERNET FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that provide products or services designed for or related to the internet (“internet Companies”).

For the Reporting Period, Internet Fund Investor Class returned -17.99%, compared with a return of -7.73% for the S&P 500 Index. The S&P 500 Information Technology Index returned -4.55%.

The industries that contributed the most: movies & entertainment, communications equipment, and interactive home entertainment. The industries that detracted the most: interactive media & services, internet & direct marketing retail, and internet services & infrastructure.

The individual holdings that contributed the most: PDD Holdings, Inc. ADR - Class A, Netflix, Inc., and Trip.com Group, Ltd. ADR. Those that detracted the most: Amazon.com, Inc., Alphabet, Inc. - Class A, and Snap, Inc. - Class A.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 6, 2000
A-Class	September 1, 2004
C-Class	April 19, 2001
H-Class	April 6, 2000

Ten Largest Holdings	(% of Total Net Assets)
Alphabet, Inc. — Class A	8.4%
Amazon.com, Inc.	7.3%
Meta Platforms, Inc. — Class A	5.5%
Salesforce, Inc.	3.3%
Cisco Systems, Inc.	3.3%
Adobe, Inc.	3.2%
Netflix, Inc.	3.0%
Booking Holdings, Inc.	2.3%
PayPal Holdings, Inc.	2.2%
Alibaba Group Holding Ltd. ADR	2.1%
Top Ten Total	40.6%
“Ten Largest Holdings” excludes any temporary cash investments.

THE RYDEX FUNDS ANNUAL REPORT | 83

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(17.99%)	3.20%	10.54%
A-Class Shares	(18.19%)	2.95%	10.26%
A-Class Shares with sales charge‡	(22.08%)	1.95%	9.73%
C-Class Shares	(18.81%)	2.17%	9.44%
C-Class Shares with CDSC§	(19.63%)	2.17%	9.44%
H-Class Shares**	(18.19%)	2.94%	10.19%
S&P 500 Information Technology Index	(4.55%)	19.64%	20.14%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

84 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
INTERNET FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Internet - 55.9%
Alphabet, Inc. — Class A*		16,743	$	1,736,751
Amazon.com, Inc.*		14,632		1,511,339
Meta Platforms, Inc. — Class A*		5,383		1,140,873
Netflix, Inc.*		1,781		615,300
Booking Holdings, Inc.*		178		472,129
Alibaba Group Holding Ltd. ADR*		4,252		434,469
Airbnb, Inc. — Class A*		3,244		403,554
Uber Technologies, Inc.*		11,458		363,219
Shopify, Inc. — Class A*		5,789		277,525
JD.com, Inc. ADR		6,193		271,811
Baidu, Inc. ADR*		1,701		256,715
eBay, Inc.		5,367		238,134
Sea Ltd. ADR*		2,533		219,231
DoorDash, Inc. — Class A*		3,416		217,121
VeriSign, Inc.*		1,025		216,613
Pinterest, Inc. — Class A*		7,574		206,543
MercadoLibre, Inc.*		155		204,299
Trip.com Group Ltd. ADR*		5,342		201,233
Spotify Technology S.A.*		1,415		189,072
Expedia Group, Inc.*		1,875		181,931
Etsy, Inc.*		1,634		181,913
Okta, Inc.*		2,024		174,550
Snap, Inc. — Class A*		15,105		169,327
GoDaddy, Inc. — Class A*		2,171		168,730
Chewy, Inc. — Class A*		4,387		163,986
Wix.com Ltd.*		1,632		162,874
Match Group, Inc.*		4,142		159,011
Zillow Group, Inc. — Class C*		3,401		151,243
Roku, Inc.*		2,154		141,776
F5, Inc.*		932		135,783
IAC, Inc.*		1,903		98,195
Wayfair, Inc. — Class A*		2,533		86,983
Lyft, Inc. — Class A*		8,699		80,640
Ziff Davis, Inc.*		992		77,426
Bumble, Inc. — Class A*		3,824		74,759
TripAdvisor, Inc.*		3,598		71,456
Overstock.com, Inc.*		2,363		47,898
Total Internet				11,504,412
Software - 27.5%
Salesforce, Inc.*		3,418		682,848
Adobe, Inc.*		1,694		652,817
Activision Blizzard, Inc.		4,507		385,754
Workday, Inc. — Class A*		1,725		356,281
Snowflake, Inc. — Class A*		2,102		324,318
Electronic Arts, Inc.		2,320		279,444
Veeva Systems, Inc. — Class A*		1,402		257,674
Datadog, Inc. — Class A*		3,030		220,160
Cloudflare, Inc. — Class A*		3,523		217,228
Take-Two Interactive Software, Inc.*		1,800		214,740
Zoom Video Communications, Inc. — Class A*		2,900		214,136
ROBLOX Corp. — Class A*		4,318		194,224
MongoDB, Inc.*		822		191,625
NetEase, Inc. ADR		2,138		189,085
Bilibili, Inc. ADR*,1		7,902		185,697
Akamai Technologies, Inc.*		2,179		170,616
Twilio, Inc. — Class A*		2,558		170,439
DocuSign, Inc.*		2,755		160,616
ZoomInfo Technologies, Inc. — Class A*		5,822		143,862
Dropbox, Inc. — Class A*		6,212		134,303
Smartsheet, Inc. — Class A*		2,473		118,209
Nutanix, Inc. — Class A*		4,437		115,318
DigitalOcean Holdings, Inc.*		2,017		79,006
Total Software				5,658,400
Telecommunications - 10.2%
Cisco Systems, Inc.		12,922		675,498
Motorola Solutions, Inc.		1,181		337,920
Arista Networks, Inc.*		1,792		300,805
Telefonaktiebolaget LM Ericsson ADR1		30,925		180,911
Nokia Oyj ADR		36,074		177,123
Juniper Networks, Inc.		4,762		163,908
Ciena Corp.*		2,539		133,348
Viavi Solutions, Inc.*		6,908		74,814
CommScope Holding Company, Inc.*		8,422		53,648
Total Telecommunications				2,097,975
Commercial Services - 4.3%
PayPal Holdings, Inc.*		5,847		444,021
CoStar Group, Inc.*		3,670		252,679
Paylocity Holding Corp.*		611		121,455
Chegg, Inc.*		4,070		66,341
Total Commercial Services				884,496
Entertainment - 0.6%
DraftKings, Inc. — Class A*		6,705		129,809
Healthcare-Services - 0.4%
Teladoc Health, Inc.*		3,600		93,240
Computers - 0.4%
Lumentum Holdings, Inc.*		1,713		92,519
Total Common Stocks
(Cost $16,446,560)				20,460,851

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 85

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
INTERNET FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	90,880	$	90,880
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		35,905		35,905
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		35,905		35,905
Total Repurchase Agreements
(Cost $162,690)				162,690
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.4%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		283,218		283,218
Total Securities Lending Collateral
(Cost $283,218)				283,218
Total Investments - 101.5%
(Cost $16,892,468)			$	20,906,759
Other Assets & Liabilities, net - (1.5)%				(315,303	)
Total Net Assets - 100.0%			$	20,591,456

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (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	$	20,460,851	$	—	$	—	$	20,460,851
Repurchase Agreements		—		162,690		—		162,690
Securities Lending Collateral		283,218		—		—		283,218
Total Assets	$	20,744,069	$	162,690	$	—	$	20,906,759

86 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

INTERNET FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $266,897 of securities loaned (cost $16,729,778)	$	20,744,069
Repurchase agreements, at value (cost $162,690)		162,690
Receivables:
Fund shares sold		9,765
Dividends		3,685
Foreign tax reclaims		611
Securities lending income		57
Interest		22
Total assets		20,920,899
Liabilities:
Payable for:
Return of securities lending collateral		283,218
Fund shares redeemed		13,672
Management fees		12,176
Transfer agent fees		3,818
Distribution and service fees		2,416
Portfolio accounting and administration fees		2,184
Trustees’ fees*		243
Miscellaneous		11,716
Total liabilities		329,443
Net assets	$	20,591,456
Net assets consist of:
Paid in capital	$	21,912,413
Total distributable earnings (loss)		(1,320,957	)
Net assets	$	20,591,456
Investor Class:
Net assets	$	16,147,940
Capital shares outstanding		170,336
Net asset value per share	$	94.80
A-Class:
Net assets	$	1,341,812
Capital shares outstanding		15,873
Net asset value per share	$	84.53
Maximum offering price per share (Net asset value divided by 95.25%)	$	88.75
C-Class:
Net assets	$	2,522,259
Capital shares outstanding		38,065
Net asset value per share	$	66.26
H-Class:
Net assets	$	579,445
Capital shares outstanding		7,187
Net asset value per share	$	80.62

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $913)	$	28,818
Interest		2,085
Income from securities lending, net		352
Total investment income		31,255
Expenses:
Management fees		101,745
Distribution and service fees:
A-Class		3,943
C-Class		22,095
H-Class		1,852
Transfer agent fees		26,785
Portfolio accounting and administration fees		16,646
Registration fees		8,712
Professional fees		8,095
Trustees’ fees*		2,524
Custodian fees		1,970
Line of credit fees		105
Miscellaneous		266
Total expenses		194,738
Net investment loss		(163,483	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(3,082,146	)
Net realized loss		(3,082,146	)
Net change in unrealized appreciation (depreciation) on:
Investments		(666,835	)
Net change in unrealized appreciation (depreciation)		(666,835	)
Net realized and unrealized loss		(3,748,981	)
Net decrease in net assets resulting from operations	$	(3,912,464	)

* 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 ANNUAL REPORT | 87

INTERNET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(163,483	)	$	(347,244	)
Net realized gain (loss) on investments		(3,082,146	)		5,510,850
Net change in unrealized appreciation (depreciation) on investments		(666,835	)		(10,323,033	)
Net decrease in net assets resulting from operations		(3,912,464	)		(5,159,427	)
Distributions to shareholders:
Investor Class		—			(3,618,087	)
A-Class		—			(711,899	)
C-Class		—			(1,201,881	)
H-Class		—			(228,096	)
Total distributions to shareholders		—			(5,759,963	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		21,020,911			33,557,065
A-Class		1,013,188			1,317,749
C-Class		935,936			2,769,422
H-Class		3,169,571			2,396,750
Distributions reinvested
Investor Class		—			3,533,333
A-Class		—			695,882
C-Class		—			1,201,881
H-Class		—			227,805
Cost of shares redeemed
Investor Class		(11,401,168	)		(46,602,020	)
A-Class		(1,449,349	)		(1,316,969	)
C-Class		(736,844	)		(3,088,978	)
H-Class		(2,834,259	)		(2,242,167	)
Net increase (decrease) from capital share transactions		9,717,986			(7,550,247	)
Net increase (decrease) in net assets		5,805,522			(18,469,637	)
Net assets:
Beginning of year		14,785,934			33,255,571
End of year	$	20,591,456		$	14,785,934
Capital share activity:
Shares sold
Investor Class		228,196			191,201
A-Class		12,712			9,664
C-Class		14,997			20,635
H-Class		34,804			14,943
Shares issued from reinvestment of distributions
Investor Class		—			24,112
A-Class		—			5,308
C-Class		—			11,581
H-Class		—			1,822
Shares redeemed
Investor Class		(133,794	)		(267,776	)
A-Class		(18,515	)		(9,698	)
C-Class		(11,503	)		(24,678	)
H-Class		(37,230	)		(13,293	)
Net increase (decrease) in shares		89,667			(36,179	)

88 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	115.59		$	195.59		$	105.23		$	118.80		$	124.80
Income (loss) from investment operations:
Net investment income (loss)a		(.99	)		(2.11	)		(2.03	)		(1.30	)		(1.29	)
Net gain (loss) on investments (realized and unrealized)		(19.80	)		(34.69	)		92.39			(8.17	)		10.79
Total from investment operations		(20.79	)		(36.80	)		90.36			(9.47	)		9.50
Less distributions from:
Net realized gains		—			(43.20	)		—			(4.10	)		(15.50	)
Total distributions		—			(43.20	)		—			(4.10	)		(15.50	)
Net asset value, end of period	$	94.80		$	115.59		$	195.59		$	105.23		$	118.80
Total Return		(17.99	%)		(23.48	%)		85.87	%		(8.25	%)		9.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,148		$	8,777		$	25,113		$	10,741		$	15,484
Ratios to average net assets:
Net investment income (loss)		(1.13	%)		(1.18	%)		(1.21	%)		(1.08	%)		(1.00	%)
Total expenses		1.39	%		1.36	%		1.44	%		1.47	%		1.45	%
Portfolio turnover rate		133	%		150	%		284	%		359	%		349	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	103.33		$	179.98		$	97.07		$	110.18		$	117.20
Income (loss) from investment operations:
Net investment income (loss)a		(1.10	)		(2.28	)		(2.22	)		(1.32	)		(1.46	)
Net gain (loss) on investments (realized and unrealized)		(17.70	)		(31.17	)		85.13			(7.69	)		9.94
Total from investment operations		(18.80	)		(33.45	)		82.91			(9.01	)		8.48
Less distributions from:
Net realized gains		—			(43.20	)		—			(4.10	)		(15.50	)
Total distributions		—			(43.20	)		—			(4.10	)		(15.50	)
Net asset value, end of period	$	84.53		$	103.33		$	179.98		$	97.07		$	110.18
Total Returnb		(18.19	%)		(23.67	%)		85.41	%		(8.48	%)		9.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,342		$	2,240		$	2,952		$	2,060		$	2,054
Ratios to average net assets:
Net investment income (loss)		(1.39	%)		(1.44	%)		(1.45	%)		(1.20	%)		(1.27	%)
Total expenses		1.65	%		1.61	%		1.69	%		1.73	%		1.71	%
Portfolio turnover rate		133	%		150	%		284	%		359	%		349	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 89

INTERNET FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	81.61		$	152.56		$	82.90		$	95.40		$	104.40
Income (loss) from investment operations:
Net investment income (loss)a		(1.32	)		(2.89	)		(2.91	)		(1.96	)		(2.08	)
Net gain (loss) on investments (realized and unrealized)		(14.03	)		(24.86	)		72.57			(6.44	)		8.58
Total from investment operations		(15.35	)		(27.75	)		69.66			(8.40	)		6.50
Less distributions from:
Net realized gains		—			(43.20	)		—			(4.10	)		(15.50	)
Total distributions		—			(43.20	)		—			(4.10	)		(15.50	)
Net asset value, end of period	$	66.26		$	81.61		$	152.56		$	82.90		$	95.40
Total Returnb		(18.81	%)		(24.24	%)		84.03	%		(9.16	%)		8.31	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,522		$	2,821		$	4,124		$	1,931		$	3,047
Ratios to average net assets:
Net investment income (loss)		(2.14	%)		(2.19	%)		(2.21	%)		(2.06	%)		(2.01	%)
Total expenses		2.40	%		2.36	%		2.43	%		2.47	%		2.46	%
Portfolio turnover rate		133	%		150	%		284	%		359	%		349	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	98.55		$	173.71		$	93.70		$	106.51		$	113.84
Income (loss) from investment operations:
Net investment income (loss)a		(1.09	)		(2.23	)		(1.75	)		(1.41	)		(1.51	)
Net gain (loss) on investments (realized and unrealized)		(16.84	)		(29.73	)		81.76			(7.30	)		9.68
Total from investment operations		(17.93	)		(31.96	)		80.01			(8.71	)		8.17
Less distributions from:
Net realized gains		—			(43.20	)		—			(4.10	)		(15.50	)
Total distributions		—			(43.20	)		—			(4.10	)		(15.50	)
Net asset value, end of period	$	80.62		$	98.55		$	173.71		$	93.70		$	106.51
Total Return		(18.19	%)		(23.67	%)		85.39	%		(8.49	%)		9.12	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	579		$	947		$	1,067		$	825		$	9,880
Ratios to average net assets:
Net investment income (loss)		(1.39	%)		(1.45	%)		(1.42	%)		(1.30	%)		(1.27	%)
Total expenses		1.65	%		1.61	%		1.76	%		1.71	%		1.70	%
Portfolio turnover rate		133	%		150	%		284	%		359	%		349	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

90 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

LEISURE FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in leisure and entertainment businesses (“Leisure Companies”).

For the Reporting Period, Leisure Fund Investor Class returned -9.14%, compared with a return of -7.73% for the S&P 500 Index. The S&P 500 Consumer Discretionary Index returned -19.62%.

The industries that contributed the most: restaurants, casinos & gaming, and brewers. The industries that detracted the most: cable & satellite, hotels/resorts & cruise lines, and movies & entertainment.

The individual holdings that contributed the most: ROBLOX Corp. - Class A, Las Vegas Sands Corp., and Starbucks Corp. Those that detracted the most: Walt Disney Co., DISH Network Corp. - Class A, and Charter Communications, Inc. - Class A.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	May 3, 2001
H-Class	June 3, 1998

Ten Largest Holdings	(% of Total Net Assets)
McDonald’s Corp.	4.0%
Walt Disney Co.	3.8%
Netflix, Inc.	3.6%
Comcast Corp. — Class A	3.6%
Philip Morris International, Inc.	3.4%
Starbucks Corp.	3.1%
Booking Holdings, Inc.	2.9%
Altria Group, Inc.	2.4%
Airbnb, Inc. — Class A	2.3%
Activision Blizzard, Inc.	2.2%
Top Ten Total	31.3%
“Ten Largest Holdings” excludes any temporary cash investments.

THE RYDEX FUNDS ANNUAL REPORT | 91

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(9.14%)	3.22%	7.44%
A-Class Shares	(9.38%)	2.96%	7.17%
A-Class Shares with sales charge‡	(13.68%)	1.96%	6.65%
C-Class Shares	(10.04%)	2.19%	6.37%
C-Class Shares with CDSC§	(10.94%)	2.19%	6.37%
H-Class Shares**	(9.38%)	2.96%	7.12%
S&P 500 Consumer Discretionary Index	(19.62%)	8.70%	12.14%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

92 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
LEISURE FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Retail - 19.1%
McDonald’s Corp.		3,639	$	1,017,501
Starbucks Corp.		7,423		772,957
Chipotle Mexican Grill, Inc. — Class A*		285		486,863
Yum! Brands, Inc.		3,274		432,430
Darden Restaurants, Inc.		1,986		308,148
Restaurant Brands International, Inc.		3,882		260,637
Yum China Holdings, Inc.		3,963		251,214
Domino’s Pizza, Inc.		747		246,413
Texas Roadhouse, Inc. — Class A		1,732		187,160
Wingstop, Inc.		778		142,825
Wendy’s Co.		6,370		138,739
Cracker Barrel Old Country Store, Inc.		966		109,738
Papa John’s International, Inc.		1,382		103,553
Shake Shack, Inc. — Class A*		1,859		103,156
Bloomin’ Brands, Inc.		4,002		102,651
Cheesecake Factory, Inc.		2,534		88,817
Dave & Buster’s Entertainment, Inc.*		2,322		85,426
Total Retail				4,838,228
Media - 17.1%
Walt Disney Co.*		9,694		970,660
Comcast Corp. — Class A		23,836		903,623
Charter Communications, Inc. — Class A*		1,237		442,364
Warner Bros Discovery, Inc.*		27,285		412,003
Fox Corp. — Class A		8,853		301,445
Paramount Global — Class B		11,292		251,925
Liberty Broadband Corp. — Class C*		2,892		236,276
News Corp. — Class A		13,004		224,579
World Wrestling Entertainment, Inc. — Class A		2,032		185,440
Nexstar Media Group, Inc. — Class A		1,019		175,941
DISH Network Corp. — Class A*		15,155		141,396
Sirius XM Holdings, Inc.1		25,555		101,453
Total Media				4,347,105
Internet - 15.4%
Netflix, Inc.*		2,621		905,503
Booking Holdings, Inc.*		273		724,108
Airbnb, Inc. — Class A*		4,777		594,259
DoorDash, Inc. — Class A*		5,030		319,707
Sea Ltd. ADR*		3,641		315,129
Trip.com Group Ltd. ADR*		7,703		290,172
Expedia Group, Inc.*		2,762		267,997
Spotify Technology S.A.*		1,991		266,037
Roku, Inc.*		3,170		208,649
Total Internet				3,891,561
Lodging - 9.5%
Marriott International, Inc. — Class A		2,849		473,048
Hilton Worldwide Holdings, Inc.		3,027		426,413
Las Vegas Sands Corp.*		5,422		311,494
MGM Resorts International		5,866		260,568
Hyatt Hotels Corp. — Class A*		2,155		240,907
Wynn Resorts Ltd.*		2,080		232,773
Wyndham Hotels & Resorts, Inc.		2,467		167,386
Boyd Gaming Corp.		2,462		157,863
Choice Hotels International, Inc.		1,109		129,964
Total Lodging				2,400,416
Entertainment - 8.7%
Warner Music Group Corp. — Class A		8,438		281,576
Live Nation Entertainment, Inc.*		3,334		233,380
Caesars Entertainment, Inc.*		4,719		230,334
Vail Resorts, Inc.		940		219,659
DraftKings, Inc. — Class A*		9,870		191,083
Churchill Downs, Inc.		699		179,678
Penn Entertainment, Inc.*		5,099		151,236
AMC Entertainment Holdings, Inc. — Class A*,1		29,293		146,758
Marriott Vacations Worldwide Corp.		1,085		146,323
Light & Wonder, Inc. — Class A*		2,349		141,058
SeaWorld Entertainment, Inc.*		1,715		105,147
Six Flags Entertainment Corp.*		3,598		96,103
Cinemark Holdings, Inc.*		6,379		94,345
Total Entertainment				2,216,680
Software - 8.3%
Activision Blizzard, Inc.		6,635		567,890
Electronic Arts, Inc.		3,414		411,216
Take-Two Interactive Software, Inc.*		2,650		316,145
ROBLOX Corp. — Class A*		6,358		285,983
NetEase, Inc. ADR		3,008		266,027
Bilibili, Inc. ADR*,1		10,980		258,030
Total Software				2,105,291
Agriculture - 6.8%
Philip Morris International, Inc.		8,940		869,415
Altria Group, Inc.		13,879		619,281
British American Tobacco plc ADR		6,428		225,751
Total Agriculture				1,714,447
Leisure Time - 6.2%
Royal Caribbean Cruises Ltd.*		3,987		260,351
Carnival Corp.*		23,807		241,641
Planet Fitness, Inc. — Class A*		2,395		186,020
Polaris, Inc.		1,549		171,366
Brunswick Corp.		2,068		169,576
Harley-Davidson, Inc.		4,132		156,892
Peloton Interactive, Inc. — Class A*		12,434		141,001
YETI Holdings, Inc.*		3,286		131,440
Norwegian Cruise Line Holdings Ltd.*		7,816		105,125
Total Leisure Time				1,563,412
Beverages - 5.7%
Constellation Brands, Inc. — Class A		1,895		428,062
Brown-Forman Corp. — Class B		6,101		392,111
Anheuser-Busch InBev S.A. ADR		3,755		250,571
Molson Coors Beverage Co. — Class B		4,281		221,242
Ambev S.A. ADR		48,403		136,497
Total Beverages				1,428,483

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 93

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
LEISURE FUND

	Shares		Value
Toys, Games & Hobbies - 1.5%
Hasbro, Inc.		3,634	$	195,110
Mattel, Inc.*		10,093		185,812
Total Toys, Games & Hobbies				380,922
Food Service - 0.9%
Aramark		6,099		218,344
Commercial Services - 0.3%
Sabre Corp.*		19,294		82,771
Total Common Stocks
(Cost $21,566,080)				25,187,660
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	115,518		115,518
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		45,639		45,639
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		45,639		45,639
Total Repurchase Agreements
(Cost $206,796)				206,796
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		336,607	$	336,607
Total Securities Lending Collateral
(Cost $336,607)				336,607
Total Investments - 101.6%
(Cost $22,109,483)			$	25,731,063
Other Assets & Liabilities, net - (1.6)%				(405,940	)
Total Net Assets - 100.0%			$	25,325,123

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	25,187,660	$	—	$	—	$	25,187,660
Repurchase Agreements		—		206,796		—		206,796
Securities Lending Collateral		336,607		—		—		336,607
Total Assets	$	25,524,267	$	206,796	$	—	$	25,731,063

94 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

LEISURE FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $312,594 of securities loaned (cost $21,902,687)	$	25,524,267
Repurchase agreements, at value (cost $206,796)		206,796
Receivables:
Dividends		31,330
Securities lending income		7,019
Fund shares sold		3,272
Interest		28
Total assets		25,772,712
Liabilities:
Payable for:
Return of securities lending collateral		336,607
Fund shares redeemed		69,202
Management fees		16,228
Transfer agent fees		5,089
Portfolio accounting and administration fees		2,911
Distribution and service fees		1,172
Trustees’ fees*		333
Miscellaneous		16,047
Total liabilities		447,589
Net assets	$	25,325,123
Net assets consist of:
Paid in capital	$	24,381,449
Total distributable earnings (loss)		943,674
Net assets	$	25,325,123
Investor Class:
Net assets	$	20,628,968
Capital shares outstanding		282,867
Net asset value per share	$	72.93
A-Class:
Net assets	$	2,599,606
Capital shares outstanding		39,568
Net asset value per share	$	65.70
Maximum offering price per share (Net asset value divided by 95.25%)	$	68.98
C-Class:
Net assets	$	317,971
Capital shares outstanding		5,707
Net asset value per share	$	55.72
H-Class:
Net assets	$	1,778,578
Capital shares outstanding		27,934
Net asset value per share	$	63.67

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $806)	$	168,547
Interest		1,756
Income from securities lending, net		18,205
Total investment income		188,508
Expenses:
Management fees		100,750
Distribution and service fees:
A-Class		7,873
C-Class		3,919
H-Class		4,215
Transfer agent fees		26,055
Portfolio accounting and administration fees		16,676
Registration fees		9,070
Professional fees		7,874
Trustees’ fees*		2,370
Custodian fees		1,943
Line of credit fees		16
Miscellaneous		566
Total expenses		181,327
Net investment income		7,181
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,130,794	)
Net realized loss		(1,130,794	)
Net change in unrealized appreciation (depreciation) on:
Investments		(460,307	)
Net change in unrealized appreciation (depreciation)		(460,307	)
Net realized and unrealized loss		(1,591,101	)
Net decrease in net assets resulting from operations	$	(1,583,920	)

* 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 ANNUAL REPORT | 95

LEISURE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	7,181		$	(124,538	)
Net realized gain (loss) on investments		(1,130,794	)		1,298,853
Net change in unrealized appreciation (depreciation) on investments		(460,307	)		(5,130,237	)
Net decrease in net assets resulting from operations		(1,583,920	)		(3,955,922	)
Distributions to shareholders:
Investor Class		—			(604,040	)
A-Class		—			(255,000	)
C-Class		—			(53,089	)
H-Class		—			(133,042	)
Total distributions to shareholders		—			(1,045,171	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		32,776,086			39,154,029
A-Class		119,240			2,799,506
C-Class		30,193			90,769
H-Class		348,684			842,058
Distributions reinvested
Investor Class		—			578,089
A-Class		—			199,062
C-Class		—			53,089
H-Class		—			132,002
Cost of shares redeemed
Investor Class		(16,932,942	)		(71,651,581	)
A-Class		(1,360,710	)		(1,987,920	)
C-Class		(226,825	)		(316,244	)
H-Class		(383,917	)		(5,174,501	)
Net increase (decrease) from capital share transactions		14,369,809			(35,281,642	)
Net increase (decrease) in net assets		12,785,889			(40,282,735	)
Net assets:
Beginning of year		12,539,234			52,821,969
End of year	$	25,325,123		$	12,539,234
Capital share activity:
Shares sold
Investor Class		454,555			406,062
A-Class		1,902			33,160
C-Class		575			1,250
H-Class		5,556			10,170
Shares issued from reinvestment of distributions
Investor Class		—			6,639
A-Class		—			2,529
C-Class		—			788
H-Class		—			1,731
Shares redeemed
Investor Class		(241,133	)		(749,384	)
A-Class		(22,358	)		(22,325	)
C-Class		(4,407	)		(4,268	)
H-Class		(6,410	)		(56,958	)
Net increase (decrease) in shares		188,280			(370,606	)

96 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

LEISURE FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

Investor Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	80.27		$	100.94		$	53.01		$	68.98		$	71.23
Income (loss) from investment operations:
Net investment income (loss)a		.21			(.44	)		(.34	)		.08			.32
Net gain (loss) on investments (realized and unrealized)		(7.55	)		(14.80	)		48.27			(15.86	)		2.18
Total from investment operations		(7.34	)		(15.24	)		47.93			(15.78	)		2.50
Less distributions from:
Net investment income		—			—			—			(.19	)		(.52	)
Net realized gains		—			(5.43	)		—			—			(4.23	)
Total distributions		—			(5.43	)		—			(.19	)		(4.75	)
Net asset value, end of period	$	72.93		$	80.27		$	100.94		$	53.01		$	68.98
Total Return		(9.14	%)		(15.52	%)		90.42	%		(22.96	%)		4.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20,629		$	5,574		$	40,995		$	2,839		$	11,739
Ratios to average net assets:
Net investment income (loss)		0.30	%		(0.45	%)		(0.39	%)		0.11	%		0.45	%
Total expenses		1.39	%		1.36	%		1.41	%		1.48	%		1.46	%
Portfolio turnover rate		145	%		168	%		144	%		369	%		323	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	72.50		$	91.96		$	48.41		$	63.17		$	65.82
Income (loss) from investment operations:
Net investment income (loss)a		(.12	)		(.51	)		(.41	)		.01			.11
Net gain (loss) on investments (realized and unrealized)		(6.68	)		(13.52	)		43.96			(14.58	)		1.99
Total from investment operations		(6.80	)		(14.03	)		43.55			(14.57	)		2.10
Less distributions from:
Net investment income		—			—			—			(.19	)		(.52	)
Net realized gains		—			(5.43	)		—			—			(4.23	)
Total distributions		—			(5.43	)		—			(.19	)		(4.75	)
Net asset value, end of period	$	65.70		$	72.50		$	91.96		$	48.41		$	63.17
Total Returnb		(9.38	%)		(15.72	%)		89.96	%		(23.15	%)		3.79	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,600		$	4,351		$	4,291		$	816		$	1,192
Ratios to average net assets:
Net investment income (loss)		(0.20	%)		(0.59	%)		(0.56	%)		0.02	%		0.17	%
Total expenses		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%
Portfolio turnover rate		145	%		168	%		144	%		369	%		323	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 97

LEISURE FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	61.94		$	80.01		$	42.44		$	55.82		$	59.16
Income (loss) from investment operations:
Net investment income (loss)a		(.50	)		(1.04	)		(.87	)		(.42	)		(.32	)
Net gain (loss) on investments (realized and unrealized)		(5.72	)		(11.60	)		38.44			(12.77	)		1.73
Total from investment operations		(6.22	)		(12.64	)		37.57			(13.19	)		1.41
Less distributions from:
Net investment income		—			—			—			(.19	)		(.52	)
Net realized gains		—			(5.43	)		—			—			(4.23	)
Total distributions		—			(5.43	)		—			(.19	)		(4.75	)
Net asset value, end of period	$	55.72		$	61.94		$	80.01		$	42.44		$	55.82
Total Returnb		(10.04	%)		(16.35	%)		88.52	%		(23.73	%)		3.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	318		$	591		$	942		$	398		$	798
Ratios to average net assets:
Net investment income (loss)		(0.96	%)		(1.38	%)		(1.36	%)		(0.74	%)		(0.56	%)
Total expenses		2.39	%		2.36	%		2.44	%		2.48	%		2.46	%
Portfolio turnover rate		145	%		168	%		144	%		369	%		323	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	70.26		$	89.30		$	47.01		$	61.36		$	64.06
Income (loss) from investment operations:
Net investment income (loss)a		(.10	)		(.59	)		(.40	)		(.01	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		(6.49	)		(13.02	)		42.69			(14.15	)		2.34
Total from investment operations		(6.59	)		(13.61	)		42.29			(14.16	)		2.05
Less distributions from:
Net investment income		—			—			—			(.19	)		(.52	)
Net realized gains		—			(5.43	)		—			—			(4.23	)
Total distributions		—			(5.43	)		—			(.19	)		(4.75	)
Net asset value, end of period	$	63.67		$	70.26		$	89.30		$	47.01		$	61.36
Total Return		(9.38	%)		(15.72	%)		89.96	%		(23.17	%)		3.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,779		$	2,023		$	6,594		$	976		$	1,055
Ratios to average net assets:
Net investment income (loss)		(0.16	%)		(0.69	%)		(0.55	%)		(0.01	%)		(0.45	%)
Total expenses		1.64	%		1.61	%		1.68	%		1.72	%		1.69	%
Portfolio turnover rate		145	%		168	%		144	%		369	%		323	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

98 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

PRECIOUS METALS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in U.S. and foreign companies that are involved in the precious metals sector, including exploration, mining, production and development, and other precious metals-related services (“Precious Metals Companies”).

For the Reporting Period, Precious Metals Fund Investor Class returned -16.34%, compared with the -7.73% return of the S&P 500 Index. The S&P 500 Materials Index returned -6.28%.

No industry contributed to return for the Reporting Period. The industries that detracted the most: gold, precious metals & minerals, and silver.

The individual holdings that contributed the most: Alamos Gold, Inc. - Class A, AngloGold Ashanti, Ltd. ADR, and Osisko Gold Royalties, Ltd. Those that detracted the most: Newmont Corp., Barrick Gold Corp., and Sibanye Stillwater, Ltd. ADR.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	December 1, 1993
A-Class	September 1, 2004
C-Class	April 27, 2001
H-Class	August 1, 2003

Ten Largest Holdings	(% of Total Net Assets)
Freeport-McMoRan, Inc.	10.2%
Newmont Corp.	8.1%
Barrick Gold Corp.	7.4%
Agnico Eagle Mines Ltd.	6.3%
Wheaton Precious Metals Corp.	6.2%
Gold Fields Ltd. ADR	4.5%
Franco-Nevada Corp.	4.3%
AngloGold Ashanti Ltd. ADR	4.2%
Royal Gold, Inc.	3.8%
Kinross Gold Corp.	3.3%
Top Ten Total	58.3%
“Ten Largest Holdings” excludes any temporary cash investments.

THE RYDEX FUNDS ANNUAL REPORT | 99

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(16.34%)	10.66%	(0.06%)
A-Class Shares	(16.54%)	10.39%	(0.32%)
A-Class Shares with sales charge‡	(20.51%)	9.32%	(0.81%)
C-Class Shares	(17.16%)	9.57%	(1.05%)
C-Class Shares with CDSC§	(17.91%)	9.57%	(1.05%)
H-Class Shares**	(16.54%)	10.40%	(0.39%)
S&P 500 Materials Index	(6.28%)	9.60%	9.75%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the Fund, has no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

100 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
PRECIOUS METALS FUND

	Shares		Value
COMMON STOCKS† - 99.7%
Mining - 99.7%
Freeport-McMoRan, Inc.		218,020	$	8,919,198
Newmont Corp.		144,138		7,065,645
Barrick Gold Corp.		349,656		6,493,112
Agnico Eagle Mines Ltd.		107,227		5,465,360
Wheaton Precious Metals Corp.		112,946		5,439,479
Gold Fields Ltd. ADR1		297,165		3,958,238
Franco-Nevada Corp.		25,705		3,747,789
AngloGold Ashanti Ltd. ADR		150,296		3,635,660
Royal Gold, Inc.		25,937		3,364,288
Kinross Gold Corp.		618,793		2,914,515
Yamana Gold, Inc.		461,714		2,701,027
Alamos Gold, Inc. — Class A		212,356		2,597,114
Pan American Silver Corp.1		125,401		2,282,298
Hecla Mining Co.		358,446		2,268,963
B2Gold Corp.		568,556		2,240,111
SSR Mining, Inc.		134,854		2,038,993
Sibanye Stillwater Ltd. ADR1		243,972		2,029,847
Osisko Gold Royalties Ltd.		125,447		1,984,572
Eldorado Gold Corp.*		153,375		1,588,965
First Majestic Silver Corp.		214,416		1,545,939
Harmony Gold Mining Company Ltd. ADR		376,827		1,544,991
Sandstorm Gold Ltd.		258,449		1,501,589
Equinox Gold Corp.*		280,751		1,445,868
Novagold Resources, Inc.*		227,643		1,415,940
MAG Silver Corp.*		98,029		1,242,027
SilverCrest Metals, Inc.*		169,712		1,211,744
Fortuna Silver Mines, Inc.*		305,492		1,166,979
Seabridge Gold, Inc.*		85,959		1,113,169
Coeur Mining, Inc.*		272,201		1,086,082
Endeavour Silver Corp.*		223,530		867,296
Silvercorp Metals, Inc.		219,309		837,760
IAMGOLD Corp.*		297,389		805,924
Gatos Silver, Inc.*		99,441		649,350
Total Mining				87,169,832
Total Common Stocks
(Cost $67,552,150)				87,169,832

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	413,773		413,773
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		163,475		163,475
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		163,475		163,475
Total Repurchase Agreements
(Cost $740,723)				740,723
	Shares
SECURITIES LENDING COLLATERAL†,3 - 3.6%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		3,153,328		3,153,328
Total Securities Lending Collateral
(Cost $3,153,328)				3,153,328
Total Investments - 104.1%
(Cost $71,446,201)			$	91,063,883
Other Assets & Liabilities, net - (4.1)%				(3,594,966	)
Total Net Assets - 100.0%			$	87,468,917

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 101

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
PRECIOUS METALS FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (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	$	87,169,832	$	—	$	—	$	87,169,832
Repurchase Agreements		—		740,723		—		740,723
Securities Lending Collateral		3,153,328		—		—		3,153,328
Total Assets	$	90,323,160	$	740,723	$	—	$	91,063,883

102 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PRECIOUS METALS FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $3,029,342 of securities loaned (cost $70,705,478)	$	90,323,160
Repurchase agreements, at value (cost $740,723)		740,723
Receivables:
Fund shares sold		149,829
Dividends		92,305
Foreign tax reclaims		21,813
Securities lending income		3,505
Interest		99
Total assets		91,331,434
Liabilities:
Payable for:
Return of securities lending collateral		3,153,328
Fund shares redeemed		288,234
Deferred foreign capital gain taxes		276,532
Management fees		51,371
Transfer agent fees		20,137
Portfolio accounting and administration fees		10,445
Distribution and service fees		3,565
Trustees’ fees*		1,174
Miscellaneous		57,731
Total liabilities		3,862,517
Net assets	$	87,468,917
Net assets consist of:
Paid in capital	$	133,741,552
Total distributable earnings (loss)		(46,272,635	)
Net assets	$	87,468,917
Investor Class:
Net assets	$	74,344,859
Capital shares outstanding		1,984,245
Net asset value per share	$	37.47
A-Class:
Net assets	$	8,697,798
Capital shares outstanding		248,828
Net asset value per share	$	34.96
Maximum offering price per share (Net asset value divided by 95.25%)	$	36.69
C-Class:
Net assets	$	1,835,573
Capital shares outstanding		66,093
Net asset value per share	$	27.77
H-Class:
Net assets	$	2,590,687
Capital shares outstanding		77,125
Net asset value per share	$	33.59

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $149,133)	$	1,225,926
Interest		18,125
Income from securities lending, net		10,280
Total investment income		1,254,331
Expenses:
Management fees		529,055
Distribution and service fees:
A-Class		21,371
C-Class		15,716
H-Class		7,090
Transfer agent fees		161,493
Portfolio accounting and administration fees		94,623
Registration fees		46,403
Professional fees		40,531
Trustees’ fees*		12,159
Custodian fees		10,487
Line of credit fees		339
Miscellaneous		18,512
Total expenses		957,779
Net investment income		296,552
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(3,305,649	)
Foreign currency transactions		2
Net realized loss		(3,305,647	)
Net change in unrealized appreciation (depreciation) on:
Investments		(21,862,013	)
Net change in unrealized appreciation (depreciation)		(21,862,013	)
Net realized and unrealized loss		(25,167,660	)
Net decrease in net assets resulting from operations	$	(24,871,108	)

* 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 ANNUAL REPORT | 103

PRECIOUS METALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	296,552		$	309,760
Net realized gain (loss) on investments		(3,305,647	)		3,746,075
Net change in unrealized appreciation (depreciation) on investments		(21,862,013	)		1,859,641
Net increase (decrease) in net assets resulting from operations		(24,871,108	)		5,915,476
Distributions to shareholders:
Investor Class		(2,803,065	)		(3,105,533	)
A-Class		(569,109	)		(668,292	)
C-Class		(131,374	)		(140,070	)
H-Class		(232,336	)		(205,249	)
Total distributions to shareholders		(3,735,884	)		(4,119,144	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		424,056,776			216,991,201
A-Class		8,446,979			5,539,280
C-Class		1,037,950			1,644,325
H-Class		5,325,957			5,141,960
Distributions reinvested
Investor Class		2,726,426			3,031,103
A-Class		551,816			649,293
C-Class		129,839			139,867
H-Class		229,110			205,225
Cost of shares redeemed
Investor Class		(391,469,073	)		(244,117,050	)
A-Class		(9,098,155	)		(14,933,428	)
C-Class		(993,146	)		(1,728,053	)
H-Class		(5,860,563	)		(4,056,692	)
Net increase (decrease) from capital share transactions		35,083,916			(31,492,969	)
Net increase (decrease) in net assets		6,476,924			(29,696,637	)
Net assets:
Beginning of year		80,991,993			110,688,630
End of year	$	87,468,917		$	80,991,993
Capital share activity:
Shares sold
Investor Class		11,588,025			4,884,543
A-Class		245,322			127,654
C-Class		37,585			44,922
H-Class		168,402			124,267
Shares issued from reinvestment of distributions
Investor Class		80,378			78,607
A-Class		17,424			17,902
C-Class		5,150			4,721
H-Class		7,529			5,870
Shares redeemed
Investor Class		(10,998,582	)		(5,620,212	)
A-Class		(272,588	)		(336,488	)
C-Class		(37,351	)		(48,786	)
H-Class		(191,476	)		(102,502	)
Net increase (decrease) in shares		649,818			(819,502	)

104 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	47.98		$	44.22		$	26.50		$	26.14		$	27.07
Income (loss) from investment operations:
Net investment income (loss)a		.18			.16			(.06	)		(.12	)		(.12	)
Net gain (loss) on investments (realized and unrealized)		(8.26	)		6.21			18.28			1.23	c		(.48	)
Total from investment operations		(8.08	)		6.37			18.22			1.11			(.60	)
Less distributions from:
Net investment income		(2.43	)		(2.61	)		(.50	)		(.75	)		(.33	)
Total distributions		(2.43	)		(2.61	)		(.50	)		(.75	)		(.33	)
Net asset value, end of period	$	37.47		$	47.98		$	44.22		$	26.50		$	26.14
Total Return		(16.34	%)		15.84	%		68.71	%		3.65	%		(2.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	74,345		$	63,069		$	87,174		$	46,153		$	33,724
Ratios to average net assets:
Net investment income (loss)		0.48	%		0.35	%		(0.13	%)		(0.40	%)		(0.47	%)
Total expenses		1.30	%		1.26	%		1.34	%		1.38	%		1.39	%
Portfolio turnover rate		424	%		114	%		281	%		277	%		571	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	45.09		$	41.82		$	25.14		$	24.89		$	25.85
Income (loss) from investment operations:
Net investment income (loss)a		.08			.04			(.17	)		(.19	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		(7.78	)		5.84			17.35			1.19	c		(.46	)
Total from investment operations		(7.70	)		5.88			17.18			1.00			(.63	)
Less distributions from:
Net investment income		(2.43	)		(2.61	)		(.50	)		(.75	)		(.33	)
Total distributions		(2.43	)		(2.61	)		(.50	)		(.75	)		(.33	)
Net asset value, end of period	$	34.96		$	45.09		$	41.82		$	25.14		$	24.89
Total Returnb		(16.54	%)		15.57	%		68.28	%		3.39	%		(2.30	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,698		$	11,664		$	18,801		$	12,803		$	14,222
Ratios to average net assets:
Net investment income (loss)		0.23	%		0.08	%		(0.41	%)		(0.67	%)		(0.73	%)
Total expenses		1.54	%		1.51	%		1.59	%		1.63	%		1.64	%
Portfolio turnover rate		424	%		114	%		281	%		277	%		571	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 105

PRECIOUS METALS FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	36.75		$	34.86		$	21.16		$	21.19		$	22.24
Income (loss) from investment operations:
Net investment income (loss)a		(.13	)		(.21	)		(.43	)		(.35	)		(.32	)
Net gain (loss) on investments (realized and unrealized)		(6.42	)		4.71			14.63			1.07	c		(.40	)
Total from investment operations		(6.55	)		4.50			14.20			.72			(.72	)
Less distributions from:
Net investment income		(2.43	)		(2.61	)		(.50	)		(.75	)		(.33	)
Total distributions		(2.43	)		(2.61	)		(.50	)		(.75	)		(.33	)
Net asset value, end of period	$	27.77		$	36.75		$	34.86		$	21.16		$	21.19
Total Returnb		(17.16	%)		14.70	%		67.04	%		2.65	%		(3.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,836		$	2,231		$	2,086		$	1,686		$	2,412
Ratios to average net assets:
Net investment income (loss)		(0.48	%)		(0.59	%)		(1.20	%)		(1.41	%)		(1.53	%)
Total expenses		2.29	%		2.26	%		2.35	%		2.38	%		2.37	%
Portfolio turnover rate		424	%		114	%		281	%		277	%		571	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	43.46		$	40.41		$	24.30		$	24.06		$	25.02
Income (loss) from investment operations:
Net investment income (loss)a		.06			.08			(.25	)		(.22	)		(.18	)
Net gain (loss) on investments (realized and unrealized)		(7.50	)		5.58			16.86			1.21	c		(.45	)
Total from investment operations		(7.44	)		5.66			16.61			.99			(.63	)
Less distributions from:
Net investment income		(2.43	)		(2.61	)		(.50	)		(.75	)		(.33	)
Total distributions		(2.43	)		(2.61	)		(.50	)		(.75	)		(.33	)
Net asset value, end of period	$	33.59		$	43.46		$	40.41		$	24.30		$	24.06
Total Return		(16.54	%)		15.57	%		68.30	%		3.46	%		(2.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,591		$	4,028		$	2,628		$	1,830		$	2,630
Ratios to average net assets:
Net investment income (loss)		0.18	%		0.20	%		(0.59	%)		(0.78	%)		(0.78	%)
Total expenses		1.54	%		1.51	%		1.60	%		1.63	%		1.63	%
Portfolio turnover rate		424	%		114	%		281	%		277	%		571	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	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.

106 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

REAL ESTATE FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the real estate industry, including real estate investment trusts (“REITs”) (collectively, “Real Estate Companies”).

For the Reporting Period, Real Estate Fund H-Class returned -23.04%, compared to a return of -7.73% for the S&P 500 Index. The MSCI U.S. REIT Index returned -19.17%.

No industry contributed to return for the Reporting Period. The industries that detracted the most: office REITs, residential REITs, and specialized REITs.

The individual holdings that contributed the most: VICI Properties, Inc., Gaming and Leisure Properties, Inc., and STORE Capital Corp. Those that detracted the most: Boston Properties, Inc., Crown Castle, Inc., and Medical Properties Trust, Inc.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
A-Class	September 1, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

Ten Largest Holdings	(% of Total Net Assets)
Prologis, Inc.	3.8%
American Tower Corp. — Class A	3.3%
Equinix, Inc.	2.8%
Crown Castle, Inc.	2.6%
Public Storage	2.3%
Realty Income Corp.	2.3%
Simon Property Group, Inc.	2.0%
Welltower, Inc.	2.0%
VICI Properties, Inc.	2.0%
Digital Realty Trust, Inc.	1.8%
Top Ten Total	24.9%
“Ten Largest Holdings” excludes any temporary cash investments.

THE RYDEX FUNDS ANNUAL REPORT | 107

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
A-Class Shares	(23.05%)	2.70%	3.16%
A-Class Shares with sales charge‡	(26.70%)	1.70%	2.66%
C-Class Shares	(23.65%)	2.08%	2.46%
C-Class Shares with CDSC§	(24.38%)	2.08%	2.46%
H-Class Shares	(23.04%)	2.72%	3.17%
MSCI U.S. REIT Index	(19.17%)	6.02%	5.94%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and MSCI U.S. REIT Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on H-Class shares and A-Class shares only; performance for C-Class shares will vary due to differences in fee structure.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

108 | THE RYDEX FUNDS ANNUAL REPORT

SCHEDULE OF INVESTMENTS	March 31, 2023
REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 99.0%
REITs - 93.7%
REITs-Diversified - 24.0%
American Tower Corp. — Class A		435	$	88,888
Equinix, Inc.		104		74,988
Crown Castle, Inc.		523		69,998
VICI Properties, Inc.		1,654		53,953
Digital Realty Trust, Inc.		498		48,958
SBA Communications Corp.		185		48,298
Weyerhaeuser Co.		1,463		44,080
WP Carey, Inc.		468		36,247
Gaming and Leisure Properties, Inc.		646		33,631
Lamar Advertising Co. — Class A		294		29,368
National Storage Affiliates Trust		477		19,929
PotlatchDeltic Corp.		359		17,771
Broadstone Net Lease, Inc.		969		16,483
EPR Properties		409		15,583
Vornado Realty Trust		1,011		15,539
Outfront Media, Inc.		893		14,493
Uniti Group, Inc.		2,972		10,551
Total REITs-Diversified				638,758
REITs-Apartments - 12.4%
AvalonBay Communities, Inc.		261		43,864
Equity Residential		721		43,260
Invitation Homes, Inc.		1,302		40,661
Mid-America Apartment Communities, Inc.		252		38,062
UDR, Inc.		827		33,957
Essex Property Trust, Inc.		158		33,044
Camden Property Trust		287		30,089
American Homes 4 Rent — Class A		894		28,116
Apartment Income REIT Corp.		592		21,200
Independence Realty Trust, Inc.		1,099		17,617
Total REITs-Apartments				329,870
REITs-Warehouse/Industries - 9.9%
Prologis, Inc.		814		101,563
Rexford Industrial Realty, Inc.		527		31,436
Americold Realty Trust, Inc.		907		25,804
First Industrial Realty Trust, Inc.		459		24,419
EastGroup Properties, Inc.		147		24,302
STAG Industrial, Inc.		682		23,065
Terreno Realty Corp.		325		20,995
Innovative Industrial Properties, Inc.		124		9,423
Total REITs-Warehouse/Industries				261,007
REITs-Health Care - 8.7%
Welltower, Inc.		754		54,054
Ventas, Inc.		847		36,717
Healthpeak Properties, Inc.		1,490		32,735
Medical Properties Trust, Inc.1		3,241		26,641
Healthcare Realty Trust, Inc.		1,284		24,820
Omega Healthcare Investors, Inc.		838		22,970
Physicians Realty Trust		1,162		17,349
Sabra Health Care REIT, Inc.		1,337		15,376
Total REITs-Health Care				230,662
REITs-Office Property - 7.9%
Alexandria Real Estate Equities, Inc.		338		42,449
Boston Properties, Inc.		478		25,869
Kilroy Realty Corp.		571		18,500
Cousins Properties, Inc.		791		16,912
LXP Industrial Trust		1,579		16,279
Corporate Office Properties Trust		628		14,890
Highwoods Properties, Inc.		630		14,610
Douglas Emmett, Inc.		1,125		13,871
Equity Commonwealth		659		13,648
JBG SMITH Properties		801		12,063
SL Green Realty Corp.1		459		10,796
Hudson Pacific Properties, Inc.		1,334		8,871
Total REITs-Office Property				208,758
REITs-Storage - 7.5%
Public Storage		205		61,939
Extra Space Storage, Inc.		258		42,036
Iron Mountain, Inc.		677		35,820
Life Storage, Inc.		237		31,068
CubeSmart		627		28,980
Total REITs-Storage				199,843
REITs-Shopping Centers - 6.7%
Kimco Realty Corp.		1,700		33,201
Regency Centers Corp.		493		30,162
Federal Realty Investment Trust		265		26,190
Brixmor Property Group, Inc.		1,120		24,102
Kite Realty Group Trust		980		20,502
Phillips Edison & Company, Inc.		599		19,539
SITE Centers Corp.		1,148		14,097
Retail Opportunity Investments Corp.		879		12,271
Total REITs-Shopping Centers				180,064
REITs-Single Tenant - 5.6%
Realty Income Corp.		960		60,787
National Retail Properties, Inc.		594		26,225
Agree Realty Corp.		329		22,573
Spirit Realty Capital, Inc.		551		21,952
Essential Properties Realty Trust, Inc.		718		17,842
Total REITs-Single Tenant				149,379
REITs-Hotels - 5.4%
Host Hotels & Resorts, Inc.		2,537		41,835
Ryman Hospitality Properties, Inc.		219		19,651
Apple Hospitality REIT, Inc.		1,077		16,715
Park Hotels & Resorts, Inc.		1,208		14,931
Sunstone Hotel Investors, Inc.		1,363		13,466
Pebblebrook Hotel Trust		871		12,229
RLJ Lodging Trust		1,142		12,105
Service Properties Trust		1,167		11,623
Total REITs-Hotels				142,555
REITs-Manufactured Homes - 2.6%
Sun Communities, Inc.		273		38,460
Equity LifeStyle Properties, Inc.		466		31,283
Total REITs-Manufactured Homes				69,743

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 109

SCHEDULE OF INVESTMENTS (continued)	March 31, 2023
REAL ESTATE FUND

	Shares		Value
REITs-Regional Malls - 2.5%
Simon Property Group, Inc.		484	$	54,193
Macerich Co.		1,376		14,586
Total REITs-Regional Malls				68,779
Specialized Reit’s - 0.5%
DiamondRock Hospitality Co.		1,479		12,024
Total REITs				2,491,442
Real Estate - 3.6%
Real Estate Management/Services - 3.6%
CBRE Group, Inc. — Class A*		564		41,065
Jones Lang LaSalle, Inc.*		157		22,842
Cushman & Wakefield plc*		1,151		12,131
Redfin Corp.*		1,017		9,214
eXp World Holdings, Inc.1		724		9,188
Total Real Estate Management/Services				94,440
Total Real Estate				94,440
Internet - 1.2%
E-Commerce/Services - 1.2%
Zillow Group, Inc. — Class C*		651		28,950
Opendoor Technologies, Inc.*		2,375		4,180
Total E-Commerce/Services				33,130
Total Internet				33,130
Telecommunications - 0.5%
Telecom Services - 0.5%
DigitalBridge Group, Inc.		1,075		12,889
Total Common Stocks
(Cost $2,196,336)				2,631,901

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	8,787		8,787
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		3,472		3,472
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		3,472		3,472
Total Repurchase Agreements
(Cost $15,731)				15,731
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund — Class X 4.65%4		34,585		34,585
Total Securities Lending Collateral
(Cost $34,585)				34,585
Total Investments - 100.9%
(Cost $2,246,652)			$	2,682,217
Other Assets & Liabilities, net - (0.9)%				(23,436	)
Total Net Assets - 100.0%			$	2,658,781

110 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
REAL ESTATE FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,631,901	$	—	$	—	$	2,631,901
Repurchase Agreements		—		15,731		—		15,731
Securities Lending Collateral		34,585		—		—		34,585
Total Assets	$	2,666,486	$	15,731	$	—	$	2,682,217

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 111

REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $34,791 of securities loaned (cost $2,230,921)	$	2,666,486
Repurchase agreements, at value (cost $15,731)		15,731
Receivables:
Dividends		11,443
Fund shares sold		5,783
Securities lending income		2
Interest		2
Total assets		2,699,447
Liabilities:
Payable for:
Return of securities lending collateral		34,585
Management fees		2,012
Transfer agent fees		854
Distribution and service fees		668
Portfolio accounting and administration fees		361
Trustees’ fees*		42
Miscellaneous		2,144
Total liabilities		40,666
Net assets	$	2,658,781
Net assets consist of:
Paid in capital	$	9,618,715
Total distributable earnings (loss)		(6,959,934	)
Net assets	$	2,658,781
A-Class:
Net assets	$	490,556
Capital shares outstanding		13,969
Net asset value per share	$	35.12
Maximum offering price per share (Net asset value divided by 95.25%)	$	36.87
C-Class:
Net assets	$	120,134
Capital shares outstanding		4,124
Net asset value per share	$	29.13
H-Class:
Net assets	$	2,048,091
Capital shares outstanding		58,436
Net asset value per share	$	35.05

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends	$	120,683
Interest		526
Income from securities lending, net		18
Total investment income		121,227
Expenses:
Management fees		33,898
Distribution and service fees:
A-Class		1,323
C-Class		1,607
H-Class		8,245
Transfer agent fees		9,629
Portfolio accounting and administration fees		5,321
Professional fees		2,382
Trustees’ fees*		1,576
Custodian fees		853
Line of credit fees		56
Miscellaneous		2,221
Total expenses		67,111
Net investment income		54,116
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(809,345	)
Net realized loss		(809,345	)
Net change in unrealized appreciation (depreciation) on:
Investments		(606,010	)
Net change in unrealized appreciation (depreciation)		(606,010	)
Net realized and unrealized loss		(1,415,355	)
Net decrease in net assets resulting from operations	$	(1,361,239	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

112 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	54,116		$	91,618
Net realized gain (loss) on investments		(809,345	)		619,426
Net change in unrealized appreciation (depreciation) on investments		(606,010	)		(457,288	)
Net increase (decrease) in net assets resulting from operations		(1,361,239	)		253,756
Distributions to shareholders:
A-Class		(16,248	)		(5,211	)
C-Class		(5,699	)		(2,182	)
H-Class		(69,671	)		(23,428	)
Total distributions to shareholders		(91,618	)		(30,821	)
Capital share transactions:
Proceeds from sale of shares
A-Class		727,350			1,255,390
C-Class		116,553			1,993,174
H-Class		21,964,959			105,144,231
Distributions reinvested
A-Class		16,248			5,210
C-Class		5,586			2,159
H-Class		69,314			23,098
Cost of shares redeemed
A-Class		(1,065,206	)		(1,474,054	)
C-Class		(269,249	)		(1,890,888	)
H-Class		(55,408,046	)		(79,477,226	)
Net increase (decrease) from capital share transactions		(33,842,491	)		25,581,094
Net increase (decrease) in net assets		(35,295,348	)		25,804,029
Net assets:
Beginning of year		37,954,129			12,150,100
End of year	$	2,658,781		$	37,954,129
Capital share activity:
Shares sold
A-Class		18,498			26,940
C-Class		3,396			51,462
H-Class		523,937			2,235,816
Shares issued from reinvestment of distributions
A-Class		468			109
C-Class		193			53
H-Class		1,999			483
Shares redeemed
A-Class		(25,859	)		(31,856	)
C-Class		(7,546	)		(49,079	)
H-Class		(1,242,549	)		(1,728,710	)
Net increase (decrease) in shares		(727,463	)		505,218

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 113

REAL ESTATE FUND

FINANCIAL HIGHLIGHTS

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	47.38		$	40.87		$	30.70		$	41.24		$	35.92
Income (loss) from investment operations:
Net investment income (loss)a		.65			.21			.32			.56			.46
Net gain (loss) on investments (realized and unrealized)		(11.59	)		6.48			13.33			(10.37	)		5.12	c
Total from investment operations		(10.94	)		6.69			13.65			(9.81	)		5.58
Less distributions from:
Net investment income		(1.32	)		(.18	)		(3.48	)		(.73	)		(.26	)
Total distributions		(1.32	)		(.18	)		(3.48	)		(.73	)		(.26	)
Net asset value, end of period	$	35.12		$	47.38		$	40.87		$	30.70		$	41.24
Total Returnb		(23.05	%)		16.36	%		45.79	%		(24.28	%)		15.58	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	491		$	988		$	1,049		$	781		$	658
Ratios to average net assets:
Net investment income (loss)		1.65	%		0.46	%		0.87	%		1.33	%		1.18	%
Total expenses		1.65	%		1.61	%		1.70	%		1.72	%		1.72	%
Portfolio turnover rate		308	%		380	%		499	%		539	%		877	%

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	39.90		$	34.44		$	26.48		$	35.94		$	31.57
Income (loss) from investment operations:
Net investment income (loss)a		.31			(.09	)		(.03	)		.26			.31
Net gain (loss) on investments (realized and unrealized)		(9.76	)		5.73			11.47			(8.99	)		4.32	c
Total from investment operations		(9.45	)		5.64			11.44			(8.73	)		4.63
Less distributions from:
Net investment income		(1.32	)		(.18	)		(3.48	)		(.73	)		(.26	)
Total distributions		(1.32	)		(.18	)		(3.48	)		(.73	)		(.26	)
Net asset value, end of period	$	29.13		$	39.90		$	34.44		$	26.48		$	35.94
Total Returnb		(23.65	%)		16.37	%		44.71	%		(24.86	%)		14.72	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	120		$	322		$	194		$	430		$	702
Ratios to average net assets:
Net investment income (loss)		0.94	%		(0.22	%)		(0.09	%)		0.71	%		0.94	%
Total expenses		2.40	%		2.36	%		2.45	%		2.47	%		2.46	%
Portfolio turnover rate		308	%		380	%		499	%		539	%		877	%

114 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

REAL ESTATE FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	47.28		$	40.78		$	30.63		$	41.14		$	35.82
Income (loss) from investment operations:
Net investment income (loss)a		.54			.22			.23			.55			.65
Net gain (loss) on investments (realized and unrealized)		(11.45	)		6.46			13.40			(10.33	)		4.93	c
Total from investment operations		(10.91	)		6.68			13.63			(9.78	)		5.58
Less distributions from:
Net investment income		(1.32	)		(.18	)		(3.48	)		(.73	)		(.26	)
Total distributions		(1.32	)		(.18	)		(3.48	)		(.73	)		(.26	)
Net asset value, end of period	$	35.05		$	47.28		$	40.78		$	30.63		$	41.14
Total Return		(23.04	%)		16.37	%		45.83	%		(24.27	%)		15.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,048		$	36,643		$	10,907		$	2,284		$	18,436
Ratios to average net assets:
Net investment income (loss)		1.33	%		0.49	%		0.60	%		1.30	%		1.69	%
Total expenses		1.65	%		1.62	%		1.66	%		1.72	%		1.71	%
Portfolio turnover rate		308	%		380	%		499	%		539	%		877	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	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 repurchase of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 115

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

RETAILING FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in merchandising finished goods and services, including department stores, mail order operations, and other companies involved in selling products to consumers (“Retailing Companies”).

For the Reporting Period, Retailing Fund Investor Class returned -9.33%, compared with a return of -7.73% for the S&P 500 Index. The S&P 500 Consumer Discretionary Index returned -19.62%.

The industries that contributed the most: specialty retail, apparel retail, distributors. The industries that detracted the most: internet & direct marketing retail, department stores, and general merchandise stores.

The individual holdings that contributed the most: PDD Holdings, Inc. ADR, TJX Companies, Inc., and O’Reilly Automotive, Inc. Those that detracted the most: Amazon.com, Inc., Expedia Group, Inc., and DoorDash, Inc. - Class A.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	May 9, 2001
H-Class	April 21, 1998

Ten Largest Holdings	(% of Total Net Assets)
Amazon.com, Inc.	8.9%
Walmart, Inc.	5.6%
Home Depot, Inc.	4.8%
Costco Wholesale Corp.	4.3%
Lowe’s Companies, Inc.	4.1%
TJX Companies, Inc.	3.5%
Alibaba Group Holding Ltd. ADR	3.3%
Target Corp.	3.3%
O’Reilly Automotive, Inc.	2.8%
Dollar General Corp.	2.6%
Top Ten Total	43.2%
“Ten Largest Holdings” excludes any temporary cash investments.

116 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(9.33%)	8.88%	8.94%
A-Class Shares	(9.58%)	8.62%	8.70%
A-Class Shares with sales charge‡	(13.88%)	7.56%	8.17%
C-Class Shares	(10.26%)	7.79%	7.86%
C-Class Shares with CDSC§	(11.16%)	7.79%	7.86%
H-Class Shares**	(9.58%)	8.60%	8.63%
S&P 500 Consumer Discretionary Index	(19.62%)	8.70%	12.14%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P Consumer Discretionary Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class and A-Class shares only; performance for C-Class and H-Class will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 117

SCHEDULE OF INVESTMENTS	March 31, 2023
RETAILING FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Retail - 69.5%
Walmart, Inc.		3,454	$	509,292
Home Depot, Inc.		1,471		434,122
Costco Wholesale Corp.		777		386,068
Lowe’s Companies, Inc.		1,874		374,744
TJX Companies, Inc.		4,108		321,903
Target Corp.		1,798		297,803
O’Reilly Automotive, Inc.*		297		252,147
Dollar General Corp.		1,112		234,032
Ross Stores, Inc.		1,952		207,166
Dollar Tree, Inc.*		1,319		189,342
Ulta Beauty, Inc.*		341		186,073
AutoZone, Inc.*		72		176,987
Tractor Supply Co.		742		174,400
Walgreens Boots Alliance, Inc.		4,966		171,724
Genuine Parts Co.		985		164,800
Best Buy Company, Inc.		1,712		133,998
Burlington Stores, Inc.*		595		120,250
Five Below, Inc.*		567		116,785
CarMax, Inc.*		1,766		113,519
Floor & Decor Holdings, Inc. — Class A*		1,128		110,792
BJ’s Wholesale Club Holdings, Inc.*		1,431		108,856
Dick’s Sporting Goods, Inc.		722		102,445
Bath & Body Works, Inc.		2,700		98,766
Williams-Sonoma, Inc.		799		97,206
GameStop Corp. — Class A*,1		4,218		97,098
Advance Auto Parts, Inc.		749		91,086
AutoNation, Inc.*		582		78,198
Murphy USA, Inc.		303		78,189
Academy Sports & Outdoors, Inc.		1,177		76,799
Macy’s, Inc.		4,045		70,747
Lithia Motors, Inc. — Class A		305		69,824
Ollie’s Bargain Outlet Holdings, Inc.*		1,174		68,022
RH*		277		67,463
Signet Jewelers Ltd.		812		63,157
Foot Locker, Inc.		1,567		62,194
Victoria’s Secret & Co.*		1,729		59,045
Gap, Inc.		5,500		55,220
American Eagle Outfitters, Inc.		3,919		52,671
Boot Barn Holdings, Inc.*		674		51,655
Leslie’s, Inc.*		4,173		45,945
National Vision Holdings, Inc.*		2,213		41,693
Nordstrom, Inc.1		2,539		41,310
Kohl’s Corp.		1,715		40,371
Carvana Co.*,1		770		7,538
Total Retail				6,301,445
Internet - 26.8%
Amazon.com, Inc.*		7,805		806,178
Alibaba Group Holding Ltd. ADR*		2,951		301,533
JD.com, Inc. ADR		4,466		196,013
eBay, Inc.		3,851		170,869
MercadoLibre, Inc.*		128		168,712
PDD Holdings, Inc. ADR*		2,079		157,796
Coupang, Inc.*		9,834		157,344
Farfetch Ltd. — Class A*		26,732		131,254
Etsy, Inc.*		1,172		130,479
Chewy, Inc. — Class A*		3,149		117,710
Wayfair, Inc. — Class A*		1,817		62,396
Overstock.com, Inc.*		1,696		34,378
Total Internet				2,434,662
Distribution & Wholesale - 2.8%
LKQ Corp.		2,359		133,897
Pool Corp.		344		117,799
Total Distribution & Wholesale				251,696
Apparel - 0.5%
Urban Outfitters, Inc.*		1,609		44,602
Total Common Stocks
(Cost $6,494,659)				9,032,405
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	25,413		25,413
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		10,040		10,040
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		10,040		10,040
Total Repurchase Agreements
(Cost $45,493)				45,493
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.2%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		108,550		108,550
Total Securities Lending Collateral
(Cost $108,550)				108,550
Total Investments - 101.3%
(Cost $6,648,702)			$	9,186,448
Other Assets & Liabilities, net - (1.3)%				(117,528	)
Total Net Assets - 100.0%			$	9,068,920

118 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
RETAILING FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (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	$	9,032,405	$	—	$	—	$	9,032,405
Repurchase Agreements		—		45,493		—		45,493
Securities Lending Collateral		108,550		—		—		108,550
Total Assets	$	9,140,955	$	45,493	$	—	$	9,186,448

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 119

RETAILING FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $109,439 of securities loaned (cost $6,603,209)	$	9,140,955
Repurchase agreements, at value (cost $45,493)		45,493
Receivables:
Dividends		5,461
Fund shares sold		3,898
Securities lending income		395
Interest		6
Total assets		9,196,208
Liabilities:
Payable for:
Return of securities lending collateral		108,550
Management fees		6,990
Transfer agent fees		2,548
Portfolio accounting and administration fees		1,254
Distribution and service fees		444
Fund shares redeemed		254
Trustees’ fees*		145
Miscellaneous		7,103
Total liabilities		127,288
Net assets	$	9,068,920
Net assets consist of:
Paid in capital	$	9,322,071
Total distributable earnings (loss)		(253,151	)
Net assets	$	9,068,920
Investor Class:
Net assets	$	7,334,355
Capital shares outstanding		173,035
Net asset value per share	$	42.39
A-Class:
Net assets	$	984,583
Capital shares outstanding		24,949
Net asset value per share	$	39.46
Maximum offering price per share (Net asset value divided by 95.25%)	$	41.43
C-Class:
Net assets	$	147,111
Capital shares outstanding		4,416
Net asset value per share	$	33.31
H-Class:
Net assets	$	602,871
Capital shares outstanding		15,701
Net asset value per share	$	38.40

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $229)	$	113,952
Interest		1,438
Income from securities lending, net		8,409
Total investment income		123,799
Expenses:
Management fees		87,831
Distribution and service fees:
A-Class		2,576
C-Class		1,497
H-Class		1,649
Transfer agent fees		23,184
Portfolio accounting and administration fees		14,352
Professional fees		5,102
Trustees’ fees*		2,182
Custodian fees		1,721
Line of credit fees		122
Miscellaneous		9,656
Total expenses		149,872
Net investment loss		(26,073	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(803,782	)
Net realized loss		(803,782	)
Net change in unrealized appreciation (depreciation) on:
Investments		(960,613	)
Net change in unrealized appreciation (depreciation)		(960,613	)
Net realized and unrealized loss		(1,764,395	)
Net decrease in net assets resulting from operations	$	(1,790,468	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

120 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RETAILING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(26,073	)	$	(132,699	)
Net realized gain (loss) on investments		(803,782	)		2,524,827
Net change in unrealized appreciation (depreciation) on investments		(960,613	)		(5,159,945	)
Net decrease in net assets resulting from operations		(1,790,468	)		(2,767,817	)
Distributions to shareholders:
Investor Class		—			(1,612,470	)
A-Class		—			(213,357	)
C-Class		—			(22,834	)
H-Class		—			(473,408	)
Total distributions to shareholders		—			(2,322,069	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		35,012,254			45,076,650
A-Class		491,568			525,857
C-Class		43,721			618,446
H-Class		905,776			9,728,366
Distributions reinvested
Investor Class		—			1,563,324
A-Class		—			210,780
C-Class		—			22,735
H-Class		—			469,256
Cost of shares redeemed
Investor Class		(34,168,872	)		(59,860,085	)
A-Class		(1,197,684	)		(486,502	)
C-Class		(73,673	)		(689,188	)
H-Class		(938,009	)		(9,380,698	)
Net increase (decrease) from capital share transactions		75,081			(12,201,059	)
Net decrease in net assets		(1,715,387	)		(17,290,945	)
Net assets:
Beginning of year		10,784,307			28,075,252
End of year	$	9,068,920		$	10,784,307
Capital share activity:
Shares sold
Investor Class		829,827			771,559
A-Class		12,925			9,898
C-Class		1,362			13,293
H-Class		24,999			180,659
Shares issued from reinvestment of distributions
Investor Class		—			28,934
A-Class		—			4,176
C-Class		—			528
H-Class		—			9,553
Shares redeemed
Investor Class		(827,870	)		(1,066,923	)
A-Class		(31,900	)		(9,829	)
C-Class		(2,232	)		(14,834	)
H-Class		(25,143	)		(186,979	)
Net decrease in shares		(18,032	)		(259,965	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 121

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	46.75		$	57.11		$	28.62		$	33.46		$	30.17
Income (loss) from investment operations:
Net investment income (loss)a		(.08	)		(.30	)		(.25	)		(.06	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		(4.28	)		(5.31	)		28.74			(4.78	)		3.35
Total from investment operations		(4.36	)		(5.61	)		28.49			(4.84	)		3.33
Less distributions from:
Net investment income		—			—			—			—			(.03	)
Net realized gains		—			(4.75	)		—			—			(.01	)
Total distributions		—			(4.75	)		—			—			(.04	)
Net asset value, end of period	$	42.39		$	46.75		$	57.11		$	28.62		$	33.46
Total Return		(9.33	%)		(10.94	%)		99.55	%		(14.47	%)		11.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,334		$	7,998		$	24,987		$	3,316		$	22,748
Ratios to average net assets:
Net investment income (loss)		(0.19	%)		(0.53	%)		(0.52	%)		(0.17	%)		(0.07	%)
Total expenses		1.40	%		1.36	%		1.43	%		1.47	%		1.45	%
Portfolio turnover rate		371	%		214	%		270	%		228	%		314	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	43.64		$	53.75		$	27.00		$	31.64		$	28.60
Income (loss) from investment operations:
Net investment income (loss)a		(.17	)		(.42	)		(.38	)		(.13	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		(4.01	)		(4.94	)		27.13			(4.51	)		3.13
Total from investment operations		(4.18	)		(5.36	)		26.75			(4.64	)		3.08
Less distributions from:
Net investment income		—			—			—			—			(.03	)
Net realized gains		—			(4.75	)		—			—			(.01	)
Total distributions		—			(4.75	)		—			—			(.04	)
Net asset value, end of period	$	39.46		$	43.64		$	53.75		$	27.00		$	31.64
Total Returnb		(9.58	%)		(11.17	%)		99.07	%		(14.66	%)		10.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	985		$	1,917		$	2,133		$	456		$	5,806
Ratios to average net assets:
Net investment income (loss)		(0.45	%)		(0.79	%)		(0.83	%)		(0.42	%)		(0.16	%)
Total expenses		1.65	%		1.61	%		1.67	%		1.72	%		1.72	%
Portfolio turnover rate		371	%		214	%		270	%		228	%		314	%

122 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

RETAILING FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	37.12		$	46.74		$	23.67		$	27.95		$	25.46
Income (loss) from investment operations:
Net investment income (loss)a		(.39	)		(.70	)		(.62	)		(.33	)		(.31	)
Net gain (loss) on investments (realized and unrealized)		(3.42	)		(4.17	)		23.69			(3.95	)		2.84
Total from investment operations		(3.81	)		(4.87	)		23.07			(4.28	)		2.53
Less distributions from:
Net investment income		—			—			—			—			(.03	)
Net realized gains		—			(4.75	)		—			—			(.01	)
Total distributions		—			(4.75	)		—			—			(.04	)
Net asset value, end of period	$	33.31		$	37.12		$	46.74		$	23.67		$	27.95
Total Returnb		(10.26	%)		(11.84	%)		97.47	%		(15.31	%)		9.97	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	147		$	196		$	294		$	230		$	468
Ratios to average net assets:
Net investment income (loss)		(1.18	%)		(1.54	%)		(1.65	%)		(1.16	%)		(1.15	%)
Total expenses		2.40	%		2.36	%		2.44	%		2.48	%		2.46	%
Portfolio turnover rate		371	%		214	%		270	%		228	%		314	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	42.47		$	52.44		$	26.35		$	30.87		$	27.91
Income (loss) from investment operations:
Net investment income (loss)a		(.18	)		(.38	)		(.39	)		(.20	)		(.11	)
Net gain (loss) on investments (realized and unrealized)		(3.89	)		(4.84	)		26.48			(4.32	)		3.11
Total from investment operations		(4.07	)		(5.22	)		26.09			(4.52	)		3.00
Less distributions from:
Net investment income		—			—			—			—			(.03	)
Net realized gains		—			(4.75	)		—			—			(.01	)
Total distributions		—			(4.75	)		—			—			(.04	)
Net asset value, end of period	$	38.40		$	42.47		$	52.44		$	26.35		$	30.87
Total Return		(9.58	%)		(11.18	%)		99.01	%		(14.64	%)		10.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	603		$	673		$	661		$	345		$	6,265
Ratios to average net assets:
Net investment income (loss)		(0.47	%)		(0.73	%)		(0.91	%)		(0.64	%)		(0.37	%)
Total expenses		1.65	%		1.60	%		1.69	%		1.72	%		1.70	%
Portfolio turnover rate		371	%		214	%		270	%		228	%		314	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 123

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

TECHNOLOGY FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the technology sector, including computer software and service companies, semiconductor manufacturers, networking and telecommunications equipment manufacturers, PC hardware, and peripherals companies (“Technology Companies”).

For the Reporting Period, Technology Fund Investor Class returned -11.94%, compared with a return of -7.73% for the S&P 500 Index. The S&P 500 Information Technology Index returned -4.55%.

The industries that contributed the most: semiconductors, semiconductor materials, and electronic components. The industries that detracted the most: application software, interactive media & services, and data processing and outsourced services.

The individual holdings that contributed the most: NVIDIA Corp., First Solar, Inc., and Oracle Corp. Those that detracted the most: Alphabet, Inc. - Class A, Snap, Inc. - Class A, and Fidelity National Information Services, Inc.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 14, 1998
A-Class	September 1, 2004
C-Class	April 18, 2001
H-Class	April 29, 1998

Ten Largest Holdings	(% of Total Net Assets)
Apple, Inc.	6.4%
Microsoft Corp.	5.7%
Alphabet, Inc. — Class A	4.5%
NVIDIA Corp.	3.4%
Meta Platforms, Inc. — Class A	2.9%
Broadcom, Inc.	2.0%
Salesforce, Inc.	1.8%
Cisco Systems, Inc.	1.7%
Adobe, Inc.	1.7%
Texas Instruments, Inc.	1.6%
Top Ten Total	31.7%
“Ten Largest Holdings” excludes any temporary cash investments.

124 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(11.94%)	12.60%	14.82%
A-Class Shares	(12.16%)	12.32%	14.52%
A-Class Shares with sales charge‡	(16.33%)	11.23%	13.97%
C-Class Shares	(12.82%)	11.48%	13.68%
C-Class Shares with CDSC§	(13.64%)	11.48%	13.68%
H-Class Shares**	(12.17%)	12.32%	14.47%
S&P 500 Information Technology Index	(4.55%)	19.64%	20.14%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 125

SCHEDULE OF INVESTMENTS	March 31, 2023
TECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Software - 31.0%
Microsoft Corp.		6,744	$	1,944,295
Salesforce, Inc.*		3,001		599,540
Adobe, Inc.*		1,486		572,660
Oracle Corp.		5,581		518,587
Intuit, Inc.		1,054		469,905
ServiceNow, Inc.*		889		413,136
Atlassian Corp. — Class A*		2,094		358,430
Activision Blizzard, Inc.		3,960		338,936
Synopsys, Inc.*		831		320,974
Workday, Inc. — Class A*		1,515		312,908
Cadence Design Systems, Inc.*		1,489		312,824
NetEase, Inc. ADR		3,267		288,933
Roper Technologies, Inc.		652		287,330
Snowflake, Inc. — Class A*		1,847		284,974
Autodesk, Inc.*		1,365		284,138
Electronic Arts, Inc.		2,036		245,236
ANSYS, Inc.*		690		229,632
Datadog, Inc. — Class A*		2,662		193,421
Cloudflare, Inc. — Class A*		3,094		190,776
Take-Two Interactive Software, Inc.*		1,582		188,733
Zoom Video Communications, Inc. — Class A*		2,547		188,070
Splunk, Inc.*		1,781		170,762
ROBLOX Corp. — Class A*		3,794		170,654
MongoDB, Inc.*		722		168,313
Palantir Technologies, Inc. — Class A*		19,890		168,071
HubSpot, Inc.*		379		162,496
PTC, Inc.*		1,263		161,955
Akamai Technologies, Inc.*		1,914		149,866
Twilio, Inc. — Class A*		2,247		149,718
DocuSign, Inc.*		2,420		141,086
ZoomInfo Technologies, Inc. — Class A*		5,114		126,367
Unity Software, Inc.*		3,851		124,926
BILL Holdings, Inc.*		1,524		123,657
Five9, Inc.*		1,400		101,206
Asana, Inc. — Class A*		3,894		82,280
Total Software				10,544,795
Semiconductors - 27.4%
NVIDIA Corp.		4,206		1,168,301
Broadcom, Inc.		1,051		674,259
Texas Instruments, Inc.		2,975		553,380
Advanced Micro Devices, Inc.*		5,373		526,608
QUALCOMM, Inc.		4,027		513,765
Intel Corp.		15,361		501,844
Analog Devices, Inc.		2,161		426,192
Applied Materials, Inc.		3,416		419,587
ASML Holding N.V. — Class G		567		385,963
NXP Semiconductor N.V.		2,027		377,985
Taiwan Semiconductor Manufacturing Company Ltd. ADR		4,056		377,289
Lam Research Corp.		665		352,530
Micron Technology, Inc.		5,718		345,024
KLA Corp.		780		311,353
STMicroelectronics N.V. — Class Y		5,759		308,049
Microchip Technology, Inc.		3,347		280,412
Marvell Technology, Inc.		6,003		259,930
ON Semiconductor Corp.*		3,020		248,606
Skyworks Solutions, Inc.		1,534		180,981
Teradyne, Inc.		1,585		170,403
Monolithic Power Systems, Inc.		319		159,672
Lattice Semiconductor Corp.*		1,569		149,839
Entegris, Inc.		1,736		142,369
Qorvo, Inc.*		1,330		135,088
Wolfspeed, Inc.*		1,847		119,963
GLOBALFOUNDRIES, Inc.*,1		1,393		100,547
MKS Instruments, Inc.		921		81,619
Silicon Laboratories, Inc.*		402		70,386
Total Semiconductors				9,341,944
Computers - 16.0%
Apple, Inc.		13,146		2,167,775
International Business Machines Corp.		3,548		465,107
Accenture plc — Class A		1,256		358,977
Fortinet, Inc.*		4,321		287,174
Check Point Software Technologies Ltd.*		2,195		285,350
Infosys Ltd. ADR		16,336		284,900
Crowdstrike Holdings, Inc. — Class A*		1,736		238,283
Cognizant Technology Solutions Corp. — Class A		3,858		235,068
HP, Inc.		7,313		214,637
Hewlett Packard Enterprise Co.		12,436		198,105
NetApp, Inc.		2,436		155,539
Seagate Technology Holdings plc		2,311		152,803
Western Digital Corp.*		3,928		147,968
Zscaler, Inc.*		1,176		137,392
Pure Storage, Inc. — Class A*		4,456		113,673
Total Computers				5,442,751
Internet - 15.1%
Alphabet, Inc. — Class A*		14,709		1,525,765
Meta Platforms, Inc. — Class A*		4,727		1,001,840
Shopify, Inc. — Class A*		7,418		355,619
Baidu, Inc. ADR*		2,243		338,513
Palo Alto Networks, Inc.*		1,640		327,574
Sea Ltd. ADR*		3,698		320,062
CDW Corp.		1,099		214,184
VeriSign, Inc.*		902		190,620
Pinterest, Inc. — Class A*		6,651		181,373
Okta, Inc.*		1,777		153,248
Snap, Inc. — Class A*		13,270		148,757
Match Group, Inc.*		3,638		139,663
Gen Digital, Inc.		7,763		133,213
F5, Inc.*		818		119,174
Total Internet				5,149,605
Telecommunications - 4.1%
Cisco Systems, Inc.		11,350		593,321
Motorola Solutions, Inc.		1,038		297,003
Arista Networks, Inc.*		1,573		264,044

126 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
TECHNOLOGY FUND

	Shares		Value
Corning, Inc.		6,297	$	222,158
Total Telecommunications				1,376,526
Electronics - 3.2%
Amphenol Corp. — Class A		3,628		296,480
TE Connectivity Ltd.		2,084		273,316
Keysight Technologies, Inc.*		1,412		228,010
Trimble, Inc.*		2,950		154,639
Flex Ltd.*		5,990		137,830
Total Electronics				1,090,275
Energy-Alternate Sources - 2.1%
SolarEdge Technologies, Inc.*		962		292,400
Enphase Energy, Inc.*		1,074		225,841
First Solar, Inc.*		918		199,665
Total Energy-Alternate Sources				717,906
Office & Business Equipment - 0.4%
Zebra Technologies Corp. — Class A*		367		116,706
Commercial Services - 0.3%
Paylocity Holding Corp.*		552		109,726
Total Common Stocks
(Cost $18,396,045)				33,890,234

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	77,408		77,408
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		30,583		30,583
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		30,583		30,583
Total Repurchase Agreements
(Cost $138,574)				138,574
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.2%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		75,168		75,168
Total Securities Lending Collateral
(Cost $75,168)				75,168
Total Investments - 100.2%
(Cost$18,609,787)			$	34,103,976
Other Assets & Liabilities, net - (0.2)%				(56,348	)
Total Net Assets - 100.0%			$	34,047,628

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	33,890,234	$	—	$	—	$	33,890,234
Repurchase Agreements		—		138,574		—		138,574
Securities Lending Collateral		75,168		—		—		75,168
Total Assets	$	33,965,402	$	138,574	$	—	$	34,103,976

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 127

TECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $75,356 of securities loaned (cost $18,471,213)	$	33,965,402
Repurchase agreements, at value (cost $138,574)		138,574
Receivables:
Fund shares sold		72,006
Dividends		10,017
Foreign tax reclaims		1,107
Securities lending income		435
Interest		18
Total assets		34,187,559
Liabilities:
Payable for:
Return of securities lending collateral		75,168
Management fees		22,593
Transfer agent fees		8,236
Portfolio accounting and administration fees		4,053
Distribution and service fees		3,788
Fund shares redeemed		3,090
Trustees’ fees*		457
Miscellaneous		22,546
Total liabilities		139,931
Net assets	$	34,047,628
Net assets consist of:
Paid in capital	$	19,539,296
Total distributable earnings (loss)		14,508,332
Net assets	$	34,047,628
Investor Class:
Net assets	$	23,656,404
Capital shares outstanding		167,306
Net asset value per share	$	141.40
A-Class:
Net assets	$	6,537,631
Capital shares outstanding		50,945
Net asset value per share	$	128.33
Maximum offering price per share (Net asset value divided by 95.25%)	$	134.73
C-Class:
Net assets	$	2,856,149
Capital shares outstanding		26,303
Net asset value per share	$	108.59
H-Class:
Net assets	$	997,444
Capital shares outstanding		7,981
Net asset value per share	$	124.98

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $925)	$	297,084
Interest		5,029
Income from securities lending, net		8,293
Total investment income		310,406
Expenses:
Management fees		296,380
Distribution and service fees:
A-Class		16,015
C-Class		29,943
H-Class		2,664
Transfer agent fees		79,025
Portfolio accounting and administration fees		47,995
Professional fees		16,693
Trustees’ fees*		7,678
Custodian fees		5,421
Line of credit fees		188
Miscellaneous		32,710
Total expenses		534,712
Net investment loss		(224,306	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,648,828
Net realized gain		2,648,828
Net change in unrealized appreciation (depreciation) on:
Investments		(9,724,943	)
Net change in unrealized appreciation (depreciation)		(9,724,943	)
Net realized and unrealized loss		(7,076,115	)
Net decrease in net assets resulting from operations	$	(7,300,421	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

128 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(224,306	)	$	(663,497	)
Net realized gain on investments		2,648,828			5,398,768
Net change in unrealized appreciation (depreciation) on investments		(9,724,943	)		(5,462,357	)
Net decrease in net assets resulting from operations		(7,300,421	)		(727,086	)
Distributions to shareholders:
Investor Class		(915,758	)		(5,271,090	)
A-Class		(308,843	)		(749,357	)
C-Class		(159,211	)		(484,634	)
H-Class		(51,262	)		(335,654	)
Total distributions to shareholders		(1,435,074	)		(6,840,735	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		37,968,887			128,824,175
A-Class		1,537,399			4,914,961
C-Class		415,397			1,805,589
H-Class		1,388,075			18,247,940
Distributions reinvested
Investor Class		873,134			5,171,883
A-Class		307,295			744,507
C-Class		158,242			478,382
H-Class		50,898			329,788
Cost of shares redeemed
Investor Class		(41,421,053	)		(130,640,622	)
A-Class		(2,195,787	)		(6,078,463	)
C-Class		(1,143,360	)		(3,986,263	)
H-Class		(1,407,924	)		(18,691,520	)
Net increase (decrease) from capital share transactions		(3,468,797	)		1,120,357
Net decrease in net assets		(12,204,292	)		(6,447,464	)
Net assets:
Beginning of year		46,251,920			52,699,384
End of year	$	34,047,628		$	46,251,920
Capital share activity:
Shares sold
Investor Class		274,043			662,261
A-Class		12,444			27,216
C-Class		3,929			11,711
H-Class		10,716			107,303
Shares issued from reinvestment of distributions
Investor Class		7,358			26,718
A-Class		2,851			4,203
C-Class		1,731			3,131
H-Class		485			1,909
Shares redeemed
Investor Class		(305,989	)		(697,221	)
A-Class		(18,151	)		(33,687	)
C-Class		(10,922	)		(26,488	)
H-Class		(12,220	)		(111,036	)
Net decrease in shares		(33,725	)		(23,980	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 129

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	168.83		$	177.69		$	100.21		$	101.77		$	94.62
Income (loss) from investment operations:
Net investment income (loss)a		(.68	)		(1.32	)		(.96	)		(.22	)		(.31	)
Net gain (loss) on investments (realized and unrealized)		(20.64	)		6.56			81.24			(.80	)		11.99
Total from investment operations		(21.32	)		5.24			80.28			(1.02	)		11.68
Less distributions from:
Net realized gains		(6.11	)		(14.10	)		(2.80	)		(.54	)		(4.53	)
Total distributions		(6.11	)		(14.10	)		(2.80	)		(.54	)		(4.53	)
Net asset value, end of period	$	141.40		$	168.83		$	177.69		$	100.21		$	101.77
Total Return		(11.94	%)		1.94	%		80.31	%		(1.06	%)		13.05	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	23,656		$	32,397		$	35,562		$	23,190		$	60,972
Ratios to average net assets:
Net investment income (loss)		(0.50	%)		(0.68	%)		(0.65	%)		(0.20	%)		(0.32	%)
Total expenses		1.39	%		1.36	%		1.44	%		1.47	%		1.46	%
Portfolio turnover rate		121	%		175	%		195	%		165	%		255	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	154.37		$	163.90		$	92.79		$	94.51		$	88.40
Income (loss) from investment operations:
Net investment income (loss)a		(.93	)		(1.68	)		(1.24	)		(.41	)		(.49	)
Net gain (loss) on investments (realized and unrealized)		(19.00	)		6.25			75.15			(.77	)		11.13
Total from investment operations		(19.93	)		4.57			73.91			(1.18	)		10.64
Less distributions from:
Net realized gains		(6.11	)		(14.10	)		(2.80	)		(.54	)		(4.53	)
Total distributions		(6.11	)		(14.10	)		(2.80	)		(.54	)		(4.53	)
Net asset value, end of period	$	128.33		$	154.37		$	163.90		$	92.79		$	94.51
Total Returnb		(12.16	%)		1.69	%		79.86	%		(1.31	%)		12.77	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,538		$	8,305		$	9,190		$	5,321		$	6,007
Ratios to average net assets:
Net investment income (loss)		(0.75	%)		(0.96	%)		(0.90	%)		(0.40	%)		(0.54	%)
Total expenses		1.64	%		1.61	%		1.69	%		1.73	%		1.71	%
Portfolio turnover rate		121	%		175	%		195	%		165	%		255	%

130 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	132.87		$	143.81		$	82.23		$	84.44		$	80.06
Income (loss) from investment operations:
Net investment income (loss)a		(1.59	)		(2.60	)		(2.01	)		(1.06	)		(1.10	)
Net gain (loss) on investments (realized and unrealized)		(16.58	)		5.76			66.39			(.61	)		10.01
Total from investment operations		(18.17	)		3.16			64.38			(1.67	)		8.91
Less distributions from:
Net realized gains		(6.11	)		(14.10	)		(2.80	)		(.54	)		(4.53	)
Total distributions		(6.11	)		(14.10	)		(2.80	)		(.54	)		(4.53	)
Net asset value, end of period	$	108.59		$	132.87		$	143.81		$	82.23		$	84.44
Total Returnb		(12.82	%)		0.92	%		78.52	%		(2.05	%)		11.93	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,856		$	4,194		$	6,214		$	3,796		$	5,586
Ratios to average net assets:
Net investment income (loss)		(1.51	%)		(1.70	%)		(1.65	%)		(1.17	%)		(1.33	%)
Total expenses		2.39	%		2.36	%		2.44	%		2.48	%		2.46	%
Portfolio turnover rate		121	%		175	%		195	%		165	%		255	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	150.57		$	160.17		$	90.72		$	92.40		$	86.54
Income (loss) from investment operations:
Net investment income (loss)a		(.92	)		(1.62	)		(1.01	)		(.47	)		(.64	)
Net gain (loss) on investments (realized and unrealized)		(18.56	)		6.12			73.26			(.67	)		11.03
Total from investment operations		(19.48	)		4.50			72.25			(1.14	)		10.39
Less distributions from:
Net realized gains		(6.11	)		(14.10	)		(2.80	)		(.54	)		(4.53	)
Total distributions		(6.11	)		(14.10	)		(2.80	)		(.54	)		(4.53	)
Net asset value, end of period	$	124.98		$	150.57		$	160.17		$	90.72		$	92.40
Total Return		(12.17	%)		1.68	%		79.85	%		(1.30	%)		12.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	997		$	1,355		$	1,734		$	3,435		$	12,846
Ratios to average net assets:
Net investment income (loss)		(0.76	%)		(0.93	%)		(0.83	%)		(0.47	%)		(0.71	%)
Total expenses		1.64	%		1.60	%		1.74	%		1.72	%		1.70	%
Portfolio turnover rate		121	%		175	%		195	%		165	%		255	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 131

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

TELECOMMUNICATIONS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in the development, manufacture, or sale of communications services or communications equipment (“Telecommunications Companies”).

For the Reporting Period, Telecommunications Fund Investor Class returned -14.87%, compared with a return of -7.73% for the S&P 500 Index. The S&P 500 Telecommunications Services Index returned -17.76%.

The industries that contributed the most: application software and wireless telecommunication services. The industries that detracted the most: cable & satellite, alternative carriers, and movies & entertainment.

The individual holdings that contributed the most: AT&T, Inc., Arista Networks, Inc., and T-Mobile US, Inc. Those that detracted the most: DISH Network Corp. - Class A, Lumen Technologies, Inc., and Charter Communications, Inc. - Class A.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	April 18, 2001
H-Class	April 1, 1998

Ten Largest Holdings (% of Total Net Assets)
Cisco Systems, Inc.	10.0%
Comcast Corp. — Class A	9.1%
Verizon Communications, Inc.	8.9%
AT&T, Inc.	8.4%
T-Mobile US, Inc.	6.6%
Motorola Solutions, Inc.	4.1%
Arista Networks, Inc.	3.9%
Charter Communications, Inc. — Class A	3.9%
Juniper Networks, Inc.	2.4%
Liberty Broadband Corp. — Class C	2.4%
Top Ten Total	59.7%
“Ten Largest Holdings” excludes any temporary cash investments.

132 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(14.87%)	0.33%	3.14%
A-Class Shares	(15.12%)	0.07%	2.86%
A-Class Shares with sales charge‡	(19.16%)	(0.90%)	2.36%
C-Class Shares	(15.76%)	(0.68%)	2.13%
C-Class Shares with CDSC§	(16.59%)	(0.68%)	2.13%
H-Class Shares**	(15.14%)	0.11%	2.82%
S&P 500 Telecommunication Services Index	(17.76%)	6.43%	5.27%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 133

SCHEDULE OF INVESTMENTS	March 31, 2023
TELECOMMUNICATIONS FUND

	Shares		Value
COMMON STOCKS† - 99.3%
TELECOMMUNICATIONS- 71.5%
Cisco Systems, Inc.		16,375	$	856,003
Verizon Communications, Inc.		19,678		765,277
AT&T, Inc.		37,378		719,526
T-Mobile US, Inc.*		3,889		563,283
Motorola Solutions, Inc.		1,220		349,079
Arista Networks, Inc.*		2,012		337,734
Juniper Networks, Inc.		6,036		207,759
Ciena Corp.*		3,217		168,957
Iridium Communications, Inc.		2,585		160,089
Telefonaktiebolaget LM Ericsson ADR1		24,976		146,110
Frontier Communications Parent, Inc.*		6,140		139,808
Vodafone Group plc ADR		12,630		139,435
BCE, Inc.		2,998		134,280
Nokia Oyj ADR		26,080		128,053
America Movil SAB de CV ADR*		5,989		126,068
Nice Ltd. ADR*		543		124,287
TELUS Corp.		6,241		123,946
Extreme Networks, Inc.*		5,035		96,269
Viavi Solutions, Inc.*		8,755		94,817
Calix, Inc.*		1,692		90,674
Viasat, Inc.*		2,533		85,717
Harmonic, Inc.*		5,562		81,150
InterDigital, Inc.		1,093		79,680
Infinera Corp.*		9,405		72,983
CommScope Holding Company, Inc.*		10,673		67,987
ADTRAN Holdings, Inc.		4,014		63,662
Telephone & Data Systems, Inc.		5,935		62,377
Gogo, Inc.*		3,873		56,159
Lumen Technologies, Inc.		19,115		50,655
Clearfield, Inc.*		528		24,594
Total Telecommunications				6,116,418
MEDIA- 19.3%
Comcast Corp. — Class A		20,516		777,762
Charter Communications, Inc. — Class A*		940		336,153
Liberty Broadband Corp. — Class C*		2,490		203,433
Liberty Global plc — Class C*		6,866		139,929
DISH Network Corp. — Class A*		13,044		121,701
Liberty Latin America Ltd. — Class C*		9,073		74,943
Total Media				1,653,921
INTERNET- 5.3%
Roku, Inc.*		2,729		179,623
F5, Inc.*		1,182		172,205
Cogent Communications Holdings, Inc.		1,575		100,359
Total Internet				452,187
COMPUTERS - 2.4%
Lumentum Holdings, Inc.*		2,171		117,255
NetScout Systems, Inc.*		2,972		85,148
Total Computers				202,403
REAL ESTATE- 0.8%
Radius Global Infrastructure, Inc. — Class A*		4,732		69,418
Total Common Stocks
(Cost $8,104,983)				8,494,347
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.2%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	11,660		11,660
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		4,606		4,606
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		4,607		4,607
Total Repurchase Agreements
(Cost $20,873)				20,873
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.7%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		145,470		145,470
Total Securities Lending Collateral
(Cost $145,470)				145,470
Total Investments - 101.2%
(Cost $8,271,326)			$	8,660,690
Other Assets & Liabilities, net - (1.2)%				(105,647	)
Total Net Assets - 100.0%			$	8,555,043

134 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
TELECOMMUNICATIONS FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (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	$	8,494,347	$	—	$	—	$	8,494,347
Repurchase Agreements		—		20,873		—		20,873
Securities Lending Collateral		145,470		—		—		145,470
Total Assets	$	8,639,817	$	20,873	$	—	$	8,660,690

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 135

TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $141,833 of securities loaned (cost $8,250,453)	$	8,639,817
Repurchase agreements, at value (cost $20,873)		20,873
Receivables:
Securities sold		2,498,838
Fund shares sold		117,562
Dividends		8,855
Foreign tax reclaims		639
Securities lending income		184
Interest		3
Total assets		11,286,771
Liabilities:
Payable for:
Fund shares redeemed		2,567,009
Return of securities lending collateral		145,470
Management fees		7,762
Transfer agent fees		2,277
Portfolio accounting and administration fees		1,393
Trustees’ fees*		158
Distribution and service fees		99
Miscellaneous		7,560
Total liabilities		2,731,728
Net assets	$	8,555,043
Net assets consist of:
Paid in capital	$	10,844,499
Total distributable earnings (loss)		(2,289,456	)
Net assets	$	8,555,043
Investor Class:
Net assets	$	8,152,343
Capital shares outstanding		182,065
Net asset value per share	$	44.78
A-Class:
Net assets	$	258,432
Capital shares outstanding		6,404
Net asset value per share	$	40.35
Maximum offering price per share (Net asset value divided by 95.25%)	$	42.36
C-Class:
Net assets	$	33,190
Capital shares outstanding		968
Net asset value per share	$	34.29
H-Class:
Net assets	$	111,078
Capital shares outstanding		2,831
Net asset value per share	$	39.24

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $1,751)	$	62,480
Interest		717
Income from securities lending, net		293
Total investment income		63,490
Expenses:
Management fees		31,352
Distribution and service fees:
A-Class		729
C-Class		837
H-Class		251
Transfer agent fees		7,743
Portfolio accounting and administration fees		5,302
Professional fees		4,036
Custodian fees		707
Trustees’ fees*		440
Line of credit fees		17
Miscellaneous		1,923
Total expenses		53,337
Net investment income		10,153
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(199,183	)
Net realized loss		(199,183	)
Net change in unrealized appreciation (depreciation) on:
Investments		27,014
Net change in unrealized appreciation (depreciation)		27,014
Net realized and unrealized loss		(172,169	)
Net decrease in net assets resulting from operations	$	(162,016	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

136 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TELECOMMUNICATIONS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	10,153		$	33,919
Net realized loss on investments		(199,183	)		(261,486	)
Net change in unrealized appreciation (depreciation) on investments		27,014			(123,214	)
Net decrease in net assets resulting from operations		(162,016	)		(350,781	)
Distributions to shareholders:
Investor Class		(24,300	)		(18,236	)
A-Class		(3,183	)		(2,203	)
C-Class		(507	)		(508	)
H-Class		(1,266	)		(777	)
Total distributions to shareholders		(29,256	)		(21,724	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		21,655,460			18,735,820
A-Class		873,075			252,897
C-Class		148,695			817,878
H-Class		83,296			546,575
Distributions reinvested
Investor Class		24,198			18,195
A-Class		3,171			2,164
C-Class		507			502
H-Class		1,266			777
Cost of shares redeemed
Investor Class		(14,437,253	)		(19,179,624	)
A-Class		(928,506	)		(324,472	)
C-Class		(213,612	)		(883,979	)
H-Class		(73,875	)		(677,054	)
Net increase (decrease) from capital share transactions		7,136,422			(690,321	)
Net increase (decrease) in net assets		6,945,150			(1,062,826	)
Net assets:
Beginning of year		1,609,893			2,672,719
End of year	$	8,555,043		$	1,609,893
Capital share activity:
Shares sold
Investor Class		476,797			330,065
A-Class		21,062			4,983
C-Class		4,085			18,056
H-Class		2,034			11,043
Shares issued from reinvestment of distributions
Investor Class		579			329
A-Class		84			43
C-Class		16			12
H-Class		35			16
Shares redeemed
Investor Class		(313,995	)		(343,349	)
A-Class		(22,353	)		(6,599	)
C-Class		(6,066	)		(19,404	)
H-Class		(1,868	)		(13,372	)
Net increase (decrease) in shares		160,410			(18,177	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 137

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	53.37		$	56.03		$	43.19		$	50.17		$	47.66
Income (loss) from investment operations:
Net investment income (loss)a		.11			.58			.66			.69			.46
Net gain (loss) on investments (realized and unrealized)		(8.10	)		(3.00	)		13.33			(5.91	)		2.17	c
Total from investment operations		(7.99	)		(2.42	)		13.99			(5.22	)		2.63
Less distributions from:
Net investment income		(.60	)		(.24	)		(1.15	)		(1.76	)		(.02	)
Net realized gains		—			—			—			—			(.10	)
Total distributions		(.60	)		(.24	)		(1.15	)		(1.76	)		(.12	)
Net asset value, end of period	$	44.78		$	53.37		$	56.03		$	43.19		$	50.17
Total Return		(14.87	%)		(4.36	%)		32.55	%		(10.74	%)		5.52	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,152		$	997		$	1,773		$	2,984		$	2,989
Ratios to average net assets:
Net investment income (loss)		0.26	%		1.02	%		1.33	%		1.38	%		0.94	%
Total expenses		1.40	%		1.36	%		1.46	%		1.48	%		1.47	%
Portfolio turnover rate		471	%		551	%		344	%		561	%		2,115	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	48.30		$	50.87		$	39.40		$	46.03		$	43.84
Income (loss) from investment operations:
Net investment income (loss)a		.22			.37			.41			.31			.43
Net gain (loss) on investments (realized and unrealized)		(7.57	)		(2.70	)		12.21			(5.18	)		1.88	c
Total from investment operations		(7.35	)		(2.33	)		12.62			(4.87	)		2.31
Less distributions from:
Net investment income		(.60	)		(.24	)		(1.15	)		(1.76	)		(.02	)
Net realized gains		—			—			—			—			(.10	)
Total distributions		(.60	)		(.24	)		(1.15	)		(1.76	)		(.12	)
Net asset value, end of period	$	40.35		$	48.30		$	50.87		$	39.40		$	46.03
Total Returnb		(15.12	%)		(4.59	%)		32.20	%		(10.95	%)		5.27	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	258		$	368		$	467		$	446		$	508
Ratios to average net assets:
Net investment income (loss)		0.54	%		0.71	%		0.90	%		0.69	%		0.96	%
Total expenses		1.65	%		1.61	%		1.70	%		1.73	%		1.71	%
Portfolio turnover rate		471	%		551	%		344	%		561	%		2,115	%

138 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TELECOMMUNICATIONS FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	41.46		$	44.03		$	34.47		$	40.81		$	39.17
Income (loss) from investment operations:
Net investment income (loss)a		(.08	)		(.01	)		.01			.04			.06
Net gain (loss) on investments (realized and unrealized)		(6.49	)		(2.32	)		10.70			(4.62	)		1.70	c
Total from investment operations		(6.57	)		(2.33	)		10.71			(4.58	)		1.76
Less distributions from:
Net investment income		(.60	)		(.24	)		(1.15	)		(1.76	)		(.02	)
Net realized gains		—			—			—			—			(.10	)
Total distributions		(.60	)		(.24	)		(1.15	)		(1.76	)		(.12	)
Net asset value, end of period	$	34.29		$	41.46		$	44.03		$	34.47		$	40.81
Total Returnb		(15.76	%)		(5.30	%)		31.22	%		(11.62	%)		4.49	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	33		$	122		$	188		$	116		$	251
Ratios to average net assets:
Net investment income (loss)		(0.22	%)		(0.02	%)		0.03	%		0.10	%		0.15	%
Total expenses		2.39	%		2.36	%		2.43	%		2.48	%		2.46	%
Portfolio turnover rate		471	%		551	%		344	%		561	%		2,115	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	47.00		$	49.50		$	38.36		$	44.88		$	42.66
Income (loss) from investment operations:
Net investment income (loss)a		.22			.44			.28			.44			1.16
Net gain (loss) on investments (realized and unrealized)		(7.38	)		(2.70	)		12.01			(5.20	)		1.18	c
Total from investment operations		(7.16	)		(2.26	)		12.29			(4.76	)		2.34
Less distributions from:
Net investment income		(.60	)		(.24	)		(1.15	)		(1.76	)		(.02	)
Net realized gains		—			—			—			—			(.10	)
Total distributions		(.60	)		(.24	)		(1.15	)		(1.76	)		(.12	)
Net asset value, end of period	$	39.24		$	47.00		$	49.50		$	38.36		$	44.88
Total Return		(15.14	%)		(4.60	%)		32.24	%		(10.98	%)		5.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	111		$	124		$	245		$	104		$	334
Ratios to average net assets:
Net investment income (loss)		0.55	%		0.86	%		0.61	%		0.99	%		2.73	%
Total expenses		1.65	%		1.61	%		1.68	%		1.73	%		1.74	%
Portfolio turnover rate		471	%		551	%		344	%		561	%		2,115	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.
c	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 139

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

TRANSPORTATION FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in providing transportation services or companies engaged in the design, manufacture, distribution, or sale of transportation equipment (“Transportation Companies”).

For the Reporting Period, Transportation Fund Investor Class returned -18.40%, compared with a return of -7.73% for the S&P 500 Index. The S&P 500 Industrials Index returned 0.17%.

The industries that contributed the most: automotive parts & equipment, air freight & logistics, and cargo ground transportation. The industries that detracted the most: automobile manufacturers, rail transportation, and passenger airlines.

The individual holdings that contributed the most: Old Dominion Freight Line, Inc., FedEx Corp., and BorgWarner, Inc. Those that detracted the most: Tesla, Inc., Lucid Group, Inc., and Lyft, Inc. - Class A.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 2, 1998
A-Class	September 1, 2004
C-Class	May 14, 2001
H-Class	June 9, 1998

Ten Largest Holdings	(% of Total Net Assets)
Tesla, Inc.	10.5%
United Parcel Service, Inc. — Class B	5.6%
Union Pacific Corp.	4.8%
CSX Corp.	3.3%
Uber Technologies, Inc.	3.2%
FedEx Corp.	3.2%
General Motors Co.	3.1%
Ford Motor Co.	3.1%
Norfolk Southern Corp.	3.0%
Old Dominion Freight Line, Inc.	2.5%
Top Ten Total	42.3%
“Ten Largest Holdings” excludes any temporary cash investments.

140 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(18.40%)	5.78%	9.64%
A-Class Shares	(18.60%)	5.51%	9.37%
A-Class Shares with sales charge‡	(22.47%)	4.49%	8.84%
C-Class Shares	(19.21%)	4.72%	8.55%
C-Class Shares with CDSC§	(19.93%)	4.72%	8.55%
H-Class Shares**	(18.60%)	5.51%	9.30%
S&P 500 Industrials Index	0.17%	8.43%	11.19%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Industrials Index unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance for C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 141

SCHEDULE OF INVESTMENTS	March 31, 2023
TRANSPORTATION FUND

	Shares		Value
COMMON STOCKS† - 99.5%
TRANSPORTATION- 40.7%
United Parcel Service, Inc. — Class B		4,001	$	776,154
Union Pacific Corp.		3,249		653,894
CSX Corp.		15,390		460,777
FedEx Corp.		1,945		444,413
Norfolk Southern Corp.		1,925		408,100
Old Dominion Freight Line, Inc.		999		340,499
Expeditors International of Washington, Inc.		2,203		242,594
J.B. Hunt Transport Services, Inc.		1,274		223,536
CH Robinson Worldwide, Inc.		1,992		197,945
Canadian National Railway Co.		1,629		192,173
ZTO Express Cayman, Inc. ADR		6,656		190,761
Canadian Pacific Railway Ltd.		2,448		188,349
Star Bulk Carriers Corp.1		8,454		178,548
ZIM Integrated Shipping Services Ltd.1		7,510		177,086
Knight-Swift Transportation Holdings, Inc.		3,050		172,569
Landstar System, Inc.		826		148,069
Ryder System, Inc.		1,303		116,280
Saia, Inc.*		401		109,104
XPO, Inc.*		3,327		106,131
Werner Enterprises, Inc.		2,061		93,755
Forward Air Corp.		832		89,656
Hub Group, Inc. — Class A*		968		81,254
Total Transportation				5,591,647
AUTO MAUFACTURERS- 26.1%
Tesla, Inc.*		6,993		1,450,768
General Motors Co.		11,493		421,563
Ford Motor Co.		33,456		421,545
NIO, Inc. ADR*		25,319		266,103
Li Auto, Inc. ADR*,1		9,124		227,644
Rivian Automotive, Inc. — Class A*		13,286		205,667
Stellantis N.V.		10,846		197,289
Ferrari N.V.		697		188,845
Lucid Group, Inc.*,1		16,265		130,771
Fisker, Inc.*,1		12,838		78,825
Total Auto Manufacturers				3,589,020
AUTO PARTS & EQUIPMENT- 12.3%
BorgWarner, Inc.		4,070		199,878
Aptiv plc*		1,768		198,352
Magna International, Inc.		3,584		191,995
Autoliv, Inc.		2,054		191,761
Lear Corp.		1,193		166,411
Gentex Corp.		5,415		151,782
Visteon Corp.*		741		116,211
Adient plc*		2,805		114,893
Goodyear Tire & Rubber Co.*		9,584		105,616
QuantumScape Corp.*		11,261		92,115
Fox Factory Holding Corp.*		743		90,178
Luminar Technologies, Inc.*,1		10,894		70,702
Total Auto Parts & Equipment				1,689,894
AIRLINES - 10.3%
Delta Air Lines, Inc.*		7,987		278,906
Southwest Airlines Co.		8,062		262,337
United Airlines Holdings, Inc.*		5,010		221,693
Ryanair Holdings plc ADR*		2,042		192,540
American Airlines Group, Inc.*		12,414		183,107
Alaska Air Group, Inc.*		3,265		136,999
JetBlue Airways Corp.*		12,341		89,843
Allegiant Travel Co. — Class A*		540		49,669
Total Airlines				1,415,094
INTERNET - 5.3%
Uber Technologies, Inc.*		14,044		445,195
Grab Holdings Ltd. — Class A*		62,136		187,029
Lyft, Inc. — Class A*		10,661		98,828
Total Internet				731,052
COMMERCIAL SERVICES - 2.5%
GXO Logistics, Inc.*		2,897		146,183
Avis Budget Group, Inc.*		576		112,205
Hertz Global Holdings, Inc.*		5,274		85,913
Total Commercial Services				344,301
HOME BUILDERS - 1.4%
Thor Industries, Inc.		1,450		115,478
Winnebago Industries, Inc.		1,306		75,356
Total Home Builders				190,834
LEISURE TIME - 0.9%
Harley-Davidson, Inc.		3,440		130,617
Total Common Stocks
(Cost $9,216,241)				13,682,459
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	48,499		48,499
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		19,161		19,161
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		19,161		19,161
Total Repurchase Agreements
(Cost $86,821)				86,821

142 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
TRANSPORTATION FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 4.5%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		612,007	$	612,007
Total Securities Lending Collateral
(Cost $612,007)				612,007
Total Investments - 104.6%
(Cost $9,915,069)			$	14,381,287
Other Assets & Liabilities, net - (4.6)%				(626,435	)
Total Net Assets - 100.0%			$	13,754,852

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	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 March 31, 2023 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	13,682,459	$	—	$	—	$	13,682,459
Repurchase Agreements		—		86,821		—		86,821
Securities Lending Collateral		612,007		—		—		612,007
Total Assets	$	14,294,466	$	86,821	$	—	$	14,381,287

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 143

TRANSPORTATION FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $599,904 of securities loaned (cost $9,828,248)	$	14,294,466
Repurchase agreements, at value (cost $86,821)		86,821
Cash		605
Receivables:
Fund shares sold		14,670
Dividends		3,841
Securities lending income		2,808
Foreign tax reclaims		117
Interest		12
Total assets		14,403,340
Liabilities:
Payable for:
Return of securities lending collateral		612,007
Fund shares redeemed		9,801
Management fees		9,624
Transfer agent fees		3,520
Distribution and service fees		1,919
Portfolio accounting and administration fees		1,726
Trustees’ fees*		197
Miscellaneous		9,694
Total liabilities		648,488
Net assets	$	13,754,852
Net assets consist of:
Paid in capital	$	11,385,649
Total distributable earnings (loss)		2,369,203
Net assets	$	13,754,852
Investor Class:
Net assets	$	7,367,451
Capital shares outstanding		132,326
Net asset value per share	$	55.68
A-Class:
Net assets	$	4,935,180
Capital shares outstanding		101,301
Net asset value per share	$	48.72
Maximum offering price per share (Net asset value divided by 95.25%)	$	51.15
C-Class:
Net assets	$	946,421
Capital shares outstanding		23,115
Net asset value per share	$	40.94
H-Class:
Net assets	$	505,800
Capital shares outstanding		10,829
Net asset value per share	$	46.71

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $15,753)	$	231,639
Interest		2,273
Income from securities lending, net		30,050
Total investment income		263,962
Expenses:
Management fees		131,346
Distribution and service fees:
A-Class		13,380
C-Class		11,895
H-Class		1,121
Transfer agent fees		35,146
Portfolio accounting and administration fees		21,309
Registration fees		12,141
Professional fees		8,318
Trustees’ fees*		3,702
Custodian fees		2,534
Line of credit fees		31
Miscellaneous		801
Total expenses		241,724
Net investment income		22,238
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(300,533	)
Net realized loss		(300,533	)
Net change in unrealized appreciation (depreciation) on:
Investments		(4,527,618	)
Net change in unrealized appreciation (depreciation)		(4,527,618	)
Net realized and unrealized loss		(4,828,151	)
Net decrease in net assets resulting from operations	$	(4,805,913	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

144 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TRANSPORTATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	22,238		$	(9,037	)
Net realized gain (loss) on investments		(300,533	)		12,704,185
Net change in unrealized appreciation (depreciation) on investments		(4,527,618	)		(13,331,695	)
Net decrease in net assets resulting from operations		(4,805,913	)		(636,547	)
Distributions to shareholders:
Investor Class		(517,452	)		(2,599,261	)
A-Class		(443,398	)		(941,795	)
C-Class		(112,729	)		(291,957	)
H-Class		(39,319	)		(113,602	)
Total distributions to shareholders		(1,112,898	)		(3,946,615	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		28,038,241			65,922,298
A-Class		1,227,683			4,644,701
C-Class		247,689			873,754
H-Class		405,790			3,301,957
Distributions reinvested
Investor Class		502,738			2,571,516
A-Class		436,099			925,836
C-Class		108,412			285,407
H-Class		38,188			111,276
Cost of shares redeemed
Investor Class		(28,399,593	)		(120,031,069	)
A-Class		(2,118,995	)		(5,145,587	)
C-Class		(727,210	)		(994,687	)
H-Class		(394,815	)		(3,762,803	)
Net decrease from capital share transactions		(635,773	)		(51,297,401	)
Net decrease in net assets		(6,554,584	)		(55,880,563	)
Net assets:
Beginning of year		20,309,436			76,189,999
End of year	$	13,754,852		$	20,309,436
Capital share activity:
Shares sold
Investor Class		424,628			775,527
A-Class		23,206			61,397
C-Class		5,048			13,034
H-Class		8,916			43,975
Shares issued from reinvestment of distributions
Investor Class		10,136			31,921
A-Class		10,041			12,932
C-Class		2,964			4,613
H-Class		917			1,615
Shares redeemed
Investor Class		(447,193	)		(1,437,306	)
A-Class		(39,330	)		(69,348	)
C-Class		(15,882	)		(15,704	)
H-Class		(8,403	)		(52,096	)
Net decrease in shares		(24,952	)		(629,440	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 145

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	74.70		$	84.28		$	37.39		$	50.08		$	59.10
Income (loss) from investment operations:
Net investment income (loss)a		.19			.04			(.20	)		.30			.09
Net gain (loss) on investments (realized and unrealized)		(14.50	)		.07			47.09			(11.07	)		(4.02	)
Total from investment operations		(14.31	)		.11			46.89			(10.77	)		(3.93	)
Less distributions from:
Net investment income		—			—			—			(.15	)		—
Net realized gains		(4.71	)		(9.69	)		—			(1.77	)		(5.09	)
Total distributions		(4.71	)		(9.69	)		—			(1.92	)		(5.09	)
Net asset value, end of period	$	55.68		$	74.70		$	84.28		$	37.39		$	50.08
Total Return		(18.40	%)		(0.71	%)		125.41	%		(22.59	%)		(6.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,367		$	10,814		$	65,281		$	3,283		$	7,994
Ratios to average net assets:
Net investment income (loss)		0.32	%		0.05	%		(0.29	%)		0.58	%		0.16	%
Total expenses		1.39	%		1.35	%		1.41	%		1.48	%		1.46	%
Portfolio turnover rate		185	%		162	%		205	%		483	%		476	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	66.33		$	76.03		$	33.82		$	45.58		$	54.43
Income (loss) from investment operations:
Net investment income (loss)a		.03			(.04	)		(.34	)		.17			(.01	)
Net gain (loss) on investments (realized and unrealized)		(12.93	)		.03			42.55			(10.01	)		(3.75	)
Total from investment operations		(12.90	)		(.01	)		42.21			(9.84	)		(3.76	)
Less distributions from:
Net investment income		—			—			—			(.15	)		—
Net realized gains		(4.71	)		(9.69	)		—			(1.77	)		(5.09	)
Total distributions		(4.71	)		(9.69	)		—			(1.92	)		(5.09	)
Net asset value, end of period	$	48.72		$	66.33		$	76.03		$	33.82		$	45.58
Total Returnb		(18.60	%)		(0.95	%)		124.81	%		(22.78	%)		(6.57	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,935		$	7,123		$	7,785		$	1,757		$	3,166
Ratios to average net assets:
Net investment income (loss)		0.07	%		(0.05	%)		(0.59	%)		0.37	%		(0.03	%)
Total expenses		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%
Portfolio turnover rate		185	%		162	%		205	%		483	%		476	%

146 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

TRANSPORTATION FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	57.20		$	67.28		$	30.15		$	41.14		$	50.04
Income (loss) from investment operations:
Net investment income (loss)a		(.32	)		(.52	)		(.67	)		(.18	)		(.41	)
Net gain (loss) on investments (realized and unrealized)		(11.23	)		.13			37.80			(8.89	)		(3.40	)
Total from investment operations		(11.55	)		(.39	)		37.13			(9.07	)		(3.81	)
Less distributions from:
Net investment income		—			—			—			(.15	)		—
Net realized gains		(4.71	)		(9.69	)		—			(1.77	)		(5.09	)
Total distributions		(4.71	)		(9.69	)		—			(1.92	)		(5.09	)
Net asset value, end of period	$	40.94		$	57.20		$	67.28		$	30.15		$	41.14
Total Returnb		(19.21	%)		(1.68	%)		123.15	%		(23.37	%)		(7.27	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	946		$	1,772		$	1,954		$	632		$	1,477
Ratios to average net assets:
Net investment income (loss)		(0.70	%)		(0.80	%)		(1.33	%)		(0.43	%)		(0.87	%)
Total expenses		2.39	%		2.36	%		2.43	%		2.48	%		2.46	%
Portfolio turnover rate		185	%		162	%		205	%		483	%		476	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	63.86		$	73.53		$	32.70		$	44.14		$	52.90
Income (loss) from investment operations:
Net investment income (loss)a		.03			(.25	)		(.32	)		(.02	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		(12.47	)		.27			41.15			(9.50	)		(3.65	)
Total from investment operations		(12.44	)		.02			40.83			(9.52	)		(3.67	)
Less distributions from:
Net investment income		—			—			—			(.15	)		—
Net realized gains		(4.71	)		(9.69	)		—			(1.77	)		(5.09	)
Total distributions		(4.71	)		(9.69	)		—			(1.92	)		(5.09	)
Net asset value, end of period	$	46.71		$	63.86		$	73.53		$	32.70		$	44.14
Total Return		(18.60	%)		(0.94	%)		124.86	%		(22.78	%)		(6.61	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	506		$	600		$	1,169		$	325		$	455
Ratios to average net assets:
Net investment income (loss)		0.07	%		(0.35	%)		(0.56	%)		(0.03	%)		(0.04	%)
Total expenses		1.64	%		1.61	%		1.68	%		1.72	%		1.69	%
Portfolio turnover rate		185	%		162	%		205	%		483	%		476	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 147

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) March 31, 2023

UTILITIES FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that operate public utilities (“Utilities Companies”).

For the Reporting Period, Utilities Fund Investor Class returned -5.84%, compared with a return of -7.73% for the S&P 500 Index. The S&P 500 Utilities Index returned -6.21%.

No industry contributed to return for the Reporting Period. The industries that detracted the most: multi-utilities, electric utilities, and water utilities.

The individual holdings that contributed the most: PG&E Corp., Constellation Energy Corp., and New Jersey Resources Corp. Those that detracted the most: Dominion Energy, Inc., Duke Energy Corp., and DTE Energy Co.

Performance displayed represents past performance, which is no guarantee of future results.

Holdings Diversification (Market Exposure as % of Net Assets)

“Holdings Diversification (Market Exposure as % of Net Assets)” excludes any temporary cash investments.

Inception Dates:
Investor Class	April 3, 2000
A-Class	September 1, 2004
C-Class	April 27, 2001
H-Class	April 3, 2000

Ten Largest Holdings	(% of Total Net Assets)
NextEra Energy, Inc.	6.1%
Southern Co.	4.3%
Duke Energy Corp.	4.2%
Sempra Energy	3.4%
Dominion Energy, Inc.	3.3%
American Electric Power Company, Inc.	3.3%
Exelon Corp.	3.1%
Xcel Energy, Inc.	3.0%
Consolidated Edison, Inc.	2.8%
Public Service Enterprise Group, Inc.	2.8%
Top Ten Total	36.3%
“Ten Largest Holdings” excludes any temporary cash investments.

148 | THE RYDEX FUNDS ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) March 31, 2023

Cumulative Fund Performance*

Average Annual Returns*

Periods Ended March 31, 2023

	1 Year	5 Year	10 Year
Investor Class Shares	(5.84%)	6.80%	7.22%
A-Class Shares	(6.09%)	6.54%	6.95%
A-Class Shares with sales charge‡	(10.55%)	5.51%	6.43%
C-Class Shares	(6.79%)	5.74%	6.15%
C-Class Shares with CDSC§	(7.71%)	5.74%	6.15%
H-Class Shares**	(6.09%)	6.53%	6.88%
S&P 500 Utilities Index	(6.21%)	9.59%	9.37%
S&P 500 Index	(7.73%)	11.19%	12.24%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and S&P 500 Utilities Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns. The graphs are based on Investor Class shares and A-Class shares only; performance of C-Class and H-Class shares will vary due to differences in fee structures.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS ANNUAL REPORT | 149

SCHEDULE OF INVESTMENTS	March 31, 2023
UTILITIES FUND

	Shares		Value
COMMON STOCKS† - 99.6%
ELECTRIC- 85.7%
NextEra Energy, Inc.		16,113	$	1,241,990
Southern Co.		12,563		874,134
Duke Energy Corp.		8,905		859,065
Sempra Energy		4,568		690,499
Dominion Energy, Inc.		12,239		684,282
American Electric Power Company, Inc.		7,475		680,150
Exelon Corp.		15,210		637,147
Xcel Energy, Inc.		9,024		608,579
Consolidated Edison, Inc.		6,069		580,621
Public Service Enterprise Group, Inc.		9,115		569,232
WEC Energy Group, Inc.		5,759		545,896
PG&E Corp.*		33,186		536,618
Eversource Energy		6,703		524,577
Edison International		7,365		519,895
Constellation Energy Corp.		6,337		497,455
Entergy Corp.		4,446		479,012
Ameren Corp.		5,484		473,763
FirstEnergy Corp.		11,547		462,573
PPL Corp.		16,264		451,977
DTE Energy Co.		4,080		446,923
CenterPoint Energy, Inc.		14,588		429,762
CMS Energy Corp.		6,848		420,330
AES Corp.		16,745		403,220
Algonquin Power & Utilities Corp.1		45,897		385,535
Evergy, Inc.		6,085		371,915
Alliant Energy Corp.		6,831		364,775
Fortis, Inc.		8,401		357,295
Pinnacle West Capital Corp.		3,754		297,467
Vistra Corp.		11,987		287,688
NRG Energy, Inc.		8,356		286,527
OGE Energy Corp.		7,377		277,818
Portland General Electric Co.		4,232		206,902
PNM Resources, Inc.		4,152		202,119
Black Hills Corp.		3,120		196,872
NorthWestern Corp.		3,154		182,490
Avista Corp.		4,190		177,865
Avangrid, Inc.		4,200		167,496
Ormat Technologies, Inc.		1,921		162,843
Total Electric				17,543,307
Gas - 8.0%
Atmos Energy Corp.		3,524		395,957
NiSource, Inc.		12,110		338,595
UGI Corp.		7,648		265,844
National Fuel Gas Co.		3,985		230,094
ONE Gas, Inc.		2,573		203,859
Southwest Gas Holdings, Inc.		3,028		189,099
Total Gas				1,623,448
WATER- 4.2%
American Water Works Company, Inc.		3,673		538,058
Essential Utilities, Inc.		7,405		323,228
Total Water				861,286
ENERGY-ALTERNATE SOURCES - 1.7%
NextEra Energy Partners, LP		3,693		224,350
Sunnova Energy International, Inc.*		8,087		126,319
Total Energy-Alternate Sources				350,669
Total Common Stocks
(Cost $15,846,111)				20,378,710
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 03/31/23 at 4.80% due 04/03/23	$	46,941		46,941
BofA Securities, Inc. issued 03/31/23 at 4.78% due 04/03/23		18,546		18,546
Barclays Capital, Inc. issued 03/31/23 at 4.80% due 04/03/23		18,546		18,546
Total Repurchase Agreements
(Cost $84,033)				84,033
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.5%
Money Market Fund
First American Government Obligations Fund - Class X, 4.65%4		309,798		309,798
Total Securities Lending Collateral
(Cost $309,798)				309,798
Total Investments - 101.5%
(Cost $16,239,942)			$	20,772,541
Other Assets & Liabilities, net - (1.5)%				(301,162	)
Total Net Assets - 100.0%			$	20,471,379

150 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (concluded)	March 31, 2023
UTILITIES FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at March 31, 2023 — 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 March 31, 2023.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at March 31, 2023 (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	$	20,378,710	$	—	$	—	$	20,378,710
Repurchase Agreements		—		84,033		—		84,033
Securities Lending Collateral		309,798		—		—		309,798
Total Assets	$	20,688,508	$	84,033	$	—	$	20,772,541

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 151

UTILITIES FUND

STATEMENT OF ASSETS AND LIABILITIES

March 31, 2023

Assets:
Investments, at value - including $289,145 of securities loaned (cost $16,155,909)	$	20,688,508
Repurchase agreements, at value (cost $84,033)		84,033
Receivables:
Dividends		44,231
Fund shares sold		16,340
Securities lending income		30
Interest		11
Total assets		20,833,153
Liabilities:
Payable for:
Return of securities lending collateral		309,798
Management fees		15,497
Transfer agent fees		8,004
Fund shares redeemed		6,429
Portfolio accounting and administration fees		2,781
Distribution and service fees		2,588
Trustees’ fees*		319
Miscellaneous		16,358
Total liabilities		361,774
Net assets	$	20,471,379
Net assets consist of:
Paid in capital	$	20,233,004
Total distributable earnings (loss)		238,375
Net assets	$	20,471,379
Investor Class:
Net assets	$	11,671,066
Capital shares outstanding		229,877
Net asset value per share	$	50.77
A-Class:
Net assets	$	5,861,658
Capital shares outstanding		127,641
Net asset value per share	$	45.92
Maximum offering price per share (Net asset value divided by 95.25%)	$	48.21
C-Class:
Net assets	$	1,226,108
Capital shares outstanding		33,360
Net asset value per share	$	36.75
H-Class:
Net assets	$	1,712,547
Capital shares outstanding		38,848
Net asset value per share	$	44.08

STATEMENT OF OPERATIONS

Year Ended March 31, 2023

Investment Income:
Dividends (net of foreign withholding tax of $747)	$	1,234,462
Interest		5,555
Income from securities lending, net		132
Total investment income		1,240,149
Expenses:
Management fees		387,598
Distribution and service fees:
A-Class		15,587
C-Class		13,783
H-Class		5,585
Transfer agent fees		98,630
Portfolio accounting and administration fees		64,963
Professional fees		20,009
Trustees’ fees*		7,183
Custodian fees		6,694
Line of credit fees		36
Miscellaneous		48,595
Total expenses		668,663
Net investment income		571,486
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,121,273	)
Net realized loss		(1,121,273	)
Net change in unrealized appreciation (depreciation) on:
Investments		(4,260,659	)
Net change in unrealized appreciation (depreciation)		(4,260,659	)
Net realized and unrealized loss		(5,381,932	)
Net decrease in net assets resulting from operations	$	(4,810,446	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

152 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

UTILITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Year Ended March 31, 2023			Year Ended March 31, 2022
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	571,486		$	529,298
Net realized gain (loss) on investments		(1,121,273	)		2,270,350
Net change in unrealized appreciation (depreciation) on investments		(4.260,659	)		2,887,244
Net increase (decrease) in net assets resulting from operations		(4,810,446	)		5,686,892
Distributions to shareholders:
Investor Class		(413,416	)		(294,760	)
A-Class		(56,697	)		(191,801	)
C-Class		(13,938	)		(62,632	)
H-Class		(22,762	)		(21,557	)
Total distributions to shareholders		(506,813	)		(570,750	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		146,439,669			101,172,481
A-Class		1,572,530			2,017,009
C-Class		783,087			856,521
H-Class		2,811,465			4,062,430
Distributions reinvested
Investor Class		412,288			291,544
A-Class		55,468			188,057
C-Class		13,638			61,761
H-Class		22,354			21,557
Cost of shares redeemed
Investor Class		(182,903,217	)		(74,433,668	)
A-Class		(1,847,934	)		(1,831,147	)
C-Class		(989,467	)		(2,199,328	)
H-Class		(3,009,354	)		(2,758,591	)
Net increase (decrease) from capital share transactions		(36,639,473	)		27,448,626
Net increase (decrease) in net assets		(41,956,732	)		32,564,768
Net assets:
Beginning of year		62,428,111			29,863,343
End of year	$	20,471,379		$	62,428,111
Capital share activity:
Shares sold
Investor Class		2,758,080			2,008,545
A-Class		33,209			44,679
C-Class		20,211			23,248
H-Class		60,430			91,371
Shares issued from reinvestment of distributions
Investor Class		7,985			5,866
A-Class		1,187			4,166
C-Class		364			1,689
H-Class		498			497
Shares redeemed
Investor Class		(3,496,421	)		(1,494,438	)
A-Class		(38,937	)		(40,151	)
C-Class		(26,242	)		(59,744	)
H-Class		(67,419	)		(63,644	)
Net increase (decrease) in shares		(747,055	)		522,084

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 153

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	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	54.36		$	47.92		$	41.80		$	46.23		$	39.03
Income (loss) from investment operations:
Net investment income (loss)a		.69			.77			.76			.74			.77
Net gain (loss) on investments (realized and unrealized)		(3.86	)		7.02			6.37			(4.72	)		6.43
Total from investment operations		(3.17	)		7.79			7.13			(3.98	)		7.20
Less distributions from:
Net investment income		(.42	)		(1.35	)		(1.01	)		(.45	)		—
Total distributions		(.42	)		(1.35	)		(1.01	)		(.45	)		—
Net asset value, end of period	$	50.77		$	54.36		$	47.92		$	41.80		$	46.23
Total Return		(5.84	%)		16.53	%		17.17	%		(8.74	%)		18.45	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,671		$	52,202		$	21,099		$	34,073		$	105,443
Ratios to average net assets:
Net investment income (loss)		1.30	%		1.55	%		1.68	%		1.53	%		1.80	%
Total expenses		1.39	%		1.36	%		1.45	%		1.48	%		1.48	%
Portfolio turnover rate		293	%		175	%		156	%		169	%		390	%

A-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	49.34		$	43.72		$	38.30		$	42.50		$	35.97
Income (loss) from investment operations:
Net investment income (loss)a		.56			.57			.57			.57			.47
Net gain (loss) on investments (realized and unrealized)		(3.56	)		6.40			5.86			(4.32	)		6.06
Total from investment operations		(3.00	)		6.97			6.43			(3.75	)		6.53
Less distributions from:
Net investment income		(.42	)		(1.35	)		(1.01	)		(.45	)		—
Total distributions		(.42	)		(1.35	)		(1.01	)		(.45	)		—
Net asset value, end of period	$	45.92		$	49.34		$	43.72		$	38.30		$	42.50
Total Returnb		(6.09	%)		16.24	%		16.91	%		(8.96	%)		18.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,862		$	6,522		$	5,399		$	4,225		$	5,633
Ratios to average net assets:
Net investment income (loss)		1.18	%		1.26	%		1.39	%		1.29	%		1.21	%
Total expenses		1.64	%		1.61	%		1.70	%		1.73	%		1.72	%
Portfolio turnover rate		293	%		175	%		156	%		169	%		390	%

154 | THE RYDEX FUNDS ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

UTILITIES FUND

FINANCIAL HIGHLIGHTS (concluded)

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating a Fund’s performance for the periods presented.

C-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	39.87		$	35.84		$	31.80		$	35.63		$	30.39
Income (loss) from investment operations:
Net investment income (loss)a		.16			.18			.21			.21			.26
Net gain (loss) on investments (realized and unrealized)		(2.86	)		5.20			4.84			(3.59	)		4.98
Total from investment operations		(2.70	)		5.38			5.05			(3.38	)		5.24
Less distributions from:
Net investment income		(.42	)		(1.35	)		(1.01	)		(.45	)		—
Total distributions		(.42	)		(1.35	)		(1.01	)		(.45	)		—
Net asset value, end of period	$	36.75		$	39.87		$	35.84		$	31.80		$	35.63
Total Returnb		(6.79	%)		15.37	%		16.02	%		(9.65	%)		17.24	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,226		$	1,556		$	2,646		$	5,093		$	6,489
Ratios to average net assets:
Net investment income (loss)		0.43	%		0.48	%		0.61	%		0.57	%		0.79	%
Total expenses		2.39	%		2.36	%		2.45	%		2.47	%		2.46	%
Portfolio turnover rate		293	%		175	%		156	%		169	%		390	%

H-Class	Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019
Per Share Data
Net asset value, beginning of period	$	47.38		$	42.04		$	36.86		$	40.92		$	34.64
Income (loss) from investment operations:
Net investment income (loss)a		.52			.63			.42			.50			.57
Net gain (loss) on investments (realized and unrealized)		(3.40	)		6.06			5.77			(4.11	)		5.71
Total from investment operations		(2.88	)		6.69			6.19			(3.61	)		6.28
Less distributions from:
Net investment income		(.42	)		(1.35	)		(1.01	)		(.45	)		—
Total distributions		(.42	)		(1.35	)		(1.01	)		(.45	)		—
Net asset value, end of period	$	44.08		$	47.38		$	42.04		$	36.86		$	40.92
Total Return		(6.09	%)		16.23	%		16.92	%		(8.97	%)		18.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,713		$	2,148		$	719		$	2,427		$	6,033
Ratios to average net assets:
Net investment income (loss)		1.14	%		1.45	%		1.08	%		1.18	%		1.51	%
Total expenses		1.64	%		1.61	%		1.72	%		1.73	%		1.72	%
Portfolio turnover rate		293	%		175	%		156	%		169	%		390	%

a	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
b	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL REPORT | 155

NOTES TO FINANCIAL STATEMENTS

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 (”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At March 31, 2023, the Trust consisted of fifty-two funds.

This report covers the following funds (collectively, the “Funds”):

Fund	Investment Company Type
Banking Fund	Diversified
Basic Materials Fund	Diversified
Biotechnology Fund	Non-diversified
Consumer Products Fund	Diversified
Electronics Fund	Non-diversified
Energy Fund	Diversified
Energy Services Fund	Non-diversified
Financial Services Fund	Diversified
Health Care Fund	Diversified
Internet Fund	Diversified
Leisure Fund	Diversified
Precious Metals Fund	Non-diversified
Real Estate Fund	Diversified
Retailing Fund	Diversified
Technology Fund	Diversified
Telecommunications Fund	Non-diversified
Transportation Fund	Diversified
Utilities Fund	Diversified

At March 31, 2023, Investor Class, A-Class, C-Class and H-Class shares have been issued by the Funds.

The Funds invest in a specific industry sector. To the extent that investments are concentrated in a single sector, the Funds are subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting such sector.

The Funds seek capital appreciation and invest substantially all of their assets in equity securities of companies involved in the sector or sectors noted in each Fund’s investment objective and principal investment strategies.

The Funds are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

Security Investors, LLC (the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The NAV of each Class of a Fund is calculated by dividing the market value of a Fund’s securities and other assets, less all liabilities, attributable to the Class by the number of outstanding shares of the Class.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith and became effective September 8, 2022. Rule 2a-5 also defines “readily

156 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Fund’s securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Designee Procedures, regularly review the appropriateness of the inputs, methods, models and assumptions employed by the pricing services.

If the pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, the investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the National Association of Securities Dealers Automated Quotations (“NASDAQ”) National Market System shall generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

Repurchase agreements are valued at amortized cost, provided such amounts approximate market value.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

(b) Currency Translations

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

(c) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in the Funds’ Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

THE RYDEX FUNDS ANNUAL REPORT | 157

NOTES TO FINANCIAL STATEMENTS (continued)

(d) Security Transactions

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

(e) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(f) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the classes based upon the value of the outstanding shares in each Class. Certain costs, such as distribution and service fees are charged directly to specific classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

(g) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.83% at March 31, 2023.

(h) Indemnifications

Under the Funds’ organizational documents, the Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note 2 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees calculated at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
Banking Fund		0.85	%
Basic Materials Fund		0.85	%
Biotechnology Fund		0.85	%
Consumer Products Fund		0.85	%
Electronics Fund		0.85	%
Energy Fund		0.85	%
Energy Services Fund		0.85	%
Financial Services Fund		0.85	%
Health Care Fund		0.85	%
Internet Fund		0.85	%
Leisure Fund		0.85	%
Precious Metals Fund		0.75	%
Real Estate Fund		0.85	%
Retailing Fund		0.85	%
Technology Fund		0.85	%
Telecommunications Fund		0.85	%
Transportation Fund		0.85	%
Utilities Fund		0.85	%

158 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

When the aggregate assets of each series of the Trust (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Long Short Equity Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

Fund Assets Under Management	Fund Asset-Based Breakpoint Reductions
$500 million - $1 billion		0.025	%
$1 billion - $2 billion		0.050	%
>$2 billion		0.075	%

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted a Distribution Plan applicable to A-Class shares and H-Class shares under which GFD and other firms that provide distribution and/or shareholder services (“Service Providers”) may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Provider out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ C-Class shares average daily net assets. The annual 0.25% service fee compensates a shareholder’s financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder’s financial adviser an ongoing sales commission. GFD advances the first year’s service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the year ended March 31, 2023, GFD retained sales charges of $91,746 relating to sales of A-Class shares of the Trust.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

MUFG Investor Services (US), LLC (“MUIS”) acts as the Funds’ administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Funds’ securities and cash. U.S. Bank, N.A. (“U.S. Bank”) acts as the Funds’ custodian. As custodian, U.S. Bank is responsible for the custody of the Funds’ assets. For providing the aforementioned services, MUIS and U.S. Bank are entitled to receive a monthly fee equal to an annual percentage of each Fund’s average daily net assets and out of pocket expenses.

Note 3 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

THE RYDEX FUNDS ANNUAL REPORT | 159

NOTES TO FINANCIAL STATEMENTS (continued)

The tax character of distributions paid during the year ended March 31, 2023 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
Banking Fund	$	300,682	$	—	$	300,682
Basic Materials Fund		643,252		—		643,252
Biotechnology Fund		—		1,800,501		1,800,501
Consumer Products Fund		1,347,460		6,241,671		7,589,131
Energy Fund		2,232,689		—		2,232,689
Financial Services Fund		1,815,093		—		1,815,093
Health Care Fund		—		719,389		719,389
Precious Metals Fund		3,735,884		—		3,735,884
Real Estate Fund		91,618		—		91,618
Technology Fund		—		1,435,074		1,435,074
Telecommunications Fund		29,256		—		29,256
Transportation Fund		1,112,898		—		1,112,898
Utilities Fund		506,813		—		506,813

The tax character of distributions paid during the year ended March 31, 2022 was as follows:

Fund	Ordinary Income		Long-Term Capital Gain		Total Distributions
Banking Fund	$	173,043	$	—	$	173,043
Basic Materials Fund		993,080		—		993,080
Biotechnology Fund		20,768,447		10,318,863		31,087,310
Consumer Products Fund		2,026,650		10,618,173		12,644,823
Electronics Fund		2,818,384		158,561		2,976,945
Energy Fund		306,823		—		306,823
Energy Services Fund		31,147		—		31,147
Financial Services Fund		440,761		—		440,761
Health Care Fund		2,349,865		—		2,349,865
Internet Fund		5,759,963		—		5,759,963
Leisure Fund		1,045,171		—		1,045,171
Precious Metals Fund		4,119,144		—		4,119,144
Real Estate Fund		30,821		—		30,821
Retailing Fund		2,322,069		—		2,322,069
Technology Fund		6,840,735		—		6,840,735
Telecommunications Fund		21,724		—		21,724
Transportation Fund		3,946,615		—		3,946,615
Utilities Fund		570,750		—		570,750

Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.

160 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

The tax components of distributable earnings/(loss) as of March 31, 2023 were as follows:

Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Net Unrealized Appreciation (Depreciation)			Accumulated Capital and Other Losses			Other Temporary Differences			Total
Banking Fund	$	124,157	$	—	$	(1,117,612	)	$	(10,056,013	)	$	—		$	(11,049,468	)
Basic Materials Fund		386,800		—		9,837,836			(2,095,620	)		(130,382	)		7,998,634
Biotechnology Fund		—		—		51,726,890			(1,533,085	)		—			50,193,805
Consumer Products Fund		906,673		—		33,822,314			—			—			34,728,987
Electronics Fund		—		—		18,374,721			(2,411,731	)		—			15,962,990
Energy Fund		1,610,287		—		12,660,759			(15,653,466	)		—			(1,382,420	)
Energy Services Fund		—		—		(1,419,718	)		(35,109,072	)		—			(36,528,790	)
Financial Services Fund		—		—		(1,988,633	)		(1,205,862	)		—			(3,194,495	)
Health Care Fund		—		—		4,291,265			(947,104	)		—			3,344,161
Internet Fund		—		—		1,409,479			(2,730,436	)		—			(1,320,957	)
Leisure Fund		7,181		—		1,225,579			(289,086	)		—			943,674
Precious Metals Fund		1,822,514		—		(13,293,373	)		(34,525,244	)		(276,532	)		(46,272,635	)
Real Estate Fund		54,116		—		(153,669	)		(6,860,381	)		—			(6,959,934	)
Retailing Fund		—		—		853,020			(1,106,171	)		—			(253,151	)
Technology Fund		—		1,955,347		12,598,809			(45,824	)		—			14,508,332
Telecommunications Fund		—		—		(330,746	)		(1,958,710	)		—			(2,289,456	)
Transportation Fund		22,238		—		2,424,551			(77,586	)		—			2,369,203
Utilities Fund		571,486		—		1,596,963			(1,930,074	)		—			238,375

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. The Funds are permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of March 31, 2023, capital loss carryforwards for the Funds were as follows:

Fund	Unlimited						Total Capital Loss Carryforward
	Short-Term			Long-Term
Banking Fund	$	(9,372,584	)	$	(683,429	)	$	(10,056,013	)
Basic Materials Fund		(2,095,620	)		—			(2,095,620	)
Biotechnology Fund		(1,397,404	)		—			(1,397,404	)
Electronics Fund		(2,394,338	)		—			(2,394,338	)
Energy Fund		(1,311,604	)		(14,341,862	)		(15,653,466	)
Energy Services Fund		(20,096,802	)		(14,965,001	)		(35,061,803	)
Internet Fund		(1,703,874	)		(985,236	)		(2,689,110	)
Leisure Fund		(183,057	)		(106,029	)		(289,086	)
Precious Metals Fund		(9,296,993	)		(25,228,251	)		(34,525,244	)
Real Estate Fund		(4,624,993	)		(2,235,388	)		(6,860,381	)
Retailing Fund		(712,772	)		(387,025	)		(1,099,797	)
Telecommunications Fund		(1,499,121	)		(457,929	)		(1,957,050	)
Transportation Fund		(77,586	)		—			(77,586	)
Utilities Fund		(1,093,856	)		(836,218	)		(1,930,074	)

For the year ended March 31, 2023, the following capital loss carryforward amounts were utilized:

Fund	Utilized
Basic Materials Fund	$	102,514
Precious Metals Fund		1,987,249
Telecommunications Fund		53,768

THE RYDEX FUNDS ANNUAL REPORT | 161

NOTES TO FINANCIAL STATEMENTS (continued)

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to investments in real estate investment trusts, foreign currency gains and losses, losses deferred due to wash sales, distributions in connection with redemption of fund shares, and the “mark-to-market,” recharacterization, or disposition of certain Passive Foreign Investment Companies (PFICs). Additional differences may result from the tax treatment of net operating losses, certain corporate actions, return of capital distributions, and foreign capital gains taxes. To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

The following adjustments were made on the Statements of Assets and Liabilities as of March 31, 2023 for permanent book/tax differences:

Fund	Paid In Capital			Total Distributable Earnings/(Loss)
Biotechnology Fund	$	(595,099	)	$	595,099
Consumer Products Fund		3,201,831			(3,201,831	)
Electronics Fund		(65,441	)		65,441
Energy Services Fund		(129,907	)		129,907
Financial Services Fund		3,642,833			(3,642,833	)
Health Care Fund		2,477,063			(2,477,063	)
Internet Fund		(189,279	)		189,279
Retailing Fund		(40,102	)		40,102
Technology Fund		504,994			(504,994	)

At March 31, 2023, 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	$	6,660,439	$	—	$	(1,117,612	)	$	(1,117,612	)
Basic Materials Fund		26,198,421		9,978,107		(140,271	)		9,837,836
Biotechnology Fund		67,061,563		58,871,930		(7,145,040	)		51,726,890
Consumer Products Fund		45,285,652		33,998,726		(176,412	)		33,822,314
Electronics Fund		37,302,319		18,465,465		(90,744	)		18,374,721
Energy Fund		59,956,459		13,272,338		(611,579	)		12,660,759
Energy Services Fund		37,570,492		—		(1,419,718	)		(1,419,718	)
Financial Services Fund		9,113,403		—		(1,988,633	)		(1,988,633	)
Health Care Fund		21,357,091		4,443,897		(152,632	)		4,291,265
Internet Fund		19,497,280		1,663,669		(254,190	)		1,409,479
Leisure Fund		24,505,484		1,388,365		(162,786	)		1,225,579
Precious Metals Fund		104,357,256		—		(13,293,373	)		(13,293,373	)
Real Estate Fund		2,835,886		—		(153,669	)		(153,669	)
Retailing Fund		8,333,428		933,823		(80,803	)		853,020
Technology Fund		21,505,167		12,858,750		(259,941	)		12,598,809
Telecommunications Fund		8,991,436		—		(330,746	)		(330,746	)
Transportation Fund		11,956,736		2,937,801		(513,250	)		2,424,551
Utilities Fund		19,175,578		1,649,926		(52,963	)		1,596,963

162 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

Pursuant to U.S. federal income tax regulations applicable to regulated investment companies, the Funds have elected to treat net capital losses and certain ordinary losses realized between November 1 and March 31 of each year as occurring on the first day of the following tax year. The Funds have also elected to treat certain ordinary losses realized between January 1 and March 31 of each year as occurring on the first day of the following tax year. For the year ended March 31, 2023, the following losses reflected in the accompanying financial statements were deferred for U.S. federal income tax purposes until April 1, 2023:

Fund	Ordinary			Capital
Biotechnology Fund	$	(135,681	)	$	—
Electronics Fund		(17,393	)		—
Energy Services Fund		(47,269	)		—
Financial Services Fund		—			(1,205,862	)
Health Care Fund		(20,369	)		(926,735	)
Internet Fund		(41,326	)		—
Retailing Fund		(6,374	)		—
Technology Fund		(45,824	)		—
Telecommunications Fund		(1,660	)		—

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

THE RYDEX FUNDS ANNUAL REPORT | 163

NOTES TO FINANCIAL STATEMENTS (continued)

Note 5 – Securities Transactions

For the year ended March 31, 2023, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments, were as follows:

Fund	Purchases		Sales
Banking Fund	$	34,789,091	$	39,727,241
Basic Materials Fund		53,813,565		82,394,769
Biotechnology Fund		81,996,700		109,804,384
Consumer Products Fund		70,051,791		78,552,021
Electronics Fund		60,056,208		78,238,537
Energy Fund		346,368,831		337,851,640
Energy Services Fund		99,627,047		77,561,157
Financial Services Fund		24,022,051		62,236,174
Health Care Fund		94,318,638		109,906,302
Internet Fund		25,707,949		16,136,021
Leisure Fund		32,412,582		18,127,204
Precious Metals Fund		328,404,713		296,655,431
Real Estate Fund		21,373,571		54,952,096
Retailing Fund		35,668,077		35,610,426
Technology Fund		42,358,805		47,369,817
Telecommunications Fund		22,426,877		15,377,169
Transportation Fund		28,070,135		29,768,261
Utilities Fund		131,334,998		167,562,332

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the year ended March 31, 2023, 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	$	2,189,664	$	3,501,772	$	26,860
Basic Materials Fund		3,649,903		4,654,884		358,380
Biotechnology Fund		4,200,474		5,198,155		138,112
Consumer Products Fund		4,400,585		2,874,355		269,032
Electronics Fund		3,417,465		12,502,499		121,589
Energy Fund		19,210,785		20,476,437		446,205
Energy Services Fund		7,958,158		7,558,254		451,536
Financial Services Fund		7,135,560		7,485,325		547,853
Health Care Fund		13,011,295		7,967,873		93,454
Internet Fund		1,842,787		2,092,305		(276,966	)
Leisure Fund		1,590,106		2,016,827		(89,502	)
Precious Metals Fund		7,912,545		6,289,511		(29,857	)
Real Estate Fund		4,383,424		822,921		(15,877	)
Retailing Fund		2,494,776		3,055,280		(15,930	)
Technology Fund		4,209,851		3,451,327		771,894
Telecommunications Fund		1,720,451		1,323,273		(59,604	)
Transportation Fund		1,409,279		1,857,834		81,816
Utilities Fund		8,861,885		4,693,294		35,945

164 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (continued)

Note 6 – Repurchase Agreements

The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies. The joint account includes other Funds in the Guggenheim complex not covered in this report. The collateral is in the possession of the Funds’ custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At March 31, 2023, 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 Bonds
4.80%					1.38% - 2.88%
Due 04/03/23	$	149,891,321	$	149,951,278	Due 08/15/50 - 05/15/52	$	252,867,100	$	152,889,157
BofA Securities, Inc.					U.S. Treasury Bonds
4.78%					1.88% - 3.00%
Due 04/03/23		59,219,537		59,243,126	Due 02/15/41 - 11/15/44		72,519,500		60,404,008
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
4.80%					0.13% - 1.00%
Due 04/03/23		59,219,537		59,243,225	Due 10/15/26 - 02/15/46		64,469,037		60,404,002

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 ANNUAL REPORT | 165

NOTES TO FINANCIAL STATEMENTS (continued)

At March 31, 2023, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

	Gross Amounts Not Offset in the Statements of Assets and Liabilities							Securities Lending Collateral
Fund	Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested			Cash Collateral Uninvested		Total Collateral
Banking Fund	$	224,546	$	(224,546	)	$	—	$	227,181		$	—	$	227,181
Basic Materials Fund		926,991		(926,991	)		—		950,738			—		950,738
Biotechnology Fund		954,936		(945,904	)		9,032		945,904	*		—		945,904
Consumer Products Fund		373,481		(373,481	)		—		378,211			—		378,211
Electronics Fund		818,200		(818,200	)		—		829,210			—		829,210
Financial Services Fund		76,228		(75,513	)		715		75,513	*		—		75,513
Health Care Fund		24,553		(23,915	)		638		23,915	*		—		23,915
Internet Fund		266,897		(266,897	)		—		283,218			—		283,218
Leisure Fund		312,594		(312,594	)		—		336,607			—		336,607
Precious Metals Fund		3,029,342		(3,029,342	)		—		3,153,328			—		3,153,328
Real Estate Fund		34,791		(34,585	)		206		34,585	*		—		34,585
Retailing Fund		109,439		(108,550	)		889		108,550	*		—		108,550
Technology Fund		75,356		(75,168	)		188		75,168	*		—		75,168
Telecommunications Fund		141,833		(141,833	)		—		145,470			—		145,470
Transportation Fund		599,904		(599,904	)		—		612,007			—		612,007
Utilities Fund		289,145		(289,145	)		—		309,798			—		309,798

(a)	Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.
*	Subsequent to March 31, 2023, additional collateral was received.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 8 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 6, 2022, the line of credit agreement was renewed and expires on June 5, 2023. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 3.87% for the year ended March 31, 2023. The Funds did not have any borrowings outstanding under this agreement at March 31, 2023.

166 | THE RYDEX FUNDS ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (concluded)

The average daily balances borrowed for the year ended March 31, 2023, were as follows:

Fund	Average Daily Balance
Banking Fund	$	5,740
Basic Materials Fund		811
Biotechnology Fund		3,515
Consumer Products Fund		16,219
Electronics Fund		595
Energy Fund		21,452
Energy Services Fund		6,444
Financial Services Fund		1,948
Health Care Fund		1,800
Internet Fund		2,170
Leisure Fund		515
Precious Metals Fund		6,085
Real Estate Fund		2,868
Retailing Fund		5,975
Technology Fund		6,570
Telecommunications Fund		468
Transportation Fund		677
Utilities Fund		849

Note 9 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting individual companies, or from broader influences, including real or perceived changes in prevailing interest rates (which have since risen and may continue to rise), changes in inflation rates or expectations about inflation rates (which are currently elevated relative to normal conditions), adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the current Russia-Ukraine conflict and its risk of expansion or collateral economic and other effects) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country or geographic region could adversely affect the value, yield and return of the investments held by the Funds in a different country or geographic region, economy, and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

Note 10 – Subsequent Events

On May 24, 2023, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for 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 and Utilities Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This arrangement will take effect on August 1, 2023 and the end of the initial term is August 1, 2024. 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.

The Funds evaluated subsequent events through the date the financial statements are issued and determined there were no additional material events that would require adjustment to or disclosure in the Funds’ financial statements.

THE RYDEX FUNDS ANNUAL REPORT | 167

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of 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 and Utilities Fund and the Board of Trustees of Rydex Series Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of 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 and Utilities Fund (collectively referred to as the “Funds”), (eighteen of the funds constituting Rydex Series Funds (the “Trust”)), including the schedules of investments, as of March 31, 2023, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (eighteen of the funds constituting Rydex Series Funds) at March 31, 2023, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Trust’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2023, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Guggenheim investment companies since 1979.

Tysons, Virginia
May 25, 2023

168 | THE RYDEX FUNDS ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Federal Income Tax Information

This information is being provided as required by the Internal Revenue Code. Amounts shown may differ from those elsewhere in the report because of differences in tax and financial reporting practice.

In January 2024, shareholders will be advised on IRS Form 1099 DIV or substitute 1099 DIV as to the federal tax status of the distributions received by shareholders in the calendar year 2023.

Precious Metals Fund intends to designate $192,735 of foreign tax withholding on foreign source income of $1,404,955.

Of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2023, the following funds had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief and Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income and dividend received deduction columns, respectively, in the table below.

Additionally, of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2023, the following funds had the corresponding percentages qualify as interest related dividends and qualified short-term capital gains as permitted by IRC Section 871(k)(1) and IRC Section 871(k)(2), respectively. See the qualified interest income and qualified short-term capital gain columns, respectively, in the table below.

Fund	Qualified Dividend Income			Dividend Received Deduction			Qualified Interest Income			Qualified Short-Term Capital Gain
Banking Fund		100.00	%		100.00	%		0.22	%		0.00	%
Basic Materials Fund		100.00	%		100.00	%		0.43	%		0.00	%
Consumer Products Fund		97.81	%		96.55	%		0.14	%		100.00	%
Energy Fund		100.00	%		100.00	%		0.18	%		0.00	%
Financial Services Fund		9.79	%		10.82	%		0.24	%		100.00	%
Precious Metals Fund		36.58	%		10.82	%		0.31	%		0.00	%
Real Estate Fund		7.12	%		0.31	%		0.22	%		0.00	%
Telecommunications Fund		100.00	%		100.00	%		0.69	%		0.00	%
Transportation Fund		7.00	%		5.91	%		0.43	%		100.00	%
Utilities Fund		100.00	%		100.00	%		0.23	%		0.00	%

With respect to the taxable year ended March 31, 2023, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:

Fund	From long-term capital gain:		From long-term capital gain, using proceeds from shareholder redemptions:
Biotechnology Fund	$	1,800,501	$	—
Consumer Products Fund		6,241,671		1,987,369
Financial Services Fund		—		3,543,157
Health Care Fund		719,389		2,582,207
Technology Fund		1,435,074		897,686

Final regulations dated June 24, 2020 enable a regulated investment company to pay Section 199A dividends to its shareholders. Section 199A, enacted as part of the Tax Cuts and Jobs Act of 2017, may allow non-corporate tax payers a deduction of up to 20% of qualified business income from flow-through entities, including dividends from real estate investment trusts. The qualifying percentage of the Real Estate Fund’s ordinary income and short-term capital gain distributions, if any, for the purposes of the Section 199A deduction was 74.25%.

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OTHER INFORMATION (Unaudited)(concluded)

Delivery of Shareholder Reports

Paper copies of the Funds’ annual and semi-annual shareholder reports are not sent by mail, unless you specifically request paper copies of the reports from a Fund or from your financial intermediary. Instead, the reports are made available on a website, and you are notified by mail each time a report is posted and provided with a website link to access the report.

You may elect to receive all future shareholder reports in paper free of charge. If you hold shares of a Fund directly, you can inform the Fund that you wish to receive paper copies of reports by calling 800.820.0888. If you hold shares of a Fund through a financial intermediary, please contact the financial intermediary to make this election. Your election to receive reports in paper may apply to all Guggenheim Funds in which you are invested and may apply to all Guggenheim Funds held with your financial intermediary.

Proxy Voting Information

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Funds’ portfolios is available, without charge and upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Information regarding how the Funds’ voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 800.820.0888. This information is also available from the EDGAR database on the SEC’s website at https://www.sec.gov.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

170 | THE RYDEX FUNDS ANNUAL REPORT

INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

A Board of Trustees oversees the Trust, as well as other trusts of GI, in which its members have no stated term of service, and continue to serve after election until resignation. The Statement of Additional Information includes further information about Fund Trustees and Officers, and can be obtained without charge by visiting guggenheiminvestments.com or by calling 800.820.0888.

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	155	Current: Advent Convertible and Income Fund (2005-present); Purpose Investments Funds (2013-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present); Director, Mutual Fund Directors Forum (2022-present). Former: Senior Leader, TIAA (1987-2012).	154	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Infinity Property & Casualty Corp. (2014-2018).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - continued
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (2021-present); Vice Chairman, VettaFi (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	155	Current: Advent Convertible and Income Fund (2003-present); PPM Funds (2) (2018-present); NorthShore-Edward-Elmhurst Health (2012-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	154	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: Fiduciary/Claymore Energy Infrastructure Fund (2019-2022); Guggenheim Enhanced Equity Income Fund (2019-2021); Guggenheim Credit Allocation Fund (2019-2021); SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2004-2022); Guggenheim Enhanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021); Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INTERESTED TRUSTEE
Amy J. Lee**** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2019	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (2018-2022); Guggenheim Enhanced Equity Income Fund (2018-2021); Guggenheim Credit Allocation Fund (2018-2021).

*	The business address of each Trustee is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each Trustee serves an indefinite term, until his or her successor is elected and qualified.
***	Each Trustee also serves on the Boards of Trustees of Guggenheim Funds Trust, Guggenheim Variable Funds Trust, Guggenheim Strategy Funds Trust, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Energy & Income Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Adviser and/or the parent of the Adviser.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(continued)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2019	Current: President, Mutual Funds Boards, Guggenheim Investments (2022-present); President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Mutual Funds Boards, Guggenheim Funds Investment Advisors, LLC and Security Investors, LLC (2018-present); Board Member, Guggenheim Partners Investment Funds plc (2022-present); Board Member, Guggenheim Global Investments plc (2022-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present). Former: Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-2022); Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Chairman of North American Executive Committee and Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2022	Current: Managing Director, Guggenheim Investments (2004-present); Chief Financial Officer, Chief Accounting Officer, and Treasurer, certain other funds in the Fund Complex (2022-present). Former: Assistant Treasurer, certain other funds in the Fund Complex (2006-2022); Manager, Mutual Fund Administration of Van Kampen Investments, Inc. (1996-2004).
Mark E. Mathiasen (1978)	Secretary	Since 2017	Current: Secretary, certain other funds in the Fund Complex (2007-present); Managing Director, Guggenheim Investments (2007-present).
Glenn McWhinnie (1969)	Assistant Treasurer	Since 2016	Current: Vice President, Guggenheim Investments (2009-present); Assistant Treasurer, certain other funds in the Fund Complex (2016-present).
Michael P. Megaris (1984)	Assistant Secretary	Since 2018	Current: Assistant Secretary, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (2012-present); Senior Managing Director, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)(concluded)

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2016	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2019	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Director, Guggenheim Investments (2017-present); Assistant Treasurer, certain other funds in the Fund Complex (2017-present). Former: Assistant Treasurer of Henderson Global Funds and Manager of US Fund Administration, Henderson Global Investors (North America) Inc. (“HGINA”), (2017); Senior Analyst of US Fund Administration, HGINA (2014–2017); Senior Associate of Fund Administration, Cortland Capital Market Services, LLC (2013-2014); Experienced Associate, PricewaterhouseCoopers LLP (2012-2013).

*	The business address of each officer is c/o Guggenheim Investments, 227 West Monroe Street, Chicago, Illinois 60606.
**	Each officer serves an indefinite term, until his or her successor is duly elected and qualified.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)

Who We Are

This Privacy Notice describes the data protection practices of Guggenheim Investments. Guggenheim Investments as used herein refers to the affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC, Security Investors, LLC, Guggenheim Investment Advisors (Europe) Limited, Guggenheim Real Estate, LLC, GS Gamma Advisors, LLC, Guggenheim Partners India Management, LLC, Guggenheim Partners Europe Limited, as well as the funds in the Guggenheim Funds complex (the “Funds”) (“Guggenheim Investments,” “we,” “us,” or “our”).

Guggenheim Partners Investment Management Holdings, LLC, located at 330 Madison Avenue, New York, New York, 10017 is the data controller for your information. The affiliates who are also controllers of certain of your information are: Guggenheim Investment Advisors (Europe) Limited, Guggenheim Partners Europe Limited, Guggenheim Partners, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Distributors, LLC and Security Investors, LLC, as well as the Funds.

Our Commitment to You

Guggenheim Investments considers your privacy our utmost concern. When you become our client or investor, you entrust us with not only your hard-earned money but also with your personal and financial information. Because we have access to your private information, we hold ourselves to the highest standards in its safekeeping and use. We strictly limit how we share your information with others, whether you are a current or former Guggenheim Investments client or investor.

The Information We Collect About You

We collect certain nonpublic personal information about you from information you provide on applications, other forms, our website, and/or from third parties including investment advisors. This information includes Social Security or other tax identification number, assets, income, tax information, retirement and estate plan information, transaction history, account balance, payment history, bank account information, marital status, family relationships, information that we collect on our website through the use of “cookies,” and other personal information that you or others provide to us. We may also collect such information through your inquiries by mail, e-mail or telephone. We may also collect customer due diligence information, as required by applicable law and regulation, through third party service providers.

How We Handle Your Personal Information

The legal basis for using your information as set out in this Privacy Notice is as follows: (a) use of your personal data is necessary to perform our obligations under any contract with you (such as a contract for us to provide financial services to you); or (b) where use of your personal data is not necessary for performance of a contract, use of your personal data is necessary for our legitimate interests or the legitimate interests of others (for example, to enforce the legal terms governing our services, operate and market our website and other services we offer, ensure safe environments for our personnel and others, make and receive payments, prevent fraud and to know the customer to whom we are providing the services). Some processing is done to comply with applicable law.

In addition to the specific uses described above, we also use your information in the following manner:

● We use your information in connection with servicing your accounts.

● We use information to respond to your requests or questions. For example, we might use your information to respond to your customer feedback.

● We use information to improve our products and services. We may use your information to make our website and products better. We may use your information to customize your experience with us.

● We use information for security purposes. We may use your information to protect our company and our customers.

● We use information to communicate with you. For example, we will communicate with you about your account or our relationship. We may contact you about your feedback. We might also contact you about this Privacy Notice. We may also enroll you in our email newsletter.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

● We use information as otherwise permitted by law, as we may notify you.

● Aggregate/Anonymous Data. We may aggregate and/or anonymize any information collected through the website so that such information can no longer be linked to you or your device (“Aggregate/Anonymous Information”). We may use Aggregate/Anonymous Information for any purpose, including without limitation for research and marketing purposes, and may also share such data with any third parties, including advertisers, promotional partners, and sponsors.

We do not sell information about current or former clients or their accounts to third parties. Nor do we share this information, except when necessary to complete transactions at your request, to make you aware of investment products and services that we or our affiliates offer, or as permitted or required by law.

We provide information about you to companies and individuals not affiliated with Guggenheim Investments to complete certain transactions or account changes, or to perform services for us related to your account. For example, if you ask to transfer assets from another financial institution to Guggenheim Investments, we must provide certain information about you to that company to complete the transaction. We provide the third party with only the information necessary to carry out its responsibilities and only for that purpose. And we require these third parties to treat your private information with the same high degree of confidentiality that we do. To alert you to other Guggenheim Investments products and services, we share your information within our family of affiliated companies. You may limit our sharing with affiliated companies as set out below. We may also share information with any successor to all or part of our business, or in connection with steps leading up to a merger or acquisition. For example, if part of our business was sold we may give customer information as part of that transaction. We may also share information about you with your consent.

We will release information about you if you direct us to do so, if we are compelled by law to do so, or in other circumstances as permitted by law (for example, to protect your account from fraud).

If you close your account(s) or become an inactive client or investor, we will continue to adhere to the privacy policies and practices described in this notice.

Opt-Out Provisions and Your Data Choices

The law allows you to “opt out” of certain kinds of information sharing with third parties. We do not share personal information about you with any third parties that triggers this opt-out right. This means YOU ARE ALREADY OPTED OUT.

When you are no longer our client or investor, we continue to share your information as described in this notice, and you may contact us at any time to limit our sharing by sending an email to CorporateDataPrivacy@GuggenheimPartners.com.

European Union Data Subjects and certain others: In addition to the choices set forth above, residents of the European Union and certain other jurisdictions have certain rights to (1) request access to or rectification or deletion of information we collect about them, (2) request a restriction on the processing of their information, (3) object to the processing of their information, or (4) request the portability of certain information. To exercise these or other rights, please contact us using the contact information below. We will consider all requests and provide our response within the time period stated by applicable law. Please note, however, that certain information may be exempt from such requests in some circumstances, which may include if we need to keep processing your information for our legitimate interests or to comply with a legal obligation. We may request you provide us with information necessary to confirm your identity before responding to your request.

Residents of France and certain other jurisdictions may also provide us with instructions regarding the manner in which we may continue to store, erase and share your information after your death, and where applicable, the person you have designated to exercise these rights after your death.

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

We restrict access to nonpublic personal information about you to our employees and in some cases to third parties (for example, the service providers described above) as permitted by law. We maintain strict physical, electronic and procedural safeguards that comply with federal standards to guard your nonpublic personal information.

We keep your information for no longer than necessary for the purposes for which it is processed. The length of time for which we retain information depends on the purposes for which we collected and use it and/or as required to comply with applicable laws. Information may persist in copies made for backup and business continuity purposes for additional time.

International Visitors

If you are not a resident of the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our databases are operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country.

In such cases, we ensure that a legal basis for such a transfer exists and that adequate protection is provided as required by applicable law, for example, by using standard contractual clauses or by transferring your data to a jurisdiction that has obtained an adequacy finding. Individuals whose data may be transferred on the basis of standard contractual clauses may contact us as described below.

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority.

We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

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Item 2. Code of Ethics.

The registrant’s Board of Trustees has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. No substantive amendments were approved or waivers were granted to the code of ethics during the period covered by this report. The code of ethics is filed as an exhibit to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The registrant's Board of Trustees has determined that it has at least one audit committee financial expert serving on its audit committee (the “Audit Committee”), Sandra G. Sponem. Ms. Sponem is “independent,” meaning that she is not an “interested person” of the Registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act) and she does not accept any consulting, advisory, or other compensatory fee from the Registrant (except in her capacity as a Board or committee member).

(Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the audit committee or Board of Trustees.).

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. The aggregate Audit Fees billed by the registrant’s principal accountant for professional services rendered for the audit of the annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal years ended March 31, 2023 and March 31, 2022 were $919,853 and $893,061, respectively.

(b) Audit Related Fees. The aggregate Audit-Related Fees billed by the registrant’s principal accountant for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item for the fiscal years ended March 31, 2023 and March 31, 2022 were $0 and $0, respectively.

The aggregate fees billed in the Reporting Periods for assurance and related services by the Auditor to the registrant’s investment adviser (not including any sub-investment adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant (“Service Affiliates”) which required pre-approval by the Audit Committee which related to the review of the transfer agent function for the fiscal years ended March 31, 2023 and March 31, 2022 were $0 and $0, respectively.

(c) Tax Fees: The aggregate Tax Fees billed by the registrant’s principal accountant for professional services rendered for tax compliance, tax advice, and tax planning, including preparation of tax returns and distribution assistance, for the fiscal years ended March 31, 2023 and March 31, 2022 were $447,790 and $451,975, respectively. These services consisted of (i) preparation of U.S. federal, state and excise tax returns; (ii) U.S. federal and state tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired and (iv) review of U.S. federal excise distribution calculations.

(d) All Other Fees. The aggregate All Other Fees billed by the registrant’s principal accountant for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, for the fiscal years ended March 31, 2023 and March 31, 2022 were $0 and $0, respectively.

(e) Audit Committee Pre-Approval Policies and Procedures.

(1) Audit Committee pre-approval policies and procedures:

To fulfill its responsibilities and duties the Audit Committee (the “Committee”) shall:

1. Pre-Approval Policy (Trusts). Pre-approve any engagement of the independent auditors to provide any services, other than “prohibited non-audit services,” to the Trust, including the fees and other compensation to be paid to the independent auditors (unless an exception is available under Rule 2-01 of Regulation S-X).

(a) The categories of services to be reviewed and considered for pre-approval include those services set forth under Section II.A.1. of the Background and Definitions for Audit Committee Charter, attached hereto as Appendix B (collectively, “Identified Services”).

(b) The Committee has pre-approved Identified Services for which the estimated fees are less than $25,000.

(c) For Identified Services with estimated fees of $25,000 or more, but less than $50,000, the Chair or any member of the Committee designated by the Chair is hereby authorized to pre-approve such Identified Services on behalf of the Committee.

(d) For Identified Services with estimated fees of $50,000 or more, such Identified Services require pre-approval by the Committee.

(e) All requests for Identified Services to be provided by the independent auditor that were pre-approved by the Committee shall be submitted to the Chief Accounting Officer (“CAO”) of the Trust by the independent auditor using the pre-approval request form attached as Appendix C hereto. The Trust’s CAO will determine whether such services are included within the list of services that have received the general pre-approval of the Committee.

(f) The independent auditors or the CAO of the Trust (or an officer of the Trust who reports to the CAO) shall report to the Committee at each of its regular scheduled meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Committee). The report shall include a general description of the services and projected fees, and the means by which such services were approved by the Committee (including the particular category of Identified Services set forth in Appendix B under which pre-approval was obtained).

2. Pre-Approval Policy (Adviser or Any Control Affiliate). Pre-approve any engagement of the independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the Adviser (or any “control affiliate” of the Adviser providing ongoing services to the Trust), if the engagement relates directly to the operations or financial reporting of the Trust (unless an exception is available under Rule 2-01 of Regulation S-X).

(a) The Chair or any member of the Committee designated by the Chair may grant the pre-approval for non-audit services to the Adviser (or any “control affiliate” of the Adviser providing ongoing services to the Trust) relating directly to the operations or financial reporting of the Trust for which the estimated fees are less than $25,000. All such delegated pre-approvals shall be presented to the Committee no later than the next regularly scheduled Committee meeting.

(b) For non-audit services to the Adviser (or any “control affiliate” of the Adviser providing ongoing services to the Trust) relating directly to the operations or financial reporting of the Trust for which the estimated fees are $25,000 or more, such services require pre-approval by the Committee.

A. Pre-Approval Requirements

1. Categories of Services to be Reviewed and Considered for Pre-Approval

(a) Audit Services

(i) Annual financial statement audits

(ii) Seed audits (related to new product filings, as required)

(iii) SEC and regulatory filings and consents

(b) Audit-Related Services

(i) Accounting consultations

(ii) Fund merger/reorganization support services

(iii) Other accounting related matters

(iv) Agreed upon procedures reports

(v) Attestation reports

(vi) Other internal control reports

(c) Tax Services

(i) Recurring tax services:

(a) Preparation of Federal and state income tax returns, including extensions

(b) Preparation of calculations of taxable income, including fiscal year tax designations

(c) Preparation of annual Federal excise tax returns (if applicable)

(d) Preparation of calendar year excise distribution calculations

(e) Calculation of tax equalization on an as-needed basis

(f) Preparation of monthly/quarterly estimates of tax undistributed position for closed-end funds

(g) Preparation of the estimated excise distribution calculations on an as-needed basis

(h) Preparation of calendar year shareholder reporting designations on Form 1099

(i) Preparation of quarterly Federal, state and local and franchise tax estimated tax payments on an as-needed basis

(j) Preparation of state apportionment calculations to properly allocate Fund taxable income among the states for state tax filing purposes

(k) Assistance with management’s identification of passive foreign investment companies (PFICs) for tax purposes

(ii) Permissible non-recurring tax services upon request:

(a) Assistance with determining ownership changes which impact a Fund’s utilization of loss carryforwards

(b) Assistance with corporate actions and tax treatment of complex securities and structured products

(c) Assistance with IRS ruling requests and calculation of deficiency dividends

(d) Conduct training sessions for the Adviser’s internal tax resources

(e) Assistance with Federal, state, local and international tax planning and advice regarding the tax consequences of proposed or actual transactions

(f) Tax services related to amendments to Federal, state and local returns and sales and use tax compliance

(g) RIC qualification reviews

(h) Tax distribution analysis and planning

(i) Tax authority examination services

(j) Tax appeals support services

(k) Tax accounting methods studies

(l) Fund merger, reorganization and liquidation support services

(m) Tax compliance, planning and advice services and related projects

(n) Assistance with out of state residency status

(o) Provision of tax compliance services in India for Funds with direct investments in India

B. Pre-Approval Not Required

Under Section 10A(h)(i)(1)(B) of the Exchange Act and Rule 2-01 under Regulation S-X (Section (c)(7)), pre-approval of non-audit services for the Trust pursuant to Section V.B.2 is not required, if:

1. the aggregate amount of all non-audit services provided to the Trust is no more than 5% of the total fees paid by the Trust to the independent auditors during the fiscal year in which the non-audit services are provided;

2. the services were not recognized by Trust management at the time of the engagement as non-audit services; and

3. such services are promptly brought to the attention of the Audit Committee by Trust management and the Committee approves them (which may be by delegation) prior to the completion of the audit.

Under Section 10A(h)(i)(1)(B) of the Exchange Act and Rule 2-01 under Regulation S-X (Section (c)(7)), pre-approval of non-audit services for the Adviser (or any affiliate of the Adviser providing ongoing services to the Trust) pursuant to Section V.B.3 is not required, if:

1. the aggregate amount of all non-audit services provided is no more than 5% of the total fees paid to the Trust’s independent auditors by the Trust, the Adviser and any “control affiliate” of the Adviser providing ongoing services to the Trust during the fiscal year in which the non-audit services are provided;

2. the services were not recognized by Trust management at the time of the engagement as non-audit services; and

3. such services are promptly brought to the attention of the Audit Committee by Trust management and the Committee approves them (which may be by delegation) prior to the completion of the audit.

(2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X

(f) Not applicable.

(g) Non-Audit Fees. The aggregate non-audit fees billed by the registrant’s accountant for the most recent fiscal year and the preceding fiscal year for services rendered to the registrant, the investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant were $447,790 and $451,975, respectively. These aggregate fees were less than the aggregate fees billed for the same periods by the registrant’s principal accountant for audit services rendered to the registrant, the investment advisor, and any entity controlling, controlled by, or under common control with the advisor that provides ongoing services to the registrant.

(h) Auditor Independence. The registrant’s Audit Committee was provided with information relating to the provision of non-audit services by Ernst & Young, LLP to the registrant’s investment adviser (not including any sub adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved by the Audit Committee so that a determination could be made whether the provision of such services is compatible with maintaining Ernst & Young, LLP’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The Schedule of Investments is included under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant does not currently have in place procedures by which shareholders may recommend nominees to the registrant’s board.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s board.

Item 11. Controls and Procedures.

(a) The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures 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 have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) are attached.

(a)(3) Not applicable.

(a)(4) Not applicable.

(b) A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act (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	June 2, 2023

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	June 2, 2023
By (Signature and Title)*	/s/ James M. Howley
	James M. Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer
Date	June 2, 2023

^* Print the name and title of each signing officer under his or her signature.