N-CSRS

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, 2023 – September 30, 2023

Item 1. Reports to Stockholders.

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

9.30.2023

Rydex Funds Semi-Annual Report

Guggenheim Alternatives Funds

Guggenheim Long Short Equity Fund

Rydex International Equity Funds

Rydex Emerging Markets 2x Strategy Fund

Rydex Inverse Emerging Markets 2x Strategy Fund

Rydex Fixed Income Fund

Rydex Emerging Markets Bond Strategy Fund

GuggenheimInvestments.com RSTF-SEMI-0923x0324

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS	6
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
LONG SHORT EQUITY FUND	10
EMERGING MARKETS 2x STRATEGY FUND	30
INVERSE EMERGING MARKETS 2x STRATEGY FUND	39
EMERGING MARKETS BOND STRATEGY FUND	47
NOTES TO FINANCIAL STATEMENTS	55
OTHER INFORMATION	69
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	77
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	83
LIQUIDITY RISK MANAGEMENT PROGRAM	86

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2023

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for a selection of our Alternatives Funds and International Equity Funds and one of our Fixed Income Funds (each, a “Fund” and collectively, the “Funds”) for the six-month period ended September 30, 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.

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

Sincerely,

Security Investors, LLC

October 31, 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 is subject to a number of risks and is not 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. Please read the prospectus for more detailed information regarding these and other risks.

The Emerging Markets 2x Strategy Fund and Inverse Emerging Markets 2x Strategy Fund are not suitable for all investors. ● The 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. ● Investments in the Inverse Emerging Markets 2x Strategy Fund involve certain risks, which include increased volatility due to the Funds’ 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. ●The 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 may prevent the Funds from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, the Funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. The value of the Funds’ shares will tend to increase or decrease more than the value of any increase or decrease in their 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 holdings in the Funds consistent with their strategies, as frequently as daily. ● The 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. ● Additionally, the Funds’ direct and indirect exposure to foreign currencies subjects the Funds to the risk that those currencies

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 2023

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. ● Please read the prospectus for more detailed information regarding these and other risks.

The Emerging Markets Bond Strategy Fund is subject to a number of risks and is not 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 Fund’s 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. ● Please read the prospectus for more detailed information regarding these and other risks.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2023

Faced with a series of strong economic data releases, the market increasingly appears to be coming to the conclusion that the economy is structurally better able to withstand higher interest rates than it really is. This dynamic can be seen by examining the move in Treasury yields, with the sell-off almost entirely being due to real yields rather than inflation expectations, and with the move most pronounced at the long end of the yield curve. Digging further, however, a large portion of this shift is due to a rising term premium (the premium for unknown and unquantified risks in the future, beyond current assumptions on the path of inflation or policy rates), which is indicating greater uncertainty about the outlook.

Many forecasters are extrapolating the current year’s economic strength without recognizing the fact that growth has benefited from a number of factors this year that are unlikely to be repeated, namely an expansion of the fiscal deficit, a slowdown in inflation, and a rebound in labor supply. As these factors fade, the headwinds from tight monetary policy may be more apparent and pronounced. And the longer monetary conditions stay tight, the greater the risk of something breaking (banks and commercial real estate remain key risks). All of this suggests that the recent economic trajectory cannot be assumed to continue, especially given the substantial restraint that could be imposed by the recent rise in long-term borrowing costs.

Uncertainty is elevated given the diverging signals in the data and the fact that many traditional economic models are not “working” as they traditionally would. This uncertainty extends to the U.S. Federal Reserve, which looks set to hold off on further rate hikes while it waits to see if the data start to align with the softening conditions policymakers say they are hearing on the ground. We continue to think the gravitational pull of tight money and credit conditions could result in a slowing economy and cooler inflation over the next year, paving the way for more rate cuts than the market presently expects.

For the Reporting Period, the S&P 500^® Index* returned 5.18%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -1.28%. The return of the MSCI Emerging Markets Index* was -2.05%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -4.05% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 2.21%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 2.51% 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.

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.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(continued) September 30, 2023

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.

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.

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 SEMI-ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

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

Because of the non-linear 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 a single 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 compounding, leverage and other risks, please read the prospectus.

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

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

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2023 and ending September 30, 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 SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Table 1. Based on actual Fund return3
Long Short Equity Fund
A-Class		1.78	%		4.26	%	$	1,000.00	$	1,042.60	$	9.09
C-Class		2.69	%		3.76	%		1,000.00		1,037.60		13.70
P-Class		1.78	%		4.25	%		1,000.00		1,042.50		9.09
Institutional Class		1.51	%		4.39	%		1,000.00		1,043.90		7.72
Emerging Markets 2x Strategy Fund
A-Class		1.78	%		(11.49	%)		1,000.00		885.10		8.39
C-Class		2.53	%		(11.88	%)		1,000.00		881.20		11.90
H-Class		1.77	%		(11.58	%)		1,000.00		884.20		8.34
Inverse Emerging Markets 2x Strategy Fund
A-Class		1.73	%		6.33	%		1,000.00		1,063.30		8.92
C-Class		2.49	%		5.94	%		1,000.00		1,059.40		12.82
H-Class		1.74	%		6.02	%		1,000.00		1,060.20		8.96
Emerging Markets Bond Strategy Fund
A-Class		1.60	%		(1.26	%)		1,000.00		987.40		7.95
C-Class		2.30	%		(1.72	%)		1,000.00		982.80		11.40
H-Class		1.62	%		(1.25	%)		1,000.00		987.50		8.05

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Long Short Equity Fund
A-Class		1.78	%		5.00	%	$	1,000.00	$	1,016.10	$	8.97
C-Class		2.69	%		5.00	%		1,000.00		1,011.55		13.53
P-Class		1.78	%		5.00	%		1,000.00		1,016.10		8.97
Institutional Class		1.51	%		5.00	%		1,000.00		1,017.45		7.62
Emerging Markets 2x Strategy Fund
A-Class		1.78	%		5.00	%		1,000.00		1,016.10		8.97
C-Class		2.53	%		5.00	%		1,000.00		1,012.35		12.73
H-Class		1.77	%		5.00	%		1,000.00		1,016.15		8.92
Inverse Emerging Markets 2x Strategy Fund
A-Class		1.73	%		5.00	%		1,000.00		1,016.35		8.72
C-Class		2.49	%		5.00	%		1,000.00		1,012.55		12.53
H-Class		1.74	%		5.00	%		1,000.00		1,016.30		8.77
Emerging Markets Bond Strategy Fund
A-Class		1.60	%		5.00	%		1,000.00		1,017.00		8.07
C-Class		2.30	%		5.00	%		1,000.00		1,013.50		11.58
H-Class		1.62	%		5.00	%		1,000.00		1,016.90		8.17

1	Annualized and excludes expense of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2023 to September 30, 2023.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2023

LONG SHORT EQUITY FUND

OBJECTIVE: Seeks long-term capital appreciation.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings	% of Total Net Assets
Microsoft Corp.	1.1%
Apple, Inc.	1.1%
Exxon Mobil Corp.	1.0%
Amgen, Inc.	0.9%
Merck & Company, Inc.	0.9%
Home Depot, Inc.	0.9%
Humana, Inc.	0.8%
Gilead Sciences, Inc.	0.8%
Abbott Laboratories	0.8%
Bristol-Myers Squibb Co.	0.8%
Top Ten Total	9.1%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	4.26%	19.82%	3.34%	3.64%
A-Class Shares with sales charge‡	(0.70%)	14.12%	2.34%	3.14%
C-Class Shares	3.76%	18.81%	2.53%	2.85%
C-Class Shares with CDSC§	2.76%	17.81%	2.53%	2.85%
P-Class Shares	4.25%	19.82%	3.35%	3.64%
Institutional Class Shares	4.39%	20.14%	3.60%	3.90%
S&P 500 Index**	5.18%	21.62%	9.92%	11.91%
Morningstar Long/Short Equity Category Average**	1.00%	8.57%	2.23%	3.15%

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 11

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Value
COMMON STOCKS† - 91.3%
Consumer, Non-cyclical - 17.3%
Amgen, Inc.1		515	$	138,412
Merck & Company, Inc.1		1,339		137,850
Humana, Inc.1		272		132,333
Gilead Sciences, Inc.1		1,763		132,119
Abbott Laboratories1		1,347		130,457
Bristol-Myers Squibb Co.1		2,200		127,688
United Therapeutics Corp.*		551		124,454
Pfizer, Inc.		3,737		123,956
Procter & Gamble Co.		848		123,689
Hologic, Inc.*		1,683		116,800
Royalty Pharma plc — Class A1		4,195		113,852
H&R Block, Inc.1		2,579		111,052
Exelixis, Inc.*		4,877		106,563
Innoviva, Inc.*		6,781		88,085
Altria Group, Inc.1		1,998		84,016
Incyte Corp.*,1		1,412		81,571
Philip Morris International, Inc.		790		73,138
Perdoceo Education Corp.		3,944		67,442
Dynavax Technologies Corp.*,1		4,034		59,582
Heidrick & Struggles International, Inc.		2,257		56,470
Korn Ferry1		1,172		55,600
Molina Healthcare, Inc.*		169		55,413
UnitedHealth Group, Inc.		103		51,932
Envista Holdings Corp.*		1,630		45,445
Elevance Health, Inc.		95		41,365
John B Sanfilippo & Son, Inc.		392		38,730
PayPal Holdings, Inc.*		651		38,058
Eli Lilly & Co.		64		34,376
Neurocrine Biosciences, Inc.*		292		32,850
Archer-Daniels-Midland Co.		417		31,450
Organon & Co.		1,803		31,300
Hackett Group, Inc.		1,291		30,455
Alarm.com Holdings, Inc.*		424		25,923
Alkermes plc*		849		23,781
Voyager Therapeutics, Inc.*		3,025		23,444
Total Consumer, Non-cyclical				2,689,651
Industrial - 17.2%
Schneider National, Inc. — Class B		4,380		121,282
Illinois Tool Works, Inc.		522		120,222
ITT, Inc.		1,222		119,646
UFP Industries, Inc.1		1,165		119,296
Apogee Enterprises, Inc.1		2,496		117,512
Watts Water Technologies, Inc. — Class A		671		115,962
Donaldson Company, Inc.1		1,934		115,344
Hub Group, Inc. — Class A*		1,446		113,569
Snap-on, Inc.1		430		109,676
Masco Corp.1		2,025		108,236
Simpson Manufacturing Company, Inc.1		685		102,620
Boise Cascade Co.1		995		102,525
TE Connectivity Ltd.		775		95,736
Valmont Industries, Inc.		398		95,604
Acuity Brands, Inc.1		558		95,033
Sturm Ruger & Company, Inc.		1,688		87,978
Mueller Industries, Inc.1		1,163		87,411
CH Robinson Worldwide, Inc.		761		65,545
Northrop Grumman Corp.		143		62,947
Insteel Industries, Inc.		1,709		55,474
Argan, Inc.		1,123		51,119
Encore Wire Corp.		275		50,177
Owens Corning		367		50,062
Fortune Brands Innovations, Inc.		763		47,428
Sanmina Corp.*		850		46,138
Landstar System, Inc.		260		46,004
Teekay Corp.*		7,416		45,757
Expeditors International of Washington, Inc.		363		41,611
Keysight Technologies, Inc.*,1		306		40,487
Ardmore Shipping Corp.		2,819		36,675
International Seaways, Inc.		779		35,055
Scorpio Tankers, Inc.		647		35,015
AGCO Corp.		274		32,409
Builders FirstSource, Inc.*		239		29,753
Union Pacific Corp.1		141		28,712
Agilent Technologies, Inc.1		244		27,284
Lindsay Corp.		200		23,536
Total Industrial				2,678,840
Consumer, Cyclical - 11.6%
Home Depot, Inc.		443		133,857
TJX Companies, Inc.		1,432		127,276
MSC Industrial Direct Company, Inc. — Class A		1,260		123,669
Polaris, Inc.		1,125		117,157
Boyd Gaming Corp.1		1,711		104,080
Lennar Corp. — Class A		870		97,640
Allison Transmission Holdings, Inc.1		1,617		95,500
KB Home		1,598		73,955
Tri Pointe Homes, Inc.*		2,668		72,970
Ulta Beauty, Inc.*		180		71,901
M/I Homes, Inc.*		792		66,560
Steven Madden Ltd.		2,012		63,922
Walmart, Inc.		385		61,573
Murphy USA, Inc.1		167		57,069
Brunswick Corp.1		716		56,564
BorgWarner, Inc.		1,352		54,580
PulteGroup, Inc.		702		51,983
Monarch Casino & Resort, Inc.		834		51,791
Gentex Corp.		1,538		50,047
Ethan Allen Interiors, Inc.		1,417		42,368
Taylor Morrison Home Corp. — Class A*		974		41,502
Meritage Homes Corp.		308		37,696
Malibu Boats, Inc. — Class A*		731		35,834
MasterCraft Boat Holdings, Inc.*		1,305		28,997
Skechers USA, Inc. — Class A*		517		25,307
DR Horton, Inc.		233		25,041
Everi Holdings, Inc.*		1,684		22,263
Tesla, Inc.*		86		21,519
Total Consumer, Cyclical				1,812,621

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Value
Communications - 10.4%
Verizon Communications, Inc.1		3,889	$	126,042
VeriSign, Inc.*,1		602		121,923
Omnicom Group, Inc.		1,548		115,295
F5, Inc.*		657		105,869
Booking Holdings, Inc.*,1		31		95,602
Yelp, Inc. — Class A*		2,291		95,283
Alphabet, Inc. — Class C*		700		92,295
AT&T, Inc.1		6,104		91,682
Cisco Systems, Inc.1		1,435		77,146
IDT Corp. — Class B*		3,051		67,274
Juniper Networks, Inc.		2,383		66,224
A10 Networks, Inc.1		4,333		65,125
InterDigital, Inc.		736		59,057
Amazon.com, Inc.*,1		456		57,967
Ziff Davis, Inc.*		849		54,073
Ooma, Inc.*		3,389		44,091
New York Times Co. — Class A		1,018		41,942
Gogo, Inc.*,1		3,119		37,210
GoDaddy, Inc. — Class A*		468		34,856
Fox Corp. — Class A		1,097		34,226
eBay, Inc.		675		29,761
Meta Platforms, Inc. — Class A*,1		98		29,420
HealthStream, Inc.		1,315		28,378
NETGEAR, Inc.*		2,075		26,124
Ciena Corp.*		505		23,866
Total Communications				1,620,731
Technology - 10.0%
Microsoft Corp.1		552		174,294
Apple, Inc.		990		169,498
International Business Machines Corp.1		780		109,434
Hewlett Packard Enterprise Co.		5,645		98,053
NVIDIA Corp.		194		84,388
Progress Software Corp.		1,593		83,760
Kulicke & Soffa Industries, Inc.1		1,646		80,045
Dropbox, Inc. — Class A*		2,743		74,692
Amdocs Ltd.		812		68,606
NextGen Healthcare, Inc.*		2,356		55,908
QUALCOMM, Inc.1		492		54,641
Intuit, Inc.		101		51,605
NetApp, Inc.		619		46,970
Synaptics, Inc.*		449		40,159
Zoom Video Communications, Inc. — Class A*		565		39,516
Photronics, Inc.*		1,952		39,450
Immersion Corp.		5,842		38,616
Salesforce, Inc.*		190		38,528
Veradigm, Inc.*,1		2,560		33,638
Cognizant Technology Solutions Corp. — Class A		427		28,925
Diodes, Inc.*,1		349		27,515
Box, Inc. — Class A*,1		1,095		26,510
Akamai Technologies, Inc.*		236		25,143
Broadcom, Inc.		29		24,087
Autodesk, Inc.*,1		112		23,174
Applied Materials, Inc.		160		22,152
Total Technology				1,559,307
Financial - 9.4%
Equity Commonwealth REIT		6,477		118,982
MGIC Investment Corp.		7,122		118,866
Essent Group Ltd.		2,480		117,279
Aflac, Inc.		1,197		91,870
Western Union Co.		6,636		87,463
Preferred Bank/Los Angeles CA		1,399		87,088
Mr Cooper Group, Inc.*		1,594		85,375
Globe Life, Inc.		756		82,200
Fulton Financial Corp.		6,428		77,843
Citizens Financial Group, Inc.		2,103		56,361
M&T Bank Corp.		408		51,592
Cathay General Bancorp		1,405		48,838
S&T Bancorp, Inc.1		1,803		48,825
Enact Holdings, Inc.		1,789		48,714
Independent Bank Corp.1		960		47,126
Capital One Financial Corp.		483		46,875
NMI Holdings, Inc. — Class A*		1,652		44,753
International Bancshares Corp.1		910		39,439
East West Bancorp, Inc.		716		37,740
OFG Bancorp		1,171		34,966
Southside Bancshares, Inc.1		1,210		34,727
Enova International, Inc.*,1		647		32,913
Berkshire Hathaway, Inc. — Class B*		68		23,820
Total Financial				1,463,655
Energy - 7.7%
Exxon Mobil Corp.1		1,339		157,440
Chord Energy Corp.		750		121,552
Chesapeake Energy Corp.		1,391		119,946
Occidental Petroleum Corp.1		1,592		103,289
Valero Energy Corp.1		533		75,531
CNX Resources Corp.*		3,125		70,562
Chevron Corp.1		414		69,809
Magnolia Oil & Gas Corp. — Class A		2,868		65,706
Coterra Energy, Inc. — Class A		2,335		63,162
Marathon Petroleum Corp.		376		56,904
Par Pacific Holdings, Inc.*		1,525		54,809
Cheniere Energy, Inc.		318		52,775
Southwestern Energy Co.*		8,180		52,761
SandRidge Energy, Inc.		2,209		34,593
PBF Energy, Inc. — Class A		595		31,850
Range Resources Corp.		946		30,660
Equities Corp.		736		29,867
Total Energy				1,191,216
Utilities - 5.9%
OGE Energy Corp.		3,709		123,621
WEC Energy Group, Inc.		1,519		122,355
Public Service Enterprise Group, Inc.		2,126		120,991
National Fuel Gas Co.1		2,254		117,005
Consolidated Edison, Inc.1		1,350		115,465
Atmos Energy Corp.1		1,059		112,180
American Water Works Company, Inc.		651		80,614

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Value
Chesapeake Utilities Corp.1		654	$	63,928
ONE Gas, Inc.		556		37,964
Clearway Energy, Inc. — Class C		1,360		28,778
Total Utilities				922,901
Basic Materials - 1.8%
NewMarket Corp.1		266		121,041
Olin Corp.		2,226		111,255
CF Industries Holdings, Inc.1		375		32,153
Albemarle Corp.		137		23,295
Total Basic Materials				287,744
Total Common Stocks
(Cost $14,081,880)				14,226,666
MONEY MARKET FUND† - 1.7%
Invesco Treasury Obligations Portfolio, 0.00%2		257,123		257,123
Total Money Market Fund
(Cost $257,123)				257,123
Total Investments - 93.0%
(Cost $14,339,003)			$	14,483,789
Other Assets & Liabilities, net - 7.0%				1,087,616
Total Net Assets - 100.0%			$	15,571,405

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Type	Financing Rate	Payment Frequency		Maturity Date		Notional Amount		Value and Unrealized Appreciation
OTC Custom Basket Swap Agreements††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Pay	5.73% (Federal Funds Rate + 0.40%)		At Maturity		11/27/24	$	6,566,312	$	69,038
Goldman Sachs International	GS Equity Custom Basket	Pay	5.78% (Federal Funds Rate + 0.45%)		At Maturity		05/06/24		6,566,304		68,637
								$	13,132,616	$	137,675
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Receive	5.03% (Federal Funds Rate - 0.30%)		At Maturity		11/27/24	$	8,405,483	$	539,723
Goldman Sachs International	GS Equity Custom Basket	Receive	5.13% (Federal Funds Rate - 0.20%)		At Maturity		05/06/24		8,405,475		536,989
								$	16,810,958	$	1,076,712

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY LONG CUSTOM BASKET
Financial
Preferred Bank/Los Angeles CA		646		0.63	%	$	10,357
MGIC Investment Corp.		3,287		0.84	%		7,631
NMI Holdings, Inc. — Class A		763		0.31	%		5,625
Essent Group Ltd.		1,145		0.82	%		5,403
Mr Cooper Group, Inc.		736		0.60	%		3,133
Western Union Co.		3,063		0.61	%		2,871
Aflac, Inc.		552		0.65	%		1,517
M&T Bank Corp.		188		0.36	%		836
OFG Bancorp		540		0.25	%		(64	)
International Bancshares Corp.		420		0.28	%		(248	)
East West Bancorp, Inc.		331		0.27	%		(293	)
Berkshire Hathaway, Inc. — Class B		32		0.17	%		(331	)
Enova International, Inc.		298		0.23	%		(513	)
Enact Holdings, Inc.		826		0.34	%		(648	)
Capital One Financial Corp.		223		0.33	%		(785	)
Citizens Financial Group, Inc.		971		0.40	%		(914	)
S&T Bancorp, Inc.		832		0.34	%		(1,524	)
Globe Life, Inc.		349		0.58	%		(1,972	)
Cathay General Bancorp		649		0.34	%		(2,315	)
Southside Bancshares, Inc.		558		0.24	%		(3,731	)
Independent Bank Corp.		443		0.33	%		(4,276	)
Fulton Financial Corp.		2,967		0.55	%		(6,392	)
Equity Commonwealth		2,990		0.84	%		(6,571	)
Total Financial							6,796
Industrial
Boise Cascade Co.		459		0.72	%		11,080
Mueller Industries, Inc.		537		0.61	%		8,570
UFP Industries, Inc.		538		0.84	%		7,078
Simpson Manufacturing Company, Inc.		316		0.72	%		6,708
Snap-on, Inc.		198		0.77	%		6,303
ITT, Inc.		564		0.84	%		5,950
Donaldson Company, Inc.		893		0.81	%		4,712
International Seaways, Inc.		359		0.25	%		3,168
Argan, Inc.		518		0.36	%		3,046
Scorpio Tankers, Inc.		299		0.25	%		2,317
Encore Wire Corp.		127		0.35	%		2,117
Builders FirstSource, Inc.		110		0.21	%		1,470
Ardmore Shipping Corp.		1,301		0.26	%		1,240
Northrop Grumman Corp.		66		0.44	%		201
Sanmina Corp.		392		0.32	%		72
Expeditors International of Washington, Inc.		168		0.29	%		54
Landstar System, Inc.		120		0.32	%		(122	)
CH Robinson Worldwide, Inc.		351		0.46	%		(538	)
Teekay Corp.		3,423		0.32	%		(555	)
Schneider National, Inc. — Class B		2,022		0.85	%		(807	)
Owens Corning		169		0.35	%		(930	)
Acuity Brands, Inc.		257		0.67	%		(1,025	)
Apogee Enterprises, Inc.		1,152		0.83	%		(1,155	)
Insteel Industries, Inc.		789		0.39	%		(1,167	)
AGCO Corp.		127		0.23	%		(1,266	)
Agilent Technologies, Inc.		113		0.19	%		(1,577	)
Union Pacific Corp.		65		0.20	%		(1,808	)
Valmont Industries, Inc.		184		0.67	%		(2,277	)
Masco Corp.		934		0.76	%		(2,419	)
Fortune Brands Innovations, Inc.		352		0.33	%		(2,662	)
Lindsay Corp.		92		0.16	%		(2,998	)
Illinois Tool Works, Inc.		241		0.85	%		(3,153	)
Sturm Ruger & Company, Inc.		779		0.62	%		(3,172	)
Watts Water Technologies, Inc. — Class A		310		0.82	%		(3,353	)
Keysight Technologies, Inc.		141		0.28	%		(3,402	)
TE Connectivity Ltd.		358		0.67	%		(4,664	)
Hub Group, Inc. — Class A		667		0.80	%		(4,801	)
Total Industrial							20,235
Communications
Alphabet, Inc. — Class C		323		0.65	%		23,293
Meta Platforms, Inc. — Class A		45		0.21	%		8,000
Cisco Systems, Inc.		662		0.54	%		6,983
Booking Holdings, Inc.		14		0.66	%		4,028
Amazon.com, Inc.		210		0.41	%		2,631
NETGEAR, Inc.		958		0.18	%		743
A10 Networks, Inc.		2,000		0.46	%		293
eBay, Inc.		312		0.21	%		92
Fox Corp. — Class A		506		0.24	%		(132	)
GoDaddy, Inc. — Class A		216		0.25	%		(221	)
F5, Inc.		303		0.74	%		(344	)
Ciena Corp.		233		0.17	%		(396	)
HealthStream, Inc.		607		0.20	%		(742	)
Ziff Davis, Inc.		392		0.38	%		(963	)
Juniper Networks, Inc.		1,100		0.47	%		(1,043	)
AT&T, Inc.		2,817		0.64	%		(1,285	)
New York Times Co. — Class A		470		0.29	%		(1,534	)
InterDigital, Inc.		340		0.42	%		(1,714	)
IDT Corp. — Class B		1,408		0.47	%		(2,070	)
Ooma, Inc.		1,564		0.31	%		(2,503	)
Yelp, Inc. — Class A		1,057		0.67	%		(2,522	)
VeriSign, Inc.		278		0.86	%		(5,742	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Verizon Communications, Inc.		1,795		0.89	%	$	(6,992	)
Gogo, Inc.		1,439		0.26	%		(7,044	)
Omnicom Group, Inc.		714		0.81	%		(7,996	)
Total Communications							2,820
Consumer, Non-cyclical
H&R Block, Inc.		1,190		0.78	%		13,577
Perdoceo Education Corp.		1,820		0.47	%		11,871
Amgen, Inc.		238		0.97	%		8,573
Exelixis, Inc.		2,251		0.75	%		7,966
Dynavax Technologies Corp.		1,862		0.42	%		5,310
Hackett Group, Inc.		596		0.21	%		2,612
Eli Lilly & Co.		29		0.24	%		2,524
Molina Healthcare, Inc.		78		0.39	%		1,239
UnitedHealth Group, Inc.		48		0.37	%		1,216
Innoviva, Inc.		3,130		0.62	%		866
Humana, Inc.		126		0.93	%		704
United Therapeutics Corp.		254		0.87	%		617
Alarm.com Holdings, Inc.		196		0.18	%		546
Neurocrine Biosciences, Inc.		135		0.23	%		308
Alkermes plc		392		0.17	%		132
Archer-Daniels-Midland Co.		193		0.22	%		(363	)
Philip Morris International, Inc.		365		0.51	%		(378	)
Elevance Health, Inc.		44		0.29	%		(690	)
PayPal Holdings, Inc.		301		0.27	%		(789	)
John B Sanfilippo & Son, Inc.		181		0.27	%		(973	)
Korn Ferry		541		0.39	%		(1,325	)
Gilead Sciences, Inc.		814		0.93	%		(1,372	)
Altria Group, Inc.		922		0.59	%		(1,862	)
Organon & Co.		832		0.22	%		(2,220	)
Voyager Therapeutics, Inc.		1,396		0.16	%		(2,284	)
Procter & Gamble Co.		391		0.87	%		(2,429	)
Heidrick & Struggles International, Inc.		1,042		0.40	%		(2,681	)
Envista Holdings Corp.		752		0.32	%		(2,692	)
Bristol-Myers Squibb Co.		1,015		0.90	%		(4,870	)
Hologic, Inc.		777		0.82	%		(6,353	)
Abbott Laboratories		622		0.92	%		(6,377	)
Merck & Company, Inc.		618		0.97	%		(6,825	)
Incyte Corp.		652		0.57	%		(7,111	)
Pfizer, Inc.		1,725		0.87	%		(7,500	)
Royalty Pharma plc — Class A		1,936		0.80	%		(19,167	)
Total Consumer, Non-cyclical							(20,200	)
Technology
Apple, Inc.		457		1.20	%		40,146
Microsoft Corp.		255		1.23	%		31,550
NextGen Healthcare, Inc.		1,132		0.41	%		8,103
NetApp, Inc.		286		0.33	%		7,510
Akamai Technologies, Inc.		109		0.18	%		1,764
Diodes, Inc.		161		0.19	%		1,736
Veradigm, Inc.		1,182		0.24	%		1,655
Applied Materials, Inc.		74		0.16	%		364
Synaptics, Inc.		207		0.28	%		249
Autodesk, Inc.		52		0.16	%		178
NVIDIA Corp.		89		0.59	%		(181	)
Dropbox, Inc. — Class A		1,266		0.52	%		(360	)
Broadcom, Inc.		13		0.16	%		(511	)
Cognizant Technology Solutions Corp. — Class A		197		0.20	%		(701	)
Hewlett Packard Enterprise Co.		2,605		0.69	%		(870	)
Zoom Video Communications, Inc. — Class A		261		0.28	%		(935	)
Immersion Corp.		2,696		0.27	%		(1,057	)
Photronics, Inc.		901		0.28	%		(1,270	)
QUALCOMM, Inc.		227		0.38	%		(1,382	)
Salesforce, Inc.		88		0.27	%		(1,553	)
International Business Machines Corp.		360		0.77	%		(1,604	)
Amdocs Ltd.		375		0.48	%		(1,616	)
Intuit, Inc.		47		0.37	%		(1,756	)
Box, Inc. — Class A		505		0.19	%		(2,371	)
Kulicke & Soffa Industries, Inc.		760		0.56	%		(3,228	)
Progress Software Corp.		735		0.59	%		(3,280	)
Total Technology							70,580
Basic Materials
NewMarket Corp.		123		0.87	%		12,215
CF Industries Holdings, Inc.		173		0.23	%		2,849
Albemarle Corp.		63		0.16	%		(1,256	)
Olin Corp.		1,027		0.78	%		(7,028	)
Total Basic Materials							6,780
Consumer, Cyclical
Allison Transmission Holdings, Inc.		746		0.67	%		11,559
MSC Industrial Direct Company, Inc. — Class A		581		0.87	%		5,172
Gentex Corp.		710		0.35	%		2,951
Murphy USA, Inc.		77		0.40	%		2,881
Brunswick Corp.		330		0.40	%		2,179
Taylor Morrison Home Corp. — Class A		450		0.29	%		1,584
Boyd Gaming Corp.		790		0.73	%		601
Skechers USA, Inc. — Class A		239		0.18	%		11
BorgWarner, Inc.		624		0.38	%		(95	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Walmart, Inc.		178		0.43	%	$	(318	)
Ulta Beauty, Inc.		83		0.50	%		(831	)
DR Horton, Inc.		107		0.18	%		(849	)
Everi Holdings, Inc.		777		0.16	%		(1,059	)
Tesla, Inc.		40		0.15	%		(1,140	)
TJX Companies, Inc.		661		0.89	%		(1,205	)
Meritage Homes Corp.		142		0.26	%		(1,564	)
PulteGroup, Inc.		324		0.37	%		(1,621	)
Malibu Boats, Inc. — Class A		337		0.25	%		(1,647	)
KB Home		737		0.52	%		(1,700	)
Steven Madden Ltd.		928		0.45	%		(1,790	)
Monarch Casino & Resort, Inc.		385		0.36	%		(2,146	)
Ethan Allen Interiors, Inc.		654		0.30	%		(2,346	)
Lennar Corp. — Class A		401		0.69	%		(2,553	)
Tri Pointe Homes, Inc.		1,231		0.51	%		(2,593	)
MasterCraft Boat Holdings, Inc.		602		0.20	%		(2,972	)
M/I Homes, Inc.		365		0.47	%		(3,747	)
Home Depot, Inc.		204		0.94	%		(5,024	)
Polaris, Inc.		519		0.82	%		(7,497	)
Total Consumer, Cyclical							(15,759	)
Utilities
WEC Energy Group, Inc.		701		0.86	%		(1,119	)
ONE Gas, Inc.		257		0.27	%		(1,224	)
Clearway Energy, Inc. — Class C		628		0.20	%		(2,350	)
National Fuel Gas Co.		1,040		0.82	%		(2,980	)
Atmos Energy Corp.		489		0.79	%		(4,304	)
Consolidated Edison, Inc.		623		0.81	%		(4,507	)
Public Service Enterprise Group, Inc.		981		0.85	%		(4,703	)
American Water Works Company, Inc.		301		0.57	%		(5,735	)
Chesapeake Utilities Corp.		302		0.45	%		(6,108	)
OGE Energy Corp.		1,712		0.87	%		(9,398	)
Total Utilities							(42,428	)
Energy
Exxon Mobil Corp.		618		1.11	%		14,534
Marathon Petroleum Corp.		173		0.40	%		9,267
Valero Energy Corp.		246		0.53	%		8,019
PBF Energy, Inc. — Class A		275		0.22	%		4,676
Chevron Corp.		191		0.49	%		3,473
Cheniere Energy, Inc.		147		0.37	%		3,251
Magnolia Oil & Gas Corp. — Class A		1,324		0.46	%		823
CNX Resources Corp.		1,442		0.50	%		432
Par Pacific Holdings, Inc.		704		0.39	%		287
Range Resources Corp.		437		0.22	%		183
Occidental Petroleum Corp.		735		0.73	%		(24	)
Equities Corp.		340		0.21	%		(582	)
Chord Energy Corp.		346		0.85	%		(600	)
SandRidge Energy, Inc.		1,020		0.24	%		(603	)
Southwestern Energy Co.		3,775		0.37	%		(611	)
Coterra Energy, Inc. — Class A		1,077		0.44	%		(983	)
Chesapeake Energy Corp.		642		0.84	%		(1,328	)
Total Energy							40,214
Total MS Equity Long Custom Basket							69,038
MS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
Chefs’ Warehouse, Inc.		1,860		(0.47	)%		14,501
Utz Brands, Inc.		4,363		(0.70	)%		11,638
Cooper Companies, Inc.		286		(1.08	)%		11,581
Equifax, Inc.		401		(0.87	)%		8,627
ICU Medical, Inc.		390		(0.55	)%		8,266
ABM Industries, Inc.		886		(0.42	)%		6,784
TreeHouse Foods, Inc.		2,323		(1.20	)%		6,730
ManpowerGroup, Inc.		519		(0.45	)%		6,275
TransUnion		1,002		(0.86	)%		5,466
Bright Horizons Family Solutions, Inc.		476		(0.46	)%		5,419
Pilgrim’s Pride Corp.		3,910		(1.06	)%		4,950
Matthews International Corp. — Class A		685		(0.32	)%		3,908
Cintas Corp.		200		(1.14	)%		3,072
Automatic Data Processing, Inc.		288		(0.82	)%		2,295
CBIZ, Inc.		1,371		(0.85	)%		2,279
Tyson Foods, Inc. — Class A		1,924		(1.16	)%		1,899
Neogen Corp.		1,080		(0.24	)%		(986	)
Booz Allen Hamilton Holding Corp.		668		(0.87	)%		(1,029	)
RB Global, Inc.		1,844		(1.37	)%		(3,180	)
ICF International, Inc.		486		(0.70	)%		(7,903	)
Total Consumer, Non-cyclical							90,592
Financial
Sun Communities, Inc.		989		(1.40	)%		38,915
American Tower Corp. — Class A		635		(1.24	)%		31,352
Outfront Media, Inc.		4,994		(0.60	)%		29,829
Healthcare Realty Trust, Inc.		3,998		(0.73	)%		22,620
Kennedy-Wilson Holdings, Inc.		7,325		(1.28	)%		21,993
Rexford Industrial Realty, Inc.		1,591		(0.93	)%		19,346
Raymond James Financial, Inc.		1,027		(1.23	)%		13,651
Americold Realty Trust, Inc.		3,114		(1.13	)%		12,527
Equinix, Inc.		134		(1.16	)%		11,138
UMH Properties, Inc.		7,182		(1.20	)%		9,914

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
TFS Financial Corp.		7,920		(1.11	)%	$	9,732
Alexander & Baldwin, Inc.		4,748		(0.95	)%		9,393
Crown Castle, Inc.		562		(0.62	)%		8,672
Jones Lang LaSalle, Inc.		574		(0.96	)%		6,915
SLM Corp.		2,988		(0.48	)%		6,341
Pathward Financial, Inc.		1,193		(0.65	)%		6,107
New York Mortgage Trust, Inc.		6,334		(0.64	)%		4,740
NU Holdings Limited/Cayman Islands — Class A		7,791		(0.67	)%		3,941
Merchants Bancorp		1,516		(0.50	)%		3,887
Carlyle Group, Inc.		2,146		(0.77	)%		3,872
Northern Trust Corp.		715		(0.59	)%		3,816
Equitable Holdings, Inc.		1,389		(0.47	)%		3,633
Stellar Bancorp, Inc.		1,848		(0.47	)%		3,592
Starwood Property Trust, Inc.		3,400		(0.78	)%		3,256
Popular, Inc.		1,378		(1.03	)%		3,224
Dynex Capital, Inc.		3,191		(0.45	)%		2,266
BOK Financial Corp.		890		(0.85	)%		1,952
Annaly Capital Management, Inc.		2,244		(0.50	)%		1,660
Hanover Insurance Group, Inc.		683		(0.90	)%		1,368
Equity LifeStyle Properties, Inc.		793		(0.60	)%		1,353
PotlatchDeltic Corp.		1,846		(1.00	)%		1,199
Assured Guaranty Ltd.		844		(0.61	)%		718
AGNC Investment Corp.		5,466		(0.61	)%		445
Ventas, Inc.		2,406		(1.21	)%		160
First Financial Bancorp		1,862		(0.43	)%		(161	)
Brighthouse Financial, Inc.		1,721		(1.00	)%		(171	)
Progressive Corp.		291		(0.48	)%		(343	)
Apollo Global Management, Inc.		555		(0.59	)%		(1,442	)
Allstate Corp.		897		(1.19	)%		(3,135	)
PennyMac Financial Services, Inc.		1,035		(0.82	)%		(3,654	)
Welltower, Inc.		1,217		(1.19	)%		(5,798	)
KKR & Company, Inc. — Class A		1,929		(1.41	)%		(10,979	)
Iron Mountain, Inc.		1,846		(1.31	)%		(11,359	)
Total Financial							266,485
Utilities
AES Corp.		6,804		(1.23	)%		36,227
Avista Corp.		3,113		(1.20	)%		29,496
Portland General Electric Co.		2,757		(1.33	)%		17,037
California Water Service Group		1,193		(0.67	)%		11,029
PG&E Corp.		7,142		(1.37	)%		8,206
Edison International		1,728		(1.30	)%		8,192
Exelon Corp.		2,915		(1.31	)%		5,659
Spire, Inc.		1,853		(1.25	)%		3,107
FirstEnergy Corp.		3,358		(1.37	)%		2,703
Duke Energy Corp.		1,320		(1.39	)%		(1,694	)
Total Utilities							119,962
Basic Materials
Hecla Mining Co.		12,642		(0.59	)%		19,490
Piedmont Lithium, Inc.		984		(0.46	)%		9,334
Alcoa Corp.		2,284		(0.79	)%		8,972
Royal Gold, Inc.		558		(0.71	)%		8,067
Avient Corp.		1,228		(0.52	)%		5,254
Ecolab, Inc.		400		(0.81	)%		4,870
Novagold Resources, Inc.		14,787		(0.68	)%		3,833
Kaiser Aluminum Corp.		1,018		(0.91	)%		1,970
Century Aluminum Co.		4,257		(0.36	)%		1,102
Compass Minerals International, Inc.		1,110		(0.37	)%		946
Axalta Coating Systems Ltd.		1,813		(0.58	)%		386
Mercer International, Inc.		5,011		(0.51	)%		(339	)
Carpenter Technology Corp.		1,191		(0.95	)%		(28,933	)
Total Basic Materials							34,952
Energy
Baker Hughes Co.		1,695		(0.71	)%		931
Archrock, Inc.		4,401		(0.66	)%		260
Expro Group Holdings N.V.		1,699		(0.47	)%		(741	)
Halliburton Co.		2,556		(1.23	)%		(857	)
NOV, Inc.		3,976		(0.99	)%		(1,479	)
TechnipFMC plc		3,211		(0.78	)%		(3,691	)
Helix Energy Solutions Group, Inc.		3,521		(0.47	)%		(5,641	)
Valaris Ltd.		549		(0.49	)%		(8,419	)
Noble Corporation plc		733		(0.44	)%		(9,141	)
Hess Corp.		732		(1.33	)%		(18,973	)
Total Energy							(47,751	)
Consumer, Cyclical
Walgreens Boots Alliance, Inc.		4,129		(1.09	)%		19,293
UniFirst Corp.		415		(0.80	)%		13,395
Topgolf Callaway Brands Corp.		3,651		(0.60	)%		11,099
LGI Homes, Inc.		404		(0.48	)%		7,933
Shake Shack, Inc. — Class A		631		(0.44	)%		6,594
Floor & Decor Holdings, Inc. — Class A		648		(0.70	)%		3,797
Life Time Group Holdings, Inc.		1,410		(0.26	)%		2,375
VF Corp.		3,649		(0.77	)%		1,453
OPENLANE, Inc.		2,547		(0.45	)%		520
MarineMax, Inc.		1,165		(0.45	)%		(916	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Newell Brands, Inc.		4,405		(0.47	)%	$	(1,182	)
Total Consumer, Cyclical							64,361
Industrial
MasTec, Inc.		458		(0.39	)%		9,914
3M Co.		708		(0.79	)%		9,755
GATX Corp.		704		(0.91	)%		7,481
Republic Services, Inc. — Class A		441		(0.75	)%		3,112
Trinity Industries, Inc.		2,284		(0.66	)%		(1,146	)
Stericycle, Inc.		1,414		(0.75	)%		(1,569	)
Jacobs Solutions, Inc.		405		(0.66	)%		(1,768	)
GXO Logistics, Inc.		818		(0.57	)%		(3,563	)
Tetra Tech, Inc.		386		(0.70	)%		(3,831	)
Casella Waste Systems, Inc. — Class A		897		(0.81	)%		(4,627	)
MSA Safety, Inc.		357		(0.67	)%		(7,836	)
Total Industrial							5,922
Technology
Science Applications International Corp.		1,006		(1.26	)%		8,058
Evolent Health, Inc. — Class A		1,600		(0.52	)%		5,353
KBR, Inc.		1,489		(1.04	)%		3,470
Take-Two Interactive Software, Inc.		399		(0.67	)%		(77	)
Paycor HCM, Inc.		2,936		(0.80	)%		(575	)
Ceridian HCM Holding, Inc.		754		(0.61	)%		(6,370	)
Total Technology							9,859
Communications
DoorDash, Inc. — Class A		387		(0.37	)%		(4,659	)
Total MS Equity Short Custom Basket							539,723

GS EQUITY LONG CUSTOM BASKET
Financial
Preferred Bank/Los Angeles CA	646	0.63	%	10,368
MGIC Investment Corp.	3,287	0.84	%	7,635
NMI Holdings, Inc. — Class A	763	0.31	%	5,661
Essent Group Ltd.	1,145	0.82	%	5,427
Mr Cooper Group, Inc.	736	0.60	%	3,218
Western Union Co.	3,063	0.61	%	2,981
Aflac, Inc.	552	0.65	%	1,493
M&T Bank Corp.	188	0.36	%	840
OFG Bancorp	540	0.25	%	(78	)
International Bancshares Corp.	420	0.28	%	(256	)
East West Bancorp, Inc.	331	0.27	%	(281	)
Berkshire Hathaway, Inc. — Class B	32	0.17	%	(302	)
Enova International, Inc.	298	0.23	%	(552	)
Enact Holdings, Inc.	826	0.34	%	(647	)
Capital One Financial Corp.	223	0.33	%	(759	)
Citizens Financial Group, Inc.	971	0.40	%	(876	)
S&T Bancorp, Inc.	832	0.34	%	(1,529	)
Globe Life, Inc.	349	0.58	%	(1,891	)
Cathay General Bancorp	649	0.34	%	(2,304	)
Southside Bancshares, Inc.	558	0.24	%	(3,779	)
Independent Bank Corp.	443	0.33	%	(4,300	)
Fulton Financial Corp.	2,967	0.55	%	(6,387	)
Equity Commonwealth	2,990	0.84	%	(6,600	)
Total Financial				7,082
Industrial
Boise Cascade Co.	459	0.72	%	11,099
Mueller Industries, Inc.	537	0.61	%	8,657
UFP Industries, Inc.	538	0.84	%	7,088
Simpson Manufacturing Company, Inc.	316	0.72	%	6,736
Snap-on, Inc.	198	0.77	%	6,282
ITT, Inc.	564	0.84	%	6,098
Donaldson Company, Inc.	893	0.81	%	4,843
International Seaways, Inc.	359	0.25	%	3,154
Argan, Inc.	518	0.36	%	3,031
Scorpio Tankers, Inc.	299	0.25	%	2,320
Encore Wire Corp.	127	0.35	%	2,107
Builders FirstSource, Inc.	110	0.21	%	1,541
Ardmore Shipping Corp.	1,301	0.26	%	1,196
Northrop Grumman Corp.	66	0.44	%	212
Sanmina Corp.	392	0.32	%	95
Expeditors International of Washington, Inc.	168	0.29	%	53
Landstar System, Inc.	120	0.32	%	(147	)
CH Robinson Worldwide, Inc.	351	0.46	%	(529	)
Teekay Corp.	3,423	0.32	%	(664	)
Schneider National, Inc. — Class B	2,022	0.85	%	(757	)
Owens Corning	169	0.35	%	(841	)
Acuity Brands, Inc.	257	0.67	%	(937	)
Apogee Enterprises, Inc.	1,152	0.83	%	(1,187	)
Insteel Industries, Inc.	789	0.39	%	(1,222	)
AGCO Corp.	127	0.23	%	(1,275	)
Agilent Technologies, Inc.	113	0.19	%	(1,628	)
Union Pacific Corp.	65	0.20	%	(1,819	)
Valmont Industries, Inc.	184	0.67	%	(2,337	)
Masco Corp.	934	0.76	%	(2,574	)
Fortune Brands Innovations, Inc.	352	0.33	%	(2,712	)
Lindsay Corp.	92	0.16	%	(2,982	)
Illinois Tool Works, Inc.	241	0.85	%	(3,038	)
Sturm Ruger & Company, Inc.	779	0.62	%	(3,211	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Watts Water Technologies, Inc. — Class A		310		0.82	%	$	(3,329	)
Keysight Technologies, Inc.		141		0.28	%		(3,413	)
TE Connectivity Ltd.		358		0.67	%		(4,690	)
Hub Group, Inc. — Class A		667		0.80	%		(4,825	)
Total Industrial							20,395
Communications
Alphabet, Inc. — Class C		323		0.67	%		24,399
Meta Platforms, Inc. — Class A		45		0.21	%		7,993
Cisco Systems, Inc.		662		0.54	%		7,049
Booking Holdings, Inc.		14		0.66	%		4,094
Amazon.com, Inc.		210		0.41	%		2,649
NETGEAR, Inc.		958		0.18	%		743
A10 Networks, Inc.		2,000		0.46	%		249
eBay, Inc.		312		0.21	%		80
Fox Corp. — Class A		506		0.24	%		(153	)
GoDaddy, Inc. — Class A		216		0.25	%		(211	)
F5, Inc.		303		0.74	%		(295	)
Ciena Corp.		233		0.17	%		(404	)
HealthStream, Inc.		607		0.20	%		(765	)
Ziff Davis, Inc.		392		0.38	%		(945	)
Juniper Networks, Inc.		1,100		0.47	%		(1,088	)
AT&T, Inc.		2,817		0.64	%		(1,293	)
New York Times Co. — Class A		470		0.29	%		(1,494	)
InterDigital, Inc.		340		0.42	%		(1,683	)
IDT Corp. — Class B		1,408		0.47	%		(2,101	)
Ooma, Inc.		1,564		0.31	%		(2,526	)
Yelp, Inc. — Class A		1,057		0.67	%		(2,608	)
VeriSign, Inc.		278		0.86	%		(5,742	)
Gogo, Inc.		1,439		0.26	%		(7,078	)
Verizon Communications, Inc.		1,795		0.89	%		(7,104	)
Omnicom Group, Inc.		714		0.81	%		(7,901	)
Total Communications							3,865
Consumer, Non-cyclical
H&R Block, Inc.		1,190		0.79	%		13,481
Perdoceo Education Corp.		1,820		0.47	%		11,832
Amgen, Inc.		238		0.97	%		8,639
Exelixis, Inc.		2,251		0.75	%		7,991
Dynavax Technologies Corp.		1,862		0.42	%		5,330
Hackett Group, Inc.		596		0.21	%		2,605
Eli Lilly & Co.		29		0.24	%		2,515
UnitedHealth Group, Inc.		48		0.37	%		1,175
Molina Healthcare, Inc.		78		0.39	%		1,167
Innoviva, Inc.		3,130		0.62	%		797
United Therapeutics Corp.		254		0.87	%		714
Alarm.com Holdings, Inc.		196		0.18	%		550
Humana, Inc.		126		0.93	%		468
Neurocrine Biosciences, Inc.		135		0.23	%		351
Alkermes plc		392		0.17	%		125
Philip Morris International, Inc.		365		0.51	%		(319	)
Archer-Daniels-Midland Co.		193		0.22	%		(367	)
Elevance Health, Inc.		44		0.29	%		(743	)
PayPal Holdings, Inc.		301		0.27	%		(794	)
John B Sanfilippo & Son, Inc.		181		0.27	%		(888	)
Gilead Sciences, Inc.		814		0.93	%		(1,229	)
Korn Ferry		541		0.39	%		(1,333	)
Altria Group, Inc.		922		0.59	%		(1,846	)
Voyager Therapeutics, Inc.		1,396		0.16	%		(2,282	)
Organon & Co.		832		0.22	%		(2,312	)
Procter & Gamble Co.		391		0.87	%		(2,410	)
Heidrick & Struggles International, Inc.		1,042		0.40	%		(2,618	)
Envista Holdings Corp.		752		0.32	%		(2,722	)
Bristol-Myers Squibb Co.		1,015		0.90	%		(4,838	)
Abbott Laboratories		622		0.92	%		(6,412	)
Hologic, Inc.		777		0.82	%		(6,436	)
Merck & Company, Inc.		618		0.97	%		(6,789	)
Incyte Corp.		652		0.57	%		(6,948	)
Pfizer, Inc.		1,725		0.87	%		(7,539	)
Royalty Pharma plc — Class A		1,936		0.80	%		(19,050	)
Total Consumer, Non-cyclical							(20,135	)
Technology
Apple, Inc.		457		1.19	%		39,729
Microsoft Corp.		255		1.23	%		29,963
NextGen Healthcare, Inc.		1,132		0.41	%		8,105
NetApp, Inc.		286		0.33	%		7,515
Akamai Technologies, Inc.		109		0.18	%		1,762
Diodes, Inc.		161		0.19	%		1,734
Veradigm, Inc.		1,182		0.24	%		1,625
Applied Materials, Inc.		74		0.16	%		353
Synaptics, Inc.		207		0.28	%		273
Autodesk, Inc.		52		0.16	%		166
NVIDIA Corp.		89		0.59	%		(150	)
Dropbox, Inc. — Class A		1,266		0.52	%		(384	)
Broadcom, Inc.		13		0.16	%		(500	)
Cognizant Technology Solutions Corp. — Class A		197		0.20	%		(695	)
Hewlett Packard Enterprise Co.		2,605		0.69	%		(762	)
Zoom Video Communications, Inc. — Class A		261		0.28	%		(942	)
Immersion Corp.		2,696		0.27	%		(1,058	)
Photronics, Inc.		901		0.28	%		(1,234	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
QUALCOMM, Inc.		227		0.38	%	$	(1,406	)
Salesforce, Inc.		88		0.27	%		(1,575	)
Amdocs Ltd.		375		0.48	%		(1,612	)
International Business Machines Corp.		360		0.77	%		(1,647	)
Intuit, Inc.		47		0.37	%		(1,794	)
Box, Inc. — Class A		505		0.19	%		(2,376	)
Kulicke & Soffa Industries, Inc.		760		0.56	%		(3,197	)
Progress Software Corp.		735		0.59	%		(3,324	)
Total Technology							68,569
Basic Materials
NewMarket Corp.		123		0.85	%		12,245
CF Industries Holdings, Inc.		173		0.23	%		2,898
Albemarle Corp.		63		0.16	%		(1,198	)
Olin Corp.		1,027		0.78	%		(7,019	)
Total Basic Materials							6,926
Consumer, Cyclical
Allison Transmission Holdings, Inc.		746		0.67	%		11,532
MSC Industrial Direct Company, Inc. — Class A		581		0.87	%		5,221
Gentex Corp.		710		0.35	%		2,949
Murphy USA, Inc.		77		0.40	%		2,861
Brunswick Corp.		330		0.40	%		2,197
Taylor Morrison Home Corp. — Class A		450		0.29	%		1,611
Boyd Gaming Corp.		790		0.73	%		675
Skechers USA, Inc. — Class A		239		0.18	%		8
BorgWarner, Inc.		624		0.38	%		(145	)
Walmart, Inc.		178		0.43	%		(319	)
Ulta Beauty, Inc.		83		0.50	%		(835	)
DR Horton, Inc.		107		0.18	%		(839	)
Everi Holdings, Inc.		777		0.16	%		(1,061	)
Tesla, Inc.		40		0.15	%		(1,153	)
TJX Companies, Inc.		661		0.89	%		(1,260	)
Meritage Homes Corp.		142		0.26	%		(1,496	)
PulteGroup, Inc.		324		0.37	%		(1,559	)
Malibu Boats, Inc. — Class A		337		0.25	%		(1,677	)
Steven Madden Ltd.		928		0.45	%		(1,768	)
KB Home		737		0.52	%		(1,885	)
Monarch Casino & Resort, Inc.		385		0.36	%		(2,173	)
Ethan Allen Interiors, Inc.		654		0.30	%		(2,387	)
Tri Pointe Homes, Inc.		1,231		0.51	%		(2,440	)
Lennar Corp. — Class A		401		0.69	%		(2,472	)
MasterCraft Boat Holdings, Inc.		602		0.20	%		(2,976	)
M/I Homes, Inc.		365		0.47	%		(3,700	)
Home Depot, Inc.		204		0.94	%		(5,050	)
Polaris, Inc.		519		0.82	%		(7,535	)
Total Consumer, Cyclical							(15,676	)
Utilities
WEC Energy Group, Inc.		701		0.86	%		(1,081	)
ONE Gas, Inc.		257		0.27	%		(1,174	)
Clearway Energy, Inc. — Class C		628		0.20	%		(2,362	)
National Fuel Gas Co.		1,040		0.82	%		(3,014	)
Atmos Energy Corp.		489		0.79	%		(4,226	)
Consolidated Edison, Inc.		623		0.81	%		(4,449	)
Public Service Enterprise Group, Inc.		981		0.85	%		(4,619	)
American Water Works Company, Inc.		301		0.57	%		(5,751	)
Chesapeake Utilities Corp.		302		0.45	%		(6,155	)
OGE Energy Corp.		1,712		0.87	%		(9,272	)
Total Utilities							(42,103	)
Energy
Exxon Mobil Corp.		618		1.11	%		14,537
Marathon Petroleum Corp.		173		0.40	%		9,285
Valero Energy Corp.		246		0.53	%		7,995
PBF Energy, Inc. — Class A		275		0.22	%		4,633
Chevron Corp.		191		0.49	%		3,476
Cheniere Energy, Inc.		147		0.37	%		3,205
Magnolia Oil & Gas Corp. — Class A		1,324		0.46	%		792
Par Pacific Holdings, Inc.		704		0.39	%		321
CNX Resources Corp.		1,442		0.50	%		285
Range Resources Corp.		437		0.22	%		156
Occidental Petroleum Corp.		735		0.73	%		33
SandRidge Energy, Inc.		1,020		0.24	%		(590	)
Equities Corp.		340		0.21	%		(660	)
Chord Energy Corp.		346		0.85	%		(675	)
Southwestern Energy Co.		3,775		0.37	%		(746	)
Coterra Energy, Inc. — Class A		1,077		0.44	%		(973	)
Chesapeake Energy Corp.		642		0.84	%		(1,360	)
Total Energy							39,714
Total GS Equity Long Custom Basket							68,637
GS EQUITY SHORT CUSTOM BASKET
Consumer, Non-cyclical
Chefs’ Warehouse, Inc.		1,860		(0.47	)%		14,701
Cooper Companies, Inc.		286		(1.08	)%		11,806
Utz Brands, Inc.		4,363		(0.70	)%		11,693
Equifax, Inc.		401		(0.87	)%		8,967
ICU Medical, Inc.		390		(0.55	)%		7,621
ABM Industries, Inc.		886		(0.42	)%		6,756
TreeHouse Foods, Inc.		2,323		(1.20	)%		6,330
ManpowerGroup, Inc.		519		(0.45	)%		6,317
TransUnion		1,002		(0.86	)%		5,470

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Bright Horizons Family Solutions, Inc.		476		(0.46	)%	$	5,015
Pilgrim’s Pride Corp.		3,910		(1.06	)%		4,876
Matthews International Corp. — Class A		685		(0.32	)%		3,850
Cintas Corp.		200		(1.14	)%		3,169
Automatic Data Processing, Inc.		288		(0.82	)%		2,277
CBIZ, Inc.		1,371		(0.85	)%		2,167
Tyson Foods, Inc. — Class A		1,924		(1.16	)%		2,137
Neogen Corp.		1,080		(0.24	)%		(952	)
Booz Allen Hamilton Holding Corp.		668		(0.87	)%		(1,011	)
RB Global, Inc.		1,844		(1.37	)%		(3,386	)
ICF International, Inc.		486		(0.70	)%		(7,909	)
Total Consumer, Non-cyclical							89,894
Financial
Sun Communities, Inc.		989		(1.40	)%		38,920
American Tower Corp. — Class A		635		(1.24	)%		31,517
Outfront Media, Inc.		4,994		(0.60	)%		29,822
Healthcare Realty Trust, Inc.		3,998		(0.73	)%		22,694
Kennedy-Wilson Holdings, Inc.		7,325		(1.28	)%		21,822
Rexford Industrial Realty, Inc.		1,591		(0.93	)%		19,140
Raymond James Financial, Inc.		1,027		(1.23	)%		13,497
Americold Realty Trust, Inc.		3,114		(1.13	)%		12,408
Equinix, Inc.		134		(1.16	)%		10,898
UMH Properties, Inc.		7,182		(1.20	)%		10,000
TFS Financial Corp.		7,920		(1.11	)%		9,683
Alexander & Baldwin, Inc.		4,748		(0.95	)%		9,329
Crown Castle, Inc.		562		(0.62	)%		8,674
Jones Lang LaSalle, Inc.		574		(0.96	)%		6,845
SLM Corp.		2,988		(0.48	)%		6,279
Pathward Financial, Inc.		1,193		(0.65	)%		6,099
New York Mortgage Trust, Inc.		6,334		(0.64	)%		4,694
NU Holdings Limited/Cayman Islands — Class A		7,791		(0.67	)%		4,019
Merchants Bancorp		1,516		(0.50	)%		3,881
Northern Trust Corp.		715		(0.59	)%		3,797
Carlyle Group, Inc.		2,146		(0.77	)%		3,777
Stellar Bancorp, Inc.		1,848		(0.47	)%		3,617
Equitable Holdings, Inc.		1,389		(0.47	)%		3,564
Starwood Property Trust, Inc.		3,400		(0.78	)%		3,167
Popular, Inc.		1,378		(1.03	)%		3,076
Dynex Capital, Inc.		3,191		(0.45	)%		2,296
BOK Financial Corp.		890		(0.85	)%		1,996
Annaly Capital Management, Inc.		2,244		(0.50	)%		1,667
Equity LifeStyle Properties, Inc.		793		(0.60	)%		1,357
Hanover Insurance Group, Inc.		683		(0.90	)%		1,324
PotlatchDeltic Corp.		1,846		(1.00	)%		1,188
Assured Guaranty Ltd.		844		(0.61	)%		723
AGNC Investment Corp.		5,466		(0.61	)%		219
Brighthouse Financial, Inc.		1,721		(1.00	)%		(169	)
First Financial Bancorp		1,862		(0.43	)%		(321	)
Progressive Corp.		291		(0.48	)%		(349	)
Ventas, Inc.		2,406		(1.21	)%		(425	)
Apollo Global Management, Inc.		555		(0.59	)%		(1,394	)
Allstate Corp.		897		(1.19	)%		(3,260	)
PennyMac Financial Services, Inc.		1,035		(0.82	)%		(3,708	)
Welltower, Inc.		1,217		(1.19	)%		(5,906	)
KKR & Company, Inc. — Class A		1,929		(1.41	)%		(10,985	)
Iron Mountain, Inc.		1,846		(1.31	)%		(11,359	)
Total Financial							264,113
Utilities
AES Corp.		6,804		(1.23	)%		36,925
Avista Corp.		3,113		(1.20	)%		29,439
Portland General Electric Co.		2,757		(1.33	)%		17,040
California Water Service Group		1,193		(0.67	)%		11,008
PG&E Corp.		7,142		(1.37	)%		8,299
Edison International		1,728		(1.30	)%		8,057
Exelon Corp.		2,915		(1.31	)%		5,573
Spire, Inc.		1,853		(1.25	)%		3,053
FirstEnergy Corp.		3,358		(1.37	)%		2,599
Duke Energy Corp.		1,320		(1.39	)%		(2,046	)
Total Utilities							119,947
Basic Materials
Hecla Mining Co.		12,642		(0.59	)%		19,453
Piedmont Lithium, Inc.		984		(0.46	)%		9,435
Alcoa Corp.		2,284		(0.79	)%		8,821
Royal Gold, Inc.		558		(0.71	)%		7,994
Avient Corp.		1,228		(0.52	)%		5,397
Ecolab, Inc.		400		(0.81	)%		4,876
Novagold Resources, Inc.		14,787		(0.68	)%		3,797
Kaiser Aluminum Corp.		1,018		(0.91	)%		1,980
Compass Minerals International, Inc.		1,110		(0.37	)%		1,095
Century Aluminum Co.		4,257		(0.36	)%		919
Axalta Coating Systems Ltd.		1,813		(0.58	)%		490
Mercer International, Inc.		5,011		(0.51	)%		(292	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Carpenter Technology Corp.		1,191		(0.95	)%	$	(28,943	)
Total Basic Materials							35,022
Energy
Baker Hughes Co.		1,695		(0.71	)%		1,152
Archrock, Inc.		4,401		(0.66	)%		248
Halliburton Co.		2,556		(1.23	)%		(602	)
Expro Group Holdings N.V.		1,699		(0.47	)%		(742	)
NOV, Inc.		3,976		(0.99	)%		(1,361	)
TechnipFMC plc		3,211		(0.78	)%		(3,610	)
Helix Energy Solutions Group, Inc.		3,521		(0.47	)%		(5,580	)
Valaris Ltd.		549		(0.49	)%		(8,484	)
Noble Corporation plc		733		(0.44	)%		(9,138	)
Hess Corp.		732		(1.33	)%		(18,946	)
Total Energy							(47,063	)
Consumer, Cyclical
Walgreens Boots Alliance, Inc.		4,129		(1.09	)%		19,324
UniFirst Corp.		415		(0.80	)%		13,433
Topgolf Callaway Brands Corp.		3,651		(0.60	)%		10,919
LGI Homes, Inc.		404		(0.48	)%		7,818
Shake Shack, Inc. — Class A		631		(0.44	)%		6,412
Floor & Decor Holdings, Inc. — Class A		648		(0.70	)%		3,714
Life Time Group Holdings, Inc.		1,410		(0.26	)%		2,306
VF Corp.		3,649		(0.77	)%		1,446
OPENLANE, Inc.		2,547		(0.45	)%		522
MarineMax, Inc.		1,165		(0.45	)%		(791	)
Newell Brands, Inc.		4,405		(0.47	)%		(999	)
Total Consumer, Cyclical							64,104
Industrial
MasTec, Inc.		458		(0.39	)%		9,981
3M Co.		708		(0.79	)%		9,953
GATX Corp.		704		(0.91	)%		7,508
Republic Services, Inc. — Class A		441		(0.75	)%		3,100
Trinity Industries, Inc.		2,284		(0.66	)%		(1,141	)
Stericycle, Inc.		1,414		(0.75	)%		(1,666	)
Jacobs Solutions, Inc.		405		(0.66	)%		(1,766	)
GXO Logistics, Inc.		818		(0.57	)%		(3,575	)
Tetra Tech, Inc.		386		(0.70	)%		(3,884	)
Casella Waste Systems, Inc. — Class A		897		(0.81	)%		(4,609	)
MSA Safety, Inc.		357		(0.67	)%		(7,840	)
Total Industrial							6,061
Technology
Science Applications International Corp.		1,006		(1.26	)%		8,106
Evolent Health, Inc. — Class A		1,600		(0.52	)%		5,307
KBR, Inc.		1,489		(1.04	)%		3,527
Take-Two Interactive Software, Inc.		399		(0.67	)%		(103	)
Paycor HCM, Inc.		2,936		(0.80	)%		(657	)
Ceridian HCM Holding, Inc.		754		(0.61	)%		(6,570	)
Total Technology							9,610
Communications
DoorDash, Inc. — Class A		387		(0.37	)%		(4,699	)
Total GS Equity Short Custom Basket						$	536,989

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as equity custom basket swap collateral at September 30, 2023.
2	Rate indicated is the 7-day yield as of September 30, 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
LONG SHORT EQUITY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	14,226,666	$	—	$	—	$	14,226,666
Money Market Fund		257,123		—		—		257,123
Equity Custom Basket Swap Agreements**		—		1,214,387		—		1,214,387
Total Assets	$	14,483,789	$	1,214,387	$	—	$	15,698,176

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

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

LONG SHORT EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $14,339,003)	$	14,483,789
Unrealized appreciation on OTC swap agreements		1,214,387
Receivables:
Dividends		15,608
Fund shares sold		7
Total assets		15,713,791
Liabilities:
Overdraft due to custodian bank		162
Payable for:
Swap settlement		95,766
Fund shares redeemed		18,465
Management fees		11,461
Transfer agent and maintenance fees		4,467
Distribution and service fees		2,772
Portfolio accounting and administration fees		1,941
Trustees’ fees*		198
Miscellaneous		7,154
Total liabilities		142,386
Net assets	$	15,571,405
Net assets consist of:
Paid in capital	$	16,232,739
Total distributable earnings (loss)		(661,334	)
Net assets	$	15,571,405
A-Class:
Net assets	$	6,696,870
Capital shares outstanding		337,953
Net asset value per share	$	19.82
Maximum offering price per share (Net asset value divided by 95.25%)	$	20.81
C-Class:
Net assets	$	173,464
Capital shares outstanding		10,135
Net asset value per share	$	17.12
P-Class:
Net assets	$	6,152,533
Capital shares outstanding		309,510
Net asset value per share	$	19.88
Institutional Class:
Net assets	$	2,548,538
Capital shares outstanding		124,743
Net asset value per share	$	20.43

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $47)	$	161,450
Income from securities lending, net		99
Total investment income		161,549
Expenses:
Management fees		70,427
Distribution and service fees:
A-Class		8,577
C-Class		861
P-Class		7,570
Transfer agent fees		21,610
Portfolio accounting and administration fees		11,928
Registration fees		7,340
Professional fees		4,073
Trustees’ fees*		1,349
Custodian fees		1,063
Miscellaneous		1,531
Total expenses		136,329
Net investment income		25,220
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		460,070
Swap agreements		440,525
Net realized gain		900,595
Net change in unrealized appreciation (depreciation) on:
Investments		(290,862	)
Swap agreements		10,068
Net change in unrealized appreciation (depreciation)		(280,794	)
Net realized and unrealized gain		619,801
Net increase in net assets resulting from operations	$	645,021

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

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

LONG SHORT EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	25,220		$	49,790
Net realized gain (loss) on investments		900,595			(516,401	)
Net change in unrealized appreciation (depreciation) on investments		(280,794	)		397,693
Net increase (decrease) in net assets resulting from operations		645,021			(68,918	)
Distributions to shareholders:
A-Class		—			(28,087	)
P-Class		—			(24,299	)
Institutional Class		—			(11,987	)
Total distributions to shareholders		—			(64,373	)
Capital share transactions:
Proceeds from sale of shares
A-Class		27,894			268,590
C-Class		1,800			3,600
P-Class		204,143			137,512
Institutional Class		357,171			235,070
Distributions reinvested
A-Class		—			27,162
P-Class		—			21,690
Institutional Class		—			11,987
Cost of shares redeemed
A-Class		(529,601	)		(670,625	)
C-Class		(9,236	)		(94,021	)
P-Class		(322,964	)		(370,219	)
Institutional Class		(321,022	)		(375,971	)
Net decrease from capital share transactions		(591,815	)		(805,225	)
Net increase (decrease) in net assets		53,206			(938,516	)
Net assets:
Beginning of period		15,518,199			16,456,715
End of period	$	15,571,405		$	15,518,199
Capital share activity:
Shares sold
A-Class		1,470			14,643
C-Class		107			227
P-Class		10,221			7,790
Institutional Class		18,059			12,159
Shares issued from reinvestment of distributions
A-Class		—			1,478
P-Class		—			1,176
Institutional Class		—			634
Shares redeemed
A-Class		(27,175	)		(36,723	)
C-Class		(560	)		(5,825	)
P-Class		(16,599	)		(20,694	)
Institutional Class		(16,205	)		(20,267	)
Net decrease in shares		(30,682	)		(45,402	)

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

LONG SHORT EQUITY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	19.01		$	19.11		$	18.98		$	14.12		$	16.20		$	17.41
Income (loss) from investment operations:
Net investment income (loss)b		.03			.05			.06			.10			.09			.10
Net gain (loss) on investments (realized and unrealized)		.78			(.07	)		.14			4.84			(2.04	)		(1.02	)
Total from investment operations		.81			(.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	$	19.82		$	19.01		$	19.11		$	18.98		$	14.12		$	16.20
Total Returnc		4.26	%		(0.11	%)		1.03	%		35.04	%		(12.15	%)		(5.31	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,697		$	6,914		$	7,344		$	8,044		$	7,021		$	10,143
Ratios to average net assets:
Net investment income (loss)		0.29	%		0.30	%		0.30	%		0.61	%		0.58	%		0.58	%
Total expensesd,e		1.78	%		1.76	%		1.66	%		1.75	%		1.78	%		1.78	%
Portfolio turnover rate		167	%		329	%		233	%		162	%		119	%		170	%

C-Class	Six Months Ended September 30, 2023a			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	$	16.50		$	16.66		$	16.61		$	12.39		$	14.21		$	15.43
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		(.09	)		(.08	)		(.02	)		(.02	)		(.07	)
Net gain (loss) on investments (realized and unrealized)		.67			(.07	)		.13			4.24			(1.80	)		(.86	)
Total from investment operations		.62			(.16	)		.05			4.22			(1.82	)		(.93	)
Less distributions from:
Net realized gains		—			—			—			—			—			(.29	)
Total distributions		—			—			—			—			—			(.29	)
Net asset value, end of period	$	17.12		$	16.50		$	16.66		$	16.61		$	12.39		$	14.21
Total Returnc		3.76	%		(0.96	%)		0.30	%		34.06	%		(12.81	%)		(6.00	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	173		$	175		$	270		$	378		$	567		$	1,424
Ratios to average net assets:
Net investment income (loss)		(0.63	%)		(0.57	%)		(0.46	%)		(0.16	%)		(0.18	%)		(0.43	%)
Total expensesd,e		2.69	%		2.61	%		2.41	%		2.51	%		2.53	%		2.50	%
Portfolio turnover rate		167	%		329	%		233	%		162	%		119	%		170	%

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

LONG SHORT EQUITY FUND

FINANCIAL HIGHLIGHTS (continued)

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

P-Class	Six Months Ended September 30, 2023a			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	$	19.07		$	19.17		$	19.04		$	14.17		$	16.25		$	17.47
Income (loss) from investment operations:
Net investment income (loss)b		.03			.06			.06			.10			.09			.08
Net gain (loss) on investments (realized and unrealized)		.78			(.08	)		.14			4.85			(2.04	)		(1.01	)
Total from investment operations		.81			(.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	$	19.88		$	19.07		$	19.17		$	19.04		$	14.17		$	16.25
Total Return		4.25	%		(0.11	%)		1.03	%		35.09	%		(12.17	%)		(5.35	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,153		$	6,024		$	6,281		$	6,415		$	5,370		$	9,303
Ratios to average net assets:
Net investment income (loss)		0.29	%		0.30	%		0.30	%		0.61	%		0.57	%		0.47	%
Total expensesd,e		1.78	%		1.76	%		1.66	%		1.75	%		1.78	%		1.77	%
Portfolio turnover rate		167	%		329	%		233	%		162	%		119	%		170	%

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

LONG SHORT EQUITY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

Institutional Class	Six Months Ended September 30, 2023a			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	$	19.57		$	19.65		$	19.50		$	14.49		$	16.60		$	17.79
Income (loss) from investment operations:
Net investment income (loss)b		.06			.11			.11			.15			.14			.12
Net gain (loss) on investments (realized and unrealized)		.80			(0.09	)		.14			4.97			(2.10	)		(1.02	)
Total from investment operations		.86			.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	$	20.43		$	19.57		$	19.65		$	19.50		$	14.49		$	16.60
Total Return		4.39	%		0.14	%		1.24	%		35.47	%		(11.96	%)		(5.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,549		$	2,405		$	2,562		$	2,247		$	1,794		$	2,018
Ratios to average net assets:
Net investment income (loss)		0.56	%		0.57	%		0.55	%		0.86	%		0.85	%		0.72	%
Total expensesd,e		1.51	%		1.49	%		1.41	%		1.50	%		1.53	%		1.51	%
Portfolio turnover rate		167	%		329	%		233	%		162	%		119	%		170	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Excluding interest and dividend expense related to short sales, the operating expense ratios for the years or periods presented was as follows:

	9/30/23a	03/31/23	03/31/22	03/31/21	03/31/20	03/31/19
A-Class	1.78%	1.76%	1.66%	1.78%	1.78%	1.68%
C-Class	2.69%	2.61%	2.41%	2.51%	2.53%	2.50%
P-Class	1.78%	1.76%	1.66%	1.75%	1.78%	1.77%
Institutional Class	1.51%	1.49%	1.41%	1.50%	1.53%	1.51%

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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 a single day.

Holdings Diversification (Market Exposure as % of Net Assets)

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

COUNTRY DIVERSIFICATION

Country	% of Long-Term Investments
Taiwan, Province of China	23.0%
India	18.1%
Cayman Islands	16.6%
China	14.8%
Brazil	14.1%
Republic of Korea	4.9%
Mexico	4.8%
Other	3.7%
Total Long-Term Investments	100.0%

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

Ten Largest Holdings	% of Total Net Assets
Taiwan Semiconductor Manufacturing Company Ltd. ADR	11.3%
Alibaba Group Holding Ltd. ADR	6.8%
HDFC Bank Ltd. ADR	4.4%
PDD Holdings, Inc. ADR	2.7%
Infosys Ltd. ADR	2.6%
ICICI Bank Ltd. ADR	2.6%
Vale S.A. ADR	2.1%
Baidu, Inc. ADR	1.6%
NetEase, Inc. ADR	1.6%
JD.com, Inc. ADR	1.6%
Top Ten Total	37.3%

“Ten Largest Holdings” excludes any temporary cash or derivative investments.

30 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(11.49%)	15.89%	(7.68%)	(3.14%)
A-Class Shares with sales charge‡	(15.69%)	10.39%	(8.58%)	(3.61%)
C-Class Shares	(11.88%)	14.98%	(8.39%)	(3.87%)
C-Class Shares with CDSC§	(12.76%)	13.98%	(8.39%)	(3.87%)
H-Class Shares	(11.58%)	15.78%	(7.71%)	(3.18%)
S&P 500 Index	5.18%	21.62%	9.92%	11.91%
S&P Emerging 50 ADR Index	(2.99%)	15.48%	1.64%	2.91%

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
EMERGING MARKETS 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 54.5%
Technology - 17.1%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		2,729	$	237,150
Infosys Ltd. ADR		3,222		55,128
NetEase, Inc. ADR		341		34,155
United Microelectronics Corp. ADR1		2,128		15,024
ASE Technology Holding Company Ltd. ADR		1,562		11,746
Wipro Ltd. ADR		1,290		6,244
Total Technology				359,447
Communications - 15.6%
Alibaba Group Holding Ltd. ADR*		1,646		142,774
PDD Holdings, Inc. ADR*		584		57,273
Baidu, Inc. ADR*		259		34,797
JD.com, Inc. ADR		1,124		32,742
Trip.com Group Ltd. ADR*		508		17,765
America Movil SAB de CV ADR		953		16,506
Chunghwa Telecom Company Ltd. ADR		348		12,507
Telkom Indonesia Persero Tbk PT ADR		435		10,484
Vipshop Holdings Ltd. ADR*		257		4,114
Total Communications				328,962
Financial - 10.0%
HDFC Bank Ltd. ADR		1,586		93,590
ICICI Bank Ltd. ADR		2,369		54,771
KB Financial Group, Inc. ADR		343		14,101
Banco Bradesco S.A. ADR		4,860		13,851
Shinhan Financial Group Company Ltd. ADR1		451		11,947
KE Holdings, Inc. ADR		619		9,607
Woori Financial Group, Inc. ADR1		198		5,429
Banco de Chile ADR		199		4,020
Banco Bradesco S.A. ADR*		1,365		3,658
Total Financial				210,974
Basic Materials - 5.3%
Vale S.A. ADR		3,322		44,515
POSCO Holdings, Inc. ADR1		272		27,880
Gold Fields Ltd. ADR1		817		8,873
Sociedad Quimica y Minera de Chile S.A. ADR		131		7,817
Suzano S.A. ADR		678		7,288
Sasol Ltd. ADR		528		7,218
Gerdau S.A. ADR		1,058		5,046
Sibanye Stillwater Ltd. ADR1		647		3,992
Total Basic Materials				112,629
Consumer, Non-cyclical - 2.8%
Fomento Economico Mexicano SAB de CV ADR		168		18,337
Ambev S.A. ADR		4,036		10,413
BeiGene Ltd. ADR*		56		10,073
New Oriental Education & Technology Group, Inc. ADR*		137		8,021
Dr Reddy’s Laboratories Ltd. ADR		111		7,423
Coca-Cola Femsa SAB de CV ADR		48		3,765
Ambrx Biopharma, Inc. ADR*		39		448
Belite Bio, Inc. ADR*		7		221
Total Consumer, Non-cyclical				58,701
Industrial - 1.4%
ZTO Express Cayman, Inc. ADR		398		9,620
Cemex SAB de CV ADR*		1,385		9,002
Grupo Aeroportuario del Pacifico SAB de CV ADR		36		5,917
Grupo Aeroportuario del Sureste SAB de CV ADR		17		4,177
Total Industrial				28,716
Energy - 1.2%
Petroleo Brasileiro S.A. ADR		1,702		25,513
Consumer, Cyclical - 0.8%
NIO, Inc. ADR*		1,279		11,562
H World Group Ltd. ADR*		128		5,047
Total Consumer, Cyclical				16,609
Utilities - 0.3%
Centrais Eletricas Brasileiras S.A. ADR		946		6,915
Total Common Stocks
(Cost $909,736)				1,148,466
PREFERRED STOCKS† - 2.4%
Energy - 1.3%
Petroleo Brasileiro S.A.
ADR		2,101		28,805
Financial - 1.1%
Itau Unibanco Holding S.A.
ADR		4,433		23,805
Total Preferred Stocks
(Cost $36,938)				52,610

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
EMERGING MARKETS 2x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 45.4%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/233	$	539,263	$	539,263
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/233		209,477		209,477
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/233		207,409		207,409
Total Repurchase Agreements
(Cost $956,149)				956,149
	Shares
SECURITIES LENDING COLLATERAL†,4 - 2.3%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%5		47,437		47,437
Total Securities Lending Collateral
(Cost $47,437)				47,437
Total Investments - 104.6%
(Cost $1,950,260)			$	2,204,662
Other Assets & Liabilities, net - (4.6)%				(97,478	)
Total Net Assets - 100.0%			$	2,107,184

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements††

Goldman Sachs International

S&P Emerging 50 ADR Index

Pay

5.58% (Federal Funds Rate + 0.25%)

At Maturity

12/21/23

494

$

1,233,547

$

4,899

BNP Paribas

S&P Emerging 50 ADR Index

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

12/21/23

673

1,681,680

(24,938

)

$

2,915,227

$

(20,039

)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 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 September 30, 2023.
4	Securities lending collateral — See Note 7.
5	Rate indicated is the 7-day yield as of September 30, 2023.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
EMERGING MARKETS 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	1,148,466	$	—	$	—	$	1,148,466
Preferred Stocks		52,610		—		—		52,610
Repurchase Agreements		—		956,149		—		956,149
Securities Lending Collateral		47,437		—		—		47,437
Equity Index Swap Agreements**		—		4,899		—		4,899
Total Assets	$	1,248,513	$	961,048	$	—	$	2,209,561

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	24,938	$	—	$	24,938

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

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

EMERGING MARKETS 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $46,266 of securities loaned (cost $994,111)	$	1,248,513
Repurchase agreements, at value (cost $956,149)		956,149
Cash		321
Unrealized appreciation on OTC swap agreements		4,899
Receivables:
Fund shares sold		229,607
Dividends		6,633
Interest		281
Securities lending income		168
Investment Adviser		79
Foreign tax reclaims		49
Total assets		2,446,699
Liabilities:
Unrealized depreciation on OTC swap agreements		24,938
Payable for:
Fund shares redeemed		205,676
Swap settlement		55,813
Return of securities lending collateral		47,437
Management fees		2,149
Transfer agent fees		754
Distribution and service fees		643
Portfolio accounting and administration fees		251
Trustees’ fees*		42
Miscellaneous		1,812
Total liabilities		339,515
Net assets	$	2,107,184
Net assets consist of:
Paid in capital	$	18,515,198
Total distributable earnings (loss)		(16,408,014	)
Net assets	$	2,107,184
A-Class:
Net assets	$	190,499
Capital shares outstanding		3,957
Net asset value per share	$	48.14
Maximum offering price per share (Net asset value divided by 95.25%)	$	50.54
C-Class:
Net assets	$	71,094
Capital shares outstanding		1,608
Net asset value per share	$	44.21
H-Class:
Net assets	$	1,845,591
Capital shares outstanding		38,408
Net asset value per share	$	48.05

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $1,160)	$	39,875
Interest		41,300
Income from securities lending, net		548
Total investment income		81,723
Expenses:
Management fees		15,346
Distribution and service fees:
A-Class		427
C-Class		499
H-Class		3,713
Transfer agent fees		3,660
Portfolio accounting and administration fees		3,496
Registration fees		1,715
Professional fees		841
Interest expense		552
Trustees’ fees*		312
Custodian fees		233
Miscellaneous		837
Total expenses		31,631
Less:
Expenses reimbursed by Adviser:		(1,129	)
Net expenses		30,502
Net investment income		51,221
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(86,366	)
Swap agreements		(277,623	)
Net realized loss		(363,989	)
Net change in unrealized appreciation (depreciation) on:
Investments		(19,315	)
Swap agreements		(129,833	)
Net change in unrealized appreciation (depreciation)		(149,148	)
Net realized and unrealized loss		(513,137	)
Net decrease in net assets resulting from operations	$	(461,916	)

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

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

EMERGING MARKETS 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	51,221		$	123,778
Net realized loss on investments		(363,989	)		(2,360,959	)
Net change in unrealized appreciation (depreciation) on investments		(149,148	)		43,786
Net decrease in net assets resulting from operations		(461,916	)		(2,193,395	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,174,949			3,280,035
C-Class		26,298			137,269
H-Class		39,579,292			100,246,481
Cost of shares redeemed
A-Class		(1,285,328	)		(2,969,703	)
C-Class		(75,692	)		(246,621	)
H-Class		(39,949,208	)		(98,469,708	)
Net increase (decrease) from capital share transactions		(529,689	)		1,977,753
Net decrease in net assets		(991,605	)		(215,642	)
Net assets:
Beginning of period		3,098,789			3,314,431
End of period	$	2,107,184		$	3,098,789
Capital share activity:
Shares sold
A-Class		21,628			59,221
C-Class		544			2,793
H-Class		764,747			1,898,688
Shares redeemed
A-Class		(24,469	)		(55,255	)
C-Class		(1,574	)		(5,051	)
H-Class		(774,126	)		(1,892,071	)
Net increase (decrease) in shares		(13,250	)		8,325

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

EMERGING MARKETS 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	54.39		$	68.28		$	116.33		$	44.29		$	71.02		$	87.20
Income (loss) from investment operations:
Net investment income (loss)b		.78			.89			(.03	)		(.94	)		.17			.40
Net gain (loss) on investments (realized and unrealized)		(7.03	)		(14.78	)		(48.02	)		72.98			(26.42	)		(16.58	)
Total from investment operations		(6.25	)		(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	$	48.14		$	54.39		$	68.28		$	116.33		$	44.29		$	71.02
Total Returnc		(11.49	%)		(20.35	%)		(41.30	%)		162.66	%		(37.27	%)		(18.56	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	190		$	370		$	193		$	647		$	628		$	2,247
Ratios to average net assets:
Net investment income (loss)		2.96	%		1.67	%		(0.03	%)		(1.10	%)		0.25	%		0.54	%
Total expenses		1.84	%		1.85	%		1.75	%		1.83	%		1.86	%		1.84	%
Net expensesd		1.78	%		1.82	%		1.75	%		1.83	%		1.86	%		1.84	%
Portfolio turnover rate		332	%		416	%		266	%		632	%		974	%		1,978	%

C-Class	Six Months Ended September 30, 2023a			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	$	50.17		$	63.47		$	108.94		$	41.79		$	67.53		$	83.55
Income (loss) from investment operations:
Net investment income (loss)b		.49			.69			(.48	)		(1.69	)		(.28	)		(.22	)
Net gain (loss) on investments (realized and unrealized)		(6.45	)		(13.99	)		(44.99	)		68.84			(24.98	)		(15.80	)
Total from investment operations		(5.96	)		(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	$	44.21		$	50.17		$	63.47		$	108.94		$	41.79		$	67.53
Total Returnc		(11.88	%)		(20.97	%)		(41.74	%)		160.68	%		(37.73	%)		(19.17	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	71		$	132		$	311		$	449		$	161		$	423
Ratios to average net assets:
Net investment income (loss)		2.06	%		1.43	%		(0.55	%)		(1.95	%)		(0.44	%)		(0.33	%)
Total expenses		2.59	%		2.57	%		2.50	%		2.57	%		2.60	%		2.59	%
Net expensesd		2.53	%		2.54	%		2.50	%		2.57	%		2.60	%		2.59	%
Portfolio turnover rate		332	%		416	%		266	%		632	%		974	%		1,978	%

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

EMERGING MARKETS 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	54.34		$	68.26		$	116.30		$	44.29		$	71.02		$	87.21
Income (loss) from investment operations:
Net investment income (loss)b		.78			1.20			.01			(1.28	)		(.05	)		.50
Net gain (loss) on investments (realized and unrealized)		(7.07	)		(15.12	)		(48.05	)		73.29			(26.20	)		(16.69	)
Total from investment operations		(6.29	)		(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	$	48.05		$	54.34		$	68.26		$	116.30		$	44.29		$	71.02
Total Return		(11.58	%)		(20.41	%)		(41.31	%)		162.59	%		(37.27	%)		(18.56	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,846		$	2,597		$	2,810		$	6,808		$	1,464		$	6,636
Ratios to average net assets:
Net investment income (loss)		3.03	%		2.35	%		0.01	%		(1.29	%)		(0.07	%)		0.71	%
Total expenses		1.83	%		1.82	%		1.75	%		1.81	%		1.87	%		1.85	%
Net expensesd		1.77	%		1.76	%		1.75	%		1.81	%		1.87	%		1.85	%
Portfolio turnover rate		332	%		416	%		266	%		632	%		974	%		1,978	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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 a single day.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 39

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	6.33%	(30.72%)	(20.40%)	(18.73%)
A-Class Shares with sales charge‡	1.28%	(34.02%)	(21.18%)	(19.12%)
C-Class Shares	5.94%	(31.11%)	(20.64%)	(19.18%)
C-Class Shares with CDSC§	4.94%	(31.80%)	(20.64%)	(19.18%)
H-Class Shares	6.02%	(30.76%)	(20.11%)	(18.65%)
S&P 500 Index	5.18%	21.62%	9.92%	11.91%
S&P Emerging 50 ADR Index	(2.99%)	15.48%	1.64%	2.91%

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

40 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
INVERSE EMERGING MARKETS 2x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 115.3%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/232	$	288,812	$	288,812
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/232		112,189		112,189
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/232		111,082		111,082
Total Repurchase Agreements
(Cost $512,083)				512,083
Total Investments - 115.3%
(Cost $512,083)			$	512,083
Other Assets & Liabilities, net - (15.3)%				(67,910	)
Total Net Assets - 100.0%			$	444,173

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements Sold Short††

BNP Paribas

S&P Emerging 50 ADR Index

Receive

5.13% (Federal Funds Rate - 0.20%)

At Maturity

12/21/23

187

$

467,183

$

5,723

Goldman Sachs International

S&P Emerging 50 ADR Index

Receive

4.58% (Federal Funds Rate - 0.75%)

At Maturity

12/21/23

173

431,151

4,810

$

898,334

$

10,533

††	Value determined based on Level 2 inputs — See Note 4.
1	Repurchase Agreements — See Note 6.
2	All or a portion of this security is pledged as equity index swap collateral at September 30, 2023.
	ADR—American Depositary Receipt
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
INVERSE EMERGING MARKETS 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	—	$	512,083	$	—	$	512,083
Equity Index Swap Agreements**		—		10,533		—		10,533
Total Assets	$	—	$	522,616	$	—	$	522,616

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

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

INVERSE EMERGING MARKETS 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Repurchase agreements, at value (cost $512,083)	$	512,083
Cash		252,861
Unrealized appreciation on OTC swap agreements		10,533
Receivables:
Fund shares sold		42,116
Interest		151
Investment Adviser		13
Total assets		817,757
Liabilities:
Payable for:
Fund shares redeemed		370,769
Swap settlement		1,949
Management fees		325
Transfer agent fees		112
Distribution and service fees		94
Portfolio accounting and administration fees		38
Trustees’ fees*		6
Miscellaneous		291
Total liabilities		373,584
Net assets	$	444,173
Net assets consist of:
Paid in capital	$	20,338,007
Total distributable earnings (loss)		(19,893,834	)
Net assets	$	444,173
A-Class:
Net assets	$	25,296
Capital shares outstanding		1,792
Net asset value per share	$	14.12
Maximum offering price per share (Net asset value divided by 95.25%)	$	14.82
C-Class:
Net assets	$	7,543
Capital shares outstanding		542
Net asset value per share	$	13.92
H-Class:
Net assets	$	411,334
Capital shares outstanding		28,828
Net asset value per share	$	14.27

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Interest	$	13,078
Total investment income		13,078
Expenses:
Management fees		2,272
Distribution and service fees:
A-Class		27
C-Class		32
H-Class		599
Transfer agent fees		548
Portfolio accounting and administration fees		519
Registration fees		307
Professional fees		118
Trustees’ fees*		57
Custodian fees		35
Miscellaneous		69
Total expenses		4,583
Less:
Expenses reimbursed by Adviser		(163	)
Net expenses		4,420
Net investment income		8,658
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(27,655	)
Net realized loss		(27,655	)
Net change in unrealized appreciation (depreciation) on:
Swap agreements		20,431
Net change in unrealized appreciation (depreciation)		20,431
Net realized and unrealized loss		(7,224	)
Net increase in net assets resulting from operations	$	1,434

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

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

INVERSE EMERGING MARKETS 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,658		$	6,878
Net realized loss on investments		(27,655	)		(44,584	)
Net change in unrealized appreciation (depreciation) on investments		20,431			(76,311	)
Net increase (decrease) in net assets resulting from operations		1,434			(114,017	)
Capital share transactions:
Proceeds from sale of shares
A-Class		211,102			544,771
C-Class		6,402			79,314
H-Class		13,180,369			47,202,687
Cost of shares redeemed
A-Class		(192,482	)		(544,324	)
C-Class		(5,240	)		(76,129	)
H-Class		(13,234,984	)		(47,901,477	)
Net decrease from capital share transactions		(34,833	)		(695,158	)
Net decrease in net assets		(33,399	)		(809,175	)
Net assets:
Beginning of period		477,572			1,286,747
End of period	$	444,173		$	477,572
Capital share activity:
Shares sold
A-Class		15,544			32,880
C-Class		509			4,768
H-Class		962,664			2,904,991
Shares redeemed
A-Class		(14,258	)		(33,335	)
C-Class		(426	)		(4,767	)
H-Class		(968,379	)		(2,953,864	)
Net decrease in shares		(4,346	)		(49,327	)

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

INVERSE EMERGING MARKETS 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	13.28		$	15.03		$	12.44		$	46.71		$	40.57		$	39.08
Income (loss) from investment operations:
Net investment income (loss)b		.24			.11			(.23	)		(.54	)		(.16	)		.23
Net gain (loss) on investments (realized and unrealized)		.60			(1.86	)		2.82			(33.73	)		6.64			1.26	e
Total from investment operations		.84			(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	$	14.12		$	13.28		$	15.03		$	12.44		$	46.71		$	40.57
Total Returnc		6.33	%		(11.64	%)		20.82	%		(73.37	%)		16.30	%		3.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	25		$	7		$	14		$	2		$	147		$	16
Ratios to average net assets:
Net investment income (loss)		3.48	%		0.65	%		(1.86	%)		(1.81	%)		(0.37	%)		0.51	%
Total expenses		1.79	%		2.00	%		1.87	%		1.86	%		1.89	%		1.88	%
Net expensesd		1.73	%		1.97	%		1.87	%		1.86	%		1.89	%		1.88	%
Portfolio turnover rate		—			—			—			—			—			—

C-Class	Six Months Ended September 30, 2023a			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	$	13.14		$	15.02		$	12.40		$	46.82		$	40.45		$	39.34
Income (loss) from investment operations:
Net investment income (loss)b		.19			.01			(.36	)		(.69	)		(.31	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		.59			(1.89	)		2.98			(33.73	)		7.02			1.40	e
Total from investment operations		.78			(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	$	13.92		$	13.14		$	15.02		$	12.40		$	46.82		$	40.45
Total Returnc		5.94	%		(12.52	%)		21.13	%		(73.52	%)		16.96	%		(2.82	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8		$	6		$	7		$	6		$	103		$	3
Ratios to average net assets:
Net investment income (loss)		2.91	%		0.08	%		(2.44	%)		(2.62	%)		(1.09	%)		(0.63	%)
Total expenses		2.55	%		2.76	%		2.48	%		2.66	%		2.79	%		2.53	%
Net expensesd		2.49	%		2.73	%		2.48	%		2.66	%		2.79	%		2.53	%
Portfolio turnover rate		—			—			—			—			—			—

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

INVERSE EMERGING MARKETS 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	13.46		$	15.17		$	12.54		$	46.39		$	40.27		$	38.77
Income (loss) from investment operations:
Net investment income (loss)b		.21			.11			(.23	)		(.42	)		.07			.19
Net gain (loss) on investments (realized and unrealized)		.60			(1.82	)		2.86			(33.43	)		6.39			1.31	e
Total from investment operations		.81			(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	$	14.27		$	13.46		$	15.17		$	12.54		$	46.39		$	40.27
Total Return		6.02	%		(11.27	%)		20.97	%		(72.97	%)		16.40	%		3.87	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	411		$	465		$	1,265		$	400		$	649		$	1,756
Ratios to average net assets:
Net investment income (loss)		3.43	%		0.66	%		(1.70	%)		(1.85	%)		0.19	%		0.42	%
Total expenses		1.81	%		2.01	%		1.75	%		1.89	%		1.87	%		1.87	%
Net expenses d		1.74	%		1.97	%		1.75	%		1.89	%		1.87	%		1.87	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The amount shown for a share outstanding thoughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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 Advisor.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 47

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	Since Inception (10/08/13)
A-Class Shares	(1.26%)	10.75%	(2.18%)	(0.75%)
A-Class Shares with sales charge‡	(5.95%)	5.48%	(3.13%)	(1.23%)
C-Class Shares	(1.72%)	9.90%	(2.92%)	(1.54%)
C-Class Shares with CDSC§	(2.70%)	8.90%	(2.92%)	(1.54%)
H-Class Shares	(1.25%)	10.75%	(2.16%)	(0.78%)
ICE BofA BBB & Lower Sovereign USD External Debt Index	(0.23%)	11.15%	(0.79%)	1.90%

*	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.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

48 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
EMERGING MARKETS BOND STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 86.4%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/232	$	161,099	$	161,099
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/232		62,579		62,579
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/232		61,961		61,961
Total Repurchase Agreements
(Cost $285,639)				285,639
Total Investments - 86.4%
(Cost $285,639)			$	285,639
Other Assets & Liabilities, net - 13.6%				44,897
Total Net Assets - 100.0%			$	330,536

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury 5 Year Note Futures Contracts		3		Dec 2023	$	315,961	$	(2,823	)

Centrally Cleared Credit Default Swap Agreements Protection Sold††
Counterparty	Exchange	Index	Protection Premium Rate	Payment Frequency		Maturity Date		Notional Amount		Value			Upfront Premiums Received			Unrealized Depreciation**
Barclays Bank plc	ICE	CDX.EM.40.V1	1.00%		Quarterly		12/20/28	$	320,000	$	(17,568	)	$	(15,329	)	$	(2,239	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Credit Index Swap Agreements††

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

10/26/23

5,281

$

96,484

$

(634

)

**	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	Repurchase Agreements — See Note 6.
2	All or a portion of this security is pledged as equity index swap collateral at September 30, 2023.
	CDX.EM.40.V1 — Credit Default Swap Emerging Markets Series 40 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
EMERGING MARKETS BOND STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	—	$	285,639	$	—	$	285,639

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	2,823	$	—	$	—	$	2,823
Credit Default Swap Agreements**		—		2,239		—		2,239
Credit Index Swap Agreements**		—		634		—		634
Total Liabilities	$	2,823	$	2,873	$	—	$	5,696

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

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

EMERGING MARKETS BOND STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Repurchase agreements, at value (cost $285,639)	$	285,639
Segregated cash with broker		61,191
Receivables:
Variation margin on futures contracts		352
Protection fees on credit default swap agreements		98
Interest		84
Fund shares sold		30
Total assets		347,394
Liabilities:
Unamortized upfront premiums received on credit default swap agreements		15,329
Unrealized depreciation on OTC swap agreements		634
Payable for:
Management fees		211
Transfer agent fees		166
Distribution and service fees		84
Portfolio accounting and administration fees		44
Fund shares redeemed		35
Swap settlement		32
Variation margin on credit default swap agreements		8
Trustees’ fees*		9
Miscellaneous		306
Total liabilities		16,858
Net assets	$	330,536
Net assets consist of:
Paid in capital	$	882,578
Total distributable earnings (loss)		(552,042	)
Net assets	$	330,536
A-Class:
Net assets	$	39,461
Capital shares outstanding		682
Net asset value per share	$	57.86
Maximum offering price per share (Net asset value divided by 95.25%)	$	60.75
C-Class:
Net assets	$	21,280
Capital shares outstanding		404
Net asset value per share	$	52.67
H-Class:
Net assets	$	269,795
Capital shares outstanding		4,686
Net asset value per share	$	57.57

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Interest	$	46,443
Total investment income		46,443
Expenses:
Management fees		7,918
Distribution and service fees:
A-Class		132
C-Class		111
H-Class		2,481
Transfer agent fees		2,416
Portfolio accounting and administration fees		2,166
Professional fees		558
Custodian fees		144
Trustees’ fees*		135
Miscellaneous		1,108
Total expenses		17,169
Less:
Expenses reimbursed by Adviser:		(29	)
Net expenses		17,140
Net investment income		29,303
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(91,652	)
Futures contracts		(63,405	)
Net realized loss		(155,057	)
Net change in unrealized appreciation (depreciation) on:
Swap agreements		(16,855	)
Futures contracts		(10,560	)
Net change in unrealized appreciation (depreciation)		(27,415	)
Net realized and unrealized loss		(182,472	)
Net decrease in net assets resulting from operations	$	(153,169	)

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

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

EMERGING MARKETS BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	29,303		$	2,866
Net realized loss on investments		(155,057	)		(204,745	)
Net change in unrealized appreciation (depreciation) on investments		(27,415	)		17,028
Net decrease in net assets resulting from operations		(153,169	)		(184,851	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,402			248,714
C-Class		—			37,131
H-Class		10,778,302			4,538,351
Cost of shares redeemed
A-Class		(223,383	)		(30,106	)
C-Class		(612	)		(73,773	)
H-Class		(10,748,590	)		(4,461,930	)
Net increase (decrease) from capital share transactions		(192,881	)		258,387
Net increase (decrease) in net assets		(346,050	)		73,536
Net assets:
Beginning of period		676,586			603,050
End of period	$	330,536		$	676,586
Capital share activity:
Shares sold
A-Class		24			4,342
C-Class		—			686
H-Class		184,694			78,489
Shares redeemed
A-Class		(3,876	)		(540	)
C-Class		(11	)		(1,367	)
H-Class		(186,675	)		(79,791	)
Net increase (decrease) in shares		(5,844	)		1,819

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

EMERGING MARKETS BOND STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	58.60		$	62.44		$	70.11		$	63.93		$	74.95		$	73.42
Income (loss) from investment operations:
Net investment income (loss)b		.88			.60			(1.07	)		(1.14	)		.03			.10
Net gain (loss) on investments (realized and unrealized)		(1.62	)		(4.44	)		(6.60	)		8.16			(4.86	)		1.43
Total from investment operations		(.74	)		(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	$	57.86		$	58.60		$	62.44		$	70.11		$	63.93		$	74.95
Total Returnc		(1.26	%)		(6.15	%)		(10.98	%)		10.92	%		(7.41	%)		2.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	39		$	266		$	46		$	48		$	1,105		$	761
Ratios to average net assets:
Net investment income (loss)		3.01	%		1.06	%		(1.54	%)		(1.72	%)		0.03	%		0.14	%
Total expenses		1.60	%		1.61	%		1.57	%		1.74	%		1.68	%		1.66	%
Net expensesd		1.60	%		1.61	%		1.57	%		1.74	%		1.68	%		1.66	%
Portfolio turnover rate		—			—			—			—			—			—

C-Class	Six Months Ended September 30, 2023a			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	$	53.59		$	57.52		$	65.07		$	59.82		$	71.05		$	70.12
Income (loss) from investment operations:
Net investment income (loss)b		.71			(.04	)		(1.47	)		(1.56	)		(.46	)		(.54	)
Net gain (loss) on investments (realized and unrealized)		(1.63	)		(3.89	)		(6.08	)		7.65			(4.58	)		1.47
Total from investment operations		(.92	)		(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	$	52.67		$	53.59		$	57.52		$	65.07		$	59.82		$	71.05
Total Returnc		(1.72	%)		(6.83	%)		(11.62	%)		10.10	%		(8.13	%)		1.33	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21		$	22		$	63		$	52		$	62		$	59
Ratios to average net assets:
Net investment income (loss)		2.64	%		(0.07	%)		(2.28	%)		(2.36	%)		(0.61	%)		(0.79	%)
Total expenses		2.32	%		2.35	%		2.31	%		2.40	%		2.42	%		2.37	%
Net expensesd		2.30	%		2.35	%		2.31	%		2.40	%		2.42	%		2.37	%
Portfolio turnover rate		—			—			—			—			—			—

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

EMERGING MARKETS BOND STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	58.30		$	62.03		$	69.64		$	63.50		$	74.52		$	72.98
Income (loss) from investment operations:
Net investment income (loss)b		.80			.40			(1.07	)		(1.14	)		.15			.23
Net gain (loss) on investments (realized and unrealized)		(1.53	)		(4.13	)		(6.54	)		8.12			(4.98	)		1.31
Total from investment operations		(.73	)		(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	$	57.57		$	58.30		$	62.03		$	69.64		$	63.50		$	74.52
Total Return		(1.25	%)		(6.01	%)		(10.93	%)		10.93	%		(7.45	%)		2.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	270		$	389		$	494		$	343		$	307		$	9,226
Ratios to average net assets:
Net investment income (loss)		2.77	%		0.70	%		(1.52	%)		(1.61	%)		0.20	%		0.32	%
Total expenses		1.62	%		1.61	%		1.56	%		1.65	%		1.67	%		1.70	%
Net expensesd		1.62	%		1.61	%		1.56	%		1.65	%		1.67	%		1.70	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the ”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2023, the Trust consisted of fifty-two funds.

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

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

At September 30, 2023, A-Class, C-Class, H-Class, P-Class, and Institutional Class shares have been issued by the Funds.

The 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”) serves as distributor of the Funds’ shares. GI and GFD are affiliated entities.

Significant Accounting Policies

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

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

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

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. The Long Short Equity Fund prices its shares at the afternoon NAV. The NAV is calculated using the current market value of each Fund’s total assets as of the respective time of calculation. These financial statements are based on the September 30, 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 “Fund Valuation Procedures”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 55

NOTES TO FINANCIAL STATEMENTS (Unaudited)(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” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and other assets.

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

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

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

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

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

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

Futures contracts are valued on the basis of the last sale price 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.

Other swap agreements entered into by a fund are generally valued using an evaluated price provided by a pricing service provider.

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

(b) 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.

56 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(c) 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.

(d) Currency Translations

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

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

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

(e) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(f) Security Transactions

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

(g) Distributions

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(h) Class Allocations

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

(i) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 5.33% at September 30, 2023.

(j) 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, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds’ Statements of Assets and Liabilities; securities held as collateral are noted on the Funds’ Schedules of Investments.

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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	$	999,509	$	—

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	$	5,229,607	$	—
Inverse Emerging Markets 2x Strategy Fund	Index exposure, Leverage, Liquidity				1,105,360
Emerging Markets Bond Strategy Fund	Duration, Index exposure, Leverage, Liquidity		545,306		—

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

		Average Notional Amount
Fund	Use	Long		Short
Long Short Equity Fund	Index exposure, Liquidity	$	14,154,078	$	16,969,710

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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	$	1,363,333	$	—

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of September 30, 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
		Unrealized depreciation on OTC swap agreements
		Variation margin on credit default swap agreements

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at September 30, 2023:

Asset Derivative Investments Value
Fund	Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2023
Long Short Equity Fund	$	1,214,387	$	—	$	—	$	1,214,387
Emerging Markets 2x Strategy Fund		4,899		—		—		4,899
Inverse Emerging Markets 2x Strategy Fund		10,533		—		—		10,533

Liability Derivative Investments Value
Fund	Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2023
Emerging Markets 2x Strategy Fund	$	24,938	$	—	$	—	$	24,938
Emerging Markets Bond Strategy Fund		634		2,823		2,239		5,696

* 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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The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended September 30, 2023:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
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 period ended September 30, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk			Total
Long Short Equity Fund	$	440,525		$	—		$	—		$	440,525
Emerging Markets 2x Strategy Fund		(277,623	)		—			—			(277,623	)
Inverse Emerging Markets 2x Strategy Fund		(27,655	)		—			—			(27,655	)
Emerging Markets Bond Strategy Fund		—			(63,405	)		(91,652	)		(155,057	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk			Total
Long Short Equity Fund	$	10,068		$	—		$	—		$	10,068
Emerging Markets 2x Strategy Fund		(129,833	)		—			—			(129,833	)
Inverse Emerging Markets 2x Strategy Fund		20,431			—			—			20,431
Emerging Markets Bond Strategy Fund		—			(10,560	)		(16,855	)		(27,415	)

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

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

Foreign Investments

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are 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

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

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

Note 3 – Offsetting

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

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

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the 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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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	$	1,214,387	$	—	$	1,214,387	$	—	$	—	$	1,214,387
Emerging Markets 2x Strategy Fund	Swap equity contracts		4,899		—		4,899		—		—		4,899
Inverse Emerging Markets 2x Strategy Fund	Swap equity contracts		10,533		—		10,533		—		—		10,533

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Emerging Markets 2x Strategy Fund	Swap equity contracts	$	24,938	$	—	$	24,938	$	(24,938	)	$	—	$	—
Emerging Markets Bond Strategy Fund	Credit index swap agreements		634		—		634		(634	)		—		—

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

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of September 30, 2023.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Emerging Markets Bond Strategy Fund	Barclays Bank plc	Credit default swap agreements	$	57,216	$	—
	Goldman Sachs International	Futures contracts		3,975		—
				61,191		—

Note 4 – Fair Value Measurement

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

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

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

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

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

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

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

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract, the Funds pay GI investment advisory fees 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.

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

For the period ended September 30, 2023, GFD retained sales charges of $35,499 relating to sales of A-Class shares of the Trust.

The Board has adopted a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for the 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. The current term of this agreement expires on 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 upon sixty days’ written notice.

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 Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund and Emerging Markets Bond Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This arrangement went into 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.

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

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

Note 6 – Repurchase Agreements

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 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 Bills
5.30%					0.00%
Due 10/02/23	$	161,453,419	$	161,524,727	Due 10/10/23 - 09/05/24	$	97,237,600	$	96,132,508
					U.S. Treasury Notes
					0.38% - 3.25%
					Due 10/31/23 - 09/15/24		46,833,200		45,451,839
					U.S. Treasury Floating Rate Notes
					5.39% - 5.44%
					Due 10/31/23 - 01/31/24		22,892,900		23,098,149
							166,963,700		164,682,496
Barclays Capital, Inc.					U.S. Treasury Notes
5.29%					1.50% - 5.00%
Due 10/02/23		62,716,858		62,744,506	Due 08/31/25 - 01/31/27		69,304,600		63,971,272
BofA Securities, Inc.					U.S. Treasury Note
5.30%					3.88%
Due 10/02/23		62,097,469		62,124,895	Due 04/30/25		63,651,000		63,339,456

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

Note 7 – Portfolio Securities Loaned

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

At September 30, 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	$	46,266	$	(46,266	)	$	—	$	47,437	$	—	$	47,437

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

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

Note 8 – Federal Income Tax Information

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

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

At September 30, 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	$	14,387,714	$	2,006,965	$	(696,503	)	$	1,310,462
Emerging Markets 2x Strategy Fund		2,133,117		79,105		(27,599	)		51,506
Inverse Emerging Markets 2x Strategy Fund		512,083		10,533		—			10,533
Emerging Markets Bond Strategy Fund		285,639		—		(5,696	)		(5,696	)

Note 9 – Securities Transactions

For the period ended September 30, 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	$	24,691,752	$	23,684,169
Emerging Markets 2x Strategy Fund		6,647,964		6,408,222
Inverse Emerging Markets 2x Strategy Fund		65,000		65,000
Emerging Markets Bond Strategy Fund		—		—

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended September 30, 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	$	197,249	$	—	$	—

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $200,000,000 line of credit from U.S. Bank, N.A. On June 5, 2023, the line of credit agreement was renewed and expires on June 3, 2024. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 6.28% for the period ended September 30, 2023. The Funds did not have any borrowings outstanding under this agreement as-of and for the period ended September 30, 2023.

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, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy or industry and market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

Note 12 – Subsequent Events

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

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OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

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

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

Tailored Shareholder Reports for Open-End Mutual Funds and Exchange-Traded Funds

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and exchange-traded funds registered on Form N-1A to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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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OTHER INFORMATION (Unaudited)(continued)

Report of the Rydex Series Funds Board of Trustees

The Board of Trustees of Rydex Series Funds (the “Trust”), including the Independent Trustees, unanimously approved the renewal of the investment management agreement (the “Advisory Agreement”) with Security Investors, LLC (“Security Investors” or the “Adviser”) on behalf of the series of the Trust listed below (each a “Fund” and collectively, the “Funds”):

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

*	Each a “Sector Fund” and collectively, the “Sector Funds.”
**	Each an “Alternative Fund” and collectively, the “Alternative Funds.” Each Fund other than the Alternative Funds is referred to herein as a “Tradable Fund” and collectively, the “Tradable Funds.”

Security Investors¹ is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 17-18, 2023 (the “April Meeting”) and meetings held by videoconference on May 15, 2023 and in person on May 24, 2023 (the “May Meeting”), the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and

¹ Security Investors also serves as investment adviser to each of Rydex Series Funds Commodities Strategy CFC, Rydex Managed Futures Strategy CFC and Rydex Series Funds Multi-Hedge Strategies CFC (each a “Subsidiary” and collectively, the “Subsidiaries”), wholly-owned subsidiaries of the Trust that are organized as limited companies under the laws of the Cayman Islands and used by Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, respectively, to obtain commodities exposure. Pursuant to a separate investment management agreement for each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), the Subsidiary pays Security Investors an advisory fee at the same rate that the respective Fund pays Security Investors under the Advisory Agreement. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Agreements. In addition, Security Investors has entered into a separate waiver agreement with respect to each applicable Fund pursuant to which Security Investors has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to Security Investors by the respective Subsidiary. This undertaking will continue with respect to each applicable Fund for so long as the Fund invests in the respective Subsidiary, and may be terminated only with the approval of the Board.

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OTHER INFORMATION (Unaudited)(continued)

other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

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

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the “Contract Review Materials”). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other Guggenheim funds and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm’s length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee’s recommendation, the Board approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2024 at a meeting held on May 23-24, 2023 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered Guggenheim’s discussion of its ongoing review of the Guggenheim fund line-up at the April Meeting and the May Board Meeting. In addition, the Committee considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

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OTHER INFORMATION (Unaudited)(continued)

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

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features, as well as the personnel responsible for such services. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2022, 2021 and 2020. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2022, including monthly purchases and redemptions in dollar value and in number of transactions as well as transaction volume relative to the assets in the Tradable Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Tradable Funds, compared to those of investing in exchange-traded funds, including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee considered that, at the April Meeting, the Adviser’s Head of Quantitative Strategies with investment management responsibility for the Tradable Funds met with the Committee to discuss the Tradable Funds, including the value to shareholders of the tradability and other unique features, the personnel, operations and infrastructure required to provide those features, the reasons why tactical advisors invest in the Tradable Funds rather than other tradable products, such as exchange-traded funds, for their clients, and the level of trading activity in the Tradable Funds. With respect to the Sector Funds and the Real Estate Fund, the Committee also considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector, and corporate actions such as spin-offs, among other adjustments.

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

With respect to Guggenheim’s resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

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

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2022, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2022, as applicable, were received. In addition, the Committee received a comparison of each Fund’s

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OTHER INFORMATION (Unaudited)(continued)

performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2022, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain performance information for the Alternative Funds (i.e., the non-Tradable Funds) as of March 31, 2023. In assessing each Fund’s performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

With respect to the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary drivers of performance differences. In this connection, the Committee considered the tracking error of each Fund’s Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points) of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2022, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund performed in line with the comparable peer fund over the five-year and three-year periods ended December 31, 2022, while, in contrast, its performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year time periods.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining the underperformance, as applicable, of such Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2022, relative to their respective peer groups, attributing such underperformance to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

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OTHER INFORMATION (Unaudited)(continued)

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that the returns of the Multi-Hedge Strategies Fund’s Institutional Class shares ranked in the second quartile of its performance universe for each of the relevant periods considered. In addition, the Committee made the following observations:

Long Short Equity Fund: The returns of the Fund’s Institutional Class shares ranked in the 87th and 49th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2022, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the Fund’s fundamental factor tilts. The Committee noted management’s statement that the Fund’s long exposure to value detracted from investment performance from early 2018 through early 2020 as growth stocks outperformed during that period. The Committee also noted management’s statement that the Fund’s net short exposure to oil prices within the energy sector following the onset of the Russia-Ukraine war in early 2022 also contributed to relative underperformance.

Managed Futures Strategy Fund: The returns of the Fund’s Institutional Class shares ranked in the 82nd and 83rd percentiles of its performance universe for the five-year and three-year periods ended December 31, 2022, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year and three-year time periods was primarily due to the Fund targeting a lower level of risk relative to its performance universe. The Committee took into account management’s statements that the portfolio management team increased the Fund’s risk target in 2021 to be more in line with peers and the Fund experienced a performance ranking that compared more favorably relative to its performance universe for the one-year period ended December 31, 2022. The Committee also noted management’s further explanation of the Fund’s performance at the April Meeting.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and/or efforts to improve investment performance.

Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds: The Committee compared each Fund’s contractual advisory fee, net effective management fee² and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations. The Committee also considered Guggenheim’s discussion of information regarding fee and expense trends across the open-end fund industry and its response to those trends with respect to the funds in the Guggenheim fund complex, including the Funds.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than variable insurance fund counterparts to certain Funds and certain other clients with respect to Long Short Equity Fund, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds’ advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund’s Class H shares, other than the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is

² The “net effective management fee” for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.

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OTHER INFORMATION (Unaudited)(continued)

higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and the total net expense ratio for the Fund’s Class H shares were lower than and equal to those of the peer fund, respectively.

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

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

The Committee considered management’s agreement, as part of the 2023 annual contract review process, to reduce the total net expense ratio of each Tradable Fund (other than the U.S. Government Money Market Fund) by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement effective August 1, 2023 for an initial term ending August 1, 2024 for each Fund (other than Commodities Strategy Fund for which the initial term will end May 1, 2025), with such reduction to apply in addition to any other contractual waiver and/or reimbursement arrangements already in place. The Committee also noted the continuation through August 1, 2024 of management’s separate agreement, implemented as part of the 2022 annual contract review process, to reduce the total net expense ratio of each Tradable Fund with a contractual advisory fee of 0.90% of its average daily net assets³ by 0.05% of its average daily net assets and, with respect to NASDAQ-100 Fund, to reduce the total net expense ratio of the Fund by 0.05% of its average daily net assets in excess of $500 million, through expense reimbursement and/or waiver agreements.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), except as to the individual Fund discussed below, the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of such Fund’s peer group. In addition, the Committee made the following observations:

Multi-Hedge Strategies Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the second quartile (27th percentile) of its peer group. Although the net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (87th percentile), the Committee considered that the total net expense ratio for the Fund’s Institutional Class shares ranks in the first quartile (13th percentile) of its peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2022, gross revenues received, and expenses incurred directly or through allocations, by Guggenheim Investments, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2021. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis. In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit and the representation by the Chief Financial Officer of Guggenheim Investments that such methods provided a reasonable basis for determining the profitability of the Adviser with respect to each Fund. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

³ Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund.

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OTHER INFORMATION (Unaudited)(concluded)

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in 2022 in overall expenses was attributable to decreased product costs driven by lower average assets under management and lower non-recurring costs related to closed-end fund matters as well as a decrease in compensation and benefits. The Committee also considered that although expenses related to investment resources decreased in 2022, Guggenheim’s shared services expenses and certain other expenses increased in 2022.

With respect to the Tradable Funds, the Committee noted that, in addition to the expense reimbursement and/or waiver arrangement implemented in August 2022 for the NASDAQ-100 Fund on average daily net assets in excess of $500 million, the Adviser has agreed to a contractual advisory fee breakpoint schedule for the Funds that is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds, a separate trust, equal or exceed $10 billion.

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

As part of its assessment of economies of scale, the Committee took into account Guggenheim’s representation that it seeks to share economies of scale through a number of means, including breakpoints, advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such expense waivers and limitations and considered that the newly agreed expense reimbursement and/or waiver arrangement would produce additional savings to shareholders. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund reflected a reasonable business arrangement negotiated at arm’s length.

Overall Conclusions

The Committee concluded that the investment advisory fees reflect reasonable business arrangements negotiated at arm’s length in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her informed business judgment, may afford different weights to different factors.

Following its review of the Committee’s analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement.

76 | THE RYDEX FUNDS SEMI-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 Funds’ 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 (financial services firm) (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 (registered investment adviser) (1996-present); Chief Executive Officer, ETF Flows, LLC (financial advisor education and research provider) (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (index provider) (2021-present); Vice Chairman, VettaFi (financial advisor content, research and digital distribution provider) (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present); The 2023 ETF Series Trust (4) (June 2023-present); The 2023 ETF Series Trust II (1) (August 2023-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 (law firm) (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (law firm) (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. (construction and real estate development company) (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. (registered broker dealer) (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 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 Fund 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, 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 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.

82 | THE RYDEX FUNDS SEMI-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 SEMI-ANNUAL REPORT | 83

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

84 | THE RYDEX FUNDS SEMI-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 SEMI-ANNUAL REPORT | 85

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

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

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

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

During the period covered by this shareholder report, the Board received a written report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from March 31, 2022, to March 31, 2023. The Report summarized the Administrator’s assessment of the Program’s implementation and concluded that the Program operated effectively, the Program had been and continued to be reasonably designed to assess and manage each Fund’s liquidity risk, and the Program has been adequately and effectively implemented to monitor and respond to the Funds’ liquidity developments, as applicable.

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

86 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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9.30.2023

Rydex Funds Semi-Annual Report

Domestic Equity Fund

NASDAQ-100^® Fund

GuggenheimInvestments.com ROTC-SEMI-0923x0324

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
NASDAQ-100® FUND	8
NOTES TO FINANCIAL STATEMENTS	24
OTHER INFORMATION	41
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	55
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	65
LIQUIDITY RISK MANAGEMENT PROGRAM	69

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2023

Dear Shareholder:

Security Investors, LLC (“Investment Adviser”) is pleased to present the semi-annual shareholder report for NASDAQ-100^® Fund (“Fund”). This report covers performance for the six-month period ended September 30, 2023 (“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.

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

Sincerely,

Security Investors, LLC

October 31, 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.

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

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2023

Faced with a series of strong economic data releases, the market increasingly appears to be coming to the conclusion that the economy is structurally better able to withstand higher interest rates than it really is. This dynamic can be seen by examining the move in Treasury yields, with the sell-off almost entirely being due to real yields rather than inflation expectations, and with the move most pronounced at the long end of the yield curve. Digging further, however, a large portion of this shift is due to a rising term premium (the premium for unknown and unquantified risks in the future, beyond current assumptions on the path of inflation or policy rates), which is indicating greater uncertainty about the outlook.

Many forecasters are extrapolating the current year’s economic strength without recognizing the fact that growth has benefited from a number of factors this year that are unlikely to be repeated, namely an expansion of the fiscal deficit, a slowdown in inflation, and a rebound in labor supply. As these factors fade, the headwinds from tight monetary policy may be more apparent and pronounced. And the longer monetary conditions stay tight, the greater the risk of something breaking (banks and commercial real estate remain key risks). All of this suggests that the recent economic trajectory cannot be assumed to continue, especially given the substantial restraint that could be imposed by the recent rise in long-term borrowing costs.

Uncertainty is elevated given the diverging signals in the data and the fact that many traditional economic models are not “working” as they traditionally would. This uncertainty extends to the U.S. Federal Reserve, which looks set to hold off on further rate hikes while it waits to see if the data start to align with the softening conditions policymakers say they are hearing on the ground. We continue to think the gravitational pull of tight money and credit conditions could result in a slowing economy and cooler inflation over the next year, paving the way for more rate cuts than the market presently expects.

For the Reporting Period, the S&P 500^® Index* returned 5.18%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -1.28%. The return of the MSCI Emerging Markets Index* was -2.05%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -4.05% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 2.21%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 2.51% 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(continued) September 30, 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.

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.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

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.

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2023	Ending Account Value September 30, 2023	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Investor Class	1.25%	11.39%	$ 1,000.00	$ 1,113.90	$ 6.61
A-Class	1.50%	11.25%	1,000.00	1,112.50	7.92
C-Class	2.25%	10.85%	1,000.00	1,108.50	11.86
H-Class	1.50%	11.28%	1,000.00	1,112.80	7.92
Table 2. Based on hypothetical 5% return (before expenses)
Investor Class	1.25%	5.00%	$ 1,000.00	$ 1,018.75	$ 6.31
A-Class	1.50%	5.00%	1,000.00	1,017.50	7.57
C-Class	2.25%	5.00%	1,000.00	1,013.75	11.33
H-Class	1.50%	5.00%	1,000.00	1,017.50	7.57

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 183/366 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2023 to September 30, 2023.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 7

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

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

Ten Largest Holdings	% of Total Net Assets
Apple, Inc.	10.3%
Microsoft Corp.	9.1%
Amazon.com, Inc.	5.1%
NVIDIA Corp.	4.2%
Meta Platforms, Inc. — Class A	3.6%
Tesla, Inc.	3.1%
Alphabet, Inc. — Class A	3.0%
Alphabet, Inc. — Class C	3.0%
Broadcom, Inc.	2.8%
Costco Wholesale Corp.	2.1%
Top Ten Total	46.3%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	11.39%	33.70%	13.52%	16.11%
A-Class Shares	11.25%	33.38%	13.24%	15.80%
A-Class Shares with sales charge‡	5.97%	27.06%	12.14%	15.24%
C-Class Shares	10.85%	32.42%	12.39%	14.95%
C-Class Shares with CDSC§	9.85%	31.42%	12.39%	14.95%
NASDAQ-100 Index	12.09%	35.31%	15.06%	17.64%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	11.28%	33.37%	13.23%	14.54%
NASDAQ-100 Index	12.09%	35.31%	15.06%	16.36%

*	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 structure.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
NASDAQ-100® FUND

	Shares		Value
COMMON STOCKS† - 95.6%
Technology - 44.5%
Apple, Inc.		886,551	$	151,786,397
Microsoft Corp.		421,310		133,028,633
NVIDIA Corp.		140,063		60,926,004
Broadcom, Inc.		50,188		41,685,149
Adobe, Inc.*		55,431		28,264,267
Advanced Micro Devices, Inc.*		196,485		20,202,588
Intel Corp.		509,311		18,106,006
Texas Instruments, Inc.		110,420		17,557,884
Intuit, Inc.		34,059		17,402,106
QUALCOMM, Inc.		135,719		15,072,952
Applied Materials, Inc.		101,733		14,084,934
Analog Devices, Inc.		60,601		10,610,629
Lam Research Corp.		16,115		10,100,399
Micron Technology, Inc.		133,201		9,061,664
Synopsys, Inc.*		18,495		8,488,650
Cadence Design Systems, Inc.*		33,053		7,744,318
KLA Corp.		16,627		7,626,140
NXP Semiconductor N.V.		31,352		6,267,892
ASML Holding N.V. — Class G		10,546		6,208,008
Marvell Technology, Inc.		104,927		5,679,698
Fortinet, Inc.*		95,506		5,604,292
Workday, Inc. — Class A*		25,174		5,408,634
Autodesk, Inc.*		25,996		5,378,832
Microchip Technology, Inc.		66,198		5,166,754
Paychex, Inc.		43,847		5,056,875
ON Semiconductor Corp.*		52,479		4,877,923
Crowdstrike Holdings, Inc. — Class A*		27,491		4,601,443
Cognizant Technology Solutions Corp. — Class A		61,419		4,160,523
Electronic Arts, Inc.		32,946		3,966,698
GLOBALFOUNDRIES, Inc.*,1		66,614		3,876,269
Atlassian Corp. — Class A*		18,642		3,756,549
Datadog, Inc. — Class A*		36,370		3,312,943
ANSYS, Inc.*		10,555		3,140,640
Zscaler, Inc.*		17,742		2,760,478
Zoom Video Communications, Inc. — Class A*		30,925		2,162,895
Total Technology				653,136,066
Communications - 25.3%
Amazon.com, Inc.*		585,075		74,374,734
Meta Platforms, Inc. — Class A*		176,662		53,035,699
Alphabet, Inc. — Class A*		336,435		44,025,884
Alphabet, Inc. — Class C*		328,949		43,371,926
Cisco Systems, Inc.		495,576		26,642,166
Comcast Corp. — Class A		500,517		22,192,924
Netflix, Inc.*		53,892		20,349,619
T-Mobile US, Inc.		143,072		20,037,233
Booking Holdings, Inc.*		4,341		13,387,427
Palo Alto Networks, Inc.*		37,196		8,720,230
Charter Communications, Inc. — Class A*		18,202		8,005,603
PDD Holdings, Inc. ADR*		79,232		7,770,282
MercadoLibre, Inc.*		6,092		7,723,925
Airbnb, Inc. — Class A*		51,850		7,114,339
Trade Desk, Inc. — Class A*		54,259		4,240,341

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
NASDAQ-100® FUND

	Shares		Value
Warner Bros Discovery, Inc.*		296,416	$	3,219,078
eBay, Inc.		64,717		2,853,373
Sirius XM Holdings, Inc.1		467,282		2,112,115
JD.com, Inc. ADR		55,156		1,606,694
Total Communications				370,783,592
Consumer, Non-cyclical - 13.0%
PepsiCo, Inc.		167,409		28,365,781
Amgen, Inc.		65,050		17,482,838
Intuitive Surgical, Inc.*		42,729		12,489,259
Automatic Data Processing, Inc.		50,103		12,053,780
Mondelez International, Inc. — Class A		165,443		11,481,744
Gilead Sciences, Inc.		151,531		11,355,733
Vertex Pharmaceuticals, Inc.*		31,387		10,914,515
Regeneron Pharmaceuticals, Inc.*		12,981		10,682,844
PayPal Holdings, Inc.*		133,535		7,806,456
Monster Beverage Corp.*		127,391		6,745,353
Cintas Corp.		12,373		5,951,537
Keurig Dr Pepper, Inc.		169,924		5,364,501
Kraft Heinz Co.		149,375		5,024,975
Seagen, Inc.*		22,826		4,842,536
AstraZeneca plc ADR		70,846		4,797,691
Moderna, Inc.*		46,285		4,780,778
Biogen, Inc.*		17,612		4,526,460
IDEXX Laboratories, Inc.*		10,095		4,414,241
Dexcom, Inc.*		47,170		4,400,961
Verisk Analytics, Inc. — Class A		17,637		4,166,565
CoStar Group, Inc.*		49,659		3,818,280
GE HealthCare Technologies, Inc.		55,314		3,763,565
Align Technology, Inc.*		9,307		2,841,613
Illumina, Inc.*		19,251		2,642,777
Total Consumer, Non-cyclical				190,714,783
Consumer, Cyclical - 9.1%
Tesla, Inc.*		179,984		45,035,596
Costco Wholesale Corp.		53,933		30,469,988
Starbucks Corp.		139,295		12,713,454
Marriott International, Inc. — Class A		36,270		7,129,231
O’Reilly Automotive, Inc.*		7,328		6,660,126
Lululemon Athletica, Inc.*		14,767		5,694,303
PACCAR, Inc.		63,579		5,405,487
Copart, Inc.*		116,125		5,003,826
Ross Stores, Inc.		41,428		4,679,292
Fastenal Co.		69,481		3,796,442
Dollar Tree, Inc.*		26,755		2,848,070
Walgreens Boots Alliance, Inc.		104,983		2,334,822
Lucid Group, Inc.*,1		276,379		1,544,959
Total Consumer, Cyclical				133,315,596
Industrial - 1.9%
Honeywell International, Inc.		80,746		14,917,016
CSX Corp.		243,994		7,502,816
Old Dominion Freight Line, Inc.		13,288		5,436,652
Total Industrial				27,856,484
Utilities - 1.2%
American Electric Power Company, Inc.		62,652		4,712,683
Exelon Corp.		121,031		4,573,762

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
NASDAQ-100® FUND

	Shares		Value
Constellation Energy Corp.		39,108	$	4,265,901
Xcel Energy, Inc.		67,073		3,837,917
Total Utilities				17,390,263
Energy - 0.6%
Baker Hughes Co.		122,786		4,336,802
Diamondback Energy, Inc.		21,746		3,368,020
Enphase Energy, Inc.*		16,582		1,992,327
Total Energy				9,697,149
Total Common Stocks
(Cost $487,963,294)				1,402,893,933
MUTUAL FUNDS† - 3.4%
Guggenheim Ultra Short Duration Fund — Institutional Class2		2,756,359		26,874,503
Guggenheim Strategy Fund II2		575,584		13,969,435
Guggenheim Strategy Fund III2		370,504		8,999,537
Total Mutual Funds
(Cost $51,083,879)				49,843,475
	Face Amount
U.S. TREASURY BILLS†† - 0.2%
U.S. Treasury Bills
5.27% due 11/07/233,4	$	1,700,000		1,691,031
5.28% due 11/07/234		1,300,000		1,293,141
4.66% due 10/05/234,5		500,000		499,780
Total U.S. Treasury Bills
(Cost $3,483,458)				3,483,952

REPURCHASE AGREEMENTS††,6 - 0.6%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/233		5,160,783		5,160,783
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/233		2,004,715		2,004,715
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/233		1,984,917		1,984,917
Total Repurchase Agreements
(Cost $9,150,415)				9,150,415
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class X, 5.26%8		5,929,054		5,929,054
Total Securities Lending Collateral
(Cost $5,929,054)				5,929,054
Total Investments - 100.2%
(Cost $557,610,100)			$	1,471,300,829
Other Assets & Liabilities, net - (0.2)%				(3,543,707	)
Total Net Assets - 100.0%			$	1,467,757,122

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
NASDAQ-100® FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		10		Dec 2023	$	2,973,450	$	(101,934	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing  Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

BNP Paribas

NASDAQ-100 Index

Pay

5.98% (Federal Funds  Rate +  0.65%)

At Maturity

12/21/23

492

$

7,244,254

$

(125,381

)

Barclays Bank plc

NASDAQ-100 Index

Pay

5.81% (SOFR +  0.50%)

At Maturity

12/20/23

1,767

26,005,232

(163,068

)

Goldman Sachs International

NASDAQ-100 Index

Pay

5.83% (Federal Funds  Rate +  0.50%)

At Maturity

12/21/23

1,956

28,777,502

(346,882

)

$

62,026,988

$

(635,331

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 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 September 30, 2023 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 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 September 30, 2023.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of September 30, 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 September 30, 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	$	1,402,893,933	$	—	$	—	$	1,402,893,933
Mutual Funds		49,843,475		—		—		49,843,475
U.S. Treasury Bills		—		3,483,952		—		3,483,952
Repurchase Agreements		—		9,150,415		—		9,150,415
Securities Lending Collateral		5,929,054		—		—		5,929,054
Total Assets	$	1,458,666,462	$	12,634,367	$	—	$	1,471,300,829

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	101,934	$	—	$	—	$	101,934
Equity Index Swap Agreements**		—		635,331		—		635,331
Total Liabilities	$	101,934	$	635,331	$	—	$	737,265

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)
Mutual Funds
Guggenheim Strategy Fund II	$	13,934,899	$	—	$	—		$	—		$	34,536
Guggenheim Strategy Fund III		8,984,717		—		—			—			14,820
Guggenheim Ultra Short Duration Fund — Institutional Class		29,758,082		—		(3,000,000	)		(94,831	)		211,252
	$	52,677,698	$	—	$	(3,000,000	)	$	(94,831	)	$	260,608

Security Name	Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	13,969,435		575,584	$	384,824
Guggenheim Strategy Fund III		8,999,537		370,504		248,031
Guggenheim Ultra Short Duration Fund — Institutional Class		26,874,503		2,756,359		727,599
	$	49,843,475			$	1,360,454

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

NASDAQ-100^® FUND

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value - including $5,637,865 of securities loaned (cost $497,375,806)	$	1,412,306,939
Investments in affiliated issuers, at value (cost $51,083,879)		49,843,475
Repurchase agreements, at value (cost $9,150,415)		9,150,415
Segregated cash with broker		65,428
Receivables:
Fund shares sold		5,765,720
Dividends		489,678
Investment Adviser		41,342
Securities lending income		10,535
Interest		2,693
Variation margin on futures contracts		1,500
Total assets		1,477,677,725
Liabilities:
Unrealized depreciation on OTC swap agreements		635,331
Payable for:
Return of securities lending collateral		5,929,054
Management fees		921,589
Fund shares redeemed		730,629
Swap settlement		429,555
Transfer agent fees		348,660
Distribution and service fees		83,201
Portfolio accounting and administration fees		74,443
Trustees’ fees*		19,029
Miscellaneous		749,112
Total liabilities		9,920,603
Net assets	$	1,467,757,122
Net assets consist of:
Paid in capital	$	488,786,265
Total distributable earnings (loss)		978,970,857
Net assets	$	1,467,757,122
Investor Class:
Net assets	$	1,295,177,177
Capital shares outstanding		20,892,629
Net asset value per share	$	61.99
A-Class:
Net assets	$	74,150,377
Capital shares outstanding		1,343,991
Net asset value per share	$	55.17
Maximum offering price per share (Net asset value divided by 95.25%)	$	57.92
C-Class:
Net assets	$	73,234,458
Capital shares outstanding		1,647,241
Net asset value per share	$	44.46
H-Class:
Net assets	$	25,195,110
Capital shares outstanding		456,792
Net asset value per share	$	55.16

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

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

STATEMENT OF OPERATIONS (Unaudited)

NASDAQ-100^® FUND

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $8,625)	$	5,597,293
Dividends from securities of affiliated issuers		1,360,454
Interest		482,912
Income from securities lending, net		126,115
Total investment income		7,566,774
Expenses:
Management fees		5,498,532
Distribution and service fees:
A-Class		89,505
C-Class		376,338
H-Class		31,557
Transfer agent fees		1,506,648
Portfolio accounting and administration fees		812,571
Registration fees		640,158
Professional fees		387,418
Trustees’ fees*		116,636
Custodian fees		99,104
Interest expense		72,409
Line of credit fees		331
Miscellaneous		463,198
Total expenses		10,094,405
Less:
Expenses reimbursed by Adviser		(126,178	)
Expenses waived by Adviser		(276,298	)
Total waived/reimbursed expenses		(402,476	)
Net expenses		9,691,929
Net investment loss		(2,125,155	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	110,939,697
Investments in affiliated issuers		(94,831	)
Swap agreements		8,734,799
Futures contracts		1,431,334
Net realized gain		121,010,999
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		35,623,572
Investments in affiliated issuers		260,608
Swap agreements		(3,495,105	)
Futures contracts		(1,010,989	)
Net change in unrealized appreciation (depreciation)		31,378,086
Net realized and unrealized gain		152,389,085
Net increase in net assets resulting from operations	$	150,263,930

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

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

STATEMENTS OF CHANGES IN NET ASSETS

NASDAQ-100^® FUND

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(2,125,155	)	$	(3,337,104	)
Net realized gain on investments		121,010,999			10,241,757
Net change in unrealized appreciation (depreciation) on investments		31,378,086			(211,252,225	)
Net increase (decrease) in net assets resulting from operations		150,263,930			(204,347,572	)
Distributions to shareholders:
Investor Class		—			(77,687,668	)
A-Class		—			(4,843,280	)
C-Class		—			(7,083,939	)
H-Class		—			(1,710,370	)
Total distributions to shareholders		—			(91,325,257	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		550,524,665			1,049,808,809
A-Class		9,886,771			13,187,157
C-Class		4,703,994			5,718,757
H-Class		13,676,656			26,799,257
Distributions reinvested
Investor Class		—			74,594,196
A-Class		—			4,570,561
C-Class		—			6,551,420
H-Class		—			1,709,611
Cost of shares redeemed
Investor Class		(612,629,935	)		(1,071,528,281	)
A-Class		(7,045,141	)		(13,908,368	)
C-Class		(11,392,042	)		(24,159,992	)
H-Class		(13,341,857	)		(28,494,171	)
Net increase (decrease) from capital share transactions		(65,616,889	)		44,848,956
Net increase (decrease) in net assets		84,647,041			(250,823,873	)
Net assets:
Beginning of period		1,383,110,081			1,633,933,954
End of period	$	1,467,757,122		$	1,383,110,081

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

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

NASDAQ-100^® FUND

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Capital share activity:
Shares sold
Investor Class		9,011,516			19,159,694
A-Class		181,166			270,590
C-Class		106,987			139,492
H-Class		250,744			511,150
Shares issued from reinvestment of distributions
Investor Class		—			1,594,575
A-Class		—			109,580
C-Class		—			193,772
H-Class		—			40,998
Shares redeemed
Investor Class		(10,120,239	)		(19,581,281	)
A-Class		(130,499	)		(289,295	)
C-Class		(262,695	)		(604,030	)
H-Class		(244,446	)		(569,921	)
Net increase (decrease) in shares		(1,207,466	)		975,324

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

FINANCIAL HIGHLIGHTS

NASDAQ-100^® FUND

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

Investor Class	Six Months Ended Sept. 30, 2023a			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	$	55.65		$	68.39		$	63.43		$	39.68		$	38.39		$	34.94
Income (loss) from investment operations:
Net investment income (loss)b		(.07	)		(.10	)		(.37	)		(.28	)		(.08	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		6.41			(8.57	)		8.70			26.64			2.21			4.11
Total from investment operations		6.34			(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	$	61.99		$	55.65		$	68.39		$	63.43		$	39.68		$	38.39
Total Return		11.39	%		(11.56	%)		12.69	%		66.78	%		5.40	%		11.79	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,295,177		$	1,224,330		$	1,424,456		$	1,386,721		$	888,189		$	979,675
Ratios to average net assets:
Net investment income (loss)		(0.22	%)		(0.19	%)		(0.53	%)		(0.50	%)		(0.19	%)		(0.14	%)
Total expensesc		1.31	%		1.30	%		1.25	%		1.33	%		1.37	%		1.36	%
Net expensesd		1.25	%		1.27	%		1.24	%		1.33	%		1.37	%		1.36	%
Portfolio turnover rate		33	%		50	%		44	%		57	%		54	%		32	%

20 | THE RYDEX FUNDS SEMI-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.

A-Class	Six Months Ended Sept. 30, 2023a			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	$	49.59		$	61.69		$	57.63		$	36.29		$	35.26		$	32.22
Income (loss) from investment operations:
Net investment income (loss)b		(.13	)		(.21	)		(.50	)		(.39	)		(.17	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		5.71			(7.82	)		7.93			24.34			2.04			3.78
Total from investment operations		5.58			(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	$	55.17		$	49.59		$	61.69		$	57.63		$	36.29		$	35.26
Total Returne		11.25	%		(11.78	%)		12.40	%		66.37	%		5.14	%		11.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	74,150		$	64,133		$	74,179		$	69,808		$	41,054		$	59,021
Ratios to average net assets:
Net investment income (loss)		(0.47	%)		(0.43	%)		(0.78	%)		(0.75	%)		(0.44	%)		(0.38	%)
Total expensesc		1.56	%		1.54	%		1.50	%		1.58	%		1.62	%		1.61	%
Net expensesd		1.50	%		1.52	%		1.49	%		1.58	%		1.62	%		1.61	%
Portfolio turnover rate		33	%		50	%		44	%		57	%		54	%		32	%

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

FINANCIAL HIGHLIGHTS (continued)

NASDAQ-100^® FUND

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

C-Class	Six Months Ended Sept. 30, 2023a			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	$	40.11		$	51.32		$	48.76		$	31.18		$	30.64		$	28.29
Income (loss) from investment operations:
Net investment income (loss)b		(.27	)		(.48	)		(.82	)		(.66	)		(.39	)		(.34	)
Net gain (loss) on investments (realized and unrealized)		4.62			(6.66	)		6.75			20.85			1.77			3.30
Total from investment operations		4.35			(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	$	44.46		$	40.11		$	51.32		$	48.76		$	31.18		$	30.64
Total Returne		10.85	%		(12.45	%)		11.57	%		65.17	%		4.31	%		10.70	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	73,234		$	72,314		$	106,419		$	115,315		$	80,633		$	85,274
Ratios to average net assets:
Net investment income (loss)		(1.22	%)		(1.19	%)		(1.53	%)		(1.50	%)		(1.19	%)		(1.14	%)
Total expensesc		2.31	%		2.29	%		2.25	%		2.33	%		2.37	%		2.36	%
Net expensesd		2.25	%		2.27	%		2.24	%		2.33	%		2.37	%		2.36	%
Portfolio turnover rate		33	%		50	%		44	%		57	%		54	%		32	%

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

FINANCIAL HIGHLIGHTS (concluded)

NASDAQ-100^® FUND

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

H-Class	Six Months Ended Sept. 30, 2023a			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	$	49.57		$	61.67		$	57.61		$	36.28		$	35.26		$	32.22
Income (loss) from investment operations:
Net investment income (loss)b		(.13	)		(.21	)		(.51	)		(.38	)		(.16	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		5.72			(7.82	)		7.94			24.32			2.02			3.78
Total from investment operations		5.59			(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	$	55.16		$	49.57		$	61.67		$	57.61		$	36.28		$	35.26
Total Return		11.28	%		(11.77	%)		12.41	%		66.36	%		5.11	%		11.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	25,195		$	22,333		$	28,879		$	24,532		$	23,777		$	46,276
Ratios to average net assets:
Net investment income (loss)		(0.47	%)		(0.42	%)		(0.79	%)		(0.75	%)		(0.43	%)		(0.37	%)
Total expensesc		1.56	%		1.54	%		1.50	%		1.59	%		1.62	%		1.61	%
Net expensesd		1.50	%		1.52	%		1.49	%		1.59	%		1.62	%		1.61	%
Portfolio turnover rate		33	%		50	%		44	%		57	%		54	%		32	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the “1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund. The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 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 September 30, 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”) serves as distributor of the Fund’s shares. 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.

24 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

The NAV of each share 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 share class, by the number of outstanding shares of the share class.

(a) Valuation of Investments

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

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

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 25

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

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

Futures contracts are valued on the basis of the last sale price 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.

Swap agreements entered into by the Fund are generally valued using an evaluated price provided by a pricing service provider.

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

26 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(b) U.S. Government and Agency Obligations

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

(c) Futures Contracts

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

(d) Swap Agreements

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

(e) Foreign Taxes

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 27

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

(g) Distributions

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

(h) Class Allocations

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

(i) Cash

The 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 5.33% at September 30, 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.

28 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

The Fund 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.

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 the 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 the 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 Fund’s 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	$	14,070,983

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 29

NOTES TO FINANCIAL STATEMENTS (Unaudited)(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	$	53,821,417

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Fund’s Statement of Assets and Liabilities as of September 30, 2023:

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

30 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following tables set forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at September 30, 2023:

Liability Derivative Investments Value
	Futures Equity Risk*		Swaps Equity Risk		Total Value at September 30, 2023
	$	101,934	$	635,331	$	737,265

* 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 Assets and Liabilities.

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the period ended September 30, 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 period ended September 30, 2023:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk		Swaps Equity Risk		Total
	$	1,431,334	$	8,734,799	$	10,166,133

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk			Swaps Equity Risk			Total
	$	(1,010,989	)	$	(3,495,105	)	$	(4,506,094	)

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

NOTES TO FINANCIAL STATEMENTS (Unaudited)(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

32 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(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 Liabilities1		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts of Assets Presented on the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Swap equity contracts	$	635,331	$	—	$	635,331	$	(569,903	)	$	(65,428	)	$	—

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 September 30, 2023:

Counterparty	Asset Type	Cash Pledged		Cash Received
Barclays Bank plc	Total return swap agreements	$	65,428	$	—

Note 4 – Fair Value Measurement

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 33

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

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

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

Note 5 – Investment Advisory Agreement and Other Agreements

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

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

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

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

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The Board has adopted separate Distribution Plans 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 period ended September 30, 2023, GFD retained sales charges of $35,499 relating to sales of A-Class shares of the Trust.

If the Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by the Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing fund level without regard to any expense cap, if any, in effect for the investing fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended September 30, 2023, the Fund waived $34,586 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. The current term of the agreement expires on 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 upon sixty days’ written notice.

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 each Fund’s average daily net assets. This arrangement went into 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

Note 6 – Repurchase Agreements

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

At September 30, 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 Bills
5.30%					0.00%
Due 10/02/23	$	161,453,419	$	161,524,727	Due 10/10/23 - 09/05/24		$	97,237,600	$	96,132,508
					U.S. Treasury Notes
					0.38% - 3.25%
					Due 10/31/23 - 09/15/24			46,833,200		45,451,839
					U.S. Treasury Floating Rate Notes
					5.39% - 5.44%
					Due 10/31/23 - 01/31/24			22,892,900		23,098,149
								166,963,700		164,682,496
Barclays Capital, Inc.					U.S. Treasury Notes
5.29%					1.50% - 5.00%
Due 10/02/23		62,716,858		62,744,506	Due 08/31/25 - 01/31/27			69,304,600		63,971,272
BofA Securities, Inc.					U.S. Treasury Note
5.30%					3.88%
Due 10/02/23		62,097,469		62,124,895	Due 04/30/25			69,304,600		63,971,272

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

Note 7 – Portfolio Securities Loaned

The Fund may lend its securities to approved brokers to earn additional income. 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 September 30, 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
$	5,637,865	$	(5,637,865	)	$	—	$	5,929,054	$	—	$	5,929,054

^(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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(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.

At September 30, 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)
$	606,583,822	$	877,347,259	$	(13,367,517	)	$	863,979,742

Note 9 – Securities Transactions

For the period ended September 30, 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
$	476,902,190	$	526,412,484

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

is effected at the current market price to save costs, where permissible. For the period ended September 30, 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
$	182,310,384	$	205,107,485	$	12,202,187

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $200,000,000 line of credit from U.S. Bank, N.A. On June 5, 2023, the line of credit agreement was renewed and expires on June 3, 2024. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 6.28% for the period ended September 30, 2023. The Fund did not have any borrowings outstanding under this agreement at September 30, 2023.

The average daily balance borrowed for the period ended September 30, 2023 was $5,230.

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 12 – Subsequent Events

The Fund 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 Fund’s financial statements.

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OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

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

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

Tailored Shareholder Reports for Open-End Mutual Funds and Exchange-Traded Funds

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and exchange-traded funds registered on Form N-1A to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Fund.

Proxy Voting Information

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

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

Sector Classification

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

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OTHER INFORMATION (Unaudited)(continued)

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.

Report of the Rydex Series Funds Board of Trustees

The Board of Trustees of Rydex Series Funds (the “Trust”), including the Independent Trustees, unanimously approved the renewal of the investment management agreement (the “Advisory Agreement”) with Security Investors, LLC (“Security Investors” or the “Adviser”) on behalf of the series of the Trust listed below (each a “Fund” and collectively, the “Funds”):

Tradable Funds (Including Sector Funds*)
●	Banking Fund*	●	Basic Materials Fund*
●	Biotechnology Fund*	●	Commodities Strategy Fund
●	Consumer Products Fund*	●	Dow Jones Industrial Average Fund
●	Electronics Fund*	●	Emerging Markets 2x Strategy Fund
●	Emerging Markets Bond Strategy Fund	●	Energy Fund*
●	Energy Services Fund*	●	Europe 1.25x Strategy Fund
●	Financial Services Fund*	●	Government Long Bond 1.2x Strategy Fund
●	Health Care Fund*	●	High Yield Strategy Fund
●	Internet Fund*	●	Inverse Emerging Markets 2x Strategy Fund
●	Inverse Government Long Bond Strategy Fund	●	Inverse High Yield Strategy Fund
●	Inverse Mid-Cap Strategy Fund	●	Inverse NASDAQ-100 Strategy Fund
●	Inverse Russell 2000 Strategy Fund	●	Inverse S&P 500 Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100 2x Strategy Fund
●	NASDAQ-100 Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000 1.5x Strategy Fund
●	Russell 2000 Fund	●	S&P 500 Fund
●	S&P 500 Pure Growth Fund	●	S&P 500 Pure Value Fund
●	S&P MidCap 400 Pure Growth Fund	●	S&P MidCap 400 Pure Value Fund

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OTHER INFORMATION (Unaudited)(continued)

●	S&P SmallCap 600 Pure Growth Fund	●	S&P SmallCap 600 Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund
Alternative Funds** (i.e., Non-Tradable Funds)
●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

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

Security Investors¹ is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 17-18, 2023 (the “April Meeting”) and meetings held by videoconference on May 15, 2023 and in person on May 24, 2023 (the “May Meeting”), the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory

¹ Security Investors also serves as investment adviser to each of Rydex Series Funds Commodities Strategy CFC, Rydex Managed Futures Strategy CFC and Rydex Series Funds Multi-Hedge Strategies CFC (each a “Subsidiary” and collectively, the “Subsidiaries”), wholly-owned subsidiaries of the Trust that are organized as limited companies under the laws of the Cayman Islands and used by Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, respectively, to obtain commodities exposure. Pursuant to a separate investment management agreement for each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), the Subsidiary pays Security Investors an advisory fee at the same rate that the respective Fund pays Security Investors under the Advisory Agreement. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Agreements. In addition, Security Investors has entered into a separate waiver agreement with respect to each applicable Fund pursuant to which Security Investors has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to Security Investors by the respective Subsidiary. This undertaking will continue with respect to each applicable Fund for so long as the Fund invests in the respective Subsidiary, and may be terminated only with the approval of the Board.

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OTHER INFORMATION (Unaudited)(continued)

Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

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

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OTHER INFORMATION (Unaudited)(continued)

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the “Contract Review Materials”). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other Guggenheim funds and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm’s length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee’s recommendation, the Board approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2024 at a meeting held on May 23-24, 2023 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered Guggenheim’s discussion of its ongoing review of the Guggenheim fund line-up at the April Meeting and the May Board Meeting. In addition, the Committee considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

The Committee’s review of the services provided by Guggenheim to the Funds included consideration of Guggenheim’s investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The

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OTHER INFORMATION (Unaudited)(continued)

Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features, as well as the personnel responsible for such services. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2022, 2021 and 2020. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2022, including monthly purchases and redemptions in dollar value and in number of transactions as well as transaction volume relative to the assets in the Tradable Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Tradable Funds, compared to those of investing in exchange-traded funds, including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee considered that, at the April Meeting, the Adviser’s Head of Quantitative Strategies with investment management responsibility for the Tradable Funds met with the Committee to discuss the Tradable Funds, including the value to shareholders of the tradability and other unique features, the personnel, operations and infrastructure required to provide those features, the reasons why tactical advisors invest in the Tradable Funds rather than other tradable products, such as exchange-traded funds, for their clients, and the level of trading activity in the Tradable Funds. With respect to the Sector Funds and the Real Estate Fund, the Committee also considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector, and corporate actions such as spin-offs, among other adjustments.

In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund

46 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)(continued)

administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), established to oversee the fund administration, accounting and transfer agency services provided to the Funds and other Guggenheim funds, including the OCFO’s resources, personnel and services provided.

With respect to Guggenheim’s resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

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

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2022, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2022, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2022, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain performance information for the Alternative Funds (i.e., the non-Tradable Funds) as of March 31, 2023. In assessing each Fund’s performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 47

OTHER INFORMATION (Unaudited)(continued)

With respect to the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary drivers of performance differences. In this connection, the Committee considered the tracking error of each Fund’s Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points) of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2022, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund performed in line with the comparable peer fund over the five-year and three-year periods ended December 31, 2022, while, in contrast, its performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year time periods.

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OTHER INFORMATION (Unaudited)(continued)

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining the underperformance, as applicable, of such Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2022, relative to their respective peer groups, attributing such underperformance to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that the returns of the Multi-Hedge Strategies Fund’s Institutional Class shares ranked in the second quartile of its performance universe for each of the relevant periods considered. In addition, the Committee made the following observations:

Long Short Equity Fund: The returns of the Fund’s Institutional Class shares ranked in the 87th and 49th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2022, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the Fund’s fundamental factor tilts. The Committee noted management’s statement that the Fund’s long exposure to value detracted from investment performance from early 2018 through early 2020 as growth stocks outperformed during that period. The Committee also noted management’s statement that the Fund’s net short exposure to oil prices within the energy sector following the onset of the Russia-Ukraine war in early 2022 also contributed to relative underperformance.

Managed Futures Strategy Fund: The returns of the Fund’s Institutional Class shares ranked in the 82nd and 83rd percentiles of its performance universe for the five-year and three-year periods ended December 31, 2022, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year and three-year time periods was primarily due to the Fund targeting a lower level of risk relative to its performance universe. The Committee took into account management’s statements that the portfolio management team increased the Fund’s risk target in 2021 to be more in line with peers and the Fund experienced a performance ranking that compared more favorably relative to its performance universe for the one-year period ended December 31, 2022. The Committee also noted management’s further explanation of the Fund’s performance at the April Meeting.

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OTHER INFORMATION (Unaudited)(continued)

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and/or efforts to improve investment performance.

Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds: The Committee compared each Fund’s contractual advisory fee, net effective management fee² and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations. The Committee also considered Guggenheim’s discussion of information regarding fee and expense trends across the open-end fund industry and its response to those trends with respect to the funds in the Guggenheim fund complex, including the Funds.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than variable insurance fund counterparts to certain Funds and certain other clients with respect to Long Short Equity Fund, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds’ advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund’s Class H shares, other than the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory

² The “net effective management fee” for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.

50 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)(continued)

fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and the total net expense ratio for the Fund’s Class H shares were lower than and equal to those of the peer fund, respectively.

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

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

The Committee considered management’s agreement, as part of the 2023 annual contract review process, to reduce the total net expense ratio of each Tradable Fund (other than the U.S. Government Money Market Fund) by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement effective August 1, 2023 for an initial term ending August 1, 2024 for each Fund (other than Commodities Strategy Fund for which the initial term will end May 1, 2025), with such reduction to apply in addition to any other contractual waiver and/or reimbursement arrangements already in place. The Committee also noted the continuation through August 1, 2024 of management’s separate agreement, implemented as part of the 2022 annual contract review process, to reduce the total net expense ratio of each Tradable Fund with a contractual advisory fee of 0.90% of its average daily net assets³ by 0.05% of its average daily net assets and, with respect to NASDAQ-100 Fund, to reduce the total net expense ratio of the Fund by 0.05% of its average daily net assets in excess of $500 million, through expense reimbursement and/or waiver agreements.

³ Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund.

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OTHER INFORMATION (Unaudited)(continued)

With respect to the Alternative Funds (i.e., the non-Tradable Funds), except as to the individual Fund discussed below, the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of such Fund’s peer group. In addition, the Committee made the following observations:

Multi-Hedge Strategies Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the second quartile (27th percentile) of its peer group. Although the net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (87th percentile), the Committee considered that the total net expense ratio for the Fund’s Institutional Class shares ranks in the first quartile (13th percentile) of its peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2022, gross revenues received, and expenses incurred directly or through allocations, by Guggenheim Investments, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2021. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis. In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit and the representation by the Chief Financial Officer of Guggenheim Investments that such methods provided a reasonable basis for determining the profitability of the Adviser with respect to each Fund. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

52 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)(continued)

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in 2022 in overall expenses was attributable to decreased product costs driven by lower average assets under management and lower non-recurring costs related to closed-end fund matters as well as a decrease in compensation and benefits. The Committee also considered that although expenses related to investment resources decreased in 2022, Guggenheim’s shared services expenses and certain other expenses increased in 2022.

With respect to the Tradable Funds, the Committee noted that, in addition to the expense reimbursement and/or waiver arrangement implemented in August 2022 for the NASDAQ-100 Fund on average daily net assets in excess of $500 million, the Adviser has agreed to a contractual advisory fee breakpoint schedule for the Funds that is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds, a separate trust, equal or exceed $10 billion.

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

As part of its assessment of economies of scale, the Committee took into account Guggenheim’s representation that it seeks to share economies of scale through a number of means, including breakpoints, advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such expense waivers and limitations and considered that the newly agreed expense reimbursement and/or waiver arrangement would produce additional

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OTHER INFORMATION (Unaudited)(concluded)

savings to shareholders. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund reflected a reasonable business arrangement negotiated at arm’s length.

Overall Conclusions

The Committee concluded that the investment advisory fees reflect reasonable business arrangements negotiated at arm’s length in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her informed business judgment, may afford different weights to different factors.

Following its review of the Committee’s analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement.

54 | THE RYDEX FUNDS SEMI-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 En-hanced Equity Income Fund (2005-2021); Guggenheim Credit Allocation Fund (2013-2021).

THE RYDEX FUNDS SEMI-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	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 (financial services firm) (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).

56 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - continued
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 (registered investment adviser) (1996-present); Chief Executive Officer, ETF Flows, LLC (financial advisor education and research provider) (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (index provider) (2021-present); Vice Chairman, VettaFi (financial advisor content, research and digital distribution provider) (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present); The 2023 ETF Series Trust (4) (June 2023-present); The 2023 ETF Series Trust II (1) (August 2023-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).

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 57

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 (law firm) (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (law firm) (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).

58 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - continued
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. (construction and real estate development company) (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).

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 59

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. (registered broker dealer) (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 Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Adviser and/or the parent of the Adviser.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 61

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, 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 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).

62 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - continued
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 Advi-sors, 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 Advi-sors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim In-vestments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Invest-ments 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).

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

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 - continued
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.

64 | THE RYDEX FUNDS SEMI-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

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

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

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

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

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

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

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

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

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

● 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

66 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

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

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

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.

68 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

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

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

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

During the period covered by this shareholder report, the Board received a written report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from March 31, 2022, to March 31, 2023. The Report summarized the Administrator’s assessment of the Program’s implementation and concluded that the Program operated effectively, the Program had been and continued to be reasonably designed to assess and manage each Fund’s liquidity risk, and the Program has been adequately and effectively implemented to monitor and respond to the Funds’ liquidity developments, as applicable.

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

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9.30.2023

Rydex Funds Semi-Annual Report

Domestic Equity Funds

S&P 500^® Pure Growth Fund

S&P 500^® Pure Value Fund

S&P MidCap 400^® Pure Growth Fund

S&P MidCap 400^® Pure Value Fund

S&P SmallCap 600^® Pure Growth Fund

S&P SmallCap 600^® Pure Value Fund

International Equity Funds

Europe 1.25x Strategy Fund

Japan 2x Strategy Fund

Specialty Funds

Strengthening Dollar 2x Strategy Fund

Weakening Dollar 2x Strategy Fund

GuggenheimInvestments.com RBENF2-SEMI-0923x0324

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS	6
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
S&P 500® PURE GROWTH FUND	10
S&P 500® PURE VALUE FUND	17
S&P MIDCAP 400® PURE GROWTH FUND	24
S&P MIDCAP 400® PURE VALUE FUND	31
S&P SMALLCAP 600® PURE GROWTH FUND	38
S&P SMALLCAP 600® PURE VALUE FUND	46
EUROPE 1.25x STRATEGY FUND	54
JAPAN 2x STRATEGY FUND	63
STRENGTHENING DOLLAR 2x STRATEGY FUND	71
WEAKENING DOLLAR 2x STRATEGY FUND	79
NOTES TO FINANCIAL STATEMENTS	87
OTHER INFORMATION	101
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	110
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	116
LIQUIDITY RISK MANAGEMENT PROGRAM	119

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2023

Dear Shareholder:

Security Investors, LLC (“Investment Adviser”) is pleased to present the semi-annual shareholder report for a selection of our funds (“Fund” or “Funds”). This report covers performance for the six-month period ended September 30, 2023 (“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.

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

Sincerely,

Security Investors, LLC

October 31, 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 Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. The Funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a Fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse Funds’ holdings consistent with their strategies, as frequently as daily. ● For more information on these and other risks, please read the prospectus.

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 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 SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2023

Faced with a series of strong economic data releases, the market increasingly appears to be coming to the conclusion that the economy is structurally better able to withstand higher interest rates than it really is. This dynamic can be seen by examining the move in Treasury yields, with the selloff almost entirely being due to real yields rather than inflation expectations, and with the move most pronounced at the long end of the yield curve. Digging further, however, a large portion of this shift is due to a rising term premium (the premium for unknown and unquantified risks in the future, beyond current assumptions on the path of inflation or policy rates), which is indicating greater uncertainty about the outlook.

Many forecasters are extrapolating the current year’s economic strength without recognizing the fact that growth has benefited from a number of factors this year that are unlikely to be repeated, namely an expansion of the fiscal deficit, a slowdown in inflation, and a rebound in labor supply. As these factors fade, the headwinds from tight monetary policy may be more apparent and pronounced. And the longer monetary conditions stay tight, the greater the risk of something breaking (banks and commercial real estate remain key risks). All of this suggests that the recent economic trajectory cannot be assumed to continue, especially given the substantial restraint that could be imposed by the recent rise in long-term borrowing costs.

Uncertainty is elevated given the diverging signals in the data and the fact that many traditional economic models are not “working” as they traditionally would. This uncertainty extends to the U.S. Federal Reserve, which looks set to hold off on further rate hikes while it waits to see if the data start to align with the softening conditions policymakers say they are hearing on the ground. We continue to think the gravitational pull of tight money and credit conditions could result in a slowing economy and cooler inflation over the next year, paving the way for more rate cuts than the market presently expects.

For the Reporting Period, the S&P 500^® Index* returned 5.18%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -1.28%. The return of the MSCI Emerging Markets Index* was -2.05%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -4.05% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 2.21%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 2.51% 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 SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 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^® 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^® 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.

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

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

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

An Example of Compounding

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

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

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

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

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

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2023 and ending September 30, 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 SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Table 1. Based on actual Fund return3
S&P 500® Pure Growth Fund
A-Class		1.54	%		(0.23	%)	$	1,000.00	$	997.70	$	7.69
C-Class		2.29	%		(0.61	%)		1,000.00		993.90		11.42
H-Class		1.53	%		(0.23	%)		1,000.00		997.70		7.64
S&P 500® Pure Value Fund
A-Class		1.54	%		(2.45	%)		1,000.00		975.50		7.61
C-Class		2.29	%		(2.81	%)		1,000.00		971.90		11.29
H-Class		1.54	%		(2.44	%)		1,000.00		975.60		7.61
S&P MidCap 400® Pure Growth Fund
A-Class		1.54	%		6.74	%		1,000.00		1,067.40		7.96
C-Class		2.29	%		6.33	%		1,000.00		1,063.30		11.81
H-Class		1.53	%		6.71	%		1,000.00		1,067.10		7.91
S&P MidCap 400® Pure Value Fund
A-Class		1.54	%		4.62	%		1,000.00		1,046.20		7.88
C-Class		2.30	%		4.22	%		1,000.00		1,042.20		11.74
H-Class		1.52	%		4.61	%		1,000.00		1,046.10		7.78
S&P SmallCap 600® Pure Growth Fund
A-Class		1.53	%		2.53	%		1,000.00		1,025.30		7.75
C-Class		2.28	%		2.12	%		1,000.00		1,021.20		11.52
H-Class		1.54	%		2.55	%		1,000.00		1,025.50		7.80
S&P SmallCap 600® Pure Value Fund
A-Class		1.54	%		0.38	%		1,000.00		1,003.80		7.71
C-Class		2.29	%		(0.06	%)		1,000.00		999.40		11.45
H-Class		1.53	%		0.38	%		1,000.00		1,003.80		7.66
Europe 1.25x Strategy Fund
A-Class		1.65	%		(4.41	%)		1,000.00		955.90		8.07
C-Class		2.38	%		(4.79	%)		1,000.00		952.10		11.61
H-Class		1.70	%		(4.44	%)		1,000.00		955.60		8.31
Japan 2x Strategy Fund
A-Class		1.54	%		(3.77	%)		1,000.00		962.30		7.55
C-Class		2.28	%		(4.12	%)		1,000.00		958.80		11.17
H-Class		1.56	%		(3.74	%)		1,000.00		962.60		7.65
Strengthening Dollar 2x Strategy Fund
A-Class		1.75	%		10.51	%		1,000.00		1,105.10		9.21
C-Class		2.51	%		10.14	%		1,000.00		1,101.40		13.19
H-Class		1.76	%		10.49	%		1,000.00		1,104.90		9.26
Weakening Dollar 2x Strategy Fund
A-Class		1.76	%		(7.11	%)		1,000.00		928.90		8.49
C-Class		2.46	%		(7.45	%)		1,000.00		925.50		11.84
H-Class		1.74	%		(7.08	%)		1,000.00		929.20		8.39

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
S&P 500® Pure Growth Fund
A-Class		1.54	%		5.00	%	$	1,000.00	$	1,017.30	$	7.77
C-Class		2.29	%		5.00	%		1,000.00		1,013.55		11.53
H-Class		1.53	%		5.00	%		1,000.00		1,017.35		7.72
S&P 500® Pure Value Fund
A-Class		1.54	%		5.00	%		1,000.00		1,017.30		7.77
C-Class		2.29	%		5.00	%		1,000.00		1,013.55		11.53
H-Class		1.54	%		5.00	%		1,000.00		1,017.30		7.77
S&P MidCap 400® Pure Growth Fund
A-Class		1.54	%		5.00	%		1,000.00		1,017.30		7.77
C-Class		2.29	%		5.00	%		1,000.00		1,013.55		11.53
H-Class		1.53	%		5.00	%		1,000.00		1,017.35		7.72
S&P MidCap 400® Pure Value Fund
A-Class		1.54	%		5.00	%		1,000.00		1,017.30		7.77
C-Class		2.30	%		5.00	%		1,000.00		1,013.50		11.58
H-Class		1.52	%		5.00	%		1,000.00		1,017.40		7.67
S&P SmallCap 600® Pure Growth Fund
A-Class		1.53	%		5.00	%		1,000.00		1,017.35		7.72
C-Class		2.28	%		5.00	%		1,000.00		1,013.60		11.48
H-Class		1.54	%		5.00	%		1,000.00		1,017.30		7.77
S&P SmallCap 600® Pure Value Fund
A-Class		1.54	%		5.00	%		1,000.00		1,017.30		7.77
C-Class		2.29	%		5.00	%		1,000.00		1,013.55		11.53
H-Class		1.53	%		5.00	%		1,000.00		1,017.35		7.72
Europe 1.25x Strategy Fund
A-Class		1.65	%		5.00	%		1,000.00		1,016.75		8.32
C-Class		2.38	%		5.00	%		1,000.00		1,013.10		11.98
H-Class		1.70	%		5.00	%		1,000.00		1,016.50		8.57
Japan 2x Strategy Fund
A-Class		1.54	%		5.00	%		1,000.00		1,017.30		7.77
C-Class		2.28	%		5.00	%		1,000.00		1,013.60		11.48
H-Class		1.56	%		5.00	%		1,000.00		1,017.20		7.87
Strengthening Dollar 2x Strategy Fund
A-Class		1.75	%		5.00	%		1,000.00		1,016.25		8.82
C-Class		2.51	%		5.00	%		1,000.00		1,012.45		12.63
H-Class		1.76	%		5.00	%		1,000.00		1,016.20		8.87
Weakening Dollar 2x Strategy Fund
A-Class		1.76	%		5.00	%		1,000.00		1,016.20		8.87
C-Class		2.46	%		5.00	%		1,000.00		1,012.70		12.38
H-Class		1.74	%		5.00	%		1,000.00		1,016.30		8.77

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2023 to September 30, 2023.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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
Targa Resources Corp.	2.8%
Diamondback Energy, Inc.	2.7%
Nucor Corp.	2.6%
Steel Dynamics, Inc.	2.6%
Coterra Energy, Inc. — Class A	2.5%
Vertex Pharmaceuticals, Inc.	2.4%
Equities Corp.	2.3%
Regeneron Pharmaceuticals, Inc.	2.2%
APA Corp.	2.2%
CF Industries Holdings, Inc.	2.0%
Top Ten Total	24.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(0.23%)	4.52%	4.07%	8.36%
A-Class Shares with sales charge‡	(4.97%)	(0.44%)	3.06%	7.83%
C-Class Shares	(0.61%)	3.75%	3.29%	7.55%
C-Class Shares with CDSC§	(1.61%)	2.75%	3.29%	7.55%
H-Class Shares	(0.23%)	4.52%	4.06%	8.36%
S&P 500 Pure Growth Index	0.49%	6.14%	5.73%	10.12%

*	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 500 Pure Growth Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
S&P 500® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.9%
Energy - 30.5%
Targa Resources Corp.		8,949	$	767,109
Diamondback Energy, Inc.		4,781		740,481
Coterra Energy, Inc. — Class A		25,599		692,453
Equities Corp.		15,543		630,735
APA Corp.		14,785		607,663
ConocoPhillips		4,683		561,023
Pioneer Natural Resources Co.		2,411		553,445
Hess Corp.		2,960		452,880
Marathon Oil Corp.		16,925		452,744
Occidental Petroleum Corp.		6,920		448,970
EOG Resources, Inc.		3,436		435,547
ONEOK, Inc.		6,777		429,865
Exxon Mobil Corp.		3,494		410,825
Chevron Corp.		2,110		355,788
Devon Energy Corp.		6,335		302,180
Williams Companies, Inc.		8,554		288,184
Enphase Energy, Inc.*		1,892		227,324
SolarEdge Technologies, Inc.*		917		118,760
Total Energy				8,475,976
Consumer, Non-cyclical - 24.5%
Vertex Pharmaceuticals, Inc.*		1,901		661,054
Regeneron Pharmaceuticals, Inc.*		756		622,158
Molina Healthcare, Inc.*		1,282		420,355
Eli Lilly & Co.		777		417,350
Quanta Services, Inc.		1,882		352,066
Monster Beverage Corp.*		5,967		315,953
Elevance Health, Inc.		707		307,842
AbbVie, Inc.		1,988		296,331
Danaher Corp.		1,183		293,502
Hologic, Inc.*		3,459		240,055
Incyte Corp.*		4,133		238,763
Rollins, Inc.		6,393		238,650
Pfizer, Inc.		7,172		237,895
UnitedHealth Group, Inc.		456		229,911
Merck & Company, Inc.		2,230		229,579
Bristol-Myers Squibb Co.		3,833		222,467
Kenvue, Inc.		10,819		217,245
Thermo Fisher Scientific, Inc.		412		208,542
Moderna, Inc.*		2,000		206,580
Amgen, Inc.		752		202,108
Hershey Co.		985		197,079
Gilead Sciences, Inc.		2,281		170,938
Insulet Corp.*		945		150,718
Dexcom, Inc.*		1,604		149,653
Total Consumer, Non-cyclical				6,826,794
Technology - 11.6%
KLA Corp.		1,049		481,134
Lam Research Corp.		643		403,013
Fortinet, Inc.*		5,868		344,334
Apple, Inc.		1,991		340,879
ON Semiconductor Corp.*		3,528		327,928
Fair Isaac Corp.*		362		314,408
Monolithic Power Systems, Inc.		672		310,464
PTC, Inc.*		2,131		301,920
QUALCOMM, Inc.		1,799		199,797
Jack Henry & Associates, Inc.		1,289		194,820
Total Technology				3,218,697
Basic Materials - 10.8%
Nucor Corp.		4,584		716,708
Steel Dynamics, Inc.		6,621		709,904
CF Industries Holdings, Inc.		6,571		563,398
Mosaic Co.		14,813		527,343
Freeport-McMoRan, Inc.		6,408		238,954
Albemarle Corp.		706		120,048
FMC Corp.		1,787		119,675
Total Basic Materials				2,996,030
Consumer, Cyclical - 7.3%
O’Reilly Automotive, Inc.*		512		465,336
AutoZone, Inc.*		179		454,658
WW Grainger, Inc.		498		344,536
Tractor Supply Co.		1,355		275,133
Ulta Beauty, Inc.*		486		194,133
Dollar Tree, Inc.*		1,704		181,391
Dollar General Corp.		1,160		122,728
Total Consumer, Cyclical				2,037,915
Financial - 5.8%
Arch Capital Group Ltd.*		5,061		403,412
Blackstone, Inc. — Class A		2,443		261,743
Raymond James Financial, Inc.		2,572		258,306
W R Berkley Corp.		3,952		250,913
Progressive Corp.		1,779		247,815
Ameriprise Financial, Inc.		602		198,467
Total Financial				1,620,656
Industrial - 4.7%
Expeditors International of Washington, Inc.		3,811		436,855
Axon Enterprise, Inc.*		1,934		384,847
J.B. Hunt Transport Services, Inc.		1,339		252,428
Deere & Co.		613		231,334
Total Industrial				1,305,464
Communications - 2.9%
Palo Alto Networks, Inc.*		1,823		427,384
Arista Networks, Inc.*		1,999		367,676
Total Communications				795,060
Utilities - 1.8%
PG&E Corp.*		31,032		500,546
Total Common Stocks
(Cost $23,954,672)				27,777,138

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
S&P 500® PURE GROWTH FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.4%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	60,982	$	60,982
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		23,688		23,688
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		23,455		23,455
Total Repurchase Agreements
(Cost $108,125)				108,125
Total Investments - 100.3%
(Cost $24,062,797)			$	27,885,263
Other Assets & Liabilities, net - (0.3)%				(72,854	)
Total Net Assets - 100.0%			$	27,812,409

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

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	27,777,138	$	—	$	—	$	27,777,138
Repurchase Agreements		—		108,125		—		108,125
Total Assets	$	27,777,138	$	108,125	$	—	$	27,885,263

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

S&P 500^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $23,954,672)	$	27,777,138
Repurchase agreements, at value (cost $108,125)		108,125
Receivables:
Dividends		20,018
Fund shares sold		171
Interest		32
Total assets		27,905,484
Liabilities:
Payable for:
Fund shares redeemed		31,909
Management fees		22,678
Distribution and service fees		9,240
Transfer agent fees		8,495
Portfolio accounting and administration fees		3,095
Trustees’ fees*		469
Miscellaneous		17,189
Total liabilities		93,075
Net assets	$	27,812,409
Net assets consist of:
Paid in capital	$	29,303,286
Total distributable earnings (loss)		(1,490,877	)
Net assets	$	27,812,409
A-Class:
Net assets	$	8,088,614
Capital shares outstanding		108,370
Net asset value per share	$	74.64
Maximum offering price per share (Net asset value divided by 95.25%)	$	78.36
C-Class:
Net assets	$	2,570,976
Capital shares outstanding		41,472
Net asset value per share	$	61.99
H-Class:
Net assets	$	17,152,819
Capital shares outstanding		229,870
Net asset value per share	$	74.62

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends	$	254,764
Interest		4,777
Total investment income		259,541
Expenses:
Management fees		124,038
Distribution and service fees:
A-Class		10,116
C-Class		14,237
H-Class		27,665
Transfer agent fees		33,888
Portfolio accounting and administration fees		25,206
Registration fees		15,781
Professional fees		8,864
Trustees’ fees*		2,749
Custodian fees		2,234
Miscellaneous		2,610
Total expenses		267,388
Less:
Expenses reimbursed by Adviser		(3,300	)
Net expenses		264,088
Net investment loss		(4,547	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,432,415	)
Net realized loss		(1,432,415	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,132,522
Net change in unrealized appreciation (depreciation)		1,132,522
Net realized and unrealized loss		(299,893	)
Net decrease in net assets resulting from operations	$	(304,440	)

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

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

S&P 500^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(4,547	)	$	(46,324	)
Net realized loss on investments		(1,432,415	)		(859,188	)
Net change in unrealized appreciation (depreciation) on investments		1,132,522			(6,601,380	)
Net decrease in net assets resulting from operations		(304,440	)		(7,506,892	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,486,061			1,613,405
C-Class		919,453			949,811
H-Class		62,468,160			141,950,955
Cost of shares redeemed
A-Class		(1,172,534	)		(2,131,424	)
C-Class		(1,433,442	)		(2,274,255	)
H-Class		(68,359,977	)		(141,586,134	)
Net decrease from capital share transactions		(6,092,279	)		(1,477,642	)
Net decrease in net assets		(6,396,719	)		(8,984,534	)
Net assets:
Beginning of period		34,209,128			43,193,662
End of period	$	27,812,409		$	34,209,128
Capital share activity:
Shares sold
A-Class		19,773			20,935
C-Class		14,691			14,621
H-Class		810,888			1,856,336
Shares redeemed
A-Class		(15,649	)		(28,047	)
C-Class		(22,877	)		(35,021	)
H-Class		(892,727	)		(1,850,589	)
Net decrease in shares		(85,901	)		(21,765	)

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

S&P 500^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	74.81		$	90.73		$	84.03		$	53.91		$	65.86		$	66.50
Income (loss) from investment operations:
Net investment income (loss)b		.01			(.05	)		(1.11	)		(.80	)		(.29	)		(.50	)
Net gain (loss) on investments (realized and unrealized)		(.18	)		(15.87	)		10.27			34.07			(8.09	)		3.42
Total from investment operations		(.17	)		(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	$	74.64		$	74.81		$	90.73		$	84.03		$	53.91		$	65.86
Total Returnc		(0.23	%)		(17.55	%)		10.53	%		61.92	%		(13.76	%)		4.88	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,089		$	7,799		$	10,104		$	9,724		$	7,656		$	15,456
Ratios to average net assets:
Net investment income (loss)		0.04	%		(0.06	%)		(1.15	%)		(1.06	%)		(0.43	%)		(0.75	%)
Total expenses		1.56	%		1.55	%		1.51	%		1.60	%		1.63	%		1.61	%
Net expenses		1.54	%d		1.55	%		1.51	%		1.60	%		1.63	%		1.61	%
Portfolio turnover rate		150	%		434	%		727	%		240	%		282	%		177	%

C-Class	Six Months Ended September 30, 2023a			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	$	62.37		$	76.21		$	71.42		$	46.47		$	57.65		$	59.10
Income (loss) from investment operations:
Net investment income (loss)b		(.23	)		(.55	)		(1.55	)		(1.16	)		(.69	)		(.90	)
Net gain (loss) on investments (realized and unrealized)		(.15	)		(13.29	)		8.80			29.26			(6.92	)		3.01
Total from investment operations		(.38	)		(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	$	61.99		$	62.37		$	76.21		$	71.42		$	46.47		$	57.65
Total Returnc		(0.61	%)		(18.16	%)		9.71	%		60.69	%		(14.40	%)		4.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,571		$	3,097		$	5,339		$	7,314		$	6,050		$	10,329
Ratios to average net assets:
Net investment income (loss)		(0.73	%)		(0.85	%)		(1.91	%)		(1.80	%)		(1.18	%)		(1.52	%)
Total expenses		2.31	%		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%
Net expenses		2.29	%d		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%
Portfolio turnover rate		150	%		434	%		727	%		240	%		282	%		177	%

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

S&P 500^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	74.79		$	90.70		$	84.00		$	53.89		$	65.84		$	66.49
Income (loss) from investment operations:
Net investment income (loss)b		.01			(.02	)		(1.19	)		(.77	)		(.29	)		(.53	)
Net gain (loss) on investments (realized and unrealized)		(.18	)		(15.89	)		10.35			34.03			(8.09	)		3.44
Total from investment operations		(.17	)		(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	$	74.62		$	74.79		$	90.70		$	84.00		$	53.89		$	65.84
Total Return		(0.23	%)		(17.54	%)		10.53	%		61.92	%		(13.77	%)		4.86	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	17,153		$	23,313		$	27,751		$	22,141		$	25,981		$	82,570
Ratios to average net assets:
Net investment income (loss)		0.04	%		(0.03	%)		(1.21	%)		(1.03	%)		(0.44	%)		(0.79	%)
Total expenses		1.55	%		1.55	%		1.51	%		1.61	%		1.63	%		1.61	%
Net expenses		1.53	%d		1.55	%		1.51	%		1.61	%		1.63	%		1.61	%
Portfolio turnover rate		150	%		434	%		727	%		240	%		282	%		177	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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
Phillips 66	2.7%
PulteGroup, Inc.	2.7%
Westrock Co.	2.6%
General Motors Co.	2.5%
Paramount Global — Class B	2.4%
Western Digital Corp.	2.4%
Valero Energy Corp.	2.4%
CarMax, Inc.	2.4%
FedEx Corp.	2.3%
Ford Motor Co.	2.2%
Top Ten Total	24.6%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(2.45%)	6.68%	2.41%	6.16%
A-Class Shares with sales charge‡	(7.09%)	1.61%	1.42%	5.64%
C-Class Shares	(2.81%)	5.89%	1.65%	5.37%
C-Class Shares with CDSC§	(3.81%)	4.89%	1.65%	5.37%
H-Class Shares	(2.44%)	6.70%	2.42%	6.16%
S&P 500 Pure Value Index	(1.70%)	8.54%	4.21%	7.98%

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
S&P 500® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Consumer, Cyclical - 22.2%
PulteGroup, Inc.		3,327	$	246,364
General Motors Co.		6,928		228,416
CarMax, Inc.*		3,091		218,626
Ford Motor Co.		16,520		205,179
Lennar Corp. — Class A		1,660		186,302
Whirlpool Corp.		1,084		144,931
United Airlines Holdings, Inc.*		3,211		135,825
Walgreens Boots Alliance, Inc.		5,884		130,860
Best Buy Company, Inc.		1,810		125,741
BorgWarner, Inc.		2,977		120,181
American Airlines Group, Inc.*		7,338		94,000
Delta Air Lines, Inc.		2,457		90,909
Alaska Air Group, Inc.*		2,390		88,621
Southwest Airlines Co.		1,405		38,034
Total Consumer, Cyclical				2,053,989
Financial - 21.1%
Citigroup, Inc.		4,466		183,687
Berkshire Hathaway, Inc. — Class B*		487		170,596
Capital One Financial Corp.		1,616		156,833
Loews Corp.		2,339		148,082
American International Group, Inc.		2,183		132,290
Invesco Ltd.		8,271		120,095
Assurant, Inc.		806		115,725
Franklin Resources, Inc.		3,464		85,145
Bank of New York Mellon Corp.		1,988		84,788
Wells Fargo & Co.		1,816		74,202
Prudential Financial, Inc.		720		68,321
Citizens Financial Group, Inc.		2,532		67,858
State Street Corp.		929		62,206
Synchrony Financial		2,006		61,323
Goldman Sachs Group, Inc.		187		60,508
Hartford Financial Services Group, Inc.		819		58,075
Allstate Corp.		516		57,488
CBRE Group, Inc. — Class A*		763		56,355
Truist Financial Corp.		1,820		52,070
Bank of America Corp.		1,783		48,818
MetLife, Inc.		770		48,441
M&T Bank Corp.		334		42,234
Total Financial				1,955,140
Consumer, Non-cyclical - 16.2%
Viatris, Inc.		18,549		182,893
Molson Coors Beverage Co. — Class B		2,576		163,808
Kroger Co.		3,589		160,608
Tyson Foods, Inc. — Class A		3,119		157,478
Cencora, Inc. — Class A		799		143,796
Centene Corp.*		2,036		140,240
Cardinal Health, Inc.		1,493		129,622
CVS Health Corp.		1,525		106,476
Universal Health Services, Inc. — Class B		816		102,596
Kraft Heinz Co.		2,394		80,534
DaVita, Inc.*		761		71,937
Global Payments, Inc.		538		62,080
Total Consumer, Non-cyclical				1,502,068
Technology - 9.7%
Western Digital Corp.*		4,909		223,998
Hewlett Packard Enterprise Co.		10,193		177,052
DXC Technology Co.*		6,661		138,749
Intel Corp.		2,835		100,784
Micron Technology, Inc.		1,370		93,201
Fidelity National Information Services, Inc.		1,619		89,482
HP, Inc.		2,753		70,752
Total Technology				894,018
Industrial - 8.4%
Westrock Co.		6,821		244,192
FedEx Corp.		812		215,115
Mohawk Industries, Inc.*		2,158		185,178
Stanley Black & Decker, Inc.		1,544		129,047
Total Industrial				773,532
Communications - 8.0%
Paramount Global — Class B		17,410		224,589
Warner Bros Discovery, Inc.*		17,047		185,130
AT&T, Inc.		6,946		104,329
News Corp. — Class A		3,816		76,549
Verizon Communications, Inc.		1,707		55,324
Fox Corp. — Class A		1,643		51,262
News Corp. — Class B		1,182		24,668
Fox Corp. — Class B		757		21,862
Total Communications				743,713
Basic Materials - 6.4%
LyondellBasell Industries N.V. — Class A		1,569		148,584
International Paper Co.		3,951		140,142
Dow, Inc.		2,252		116,113
Celanese Corp. — Class A		551		69,162
Eastman Chemical Co.		860		65,979
DuPont de Nemours, Inc.		766		57,136
Total Basic Materials				597,116
Energy - 5.7%
Phillips 66		2,089		250,993
Valero Energy Corp.		1,580		223,902
Kinder Morgan, Inc.		3,100		51,398
Total Energy				526,293
Utilities - 1.8%
Exelon Corp.		1,802		68,098
Pinnacle West Capital Corp.		772		56,881
Evergy, Inc.		834		42,284
Total Utilities				167,263
Total Common Stocks
(Cost $8,152,695)				9,213,132

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
S&P 500® PURE VALUE FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	32,695	$	32,695
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		12,700		12,700
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		12,575		12,575
Total Repurchase Agreements
(Cost $57,970)				57,970
Total Investments - 100.1%
(Cost $8,210,665)			$	9,271,102
Other Assets & Liabilities, net - (0.1)%				(13,499	)
Total Net Assets - 100.0%			$	9,257,603

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

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	9,213,132	$	—	$	—	$	9,213,132
Repurchase Agreements		—		57,970		—		57,970
Total Assets	$	9,213,132	$	57,970	$	—	$	9,271,102

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

S&P 500^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $8,152,695)	$	9,213,132
Repurchase agreements, at value (cost $57,970)		57,970
Receivables:
Dividends		12,051
Fund shares sold		26
Interest		17
Total assets		9,283,196
Liabilities:
Payable for:
Management fees		7,366
Transfer agent fees		3,317
Distribution and service fees		3,148
Professional fees		2,667
Licensing fees		2,456
Printing fees		2,409
Fund shares redeemed		1,655
Portfolio accounting and administration fees		1,006
Trustees’ fees*		199
Miscellaneous		1,370
Total liabilities		25,593
Net assets	$	9,257,603
Net assets consist of:
Paid in capital	$	25,015,180
Total distributable earnings (loss)		(15,757,577	)
Net assets	$	9,257,603
A-Class:
Net assets	$	2,611,664
Capital shares outstanding		30,136
Net asset value per share	$	86.66
Maximum offering price per share (Net asset value divided by 95.25%)	$	90.98
C-Class:
Net assets	$	963,800
Capital shares outstanding		13,674
Net asset value per share	$	70.48
H-Class:
Net assets	$	5,682,139
Capital shares outstanding		65,252
Net asset value per share	$	87.08

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends	$	220,923
Interest		2,189
Income from securities lending, net		44
Total investment income		223,156
Expenses:
Management fees		63,319
Distribution and service fees:
A-Class		3,648
C-Class		5,770
H-Class		16,013
Transfer agent fees		17,721
Portfolio accounting and administration fees		12,867
Professional fees		3,785
Trustees’ fees*		2,004
Custodian fees		1,175
Miscellaneous		9,287
Total expenses		135,589
Less:
Expenses reimbursed by Adviser		(1,266	)
Net expenses		134,323
Net investment income		88,833
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(588,870	)
Net realized loss		(588,870	)
Net change in unrealized appreciation (depreciation) on:
Investments		(187,526	)
Net change in unrealized appreciation (depreciation)		(187,526	)
Net realized and unrealized loss		(776,396	)
Net decrease in net assets resulting from operations	$	(687,563	)

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

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

S&P 500^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	88,833		$	544,100
Net realized loss on investments		(588,870	)		(3,790,184	)
Net change in unrealized appreciation (depreciation) on investments		(187,526	)		(12,156,011	)
Net decrease in net assets resulting from operations		(687,563	)		(15,402,095	)
Distributions to shareholders:
A-Class		—			(87,355	)
C-Class		—			(42,550	)
H-Class		—			(618,541	)
Total distributions to shareholders		—			(748,446	)
Capital share transactions:
Proceeds from sale of shares
A-Class		765,902			2,654,044
C-Class		728,144			2,075,357
H-Class		27,388,165			394,450,132
Distributions reinvested
A-Class		—			74,124
C-Class		—			24,525
H-Class		—			601,352
Cost of shares redeemed
A-Class		(1,526,958	)		(2,394,815	)
C-Class		(978,109	)		(2,080,018	)
H-Class		(33,874,864	)		(531,510,532	)
Net decrease from capital share transactions		(7,497,720	)		(136,105,831	)
Net decrease in net assets		(8,185,283	)		(152,256,372	)
Net assets:
Beginning of period		17,442,886			169,699,258
End of period	$	9,257,603		$	17,442,886
Capital share activity:
Shares sold
A-Class		8,490			27,753
C-Class		10,032			26,306
H-Class		306,079			4,039,490
Shares issued from reinvestment of distributions
A-Class		—			826
C-Class		—			334
H-Class		—			6,668
Shares redeemed
A-Class		(17,255	)		(25,229	)
C-Class		(13,788	)		(26,938	)
H-Class		(383,370	)		(5,521,518	)
Net decrease in shares		(89,812	)		(1,472,308	)

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

S&P 500^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	88.84		$	101.27		$	89.23		$	48.65		$	76.07		$	83.46
Income (loss) from investment operations:
Net investment income (loss)b		.47			1.05			.89			.70			1.02			.85
Net gain (loss) on investments (realized and unrealized)		(2.65	)		(11.35	)		13.43			40.58			(27.62	)		(2.17	)
Total from investment operations		(2.18	)		(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	$	86.66		$	88.84		$	101.27		$	89.23		$	48.65		$	76.07
Total Returnc		(2.45	%)		(10.20	%)		16.26	%		85.10	%		(35.38	%)		(1.26	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,612		$	3,456		$	3,600		$	2,925		$	1,716		$	3,518
Ratios to average net assets:
Net investment income (loss)		1.05	%		1.11	%		0.94	%		1.06	%		1.32	%		1.01	%
Total expenses		1.56	%		1.55	%		1.51	%		1.60	%		1.63	%		1.61	%
Net expenses		1.54	%d		1.55	%		1.51	%		1.60	%		1.63	%		1.61	%
Portfolio turnover rate		161	%		594	%		823	%		1,207	%		254	%		190	%

C-Class	Six Months Ended September 30, 2023a			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	$	72.52		$	83.72		$	74.69		$	41.11		$	64.87		$	72.64
Income (loss) from investment operations:
Net investment income (loss)b		.11			.30			.14			.18			.17			.12
Net gain (loss) on investments (realized and unrealized)		(2.15	)		(9.37	)		11.17			34.10			(23.11	)		(1.82	)
Total from investment operations		(2.04	)		(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	$	70.48		$	72.52		$	83.72		$	74.69		$	41.11		$	64.87
Total Returnc		(2.81	%)		(10.89	%)		15.40	%		83.72	%		(35.87	%)		(2.00	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	964		$	1,264		$	1,484		$	1,805		$	1,321		$	2,340
Ratios to average net assets:
Net investment income (loss)		0.30	%		0.39	%		0.17	%		0.32	%		0.26	%		0.17	%
Total expenses		2.31	%		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%
Net expenses		2.29	%d		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%
Portfolio turnover rate		161	%		594	%		823	%		1,207	%		254	%		190	%

22 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	89.26		$	101.75		$	89.64		$	48.87		$	76.39		$	83.78
Income (loss) from investment operations:
Net investment income (loss)b		.50			.98			.98			.84			.96			.81
Net gain (loss) on investments (realized and unrealized)		(2.68	)		(11.34	)		13.41			40.63			(27.66	)		(2.13	)
Total from investment operations		(2.18	)		(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	$	87.08		$	89.26		$	101.75		$	89.64		$	48.87		$	76.39
Total Return		(2.44	%)		(10.22	%)		16.26	%		85.15	%		(35.38	%)		(1.25	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,682		$	12,723		$	164,615		$	52,797		$	5,422		$	43,352
Ratios to average net assets:
Net investment income (loss)		1.12	%		1.01	%		1.01	%		1.17	%		1.22	%		0.97	%
Total expenses		1.55	%		1.55	%		1.52	%		1.58	%		1.63	%		1.61	%
Net expenses		1.54	%d		1.55	%		1.52	%		1.58	%		1.63	%		1.61	%
Portfolio turnover rate		161	%		594	%		823	%		1,207	%		254	%		190	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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	3.4%
Builders FirstSource, Inc.	2.9%
Celsius Holdings, Inc.	2.7%
Kinsale Capital Group, Inc.	2.6%
Weatherford International plc	2.3%
Range Resources Corp.	2.3%
Civitas Resources, Inc.	2.2%
Murphy USA, Inc.	2.2%
Annaly Capital Management, Inc.	2.1%
CNX Resources Corp.	2.0%
Top Ten Total	24.7%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	6.74%	16.89%	2.72%	5.20%
A-Class Shares with sales charge‡	1.67%	11.34%	1.73%	4.69%
C-Class Shares	6.33%	16.03%	1.96%	4.42%
C-Class Shares with CDSC§	5.33%	15.03%	1.96%	4.42%
H-Class Shares	6.71%	16.84%	2.71%	5.20%
S&P MidCap 400 Pure Growth Index	7.66%	18.93%	4.28%	6.75%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 Pure Growth Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

24 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
S&P MIDCAP 400® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Energy - 22.9%
PBF Energy, Inc. — Class A		24,977	$	1,337,019
Weatherford International plc*		10,252		926,063
Range Resources Corp.		28,262		915,971
Civitas Resources, Inc.		10,950		885,527
CNX Resources Corp.*		35,614		804,164
Matador Resources Co.		13,450		800,006
Southwestern Energy Co.*		107,943		696,232
Antero Resources Corp.*		26,598		675,057
Murphy Oil Corp.		13,267		601,659
Valaris Ltd.*		7,727		579,371
DT Midstream, Inc.		10,083		533,592
NOV, Inc.		17,882		373,734
Total Energy				9,128,395
Consumer, Non-cyclical - 22.5%
Celsius Holdings, Inc.*		6,360		1,091,376
Shockwave Medical, Inc.*		3,145		626,169
Neurocrine Biosciences, Inc.*		5,456		613,800
Grand Canyon Education, Inc.*		4,725		552,258
Halozyme Therapeutics, Inc.*		12,855		491,061
Medpace Holdings, Inc.*		1,863		451,088
Inari Medical, Inc.*		6,794		444,328
Avis Budget Group, Inc.*		2,417		434,311
Lantheus Holdings, Inc.*		5,533		384,433
Darling Ingredients, Inc.*		7,107		370,985
Option Care Health, Inc.*		11,177		361,576
H&R Block, Inc.		8,069		347,451
Exelixis, Inc.*		14,342		313,373
Jazz Pharmaceuticals plc*		2,395		310,009
FTI Consulting, Inc.*		1,727		308,114
WEX, Inc.*		1,475		277,433
Repligen Corp.*		1,553		246,942
Morningstar, Inc.		992		232,366
HealthEquity, Inc.*		3,178		232,153
Lancaster Colony Corp.		1,324		218,500
Service Corporation International		3,765		215,132
Paylocity Holding Corp.*		1,168		212,226
United Therapeutics Corp.*		914		206,445
Total Consumer, Non-cyclical				8,941,529
Industrial - 17.5%
Builders FirstSource, Inc.*		9,345		1,163,359
UFP Industries, Inc.		6,515		667,136
RBC Bearings, Inc.*		2,297		537,797
Simpson Manufacturing Company, Inc.		3,471		519,990
Louisiana-Pacific Corp.		9,300		514,011
Landstar System, Inc.		2,855		505,164
Clean Harbors, Inc.*		2,882		482,331
EMCOR Group, Inc.		1,982		416,993
Belden, Inc.		4,028		388,903
BWX Technologies, Inc.		4,869		365,078
Carlisle Companies, Inc.		1,219		316,038
Valmont Industries, Inc.		1,298		311,792
Eagle Materials, Inc.		1,834		305,398
Silgan Holdings, Inc.		7,005		301,986
Toro Co.		2,097		174,261
Total Industrial				6,970,237
Consumer, Cyclical - 10.5%
Murphy USA, Inc.		2,586		883,714
Casey’s General Stores, Inc.		2,091		567,748
Tempur Sealy International, Inc.		11,461		496,720
TKO Group Holdings, Inc.		5,088		427,697
Deckers Outdoor Corp.*		728		374,258
Wingstop, Inc.		1,952		351,048
Texas Roadhouse, Inc. — Class A		3,477		334,140
FirstCash Holdings, Inc.		2,938		294,916
Crocs, Inc.*		2,735		241,309
Visteon Corp.*		1,560		215,389
Total Consumer, Cyclical				4,186,939
Financial - 10.4%
Kinsale Capital Group, Inc.		2,518		1,042,779
Annaly Capital Management, Inc. REIT		43,816		824,179
RLI Corp.		4,603		625,502
Jefferies Financial Group, Inc.		15,670		573,992
SLM Corp.		30,311		412,836
Erie Indemnity Co. — Class A		1,384		406,605
Selective Insurance Group, Inc.		2,551		263,187
Total Financial				4,149,080
Basic Materials - 5.7%
Westlake Corp.		5,742		715,855
Reliance Steel & Aluminum Co.		2,705		709,332
Olin Corp.		6,300		314,874
Cabot Corp.		4,408		305,342
MP Materials Corp.*		12,532		239,361
Total Basic Materials				2,284,764
Technology - 4.9%
Amkor Technology, Inc.		20,447		462,102
Dropbox, Inc. — Class A*		13,123		357,339
Cirrus Logic, Inc.*		4,743		350,792
KBR, Inc.		4,847		285,682
ExlService Holdings, Inc.*		10,083		282,728
Concentrix Corp.		2,629		210,609
Total Technology				1,949,252
Communications - 2.8%
Nexstar Media Group, Inc. — Class A		3,634		521,007
GoDaddy, Inc. — Class A*		5,393		401,671
Calix, Inc.*		3,859		176,896
Total Communications				1,099,574
Utilities - 2.3%
Essential Utilities, Inc.		9,484		325,586
ONE Gas, Inc.		4,353		297,223
OGE Energy Corp.		8,595		286,471
Total Utilities				909,280
Total Common Stocks
(Cost $33,800,345)				39,619,050

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
S&P MIDCAP 400® PURE GROWTH FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	143,219	$	143,219
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		55,633		55,633
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		55,084		55,084
Total Repurchase Agreements
(Cost $253,936)				253,936
Total Investments - 100.1%
(Cost $34,054,281)			$	39,872,986
Other Assets & Liabilities, net - (0.1)%				(26,841	)
Total Net Assets - 100.0%			$	39,846,145

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

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	39,619,050	$	—	$	—	$	39,619,050
Repurchase Agreements		—		253,936		—		253,936
Total Assets	$	39,619,050	$	253,936	$	—	$	39,872,986

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

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $33,800,345)	$	39,619,050
Repurchase agreements, at value (cost $253,936)		253,936
Receivables:
Dividends		44,221
Fund shares sold		31,126
Interest		75
Total assets		39,948,408
Liabilities:
Payable for:
Management fees		31,469
Fund shares redeemed		23,482
Professional fees		11,395
Distribution and service fees		11,206
Transfer agent fees		10,926
Portfolio accounting and administration fees		4,296
Trustees’ fees*		563
Miscellaneous		8,926
Total liabilities		102,263
Net assets	$	39,846,145
Net assets consist of:
Paid in capital	$	42,228,143
Total distributable earnings (loss)		(2,381,998	)
Net assets	$	39,846,145
A-Class:
Net assets	$	6,978,039
Capital shares outstanding		151,384
Net asset value per share	$	46.09
Maximum offering price per share (Net asset value divided by 95.25%)	$	48.39
C-Class:
Net assets	$	974,040
Capital shares outstanding		27,491
Net asset value per share	$	35.43
H-Class:
Net assets	$	31,894,066
Capital shares outstanding		691,270
Net asset value per share	$	46.14

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends	$	234,336
Interest		5,421
Income from securities lending, net		164
Total investment income		239,921
Expenses:
Management fees		139,328
Distribution and service fees:
A-Class		8,383
C-Class		5,961
H-Class		36,563
Transfer agent fees		38,019
Portfolio accounting and administration fees		28,313
Registration fees		15,740
Professional fees		12,338
Trustees’ fees*		2,850
Custodian fees		2,492
Line of credit fees		14
Miscellaneous		3,024
Total expenses		293,025
Less:
Expenses reimbursed by Adviser		(4,115	)
Net expenses		288,910
Net investment loss		(48,989	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2,172,219	)
Net realized loss		(2,172,219	)
Net change in unrealized appreciation (depreciation) on:
Investments		2,985,420
Net change in unrealized appreciation (depreciation)		2,985,420
Net realized and unrealized gain		813,201
Net increase in net assets resulting from operations	$	764,212

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

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

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(48,989	)	$	(155,534	)
Net realized loss on investments		(2,172,219	)		(3,393,226	)
Net change in unrealized appreciation (depreciation) on investments		2,985,420			(1,434,482	)
Net increase (decrease) in net assets resulting from operations		764,212			(4,983,242	)
Distributions to shareholders:
A-Class		—			(627,690	)
C-Class		—			(178,592	)
H-Class		—			(3,304,813	)
Total distributions to shareholders		—			(4,111,095	)
Capital share transactions:
Proceeds from sale of shares
A-Class		747,196			964,531
C-Class		286,266			595,621
H-Class		166,924,673			103,836,867
Distributions reinvested
A-Class		—			611,507
C-Class		—			178,362
H-Class		—			3,274,675
Cost of shares redeemed
A-Class		(510,437	)		(1,696,089	)
C-Class		(599,337	)		(1,186,861	)
H-Class		(155,545,970	)		(108,848,399	)
Net increase (decrease) from capital share transactions		11,302,391			(2,269,786	)
Net increase (decrease) in net assets		12,066,603			(11,364,123	)
Net assets:
Beginning of period		27,779,542			39,143,665
End of period	$	39,846,145		$	27,779,542
Capital share activity:
Shares sold
A-Class		16,273			20,931
C-Class		8,091			16,019
H-Class		3,579,249			2,163,142
Shares issued from reinvestment of distributions
A-Class		—			14,436
C-Class		—			5,446
H-Class		—			77,196
Shares redeemed
A-Class		(11,218	)		(36,712	)
C-Class		(17,032	)		(32,330	)
H-Class		(3,356,184	)		(2,317,952	)
Net increase (decrease) in shares		219,179			(89,824	)

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

S&P MIDCAP 400^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	43.18		$	53.47		$	64.65		$	33.77		$	45.88		$	54.96
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		(.18	)		(.69	)		(.57	)		(.32	)		(.30	)
Net gain (loss) on investments (realized and unrealized)		2.96			(5.43	)		(3.86	)		32.09			(11.79	)		(2.39	)
Total from investment operations		2.91			(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	$	46.09		$	43.18		$	53.47		$	64.65		$	33.77		$	45.88
Total Returnc		6.74	%		(10.32	%)		(8.07	%)		93.55	%		(26.39	%)		(4.19	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,978		$	6,319		$	7,895		$	11,272		$	4,556		$	10,681
Ratios to average net assets:
Net investment income (loss)		(0.23	%)		(0.39	%)		(1.09	%)		(1.08	%)		(0.72	%)		(0.59	%)
Total expenses		1.55	%		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%
Net expenses		1.54	%d		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%
Portfolio turnover rate		348	%		372	%		125	%		407	%		190	%		165	%

C-Class	Six Months Ended September 30, 2023a			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	$	33.32		$	42.78		$	53.41		$	28.17		$	38.56		$	47.66
Income (loss) from investment operations:
Net investment income (loss)b		(.18	)		(.43	)		(.96	)		(.78	)		(.54	)		(.62	)
Net gain (loss) on investments (realized and unrealized)		2.29			(4.35	)		(3.04	)		26.66			(9.85	)		(2.09	)
Total from investment operations		2.11			(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	$	35.43		$	33.32		$	42.78		$	53.41		$	28.17		$	38.56
Total Returnc		6.33	%		(11.00	%)		(8.76	%)		92.12	%		(26.95	%)		(4.90	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	974		$	1,214		$	2,023		$	4,005		$	3,956		$	8,609
Ratios to average net assets:
Net investment income (loss)		(1.04	%)		(1.16	%)		(1.85	%)		(1.82	%)		(1.47	%)		(1.37	%)
Total expenses		2.30	%		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%
Net expenses		2.29	%d		2.30	%		2.26	%		2.35	%		2.38	%		2.36	%
Portfolio turnover rate		348	%		372	%		125	%		407	%		190	%		165	%

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

S&P MIDCAP 400^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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		$	53.54		$	64.74		$	33.82		$	45.94		$	55.03
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		(.17	)		(.70	)		(.56	)		(.31	)		(.34	)
Net gain (loss) on investments (realized and unrealized)		2.95			(5.45	)		(3.87	)		32.12			(11.81	)		(2.36	)
Total from investment operations		2.90			(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	$	46.14		$	43.24		$	53.54		$	64.74		$	33.82		$	45.94
Total Return		6.71	%		(10.32	%)		(8.09	%)		93.53	%		(26.38	%)		(4.19	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	31,894		$	20,247		$	29,225		$	50,599		$	27,848		$	47,929
Ratios to average net assets:
Net investment income (loss)		(0.24	%)		(0.36	%)		(1.10	%)		(1.06	%)		(0.71	%)		(0.64	%)
Total expenses		1.55	%		1.55	%		1.51	%		1.59	%		1.63	%		1.61	%
Net expenses		1.53	%d		1.55	%		1.51	%		1.59	%		1.63	%		1.61	%
Portfolio turnover rate		348	%		372	%		125	%		407	%		190	%		165	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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
United States Steel Corp.	4.1%
Goodyear Tire & Rubber Co.	3.9%
KB Home	3.9%
Taylor Morrison Home Corp. — Class A	3.9%
XPO, Inc.	3.6%
Lithia Motors, Inc. — Class A	3.0%
Avnet, Inc.	2.8%
Thor Industries, Inc.	2.7%
Brighthouse Financial, Inc.	2.6%
Arrow Electronics, Inc.	2.6%
Top Ten Total	33.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	4.62%	23.58%	6.63%	7.63%
A-Class Shares with sales charge‡	(0.35%)	17.72%	5.60%	7.11%
C-Class Shares	4.22%	22.66%	5.83%	6.83%
C-Class Shares with CDSC§	3.22%	21.66%	5.83%	6.83%
H-Class Shares	4.61%	23.63%	6.64%	7.63%
S&P MidCap 400 Pure Value Index	5.54%	26.10%	8.98%	9.88%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 Pure Value Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
S&P MIDCAP 400® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Consumer, Cyclical - 34.0%
Goodyear Tire & Rubber Co.*		43,406	$	539,536
KB Home		11,655		539,393
Taylor Morrison Home Corp. — Class A*		12,590		536,460
Lithia Motors, Inc. — Class A		1,394		411,690
Thor Industries, Inc.		3,898		370,817
Toll Brothers, Inc.		4,821		356,561
PVH Corp.		4,445		340,087
Kohl’s Corp.		13,589		284,826
Penske Automotive Group, Inc.		1,633		272,809
Adient plc*		6,538		239,945
Gap, Inc.		15,797		167,922
Lear Corp.		1,197		160,637
Nordstrom, Inc.		10,248		153,105
Macy’s, Inc.		11,677		135,570
Skechers USA, Inc. — Class A*		1,821		89,138
Topgolf Callaway Brands Corp.*		6,181		85,545
Total Consumer, Cyclical				4,684,041
Financial - 20.4%
Brighthouse Financial, Inc.*		7,465		365,337
Unum Group		5,047		248,262
Park Hotels & Resorts, Inc. REIT		18,605		229,214
New York Community Bancorp, Inc.		19,930		226,006
First American Financial Corp.		2,822		159,415
Vornado Realty Trust REIT		6,552		148,599
Jones Lang LaSalle, Inc.*		1,052		148,521
MGIC Investment Corp.		8,594		143,434
Old Republic International Corp.		5,081		136,882
Janus Henderson Group plc		4,664		120,425
Essent Group Ltd.		2,351		111,179
CNO Financial Group, Inc.		4,017		95,323
Cousins Properties, Inc. REIT		4,457		90,789
Reinsurance Group of America, Inc. — Class A		608		88,276
Starwood Property Trust, Inc. REIT		4,168		80,651
Kemper Corp.		1,908		80,193
Sabra Health Care REIT, Inc.		5,742		80,043
FNB Corp.		6,870		74,127
Kilroy Realty Corp. REIT		2,200		69,542
Associated Banc-Corp.		3,845		65,788
Medical Properties Trust, Inc. REIT1		9,709		52,914
Total Financial				2,814,920
Industrial - 20.3%
XPO, Inc.*		6,571		490,591
Avnet, Inc.		8,092		389,954
Arrow Electronics, Inc.*		2,913		364,824
Jabil, Inc.		2,826		358,591
TD SYNNEX Corp.		3,055		305,072
Ryder System, Inc.		2,690		287,696
GXO Logistics, Inc.*		2,583		151,493
Fluor Corp.*		4,046		148,488
Greif, Inc. — Class A		1,885		125,937
Coherent Corp.*		2,845		92,861
Vishay Intertechnology, Inc.		3,363		83,133
Total Industrial				2,798,640
Consumer, Non-cyclical - 11.1%
Tenet Healthcare Corp.*		4,550		299,800
ManpowerGroup, Inc.		2,939		215,487
Graham Holdings Co. — Class B		352		205,216
Pilgrim’s Pride Corp.*		8,748		199,717
Enovis Corp.*		3,655		192,728
Patterson Companies, Inc.		4,758		141,027
Perrigo Company plc		4,213		134,605
Post Holdings, Inc.*		938		80,424
Hertz Global Holdings, Inc.*		4,627		56,681
Total Consumer, Non-cyclical				1,525,685
Basic Materials - 7.8%
United States Steel Corp.		17,346		563,398
Cleveland-Cliffs, Inc.*		21,487		335,842
Avient Corp.		3,446		121,712
Alcoa Corp.		2,097		60,939
Total Basic Materials				1,081,891
Technology - 3.7%
NCR Corp.*		8,111		218,753
Kyndryl Holdings, Inc.*		13,007		196,406
MKS Instruments, Inc.		1,103		95,454
Total Technology				510,613
Utilities - 1.1%
Southwest Gas Holdings, Inc.		1,311		79,198
UGI Corp.		3,168		72,864
Total Utilities				152,062
Energy - 0.7%
Chesapeake Energy Corp.		1,066		91,921
Communications - 0.4%
Frontier Communications Parent, Inc.*		3,364		52,647
Total Common Stocks
(Cost $12,445,689)				13,712,420
SECURITIES LENDING COLLATERAL†,2 - 0.3%
Money Market Fund
First American Government Obligations Fund — Class X, 5.26%3		39,204		39,204
Total Securities Lending Collateral
(Cost $39,204)				39,204
Total Investments - 99.8%
(Cost $12,484,893)			$	13,751,624
Other Assets & Liabilities, net - 0.2%				32,850
Total Net Assets - 100.0%			$	13,784,474

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
S&P MIDCAP 400® PURE VALUE FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2023 — See Note 7.
2	Securities lending collateral — See Note 7.
3	Rate indicated is the 7-day yield as of September 30, 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 September 30, 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	$	13,712,420	$	—	$	—	$	13,712,420
Securities Lending Collateral		39,204		—		—		39,204
Total Assets	$	13,751,624	$	—	$	—	$	13,751,624

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

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $38,848 of securities loaned (cost $12,484,893)	$	13,751,624
Cash		98,480
Receivables:
Dividends		17,917
Fund shares sold		55
Securities lending income		2
Total assets		13,868,078
Liabilities:
Payable for:
Return of securities lending collateral		39,204
Management fees		16,037
Transfer agent fees		5,864
Distribution and service fees		5,686
Portfolio accounting and administration fees		2,189
Fund shares redeemed		1,809
Trustees’ fees*		327
Miscellaneous		12,488
Total liabilities		83,604
Net assets	$	13,784,474
Net assets consist of:
Paid in capital	$	15,275,297
Total distributable earnings (loss)		(1,490,823	)
Net assets	$	13,784,474
A-Class:
Net assets	$	1,879,865
Capital shares outstanding		29,628
Net asset value per share	$	63.45
Maximum offering price per share (Net asset value divided by 95.25%)	$	66.61
C-Class:
Net assets	$	548,092
Capital shares outstanding		10,571
Net asset value per share	$	51.85
H-Class:
Net assets	$	11,356,517
Capital shares outstanding		179,267
Net asset value per share	$	63.35

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends	$	150,185
Interest		3,252
Income from securities lending, net		680
Total investment income		154,117
Expenses:
Management fees		74,118
Distribution and service fees:
A-Class		2,145
C-Class		3,688
H-Class		21,636
Transfer agent fees		19,894
Portfolio accounting and administration fees		15,062
Registration fees		9,919
Professional fees		6,239
Trustees’ fees*		1,577
Custodian fees		1,331
Line of credit fees		81
Miscellaneous		194
Total expenses		155,884
Less:
Expenses reimbursed by Adviser		(2,242	)
Net expenses		153,642
Net investment income		475
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(272,213	)
Net realized loss		(272,213	)
Net change in unrealized appreciation (depreciation) on:
Investments		6,522
Net change in unrealized appreciation (depreciation)		6,522
Net realized and unrealized loss		(265,691	)
Net decrease in net assets resulting from operations	$	(265,216	)

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

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

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	475		$	191,352
Net realized loss on investments		(272,213	)		(679,914	)
Net change in unrealized appreciation (depreciation) on investments		6,522			(422,791	)
Net decrease in net assets resulting from operations		(265,216	)		(911,353	)
Distributions to shareholders:
A-Class		—			(216,123	)
C-Class		—			(279,123	)
H-Class		—			(2,173,163	)
Total distributions to shareholders		—			(2,668,409	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,023,095			1,636,761
C-Class		297,302			1,978,270
H-Class		43,623,617			333,340,335
Distributions reinvested
A-Class		—			216,123
C-Class		—			276,619
H-Class		—			2,155,836
Cost of shares redeemed
A-Class		(1,371,785	)		(706,450	)
C-Class		(1,487,350	)		(629,158	)
H-Class		(39,792,572	)		(352,963,951	)
Net increase (decrease) from capital share transactions		2,292,307			(14,695,615	)
Net increase (decrease) in net assets		2,027,091			(18,275,377	)
Net assets:
Beginning of period		11,757,383			30,032,760
End of period	$	13,784,474		$	11,757,383
Capital share activity:
Shares sold
A-Class		15,334			24,062
C-Class		5,395			33,722
H-Class		664,962			5,080,728
Shares issued from reinvestment of distributions
A-Class		—			3,753
C-Class		—			5,844
H-Class		—			37,506
Shares redeemed
A-Class		(22,653	)		(10,689	)
C-Class		(30,355	)		(12,248	)
H-Class		(613,654	)		(5,389,191	)
Net increase (decrease) in shares		19,029			(226,513	)

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

S&P MIDCAP 400^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	60.65		$	70.65		$	70.16		$	30.53		$	51.62		$	53.32
Income (loss) from investment operations:
Net investment income (loss)b		.04			.49			.40			.20			.34			(.04	)
Net gain (loss) on investments (realized and unrealized)		2.76	d		(1.88	)		4.22			39.45			(21.43	)		(.17	)
Total from investment operations		2.80			(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	$	63.45		$	60.65		$	70.65		$	70.16		$	30.53		$	51.62
Total Returnc		4.62	%		(1.32	%)		6.67	%		129.91	%		(40.86	%)		(0.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,880		$	2,241		$	1,400		$	1,868		$	749		$	1,203
Ratios to average net assets:
Net investment income (loss)		0.14	%		0.75	%		0.55	%		0.41	%		0.68	%		(0.07	%)
Total expenses		1.56	%		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%
Net expenses		1.54	%e		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%
Portfolio turnover rate		251	%		1,064	%		252	%		454	%		993	%		558	%

C-Class	Six Months Ended September 30, 2023a			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	$	49.75		$	60.04		$	60.66		$	26.59		$	45.31		$	47.35
Income (loss) from investment operations:
Net investment income (loss)b		(.19	)		(.02	)		(.13	)		(.13	)		(.05	)		(.41	)
Net gain (loss) on investments (realized and unrealized)		2.29	d		(1.66	)		3.64			34.22			(18.67	)		(.14	)
Total from investment operations		2.10			(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	$	51.85		$	49.75		$	60.04		$	60.66		$	26.59		$	45.31
Total Returnc		4.22	%		(2.06	%)		5.86	%		128.24	%		(41.32	%)		(0.88	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	548		$	1,768		$	493		$	1,690		$	708		$	1,842
Ratios to average net assets:
Net investment income (loss)		(0.73	%)		(0.03	%)		(0.21	%)		(0.30	%)		(0.12	%)		(0.85	%)
Total expenses		2.32	%		2.30	%		2.26	%		2.34	%		2.37	%		2.37	%
Net expenses		2.30	%e		2.30	%		2.26	%		2.34	%		2.37	%		2.37	%
Portfolio turnover rate		251	%		1,064	%		252	%		454	%		993	%		558	%

36 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	60.56		$	70.54		$	70.05		$	30.48		$	51.54		$	53.25
Income (loss) from investment operations:
Net investment income (loss)b		.01			.49			.35			.31			.20			(.07	)
Net gain (loss) on investments (realized and unrealized)		2.78	d		(1.86	)		4.27			39.28			(21.26	)		(.15	)
Total from investment operations		2.79			(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	$	63.35		$	60.56		$	70.54		$	70.05		$	30.48		$	51.54
Total Return		4.61	%		(1.30	%)		6.68	%		129.92	%		(40.86	%)		(0.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,357		$	7,749		$	28,139		$	154,269		$	1,618		$	10,928
Ratios to average net assets:
Net investment income (loss)		0.02	%		0.74	%		0.48	%		0.51	%		0.39	%		(0.13	%)
Total expenses		1.55	%		1.55	%		1.51	%		1.54	%		1.63	%		1.62	%
Net expenses		1.52	%e		1.55	%		1.51	%		1.54	%		1.63	%		1.62	%
Portfolio turnover rate		251	%		1,064	%		252	%		454	%		993	%		558	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	3.1%
REX American Resources Corp.	2.0%
Green Brick Partners, Inc.	2.0%
Matson, Inc.	1.8%
Boise Cascade Co.	1.8%
Rambus, Inc.	1.8%
elf Beauty, Inc.	1.8%
SM Energy Co.	1.8%
Dorian LPG Ltd.	1.8%
Encore Wire Corp.	1.7%
Top Ten Total	19.6%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	2.53%	10.96%	(2.44%)	4.62%
A-Class Shares with sales charge‡	(2.34%)	5.69%	(3.38%)	4.11%
C-Class Shares	2.12%	10.15%	(3.16%)	3.83%
C-Class Shares with CDSC§	1.12%	9.15%	(3.16%)	3.83%
H-Class Shares	2.55%	10.92%	(2.46%)	4.61%
S&P SmallCap 600 Pure Growth Index	3.19%	12.54%	(0.76%)	6.44%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P SmallCap 600 Pure Growth Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

38 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Consumer, Non-cyclical - 23.1%
elf Beauty, Inc.*		902	$	99,067
Dynavax Technologies Corp.*		5,807		85,769
Cross Country Healthcare, Inc.*		2,888		71,594
Amphastar Pharmaceuticals, Inc.*		1,467		67,467
Adtalem Global Education, Inc.*		1,457		62,432
iTeos Therapeutics, Inc.*		5,562		60,904
Catalyst Pharmaceuticals, Inc.*		4,847		56,662
UFP Technologies, Inc.*		339		54,731
Cal-Maine Foods, Inc.		1,057		51,180
Ensign Group, Inc.		549		51,018
AMN Healthcare Services, Inc.*		595		50,682
Cytokinetics, Inc.*		1,687		49,699
Corcept Therapeutics, Inc.*		1,812		49,368
MGP Ingredients, Inc.		442		46,622
Innoviva, Inc.*		3,534		45,907
Stride, Inc.*		1,016		45,751
Simply Good Foods Co.*		1,275		44,013
Vir Biotechnology, Inc.*		3,994		37,424
Hostess Brands, Inc.*		1,044		34,776
REGENXBIO, Inc.*		2,059		33,891
Supernus Pharmaceuticals, Inc.*		1,041		28,701
Tootsie Roll Industries, Inc.		843		25,172
Collegium Pharmaceutical, Inc.*		1,046		23,378
Arcus Biosciences, Inc.*		1,237		22,204
Medifast, Inc.		251		18,787
Addus HomeCare Corp.*		209		17,805
AdaptHealth Corp.*		1,933		17,590
Xencor, Inc.*		834		16,805
Pacira BioSciences, Inc.*		459		14,082
Ligand Pharmaceuticals, Inc.*		107		—
Ligand Pharmaceuticals, Inc.*		107		—
Total Consumer, Non-cyclical				1,283,481
Industrial - 21.2%
Matson, Inc.		1,141		101,229
Boise Cascade Co.		968		99,743
Dorian LPG Ltd.		3,412		98,027
Encore Wire Corp.		527		96,156
Comfort Systems USA, Inc.		446		76,003
Advanced Energy Industries, Inc.		732		75,484
PGT Innovations, Inc.*		2,512		69,708
Mueller Industries, Inc.		894		67,193
Fabrinet*		309		51,485
AAON, Inc.		805		45,780
Marten Transport Ltd.		2,197		43,303
Myers Industries, Inc.		2,025		36,308
Lindsay Corp.		300		35,304
Applied Industrial Technologies, Inc.		220		34,014
EnPro Industries, Inc.		269		32,600
Badger Meter, Inc.		226		32,515
Plexus Corp.*		303		28,173
AeroVironment, Inc.*		251		27,994
Forward Air Corp.		405		27,840
CTS Corp.		656		27,381
Franklin Electric Company, Inc.		282		25,163
Hillenbrand, Inc.		544		23,017
NV5 Global, Inc.*		238		22,903
Total Industrial				1,177,323
Technology - 15.7%
Axcelis Technologies, Inc.*		1,060		172,833
Rambus, Inc.*		1,780		99,306
Photronics, Inc.*		3,037		61,378
DoubleVerify Holdings, Inc.*		2,094		58,527
Kulicke & Soffa Industries, Inc.		1,181		57,432
Verra Mobility Corp.*		2,694		50,378
Onto Innovation, Inc.*		380		48,458
Alpha & Omega Semiconductor Ltd.*		1,459		43,536
Veeco Instruments, Inc.*		1,290		36,262
Progress Software Corp.		609		32,021
NextGen Healthcare, Inc.*		1,279		30,351
Diodes, Inc.*		364		28,698
Agilysys, Inc.*		400		26,464
SPS Commerce, Inc.*		152		25,933
Privia Health Group, Inc.*		1,065		24,495
Digi International, Inc.*		781		21,087
Veradigm, Inc.*		1,589		20,879
NetScout Systems, Inc.*		630		17,653
MaxLinear, Inc. — Class A*		706		15,708
Total Technology				871,399
Financial - 15.1%
Mr Cooper Group, Inc.*		1,787		95,712
StoneX Group, Inc.*		774		75,016
ARMOUR Residential REIT, Inc. REIT		15,266		64,880
St. Joe Co.		1,176		63,892
OFG Bancorp		2,113		63,094
Piper Sandler Cos.		333		48,388
First BanCorp		3,275		44,082
Avantax, Inc.*		1,656		42,361
Palomar Holdings, Inc.*		782		39,686
Marcus & Millichap, Inc.		1,066		31,277
BancFirst Corp.		348		30,182
Hanmi Financial Corp.		1,808		29,344
Bancorp, Inc.*		846		29,187
Preferred Bank/Los Angeles CA		453		28,199
City Holding Co.		281		25,388
Stellar Bancorp, Inc.		1,149		24,497
NBT Bancorp, Inc.		709		22,468
Dime Community Bancshares, Inc.		1,089		21,737
ServisFirst Bancshares, Inc.		348		18,155
Banner Corp.		309		13,095
Heritage Financial Corp.		800		13,048
CVB Financial Corp.		787		13,041
Total Financial				836,729
Energy - 9.4%
REX American Resources Corp.*		2,697		109,822
SM Energy Co.		2,475		98,134
Comstock Resources, Inc.		8,047		88,758
Vital Energy, Inc.*		1,416		78,474

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
Northern Oil and Gas, Inc.		1,899	$	76,397
CONSOL Energy, Inc.		430		45,111
RPC, Inc.		2,936		26,248
Total Energy				522,944
Consumer, Cyclical - 7.6%
Green Brick Partners, Inc.*		2,620		108,756
XPEL, Inc.*		757		58,372
Titan International, Inc.*		3,587		48,174
Monarch Casino & Resort, Inc.		769		47,755
Cavco Industries, Inc.*		178		47,288
Jack in the Box, Inc.		638		44,060
Ethan Allen Interiors, Inc.		1,249		37,345
Sun Country Airlines Holdings, Inc.*		2,060		30,570
Total Consumer, Cyclical				422,320
Basic Materials - 3.5%
Hawkins, Inc.		1,388		81,684
Kaiser Aluminum Corp.		599		45,081
Innospec, Inc.		274		28,003
Livent Corp.*		1,038		19,109
American Vanguard Corp.		1,546		16,898
Total Basic Materials				190,775
Communications - 3.2%
Cars.com, Inc.*		2,783		46,922
ATN International, Inc.		1,078		34,021
Harmonic, Inc.*		2,908		28,004
Extreme Networks, Inc.*		1,128		27,309
Clearfield, Inc.*		783		22,441
A10 Networks, Inc.		1,298		19,509
Total Communications				178,206
Utilities - 0.7%
Unitil Corp.		477		20,373
SJW Group		320		19,235
Total Utilities				39,608
Total Common Stocks
(Cost $4,818,474)				5,522,785

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.7%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	20,540		20,540
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		7,979		7,979
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		7,900		7,900
Total Repurchase Agreements
(Cost $36,419)				36,419
Total Investments - 100.2%
(Cost $4,854,893)			$	5,559,204
Other Assets & Liabilities, net - (0.2)%				(9,904	)
Total Net Assets - 100.0%			$	5,549,300

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
S&P SMALLCAP 600® PURE GROWTH FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	5,522,785	$	—	$	—	$	5,522,785
Repurchase Agreements		—		36,419		—		36,419
Total Assets	$	5,522,785	$	36,419	$	—	$	5,559,204

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

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $4,818,474)	$	5,522,785
Repurchase agreements, at value (cost $36,419)		36,419
Receivables:
Dividends		2,831
Interest		11
Securities lending income		11
Total assets		5,562,057
Liabilities:
Payable for:
Management fees		3,479
Fund shares redeemed		2,094
Transfer agent fees		1,546
Distribution and service fees		1,431
Printing fees		1,138
Professional fees		1,117
Licensing fees		878
Portfolio accounting and administration fees		475
Trustees’ fees*		87
Miscellaneous		512
Total liabilities		12,757
Net assets	$	5,549,300
Net assets consist of:
Paid in capital	$	4,763,892
Total distributable earnings (loss)		785,408
Net assets	$	5,549,300
A-Class:
Net assets	$	1,167,823
Capital shares outstanding		25,458
Net asset value per share	$	45.87
Maximum offering price per share (Net asset value divided by 95.25%)	$	48.16
C-Class:
Net assets	$	461,547
Capital shares outstanding		12,771
Net asset value per share	$	36.14
H-Class:
Net assets	$	3,919,930
Capital shares outstanding		85,569
Net asset value per share	$	45.81

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $166)	$	62,174
Interest		1,358
Income from securities lending, net		148
Total investment income		63,680
Expenses:
Management fees		32,212
Distribution and service fees:
A-Class		1,320
C-Class		1,703
H-Class		8,990
Transfer agent fees		8,697
Portfolio accounting and administration fees		6,546
Registration fees		3,306
Professional fees		1,763
Trustees’ fees*		801
Custodian fees		587
Line of credit fees		26
Miscellaneous		2,008
Total expenses		67,959
Less:
Expenses reimbursed by Adviser		(481	)
Net expenses		67,478
Net investment loss		(3,798	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		332,218
Net realized gain		332,218
Net change in unrealized appreciation (depreciation) on:
Investments		362,702
Net change in unrealized appreciation (depreciation)		362,702
Net realized and unrealized gain		694,920
Net increase in net assets resulting from operations	$	691,122

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

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

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(3,798	)	$	6,599
Net realized gain on investments		332,218			288,771
Net change in unrealized appreciation (depreciation) on investments		362,702			(29,892	)
Net increase in net assets resulting from operations		691,122			265,478
Capital share transactions:
Proceeds from sale of shares
A-Class		446,356			557,244
C-Class		234,600			384,770
H-Class		37,450,347			117,176,874
Cost of shares redeemed
A-Class		(226,221	)		(763,817	)
C-Class		(45,221	)		(478,499	)
H-Class		(37,627,979	)		(117,717,482	)
Net increase (decrease) from capital share transactions		231,882			(840,910	)
Net increase (decrease) in net assets		923,004			(575,432	)
Net assets:
Beginning of period		4,626,296			5,201,728
End of period	$	5,549,300		$	4,626,296
Capital share activity:
Shares sold
A-Class		9,123			12,180
C-Class		6,152			10,501
H-Class		809,467			2,556,914
Shares redeemed
A-Class		(4,844	)		(17,455	)
C-Class		(1,232	)		(14,065	)
H-Class		(800,029	)		(2,543,098	)
Net increase in shares		18,637			4,977

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

S&P SMALLCAP 600^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	44.74		$	53.16		$	89.23		$	43.85		$	65.22		$	71.79
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		.13			(.70	)		(.62	)		(.44	)		(.70	)
Net gain (loss) on investments (realized and unrealized)		1.16			(8.55	)d		(5.41	)		46.00			(20.93	)		(.94	)
Total from investment operations		1.13			(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	$	45.87		$	44.74		$	53.16		$	89.23		$	43.85		$	65.22
Total Returnc		2.53	%		(15.84	%)		(11.08	%)		103.49	%		(32.77	%)		(2.34	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,168		$	948		$	1,406		$	3,448		$	1,169		$	2,397
Ratios to average net assets:
Net investment income (loss)		(0.14	%)		0.29	%		(0.88	%)		(0.86	%)		(0.69	%)		(0.93	%)
Total expenses		1.55	%		1.55	%		1.51	%		1.58	%		1.63	%		1.62	%
Net expenses		1.53	%e		1.55	%		1.51	%		1.58	%		1.63	%		1.62	%
Portfolio turnover rate		728	%		812	%		707	%		752	%		628	%		421	%

C-Class	Six Months Ended September 30, 2023a			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	$	35.39		$	42.35		$	77.59		$	38.41		$	57.57		$	64.43
Income (loss) from investment operations:
Net investment income (loss)b		(.17	)		(.20	)		(1.17	)		(.96	)		(.79	)		(1.16	)
Net gain (loss) on investments (realized and unrealized)		.92			(6.76	)d		(4.11	)		40.14			(18.37	)		(.77	)
Total from investment operations		.75			(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	$	36.14		$	35.39		$	42.35		$	77.59		$	38.41		$	57.57
Total Returnc		2.12	%		(16.43	%)		(11.75	%)		102.00	%		(33.28	%)		(3.06	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	462		$	278		$	483		$	2,329		$	678		$	1,252
Ratios to average net assets:
Net investment income (loss)		(0.90	%)		(0.54	%)		(1.69	%)		(1.59	%)		(1.43	%)		(1.70	%)
Total expenses		2.30	%		2.30	%		2.26	%		2.33	%		2.38	%		2.36	%
Net expenses		2.28	%e		2.30	%		2.26	%		2.33	%		2.38	%		2.36	%
Portfolio turnover rate		728	%		812	%		707	%		752	%		628	%		421	%

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

S&P SMALLCAP 600^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	44.67		$	53.15		$	89.21		$	43.84		$	65.21		$	71.78
Income (loss) from investment operations:
Net investment income (loss)b		(.01	)		.02			(.81	)		(.86	)		(.40	)		(.77	)
Net gain (loss) on investments (realized and unrealized)		1.15			(8.50	)d		(5.29	)		46.23			(20.97	)		(.87	)
Total from investment operations		1.14			(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	$	45.81		$	44.67		$	53.15		$	89.21		$	43.84		$	65.21
Total Return		2.55	%		(15.95	%)		(11.06	%)		103.49	%		(32.77	%)		(2.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,920		$	3,401		$	3,312		$	25,071		$	2,430		$	7,525
Ratios to average net assets:
Net investment income (loss)		(0.04	%)		0.05	%		(0.97	%)		(1.05	%)		(0.63	%)		(0.99	%)
Total expenses		1.55	%		1.55	%		1.51	%		1.54	%		1.63	%		1.61	%
Net expenses		1.54	%e		1.55	%		1.51	%		1.54	%		1.63	%		1.61	%
Portfolio turnover rate		728	%		812	%		707	%		752	%		628	%		421	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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
SkyWest, Inc.	3.4%
M/I Homes, Inc.	2.7%
G-III Apparel Group Ltd.	2.5%
Telephone & Data Systems, Inc.	2.4%
Olympic Steel, Inc.	2.2%
Abercrombie & Fitch Co. — Class A	1.8%
Genworth Financial, Inc. — Class A	1.7%
Century Communities, Inc.	1.7%
Kelly Services, Inc. — Class A	1.6%
Tri Pointe Homes, Inc.	1.6%
Top Ten Total	21.6%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	0.38%	19.14%	2.46%	4.21%
A-Class Shares with sales charge‡	(4.39%)	13.48%	1.47%	3.71%
C-Class Shares	(0.06%)	18.26%	1.71%	3.44%
C-Class Shares with CDSC§	(1.06%)	17.26%	1.71%	3.44%
H-Class Shares	0.38%	19.12%	2.47%	4.23%
S&P SmallCap 600 Pure Value Index	1.12%	21.46%	4.99%	6.51%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P SmallCap 600 Pure Value Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

46 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.9%
Consumer, Cyclical - 41.3%
SkyWest, Inc.*		4,163	$	174,596
M/I Homes, Inc.*		1,687		141,775
G-III Apparel Group Ltd.*		5,317		132,500
Abercrombie & Fitch Co. — Class A*		1,693		95,434
Century Communities, Inc.		1,302		86,948
Tri Pointe Homes, Inc.*		3,043		83,226
MDC Holdings, Inc.		1,780		73,389
America’s Car-Mart, Inc.*		774		70,426
Group 1 Automotive, Inc.		254		68,252
Patrick Industries, Inc.		830		62,300
Meritage Homes Corp.		491		60,094
MarineMax, Inc.*		1,767		57,993
ScanSource, Inc.*		1,866		56,558
JetBlue Airways Corp.*		12,259		56,391
Foot Locker, Inc.		3,062		53,126
Dana, Inc.		3,361		49,306
Resideo Technologies, Inc.*		3,090		48,822
MillerKnoll, Inc.		1,772		43,325
Veritiv Corp.		245		41,380
Caleres, Inc.		1,430		41,127
ODP Corp.*		879		40,566
Sonic Automotive, Inc. — Class A		797		38,065
La-Z-Boy, Inc.		1,197		36,963
Newell Brands, Inc.		4,020		36,301
Designer Brands, Inc. — Class A1		2,750		34,815
Wolverine World Wide, Inc.		4,184		33,723
GMS, Inc.*		521		33,328
Chico’s FAS, Inc.*		3,724		27,856
Signet Jewelers Ltd.		372		26,713
Urban Outfitters, Inc.*		780		25,498
Phinia, Inc.		937		25,102
Hanesbrands, Inc.		6,207		24,580
Shoe Carnival, Inc.		990		23,790
American Eagle Outfitters, Inc.		1,404		23,320
PC Connection, Inc.		421		22,473
OPENLANE, Inc.*		1,504		22,440
American Axle & Manufacturing Holdings, Inc.*		3,090		22,433
HNI Corp.		582		20,155
Guess?, Inc.		881		19,065
Allegiant Travel Co. — Class A		231		17,755
Sally Beauty Holdings, Inc.*		2,117		17,741
Interface, Inc. — Class A		1,794		17,599
Standard Motor Products, Inc.		488		16,407
Marcus Corp.		1,018		15,779
Sleep Number Corp.*		641		15,762
LGI Homes, Inc.*		138		13,730
Hawaiian Holdings, Inc.*		1,133		7,172
Total Consumer, Cyclical				2,156,099
Financial - 15.7%
Genworth Financial, Inc. — Class A*		14,951		87,613
Anywhere Real Estate, Inc.*		10,459		67,251
Stewart Information Services Corp.		1,443		63,204
Navient Corp.		2,544		43,808
World Acceptance Corp.*		336		42,692
SiriusPoint Ltd.*		4,123		41,931
EZCORP, Inc. — Class A*		4,372		36,069
SL Green Realty Corp. REIT1		942		35,137
Radian Group, Inc.		1,342		33,697
Pebblebrook Hotel Trust REIT		2,300		31,257
Lincoln National Corp.		1,222		30,171
Bread Financial Holdings, Inc.		875		29,925
Cushman & Wakefield plc*		3,533		26,922
Encore Capital Group, Inc.*		476		22,734
Blackstone Mortgage Trust, Inc. — Class A REIT1		892		19,401
Apollo Commercial Real Estate Finance, Inc. REIT		1,825		18,487
JBG SMITH Properties REIT		1,276		18,451
Ambac Financial Group, Inc.*		1,520		18,331
Hudson Pacific Properties, Inc. REIT		2,731		18,161
Enova International, Inc.*		355		18,059
PacWest Bancorp		2,208		17,465
Service Properties Trust REIT		2,110		16,226
ProAssurance Corp.		852		16,094
Brandywine Realty Trust REIT		3,390		15,391
Hilltop Holdings, Inc.		480		13,613
United Fire Group, Inc.		679		13,410
Ready Capital Corp. REIT		1,240		12,536
Hope Bancorp, Inc.		1,280		11,328
Total Financial				819,364
Industrial - 13.2%
Olympic Steel, Inc.		1,998		112,308
Powell Industries, Inc.		650		53,885
DXP Enterprises, Inc.*		1,521		53,144
American Woodmark Corp.*		632		47,786
World Kinect Corp.		2,089		46,856
Greenbrier Companies, Inc.		1,156		46,240
Clearwater Paper Corp.*		1,250		45,313
Enviri Corp.*		6,018		43,450
ArcBest Corp.		406		41,270
Benchmark Electronics, Inc.		1,632		39,592
RXO, Inc.*		1,800		35,514
Kaman Corp.		1,440		28,296
Proto Labs, Inc.*		794		20,962
TTM Technologies, Inc.*		1,575		20,286
AZZ, Inc.		413		18,824
Ichor Holdings Ltd.*		557		17,244
Granite Construction, Inc.		424		16,120
Total Industrial				687,090
Consumer, Non-cyclical - 11.7%
Kelly Services, Inc. — Class A		4,579		83,292
Fresh Del Monte Produce, Inc.		2,469		63,799
PROG Holdings, Inc.*		1,639		54,431
Enhabit, Inc.*		4,499		50,614
Deluxe Corp.		2,142		40,462
Upbound Group, Inc.		1,278		37,637
TrueBlue, Inc.*		2,173		31,878

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
Owens & Minor, Inc.*		1,917	$	30,979
SpartanNash Co.		1,267		27,874
B&G Foods, Inc.		2,461		24,339
Universal Corp.		492		23,227
ABM Industries, Inc.		566		22,646
GEO Group, Inc.*		2,653		21,702
Heidrick & Struggles International, Inc.		862		21,567
CoreCivic, Inc.*		1,843		20,734
Phibro Animal Health Corp. — Class A		1,282		16,371
United Natural Foods, Inc.*		1,057		14,946
Green Dot Corp. — Class A*		880		12,258
Orthofix Medical, Inc.*		695		8,938
Total Consumer, Non-cyclical				607,694
Communications - 7.2%
Telephone & Data Systems, Inc.		6,905		126,430
DISH Network Corp. — Class A*		11,068		64,859
Lumen Technologies, Inc.*		32,985		46,839
AMC Networks, Inc. — Class A*		3,389		39,922
Consolidated Communications Holdings, Inc.*		9,040		30,917
Thryv Holdings, Inc.*		1,131		21,229
EW Scripps Co. — Class A*		3,601		19,734
Viasat, Inc.*		780		14,399
Scholastic Corp.		353		13,463
Total Communications				377,792
Energy - 4.5%
Par Pacific Holdings, Inc.*		1,576		56,641
Oil States International, Inc.*		6,249		52,304
SunCoke Energy, Inc.		5,062		51,379
Helix Energy Solutions Group, Inc.*		3,476		38,827
Bristow Group, Inc.*		1,179		33,213
Total Energy				232,364
Technology - 3.4%
Xerox Holdings Corp.		3,295		51,699
Insight Enterprises, Inc.*		320		46,560
SMART Global Holdings, Inc.*		1,124		27,369
Ebix, Inc.		1,948		19,246
Cerence, Inc.*		935		19,046
Pitney Bowes, Inc.		4,949		14,946
Total Technology				178,866
Basic Materials - 2.9%
Koppers Holdings, Inc.		1,328		52,522
Century Aluminum Co.*		5,356		38,510
Mativ Holdings, Inc.		2,343		33,411
AdvanSix, Inc.		507		15,758
Minerals Technologies, Inc.		219		11,992
Total Basic Materials				152,193
Total Common Stocks
(Cost $4,166,035)				5,211,462
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	12,780		12,780
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		4,964		4,964
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		4,915		4,915
Total Repurchase Agreements
(Cost $22,659)				22,659
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund — Class X, 5.26%4		68,343		68,343
Total Securities Lending Collateral
(Cost $68,343)				68,343
Total Investments - 101.6%
(Cost $4,257,037)			$	5,302,464
Other Assets & Liabilities, net - (1.6)%				(84,661	)
Total Net Assets - 100.0%			$	5,217,803

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 September 30, 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 September 30, 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 September 30, 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	$	5,211,462	$	—	$	—	$	5,211,462
Repurchase Agreements		—		22,659		—		22,659
Securities Lending Collateral		68,343		—		—		68,343
Total Assets	$	5,279,805	$	22,659	$	—	$	5,302,464

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

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $66,989 of securities loaned (cost $4,234,378)	$	5,279,805
Repurchase agreements, at value (cost $22,659)		22,659
Receivables:
Dividends		5,907
Fund shares sold		2,500
Securities lending income		32
Interest		7
Total assets		5,310,910
Liabilities:
Payable for:
Return of securities lending collateral		68,343
Fund shares redeemed		14,009
Management fees		3,340
Transfer agent fees		1,561
Distribution and service fees		1,162
Portfolio accounting and administration fees		456
Trustees’ fees*		94
Miscellaneous		4,142
Total liabilities		93,107
Net assets	$	5,217,803
Net assets consist of:
Paid in capital	$	25,249,757
Total distributable earnings (loss)		(20,031,954	)
Net assets	$	5,217,803
A-Class:
Net assets	$	1,126,431
Capital shares outstanding		6,571
Net asset value per share	$	171.42
Maximum offering price per share (Net asset value divided by 95.25%)	$	179.98
C-Class:
Net assets	$	77,036
Capital shares outstanding		543
Net asset value per share	$	141.87
H-Class:
Net assets	$	4,014,336
Capital shares outstanding		23,478
Net asset value per share	$	170.98

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $9)	$	56,094
Interest		1,231
Income from securities lending, net		537
Total investment income		57,862
Expenses:
Management fees		27,909
Distribution and service fees:
A-Class		1,494
C-Class		395
H-Class		7,709
Transfer agent fees		7,861
Portfolio accounting and administration fees		5,671
Registration fees		4,142
Trustees’ fees*		1,060
Professional fees		1,056
Custodian fees		524
Line of credit fees		53
Miscellaneous		178
Total expenses		58,052
Less:
Expenses reimbursed by Adviser		(705	)
Net expenses		57,347
Net investment income		515
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(713,202	)
Net realized loss		(713,202	)
Net change in unrealized appreciation (depreciation) on:
Investments		141,771
Net change in unrealized appreciation (depreciation)		141,771
Net realized and unrealized loss		(571,431	)
Net decrease in net assets resulting from operations	$	(570,916	)

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

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

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	515		$	45,269
Net realized loss on investments		(713,202	)		(1,808,762	)
Net change in unrealized appreciation (depreciation) on investments		141,771			(2,008,207	)
Net decrease in net assets resulting from operations		(570,916	)		(3,771,700	)
Capital share transactions:
Proceeds from sale of shares
A-Class		72,556			3,575,515
C-Class		—			457,743
H-Class		21,691,687			246,177,716
Cost of shares redeemed
A-Class		(164,032	)		(6,496,797	)
C-Class		(2,554	)		(448,126	)
H-Class		(24,550,101	)		(253,626,506	)
Net decrease from capital share transactions		(2,952,444	)		(10,360,455	)
Net decrease in net assets		(3,523,360	)		(14,132,155	)
Net assets:
Beginning of period		8,741,163			22,873,318
End of period	$	5,217,803		$	8,741,163
Capital share activity:
Shares sold
A-Class		402			20,336
C-Class		—			3,116
H-Class		116,892			1,417,252
Shares redeemed
A-Class		(930	)		(39,168	)
C-Class		(17	)		(3,473	)
H-Class		(137,145	)		(1,472,406	)
Net decrease in shares		(20,798	)		(74,343	)

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

S&P SMALLCAP 600^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d
Per Share Data
Net asset value, beginning of period	$	170.77		$	182.48		$	167.98		$	67.45		$	129.32		$	138.22
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		.25			(.34	)		(.14	)		(.50	)		.30
Net gain (loss) on investments (realized and unrealized)		.67	e		(11.96	)		14.84	e		100.67	e		(61.37	)		(9.20	)
Total from investment operations		.65			(11.71	)		14.50			100.53			(61.87	)		(8.90	)
Net asset value, end of period	$	171.42		$	170.77		$	182.48		$	167.98		$	67.45		$	129.32
Total Returnc		0.38	%		(6.42	%)		8.63	%		149.04	%		(47.83	%)		(6.44	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,126		$	1,212		$	4,732		$	3,242		$	936		$	1,329
Ratios to average net assets:
Net investment income (loss)		(0.03	%)		0.15	%		(0.19	%)		(0.31	%)		(0.42	%)		0.21	%
Total expenses		1.56	%		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%
Net expenses		1.54	%f		1.55	%		1.51	%		1.59	%		1.63	%		1.62	%
Portfolio turnover rate		319	%		1,520	%		892	%		1,503	%		1,104	%		534	%

C-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d
Per Share Data
Net asset value, beginning of period	$	141.95		$	152.84		$	141.75		$	57.31		$	110.69		$	119.22
Income (loss) from investment operations:
Net investment income (loss)b		(.55	)		(0.85	)		(1.65	)		(.40	)		(1.25	)		(.65	)
Net gain (loss) on investments (realized and unrealized)		.47	e		(10.04	)		12.74	e		84.84	e		(52.13	)		(7.88	)
Total from investment operations		(.08	)		(10.89	)		11.09			84.44			(53.38	)		(8.53	)
Net asset value, end of period	$	141.87		$	141.95		$	152.84		$	141.75		$	57.31		$	110.69
Total Returnc		(0.06	%)		(7.13	%)		7.82	%		147.34	%		(48.24	%)		(7.13	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	77		$	80		$	140		$	1,472		$	571		$	1,055
Ratios to average net assets:
Net investment income (loss)		(0.76	%)		(0.60	%)		(1.11	%)		(1.07	%)		(1.20	%)		(0.53	%)
Total expenses		2.31	%		2.29	%		2.26	%		2.34	%		2.38	%		2.36	%
Net expenses		2.29	%f		2.29	%		2.26	%		2.34	%		2.38	%		2.36	%
Portfolio turnover rate		319	%		1,520	%		892	%		1,503	%		1,104	%		534	%

52 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d
Per Share Data
Net asset value, beginning of period	$	170.34		$	182.04		$	167.56		$	67.25		$	129.01		$	137.86
Income (loss) from investment operations:
Net investment income (loss)b		.03			.49			(.53	)		(.13	)		(.55	)		.10
Net gain (loss) on investments (realized and unrealized)		.61	e		(12.19	)		15.01	e		100.44	e		(61.21	)		(8.95	)
Total from investment operations		.64			(11.70	)		14.48			100.31			(61.76	)		(8.85	)
Net asset value, end of period	$	170.98		$	170.34		$	182.04		$	167.56		$	67.25		$	129.01
Total Return		0.38	%		(6.43	%)		8.64	%		149.16	%		(47.87	%)		(6.42	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,014		$	7,449		$	18,001		$	35,499		$	1,507		$	9,062
Ratios to average net assets:
Net investment income (loss)		0.03	%		0.29	%		(0.29	%)		(0.18	%)		(0.44	%)		0.06	%
Total expenses		1.55	%		1.55	%		1.51	%		1.55	%		1.64	%		1.62	%
Net expenses		1.53	%f		1.55	%		1.51	%		1.55	%		1.64	%		1.62	%
Portfolio turnover rate		319	%		1,520	%		892	%		1,503	%		1,104	%		534	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Reverse share split — Per share amounts for the years presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
f	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	March 31, 2004
C-Class	May 10, 2001
H-Class	May 8, 2000

Ten Largest Holdings	% of Total Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	4.8%
Guggenheim Strategy Fund II	4.6%
Nestle S.A. ADR	2.6%
Novo Nordisk A/S ADR	2.5%
ASML Holding N.V. — Class G	2.0%
Shell plc ADR	1.9%
Novartis AG ADR	1.8%
AstraZeneca plc ADR	1.8%
LVMH Moet Hennessy Louis Vuitton SE ADR	1.7%
Roche Holding AG ADR	1.7%
Top Ten Total	25.4%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Country Diversification
Country	% of Long-Term Investments
France	24.4%
United Kingdom	19.5%
Switzerland	19.4%
Germany	12.9%
Netherlands	10.0%
Denmark	5.8%
Spain	2.5%
Other	5.5%
Total Long-Term Investments	100.0%

54 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(4.41%)	36.03%	4.62%	2.32%
A-Class Shares with sales charge‡	(8.95%)	29.57%	3.61%	1.82%
C-Class Shares	(4.79%)	35.00%	3.72%	1.51%
C-Class Shares with CDSC§	(5.79%)	34.00%	3.72%	1.51%
H-Class Shares	(4.44%)	36.00%	4.46%	2.25%
STOXX Europe 50 Index	(1.47%)	30.58%	6.01%	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 STOXX Europe 50 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 55

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
EUROPE 1.25x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 43.2%
Consumer, Non-cyclical - 17.6%
Nestle S.A. ADR		332	$	37,572
Novo Nordisk A/S ADR		398		36,194
Novartis AG ADR1		256		26,076
AstraZeneca plc ADR		382		25,869
Roche Holding AG ADR		700		23,751
Unilever plc ADR		313		15,462
Sanofi ADR		285		15,287
L’Oreal S.A. ADR		151		12,512
Diageo plc ADR		69		10,294
GSK plc ADR		254		9,208
RELX plc ADR		241		8,122
British American Tobacco plc ADR		253		7,947
EssilorLuxottica S.A. ADR		76		6,614
Reckitt Benckiser Group plc ADR		459		6,421
Anheuser-Busch InBev S.A. ADR1		111		6,138
Bayer AG ADR		488		5,856
Total Consumer, Non-cyclical				253,323
Financial - 6.0%
HSBC Holdings plc ADR1		490		19,335
Allianz SE ADR		502		11,937
UBS Group AG*		402		9,909
BNP Paribas S.A. ADR		291		9,239
Zurich Insurance Group AG ADR		182		8,332
Banco Santander S.A. ADR		2,035		7,652
AXA S.A. ADR		236		7,019
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR1		170		6,615
ING Groep N.V. ADR		450		5,931
Total Financial				85,969
Industrial - 4.3%
Siemens AG ADR		186		13,290
Schneider Electric SE ADR		357		11,777
Airbus SE ADR		293		9,804
Vinci S.A. ADR		298		8,246
Safran S.A. ADR		189		7,397
ABB Ltd. ADR		201		7,154
Deutsche Post AG ADR		123		4,991
Total Industrial				62,659
Energy - 4.2%
Shell plc ADR		415		26,718
TotalEnergies SE ADR		311		20,451
BP plc ADR		357		13,823
Total Energy				60,992
Consumer, Cyclical - 3.3%
LVMH Moet Hennessy Louis Vuitton SE ADR		161		24,329
Hermes International SCA ADR1		44		8,028
Cie Financiere Richemont S.A. ADR		650		7,871
Mercedes-Benz Group AG ADR1		399		6,919
Total Consumer, Cyclical				47,147
Technology - 3.2%
ASML Holding N.V. — Class G		50		29,433
SAP SE ADR		127		16,424
Total Technology				45,857
Basic Materials - 2.2%
Air Liquide S.A. ADR		327		11,010
Rio Tinto plc ADR		131		8,337
Glencore plc ADR*		629		7,171
BASF SE ADR		447		5,042
Total Basic Materials				31,560
Utilities - 1.4%
Iberdrola S.A. ADR		180		8,053
Enel SpA ADR1		973		5,926
National Grid plc ADR		91		5,517
Total Utilities				19,496
Communications - 1.0%
Deutsche Telekom AG ADR		431		9,034
Prosus N.V. ADR*		963		5,626
Total Communications				14,660
Total Common Stocks
(Cost $508,568)				621,663
MUTUAL FUNDS† - 9.4%
Guggenheim Ultra Short Duration Fund — Institutional Class2		7,027		68,514
Guggenheim Strategy Fund II2		2,760		66,996
Total Mutual Funds
(Cost $138,225)				135,510
	Face Amount
U.S. TREASURY BILLS†† - 11.1%
U.S. Treasury Bills
4.66% due 10/05/233,4	$	160,000		159,930
Total U.S. Treasury Bills
(Cost $159,906)				159,930
REPURCHASE AGREEMENTS††,5 - 35.0%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23		284,194		284,194
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		110,396		110,396
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		109,306		109,306
Total Repurchase Agreements
(Cost $503,896)				503,896

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
EUROPE 1.25x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,6 - 3.8%
Money Market Fund
First American Government Obligations Fund — Class X, 5.26%7		54,298	$	54,298
Total Securities Lending Collateral
(Cost $54,298)				54,298
Total Investments - 102.5%
(Cost $1,364,893)			$	1,475,297
Other Assets & Liabilities, net - (2.5)%				(36,168	)
Total Net Assets - 100.0%			$	1,439,129

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Purchased†
Euro FX Futures Contracts		9		Dec 2023	$	1,193,344	$	(11,075	)
Equity Futures Contracts Purchased†
STOXX 50 Index Futures Contracts		28		Dec 2023		1,164,471		(12,988	)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2023 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at September 30, 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 September 30, 2023.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 57

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
EUROPE 1.25x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	621,663	$	—	$	—	$	621,663
Mutual Funds		135,510		—		—		135,510
U.S. Treasury Bills		—		159,930		—		159,930
Repurchase Agreements		—		503,896		—		503,896
Securities Lending Collateral		54,298		—		—		54,298
Total Assets	$	811,471	$	663,826	$	—	$	1,475,297

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	12,988	$	—	$	—	$	12,988
Currency Futures Contracts**		11,075		—		—		11,075
Total Liabilities	$	24,063	$	—	$	—	$	24,063

** 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	66,830	$	—	$	—	$	—	$	166	$	66,996		2,760	$	1,846
Guggenheim Ultra Short Duration Fund — Institutional Class		68,233		—		—		—		281		68,514		7,027		1,806
	$	135,063	$	—	$	—	$	—	$	447	$	135,510			$	3,652

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

EUROPE 1.25x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value - including $53,065 of securities loaned (cost $722,772)	$	835,891
Investments in affiliated issuers, at value (cost $138,225)		135,510
Repurchase agreements, at value (cost $503,896)		503,896
Cash		83
Receivables:
Foreign tax reclaims		17,866
Fund shares sold		5,386
Dividends		3,132
Securities lending income		150
Interest		148
Total assets		1,502,062
Liabilities:
Payable for:
Return of securities lending collateral		54,298
Fund shares redeemed		2,117
Management fees		1,323
Transfer agent fees		744
Distribution and service fees		500
Variation margin on futures contracts		201
Portfolio accounting and administration fees		78
Trustees’ fees*		45
Miscellaneous		3,627
Total liabilities		62,933
Net assets	$	1,439,129
Net assets consist of:
Paid in capital	$	2,581,366
Total distributable earnings (loss)		(1,142,237	)
Net assets	$	1,439,129
A-Class:
Net assets	$	92,849
Capital shares outstanding		910
Net asset value per share	$	102.03
Maximum offering price per share (Net asset value divided by 95.25%)	$	107.12
C-Class:
Net assets	$	334
Capital shares outstanding		4
Net asset value per share	$	82.08
H-Class:
Net assets	$	1,345,946
Capital shares outstanding		13,396
Net asset value per share	$	100.47

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $8,020)	$	87,387
Dividends from securities of affiliated issuers		3,652
Interest		98,980
Income from securities lending, net		2,802
Total investment income		192,821
Expenses:
Management fees		33,199
Distribution and service fees:
A-Class		1,934
C-Class		921
H-Class		7,058
Transfer agent fees		7,970
Portfolio accounting and administration fees		5,623
Professional fees		1,658
Trustees’ fees*		517
Custodian fees		504
Miscellaneous		5,643
Total expenses		65,027
Less:
Expenses reimbursed by Adviser		(2,064	)
Expenses waived by Adviser		(84	)
Total waived expenses		(2,148	)
Net expenses		62,879
Net investment income		129,942
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(140,418	)
Futures contracts		29,280
Foreign currency transactions		251
Net realized loss		(110,887	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(23,029	)
Investments in affiliated issuers		447
Futures contracts		(134,538	)
Foreign currency translations		114
Net change in unrealized appreciation (depreciation)		(157,006	)
Net realized and unrealized loss		(267,893	)
Net decrease in net assets resulting from operations	$	(137,951	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 59

EUROPE 1.25x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	129,942		$	30,827
Net realized loss on investments		(110,887	)		(10,782	)
Net change in unrealized appreciation (depreciation) on investments		(157,006	)		(82,833	)
Net decrease in net assets resulting from operations		(137,951	)		(62,788	)
Capital share transactions:
Proceeds from sale of shares
A-Class		54,465,139			18,528,974
C-Class		342,849			208,645
H-Class		10,184,195			41,975,592
Cost of shares redeemed
A-Class		(54,836,180	)		(18,854,295	)
C-Class		(499,866	)		(543,957	)
H-Class		(22,110,632	)		(32,367,804	)
Net increase (decrease) from capital share transactions		(12,454,495	)		8,947,155
Net increase (decrease) in net assets		(12,592,446	)		8,884,367
Net assets:
Beginning of period		14,031,575			5,147,208
End of period	$	1,439,129		$	14,031,575
Capital share activity:
Shares sold
A-Class		500,787			195,330
C-Class		3,890			2,694
H-Class		94,196			439,379
Shares redeemed
A-Class		(503,514	)		(196,454	)
C-Class		(5,795	)		(6,623	)
H-Class		(209,004	)		(352,952	)
Net increase (decrease) in shares		(119,440	)		81,374

60 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	106.74		$	101.20		$	94.56		$	69.30		$	85.18		$	94.56
Income (loss) from investment operations:
Net investment income (loss)b		1.34			1.76			(.96	)		(.93	)		.63			1.70
Net gain (loss) on investments (realized and unrealized)		(6.05	)		3.78	f		7.60	f		30.74			(16.07	)f		(4.78	)
Total from investment operations		(4.71	)		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	$	102.03		$	106.74		$	101.20		$	94.56		$	69.30		$	85.18
Total Returnc		(4.41	%)		5.48	%		7.02	%		43.39	%		(18.25	%)		(2.32	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	93		$	388		$	482		$	130		$	217		$	184
Ratios to average net assets:
Net investment income (loss)		2.49	%		1.84	%		(0.93	%)		(1.10	%)		0.72	%		1.89	%
Total expensesd		1.71	%		1.79	%		1.72	%		1.75	%		1.77	%		1.76	%
Net expensese		1.65	%		1.74	%		1.70	%		1.73	%		1.73	%		1.76	%
Portfolio turnover rate		884	%		231	%		517	%		534	%		1,787	%		1,411	%

C-Class	Six Months Ended September 30, 2023a			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	$	86.21		$	82.72		$	77.88		$	58.24		$	72.13		$	81.77
Income (loss) from investment operations:
Net investment income (loss)b		.71			.94			(1.18	)		(.96	)		(.18	)		.96
Net gain (loss) on investments (realized and unrealized)		(4.84	)		2.55	f		6.02	f		25.15			(13.27	)f		(4.30	)
Total from investment operations		(4.13	)		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	$	82.08		$	86.21		$	82.72		$	77.88		$	58.24		$	72.13
Total Returnc		(4.79	%)		4.22	%		6.21	%		41.93	%		(18.79	%)		(3.04	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	—	g	$	165		$	483		$	142		$	296		$	24
Ratios to average net assets:
Net investment income (loss)		1.62	%		1.17	%		(1.41	%)		(1.50	%)		(0.25	%)		1.22	%
Total expensesd		2.46	%		2.53	%		2.48	%		2.58	%		2.49	%		2.50	%
Net expensese		2.38	%		2.48	%		2.46	%		2.55	%		2.45	%		2.50	%
Portfolio turnover rate		884	%		231	%		517	%		534	%		1,787	%		1,411	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 61

EUROPE 1.25x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	105.14		$	100.11		$	93.56		$	68.79		$	84.58		$	93.89
Income (loss) from investment operations:
Net investment income (loss)b		2.10			1.01			(.93	)		(.74	)		.58			1.26
Net gain (loss) on investments (realized and unrealized)		(6.77	)		4.02	f		7.48	f		30.06			(15.93	)f		(4.27	)
Total from investment operations		(4.67	)		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	$	100.47		$	105.14		$	100.11		$	93.56		$	68.79		$	84.58
Total Return		(4.44	%)		5.01	%		7.00	%		42.96	%		(18.28	%)		(2.28	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,346		$	13,479		$	4,182		$	1,410		$	1,344		$	37,240
Ratios to average net assets:
Net investment income (loss)		3.87	%		1.08	%		(0.90	%)		(0.88	%)		0.66	%		1.42	%
Total expensesd		1.75	%		1.77	%		1.71	%		1.77	%		1.80	%		1.76	%
Net expensese		1.70	%		1.73	%		1.69	%		1.74	%		1.76	%		1.76	%
Portfolio turnover rate		884	%		231	%		517	%		534	%		1,787	%		1,411	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the year does not agree with the aggregate net gain (loss) on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
g	Less than $1,000 in Net Assets.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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	February 22, 2008
C-Class	February 22, 2008
H-Class	February 22, 2008

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(3.77%)	30.54%	(5.09%)	3.49%
A-Class Shares with sales charge‡	(8.34%)	24.34%	(6.01%)	2.99%
C-Class Shares	(4.12%)	29.57%	(5.81%)	2.76%
C-Class Shares with CDSC§	(5.12%)	28.57%	(5.81%)	2.76%
H-Class Shares	(3.74%)	30.54%	(5.10%)	3.53%
Nikkei-225 Stock Average Index	0.96%	18.97%	0.07%	3.78%

*	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 Nikkei-225 Stock Average Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

64 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
JAPAN 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 31.4%
U.S. Treasury Bills
4.66% due 10/05/231,2	$	450,000	$	449,803
Total U.S. Treasury Bills
(Cost $449,736)				449,803
REPURCHASE AGREEMENTS††,3 - 77.4%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23		624,854		624,854
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		242,725		242,725
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		240,328		240,328
Total Repurchase Agreements
(Cost $1,107,907)				1,107,907
Total Investments - 108.8%
(Cost $1,557,643)			$	1,557,710
Other Assets & Liabilities, net - (8.8)%				(126,016	)
Total Net Assets - 100.0%			$	1,431,694

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Purchased†
Japanese Yen Futures Contracts		34		Dec 2023	$	2,879,588	$	(49,600	)
Equity Futures Contracts Purchased†
Nikkei 225 (CME) Index Futures Contracts		18		Dec 2023		2,866,500		(86,560	)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as futures collateral at September 30, 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 SEMI-ANNUAL REPORT | 65

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
JAPAN 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	—	$	449,803	$	—	$	449,803
Repurchase Agreements		—		1,107,907		—		1,107,907
Total Assets	$	—	$	1,557,710	$	—	$	1,557,710

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	86,560	$	—	$	—	$	86,560
Currency Futures Contracts**		49,600		—		—		49,600
Total Liabilities	$	136,160	$	—	$	—	$	136,160

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

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

JAPAN 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $449,736)	$	449,803
Repurchase agreements, at value (cost $1,107,907)		1,107,907
Segregated cash with broker		22,640
Receivables:
Fund shares sold		9,359
Interest		325
Total assets		1,590,034
Liabilities:
Payable for:
Fund shares redeemed		133,276
Variation margin on futures contracts		22,352
Management fees		949
Transfer agent fees		466
Distribution and service fees		326
Portfolio accounting and administration fees		129
Trustees’ fees*		26
Miscellaneous		816
Total liabilities		158,340
Net assets	$	1,431,694
Net assets consist of:
Paid in capital	$	3,440,923
Total distributable earnings (loss)		(2,009,229	)
Net assets	$	1,431,694
A-Class:
Net assets	$	182,992
Capital shares outstanding		1,622
Net asset value per share	$	112.85
Maximum offering price per share (Net asset value divided by 95.25%)	$	118.45
C-Class:
Net assets	$	26,680
Capital shares outstanding		265
Net asset value per share	$	100.60
H-Class:
Net assets	$	1,222,022
Capital shares outstanding		10,747
Net asset value per share	$	113.71

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Interest	$	93,377
Total investment income		93,377
Expenses:
Management fees		13,925
Distribution and service fees:
A-Class		257
C-Class		54
H-Class		4,371
Transfer agent fees		4,008
Portfolio accounting and administration fees		2,830
Registration fees		1,518
Professional fees		720
Trustees’ fees*		283
Custodian fees		254
Miscellaneous		855
Total expenses		29,075
Less:
Expenses reimbursed by Adviser		(130	)
Net expenses		28,945
Net investment income		64,432
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		52
Futures contracts		729,479
Net realized gain		729,531
Net change in unrealized appreciation (depreciation) on:
Investments		89
Futures contracts		(539,336	)
Net change in unrealized appreciation (depreciation)		(539,247	)
Net realized and unrealized gain		190,284
Net increase in net assets resulting from operations	$	254,716

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 67

JAPAN 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	64,432		$	18,134
Net realized gain (loss) on investments		729,531			(260,068	)
Net change in unrealized appreciation (depreciation) on investments		(539,247	)		249,823
Net increase in net assets resulting from operations		254,716			7,889
Capital share transactions:
Proceeds from sale of shares
A-Class		32,034			130,762
C-Class		33,484			2,736
H-Class		4,416,400			15,623,889
Cost of shares redeemed
A-Class		(55,710	)		(101,183	)
C-Class		(8,197	)		(2,386	)
H-Class		(10,798,588	)		(9,364,977	)
Net increase (decrease) from capital share transactions		(6,380,577	)		6,288,841
Net increase (decrease) in net assets		(6,125,861	)		6,296,730
Net assets:
Beginning of period		7,557,555			1,260,825
End of period	$	1,431,694		$	7,557,555
Capital share activity:
Shares sold
A-Class		260			1,220
C-Class		300			26
H-Class		34,346			139,552
Shares redeemed
A-Class		(401	)		(907	)
C-Class		(73	)		(23	)
H-Class		(85,790	)		(84,648	)
Net increase (decrease) in shares		(51,358	)		55,220

68 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	117.27		$	142.84		$	201.08		$	94.96		$	119.96		$	136.57
Income (loss) from investment operations:
Net investment income (loss)b		2.38			1.39			(2.21	)		(1.95	)		.91			1.22
Net gain (loss) on investments (realized and unrealized)		(6.80	)		(26.96	)		(56.03	)		109.13			(24.67	)		(17.32	)
Total from investment operations		(4.42	)		(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	$	112.85		$	117.27		$	142.84		$	201.08		$	94.96		$	119.96
Total Returnc		(3.77	%)		(17.90	%)		(28.96	%)		112.92	%		(20.15	%)		(11.79	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	183		$	207		$	207		$	255		$	141		$	211
Ratios to average net assets:
Net investment income (loss)		3.78	%		1.27	%		(1.22	%)		(1.26	%)		0.70	%		0.93	%
Total expensesd		1.55	%		1.50	%		1.51	%		1.58	%		1.63	%		1.58	%
Net expensese		1.54	%		1.49	%		1.49	%		1.56	%		1.57	%		1.56	%
Portfolio turnover rate		—			—			—			15	%		—			—

C-Class	Six Months Ended September 30, 2023a			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	$	104.92		$	128.84		$	182.53		$	87.00		$	110.80		$	127.14
Income (loss) from investment operations:
Net investment income (loss)b		1.73			.39			(3.48	)		(2.98	)		(.06	)		.19
Net gain (loss) on investments (realized and unrealized)		(6.05	)		(24.31	)		(50.21	)		99.57			(22.50	)		(16.02	)
Total from investment operations		(4.32	)		(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	$	100.60		$	104.92		$	128.84		$	182.53		$	87.00		$	110.80
Total Returnc		(4.12	%)		(18.57	%)		(29.41	%)		111.34	%		(20.75	%)		(12.43	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	27		$	4		$	5		$	53		$	21		$	30
Ratios to average net assets:
Net investment income (loss)		3.02	%		0.40	%		(2.00	%)		(2.02	%)		(0.05	%)		0.16	%
Total expensesd		2.30	%		2.30	%		2.25	%		2.32	%		2.38	%		2.33	%
Net expensese		2.28	%		2.30	%		2.24	%		2.30	%		2.32	%		2.31	%
Portfolio turnover rate		—			—			—			15	%		—			—

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 69

JAPAN 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	118.13		$	143.98		$	202.65		$	95.70		$	120.89		$	137.58
Income (loss) from investment operations:
Net investment income (loss)b		2.13			1.64			(2.25	)		(2.07	)		.90			1.09
Net gain (loss) on investments (realized and unrealized)		(6.55	)		(27.49	)		(56.42	)		110.08			(24.85	)		(17.27	)
Total from investment operations		(4.42	)		(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	$	113.71		$	118.13		$	143.98		$	202.65		$	95.70		$	120.89
Total Return		(3.74	%)		(17.95	%)		(28.95	%)		112.94	%		(20.17	%)		(11.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,222		$	7,347		$	1,049		$	1,560		$	817		$	1,898
Ratios to average net assets:
Net investment income (loss)		3.45	%		1.48	%		(1.22	%)		(1.27	%)		0.69	%		0.83	%
Total expensesd		1.56	%		1.54	%		1.51	%		1.58	%		1.63	%		1.58	%
Net expensese		1.56	%		1.53	%		1.49	%		1.56	%		1.58	%		1.57	%
Portfolio turnover rate		—			—			—			15	%		—			—

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

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

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 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 71

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	10.51%	(6.01%)	5.77%	5.65%
A-Class Shares with sales charge‡	5.26%	(10.47%)	4.74%	5.14%
C-Class Shares	10.14%	(6.65%)	4.99%	4.87%
C-Class Shares with CDSC§	9.14%	(7.59%)	4.99%	4.87%
H-Class Shares	10.49%	(5.98%)	5.78%	5.66%
U.S. Dollar Index	3.57%	(5.31%)	2.22%	2.84%

*	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 U.S. Dollar Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

72 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
STRENGTHENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 3.3%
U.S. Treasury Bills
4.66% due 10/05/231,2	$	120,000	$	119,947
Total U.S. Treasury Bills
(Cost $119,930)				119,947
REPURCHASE AGREEMENTS††,3 - 96.1%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/234		1,971,338		1,971,338
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/234		765,769		765,769
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/234		758,207		758,207
Total Repurchase Agreements
(Cost $3,495,314)				3,495,314
Total Investments - 99.4%
(Cost $3,615,244)			$	3,615,261
Other Assets & Liabilities, net - 0.6%				20,847
Total Net Assets - 100.0%			$	3,636,108

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Currency Futures Contracts Purchased†
U.S. Dollar Index Futures Contracts		55		Dec 2023	$	5,823,400	$	84,434

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Currency Index Swap Agreements††

Goldman Sachs International

U.S. Dollar Index

Receive

N/A

At Maturity

12/22/23

13,860

$

1,467,387

$

11,834

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as futures collateral at September 30, 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 September 30, 2023.
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 73

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
STRENGTHENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	—	$	119,947	$	—	$	119,947
Repurchase Agreements		—		3,495,314		—		3,495,314
Currency Futures Contracts**		84,434		—		—		84,434
Currency Index Swap Agreements**		—		11,834		—		11,834
Total Assets	$	84,434	$	3,627,095	$	—	$	3,711,529

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

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

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $119,930)	$	119,947
Repurchase agreements, at value (cost $3,495,314)		3,495,314
Segregated cash with broker		1,704
Unrealized appreciation on OTC swap agreements		11,834
Receivables:
Fund shares sold		18,776
Swap settlement		3,007
Interest		1,029
Total assets		3,651,611
Liabilities:
Payable for:
Fund shares redeemed		5,435
Variation margin on futures contracts		2,915
Management fees		2,593
Transfer agent fees		976
Licensing fees		859
Distribution and service fees		724
Portfolio accounting and administration fees		151
Trustees’ fees*		56
Miscellaneous		1,794
Total liabilities		15,503
Net assets	$	3,636,108
Net assets consist of:
Paid in capital	$	23,609,008
Total distributable earnings (loss)		(19,972,900	)
Net assets	$	3,636,108
A-Class:
Net assets	$	465,024
Capital shares outstanding		7,248
Net asset value per share	$	64.16
Maximum offering price per share (Net asset value divided by 95.25%)	$	67.36
C-Class:
Net assets	$	3,311
Capital shares outstanding		60
Net asset value per share	$	55.41
H-Class:
Net assets	$	3,167,773
Capital shares outstanding		49,548
Net asset value per share	$	63.93

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Interest	$	150,433
Total investment income		150,433
Expenses:
Management fees		25,994
Distribution and service fees:
A-Class		706
C-Class		127
H-Class		6,483
Transfer agent fees		6,125
Portfolio accounting and administration fees		4,402
Licensing fees		3,302
Registration fees		2,752
Professional fees		1,134
Trustees’ fees*		677
Custodian fees		404
Miscellaneous		554
Total expenses		52,660
Less:
Expenses reimbursed by Adviser		(1,741	)
Net expenses		50,919
Net investment income		99,514
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(125,141	)
Futures contracts		(221,194	)
Net realized loss		(346,335	)
Net change in unrealized appreciation (depreciation) on:
Investments		22
Swap agreements		120,220
Futures contracts		356,854
Net change in unrealized appreciation (depreciation)		477,096
Net realized and unrealized gain		130,761
Net increase in net assets resulting from operations	$	230,275

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 75

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	99,514		$	98,138
Net realized loss on investments		(346,335	)		(1,142,027	)
Net change in unrealized appreciation (depreciation) on investments		477,096			(268,516	)
Net increase (decrease) in net assets resulting from operations		230,275			(1,312,405	)
Capital share transactions:
Proceeds from sale of shares
A-Class		433,127			2,713,416
C-Class		40,292			147,526
H-Class		13,833,247			88,021,425
Cost of shares redeemed
A-Class		(644,678	)		(3,204,200	)
C-Class		(74,608	)		(146,172	)
H-Class		(17,439,375	)		(84,208,343	)
Net increase (decrease) from capital share transactions		(3,851,995	)		3,323,652
Net increase (decrease) in net assets		(3,621,720	)		2,011,247
Net assets:
Beginning of period		7,257,828			5,246,581
End of period	$	3,636,108		$	7,257,828
Capital share activity:
Shares sold
A-Class		7,274			45,340
C-Class		779			2,822
H-Class		234,946			1,387,213
Shares redeemed
A-Class		(10,768	)		(54,039	)
C-Class		(1,481	)		(2,790	)
H-Class		(299,389	)		(1,353,118	)
Net increase (decrease) in shares		(68,639	)		25,428

76 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	58.06		$	52.63		$	48.47		$	55.34		$	52.46		$	43.45
Income (loss) from investment operations:
Net investment income (loss)b		1.04			.38			(.64	)		(.64	)		.16			.19
Net gain (loss) on investments (realized and unrealized)		5.06			5.05	f		4.80			(5.95	)		3.17			8.82
Total from investment operations		6.10			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	$	64.16		$	58.06		$	52.63		$	48.47		$	55.34		$	52.46
Total Returnc		10.51	%		10.32	%		8.58	%		(11.88	%)		6.38	%		20.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	465		$	624		$	1,023		$	1,464		$	2,535		$	1,782
Ratios to average net assets:
Net investment income (loss)		3.51	%		0.64	%		(1.32	%)		(1.26	%)		0.29	%		0.40	%
Total expensesd		1.82	%		1.82	%		1.89	%		1.91	%		2.00	%		1.83	%
Net expensese		1.75	%		1.79	%		1.86	%		1.87	%		1.96	%		1.82	%
Portfolio turnover rate		—			—			—			—			—			9	%

C-Class	Six Months Ended September 30, 2023a			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	$	50.31		$	45.94		$	42.62		$	49.08		$	46.91		$	39.14
Income (loss) from investment operations:
Net investment income (loss)b		.67			.23			(.87	)		(.90	)		(.16	)		(.15	)
Net gain (loss) on investments (realized and unrealized)		4.43			4.14	f		4.19			(5.28	)		2.78			7.92
Total from investment operations		5.10			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	$	55.41		$	50.31		$	45.94		$	42.62		$	49.08		$	46.91
Total Returnc		10.14	%		9.51	%		7.79	%		(12.56	%)		5.62	%		19.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3		$	38		$	34		$	35		$	96		$	791
Ratios to average net assets:
Net investment income (loss)		2.63	%		0.43	%		(2.07	%)		(2.00	%)		(0.33	%)		(0.33	%)
Total expensesd		2.57	%		2.56	%		2.66	%		2.67	%		2.77	%		2.59	%
Net expensese		2.51	%		2.52	%		2.62	%		2.63	%		2.72	%		2.58	%
Portfolio turnover rate		—			—			—			—			—			9	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 77

STRENGTHENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	57.86		$	52.44		$	48.29		$	55.12		$	52.25		$	43.27
Income (loss) from investment operations:
Net investment income (loss)b		1.01			.67			(.66	)		(.70	)		.12			.18
Net gain (loss) on investments (realized and unrealized)		5.06			4.75	f		4.81			(5.85	)		3.20			8.80
Total from investment operations		6.07			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	$	63.93		$	57.86		$	52.44		$	48.29		$	55.12		$	52.25
Total Return		10.49	%		10.34	%		8.59	%		(11.86	%)		6.39	%		20.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,168		$	6,596		$	4,190		$	2,437		$	10,549		$	5,017
Ratios to average net assets:
Net investment income (loss)		3.44	%		1.08	%		(1.36	%)		(1.36	%)		0.22	%		0.36	%
Total expensesd		1.82	%		1.81	%		1.89	%		1.94	%		2.00	%		1.83	%
Net expensese		1.76	%		1.77	%		1.85	%		1.90	%		1.96	%		1.82	%
Portfolio turnover rate		—			—			—			—			—			9	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

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

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 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 79

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(7.11%)	9.40%	(7.70%)	(8.20%)
A-Class Shares with sales charge‡	(11.52%)	4.22%	(8.59%)	(8.64%)
C-Class Shares	(7.45%)	8.58%	(8.39%)	(8.88%)
C-Class Shares with CDSC§	8.38%)	7.58%	(8.39%)	(8.88%)
H-Class Shares	(7.08%)	9.42%	(7.72%)	(8.20%)
U.S. Dollar Index	3.57%	(5.31%)	2.22%	2.84%

*	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 U.S. Dollar Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

80 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
WEAKENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 2.9%
U.S. Treasury Bills
4.66% due 10/05/231,2	$	30,000	$	29,987
Total U.S. Treasury Bills
(Cost $29,982)				29,987
REPURCHASE AGREEMENTS††,3 - 100.3%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/234		574,629		574,629
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/234		223,216		223,216
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/234		221,011		221,011
Total Repurchase Agreements
(Cost $1,018,856)				1,018,856
Total Investments - 103.2%
(Cost $1,048,838)			$	1,048,843
Other Assets & Liabilities, net - (3.2)%				(32,632	)
Total Net Assets - 100.0%			$	1,016,211

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Sold Short†
U.S. Dollar Index Futures Contracts		13		Dec 2023	$	1,376,440	$	(22,079	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Currency Index Swap Agreements Sold Short††

Goldman Sachs International

U.S. Dollar Index

Pay

N/A

At Maturity

12/22/23

6,565

$

695,045

$

(6,118

)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as futures collateral at September 30, 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 September 30, 2023.
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 81

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
WEAKENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	—	$	29,987	$	—	$	29,987
Repurchase Agreements		—		1,018,856		—		1,018,856
Total Assets	$	—	$	1,048,843	$	—	$	1,048,843

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	22,079	$	—	$	—	$	22,079
Currency Index Swap Agreements**		—		6,118		—		6,118
Total Liabilities	$	22,079	$	6,118	$	—	$	28,197

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

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

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $29,982)	$	29,987
Repurchase agreements, at value (cost $1,018,856)		1,018,856
Receivables:
Variation margin on futures contracts		689
Interest		300
Total assets		1,049,832
Liabilities:
Unrealized depreciation on OTC swap agreements		6,118
Payable for:
Fund shares redeemed		23,681
Swap settlement		1,238
Management fees		810
Transfer agent fees		321
Distribution and service fees		228
Portfolio accounting and administration fees		47
Trustees’ fees*		21
Miscellaneous		1,157
Total liabilities		33,621
Net assets	$	1,016,211
Net assets consist of:
Paid in capital	$	11,431,870
Total distributable earnings (loss)		(10,415,659	)
Net assets	$	1,016,211
A-Class:
Net assets	$	234,468
Capital shares outstanding		5,155
Net asset value per share	$	45.48
Maximum offering price per share (Net asset value divided by 95.25%)	$	47.75
C-Class:
Net assets	$	5,320
Capital shares outstanding		136
Net asset value per share	$	39.11
H-Class:
Net assets	$	776,423
Capital shares outstanding		17,099
Net asset value per share	$	45.41

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Interest	$	42,483
Total investment income		42,483
Expenses:
Management fees		7,290
Distribution and service fees:
A-Class		309
C-Class		65
H-Class		1,700
Transfer agent fees		1,649
Portfolio accounting and administration fees		1,235
Licensing fees		930
Professional fees		314
Trustees’ fees*		110
Custodian fees		108
Miscellaneous		999
Total expenses		14,709
Less:
Expenses reimbursed by Adviser		(554	)
Net expenses		14,155
Net investment income		28,328
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(86,895	)
Futures contracts		(127,754	)
Net realized loss		(214,649	)
Net change in unrealized appreciation (depreciation) on:
Investments		6
Swap agreements		(11,869	)
Futures contracts		(81,813	)
Net change in unrealized appreciation (depreciation)		(93,676	)
Net realized and unrealized loss		(308,325	)
Net decrease in net assets resulting from operations	$	(279,997	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 83

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	28,328		$	14,929
Net realized loss on investments		(214,649	)		(150,896	)
Net change in unrealized appreciation (depreciation) on investments		(93,676	)		50,682
Net decrease in net assets resulting from operations		(279,997	)		(85,285	)
Capital share transactions:
Proceeds from sale of shares
A-Class		58,167			3,879,273
C-Class		34,672			67,534
H-Class		8,731,146			11,565,500
Cost of shares redeemed
A-Class		(29,189	)		(3,833,949	)
C-Class		(31,755	)		(79,468	)
H-Class		(9,060,701	)		(11,130,689	)
Net increase (decrease) from capital share transactions		(297,660	)		468,201
Net increase (decrease) in net assets		(577,657	)		382,916
Net assets:
Beginning of period		1,593,868			1,210,952
End of period	$	1,016,211		$	1,593,868
Capital share activity:
Shares sold
A-Class		1,174			77,177
C-Class		782			1,745
H-Class		174,003			246,282
Shares redeemed
A-Class		(611	)		(76,041	)
C-Class		(781	)		(1,915	)
H-Class		(184,804	)		(236,525	)
Net increase (decrease) in shares		(10,237	)		10,723

84 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	48.96		$	55.46		$	63.71		$	57.85		$	63.74		$	77.67
Income (loss) from investment operations:
Net investment income (loss)b		.85			.52			(.74	)		(.84	)		.16			.23
Net gain (loss) on investments (realized and unrealized)		(4.33	)		(7.02	)		(7.51	)		6.82			(5.84	)		(14.16	)
Total from investment operations		(3.48	)		(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	$	45.48		$	48.96		$	55.46		$	63.71		$	57.85		$	63.74
Total Returnc		(7.11	%)		(11.72	%)		(12.95	%)		10.32	%		(8.94	%)		(17.93	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	234		$	225		$	192		$	387		$	237		$	296
Ratios to average net assets:
Net investment income (loss)		3.48	%		1.10	%		(1.18	%)		(1.30	%)		0.26	%		0.32	%
Total expensesd		1.82	%		1.74	%		1.90	%		1.90	%		2.01	%		1.80	%
Net expensese		1.76	%		1.69	%		1.84	%		1.86	%		2.00	%		1.80	%
Portfolio turnover rate		—			—			—			48	%		—			—

C-Class	Six Months Ended September 30, 2023a			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	$	42.26		$	48.23		$	55.80		$	51.07		$	56.74		$	69.66
Income (loss) from investment operations:
Net investment income (loss)b		.60			.32			(1.06	)		(1.17	)		(.29	)		(.27	)
Net gain (loss) on investments (realized and unrealized)		(3.75	)		(6.29	)		(6.51	)		6.02			(5.17	)		(12.65	)
Total from investment operations		(3.15	)		(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	$	39.11		$	42.26		$	48.23		$	55.80		$	51.07		$	56.74
Total Returnc		(7.45	%)		(12.38	%)		(13.57	%)		9.50	%		(9.65	%)		(18.55	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5		$	6		$	15		$	37		$	21		$	36
Ratios to average net assets:
Net investment income (loss)		2.86	%		0.81	%		(1.93	%)		(2.04	%)		(0.53	%)		(0.42	%)
Total expensesd		2.54	%		2.37	%		2.66	%		2.66	%		2.75	%		2.53	%
Net expensese		2.46	%		2.32	%		2.59	%		2.62	%		2.73	%		2.53	%
Portfolio turnover rate		—			—			—			48	%		—			—

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 85

WEAKENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	48.87		$	55.37		$	63.59		$	57.76		$	63.67		$	77.60
Income (loss) from investment operations:
Net investment income (loss)b		.86			.55			(.73	)		(.93	)		.07			.28
Net gain (loss) on investments (realized and unrealized)		(4.32	)		(7.05	)		(7.49	)		6.88			(5.77	)		(14.21	)
Total from investment operations		(3.46	)		(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	$	45.41		$	48.87		$	55.37		$	63.59		$	57.76		$	63.67
Total Return		(7.08	%)		(11.74	%)		(12.93	%)		10.29	%		(8.98	%)		(17.95	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	776		$	1,363		$	1,005		$	1,063		$	1,308		$	1,678
Ratios to average net assets:
Net investment income (loss)		3.51	%		1.18	%		(1.17	%)		(1.47	%)		0.12	%		0.41	%
Total expensesd		1.81	%		1.74	%		1.90	%		1.88	%		1.99	%		1.83	%
Net expensese		1.74	%		1.69	%		1.84	%		1.86	%		1.97	%		1.83	%
Portfolio turnover rate		—			—			—			48	%		—			—

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the ”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 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
Japan 2x Strategy Fund	Non-diversified
Strengthening Dollar 2x Strategy Fund	Non-diversified
Weakening Dollar 2x Strategy Fund	Non-diversified
Europe 1.25x Strategy Fund	Non-diversified

At September 30, 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”) serves as distributor of the Funds’ shares. GI and GFD are affiliated entities.

Significant Accounting Policies

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

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

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

(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. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and other assets.

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

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

Equity securities listed or traded on a recognized U.S. securities exchange or the 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 service providers, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be evaluated using an independent pricing service.

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

Futures contracts are valued on the basis of the last sale price 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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

(d) Swap Agreements

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

(e) Currency Translations

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

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

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

(f) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 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 share classes based upon the value of the outstanding shares in each share Class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 5.33% at September 30, 2023.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(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 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:

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 Funds’ Statements of Assets and Liabilities; securities held as collateral are noted on the Funds’ Schedules of Investments.

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

		Average Notional Amount
Fund	Use	Long		Short
Europe 1.25x Strategy Fund	Index exposure, Leverage, Liquidity	$	8,317,360	$	—
Japan 2x Strategy Fund	Index exposure, Leverage, Liquidity		10,414,402		—
Strengthening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		7,956,807		—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		2,191,307

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(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	$	2,677,350	$	—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		693,720

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of September 30, 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 September 30, 2023:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Total Value at September 30, 2023
Strengthening Dollar 2x Strategy Fund	$	—	$	84,434	$	11,834	$	96,268

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Total Value at September 30, 2023
Europe 1.25x Strategy Fund	$	12,988	$	11,075	$	—	$	24,063
Japan 2x Strategy Fund		86,560		49,600		—		136,160
Weakening Dollar 2x Strategy Fund		—		22,079		6,118		28,197

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended September 30, 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 Funds’ Statements of Operations categorized by primary risk exposure for the period ended September 30, 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	$	262,011	$	(232,731	)	$	—		$	29,280
Japan 2x Strategy Fund		2,028,734		(1,299,255	)		—			729,479
Strengthening Dollar 2x Strategy Fund		—		(221,194	)		(125,141	)		(346,335	)
Weakening Dollar 2x Strategy Fund		—		(127,754	)		(86,895	)		(214,649	)

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	$	(158,063	)	$	23,525		$	—		$	(134,538	)
Japan 2x Strategy Fund		(632,200	)		92,864			—			(539,336	)
Strengthening Dollar 2x Strategy Fund		—			356,854			120,220			477,074
Weakening Dollar 2x Strategy Fund		—			(81,813	)		(11,869	)		(93,682	)

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

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

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
Strengthening Dollar 2x Strategy Fund	Swap currency contracts	$	11,834	$	—		11,834	$	—	$	—	$	11,834

									Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund		Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Weakening Dollar 2x Strategy Fund	Swap currency contracts		$	6,118	$	—	$	6,118	$	(6,118	)	$	—	$	—

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of September 30, 2023.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Japan 2x Strategy Fund	Goldman Sachs International	Futures contracts	$	22,640	$	—
Strengthening Dollar 2x Strategy Fund	Goldman Sachs International	Futures contracts		1,704		—

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.

94 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 5 – Investment Advisory Agreement and Other Agreements

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

Fund	Management Fees (as a % of Net Assets)
S&P 500® Pure Growth Fund		0.75	%
S&P 500® Pure Value Fund		0.75	%
S&P MidCap 400® Pure Growth Fund		0.75	%
S&P MidCap 400® Pure Value Fund		0.75	%
S&P SmallCap 600® Pure Growth Fund		0.75	%
S&P SmallCap 600® Pure Value Fund		0.75	%
Europe 1.25x Strategy Fund		0.90	%
Japan 2x Strategy Fund		0.75	%
Strengthening Dollar 2x Strategy Fund		0.90	%
Weakening Dollar 2x Strategy Fund		0.90	%

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

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

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

The Board has adopted separate Distribution Plans 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 it performs.

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

For the period ended September 30, 2023, GFD retained sales charges of $35,499 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 period ended September 30, 2023, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Europe 1.25x Strategy Fund	$	84

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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. The current term of the agreement expires on 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 upon sixty days written notice.

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 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 went into effect 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 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 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.

96 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 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 Bills
5.30%					0.00%
Due 10/02/23	$	161,453,419	$	161,524,727	Due 10/10/23 - 09/05/24	$	97,237,600	$	96,132,508
					U.S. Treasury Notes
					0.38% - 3.25%
					Due 10/31/23 - 09/15/24		46,833,200		45,451,839
					U.S. Treasury Floating Rate Notes
					5.39% - 5.44%
					Due 10/31/23 - 01/31/24		22,892,900		23,098,149
							166,963,700		164,682,496
Barclays Capital, Inc.					U.S. Treasury Notes
5.29%					1.50% - 5.00%
Due 10/02/23		62,716,858		62,744,506	Due 08/31/25 - 01/31/27		69,304,600		63,971,272
BofA Securities, Inc.					U.S. Treasury Note
5.30%					3.88%
Due 10/02/23		62,097,469		62,124,895	Due 04/30/25		63,651,000		63,339,456

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

Note 7 – Portfolio Securities Loaned

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 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
S&P MidCap 400® Pure Value Fund	$	38,848	$	(38,848	)	$	—	$	39,204	$	—	$	39,204
S&P SmallCap 600® Pure Value Fund		66,989		(66,989	)		—		68,343		—		68,343
Europe 1.25x Strategy Fund		53,065		(53,065	)		—		54,298		—		54,298

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

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

Note 8 – Federal Income Tax Information

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

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

At September 30, 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	$	27,683,149	$	1,214,690	$	(1,012,576	)	$	202,114
S&P 500® Pure Value Fund		10,162,333		—		(891,231	)		(891,231	)
S&P MidCap 400® Pure Growth Fund		37,166,736		2,917,200		(210,950	)		2,706,250
S&P MidCap 400® Pure Value Fund		13,292,774		831,269		(372,419	)		458,850
S&P SmallCap 600® Pure Growth Fund		5,208,484		653,257		(302,537	)		350,720
S&P SmallCap 600® Pure Value Fund		4,685,089		848,682		(231,307	)		617,375
Europe 1.25x Strategy Fund		1,441,238		40,308		(30,312	)		9,996
Japan 2x Strategy Fund		1,557,643		66		(136,159	)		(136,093	)
Strengthening Dollar 2x Strategy Fund		3,615,244		96,285		—			96,285
Weakening Dollar 2x Strategy Fund		1,048,838		5		(28,197	)		(28,192	)

98 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 9 – Securities Transactions

For the period ended September 30, 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	$	55,387,813	$	61,190,240
S&P 500® Pure Value Fund		25,853,224		33,116,132
S&P MidCap 400® Pure Growth Fund		159,258,848		148,101,419
S&P MidCap 400® Pure Value Fund		44,838,598		42,543,200
S&P SmallCap 600® Pure Growth Fund		38,012,937		37,756,378
S&P SmallCap 600® Pure Value Fund		21,091,838		23,966,187
Europe 1.25x Strategy Fund		26,009,748		31,113,162
Japan 2x Strategy Fund		—		—
Strengthening Dollar 2x Strategy Fund		—		—
Weakening Dollar 2x Strategy Fund		—		—

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended September 30, 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	$	7,605,558	$	6,469,021	$	(114,133	)
S&P 500® Pure Value Fund		1,319,487		3,039,507		29,458
S&P MidCap 400® Pure Growth Fund		5,528,522		1,434,482		388,506
S&P MidCap 400® Pure Value Fund		820,147		567,648		(74,036	)
S&P SmallCap 600® Pure Growth Fund		282,737		167,516		59,081
S&P SmallCap 600® Pure Value Fund		903,946		233,303		11,739
Europe 1.25x Strategy Fund		746,473		1,026,762		17,202

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $200,000,000 line of credit from U.S. Bank, N.A. On June 5, 2023, the line of credit agreement was renewed and expires on June 3, 2024. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 6.28% for the period ended September 30, 2023. The Funds did not have any borrowings outstanding under this agreement at September 30, 2023.

The average daily balances borrowed for the period ended September 30, 2023, were as follows:

Fund	Average Daily Balance
S&P 500® Pure Growth Fund	$	126
S&P 500® Pure Value Fund		323
S&P MidCap 400® Pure Growth Fund		216
S&P MidCap 400® Pure Value Fund		1,334
S&P SmallCap 600® Pure Growth Fund		414
S&P SmallCap 600® Pure Value Fund		836
Europe 1.25x Strategy Fund		3

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

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

Note 12 – Subsequent Events

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

100 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

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

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

Tailored Shareholder Reports for Open-End Mutual Funds and Exchange-Traded Funds

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and exchange-traded funds registered on Form N-1A to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

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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OTHER INFORMATION (Unaudited)(continued)

Report of the Rydex Series Funds Board of Trustees

The Board of Trustees of Rydex Series Funds (the “Trust”), including the Independent Trustees, unanimously approved the renewal of the investment management agreement (the “Advisory Agreement”) with Security Investors, LLC (“Security Investors” or the “Adviser”) on behalf of the series of the Trust listed below (each a “Fund” and collectively, the “Funds”):

Tradable Funds (Including Sector Funds*)

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

Alternative Funds** (i.e., Non-Tradable Funds)

●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

*	Each a “Sector Fund” and collectively, the “Sector Funds.”
**	Each an “Alternative Fund” and collectively, the “Alternative Funds.” Each Fund other than the Alternative Funds is referred to herein as a “Tradable Fund” and collectively, the “Tradable Funds.”

102 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)(continued)

Security Investors¹ is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 17-18, 2023 (the “April Meeting”) and meetings held by videoconference on May 15, 2023 and in person on May 24, 2023 (the “May Meeting”), the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

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

¹ Security Investors also serves as investment adviser to each of Rydex Series Funds Commodities Strategy CFC, Rydex Managed Futures Strategy CFC and Rydex Series Funds Multi-Hedge Strategies CFC (each a “Subsidiary” and collectively, the “Subsidiaries”), wholly-owned subsidiaries of the Trust that are organized as limited companies under the laws of the Cayman Islands and used by Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, respectively, to obtain commodities exposure. Pursuant to a separate investment management agreement for each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), the Subsidiary pays Security Investors an advisory fee at the same rate that the respective Fund pays Security Investors under the Advisory Agreement. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Agreements. In addition, Security Investors has entered into a separate waiver agreement with respect to each applicable Fund pursuant to which Security Investors has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to Security Investors by the respective Subsidiary. This undertaking will continue with respect to each applicable Fund for so long as the Fund invests in the respective Subsidiary, and may be terminated only with the approval of the Board.

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In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the “Contract Review Materials”). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other Guggenheim funds and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm’s length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee’s recommendation, the Board approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2024 at a meeting held on May 23-24, 2023 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered Guggenheim’s discussion of its ongoing review of the Guggenheim fund line-up at the April Meeting and the May Board Meeting. In addition, the Committee considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

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

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features, as well as the personnel responsible for such services. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2022, 2021 and 2020. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2022, including monthly purchases and redemptions in dollar value and in number of transactions as well as transaction volume relative to the assets in the Tradable Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Tradable Funds, compared to those of investing in exchange-traded funds, including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee considered that, at the April Meeting, the Adviser’s Head of Quantitative Strategies with investment management responsibility for the Tradable Funds met with the Committee to discuss the Tradable Funds, including the value to shareholders of the tradability and other unique features, the personnel, operations and infrastructure required to provide those features, the reasons why tactical advisors invest in the Tradable Funds rather than other tradable products, such as exchange-traded funds, for their clients, and the level of trading activity in the Tradable Funds. With respect to the Sector Funds and the Real Estate Fund, the Committee also considered the Adviser’s proprietary

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methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector, and corporate actions such as spin-offs, among other adjustments.

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

With respect to Guggenheim’s resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

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

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2022, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2022, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2022, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain performance information for the Alternative Funds (i.e., the non-Tradable Funds) as of March 31, 2023. In assessing each Fund’s performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

With respect to the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary drivers of performance differences. In this connection, the Committee considered the tracking error of each Fund’s Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant

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underperformance (defined as greater than 100 basis points) of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2022, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund performed in line with the comparable peer fund over the five-year and three-year periods ended December 31, 2022, while, in contrast, its performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year time periods.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining the underperformance, as applicable, of such Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2022, relative to their respective peer groups, attributing such underperformance to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that the returns of the Multi-Hedge Strategies Fund’s Institutional Class shares ranked in the second quartile of its performance universe for each of the relevant periods considered. In addition, the Committee made the following observations:

Long Short Equity Fund: The returns of the Fund’s Institutional Class shares ranked in the 87th and 49th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2022, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the Fund’s fundamental factor tilts. The Committee noted management’s statement that the Fund’s long exposure to value detracted from investment performance from early 2018 through early 2020 as growth stocks outperformed during that period. The Committee also noted management’s statement that the Fund’s net short exposure to oil prices within the energy sector following the onset of the Russia-Ukraine war in early 2022 also contributed to relative underperformance.

Managed Futures Strategy Fund: The returns of the Fund’s Institutional Class shares ranked in the 82nd and 83rd percentiles of its performance universe for the five-year and three-year periods ended December 31, 2022, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year and three-year time periods was primarily due to the Fund targeting a lower level of risk relative to its performance universe. The Committee took into account management’s statements that the portfolio management team increased the Fund’s risk target in 2021 to be more in line with peers and the Fund experienced a performance ranking that compared more favorably relative to its performance universe for the one-year period ended December 31, 2022. The Committee also noted management’s further explanation of the Fund’s performance at the April Meeting.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and/or efforts to improve investment performance.

Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds: The Committee compared each Fund’s contractual advisory fee, net effective management fee² and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer

² The “net effective management fee” for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.

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agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations. The Committee also considered Guggenheim’s discussion of information regarding fee and expense trends across the open-end fund industry and its response to those trends with respect to the funds in the Guggenheim fund complex, including the Funds.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than variable insurance fund counterparts to certain Funds and certain other clients with respect to Long Short Equity Fund, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds’ advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund’s Class H shares, other than the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and the total net expense ratio for the Fund’s Class H shares were lower than and equal to those of the peer fund, respectively.

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

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

The Committee considered management’s agreement, as part of the 2023 annual contract review process, to reduce the total net expense ratio of each Tradable Fund (other than the U.S. Government Money Market Fund) by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement effective August 1, 2023 for an initial term ending August 1, 2024 for each Fund (other than Commodities Strategy Fund for which the initial term will end May 1, 2025), with such reduction to apply in addition to any other contractual waiver and/or reimbursement arrangements already in place. The Committee also noted the continuation through August 1, 2024 of management’s separate agreement, implemented as part of the 2022 annual contract review process, to reduce the total net expense ratio of each Tradable Fund with a contractual advisory fee of 0.90% of its average daily net assets³ by 0.05% of its average daily net assets and, with respect to NASDAQ-100 Fund, to reduce the total net expense ratio of the Fund by 0.05% of its average daily net assets in excess of $500 million, through expense reimbursement and/or waiver agreements.

³ Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund.

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With respect to the Alternative Funds (i.e., the non-Tradable Funds), except as to the individual Fund discussed below, the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of such Fund’s peer group. In addition, the Committee made the following observations:

Multi-Hedge Strategies Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the second quartile (27th percentile) of its peer group. Although the net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (87th percentile), the Committee considered that the total net expense ratio for the Fund’s Institutional Class shares ranks in the first quartile (13th percentile) of its peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2022, gross revenues received, and expenses incurred directly or through allocations, by Guggenheim Investments, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2021. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis. In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit and the representation by the Chief Financial Officer of Guggenheim Investments that such methods provided a reasonable basis for determining the profitability of the Adviser with respect to each Fund. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in 2022 in overall expenses was attributable to decreased product costs driven by lower average assets under management and lower non-recurring costs related to closed-end fund matters as well as a decrease in compensation and benefits. The Committee also considered that although expenses related to investment resources decreased in 2022, Guggenheim’s shared services expenses and certain other expenses increased in 2022.

With respect to the Tradable Funds, the Committee noted that, in addition to the expense reimbursement and/or waiver arrangement implemented in August 2022 for the NASDAQ-100 Fund on average daily net assets in excess of $500 million, the Adviser has agreed to a contractual advisory fee breakpoint schedule for the Funds that is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds, a separate trust, equal or exceed $10 billion.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for an Alternative Fund (i.e., a non-Tradable Fund), with consideration given to, among other things: (i) the Fund’s size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and

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expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profit level margins; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund’s investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee took into account Guggenheim’s representation that it seeks to share economies of scale through a number of means, including breakpoints, advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such expense waivers and limitations and considered that the newly agreed expense reimbursement and/or waiver arrangement would produce additional savings to shareholders. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund reflected a reasonable business arrangement negotiated at arm’s length.

Overall Conclusions

The Committee concluded that the investment advisory fees reflect reasonable business arrangements negotiated at arm’s length in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her informed business judgment, may afford different weights to different factors.

Following its review of the Committee’s analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement.

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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 (financial services firm) (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).

110 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
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 (registered investment adviser) (1996-present); Chief Executive Officer, ETF Flows, LLC (financial advisor education and research provider) (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (index provider) (2021-present); Vice Chairman, VettaFi (financial advisor content, research and digital distribution provider) (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present); The 2023 ETF Series Trust (4) (June 2023-present); The 2023 ETF Series Trust II (1) (August 2023-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 (law firm) (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (law firm) (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 SEMI-ANNUAL REPORT | 111

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	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. (construction and real estate development company) (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. (registered broker dealer) (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).

112 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INTERESTED TRUSTEE
Amy J. Lee**** (1961)	Trustee, Vice President and Chief Legal Officer	Since 2019	Current: Interested Trustee, certain other funds in the Fund Complex (2018-present); Chief Legal Officer, certain other funds in the Fund Complex (2014-present); Vice President, certain other funds in the Fund Complex (2007-present); Senior Managing Director, Guggenheim Investments (2012-present). Former: President and Chief Executive Officer, certain other funds in the Fund Complex (2017-2019); Vice President, Associate General Counsel and Assistant Secretary, Security Benefit Life Insurance Company and Security Benefit Corporation (2004-2012).	154	Former: Fiduciary/Claymore Energy Infrastructure Fund (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 Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Funds under the 1940 Act by reason of her position with the Funds’ Adviser and/or the parent of the Adviser.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 113

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 Fund 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, 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 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).

114 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 115

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.

118 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

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

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

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

During the period covered by this shareholder report, the Board received a written report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from March 31, 2022, to March 31, 2023. The Report summarized the Administrator’s assessment of the Program’s implementation and concluded that the Program operated effectively, the Program had been and continued to be reasonably designed to assess and manage each Fund’s liquidity risk, and the Program has been adequately and effectively implemented to monitor and respond to the Funds’ liquidity developments, as applicable.

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

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9.30.2023

Rydex Funds Semi-Annual Report

Domestic Equity Funds

Nova Fund

S&P 500^® Fund

Inverse S&P 500^® Strategy Fund

Monthly Rebalance NASDAQ-100^® 2x Strategy Fund

Inverse NASDAQ-100^® Strategy Fund

Mid-Cap 1.5x Strategy Fund

Inverse Mid-Cap Strategy Fund

Russell 2000^® 1.5x Strategy Fund

Russell 2000^® Fund

Inverse Russell 2000^® Strategy Fund

Dow Jones Industrial Average^® Fund

Fixed Income Funds

Government Long Bond 1.2x Strategy Fund

Inverse Government Long Bond Strategy Fund

High Yield Strategy Fund

Inverse High Yield Strategy Fund

Money Market Fund

U.S. Government Money Market Fund

GuggenheimInvestments.com RBENF-SEMI-0923x0324

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS	6
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
NOVA FUND	12
S&P 500® FUND	27
INVERSE S&P 500® STRATEGY FUND	39
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND	48
INVERSE NASDAQ-100® STRATEGY FUND	58
MID-CAP 1.5x STRATEGY FUND	68
INVERSE MID-CAP STRATEGY FUND	80
RUSSELL 2000® 1.5x STRATEGY FUND	88
RUSSELL 2000® FUND	115
INVERSE RUSSELL 2000® STRATEGY FUND	141
DOW JONES INDUSTRIAL AVERAGE® FUND	149
GOVERNMENT LONG BOND 1.2x STRATEGY FUND	158
INVERSE GOVERNMENT LONG BOND STRATEGY FUND	167
HIGH YIELD STRATEGY FUND	177
INVERSE HIGH YIELD STRATEGY FUND	186
U.S. GOVERNMENT MONEY MARKET FUND	194
NOTES TO FINANCIAL STATEMENTS	200
OTHER INFORMATION	217
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	225
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	231
LIQUIDITY RISK MANAGEMENT PROGRAM	234

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2023

Dear Shareholder:

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

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

Sincerely,

Security Investors, LLC

October 31, 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 fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. The Funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged and inverse Funds’ holdings consistent with their strategies, as frequently as daily. ● Please read the prospectus for more detailed information regarding these and other risks.

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 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 Funds’ 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 Funds’ use of derivatives, such as futures, options, and swap agreements, may expose the Funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Monthly leveraged funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a monthly basis. Because monthly leveraged Funds seek to track the performance of their benchmark on a monthly basis, mathematical compounding, especially with respect to those Funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the quarterly, annual or other period performance of its benchmark. Due to the compounding of monthly returns, leveraged Funds’ returns over periods other than one calendar month will likely differ in amount and possibly direction from the benchmark return for the same period. For those Funds that consistently apply leverage, the value of the Funds’ shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. Monthly leveraged funds rebalance their portfolios on a monthly basis on the last day of each calendar month, increasing exposure in response to that month’s gains or reducing exposure in response to that month’s losses. ● Throughout the month, the amount of leverage that a monthly leveraged fund provides is allowed to float. Purchasing monthly leveraged Funds on any day other than the last day of each calendar month will likely mean that the monthly leveraged Funds’ actual leverage is different from its monthly leverage target. Investors should monitor their monthly leveraged Funds’ holdings consistent with their strategies, as frequently as daily. ● For more on these and other risks, please read the monthly leveraged Funds’ prospectus.

The U.S. Government Money Market Fund may not be suitable for all investors. ● You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. ● For more on these and other risks, please read the prospectus.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2023

Faced with a series of strong economic data releases, the market increasingly appears to be coming to the conclusion that the economy is structurally better able to withstand higher interest rates than it really is. This dynamic can be seen by examining the move in Treasury yields, with the selloff almost entirely being due to real yields rather than inflation expectations, and with the move most pronounced at the long end of the yield curve. Digging further, however, a large portion of this shift is due to a rising term premium (the premium for unknown and unquantified risks in the future, beyond current assumptions on the path of inflation or policy rates), which is indicating greater uncertainty about the outlook.

Many forecasters are extrapolating the current year’s economic strength without recognizing the fact that growth has benefited from a number of factors this year that are unlikely to be repeated, namely an expansion of the fiscal deficit, a slowdown in inflation, and a rebound in labor supply. As these factors fade, the headwinds from tight monetary policy may be more apparent and pronounced. And the longer monetary conditions stay tight, the greater the risk of something breaking (banks and commercial real estate remain key risks). All of this suggests that the recent economic trajectory cannot be assumed to continue, especially given the substantial restraint that could be imposed by the recent rise in long-term borrowing costs.

Uncertainty is elevated given the diverging signals in the data and the fact that many traditional economic models are not “working” as they traditionally would. This uncertainty extends to the U.S. Federal Reserve, which looks set to hold off on further rate hikes while it waits to see if the data start to align with the softening conditions policymakers say they are hearing on the ground. We continue to think the gravitational pull of tight money and credit conditions could result in a slowing economy and cooler inflation over the next year, paving the way for more rate cuts than the market presently expects.

For the Reporting Period, the S&P 500^® Index* returned 5.18%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -1.28%. The return of the MSCI Emerging Markets Index* was -2.05%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -4.05% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 2.21%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 2.51% 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.

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. 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 SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 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 SEMI-ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

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

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

An Example of Compounding

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

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

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

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

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

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2023 and ending September 30, 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 SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Table 1. Based on actual Fund return3
Nova Fund
Investor Class		1.39	%		5.30	%	$	1,000.00	$	1,053.00	$	7.13
A-Class		1.66	%		5.20	%		1,000.00		1,052.00		8.52
C-Class		2.42	%		4.81	%		1,000.00		1,048.10		12.39
H-Class		1.64	%		5.18	%		1,000.00		1,051.80		8.41
S&P 500® Fund
A-Class		1.61	%		4.31	%		1,000.00		1,043.10		8.22
C-Class		2.36	%		3.93	%		1,000.00		1,039.30		12.03
H-Class		1.60	%		4.33	%		1,000.00		1,043.30		8.17
Inverse S&P 500® Strategy Fund
Investor Class		1.38	%		(1.06	%)		1,000.00		989.40		6.86
A-Class		1.63	%		(1.20	%)		1,000.00		988.00		8.10
C-Class		2.38	%		(1.55	%)		1,000.00		984.50		11.81
H-Class		1.62	%		(1.17	%)		1,000.00		988.30		8.05
Monthly Rebalance NASDAQ-100® 2x Strategy Fund
A-Class		1.49	%		19.69	%		1,000.00		1,196.90		8.18
C-Class		2.25	%		19.30	%		1,000.00		1,193.00		12.34
H-Class		1.51	%		19.70	%		1,000.00		1,197.00		8.29
Inverse NASDAQ-100® Strategy Fund
Investor Class		1.43	%		(7.77	%)		1,000.00		922.30		6.87
A-Class		1.68	%		(7.87	%)		1,000.00		921.30		8.07
C-Class		2.42	%		(8.25	%)		1,000.00		917.50		11.60
H-Class		1.68	%		(7.90	%)		1,000.00		921.00		8.07
Mid-Cap 1.5x Strategy Fund
A-Class		1.66	%		(1.93	%)		1,000.00		980.70		8.22
C-Class		2.40	%		(2.28	%)		1,000.00		977.20		11.86
H-Class		1.66	%		(1.93	%)		1,000.00		980.70		8.22
Inverse Mid-Cap Strategy Fund
A-Class		1.64	%		2.88	%		1,000.00		1,028.80		8.32
C-Class		1.56	%		3.20	%		1,000.00		1,032.00		7.92
H-Class		1.64	%		2.89	%		1,000.00		1,028.90		8.32
Russell 2000® 1.5x Strategy Fund
A-Class		1.65	%		(2.80	%)		1,000.00		972.00		8.13
C-Class		2.40	%		(3.19	%)		1,000.00		968.10		11.81
H-Class		1.65	%		(2.81	%)		1,000.00		971.90		8.13
Russell 2000® Fund
A-Class		1.62	%		(1.00	%)		1,000.00		990.00		8.06
C-Class		2.37	%		(1.37	%)		1,000.00		986.30		11.77
H-Class		1.62	%		(1.00	%)		1,000.00		990.00		8.06
Inverse Russell 2000® Strategy Fund
A-Class		1.62	%		3.23	%		1,000.00		1,032.30		8.23
C-Class		2.38	%		2.85	%		1,000.00		1,028.50		12.07
H-Class		1.63	%		3.20	%		1,000.00		1,032.00		8.28

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Dow Jones Industrial Average® Fund
A-Class		1.59	%		0.97	%	$	1,000.00	$	1,009.70	$	7.99
C-Class		2.34	%		0.60	%		1,000.00		1,006.00		11.74
H-Class		1.59	%		0.97	%		1,000.00		1,009.70		7.99
Government Long Bond 1.2x Strategy Fund
Investor Class		0.99	%		(18.94	%)		1,000.00		810.60		4.48
A-Class		1.26	%		(19.13	%)		1,000.00		808.70		5.70
C-Class		2.00	%		(19.39	%)		1,000.00		805.80		9.03
H-Class		1.27	%		(19.10	%)		1,000.00		809.00		5.74
Inverse Government Long Bond Strategy Fund
Investor Class		4.46	%		21.82	%		1,000.00		1,218.20		24.73
A-Class		4.71	%		21.67	%		1,000.00		1,216.70		26.10
C-Class		5.46	%		21.23	%		1,000.00		1,212.30		30.20
H-Class		4.72	%		21.68	%		1,000.00		1,216.80		26.16
High Yield Strategy Fund
A-Class		1.53	%		(0.35	%)		1,000.00		996.50		7.64
C-Class		2.29	%		(0.74	%)		1,000.00		992.60		11.41
H-Class		1.52	%		(0.35	%)		1,000.00		996.50		7.59
Inverse High Yield Strategy Fund
A-Class		1.53	%		3.81	%		1,000.00		1,038.10		7.80
C-Class		2.28	%		3.43	%		1,000.00		1,034.30		11.60
H-Class		1.54	%		3.81	%		1,000.00		1,038.10		7.85
U.S. Government Money Market Fund		1.02	%		2.11	%		1,000.00		1,021.10		5.15

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Nova Fund
Investor Class		1.39	%		5.00	%	$	1,000.00	$	1,018.05	$	7.01
A-Class		1.66	%		5.00	%		1,000.00		1,016.70		8.37
C-Class		2.42	%		5.00	%		1,000.00		1,012.90		12.18
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
S&P 500® Fund
A-Class		1.61	%		5.00	%		1,000.00		1,016.95		8.12
C-Class		2.36	%		5.00	%		1,000.00		1,013.20		11.88
H-Class		1.60	%		5.00	%		1,000.00		1,017.00		8.07
Inverse S&P 500® Strategy Fund
Investor Class		1.38	%		5.00	%		1,000.00		1,018.10		6.96
A-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
C-Class		2.38	%		5.00	%		1,000.00		1,013.10		11.98
H-Class		1.62	%		5.00	%		1,000.00		1,016.90		8.17
Monthly Rebalance NASDAQ-100® 2x Strategy Fund
A-Class		1.49	%		5.00	%		1,000.00		1,017.55		7.52
C-Class		2.25	%		5.00	%		1,000.00		1,013.75		11.33
H-Class		1.51	%		5.00	%		1,000.00		1,017.45		7.62
Inverse NASDAQ-100® Strategy Fund
Investor Class		1.43	%		5.00	%		1,000.00		1,017.85		7.21
A-Class		1.68	%		5.00	%		1,000.00		1,016.60		8.47
C-Class		2.42	%		5.00	%		1,000.00		1,012.90		12.18
H-Class		1.68	%		5.00	%		1,000.00		1,016.60		8.47
Mid-Cap 1.5x Strategy Fund
A-Class		1.66	%		5.00	%		1,000.00		1,016.70		8.37
C-Class		2.40	%		5.00	%		1,000.00		1,013.00		12.08
H-Class		1.66	%		5.00	%		1,000.00		1,016.70		8.37
Inverse Mid-Cap Strategy Fund
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		1.56	%		5.00	%		1,000.00		1,017.20		7.87
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
Russell 2000® 1.5x Strategy Fund
A-Class		1.65	%		5.00	%		1,000.00		1,016.75		8.32
C-Class		2.40	%		5.00	%		1,000.00		1,013.00		12.08
H-Class		1.65	%		5.00	%		1,000.00		1,016.75		8.32
Russell 2000® Fund
A-Class		1.62	%		5.00	%		1,000.00		1,016.90		8.17
C-Class		2.37	%		5.00	%		1,000.00		1,013.15		11.93
H-Class		1.62	%		5.00	%		1,000.00		1,016.90		8.17
Inverse Russell 2000® Strategy Fund
A-Class		1.62	%		5.00	%		1,000.00		1,016.90		8.17
C-Class		2.38	%		5.00	%		1,000.00		1,013.10		11.98
H-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Dow Jones Industrial Average® Fund
A-Class		1.59	%		5.00	%	$	1,000.00	$	1,017.05	$	8.02
C-Class		2.34	%		5.00	%		1,000.00		1,013.30		11.78
H-Class		1.59	%		5.00	%		1,000.00		1,017.05		8.02
Government Long Bond 1.2x Strategy Fund
Investor Class		0.99	%		5.00	%		1,000.00		1,020.05		5.00
A-Class		1.26	%		5.00	%		1,000.00		1,018.70		6.36
C-Class		2.00	%		5.00	%		1,000.00		1,015.00		10.08
H-Class		1.27	%		5.00	%		1,000.00		1,018.65		6.41
Inverse Government Long Bond Strategy Fund
Investor Class		4.46	%		5.00	%		1,000.00		1,002.70		22.33
A-Class		4.71	%		5.00	%		1,000.00		1,001.45		23.57
C-Class		5.46	%		5.00	%		1,000.00		997.70		27.27
H-Class		4.72	%		5.00	%		1,000.00		1,001.40		23.62
High Yield Strategy Fund
A-Class		1.53	%		5.00	%		1,000.00		1,017.35		7.72
C-Class		2.29	%		5.00	%		1,000.00		1,013.55		11.53
H-Class		1.52	%		5.00	%		1,000.00		1,017.40		7.67
Inverse High Yield Strategy Fund
A-Class		1.53	%		5.00	%		1,000.00		1,017.35		7.72
C-Class		2.28	%		5.00	%		1,000.00		1,013.60		11.48
H-Class		1.54	%		5.00	%		1,000.00		1,017.30		7.77
U.S. Government Money Market Fund		1.02	%		5.00	%		1,000.00		1,019.90		5.15

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 1.35%,1.60%, 2.34% and 1.61% 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 183/366 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2023 to September 30, 2023.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 11

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

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	July 12, 1993
A-Class	March 31, 2004
C-Class	March 14, 2001
H-Class	September 18, 2014

Ten Largest Holdings	% of Total Net Assets
Apple, Inc.	5.2%
Microsoft Corp.	4.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.8%
Guggenheim Strategy Fund II	2.9%
Amazon.com, Inc.	2.4%
Guggenheim Strategy Fund III	2.4%
NVIDIA Corp.	2.2%
Alphabet, Inc. — Class A	1.6%
Tesla, Inc.	1.4%
Meta Platforms, Inc. — Class A	1.4%
Top Ten Total	28.2%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

12 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	5.30%	27.69%	9.90%	14.12%
A-Class Shares	5.20%	27.39%	9.65%	13.85%
A-Class Shares with sales charge‡	0.21%	21.34%	8.59%	13.29%
C-Class Shares	4.81%	26.44%	8.82%	13.00%
C-Class Shares with CDSC§	3.81%	25.47%	8.82%	13.00%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	5.18%	27.41%	9.64%	11.96%
S&P 500 Index	5.18%	21.62%	9.92%	10.80%

*	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 500 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 13

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
NOVA FUND

	Shares		Value
COMMON STOCKS† - 74.8%
Technology - 19.9%
Apple, Inc.		57,755	$	9,888,234
Microsoft Corp.		29,199		9,219,584
NVIDIA Corp.		9,707		4,222,448
Broadcom, Inc.		1,621		1,346,370
Adobe, Inc.*		1,791		913,231
Salesforce, Inc.*		3,828		776,242
Accenture plc — Class A		2,479		761,326
Oracle Corp.		6,186		655,221
Advanced Micro Devices, Inc.*		6,349		652,804
Intel Corp.		16,459		585,118
Texas Instruments, Inc.		3,568		567,348
Intuit, Inc.		1,100		562,034
International Business Machines Corp.		3,580		502,274
QUALCOMM, Inc.		4,386		487,109
Applied Materials, Inc.		3,300		456,885
ServiceNow, Inc.*		802		448,286
Analog Devices, Inc.		1,971		345,102
Lam Research Corp.		523		327,801
Micron Technology, Inc.		4,304		292,801
Synopsys, Inc.*		598		274,464
Fiserv, Inc.*		2,396		270,652
Activision Blizzard, Inc.		2,812		263,288
Cadence Design Systems, Inc.*		1,067		249,998
KLA Corp.		537		246,300
Roper Technologies, Inc.		419		202,913
NXP Semiconductor N.V.		1,013		202,519
Autodesk, Inc.*		840		173,804
Microchip Technology, Inc.		2,139		166,949
MSCI, Inc. — Class A		310		159,055
ON Semiconductor Corp.*		1,696		157,643
Fortinet, Inc.*		2,562		150,338
Paychex, Inc.		1,260		145,316
Cognizant Technology Solutions Corp. — Class A		1,985		134,464
Fidelity National Information Services, Inc.		2,328		128,669
Electronic Arts, Inc.		968		116,547
ANSYS, Inc.*		341		101,465
Hewlett Packard Enterprise Co.		5,076		88,170
HP, Inc.		3,410		87,637
Take-Two Interactive Software, Inc.*		621		87,182
Monolithic Power Systems, Inc.		188		86,856
Fair Isaac Corp.*		98		85,116
Broadridge Financial Solutions, Inc.		464		83,079
PTC, Inc.*		467		66,165
Tyler Technologies, Inc.*		165		63,713
Akamai Technologies, Inc.*		597		63,604
NetApp, Inc.		828		62,829
Skyworks Solutions, Inc.		626		61,717
Teradyne, Inc.		604		60,678
EPAM Systems, Inc.*		228		58,297
Western Digital Corp.*		1,257		57,357
Paycom Software, Inc.		193		50,039
Seagate Technology Holdings plc		758		49,990
Leidos Holdings, Inc.		539		49,674
Zebra Technologies Corp. — Class A*		201		47,543
Jack Henry & Associates, Inc.		286		43,226
Ceridian HCM Holding, Inc.*		611		41,456
Qorvo, Inc.*		385		36,756
DXC Technology Co.*		806		16,789
Total Technology				37,502,475
Consumer, Non-cyclical - 15.0%
UnitedHealth Group, Inc.		3,640		1,835,252
Eli Lilly & Co.		3,133		1,682,828
Johnson & Johnson		9,463		1,473,862
Procter & Gamble Co.		9,264		1,351,247
AbbVie, Inc.		6,936		1,033,880
Merck & Company, Inc.		9,972		1,026,617
PepsiCo, Inc.		5,410		916,670
Coca-Cola Co.		15,295		856,214
Thermo Fisher Scientific, Inc.		1,517		767,860
Pfizer, Inc.		22,187		735,943
Abbott Laboratories		6,820		660,517
Danaher Corp.		2,583		640,842
Philip Morris International, Inc.		6,101		564,830
Amgen, Inc.		2,101		564,665
Bristol-Myers Squibb Co.		8,209		476,450
S&P Global, Inc.		1,279		467,359
Medtronic plc		5,231		409,901
Intuitive Surgical, Inc.*		1,381		403,652
Elevance Health, Inc.		926		403,199
Automatic Data Processing, Inc.		1,619		389,499
Mondelez International, Inc. — Class A		5,346		371,013
Gilead Sciences, Inc.		4,897		366,981
Stryker Corp.		1,328		362,903
Vertex Pharmaceuticals, Inc.*		1,014		352,609
CVS Health Corp.		5,047		352,382
Regeneron Pharmaceuticals, Inc.*		419		344,820
Cigna Group		1,163		332,700
Zoetis, Inc.		1,809		314,730
Boston Scientific Corp.*		5,754		303,811
Becton Dickinson & Co.		1,140		294,724
Altria Group, Inc.		6,974		293,257
PayPal Holdings, Inc.*		4,315		252,255
Humana, Inc.		487		236,935
Colgate-Palmolive Co.		3,249		231,036
McKesson Corp.		530		230,471
Moody’s Corp.		620		196,025
HCA Healthcare, Inc.		791		194,570
Edwards Lifesciences Corp.*		2,389		165,510
Cintas Corp.		340		163,543
Kimberly-Clark Corp.		1,329		160,610
Constellation Brands, Inc. — Class A		634		159,343
Archer-Daniels-Midland Co.		2,107		158,910
Monster Beverage Corp.*		2,923		154,773
General Mills, Inc.		2,300		147,177
Centene Corp.*		2,128		146,577
Biogen, Inc.*		569		146,239
Corteva, Inc.		2,789		142,685
IDEXX Laboratories, Inc.*		326		142,550
Dexcom, Inc.*		1,524		142,189

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
NOVA FUND

	Shares		Value
IQVIA Holdings, Inc.*		719	$	141,463
Kenvue, Inc.		6,773		136,002
Verisk Analytics, Inc. — Class A		570		134,657
Moderna, Inc.*		1,301		134,380
Estee Lauder Companies, Inc. — Class A		911		131,685
Sysco Corp.		1,985		131,109
Keurig Dr Pepper, Inc.		3,954		124,828
CoStar Group, Inc.*		1,605		123,408
United Rentals, Inc.		268		119,145
Global Payments, Inc.		1,022		117,929
Cencora, Inc. — Class A		655		117,880
Hershey Co.		589		117,847
Kroger Co.		2,595		116,126
West Pharmaceutical Services, Inc.		290		108,811
Quanta Services, Inc.		571		106,817
Gartner, Inc.*		310		106,519
Kraft Heinz Co.		3,138		105,562
GE HealthCare Technologies, Inc.		1,537		104,577
Zimmer Biomet Holdings, Inc.		821		92,133
Church & Dwight Company, Inc.		967		88,606
Equifax, Inc.		482		88,293
Cardinal Health, Inc.		1,001		86,907
Align Technology, Inc.*		280		85,490
Illumina, Inc.*		622		85,388
ResMed, Inc.		577		85,321
STERIS plc		387		84,916
Baxter International, Inc.		1,990		75,103
Molina Healthcare, Inc.*		229		75,087
McCormick & Company, Inc.		986		74,581
FleetCor Technologies, Inc.*		290		74,049
Laboratory Corporation of America Holdings		348		69,966
Hologic, Inc.*		962		66,763
Bunge Ltd.		592		64,084
Clorox Co.		486		63,695
Waters Corp.*		232		63,617
Cooper Companies, Inc.		194		61,694
Kellanova		1,036		61,652
Avery Dennison Corp.		317		57,906
Tyson Foods, Inc. — Class A		1,122		56,650
Revvity, Inc.		487		53,911
Quest Diagnostics, Inc.		441		53,740
Lamb Weston Holdings, Inc.		573		52,980
Conagra Brands, Inc.		1,878		51,495
J M Smucker Co.		401		49,287
Viatris, Inc.		4,714		46,480
Molson Coors Beverage Co. — Class B		729		46,357
Insulet Corp.*		274		43,700
Hormel Foods Corp.		1,138		43,278
Incyte Corp.*		730		42,172
Bio-Techne Corp.		618		42,067
Brown-Forman Corp. — Class B		719		41,479
Rollins, Inc.		1,103		41,175
Charles River Laboratories International, Inc.*		201		39,392
Henry Schein, Inc.*		513		38,090
Teleflex, Inc.		184		36,139
Catalent, Inc.*		708		32,235
Campbell Soup Co.		773		31,755
MarketAxess Holdings, Inc.		148		31,619
Robert Half, Inc.		421		30,851
Universal Health Services, Inc. — Class B		244		30,678
Bio-Rad Laboratories, Inc. — Class A*		82		29,393
Dentsply Sirona, Inc.		832		28,421
DaVita, Inc.*		212		20,040
Organon & Co.		1,004		17,430
Total Consumer, Non-cyclical				28,237,425
Financial - 10.3%
Berkshire Hathaway, Inc. — Class B*		7,167		2,510,600
JPMorgan Chase & Co.		11,420		1,656,129
Visa, Inc. — Class A		6,315		1,452,513
Mastercard, Inc. — Class A		3,270		1,294,626
Bank of America Corp.		27,169		743,887
Wells Fargo & Co.		14,379		587,526
Goldman Sachs Group, Inc.		1,295		419,023
Morgan Stanley		5,013		409,412
Prologis, Inc. REIT		3,631		407,435
Marsh & McLennan Companies, Inc.		1,940		369,182
BlackRock, Inc. — Class A		552		356,862
American Express Co.		2,286		341,048
Chubb Ltd.		1,614		336,002
Charles Schwab Corp.		5,844		320,836
Progressive Corp.		2,300		320,390
Citigroup, Inc.		7,567		311,231
American Tower Corp. — Class A REIT		1,832		301,272
Blackstone, Inc. — Class A		2,789		298,813
CME Group, Inc. — Class A		1,413		282,911
Equinix, Inc. REIT		368		267,264
Aon plc — Class A		797		258,403
Intercontinental Exchange, Inc.		2,249		247,435
U.S. Bancorp		6,119		202,294
Arthur J Gallagher & Co.		847		193,057
PNC Financial Services Group, Inc.		1,565		192,135
American International Group, Inc.		2,797		169,498
Welltower, Inc. REIT		2,038		166,953
Public Storage REIT		622		163,909
Aflac, Inc.		2,125		163,094
Crown Castle, Inc. REIT		1,704		156,819
MetLife, Inc.		2,482		156,143
Truist Financial Corp.		5,235		149,773
Travelers Companies, Inc.		900		146,979
Capital One Financial Corp.		1,499		145,478
Digital Realty Trust, Inc. REIT		1,190		144,014
Realty Income Corp. REIT		2,785		139,083
Simon Property Group, Inc. REIT		1,286		138,927
Prudential Financial, Inc.		1,426		135,313
Ameriprise Financial, Inc.		403		132,861
Bank of New York Mellon Corp.		3,060		130,509
Arch Capital Group Ltd.*		1,466		116,855
VICI Properties, Inc. REIT		3,983		115,905
Allstate Corp.		1,028		114,529
Extra Space Storage, Inc. REIT		830		100,911

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
NOVA FUND

	Shares		Value
AvalonBay Communities, Inc. REIT		558	$	95,831
T. Rowe Price Group, Inc.		881		92,390
CBRE Group, Inc. — Class A*		1,218		89,962
Weyerhaeuser Co. REIT		2,872		88,056
Willis Towers Watson plc		411		85,882
SBA Communications Corp. REIT		426		85,272
Hartford Financial Services Group, Inc.		1,202		85,234
Discover Financial Services		982		85,071
State Street Corp.		1,252		83,834
M&T Bank Corp.		652		82,445
Equity Residential REIT		1,356		79,611
Raymond James Financial, Inc.		739		74,218
Invitation Homes, Inc. REIT		2,260		71,619
Iron Mountain, Inc. REIT		1,147		68,189
Fifth Third Bancorp		2,676		67,783
Ventas, Inc. REIT		1,581		66,608
Nasdaq, Inc.		1,332		64,722
Cboe Global Markets, Inc.		414		64,671
Brown & Brown, Inc.		925		64,602
Everest Group Ltd.		171		63,556
Regions Financial Corp.		3,687		63,416
Cincinnati Financial Corp.		616		63,011
Principal Financial Group, Inc.		874		62,989
Alexandria Real Estate Equities, Inc. REIT		612		61,261
Huntington Bancshares, Inc.		5,689		59,166
Mid-America Apartment Communities, Inc. REIT		459		59,050
Northern Trust Corp.		814		56,557
Essex Property Trust, Inc. REIT		251		53,235
W R Berkley Corp.		800		50,792
Synchrony Financial		1,643		50,227
Citizens Financial Group, Inc.		1,856		49,741
Loews Corp.		726		45,963
Host Hotels & Resorts, Inc. REIT		2,797		44,948
Kimco Realty Corp. REIT		2,436		42,849
UDR, Inc. REIT		1,191		42,483
Camden Property Trust REIT		419		39,629
KeyCorp		3,678		39,575
Healthpeak Properties, Inc. REIT		2,150		39,474
Regency Centers Corp. REIT		645		38,339
Globe Life, Inc.		341		37,077
Boston Properties, Inc. REIT		567		33,725
Assurant, Inc.		208		29,865
Franklin Resources, Inc.		1,118		27,480
Federal Realty Investment Trust REIT		288		26,101
Invesco Ltd.		1,763		25,599
Comerica, Inc.		518		21,523
Zions Bancorp North America		582		20,306
Total Financial				19,511,776
Communications - 10.2%
Amazon.com, Inc.*		35,683		4,536,023
Alphabet, Inc. — Class A*		23,316		3,051,132
Meta Platforms, Inc. — Class A*		8,735		2,622,334
Alphabet, Inc. — Class C*		19,834		2,615,113
Cisco Systems, Inc.		16,015		860,966
Comcast Corp. — Class A		16,174		717,155
Netflix, Inc.*		1,741		657,402
Walt Disney Co.*		7,191		582,831
Verizon Communications, Inc.		16,522		535,478
Booking Holdings, Inc.*		140		431,753
AT&T, Inc.		28,095		421,987
T-Mobile US, Inc.		2,034		284,862
Palo Alto Networks, Inc.*		1,202		281,797
Airbnb, Inc. — Class A*		1,676		229,964
Arista Networks, Inc.*		985		181,171
Motorola Solutions, Inc.		655		178,317
Charter Communications, Inc. — Class A*		399		175,488
CDW Corp.		527		106,327
Warner Bros Discovery, Inc.*		8,716		94,656
eBay, Inc.		2,091		92,192
Corning, Inc.		3,017		91,928
VeriSign, Inc.*		352		71,290
FactSet Research Systems, Inc.		150		65,589
Omnicom Group, Inc.		776		57,797
Expedia Group, Inc.*		541		55,761
Interpublic Group of Companies, Inc.		1,512		43,334
Match Group, Inc.*		1,093		42,818
Gen Digital, Inc.		2,210		39,073
F5, Inc.*		233		37,546
Juniper Networks, Inc.		1,263		35,099
Etsy, Inc.*		483		31,192
Fox Corp. — Class A		997		31,106
News Corp. — Class A		1,497		30,030
Paramount Global — Class B		1,895		24,445
Fox Corp. — Class B		518		14,960
News Corp. — Class B		454		9,475
Total Communications				19,338,391
Consumer, Cyclical - 6.9%
Tesla, Inc.*		10,852		2,715,387
Home Depot, Inc.		3,951		1,193,834
Costco Wholesale Corp.		1,742		984,160
Walmart, Inc.		5,609		897,047
McDonald’s Corp.		2,864		754,492
Lowe’s Companies, Inc.		2,303		478,656
NIKE, Inc. — Class B		4,814		460,315
Starbucks Corp.		4,501		410,806
TJX Companies, Inc.		4,516		401,382
O’Reilly Automotive, Inc.*		237		215,400
Target Corp.		1,814		200,574
Chipotle Mexican Grill, Inc. — Class A*		108		197,838
Marriott International, Inc. — Class A		985		193,612
Ford Motor Co.		15,449		191,877
AutoZone, Inc.*		71		180,339
General Motors Co.		5,407		178,269
PACCAR, Inc.		2,055		174,716
Hilton Worldwide Holdings, Inc.		1,028		154,385
Ross Stores, Inc.		1,338		151,127
Copart, Inc.*		3,415		147,152
Yum! Brands, Inc.		1,101		137,559
DR Horton, Inc.		1,197		128,642
Cummins, Inc.		557		127,252
Fastenal Co.		2,245		122,667

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
NOVA FUND

	Shares		Value
WW Grainger, Inc.		175	$	121,072
Lennar Corp. — Class A		991		111,220
Aptiv plc*		1,111		109,533
Delta Air Lines, Inc.		2,529		93,573
Dollar General Corp.		862		91,200
Dollar Tree, Inc.*		822		87,502
Tractor Supply Co.		428		86,905
Royal Caribbean Cruises Ltd.*		926		85,322
Genuine Parts Co.		551		79,553
Ulta Beauty, Inc.*		195		77,893
NVR, Inc.*		13		77,523
Darden Restaurants, Inc.		475		68,030
PulteGroup, Inc.		862		63,831
Southwest Airlines Co.		2,341		63,371
Walgreens Boots Alliance, Inc.		2,816		62,628
Las Vegas Sands Corp.		1,291		59,180
Pool Corp.		153		54,483
United Airlines Holdings, Inc.*		1,288		54,482
Carnival Corp.*		3,959		54,317
Best Buy Company, Inc.		763		53,006
Domino’s Pizza, Inc.		138		52,273
LKQ Corp.		1,051		52,035
Live Nation Entertainment, Inc.*		556		46,170
CarMax, Inc.*		622		43,994
MGM Resorts International		1,103		40,546
Caesars Entertainment, Inc.*		846		39,212
BorgWarner, Inc.		924		37,302
Wynn Resorts Ltd.		381		35,208
Hasbro, Inc.		513		33,930
American Airlines Group, Inc.*		2,567		32,883
Bath & Body Works, Inc.		899		30,386
Whirlpool Corp.		215		28,746
Norwegian Cruise Line Holdings Ltd.*		1,672		27,555
Tapestry, Inc.		911		26,191
VF Corp.		1,299		22,953
Alaska Air Group, Inc.*		499		18,503
Ralph Lauren Corp. — Class A		159		18,458
Total Consumer, Cyclical				12,938,457
Industrial - 5.6%
Caterpillar, Inc.		2,005		547,365
Union Pacific Corp.		2,395		487,694
Honeywell International, Inc.		2,609		481,987
General Electric Co.		4,277		472,822
United Parcel Service, Inc. — Class B		2,842		442,983
Boeing Co.*		2,228		427,063
RTX Corp.		5,720		411,669
Deere & Co.		1,072		404,551
Lockheed Martin Corp.		881		360,294
Eaton Corporation plc		1,568		334,423
Illinois Tool Works, Inc.		1,081		248,965
Northrop Grumman Corp.		559		246,066
CSX Corp.		7,884		242,433
FedEx Corp.		909		240,812
Waste Management, Inc.		1,449		220,886
Emerson Electric Co.		2,245		216,800
3M Co.		2,169		203,062
General Dynamics Corp.		891		196,884
Amphenol Corp. — Class A		2,344		196,873
Parker-Hannifin Corp.		504		196,318
TransDigm Group, Inc.*		217		182,959
Trane Technologies plc		898		182,213
Carrier Global Corp.		3,292		181,718
Norfolk Southern Corp.		892		175,662
TE Connectivity Ltd.		1,234		152,436
Old Dominion Freight Line, Inc.		351		143,608
Johnson Controls International plc		2,674		142,284
AMETEK, Inc.		906		133,870
Otis Worldwide Corp.		1,618		129,942
Agilent Technologies, Inc.		1,161		129,823
L3Harris Technologies, Inc.		743		129,371
Rockwell Automation, Inc.		450		128,642
Republic Services, Inc. — Class A		808		115,148
Vulcan Materials Co.		522		105,454
Fortive Corp.		1,383		102,563
Ingersoll Rand, Inc.		1,589		101,251
Martin Marietta Materials, Inc.		243		99,747
Mettler-Toledo International, Inc.*		86		95,294
Keysight Technologies, Inc.*		701		92,749
Xylem, Inc.		946		86,114
Dover Corp.		550		76,730
Teledyne Technologies, Inc.*		185		75,587
Westinghouse Air Brake Technologies Corp.		704		74,814
Howmet Aerospace, Inc.		1,539		71,179
Jacobs Solutions, Inc.		494		67,431
Expeditors International of Washington, Inc.		581		66,600
Garmin Ltd.		602		63,330
IDEX Corp.		297		61,782
Ball Corp.		1,238		61,628
Textron, Inc.		778		60,793
J.B. Hunt Transport Services, Inc.		321		60,515
Axon Enterprise, Inc.*		275		54,722
Packaging Corporation of America		353		54,203
Snap-on, Inc.		208		53,053
Amcor plc		5,782		52,963
Trimble, Inc.*		976		52,567
Stanley Black & Decker, Inc.		602		50,315
Nordson Corp.		212		47,312
Masco Corp.		884		47,250
Pentair plc		648		41,958
CH Robinson Worldwide, Inc.		458		39,447
Westrock Co.		1,007		36,050
Allegion plc		344		35,845
A O Smith Corp.		489		32,338
Huntington Ingalls Industries, Inc.		156		31,915
Generac Holdings, Inc.*		244		26,586
Sealed Air Corp.		567		18,632
Mohawk Industries, Inc.*		208		17,849
Total Industrial				10,624,192

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
NOVA FUND

	Shares		Value
Energy - 3.6%
Exxon Mobil Corp.		15,732	$	1,849,768
Chevron Corp.		6,973		1,175,787
ConocoPhillips		4,706		563,779
Schlumberger N.V.		5,584		325,547
EOG Resources, Inc.		2,288		290,027
Marathon Petroleum Corp.		1,571		237,755
Pioneer Natural Resources Co.		916		210,268
Phillips 66		1,750		210,262
Valero Energy Corp.		1,387		196,552
Occidental Petroleum Corp.		2,608		169,207
Hess Corp.		1,086		166,158
Williams Companies, Inc.		4,780		161,038
ONEOK, Inc.		2,289		145,191
Halliburton Co.		3,531		143,006
Baker Hughes Co.		3,968		140,150
Kinder Morgan, Inc.		7,618		126,307
Devon Energy Corp.		2,518		120,109
Diamondback Energy, Inc.		703		108,881
Coterra Energy, Inc. — Class A		2,976		80,501
Targa Resources Corp.		878		75,262
First Solar, Inc.*		420		67,868
Enphase Energy, Inc.*		535		64,280
Marathon Oil Corp.		2,380		63,665
Equities Corp.		1,421		57,664
APA Corp.		1,208		49,649
SolarEdge Technologies, Inc.*		222		28,751
Total Energy				6,827,432
Utilities - 1.8%
NextEra Energy, Inc.		7,953		455,627
Southern Co.		4,286		277,390
Duke Energy Corp.		3,028		267,251
Sempra		2,473		168,238
American Electric Power Company, Inc.		2,025		152,320
Exelon Corp.		3,911		147,797
Dominion Energy, Inc.		3,288		146,875
Constellation Energy Corp.		1,263		137,768
PG&E Corp.*		8,218		132,556
Xcel Energy, Inc.		2,168		124,053
Consolidated Edison, Inc.		1,356		115,979
Public Service Enterprise Group, Inc.		1,961		111,601
WEC Energy Group, Inc.		1,239		99,801
Edison International		1,506		95,315
American Water Works Company, Inc.		765		94,730
DTE Energy Co.		810		80,417
Eversource Energy		1,372		79,782
Ameren Corp.		1,033		77,299
Entergy Corp.		831		76,868
FirstEnergy Corp.		2,028		69,317
PPL Corp.		2,896		68,230
CenterPoint Energy, Inc.		2,481		66,615
Atmos Energy Corp.		583		61,757
CMS Energy Corp.		1,146		60,864
Alliant Energy Corp.		993		48,111
Evergy, Inc.		903		45,782
NiSource, Inc.		1,624		40,081
AES Corp.		2,632		40,006
NRG Energy, Inc.		900		34,668
Pinnacle West Capital Corp.		444		32,714
Total Utilities				3,409,812
Basic Materials - 1.5%
Linde plc		1,918		714,167
Air Products and Chemicals, Inc.		872		247,125
Sherwin-Williams Co.		930		237,197
Freeport-McMoRan, Inc.		5,634		210,092
Ecolab, Inc.		997		168,892
Nucor Corp.		977		152,754
Dow, Inc.		2,762		142,409
DuPont de Nemours, Inc.		1,804		134,560
PPG Industries, Inc.		926		120,195
Newmont Corp.		3,123		115,395
LyondellBasell Industries N.V. — Class A		1,007		95,363
Albemarle Corp.		460		78,218
International Flavors & Fragrances, Inc.		1,002		68,306
Steel Dynamics, Inc.		612		65,618
CF Industries Holdings, Inc.		758		64,991
Celanese Corp. — Class A		393		49,329
International Paper Co.		1,360		48,239
Mosaic Co.		1,306		46,494
Eastman Chemical Co.		466		35,752
FMC Corp.		490		32,815
Total Basic Materials				2,827,911
Total Common Stocks
(Cost $132,314,921)				141,217,871
MUTUAL FUNDS† - 9.1%
Guggenheim Ultra Short Duration Fund — Institutional Class1		733,906		7,155,586
Guggenheim Strategy Fund II1		225,195		5,465,479
Guggenheim Strategy Fund III1		184,563		4,483,027
Total Mutual Funds
(Cost $17,418,465)				17,104,092
	Face Amount
U.S. TREASURY BILLS†† - 5.1%
U.S. Treasury Bills
5.27% due 11/07/232,3	$	3,650,000		3,630,741
5.28% due 11/07/233		3,200,000		3,183,116
4.65% due 10/05/233,4		2,790,000		2,788,775
Total U.S. Treasury Bills
(Cost $9,601,242)				9,602,632

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
NOVA FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,5 - 10.7%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/232	$	11,433,239	$	11,433,239
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/232		4,441,261		4,441,261
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/232		4,397,399		4,397,399
Total Repurchase Agreements
(Cost $20,271,899)				20,271,899
Total Investments - 99.7%
(Cost $179,606,527)			$	188,196,494
Other Assets & Liabilities, net - 0.3%				498,058
Total Net Assets - 100.0%			$	188,694,552

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		306		Dec 2023	$	66,191,625	$	(1,464,351	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

BNP Paribas

S&P 500 Index

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

12/21/23

493

$

2,113,844

$

(56,269

)

Goldman Sachs International

S&P 500 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

12/21/23

4,974

21,330,681

(308,231

)

Barclays Bank plc

S&P 500 Index

Pay

5.76% (SOFR + 0.45%)

At Maturity

12/20/23

12,141

52,063,070

(369,682

)

$

75,507,595

$

(734,182

)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	All or a portion of this security is pledged as equity index swap collateral at September 30, 2023.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures collateral at September 30, 2023.
5	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
NOVA FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	141,217,871	$	—	$	—	$	141,217,871
Mutual Funds		17,104,092		—		—		17,104,092
U.S. Treasury Bills		—		9,602,632		—		9,602,632
Repurchase Agreements		—		20,271,899		—		20,271,899
Total Assets	$	158,321,963	$	29,874,531	$	—	$	188,196,494

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	1,464,351	$	—	$	—	$	1,464,351
Equity Index Swap Agreements**		—		734,182		—		734,182
Total Liabilities	$	1,464,351	$	734,182	$	—	$	2,198,533

** 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,950,321	$	—	$	(500,000	)	$	(10,498	)	$	25,656	$	5,465,479		225,195	$	163,308
Guggenheim Strategy Fund III		4,475,644		—		—			—			7,383		4,483,027		184,563		123,554
Guggenheim Ultra Short Duration Fund — Institutional Class		7,623,159		—		(500,000	)		(9,212	)		41,639		7,155,586		733,906		200,693
	$	18,049,124	$	—	$	(1,000,000	)	$	(19,710	)	$	74,678	$	17,104,092			$	487,555

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

NOVA FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $141,916,163)	$	150,820,503
Investments in affiliated issuers, at value (cost $17,418,465)		17,104,092
Repurchase agreements, at value (cost $20,271,899)		20,271,899
Cash		668
Segregated cash with broker		653,565
Receivables:
Fund shares sold		4,573,382
Dividends		176,927
Interest		5,967
Total assets		193,607,003
Liabilities:
Unrealized depreciation on OTC swap agreements		734,182
Payable for:
Securities purchased		2,989,848
Swap settlement		671,263
Variation margin on futures contracts		172,125
Management fees		108,262
Fund shares redeemed		81,811
Transfer agent fees		40,933
Portfolio accounting and administration fees		14,987
Distribution and service fees		4,741
Trustees’ fees*		2,243
Miscellaneous		92,056
Total liabilities		4,912,451
Net assets	$	188,694,552
Net assets consist of:
Paid in capital	$	329,322,072
Total distributable earnings (loss)		(140,627,520	)
Net assets	$	188,694,552
Investor Class:
Net assets	$	171,543,446
Capital shares outstanding		1,784,315
Net asset value per share	$	96.14
A-Class:
Net assets	$	9,615,615
Capital shares outstanding		112,327
Net asset value per share	$	85.60
Maximum offering price per share (Net asset value divided by 95.25%)	$	89.87
C-Class:
Net assets	$	772,948
Capital shares outstanding		11,227
Net asset value per share	$	68.85
H-Class:
Net assets	$	6,762,543
Capital shares outstanding		78,890
Net asset value per share	$	85.72

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

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

NOVA FUND

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $380)	$	1,023,130
Dividends from securities of affiliated issuers		487,555
Interest		493,093
Income from securities lending, net		495
Total investment income		2,004,273
Expenses:
Management fees		618,514
Distribution and service fees:
A-Class		19,571
C-Class		4,423
H-Class		8,944
Transfer agent fees		168,861
Portfolio accounting and administration fees		125,629
Interest expense		94,096
Registration fees		81,458
Professional fees		43,944
Trustees’ fees*		14,601
Custodian fees		11,241
Line of credit fees		733
Miscellaneous		10,506
Total expenses		1,202,521
Less:
Expenses reimbursed by Adviser:		(14,298	)
Expenses waived by Adviser		(9,543	)
Total waived/reimbursed expenses		(23,841	)
Net expenses		1,178,680
Net investment income		825,593
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	(383,624	)
Investments in affiliated issuers		(19,710	)
Swap agreements		7,874,942
Futures contracts		(976,168	)
Net realized gain		6,495,440
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		401,227
Investments in affiliated issuers		74,678
Swap agreements		(4,856,904	)
Futures contracts		(2,634,765	)
Net change in unrealized appreciation (depreciation)		(7,015,764	)
Net realized and unrealized loss		(520,324	)
Net increase in net assets resulting from operations	$	305,269

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

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

NOVA FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	825,593		$	1,311,978
Net realized gain (loss) on investments		6,495,440			(112,260,599	)
Net change in unrealized appreciation (depreciation) on investments		(7,015,764	)		16,095,307
Net increase (decrease) in net assets resulting from operations		305,269			(94,853,314	)
Distributions to shareholders:
Investor Class		—			(11,389,603	)
A-Class		—			(1,766,899	)
C-Class		—			(204,783	)
H-Class		—			(1,087,250	)
Total distributions to shareholders		—			(14,448,535	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		1,124,760,330			1,888,247,405
A-Class		27,441,447			87,207,798
C-Class		259,064			356,281
H-Class		43,279,666			196,137,541
Distributions reinvested
Investor Class		—			10,905,585
A-Class		—			1,649,156
C-Class		—			115,249
H-Class		—			1,087,250
Cost of shares redeemed
Investor Class		(1,177,795,344	)		(1,963,356,492	)
A-Class		(37,300,604	)		(84,237,819	)
C-Class		(559,872	)		(826,901	)
H-Class		(48,594,943	)		(215,287,997	)
Net decrease from capital share transactions		(68,510,256	)		(78,002,944	)
Net decrease in net assets		(68,204,987	)		(187,304,793	)
Net assets:
Beginning of period		256,899,539			444,204,332
End of period	$	188,694,552		$	256,899,539
Capital share activity:
Shares sold
Investor Class		11,549,076			18,516,555
A-Class		316,870			950,512
C-Class		3,663			4,851
H-Class		498,497			2,097,674
Shares issued from reinvestment of distributions
Investor Class		—			132,510
A-Class		—			22,465
C-Class		—			1,941
H-Class		—			14,788
Shares redeemed
Investor Class		(12,232,516	)		(19,036,194	)
A-Class		(432,938	)		(920,554	)
C-Class		(7,979	)		(9,871	)
H-Class		(566,800	)		(2,299,636	)
Net decrease in shares		(872,127	)		(524,959	)

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

NOVA FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	91.30		$	133.16		$	120.51		$	63.62		$	76.83		$	69.63
Income (loss) from investment operations:
Net investment income (loss)b		.51			.77			(.16	)		.05			.61			.48
Net gain (loss) on investments (realized and unrealized)		4.33			(24.31	)		25.92			57.43			(13.82	)		6.72
Total from investment operations		4.84			(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	$	96.14		$	91.30		$	133.16		$	120.51		$	63.62		$	76.83
Total Return		5.30	%		(16.18	%)		20.83	%		90.46	%		(17.19	%)		10.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	171,543		$	225,298		$	380,170		$	326,237		$	37,874		$	242,831
Ratios to average net assets:
Net investment income (loss)		1.04	%		0.74	%		(0.12	%)		0.05	%		0.71	%		0.65	%
Total expensesc		1.42	%		1.30	%		1.25	%		1.33	%		1.37	%		1.35	%
Net expensesd		1.39	%		1.29	%		1.23	%		1.32	%		1.36	%		1.35	%
Portfolio turnover rate		550	%		973	%		1,027	%		785	%		690	%		1,078	%

A-Class	Six Months Ended September 30, 2023a			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	$	81.37		$	121.63		$	111.23		$	58.89		$	71.28		$	64.72
Income (loss) from investment operations:
Net investment income (loss)b		.35			.62			(.45	)		(.18	)		.40			.28
Net gain (loss) on investments (realized and unrealized)		3.88			(22.56	)		23.96			53.11			(12.79	)		6.28
Total from investment operations		4.23			(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	$	85.60		$	81.37		$	121.63		$	111.23		$	58.89		$	71.28
Total Returne		5.20	%		(16.42	%)		20.54	%		90.00	%		(17.38	%)		10.14	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,616		$	18,585		$	21,403		$	18,596		$	7,435		$	26,022
Ratios to average net assets:
Net investment income (loss)		0.80	%		0.67	%		(0.35	%)		(0.20	%)		0.52	%		0.41	%
Total expensesc		1.69	%		1.55	%		1.50	%		1.59	%		1.62	%		1.60	%
Net expensesd		1.66	%		1.53	%		1.48	%		1.58	%		1.61	%		1.60	%
Portfolio turnover rate		550	%		973	%		1,027	%		785	%		690	%		1,078	%

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

NOVA FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	65.69		$	103.59		$	96.96		$	51.77		$	63.15		$	57.77
Income (loss) from investment operations:
Net investment income (loss)b		.03			(.06	)		(1.19	)		(.74	)		(.22	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		3.13			(19.52	)		20.93			46.52			(11.16	)		5.58
Total from investment operations		3.16			(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	$	68.85		$	65.69		$	103.59		$	96.96		$	51.77		$	63.15
Total Returne		4.81	%		(17.04	%)		19.64	%		88.56	%		(18.02	%)		9.31	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	773		$	1,021		$	1,929		$	3,576		$	3,333		$	4,165
Ratios to average net assets:
Net investment income (loss)		0.08	%		(0.08	%)		(1.09	%)		(0.97	%)		(0.32	%)		(0.33	%)
Total expensesc		2.45	%		2.30	%		2.25	%		2.35	%		2.38	%		2.35	%
Net expensesd		2.42	%		2.27	%		2.23	%		2.33	%		2.37	%		2.35	%
Portfolio turnover rate		550	%		973	%		1,027	%		785	%		690	%		1,078	%

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

NOVA FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	81.50		$	121.73		$	111.34		$	58.94		$	71.35		$	64.80
Income (loss) from investment operations:
Net investment income (loss)b		.35			.37			(.48	)		(.18	)		.36			.30
Net gain (loss) on investments (realized and unrealized)		3.87			(22.28	)		23.98			53.17			(12.77	)		6.25
Total from investment operations		4.22			(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	$	85.72		$	81.50		$	121.73		$	111.34		$	58.94		$	71.35
Total Return		5.18	%		(16.38	%)		20.51	%		90.03	%		(17.39	%)		10.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,763		$	11,996		$	40,702		$	53,660		$	4,057		$	49,090
Ratios to average net assets:
Net investment income (loss)		0.80	%		0.39	%		(0.37	%)		(0.20	%)		0.46	%		0.44	%
Total expensesc		1.67	%		1.55	%		1.50	%		1.59	%		1.62	%		1.61	%
Net expensesd		1.64	%		1.54	%		1.48	%		1.58	%		1.61	%		1.61	%
Portfolio turnover rate		550	%		973	%		1,027	%		785	%		690	%		1,078	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	6.6%
Microsoft Corp.	6.1%
Amazon.com, Inc.	3.0%
NVIDIA Corp.	2.8%
Alphabet, Inc. — Class A	2.0%
Tesla, Inc.	1.8%
Meta Platforms, Inc. — Class A	1.7%
Alphabet, Inc. — Class C	1.7%
Berkshire Hathaway, Inc. — Class B	1.7%
Exxon Mobil Corp.	1.2%
Top Ten Total	28.6%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	4.31%	19.56%	8.03%	10.02%
A-Class Shares with sales charge‡	(0.64%)	13.88%	6.98%	9.49%
C-Class Shares	3.93%	18.68%	7.22%	9.21%
C-Class Shares with CDSC§	2.93%	17.68%	7.22%	9.21%
H-Class Shares	4.33%	19.56%	8.03%	10.03%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 27

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
S&P 500® FUND

	Shares		Value
COMMON STOCKS† - 93.7%
Technology - 24.9%
Apple, Inc.		54,968	$	9,411,071
Microsoft Corp.		27,790		8,774,693
NVIDIA Corp.		9,239		4,018,873
Broadcom, Inc.		1,544		1,282,416
Adobe, Inc.*		1,705		869,379
Salesforce, Inc.*		3,643		738,728
Accenture plc — Class A		2,359		724,472
Oracle Corp.		5,888		623,657
Advanced Micro Devices, Inc.*		6,043		621,341
Intel Corp.		15,664		556,855
Texas Instruments, Inc.		3,396		539,998
Intuit, Inc.		1,048		535,465
International Business Machines Corp.		3,407		478,002
QUALCOMM, Inc.		4,174		463,564
Applied Materials, Inc.		3,141		434,871
ServiceNow, Inc.*		763		426,486
Analog Devices, Inc.		1,875		328,294
Lam Research Corp.		499		312,758
Micron Technology, Inc.		4,097		278,719
Synopsys, Inc.*		569		261,154
Fiserv, Inc.*		2,280		257,549
Activision Blizzard, Inc.		2,675		250,460
Cadence Design Systems, Inc.*		1,016		238,049
KLA Corp.		511		234,375
Roper Technologies, Inc.		399		193,228
NXP Semiconductor N.V.		964		192,723
Autodesk, Inc.*		799		165,321
Microchip Technology, Inc.		2,036		158,910
MSCI, Inc. — Class A		296		151,872
ON Semiconductor Corp.*		1,614		150,021
Fortinet, Inc.*		2,438		143,062
Paychex, Inc.		1,200		138,396
Cognizant Technology Solutions Corp. — Class A		1,889		127,961
Fidelity National Information Services, Inc.		2,216		122,478
Electronic Arts, Inc.		922		111,009
ANSYS, Inc.*		325		96,704
Hewlett Packard Enterprise Co.		4,831		83,914
HP, Inc.		3,245		83,397
Take-Two Interactive Software, Inc.*		591		82,970
Monolithic Power Systems, Inc.		179		82,698
Fair Isaac Corp.*		93		80,773
Broadridge Financial Solutions, Inc.		441		78,961
PTC, Inc.*		444		62,906
Tyler Technologies, Inc.*		157		60,624
Akamai Technologies, Inc.*		569		60,621
NetApp, Inc.		789		59,869
Skyworks Solutions, Inc.		596		58,760
Teradyne, Inc.		576		57,865
EPAM Systems, Inc.*		217		55,485
Western Digital Corp.*		1,197		54,619
Paycom Software, Inc.		184		47,706
Seagate Technology Holdings plc		721		47,550
Leidos Holdings, Inc.		514		47,370
Zebra Technologies Corp. — Class A*		192		45,414
Jack Henry & Associates, Inc.		273		41,261
Ceridian HCM Holding, Inc.*		582		39,489
Qorvo, Inc.*		366		34,942
DXC Technology Co.*		767		15,977
Total Technology				35,696,085
Consumer, Non-cyclical - 18.7%
UnitedHealth Group, Inc.		3,465		1,747,018
Eli Lilly & Co.		2,983		1,602,259
Johnson & Johnson		9,006		1,402,685
Procter & Gamble Co.		8,817		1,286,047
AbbVie, Inc.		6,602		984,094
Merck & Company, Inc.		9,491		977,098
PepsiCo, Inc.		5,149		872,447
Coca-Cola Co.		14,557		814,901
Thermo Fisher Scientific, Inc.		1,444		730,909
Pfizer, Inc.		21,118		700,484
Abbott Laboratories		6,491		628,653
Danaher Corp.		2,458		609,830
Amgen, Inc.		2,001		537,789
Philip Morris International, Inc.		5,806		537,519
Bristol-Myers Squibb Co.		7,814		453,525
S&P Global, Inc.		1,217		444,704
Medtronic plc		4,979		390,154
Intuitive Surgical, Inc.*		1,314		384,069
Elevance Health, Inc.		881		383,605
Automatic Data Processing, Inc.		1,541		370,734
Mondelez International, Inc. — Class A		5,088		353,107
Gilead Sciences, Inc.		4,660		349,220
Stryker Corp.		1,264		345,413
Vertex Pharmaceuticals, Inc.*		965		335,569
CVS Health Corp.		4,804		335,415
Regeneron Pharmaceuticals, Inc.*		399		328,361
Cigna Group		1,107		316,680
Zoetis, Inc.		1,722		299,594
Boston Scientific Corp.*		5,477		289,186
Becton Dickinson & Co.		1,085		280,505
Altria Group, Inc.		6,638		279,128
PayPal Holdings, Inc.*		4,107		240,095
Humana, Inc.		463		225,259
Colgate-Palmolive Co.		3,092		219,872
McKesson Corp.		505		219,599
Moody’s Corp.		590		186,540
HCA Healthcare, Inc.		753		185,223
Edwards Lifesciences Corp.*		2,274		157,543
Cintas Corp.		323		155,366
Kimberly-Clark Corp.		1,265		152,875
Constellation Brands, Inc. — Class A		603		151,552
Archer-Daniels-Midland Co.		2,005		151,217
Monster Beverage Corp.*		2,782		147,307
General Mills, Inc.		2,189		140,074
Centene Corp.*		2,025		139,482
Biogen, Inc.*		542		139,299
Corteva, Inc.		2,655		135,830
IDEXX Laboratories, Inc.*		310		135,554
Dexcom, Inc.*		1,451		135,378

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
S&P 500® FUND

	Shares		Value
IQVIA Holdings, Inc.*		685	$	134,774
Kenvue, Inc.		6,446		129,436
Verisk Analytics, Inc. — Class A		542		128,042
Moderna, Inc.*		1,238		127,873
Estee Lauder Companies, Inc. — Class A		867		125,325
Sysco Corp.		1,889		124,768
Keurig Dr Pepper, Inc.		3,763		118,798
CoStar Group, Inc.*		1,527		117,411
United Rentals, Inc.		255		113,366
Cencora, Inc. — Class A		624		112,301
Global Payments, Inc.		972		112,159
Hershey Co.		559		111,845
Kroger Co.		2,470		110,532
West Pharmaceutical Services, Inc.		276		103,558
Quanta Services, Inc.		542		101,392
Gartner, Inc.*		294		101,021
Kraft Heinz Co.		2,986		100,449
GE HealthCare Technologies, Inc.		1,463		99,543
Zimmer Biomet Holdings, Inc.		782		87,756
Church & Dwight Company, Inc.		920		84,299
Equifax, Inc.		459		84,080
Cardinal Health, Inc.		951		82,566
Illumina, Inc.*		592		81,270
Align Technology, Inc.*		266		81,215
ResMed, Inc.		549		81,181
STERIS plc		369		80,966
Molina Healthcare, Inc.*		218		71,480
Baxter International, Inc.		1,894		71,480
McCormick & Company, Inc.		939		71,026
FleetCor Technologies, Inc.*		277		70,729
Laboratory Corporation of America Holdings		331		66,548
Hologic, Inc.*		916		63,570
Bunge Ltd.		563		60,945
Clorox Co.		463		60,681
Waters Corp.*		221		60,600
Cooper Companies, Inc.		185		58,832
Kellanova		986		58,677
Avery Dennison Corp.		301		54,984
Tyson Foods, Inc. — Class A		1,068		53,923
Revvity, Inc.		464		51,365
Quest Diagnostics, Inc.		420		51,181
Lamb Weston Holdings, Inc.		545		50,391
Conagra Brands, Inc.		1,787		49,000
J M Smucker Co.		382		46,952
Viatris, Inc.		4,487		44,242
Molson Coors Beverage Co. — Class B		694		44,131
Insulet Corp.*		261		41,627
Hormel Foods Corp.		1,083		41,186
Incyte Corp.*		696		40,208
Bio-Techne Corp.		589		40,093
Brown-Forman Corp. — Class B		684		39,460
Rollins, Inc.		1,050		39,197
Charles River Laboratories International, Inc.*		192		37,628
Henry Schein, Inc.*		488		36,234
Teleflex, Inc.		176		34,568
Catalent, Inc.*		674		30,687
Campbell Soup Co.		736		30,235
MarketAxess Holdings, Inc.		141		30,123
Robert Half, Inc.		401		29,385
Universal Health Services, Inc. — Class B		232		29,169
Bio-Rad Laboratories, Inc. — Class A*		78		27,959
Dentsply Sirona, Inc.		792		27,055
DaVita, Inc.*		201		19,001
Organon & Co.		956		16,596
Total Consumer, Non-cyclical				26,875,841
Financial - 12.9%
Berkshire Hathaway, Inc. — Class B*		6,821		2,389,396
JPMorgan Chase & Co.		10,870		1,576,367
Visa, Inc. — Class A		6,009		1,382,130
Mastercard, Inc. — Class A		3,112		1,232,072
Bank of America Corp.		25,858		707,992
Wells Fargo & Co.		13,685		559,169
Goldman Sachs Group, Inc.		1,233		398,962
Morgan Stanley		4,772		389,729
Prologis, Inc. REIT		3,456		387,798
Marsh & McLennan Companies, Inc.		1,848		351,674
BlackRock, Inc. — Class A		524		338,761
American Express Co.		2,176		324,637
Chubb Ltd.		1,536		319,764
Charles Schwab Corp.		5,561		305,299
Progressive Corp.		2,189		304,928
Citigroup, Inc.		7,203		296,259
American Tower Corp. — Class A REIT		1,744		286,801
Blackstone, Inc. — Class A		2,655		284,457
CME Group, Inc. — Class A		1,346		269,496
Equinix, Inc. REIT		350		254,191
Aon plc — Class A		758		245,759
Intercontinental Exchange, Inc.		2,141		235,553
U.S. Bancorp		5,824		192,542
Arthur J Gallagher & Co.		806		183,712
PNC Financial Services Group, Inc.		1,490		182,927
American International Group, Inc.		2,663		161,378
Welltower, Inc. REIT		1,940		158,925
Public Storage REIT		592		156,004
Aflac, Inc.		2,022		155,189
Crown Castle, Inc. REIT		1,622		149,273
MetLife, Inc.		2,363		148,656
Truist Financial Corp.		4,982		142,535
Travelers Companies, Inc.		856		139,793
Capital One Financial Corp.		1,427		138,490
Digital Realty Trust, Inc. REIT		1,131		136,874
Realty Income Corp. REIT		2,651		132,391
Simon Property Group, Inc. REIT		1,224		132,229
Prudential Financial, Inc.		1,358		128,861
Ameriprise Financial, Inc.		384		126,597
Bank of New York Mellon Corp.		2,912		124,197
Arch Capital Group Ltd.*		1,395		111,195
VICI Properties, Inc. REIT		3,790		110,289
Allstate Corp.		978		108,959
Extra Space Storage, Inc. REIT		790		96,048

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
S&P 500® FUND

	Shares		Value
AvalonBay Communities, Inc. REIT		531	$	91,194
T. Rowe Price Group, Inc.		839		87,986
CBRE Group, Inc. — Class A*		1,159		85,604
Weyerhaeuser Co. REIT		2,733		83,794
Willis Towers Watson plc		392		81,912
Hartford Financial Services Group, Inc.		1,144		81,121
SBA Communications Corp. REIT		405		81,069
Discover Financial Services		935		80,999
State Street Corp.		1,192		79,816
M&T Bank Corp.		620		78,399
Equity Residential REIT		1,290		75,736
Raymond James Financial, Inc.		703		70,602
Invitation Homes, Inc. REIT		2,152		68,197
Iron Mountain, Inc. REIT		1,092		64,919
Fifth Third Bancorp		2,547		64,516
Ventas, Inc. REIT		1,505		63,406
Nasdaq, Inc.		1,268		61,612
Cboe Global Markets, Inc.		394		61,547
Brown & Brown, Inc.		880		61,459
Regions Financial Corp.		3,510		60,372
Everest Group Ltd.		162		60,211
Cincinnati Financial Corp.		587		60,044
Principal Financial Group, Inc.		831		59,890
Alexandria Real Estate Equities, Inc. REIT		582		58,258
Huntington Bancshares, Inc.		5,416		56,326
Mid-America Apartment Communities, Inc. REIT		436		56,091
Northern Trust Corp.		774		53,778
Essex Property Trust, Inc. REIT		240		50,901
W R Berkley Corp.		761		48,316
Synchrony Financial		1,564		47,812
Citizens Financial Group, Inc.		1,767		47,356
Loews Corp.		692		43,811
Host Hotels & Resorts, Inc. REIT		2,662		42,778
Kimco Realty Corp. REIT		2,319		40,791
UDR, Inc. REIT		1,134		40,450
Camden Property Trust REIT		399		37,737
KeyCorp		3,500		37,660
Healthpeak Properties, Inc. REIT		2,046		37,564
Regency Centers Corp. REIT		615		36,555
Globe Life, Inc.		325		35,337
Boston Properties, Inc. REIT		540		32,119
Assurant, Inc.		198		28,429
Franklin Resources, Inc.		1,064		26,153
Federal Realty Investment Trust REIT		274		24,833
Invesco Ltd.		1,678		24,365
Comerica, Inc.		493		20,484
Zions Bancorp North America		554		19,329
Total Financial				18,569,896
Communications - 12.8%
Amazon.com, Inc.*		33,960		4,316,995
Alphabet, Inc. — Class A*		22,191		2,903,914
Meta Platforms, Inc. — Class A*		8,313		2,495,646
Alphabet, Inc. — Class C*		18,877		2,488,933
Cisco Systems, Inc.		15,242		819,410
Comcast Corp. — Class A		15,394		682,570
Netflix, Inc.*		1,658		626,061
Walt Disney Co.*		6,844		554,706
Verizon Communications, Inc.		15,724		509,615
Booking Holdings, Inc.*		133		410,165
AT&T, Inc.		26,739		401,620
T-Mobile US, Inc.		1,936		271,137
Palo Alto Networks, Inc.*		1,144		268,199
Airbnb, Inc. — Class A*		1,594		218,713
Arista Networks, Inc.*		938		172,526
Motorola Solutions, Inc.		625		170,150
Charter Communications, Inc. — Class A*		381		167,571
CDW Corp.		501		101,082
Warner Bros Discovery, Inc.*		8,296		90,095
eBay, Inc.		1,990		87,739
Corning, Inc.		2,871		87,479
VeriSign, Inc.*		336		68,050
FactSet Research Systems, Inc.		143		62,528
Omnicom Group, Inc.		739		55,041
Expedia Group, Inc.*		516		53,184
Interpublic Group of Companies, Inc.		1,440		41,270
Match Group, Inc.*		1,040		40,742
Gen Digital, Inc.		2,105		37,216
F5, Inc.*		222		35,773
Juniper Networks, Inc.		1,202		33,404
Etsy, Inc.*		460		29,707
Fox Corp. — Class A		949		29,609
News Corp. — Class A		1,425		28,585
Paramount Global — Class B		1,804		23,272
Fox Corp. — Class B		493		14,238
News Corp. — Class B		432		9,016
Total Communications				18,405,961
Consumer, Cyclical - 8.6%
Tesla, Inc.*		10,328		2,584,272
Home Depot, Inc.		3,760		1,136,122
Costco Wholesale Corp.		1,657		936,139
Walmart, Inc.		5,338		853,706
McDonald’s Corp.		2,726		718,137
Lowe’s Companies, Inc.		2,192		455,585
NIKE, Inc. — Class B		4,582		438,131
Starbucks Corp.		4,284		391,001
TJX Companies, Inc.		4,298		382,006
O’Reilly Automotive, Inc.*		226		205,402
Target Corp.		1,726		190,844
Chipotle Mexican Grill, Inc. — Class A*		103		188,679
Marriott International, Inc. — Class A		937		184,177
Ford Motor Co.		14,705		182,636
AutoZone, Inc.*		68		172,719
General Motors Co.		5,146		169,664
PACCAR, Inc.		1,955		166,214
Hilton Worldwide Holdings, Inc.		978		146,876
Ross Stores, Inc.		1,274		143,898
Copart, Inc.*		3,250		140,042
Yum! Brands, Inc.		1,048		130,937
DR Horton, Inc.		1,139		122,408
Cummins, Inc.		530		121,084
Fastenal Co.		2,137		116,766

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
S&P 500® FUND

	Shares		Value
WW Grainger, Inc.		166	$	114,845
Lennar Corp. — Class A		945		106,057
Aptiv plc*		1,058		104,308
Delta Air Lines, Inc.		2,407		89,059
Dollar General Corp.		820		86,756
Dollar Tree, Inc.*		783		83,350
Tractor Supply Co.		407		82,641
Royal Caribbean Cruises Ltd.*		882		81,267
Genuine Parts Co.		525		75,800
Ulta Beauty, Inc.*		186		74,298
NVR, Inc.*		12		71,560
Darden Restaurants, Inc.		452		64,736
PulteGroup, Inc.		821		60,795
Southwest Airlines Co.		2,228		60,312
Walgreens Boots Alliance, Inc.		2,680		59,603
Las Vegas Sands Corp.		1,229		56,337
Pool Corp.		146		51,991
United Airlines Holdings, Inc.*		1,227		51,902
Carnival Corp.*		3,767		51,683
Best Buy Company, Inc.		726		50,435
Domino’s Pizza, Inc.		131		49,622
LKQ Corp.		1,001		49,560
Live Nation Entertainment, Inc.*		530		44,011
CarMax, Inc.*		592		41,872
MGM Resorts International		1,050		38,598
Caesars Entertainment, Inc.*		805		37,312
BorgWarner, Inc.		879		35,485
Wynn Resorts Ltd.		362		33,453
Hasbro, Inc.		488		32,276
American Airlines Group, Inc.*		2,444		31,308
Bath & Body Works, Inc.		856		28,933
Whirlpool Corp.		205		27,409
Norwegian Cruise Line Holdings Ltd.*		1,591		26,220
Tapestry, Inc.		867		24,926
VF Corp.		1,236		21,840
Alaska Air Group, Inc.*		476		17,650
Ralph Lauren Corp. — Class A		151		17,530
Total Consumer, Cyclical				12,313,185
Industrial - 7.1%
Caterpillar, Inc.		1,908		520,884
Union Pacific Corp.		2,280		464,276
Honeywell International, Inc.		2,483		458,709
General Electric Co.		4,071		450,049
United Parcel Service, Inc. — Class B		2,705		421,628
Boeing Co.*		2,121		406,553
RTX Corp.		5,444		391,805
Deere & Co.		1,020		384,928
Lockheed Martin Corp.		838		342,708
Eaton Corporation plc		1,492		318,214
Illinois Tool Works, Inc.		1,029		236,989
Northrop Grumman Corp.		532		234,181
CSX Corp.		7,504		230,748
FedEx Corp.		865		229,156
Waste Management, Inc.		1,379		210,215
Emerson Electric Co.		2,138		206,466
3M Co.		2,065		193,325
General Dynamics Corp.		848		187,383
Amphenol Corp. — Class A		2,231		187,382
Parker-Hannifin Corp.		480		186,970
TransDigm Group, Inc.*		206		173,685
Trane Technologies plc		854		173,285
Carrier Global Corp.		3,133		172,942
Norfolk Southern Corp.		849		167,194
TE Connectivity Ltd.		1,174		145,024
Old Dominion Freight Line, Inc.		335		137,062
Johnson Controls International plc		2,545		135,419
AMETEK, Inc.		863		127,517
Otis Worldwide Corp.		1,540		123,677
Agilent Technologies, Inc.		1,104		123,449
L3Harris Technologies, Inc.		707		123,103
Rockwell Automation, Inc.		430		122,924
Republic Services, Inc. — Class A		769		109,590
Vulcan Materials Co.		497		100,404
Fortive Corp.		1,317		97,669
Ingersoll Rand, Inc.		1,513		96,408
Martin Marietta Materials, Inc.		231		94,821
Mettler-Toledo International, Inc.*		82		90,862
Keysight Technologies, Inc.*		667		88,251
Xylem, Inc.		901		82,018
Dover Corp.		523		72,964
Teledyne Technologies, Inc.*		176		71,910
Westinghouse Air Brake Technologies Corp.		670		71,201
Howmet Aerospace, Inc.		1,465		67,756
Jacobs Solutions, Inc.		471		64,292
Expeditors International of Washington, Inc.		553		63,390
Garmin Ltd.		573		60,280
IDEX Corp.		283		58,870
Ball Corp.		1,178		58,641
Textron, Inc.		741		57,902
J.B. Hunt Transport Services, Inc.		305		57,499
Axon Enterprise, Inc.*		263		52,334
Packaging Corporation of America		336		51,593
Snap-on, Inc.		198		50,502
Amcor plc		5,504		50,417
Trimble, Inc.*		929		50,036
Stanley Black & Decker, Inc.		573		47,891
Nordson Corp.		202		45,080
Masco Corp.		841		44,951
Pentair plc		618		40,015
CH Robinson Worldwide, Inc.		435		37,467
Westrock Co.		959		34,332
Allegion plc		328		34,177
A O Smith Corp.		466		30,817
Huntington Ingalls Industries, Inc.		149		30,482
Generac Holdings, Inc.*		232		25,279
Sealed Air Corp.		540		17,744
Mohawk Industries, Inc.*		197		16,905
Total Industrial				10,112,600
Energy - 4.5%
Exxon Mobil Corp.		14,973		1,760,525
Chevron Corp.		6,636		1,118,962

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
S&P 500® FUND

	Shares		Value
ConocoPhillips		4,479	$	536,584
Schlumberger N.V.		5,316		309,923
EOG Resources, Inc.		2,178		276,083
Marathon Petroleum Corp.		1,495		226,253
Phillips 66		1,666		200,170
Pioneer Natural Resources Co.		872		200,168
Valero Energy Corp.		1,321		187,199
Occidental Petroleum Corp.		2,482		161,032
Hess Corp.		1,034		158,202
Williams Companies, Inc.		4,550		153,289
ONEOK, Inc.		2,178		138,150
Halliburton Co.		3,361		136,121
Baker Hughes Co.		3,776		133,368
Kinder Morgan, Inc.		7,251		120,222
Devon Energy Corp.		2,396		114,289
Diamondback Energy, Inc.		669		103,615
Coterra Energy, Inc. — Class A		2,833		76,633
Targa Resources Corp.		837		71,748
First Solar, Inc.*		400		64,636
Enphase Energy, Inc.*		510		61,277
Marathon Oil Corp.		2,265		60,589
Equities Corp.		1,353		54,905
APA Corp.		1,149		47,224
SolarEdge Technologies, Inc.*		212		27,456
Total Energy				6,498,623
Utilities - 2.3%
NextEra Energy, Inc.		7,569		433,628
Southern Co.		4,079		263,993
Duke Energy Corp.		2,883		254,454
Sempra		2,354		160,143
American Electric Power Company, Inc.		1,927		144,949
Exelon Corp.		3,722		140,654
Dominion Energy, Inc.		3,130		139,817
Constellation Energy Corp.		1,203		131,223
PG&E Corp.*		7,822		126,169
Xcel Energy, Inc.		2,062		117,988
Consolidated Edison, Inc.		1,290		110,334
Public Service Enterprise Group, Inc.		1,867		106,251
WEC Energy Group, Inc.		1,180		95,049
Edison International		1,433		90,694
American Water Works Company, Inc.		728		90,148
DTE Energy Co.		771		76,545
Eversource Energy		1,306		75,944
Ameren Corp.		983		73,558
Entergy Corp.		791		73,167
FirstEnergy Corp.		1,930		65,967
PPL Corp.		2,757		64,955
CenterPoint Energy, Inc.		2,361		63,393
Atmos Energy Corp.		555		58,791
CMS Energy Corp.		1,091		57,943
Alliant Energy Corp.		945		45,785
Evergy, Inc.		859		43,551
NiSource, Inc.		1,546		38,155
AES Corp.		2,505		38,076
NRG Energy, Inc.		857		33,012
Pinnacle West Capital Corp.		423		31,167
Total Utilities				3,245,503
Basic Materials - 1.9%
Linde plc		1,825		679,539
Air Products and Chemicals, Inc.		831		235,505
Sherwin-Williams Co.		885		225,719
Freeport-McMoRan, Inc.		5,362		199,949
Ecolab, Inc.		949		160,761
Nucor Corp.		930		145,406
Dow, Inc.		2,630		135,603
DuPont de Nemours, Inc.		1,717		128,071
PPG Industries, Inc.		881		114,354
Newmont Corp.		2,973		109,852
LyondellBasell Industries N.V. — Class A		958		90,723
Albemarle Corp.		439		74,648
International Flavors & Fragrances, Inc.		955		65,102
Steel Dynamics, Inc.		582		62,402
CF Industries Holdings, Inc.		722		61,904
Celanese Corp. — Class A		374		46,944
International Paper Co.		1,294		45,898
Mosaic Co.		1,243		44,251
Eastman Chemical Co.		443		33,987
FMC Corp.		467		31,275
Total Basic Materials				2,691,893
Total Common Stocks
(Cost $97,666,195)				134,409,587
	Face Amount
U.S. TREASURY BILLS†† - 0.8%
U.S. Treasury Bills
5.27% due 11/07/231,2	$	500,000		497,362
4.66% due 10/05/232,3		400,000		399,824
5.28% due 11/07/232		300,000		298,417
Total U.S. Treasury Bills
(Cost $1,195,434)				1,195,603
REPURCHASE AGREEMENTS††,4 - 7.1%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/231		5,737,325		5,737,325
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/231		2,228,674		2,228,674
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/231		2,206,663		2,206,663
Total Repurchase Agreements
(Cost $10,172,662)				10,172,662
Total Investments - 101.6%
(Cost $109,034,291)			$	145,777,852
Other Assets & Liabilities, net - (1.6)%				(2,329,313	)
Total Net Assets - 100.0%			$	143,448,539

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
S&P 500® FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P 500 Index Mini Futures Contracts		4		Dec 2023	$	865,250	$	(6,958	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements††

Barclays Bank plc

S&P 500 Index

Pay

5.76% (SOFR + 0.45%)

At Maturity

12/20/23

1,401

$

6,005,754

$

18,626

BNP Paribas

S&P 500 Index

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

12/21/23

103

440,112

(11,718

)

Goldman Sachs International

S&P 500 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

12/21/23

393

1,685,347

(36,459

)

$

8,131,213

$

(29,551

)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is pledged as equity index swap collateral at September 30, 2023.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at September 30, 2023.
4	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
S&P 500® FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	134,409,587	$	—	$	—	$	134,409,587
U.S. Treasury Bills		—		1,195,603		—		1,195,603
Repurchase Agreements		—		10,172,662		—		10,172,662
Equity Index Swap Agreements**		—		18,626		—		18,626
Total Assets	$	134,409,587	$	11,386,891	$	—	$	145,796,478

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	6,958	$	—	$	—	$	6,958
Equity Index Swap Agreements**		—		48,177		—		48,177
Total Liabilities	$	6,958	$	48,177	$	—	$	55,135

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

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

S&P 500^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $98,861,629)	$	135,605,190
Repurchase agreements, at value (cost $10,172,662)		10,172,662
Cash		801
Segregated cash with broker		13,714
Unrealized appreciation on OTC swap agreements		18,626
Receivables:
Dividends		95,924
Fund shares sold		74,581
Interest		2,995
Total assets		145,984,493
Liabilities:
Unrealized depreciation on OTC swap agreements		48,177
Payable for:
Securities purchased		1,995,844
Swap settlement		132,825
Management fees		97,843
Fund shares redeemed		91,831
Transfer agent fees		37,500
Distribution and service fees		36,777
Portfolio accounting and administration fees		20,210
Variation margin on futures contracts		2,250
Trustees’ fees*		1,978
Miscellaneous		70,719
Total liabilities		2,535,954
Net assets	$	143,448,539
Net assets consist of:
Paid in capital	$	132,476,238
Total distributable earnings (loss)		10,972,301
Net assets	$	143,448,539
A-Class:
Net assets	$	13,593,147
Capital shares outstanding		205,095
Net asset value per share	$	66.28
Maximum offering price per share (Net asset value divided by 95.25%)	$	69.59
C-Class:
Net assets	$	6,380,412
Capital shares outstanding		113,922
Net asset value per share	$	56.01
H-Class:
Net assets	$	123,474,980
Capital shares outstanding		1,862,728
Net asset value per share	$	66.29

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $313)	$	1,092,034
Interest		310,523
Income from securities lending, net		1,166
Total investment income		1,403,723
Expenses:
Management fees		568,815
Distribution and service fees:
A-Class		19,712
C-Class		36,383
H-Class		160,774
Transfer agent fees		161,770
Portfolio accounting and administration fees		155,437
Registration fees		67,025
Professional fees		42,702
Trustees’ fees*		12,198
Custodian fees		10,252
Interest expense		5,955
Miscellaneous		16,864
Total expenses		1,257,887
Less:
Expenses reimbursed by Adviser		(13,266	)
Net expenses		1,244,621
Net investment income		159,102
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2,050,859	)
Swap agreements		566,532
Futures contracts		236,993
Net realized loss		(1,247,334	)
Net change in unrealized appreciation (depreciation) on:
Investments		7,818,112
Swap agreements		(303,796	)
Futures contracts		(235,613	)
Net change in unrealized appreciation (depreciation)		7,278,703
Net realized and unrealized gain		6,031,369
Net increase in net assets resulting from operations	$	6,190,471

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

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

S&P 500^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	159,102		$	212,016
Net realized gain (loss) on investments		(1,247,334	)		12,006,189
Net change in unrealized appreciation (depreciation) on investments		7,278,703			(24,977,298	)
Net increase (decrease) in net assets resulting from operations		6,190,471			(12,759,093	)
Distributions to shareholders:
A-Class		—			(166,524	)
C-Class		—			(95,260	)
H-Class		—			(1,119,511	)
Total distributions to shareholders		—			(1,381,295	)
Capital share transactions:
Proceeds from sale of shares
A-Class		16,969,481			163,996,670
C-Class		1,824,274			8,401,805
H-Class		447,079,624			1,165,341,867
Distributions reinvested
A-Class		—			156,579
C-Class		—			86,278
H-Class		—			1,113,139
Cost of shares redeemed
A-Class		(20,082,415	)		(166,137,432	)
C-Class		(3,277,628	)		(10,253,653	)
H-Class		(405,871,307	)		(1,207,132,991	)
Net increase (decrease) from capital share transactions		36,642,029			(44,427,738	)
Net increase (decrease) in net assets		42,832,500			(58,568,126	)
Net assets:
Beginning of period		100,616,039			159,184,165
End of period	$	143,448,539		$	100,616,039
Capital share activity:
Shares sold
A-Class		261,347			2,698,775
C-Class		32,678			161,320
H-Class		6,777,217			18,869,344
Shares issued from reinvestment of distributions
A-Class		—			2,650
C-Class		—			1,718
H-Class		—			18,841
Shares redeemed
A-Class		(303,412	)		(2,720,235	)
C-Class		(57,813	)		(193,195	)
H-Class		(6,132,890	)		(19,504,067	)
Net increase (decrease) in shares		577,127			(664,849	)

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

S&P 500^® FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	63.54		$	70.89		$	63.06		$	46.64		$	51.55		$	48.72
Income (loss) from investment operations:
Net investment income (loss)b		.08			.18			(.18	)		(.08	)		.17			.15
Net gain (loss) on investments (realized and unrealized)		2.66			(6.83	)		8.94			24.50			(4.54	)		3.45
Total from investment operations		2.74			(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	$	66.28		$	63.54		$	70.89		$	63.06		$	46.64		$	51.55
Total Returnc		4.31	%		(9.32	%)		13.82	%		53.64	%		(8.67	%)		7.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,593		$	15,703		$	18,856		$	18,653		$	12,798		$	20,307
Ratios to average net assets:
Net investment income (loss)		0.23	%		0.30	%		(0.25	%)		(0.13	%)		0.31	%		0.30	%
Total expenses		1.62	%		1.60	%		1.56	%		1.65	%		1.68	%		1.67	%
Net expensesd		1.61	%		1.60	%		1.56	%		1.65	%		1.68	%		1.67	%
Portfolio turnover rate		153	%		701	%		268	%		284	%		227	%		157	%

C-Class	Six Months Ended September 30, 2023a			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	$	53.89		$	60.71		$	54.52		$	41.37		$	46.12		$	44.00
Income (loss) from investment operations:
Net investment income (loss)b		(.15	)		(.30	)		(.60	)		(.46	)		(.24	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		2.27			(5.82	)		7.72			21.61			(3.97	)		3.09
Total from investment operations		2.12			(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	$	56.01		$	53.89		$	60.71		$	54.52		$	41.37		$	46.12
Total Returnc		3.93	%		(10.02	%)		12.99	%		52.49	%		(9.35	%)		6.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,380		$	7,494		$	10,273		$	12,040		$	8,981		$	14,599
Ratios to average net assets:
Net investment income (loss)		(0.52	%)		(0.57	%)		(1.00	%)		(0.88	%)		(0.50	%)		(0.45	%)
Total expenses		2.37	%		2.36	%		2.31	%		2.39	%		2.43	%		2.41	%
Net expensesd		2.36	%		2.36	%		2.31	%		2.39	%		2.43	%		2.41	%
Portfolio turnover rate		153	%		701	%		268	%		284	%		227	%		157	%

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

S&P 500^® FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	63.54		$	70.90		$	63.07		$	46.64		$	51.54		$	48.71
Income (loss) from investment operations:
Net investment income (loss)b		.08			.15			(.18	)		(.08	)		.15			.16
Net gain (loss) on investments (realized and unrealized)		2.67			(6.81	)		8.94			24.51			(4.51	)		3.44
Total from investment operations		2.75			(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	$	66.29		$	63.54		$	70.90		$	63.07		$	46.64		$	51.54
Total Return		4.33	%		(9.32	%)		13.84	%		53.64	%		(8.65	%)		7.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	123,475		$	77,419		$	130,055		$	123,613		$	112,799		$	120,014
Ratios to average net assets:
Net investment income (loss)		0.25	%		0.23	%		(0.25	%)		(0.13	%)		0.28	%		0.32	%
Total expenses		1.62	%		1.61	%		1.56	%		1.65	%		1.68	%		1.66	%
Net expensesd		1.60	%		1.61	%		1.56	%		1.65	%		1.68	%		1.66	%
Portfolio turnover rate		153	%		701	%		268	%		284	%		227	%		157	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

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

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	January 7, 1994
A-Class	March 31, 2004
C-Class	March 15, 2001
H-Class	September 18, 2014

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

Largest Holdings	% of Total Net Assets
Guggenheim Strategy Fund II	13.4%
Guggenheim Ultra Short Duration Fund — Institutional Class	8.8%
Total	22.2%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 39

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(1.06%)	(13.11%)	(11.09%)	(12.25%)
A-Class Shares	(1.20%)	(13.37%)	(11.33%)	(12.48%)
A-Class Shares with sales charge‡	(5.90%)	(17.49%)	(12.19%)	(12.90%)
C-Class Shares	(1.55%)	(13.99%)	(11.98%)	(13.13%)
C-Class Shares with CDSC§	(2.53%)	(14.85%)	(11.98%)	(13.13%)
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(1.17%)	(13.27%)	(11.30%)	(11.57%)
S&P 500 Index	5.18%	21.62%	9.92%	10.80%

*	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 500 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

40 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
INVERSE S&P 500® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 22.2%
Guggenheim Strategy Fund II1		262,625	$	6,373,911
Guggenheim Ultra Short Duration Fund — Institutional Class1		426,990		4,163,155
Total Mutual Funds
(Cost $10,738,043)				10,537,066
	Face Amount
U.S. TREASURY BILLS†† - 31.9%
U.S. Treasury Bills
5.27% due 10/03/232	$	4,700,000		4,699,313
5.29% due 11/28/232		4,500,000		4,462,041
5.27% due 10/10/232		4,200,000		4,195,091
4.65% due 10/05/232,3		1,000,000		999,561
5.27% due 11/07/232,4		800,000		795,779
Total U.S. Treasury Bills
(Cost $15,149,821)				15,151,785
FEDERAL AGENCY DISCOUNT NOTES†† - 15.3%
Federal Home Loan Bank
5.27% due 11/10/232		4,800,000		4,772,395
5.32% due 11/17/232		2,500,000		2,482,978
Total Federal Agency Discount Notes
(Cost $7,254,519)				7,255,373

U.S. GOVERNMENT SECURITIES†† - 10.5%
United States Treasury Floating Rate Note
5.44% (3 Month U.S. Treasury Bill Rate + 0.04%, Rate Floor: 0.00%) due 10/31/23◊	5,000,000		5,000,062
Total U.S. Government Securities
(Cost $5,000,200)			5,000,062
REPURCHASE AGREEMENTS††,5 - 22.0%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/234	5,884,500		5,884,500
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/234	2,285,844		2,285,844
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/234	2,263,269		2,263,269
Total Repurchase Agreements
(Cost $10,433,613)			10,433,613
Total Investments - 101.9%
(Cost $48,576,196)		$	48,377,899
Other Assets & Liabilities, net - (1.9)%			(884,041	)
Total Net Assets - 100.0%		$	47,493,858

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Sold Short†
S&P 500 Index Mini Futures Contracts		84		Dec 2023	$	18,170,250	$	895,456

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements Sold Short††

Goldman Sachs International

S&P 500 Index

Receive

5.63% (Federal Funds Rate + 0.30%)

At Maturity

12/21/23

3,881

$

16,642,147

$

443,023

Barclays Bank plc

S&P 500 Index

Receive

5.61% (SOFR + 0.30%)

At Maturity

12/20/23

1,643

7,046,806

215,010

BNP Paribas

S&P 500 Index

Receive

5.53% (Federal Funds Rate + 0.20%)

At Maturity

12/21/23

1,309

5,614,156

149,453

$

29,303,109

$

807,486

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 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 September 30, 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 September 30, 2023.
4	All or a portion of this security is pledged as equity index swap collateral at September 30, 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 September 30, 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	$	10,537,066	$	—	$	—	$	10,537,066
U.S. Treasury Bills		—		15,151,785		—		15,151,785
Federal Agency Discount Notes		—		7,255,373		—		7,255,373
U.S. Government Securities		—		5,000,062		—		5,000,062
Repurchase Agreements		—		10,433,613		—		10,433,613
Equity Futures Contracts**		895,456		—		—		895,456
Equity Index Swap Agreements**		—		807,486		—		807,486
Total Assets	$	11,432,522	$	38,648,319	$	—	$	50,080,841

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	6,358,154	$	—	$	—	$	—	$	15,757	$	6,373,911		262,625	$	175,586
Guggenheim Ultra Short Duration Fund — Institutional Class		4,146,075		—		—		—		17,080		4,163,155		426,990		109,729
	$	10,504,229	$	—	$	—	$	—	$	32,837	$	10,537,066			$	285,315

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

INVERSE S&P 500^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $27,404,540)	$	27,407,220
Investments in affiliated issuers, at value (cost $10,738,043)		10,537,066
Repurchase agreements, at value (cost $10,433,613)		10,433,613
Unrealized appreciation on OTC swap agreements		807,486
Receivables:
Fund shares sold		219,747
Swap settlement		95,281
Interest		49,702
Dividends		47,939
Variation margin on futures contracts		47,250
Total assets		49,645,304
Liabilities:
Segregated cash due to broker		722,000
Payable for:
Fund shares redeemed		1,352,436
Management fees		35,051
Transfer agent fees		11,870
Portfolio accounting and administration fees		2,092
Distribution and service fees		1,483
Trustees’ fees*		649
Miscellaneous		25,865
Total liabilities		2,151,446
Net assets	$	47,493,858
Net assets consist of:
Paid in capital	$	315,454,995
Total distributable earnings (loss)		(267,961,137	)
Net assets	$	47,493,858
Investor Class:
Net assets	$	40,440,146
Capital shares outstanding		1,318,449
Net asset value per share	$	30.67
A-Class:
Net assets	$	5,209,890
Capital shares outstanding		186,515
Net asset value per share	$	27.93
Maximum offering price per share (Net asset value divided by 95.25%)	$	29.32
C-Class:
Net assets	$	539,189
Capital shares outstanding		22,310
Net asset value per share	$	24.17
H-Class:
Net assets	$	1,304,633
Capital shares outstanding		46,653
Net asset value per share	$	27.96

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	285,315
Interest		1,195,424
Total investment income		1,480,739
Expenses:
Management fees		250,216
Distribution and service fees:
A-Class		4,549
C-Class		3,560
H-Class		1,654
Transfer agent fees		58,322
Portfolio accounting and administration fees		42,377
Professional fees		13,005
Trustees’ fees*		6,113
Custodian fees		3,840
Interest expense		833
Miscellaneous		31,209
Total expenses		415,678
Less:
Expenses reimbursed by Adviser:		(17,987	)
Expenses waived by Adviser		(5,212	)
Total waived/reimbursed expenses		(23,199	)
Net expenses		392,479
Net investment income		1,088,260
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(289	)
Swap agreements		(4,803,513	)
Futures contracts		(1,093,819	)
Net realized loss		(5,897,621	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(5,455	)
Investments in affiliated issuers		32,837
Swap agreements		2,539,305
Futures contracts		1,458,368
Net change in unrealized appreciation (depreciation)		4,025,055
Net realized and unrealized loss		(1,872,566	)
Net decrease in net assets resulting from operations	$	(784,306	)

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

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

INVERSE S&P 500^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,088,260		$	1,093,992
Net realized loss on investments		(5,897,621	)		(272,408	)
Net change in unrealized appreciation (depreciation) on investments		4,025,055			(858,214	)
Net decrease in net assets resulting from operations		(784,306	)		(36,630	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		49,758,834			275,554,341
A-Class		5,063,843			10,216,741
C-Class		77,828			973,671
H-Class		2,932,933			47,033,095
Cost of shares redeemed
Investor Class		(64,787,197	)		(266,747,915	)
A-Class		(3,987,018	)		(7,975,728	)
C-Class		(314,345	)		(946,029	)
H-Class		(3,235,552	)		(48,066,981	)
Net increase (decrease) from capital share transactions		(14,490,674	)		10,041,195
Net increase (decrease) in net assets		(15,274,980	)		10,004,565
Net assets:
Beginning of period		62,768,838			52,764,273
End of period	$	47,493,858		$	62,768,838
Capital share activity:
Shares sold
Investor Class		1,689,132			8,506,158
A-Class		184,154			347,893
C-Class		3,152			36,018
H-Class		106,348			1,603,396
Shares redeemed
Investor Class		(2,183,683	)		(8,339,953	)
A-Class		(144,946	)		(269,870	)
C-Class		(13,480	)		(36,364	)
H-Class		(116,247	)		(1,645,973	)
Net increase (decrease) in shares		(475,570	)		201,305

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

INVERSE S&P 500^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	31.00		$	28.88		$	34.46		$	56.92		$	56.77		$	61.76
Income (loss) from investment operations:
Net investment income (loss)b		.59			.42			(.28	)		(.47	)		.31			.46
Net gain (loss) on investments (realized and unrealized)		(.92	)		1.70			(5.30	)		(21.84	)		.26			(5.45	)
Total from investment operations		(.33	)		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	$	30.67		$	31.00		$	28.88		$	34.46		$	56.92		$	56.77
Total Return		(1.06	%)		7.34	%		(16.19	%)		(39.21	%)		1.10	%		(8.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	40,440		$	56,203		$	47,555		$	53,937		$	85,839		$	46,105
Ratios to average net assets:
Net investment income (loss)		3.95	%		1.31	%		(0.91	%)		(1.12	%)		0.58	%		0.78	%
Total expensesc		1.46	%		1.53	%		1.41	%		1.51	%		1.53	%		1.52	%
Net expensesd		1.38	%		1.49	%		1.39	%		1.50	%		1.51	%		1.51	%
Portfolio turnover rate		—			—			—			—			—			—

A-Class	Six Months Ended September 30, 2023a			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	$	28.27		$	26.40		$	31.58		$	52.33		$	52.36		$	57.11
Income (loss) from investment operations:
Net investment income (loss)b		.51			.40			(.32	)		(.56	)		.21			.27
Net gain (loss) on investments (realized and unrealized)		(.85	)		1.47			(4.86	)		(20.04	)		.18			(5.02	)
Total from investment operations		(.34	)		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	$	27.93		$	28.27		$	26.40		$	31.58		$	52.33		$	52.36
Total Returne		(1.20	%)		7.08	%		(16.40	%)		(39.38	%)		0.85	%		(8.32	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,210		$	4,164		$	1,829		$	1,540		$	7,575		$	3,306
Ratios to average net assets:
Net investment income (loss)		3.68	%		1.34	%		(1.15	%)		(1.39	%)		0.43	%		0.50	%
Total expensesc		1.72	%		1.79	%		1.66	%		1.78	%		1.78	%		1.76	%
Net expensesd		1.63	%		1.74	%		1.64	%		1.77	%		1.76	%		1.76	%
Portfolio turnover rate		—			—			—			—			—			—

46 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	24.55		$	23.10		$	27.84		$	46.49		$	46.92		$	51.56
Income (loss) from investment operations:
Net investment income (loss)b		.35			.09			(.46	)		(.80	)		(.22	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		(.73	)		1.36			(4.28	)		(17.70	)		.21			(4.51	)
Total from investment operations		(.38	)		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	$	24.17		$	24.55		$	23.10		$	27.84		$	46.49		$	46.92
Total Returne		(1.55	%)		6.28	%		(17.03	%)		(39.82	%)		0.09	%		(9.00	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	539		$	801		$	762		$	449		$	6,376		$	2,681
Ratios to average net assets:
Net investment income (loss)		2.94	%		0.35	%		(1.92	%)		(2.16	%)		(0.51	%)		(0.27	%)
Total expensesc		2.46	%		2.53	%		2.41	%		2.54	%		2.53	%		2.51	%
Net expensesd		2.38	%		2.48	%		2.39	%		2.53	%		2.51	%		2.51	%
Portfolio turnover rate		—			—			—			—			—			—

H-Class	Six Months Ended September 30, 2023a			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	$	28.29		$	26.41		$	31.58		$	52.32		$	52.35		$	57.11
Income (loss) from investment operations:
Net investment income (loss)b		.51			.25			(.32	)		(.56	)		.17			.29
Net gain (loss) on investments (realized and unrealized)		(.84	)		1.63			(4.85	)		(20.03	)		.22			(5.05	)
Total from investment operations		(.33	)		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	$	27.96		$	28.29		$	26.41		$	31.58		$	52.32		$	52.35
Total Return		(1.17	%)		7.12	%		(16.37	%)		(39.37	%)		0.85	%		(8.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,305		$	1,600		$	2,618		$	933		$	8,890		$	6,772
Ratios to average net assets:
Net investment income (loss)		3.71	%		0.86	%		(1.15	%)		(1.38	%)		0.34	%		0.52	%
Total expensesc		1.71	%		1.78	%		1.66	%		1.78	%		1.78	%		1.77	%
Net expensesd		1.62	%		1.74	%		1.64	%		1.76	%		1.76	%		1.76	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.

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

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

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	November 28, 2014
C-Class	November 28, 2014
H-Class	November 28, 2014

Ten Largest Holdings	% of Total Net Assets
Apple, Inc.	8.8%
Microsoft Corp.	7.7%
Amazon.com, Inc.	4.3%
NVIDIA Corp.	3.5%
Meta Platforms, Inc. — Class A	3.1%
Tesla, Inc.	2.6%
Alphabet, Inc. — Class A	2.5%
Alphabet, Inc. — Class C	2.5%
Broadcom, Inc.	2.4%
Costco Wholesale Corp.	1.8%
Top Ten Total	39.2%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

48 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	Since Inception (11/28/14)
A-Class Shares	19.69%	64.26%	20.93%	26.05%
A-Class Shares with sales charge‡	14.00%	56.45%	19.76%	25.36%
C-Class Shares	19.30%	63.03%	20.01%	25.08%
C-Class Shares with CDSC§	18.30%	62.03%	20.01%	25.08%
H-Class Shares	19.70%	64.24%	20.90%	26.38%
NASDAQ-100 Index	12.09%	35.31%	15.06%	15.98%

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 49

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 81.2%
Technology - 37.8%
Apple, Inc.		247,395	$	42,356,498
Microsoft Corp.		117,568		37,122,096
NVIDIA Corp.		39,085		17,001,584
Broadcom, Inc.		14,005		11,632,273
Adobe, Inc.*		15,468		7,887,133
Advanced Micro Devices, Inc.*		54,830		5,637,621
Intel Corp.		142,125		5,052,544
Texas Instruments, Inc.		30,813		4,899,575
Intuit, Inc.		9,504		4,855,974
QUALCOMM, Inc.		37,873		4,206,175
Applied Materials, Inc.		28,389		3,930,457
Analog Devices, Inc.		16,911		2,960,947
Lam Research Corp.		4,497		2,818,585
Micron Technology, Inc.		37,170		2,528,675
Synopsys, Inc.*		5,161		2,368,744
Cadence Design Systems, Inc.*		9,224		2,161,183
KLA Corp.		4,640		2,128,182
NXP Semiconductor N.V.		8,749		1,749,100
ASML Holding N.V. — Class G		2,943		1,732,426
Marvell Technology, Inc.		29,280		1,584,926
Fortinet, Inc.*		26,651		1,563,880
Workday, Inc. — Class A*		7,025		1,509,321
Autodesk, Inc.*		7,254		1,500,925
Microchip Technology, Inc.		18,473		1,441,818
Paychex, Inc.		12,236		1,411,178
ON Semiconductor Corp.*		14,644		1,361,160
Crowdstrike Holdings, Inc. — Class A*		7,671		1,283,972
Cognizant Technology Solutions Corp. — Class A		17,139		1,160,996
Electronic Arts, Inc.		9,194		1,106,958
GLOBALFOUNDRIES, Inc.*,1		18,589		1,081,694
Atlassian Corp. — Class A*		5,202		1,048,255
Datadog, Inc. — Class A*		10,149		924,473
ANSYS, Inc.*		2,945		876,285
Zscaler, Inc.*		4,951		770,326
Zoom Video Communications, Inc. — Class A*		8,630		603,582
Total Technology				182,259,521
Communications - 21.5%
Amazon.com, Inc.*		163,267		20,754,501
Meta Platforms, Inc. — Class A*		49,298		14,799,753
Alphabet, Inc. — Class A*		93,883		12,285,529
Alphabet, Inc. — Class C*		91,795		12,103,171
Cisco Systems, Inc.		138,292		7,434,578
Comcast Corp. — Class A		139,671		6,193,012
Netflix, Inc.*		15,039		5,678,726
T-Mobile US, Inc.		39,925		5,591,496
Booking Holdings, Inc.*		1,211		3,734,664
Palo Alto Networks, Inc.*		10,380		2,433,487
Charter Communications, Inc. — Class A*		5,079		2,233,846
PDD Holdings, Inc. ADR*		22,110		2,168,328
MercadoLibre, Inc.*		1,700		2,155,396
Airbnb, Inc. — Class A*		14,469		1,985,292
Trade Desk, Inc. — Class A*		15,141		1,183,269
Warner Bros Discovery, Inc.*		82,716		898,296
eBay, Inc.		18,059		796,221
Sirius XM Holdings, Inc.1		130,397		589,394
JD.com, Inc. ADR		15,392		448,369
Total Communications				103,467,328
Consumer, Non-cyclical - 11.0%
PepsiCo, Inc.		46,716		7,915,559
Amgen, Inc.		18,153		4,878,800
Intuitive Surgical, Inc.*		11,924		3,485,266
Automatic Data Processing, Inc.		13,981		3,363,549
Mondelez International, Inc. — Class A		46,167		3,203,990
Gilead Sciences, Inc.		42,285		3,168,838
Vertex Pharmaceuticals, Inc.*		8,759		3,045,855
Regeneron Pharmaceuticals, Inc.*		3,622		2,980,761
PayPal Holdings, Inc.*		37,263		2,178,395
Monster Beverage Corp.*		35,549		1,882,320
Cintas Corp.		3,453		1,660,928
Keurig Dr Pepper, Inc.		47,418		1,496,986
Kraft Heinz Co.		41,684		1,402,250
Seagen, Inc.*		6,370		1,351,395
AstraZeneca plc ADR		19,770		1,338,824
Moderna, Inc.*		12,916		1,334,094
Biogen, Inc.*		4,915		1,263,204
IDEXX Laboratories, Inc.*		2,817		1,231,790
Dexcom, Inc.*		13,163		1,228,108
Verisk Analytics, Inc. — Class A		4,922		1,162,773
CoStar Group, Inc.*		13,857		1,065,465
GE HealthCare Technologies, Inc.		15,435		1,050,197
Align Technology, Inc.*		2,597		792,916
Illumina, Inc.*		5,372		737,468
Total Consumer, Non-cyclical				53,219,731
Consumer, Cyclical - 7.7%
Tesla, Inc.*		50,225		12,567,300
Costco Wholesale Corp.		15,050		8,502,648
Starbucks Corp.		38,871		3,547,756
Marriott International, Inc. — Class A		10,121		1,989,384
O’Reilly Automotive, Inc.*		2,045		1,858,619
Lululemon Athletica, Inc.*		4,121		1,589,099
PACCAR, Inc.		17,742		1,508,425
Copart, Inc.*		32,405		1,396,331
Ross Stores, Inc.		11,561		1,305,815
Fastenal Co.		19,389		1,059,415
Dollar Tree, Inc.*		7,466		794,755
Walgreens Boots Alliance, Inc.		29,296		651,543
Lucid Group, Inc.*,1		77,124		431,123
Total Consumer, Cyclical				37,202,213
Industrial - 1.6%
Honeywell International, Inc.		22,532		4,162,562
CSX Corp.		68,087		2,093,675
Old Dominion Freight Line, Inc.		3,708		1,517,091
Total Industrial				7,773,328

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
Utilities - 1.0%
American Electric Power Company, Inc.		17,483	$	1,315,071
Exelon Corp.		33,774		1,276,320
Constellation Energy Corp.		10,914		1,190,499
Xcel Energy, Inc.		18,717		1,070,987
Total Utilities				4,852,877
Energy - 0.6%
Baker Hughes Co.		34,264		1,210,204
Diamondback Energy, Inc.		6,068		939,812
Enphase Energy, Inc.*		4,627		555,934
Total Energy				2,705,950
Total Common Stocks
(Cost $337,801,667)				391,480,948
MUTUAL FUNDS† - 1.2%
Guggenheim Ultra Short Duration Fund — Institutional Class2		301,467		2,939,307
Guggenheim Strategy Fund II2		115,431		2,801,521
Total Mutual Funds
(Cost $5,770,077)				5,740,828
	Face Amount
U.S. TREASURY BILLS†† - 11.0%
U.S. Treasury Bills
5.27% due 11/07/233,4	$	35,500,000		35,312,693
5.29% due 12/12/233,4		12,000,000		11,874,330
4.66% due 10/05/234,5		4,700,000		4,697,936
5.28% due 11/07/234		900,000		895,251
5.29% due 11/07/234		300,000		298,417
Total U.S. Treasury Bills
(Cost $53,071,603)				53,078,627
REPURCHASE AGREEMENTS††,6 - 8.3%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/233		22,649,640		22,649,640
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/233		8,798,292		8,798,292
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/233		8,711,400		8,711,400
Total Repurchase Agreements
(Cost $40,159,332)				40,159,332
SECURITIES LENDING COLLATERAL†,7 - 0.3%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%8		1,630,125		1,630,125
Total Securities Lending Collateral
(Cost $1,630,125)				1,630,125
Total Investments - 102.0%
(Cost $438,432,804)			$	492,089,860
Other Assets & Liabilities, net - (2.0)%				(9,753,960	)
Total Net Assets - 100.0%			$	482,335,900

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		211		Dec 2023	$	62,739,795	$	(3,030,821	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

BNP Paribas

NASDAQ-100 Index

Pay

5.98% (Federal Funds Rate + 0.65%)

At Maturity

12/21/23

1,643

$

24,183,040

$

(418,538

)

Goldman Sachs International

NASDAQ-100 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

12/21/23

15,193

223,572,107

(3,188,013

)

Barclays Bank plc

NASDAQ-100 Index

Pay

5.81% (SOFR + 0.50%)

At Maturity

12/20/23

17,868

262,937,282

(7,881,615

)

$

510,692,429

$

(11,488,166

)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2023 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 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 September 30, 2023.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of September 30, 2023.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	391,480,948	$	—	$	—	$	391,480,948
Mutual Funds		5,740,828		—		—		5,740,828
U.S. Treasury Bills		—		53,078,627		—		53,078,627
Repurchase Agreements		—		40,159,332		—		40,159,332
Securities Lending Collateral		1,630,125		—		—		1,630,125
Total Assets	$	398,851,901	$	93,237,959	$	—	$	492,089,860

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	3,030,821	$	—	$	—	$	3,030,821
Equity Index Swap Agreements**		—		11,488,166		—		11,488,166
Total Liabilities	$	3,030,821	$	11,488,166	$	—	$	14,518,987

** 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	3,393,112	$	—	$	(600,000	)	$	(1,978	)	$	10,387	$	2,801,521		115,431	$	87,324
Guggenheim Ultra Short Duration Fund — Institutional Class		3,524,787		—		(600,000	)		(5,538	)		20,058		2,939,307		301,467		87,379
	$	6,917,899	$	—	$	(1,200,000	)	$	(7,516	)	$	30,445	$	5,740,828			$	174,703

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

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value - including $1,549,697 of securities loaned (cost $392,503,395)	$	446,189,700
Investments in affiliated issuers, at value (cost $5,770,077)		5,740,828
Repurchase agreements, at value (cost $40,159,332)		40,159,332
Segregated cash with broker		1,400,769
Receivables:
Securities sold		15,032,303
Fund shares sold		1,779,743
Investment Adviser		178,835
Dividends		101,616
Variation margin on futures contracts		38,197
Interest		11,820
Securities lending income		2,790
Total assets		510,635,933
Liabilities:
Unrealized depreciation on OTC swap agreements		11,488,166
Payable for:
Fund shares redeemed		11,949,829
Swap settlement		2,319,628
Return of securities lending collateral		1,630,125
Management fees		381,831
Transfer agent fees		112,578
Distribution and service fees		106,980
Portfolio accounting and administration fees		16,992
Trustees’ fees*		5,911
Miscellaneous		287,993
Total liabilities		28,300,033
Net assets	$	482,335,900
Net assets consist of:
Paid in capital	$	451,928,717
Total distributable earnings (loss)		30,407,183
Net assets	$	482,335,900
A-Class:
Net assets	$	4,891,516
Capital shares outstanding		13,671
Net asset value per share	$	357.75
Maximum offering price per share (Net asset value divided by 95.25%)	$	375.59
C-Class:
Net assets	$	1,158,495
Capital shares outstanding		3,482
Net asset value per share	$	332.71
H-Class:
Net assets	$	476,285,889
Capital shares outstanding		1,299,060
Net asset value per share	$	366.64

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $2,559)	$	1,440,345
Dividends from securities of affiliated issuers		174,703
Interest		1,693,435
Income from securities lending, net		33,000
Total investment income		3,341,483
Expenses:
Management fees		2,022,197
Distribution and service fees:
A-Class		7,031
C-Class		5,728
H-Class		553,244
Transfer agent fees		460,865
Interest expense		571,798
Portfolio accounting and administration fees		318,983
Registration fees		186,904
Professional fees		130,180
Trustees’ fees*		34,590
Custodian fees		30,358
Line of credit fees		217
Miscellaneous		146,995
Total expenses		4,469,090
Less:
Expenses reimbursed by Adviser		(147,952	)
Expenses waived by Adviser		(926,821	)
Total waived expenses		(1,074,773	)
Net expenses		3,394,317
Net investment loss		(52,834	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		35,462,266
Investments in affiliated issuers		(7,516	)
Swap agreements		66,344,496
Futures contracts		9,991,421
Net realized gain		111,790,667
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		8,432,792
Investments in affiliated issuers		30,445
Swap agreements		(24,650,950	)
Futures contracts		(8,432,333	)
Net change in unrealized appreciation (depreciation)		(24,620,046	)
Net realized and unrealized gain		87,170,621
Net increase in net assets resulting from operations	$	87,117,787

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

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

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(52,834	)	$	278,163
Net realized gain (loss) on investments		111,790,667			(78,599,679	)
Net change in unrealized appreciation (depreciation) on investments		(24,620,046	)		51,687,976
Net increase (decrease) in net assets resulting from operations		87,117,787			(26,633,540	)
Capital share transactions:
Proceeds from sale of shares
A-Class		3,415,355			6,041,787
C-Class		105,129			275,014
H-Class		591,849,387			3,336,949,993
Cost of shares redeemed
A-Class		(4,063,846	)		(7,341,375	)
C-Class		(83,922	)		(299,704	)
H-Class		(582,057,780	)		(3,046,284,758	)
Net increase from capital share transactions		9,164,323			289,340,957
Net increase in net assets		96,282,110			262,707,417
Net assets:
Beginning of period		386,053,790			123,346,373
End of period	$	482,335,900		$	386,053,790
Capital share activity:
Shares sold
A-Class		9,069			21,048
C-Class		328			1,051
H-Class		1,561,772			11,582,345
Shares redeemed
A-Class		(10,835	)		(25,121	)
C-Class		(254	)		(1,190	)
H-Class		(1,504,873	)		(10,598,076	)
Net increase in shares		55,207			980,057

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	298.90		$	429.31		$	355.42		$	141.86		$	134.54		$	113.31
Income (loss) from investment operations:
Net investment income (loss)b		.07			.32			(3.11	)		(1.74	)		.23			.25
Net gain (loss) on investments (realized and unrealized)		58.78			(130.73	)		88.53			233.57			7.28			20.98
Total from investment operations		58.85			(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	$	357.75		$	298.90		$	429.31		$	355.42		$	141.86		$	134.54
Total Returnc		19.69	%		(30.38	%)		23.48	%		164.83	%		5.56	%		18.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,892		$	4,614		$	8,376		$	5,504		$	2,434		$	3,077
Ratios to average net assets:
Net investment income (loss)		0.04	%		0.12	%		(0.70	%)		(0.60	%)		0.15	%		0.19	%
Total expensesd		1.97	%		1.77	%		1.69	%		1.77	%		1.83	%		1.81	%
Net expensese,f		1.49	%		1.31	%		1.32	%		1.33	%		1.34	%		1.35	%
Portfolio turnover rate		128	%		1,054	%		922	%		509	%		990	%		467	%

C-Class	Six Months Ended September 30, 2023a			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	$	278.89		$	403.95		$	337.38		$	136.06		$	130.01		$	110.32
Income (loss) from investment operations:
Net investment income (loss)b		(1.21	)		(1.56	)		(6.08	)		(3.70	)		(.83	)		(.64	)
Net gain (loss) on investments (realized and unrealized)		55.03			(123.50	)		84.18			223.29			7.07			20.33
Total from investment operations		53.82			(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	$	332.71		$	278.89		$	403.95		$	337.38		$	136.06		$	130.01
Total Returnc		19.30	%		(30.96	%)		22.55	%		162.86	%		4.77	%		17.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,158		$	951		$	1,433		$	1,751		$	552		$	476
Ratios to average net assets:
Net investment income (loss)		(0.73	%)		(0.61	%)		(1.44	%)		(1.34	%)		(0.55	%)		(0.52	%)
Total expensesd		2.74	%		2.52	%		2.44	%		2.52	%		2.58	%		2.57	%
Net expensese,f		2.25	%		2.06	%		2.07	%		2.08	%		2.09	%		2.11	%
Portfolio turnover rate		128	%		1,054	%		922	%		509	%		990	%		467	%

56 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	306.31		$	440.25		$	364.34		$	145.23		$	137.80		$	116.07
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		.27			(3.35	)		(1.81	)		.12			.19
Net gain (loss) on investments (realized and unrealized)		60.37			(134.21	)		90.79			239.19			7.50			21.54
Total from investment operations		60.33			(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	$	366.64		$	306.31		$	440.25		$	364.34		$	145.23		$	137.80
Total Return		19.70	%		(30.42	%)		23.46	%		164.81	%		5.51	%		18.72	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	476,286		$	380,489		$	113,538		$	90,776		$	22,586		$	128,354
Ratios to average net assets:
Net investment income (loss)		(0.02	%)		0.10	%		(0.71	%)		(0.60	%)		0.08	%		0.15	%
Total expensesd		1.99	%		1.77	%		1.69	%		1.77	%		1.82	%		1.81	%
Net expensese,f		1.51	%		1.32	%		1.33	%		1.33	%		1.34	%		1.35	%
Portfolio turnover rate		128	%		1,054	%		922	%		509	%		990	%		467	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

	09/30/23a			03/31/23			03/31/22			03/31/21			03/31/20			03/31/19
A-Class		1.24	%		1.27	%		1.32	%		1.33	%		1.33	%		1.35	%
C-Class		1.99	%		2.02	%		2.06	%		2.08	%		2.08	%		2.10	%
H-Class		1.25	%		1.28	%		1.33	%		1.33	%		1.33	%		1.35	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 57

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

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	September 3, 1998
A-Class	March 31, 2004
C-Class	March 7, 2001
H-Class	September 18, 2014

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

Largest Holdings	% of Total Net Assets
Guggenheim Strategy Fund II	6.5%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.6%
Total	11.1%
“Largest Holdings” excludes any temporary cash or derivative investments.

58 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(7.77%)	(23.85%)	(16.96%)	(17.73%)
A-Class Shares	(7.87%)	(24.03%)	(17.17%)	(17.84%)
A-Class Shares with sales charge‡	(12.25%)	(27.65%)	(17.98%)	(18.24%)
C-Class Shares	(8.25%)	(24.62%)	(17.80%)	(18.57%)
C-Class Shares with CDSC§	(9.17%)	(25.37%)	(17.80%)	(18.57%)
NASDAQ-100 Index	12.09%	35.31%	15.06%	17.64%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(7.90%)	(24.08%)	(17.18%)	(17.10%)
NASDAQ-100 Index	12.09%	35.31%	15.06%	16.36%

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 59

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
INVERSE NASDAQ-100® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 11.1%
Guggenheim Strategy Fund II1		49,399	$	1,198,922
Guggenheim Ultra Short Duration Fund — Institutional Class1		87,169		849,895
Total Mutual Funds
(Cost $2,033,556)				2,048,817
	Face Amount
U.S. TREASURY BILLS†† - 51.4%
U.S. Treasury Bills
5.27% due 10/03/232	$	2,100,000		2,099,693
5.27% due 11/02/232		2,100,000		2,090,434
5.29% due 11/28/232		2,000,000		1,983,130
5.27% due 10/10/232		1,800,000		1,797,896
5.26% due 11/07/232,3		1,400,000		1,392,613
5.29% due 11/07/232,3		100,000		99,472
4.65% due 10/05/232,4		50,000		49,978
Total U.S. Treasury Bills
(Cost $9,511,982)				9,513,216
FEDERAL AGENCY DISCOUNT NOTES†† - 6.4%
Federal Home Loan Bank
5.32% due 11/17/232		1,200,000		1,191,829
Total Federal Agency Discount Notes
(Cost $1,191,665)				1,191,829

REPURCHASE AGREEMENTS††,5 - 39.1%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/233	4,084,619		4,084,619
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/233	1,586,677		1,586,677
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/233	1,571,007		1,571,007
Total Repurchase Agreements
(Cost $7,242,303)			7,242,303
Total Investments - 108.0%
(Cost $19,979,506)		$	19,996,165
Other Assets & Liabilities, net - (8.0)%			(1,484,970	)
Total Net Assets - 100.0%		$	18,511,195

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Sold Short†
NASDAQ-100 Index Mini Futures Contracts		2		Dec 2023	$	594,690	$	32,189

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements Sold Short††

Barclays Bank plc

NASDAQ-100 Index

Receive

5.66% (SOFR + 0.35%)

At Maturity

12/20/23

633

$

9,307,700

$

301,081

BNP Paribas

NASDAQ-100 Index

Receive

5.58% (Federal Funds Rate + 0.25%)

At Maturity

12/21/23

349

5,138,979

88,930

Goldman Sachs International

NASDAQ-100 Index

Receive

5.63% (Federal Funds Rate + 0.30%)

At Maturity

12/21/23

234

3,446,015

59,649

$

17,892,694

$

449,660

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
INVERSE NASDAQ-100® STRATEGY FUND

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2023.
4	All or a portion of this security is pledged as futures collateral at September 30, 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 September 30, 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	$	2,048,817	$	—	$	—	$	2,048,817
U.S. Treasury Bills		—		9,513,216		—		9,513,216
Federal Agency Discount Notes		—		1,191,829		—		1,191,829
Repurchase Agreements		—		7,242,303		—		7,242,303
Equity Futures Contracts**		32,189		—		—		32,189
Equity Index Swap Agreements**		—		449,660		—		449,660
Total Assets	$	2,081,006	$	18,397,008	$	—	$	20,478,014

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 61

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,195,958	$	—	$	—	$	—	$	2,964	$	1,198,922		49,399	$	33,027
Guggenheim Ultra Short Duration Fund — Institutional Class		846,408		—		—		—		3,487		849,895		87,169		22,401
	$	2,042,366	$	—	$	—	$	—	$	6,451	$	2,048,817			$	55,428

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

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $10,703,647)	$	10,705,045
Investments in affiliated issuers, at value (cost $2,033,556)		2,048,817
Repurchase agreements, at value (cost $7,242,303)		7,242,303
Unrealized appreciation on OTC swap agreements		449,660
Receivables:
Swap settlement		98,919
Fund shares sold		49,797
Dividends		9,317
Interest		2,131
Total assets		20,605,989
Liabilities:
Segregated cash due to broker		520,000
Payable for:
Fund shares redeemed		1,539,318
Management fees		15,656
Transfer agent fees		5,372
Portfolio accounting and administration fees		923
Distribution and service fees		681
Variation margin on futures contracts		300
Trustees’ fees*		293
Miscellaneous		12,251
Total liabilities		2,094,794
Net assets	$	18,511,195
Net assets consist of:
Paid in capital	$	95,563,955
Total distributable earnings (loss)		(77,052,760	)
Net assets	$	18,511,195
Investor Class:
Net assets	$	16,549,661
Capital shares outstanding		778,489
Net asset value per share	$	21.26
A-Class:
Net assets	$	1,118,460
Capital shares outstanding		54,947
Net asset value per share	$	20.36
Maximum offering price per share (Net asset value divided by 95.25%)	$	21.38
C-Class:
Net assets	$	325,162
Capital shares outstanding		19,480
Net asset value per share	$	16.69
H-Class:
Net assets	$	517,912
Capital shares outstanding		25,832
Net asset value per share	$	20.05

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	55,428
Interest		635,741
Total investment income		691,169
Expenses:
Management fees		114,944
Distribution and service fees:
A-Class		2,220
C-Class		1,340
H-Class		754
Transfer agent fees		26,882
Portfolio accounting and administration fees		19,467
Registration fees		14,872
Professional fees		6,086
Trustees’ fees*		2,824
Custodian fees		1,767
Interest expense		917
Miscellaneous		3,853
Total expenses		195,926
Less:
Expenses reimbursed by Adviser		(8,290	)
Expenses waived by Adviser		(1,064	)
Total waived/reimbursed expenses		(9,354	)
Net expenses		186,572
Net investment income		504,597
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(436	)
Swap agreements		(4,477,101	)
Futures contracts		(59,223	)
Net realized loss		(4,536,760	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(2,709	)
Investments in affiliated issuers		6,451
Swap agreements		1,735,872
Futures contracts		32,189
Net change in unrealized appreciation (depreciation)		1,771,803
Net realized and unrealized loss		(2,764,957	)
Net decrease in net assets resulting from operations	$	(2,260,360	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	504,597		$	702,459
Net realized loss on investments		(4,536,760	)		(5,682,700	)
Net change in unrealized appreciation (depreciation) on investments		1,771,803			(609,495	)
Net decrease in net assets resulting from operations		(2,260,360	)		(5,589,736	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		37,448,006			524,576,731
A-Class		2,829,471			6,472,154
C-Class		457,535			258,552
H-Class		3,647,356			15,316,386
Cost of shares redeemed
Investor Class		(48,697,003	)		(503,565,331	)
A-Class		(2,781,879	)		(7,224,219	)
C-Class		(156,199	)		(1,075,097	)
H-Class		(3,663,054	)		(17,542,627	)
Net increase (decrease) from capital share transactions		(10,915,767	)		17,216,549
Net increase (decrease) in net assets		(13,176,127	)		11,626,813
Net assets:
Beginning of period		31,687,322			20,060,509
End of period	$	18,511,195		$	31,687,322
Capital share activity:
Shares sold
Investor Class		1,784,111			20,063,694
A-Class		132,817			268,140
C-Class		26,746			12,742
H-Class		177,191			617,520
Shares redeemed
Investor Class		(2,296,777	)		(19,458,419	)
A-Class		(137,199	)		(299,089	)
C-Class		(9,473	)		(51,367	)
H-Class		(177,734	)		(715,937	)
Net increase (decrease) in shares		(500,318	)		437,284

64 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	23.05		$	21.73		$	26.17		$	47.65		$	54.72		$	63.05
Income (loss) from investment operations:
Net investment income (loss)b		.43			.40			(.28	)		(.40	)		.09			.56
Net gain (loss) on investments (realized and unrealized)		(2.22	)		.92	f		(4.16	)		(21.05	)		(6.83	)		(8.89	)
Total from investment operations		(1.79	)		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	$	21.26		$	23.05		$	21.73		$	26.17		$	47.65		$	54.72
Total Return		(7.77	%)		6.07	%		(16.97	%)		(45.03	%)		(12.32	%)		(13.21	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,550		$	29,762		$	14,902		$	26,018		$	59,321		$	6,473
Ratios to average net assets:
Net investment income (loss)		3.98	%		1.55	%		(1.22	%)		(1.28	%)		0.17	%		0.93	%
Total expensesc		1.50	%		1.59	%		1.46	%		1.54	%		1.57	%		1.56	%
Net expensesd		1.43	%		1.55	%		1.44	%		1.52	%		1.54	%		1.54	%
Portfolio turnover rate		—			—			23	%		37	%		37	%		38	%

A-Class	Six Months Ended September 30, 2023a			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	$	22.10		$	20.88		$	25.22		$	46.04		$	53.01		$	61.24
Income (loss) from investment operations:
Net investment income (loss)b		.39			.33			(.31	)		(.45	)		.19			.41
Net gain (loss) on investments (realized and unrealized)		(2.13	)		.89	f		(4.03	)		(20.34	)		(6.83	)		(8.64	)
Total from investment operations		(1.74	)		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	$	20.36		$	22.10		$	20.88		$	25.22		$	46.04		$	53.01
Total Returne		(7.87	%)		5.84	%		(17.21	%)		(45.17	%)		(12.53	%)		(13.44	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,118		$	1,311		$	1,885		$	1,489		$	523		$	835
Ratios to average net assets:
Net investment income (loss)		3.77	%		1.35	%		(1.41	%)		(1.51	%)		0.39	%		0.72	%
Total expensesc		1.75	%		1.82	%		1.70	%		1.78	%		1.81	%		1.81	%
Net expensesd		1.68	%		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 SEMI-ANNUAL REPORT | 65

INVERSE NASDAQ-100^® STRATEGY FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	18.19		$	17.31		$	21.07		$	38.76		$	45.03		$	52.43
Income (loss) from investment operations:
Net investment income (loss)b		.25			(.24	)		(.38	)		(.60	)		(.17	)		(.06	)
Net gain (loss) on investments (realized and unrealized)		(1.75	)		1.12	f		(3.38	)		(17.06	)		(5.77	)		(7.34	)
Total from investment operations		(1.50	)		.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	$	16.69		$	18.19		$	17.31		$	21.07		$	38.76		$	45.03
Total Returne		(8.25	%)		5.08	%		(17.85	%)		(45.58	%)		(13.19	%)		(14.11	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	325		$	40		$	707		$	73		$	234		$	128
Ratios to average net assets:
Net investment income (loss)		3.09	%		(1.22	%)		(2.16	%)		(2.26	%)		(0.41	%)		(0.13	%)
Total expensesc		2.50	%		2.56	%		2.45	%		2.55	%		2.57	%		2.53	%
Net expensesd		2.42	%		2.55	%		2.43	%		2.54	%		2.53	%		2.53	%
Portfolio turnover rate		—			—			23	%		37	%		37	%		38	%

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

INVERSE NASDAQ-100^® STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	21.77		$	20.57		$	24.83		$	45.36		$	52.24		$	60.37
Income (loss) from investment operations:
Net investment income (loss)b		.38			.09			(.32	)		(.46	)		(.02	)		.37
Net gain (loss) on investments (realized and unrealized)		(2.10	)		1.11	f		(3.94	)		(20.04	)		(6.53	)		(8.50	)
Total from investment operations		(1.72	)		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	$	20.05		$	21.77		$	20.57		$	24.83		$	45.36		$	52.24
Total Return		(7.90	%)		5.83	%		(17.16	%)		(45.21	%)		(12.54	%)		(13.47	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	518		$	574		$	2,567		$	337		$	583		$	341
Ratios to average net assets:
Net investment income (loss)		3.75	%		0.39	%		(1.49	%)		(1.51	%)		(0.05	%)		0.63	%
Total expensesc		1.75	%		1.83	%		1.72	%		1.79	%		1.82	%		1.81	%
Net expensesd		1.68	%		1.80	%		1.71	%		1.78	%		1.79	%		1.79	%
Portfolio turnover rate		—			—			23	%		37	%		37	%		38	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 67

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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 mid-cap securities on a daily basis. The Fund’s current benchmark is 150% of the performance of the S&P MidCap 400^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	March 31, 2004
C-Class	August 20, 2001
H-Class	August 16, 2001

Ten Largest Holdings	% of Total Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	8.4%
Guggenheim Strategy Fund II	2.3%
Hubbell, Inc.	0.6%
Jabil, Inc.	0.6%
Builders FirstSource, Inc.	0.5%
Reliance Steel & Aluminum Co.	0.5%
Deckers Outdoor Corp.	0.4%
Carlisle Companies, Inc.	0.4%
Watsco, Inc.	0.4%
Super Micro Computer, Inc.	0.4%
Top Ten Total	14.5%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

68 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(1.93%)	17.61%	3.32%	9.11%
A-Class Shares with sales charge‡	(6.59%)	12.03%	2.32%	8.58%
C-Class Shares	(2.28%)	16.73%	2.55%	8.30%
C-Class Shares with CDSC§	(3.26%)	15.73%	2.55%	8.30%
H-Class Shares	(1.93%)	17.61%	3.29%	9.14%
S&P MidCap 400 Index	0.45%	15.51%	6.06%	8.94%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P MidCap 400 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 69

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 74.7%
Industrial - 18.2%
Hubbell, Inc.		184	$	57,667
Jabil, Inc.		448		56,847
Builders FirstSource, Inc.*		428		53,282
Carlisle Companies, Inc.		171		44,333
Graco, Inc.		578		42,125
Owens Corning		307		41,878
Lennox International, Inc.		109		40,814
AECOM		475		39,444
Crown Holdings, Inc.		413		36,542
Saia, Inc.*		91		36,277
Lincoln Electric Holdings, Inc.		196		35,631
EMCOR Group, Inc.		161		33,873
Regal Rexnord Corp.		227		32,433
nVent Electric plc		567		30,045
XPO, Inc.*		397		29,640
Toro Co.		356		29,583
Clean Harbors, Inc.*		172		28,786
AptarGroup, Inc.		225		28,134
Knight-Swift Transportation Holdings, Inc.		552		27,683
Tetra Tech, Inc.		182		27,669
ITT, Inc.		281		27,513
TopBuild Corp.*		109		27,424
Advanced Drainage Systems, Inc.		237		26,978
Fortune Brands Innovations, Inc.		434		26,978
National Instruments Corp.		450		26,829
Woodward, Inc.		207		25,722
Curtiss-Wright Corp.		131		25,628
AGCO Corp.		213		25,194
Cognex Corp.		590		25,039
Berry Global Group, Inc.		404		25,012
Donaldson Company, Inc.		415		24,751
Chart Industries, Inc.*		144		24,353
GXO Logistics, Inc.*		407		23,871
Arrow Electronics, Inc.*		190		23,796
BWX Technologies, Inc.		313		23,469
Middleby Corp.*		183		23,424
Graphic Packaging Holding Co.		1,051		23,416
Universal Display Corp.		149		23,392
RBC Bearings, Inc.*		99		23,179
Trex Company, Inc.*		371		22,865
Simpson Manufacturing Company, Inc.		146		21,872
Landstar System, Inc.		123		21,764
UFP Industries, Inc.		212		21,709
Oshkosh Corp.		223		21,281
Littelfuse, Inc.		85		21,022
Eagle Materials, Inc.		121		20,149
MSA Safety, Inc.		126		19,864
Sensata Technologies Holding plc		522		19,742
Hexcel Corp.		289		18,825
Acuity Brands, Inc.		107		18,223
Sonoco Products Co.		335		18,207
Fluor Corp.*		491		18,020
Flowserve Corp.		449		17,857
Novanta, Inc.*		123		17,643
Valmont Industries, Inc.		72		17,295
Kirby Corp.*		204		16,891
Ryder System, Inc.		156		16,684
Timken Co.		224		16,462
Vontier Corp.		530		16,388
TD SYNNEX Corp.		164		16,377
Watts Water Technologies, Inc. — Class A		94		16,245
Avnet, Inc.		313		15,083
MasTec, Inc.*		207		14,898
Exponent, Inc.		174		14,894
Crane Co.		167		14,836
Coherent Corp.*		445		14,525
Stericycle, Inc.*		317		14,173
Belden, Inc.		145		14,000
MDU Resources Group, Inc.		697		13,647
Esab Corp.		194		13,623
Terex Corp.		231		13,310
EnerSys		140		13,254
GATX Corp.		121		13,168
Silgan Holdings, Inc.		286		12,329
Louisiana-Pacific Corp.		220		12,159
Vishay Intertechnology, Inc.		434		10,728
Knife River Corp.*		174		8,496
Werner Enterprises, Inc.		217		8,452
Worthington Industries, Inc.		104		6,429
Greif, Inc. — Class A		87		5,813
Vicor Corp.*		77		4,535
Total Industrial				1,882,391
Financial - 15.8%
Gaming and Leisure Properties, Inc. REIT		899		40,949
Equity LifeStyle Properties, Inc. REIT		637		40,583
Fidelity National Financial, Inc.		885		36,550
Rexford Industrial Realty, Inc. REIT		706		34,841
RenaissanceRe Holdings Ltd.		175		34,636
Reinsurance Group of America, Inc. — Class A		227		32,958
Annaly Capital Management, Inc. REIT		1,690		31,789
Interactive Brokers Group, Inc. — Class A		366		31,681
Kinsale Capital Group, Inc.		75		31,060
Unum Group		629		30,941
CubeSmart REIT		769		29,322
New York Community Bancorp, Inc.		2,472		28,032
Omega Healthcare Investors, Inc. REIT		838		27,788
EastGroup Properties, Inc. REIT		155		25,812
East West Bancorp, Inc.		484		25,512
American Financial Group, Inc.		227		25,349
Lamar Advertising Co. — Class A REIT		300		25,041
Erie Indemnity Co. — Class A		85		24,972
Ally Financial, Inc.		929		24,785
Old Republic International Corp.		906		24,408
Voya Financial, Inc.		362		24,055
Webster Financial Corp.		593		23,904
Primerica, Inc.		122		23,669
Jones Lang LaSalle, Inc.*		163		23,012
Jefferies Financial Group, Inc.		605		22,161
NNN REIT, Inc.		624		22,052

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Stifel Financial Corp.		357	$	21,934
First Industrial Realty Trust, Inc. REIT		453		21,558
Brixmor Property Group, Inc. REIT		1,029		21,383
Selective Insurance Group, Inc.		207		21,356
STAG Industrial, Inc. REIT		615		21,224
First Horizon Corp.		1,912		21,070
SEI Investments Co.		344		20,719
Cullen/Frost Bankers, Inc.		219		19,975
First American Financial Corp.		353		19,941
Healthcare Realty Trust, Inc. REIT		1,303		19,897
Starwood Property Trust, Inc. REIT		1,017		19,679
RLI Corp.		137		18,617
Commerce Bancshares, Inc.		388		18,616
Agree Realty Corp. REIT		329		18,174
Pinnacle Financial Partners, Inc.		263		17,632
Prosperity Bancshares, Inc.		321		17,520
SouthState Corp.		260		17,514
Essent Group Ltd.		366		17,308
Western Union Co.		1,282		16,897
Evercore, Inc. — Class A		119		16,408
Spirit Realty Capital, Inc. REIT		484		16,228
MGIC Investment Corp.		966		16,123
Kite Realty Group Trust REIT		751		16,086
Wintrust Financial Corp.		209		15,780
Apartment Income REIT Corp.		511		15,688
Affiliated Managers Group, Inc.		120		15,641
Old National Bancorp		1,001		14,555
Columbia Banking System, Inc.		714		14,494
Synovus Financial Corp.		500		13,900
Hanover Insurance Group, Inc.		122		13,540
Home BancShares, Inc.		645		13,506
Bank OZK		360		13,345
Rayonier, Inc. REIT		467		13,291
Cadence Bank		625		13,262
FNB Corp.		1,228		13,250
United Bankshares, Inc.		462		12,747
Valley National Bancorp		1,459		12,489
Vornado Realty Trust REIT		548		12,429
PotlatchDeltic Corp. REIT		273		12,391
Janus Henderson Group plc		453		11,696
Kilroy Realty Corp. REIT		365		11,538
Medical Properties Trust, Inc. REIT1		2,048		11,162
First Financial Bankshares, Inc.		440		11,053
Sabra Health Care REIT, Inc.		791		11,027
Brighthouse Financial, Inc.*		224		10,963
Hancock Whitney Corp.		295		10,912
Independence Realty Trust, Inc. REIT		768		10,806
Glacier Bancorp, Inc.		379		10,801
EPR Properties REIT		258		10,717
Cousins Properties, Inc. REIT		519		10,572
SLM Corp.		774		10,542
Federated Hermes, Inc. — Class B		302		10,229
Physicians Realty Trust REIT		816		9,947
Texas Capital Bancshares, Inc.*		164		9,660
UMB Financial Corp.		149		9,245
CNO Financial Group, Inc.		387		9,183
COPT Defense Properties REIT		385		9,175
Park Hotels & Resorts, Inc. REIT		738		9,092
National Storage Affiliates Trust REIT		284		9,014
Associated Banc-Corp.		516		8,829
Kemper Corp.		206		8,658
International Bancshares Corp.		183		7,931
Total Financial				1,634,781
Consumer, Cyclical - 11.6%
Deckers Outdoor Corp.*		89		45,754
Watsco, Inc.		115		43,438
Casey’s General Stores, Inc.		128		34,755
Williams-Sonoma, Inc.		220		34,188
BJ’s Wholesale Club Holdings, Inc.*		460		32,830
Aramark		893		30,987
Five Below, Inc.*		190		30,571
Vail Resorts, Inc.		132		29,290
Lithia Motors, Inc. — Class A		94		27,761
Toll Brothers, Inc.		374		27,661
Churchill Downs, Inc.		233		27,037
Lear Corp.		201		26,974
Mattel, Inc.*		1,212		26,700
Gentex Corp.		799		25,999
Tempur Sealy International, Inc.		589		25,527
Autoliv, Inc.		260		25,085
Dick’s Sporting Goods, Inc.		214		23,236
Murphy USA, Inc.		67		22,896
Skechers USA, Inc. — Class A*		460		22,517
Light & Wonder, Inc. — Class A*		312		22,255
Texas Roadhouse, Inc. — Class A		228		21,911
WESCO International, Inc.		151		21,717
Capri Holdings Ltd.*		397		20,886
Wyndham Hotels & Resorts, Inc.		288		20,027
Polaris, Inc.		182		18,954
Brunswick Corp.		239		18,881
Crocs, Inc.*		211		18,616
Wingstop, Inc.		103		18,524
Thor Industries, Inc.		182		17,314
PVH Corp.		215		16,450
Ollie’s Bargain Outlet Holdings, Inc.*		211		16,285
Dolby Laboratories, Inc. — Class A		204		16,169
Taylor Morrison Home Corp. — Class A*		375		15,979
MSC Industrial Direct Company, Inc. — Class A		162		15,900
GameStop Corp. — Class A*,1		918		15,110
TKO Group Holdings, Inc.		179		15,047
Boyd Gaming Corp.		243		14,782
Harley-Davidson, Inc.		441		14,579
Fox Factory Holding Corp.*		145		14,367
YETI Holdings, Inc.*		297		14,321
Planet Fitness, Inc. — Class A*		289		14,213
RH*		53		14,011
AutoNation, Inc.*		92		13,929
Visteon Corp.*		96		13,255
FirstCash Holdings, Inc.		127		12,748
KB Home		266		12,310
Goodyear Tire & Rubber Co.*		970		12,057

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 71

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Penn Entertainment, Inc.*		517	$	11,865
Wendy’s Co.		580		11,838
Adient plc*		320		11,744
Marriott Vacations Worldwide Corp.		116		11,673
Leggett & Platt, Inc.		456		11,587
Penske Automotive Group, Inc.		67		11,193
Macy’s, Inc.		933		10,832
Choice Hotels International, Inc.		86		10,536
Hilton Grand Vacations, Inc.*		249		10,134
Travel + Leisure Co.		253		9,293
Columbia Sportswear Co.		120		8,892
Carter’s, Inc.		127		8,782
Kohl’s Corp.		378		7,923
Gap, Inc.		730		7,760
Scotts Miracle-Gro Co. — Class A		142		7,339
Topgolf Callaway Brands Corp.*		489		6,768
Nordstrom, Inc.		332		4,960
Under Armour, Inc. — Class A*		646		4,425
Under Armour, Inc. — Class C*		684		4,364
Total Consumer, Cyclical				1,195,711
Consumer, Non-cyclical - 11.2%
Neurocrine Biosciences, Inc.*		334		37,575
United Therapeutics Corp.*		161		36,365
Penumbra, Inc.*		132		31,932
Performance Food Group Co.*		534		31,431
US Foods Holding Corp.*		777		30,847
Service Corporation International		516		29,484
Celsius Holdings, Inc.*		168		28,829
Darling Ingredients, Inc.*		546		28,501
Repligen Corp.*		177		28,145
Jazz Pharmaceuticals plc*		216		27,959
WEX, Inc.*		147		27,649
Chemed Corp.		52		27,024
Paylocity Holding Corp.*		147		26,710
Shockwave Medical, Inc.*		126		25,087
Exelixis, Inc.*		1,089		23,795
Encompass Health Corp.		343		23,036
Tenet Healthcare Corp.*		347		22,864
H&R Block, Inc.		521		22,434
Ingredion, Inc.		226		22,238
Acadia Healthcare Company, Inc.*		315		22,148
HealthEquity, Inc.*		292		21,331
Bruker Corp.		337		20,995
Morningstar, Inc.		89		20,847
FTI Consulting, Inc.*		116		20,696
Globus Medical, Inc. — Class A*		402		19,959
Option Care Health, Inc.*		616		19,928
Medpace Holdings, Inc.*		79		19,128
BellRing Brands, Inc.*		450		18,553
Halozyme Therapeutics, Inc.*		451		17,228
Lantheus Holdings, Inc.*		234		16,258
Envista Holdings Corp.*		561		15,641
Haemonetics Corp.*		174		15,587
Sprouts Farmers Market, Inc.*		349		14,937
Post Holdings, Inc.*		174		14,919
Perrigo Company plc		463		14,793
Flowers Foods, Inc.		658		14,595
ASGN, Inc.*		166		13,559
Coty, Inc. — Class A*		1,226		13,449
Masimo Corp.*		152		13,327
Euronet Worldwide, Inc.*		161		12,780
Neogen Corp.*		673		12,478
Boston Beer Company, Inc. — Class A*		32		12,465
ManpowerGroup, Inc.		170		12,464
QuidelOrtho Corp.*		169		12,344
Avis Budget Group, Inc.*		68		12,219
Insperity, Inc.		124		12,102
Grand Canyon Education, Inc.*		102		11,922
Lancaster Colony Corp.		70		11,552
Brink’s Co.		159		11,550
Inari Medical, Inc.*		175		11,445
Amedisys, Inc.*		112		10,461
Azenta, Inc.*		206		10,339
Coca-Cola Consolidated, Inc.		16		10,181
R1 RCM, Inc.*		674		10,157
Arrowhead Pharmaceuticals, Inc.*		367		9,861
Grocery Outlet Holding Corp.*		338		9,751
LivaNova plc*		184		9,730
Progyny, Inc.*		284		9,662
Helen of Troy Ltd.*		82		9,558
Integra LifeSciences Holdings Corp.*		242		9,242
Enovis Corp.*		170		8,964
Patterson Companies, Inc.		291		8,625
ICU Medical, Inc.*		69		8,212
Graham Holdings Co. — Class B		13		7,579
Hertz Global Holdings, Inc.*		458		5,611
Sotera Health Co.*		338		5,063
Pilgrim’s Pride Corp.*		138		3,151
Total Consumer, Non-cyclical				1,159,251
Technology - 5.9%
Super Micro Computer, Inc.*		156		42,778
Manhattan Associates, Inc.*		211		41,706
Lattice Semiconductor Corp.*		472		40,559
Dynatrace, Inc.*		813		37,991
KBR, Inc.		462		27,230
CACI International, Inc. — Class A*		78		24,487
Dropbox, Inc. — Class A*		882		24,017
Genpact Ltd.		571		20,670
Aspen Technology, Inc.*		97		19,813
Science Applications International Corp.		184		19,420
Qualys, Inc.*		126		19,221
MKS Instruments, Inc.		215		18,606
ZoomInfo Technologies, Inc. — Class A*		1,044		17,122
Wolfspeed, Inc.*		426		16,231
ExlService Holdings, Inc.*		567		15,899
Maximus, Inc.		208		15,534
Teradata Corp.*		342		15,397
MACOM Technology Solutions Holdings, Inc.*		185		15,092
Power Integrations, Inc.		196		14,957
Cirrus Logic, Inc.*		187		13,831
Silicon Laboratories, Inc.*		109		12,632

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
NCR Corp.*		458	$	12,352
Synaptics, Inc.*		135		12,074
Concentrix Corp.		148		11,856
Kyndryl Holdings, Inc.*		783		11,823
Lumentum Holdings, Inc.*		235		10,617
IPG Photonics Corp.*		102		10,357
Blackbaud, Inc.*		147		10,337
CommVault Systems, Inc.*		150		10,142
Crane NXT Co.		165		9,169
Doximity, Inc. — Class A*		430		9,125
ACI Worldwide, Inc.*		372		8,392
Amkor Technology, Inc.		353		7,978
Allegro MicroSystems, Inc.*		244		7,793
Envestnet, Inc.*		170		7,485
Total Technology				612,693
Energy - 4.5%
Ovintiv, Inc.		868		41,291
Chesapeake Energy Corp.		385		33,198
HF Sinclair Corp.		498		28,351
NOV, Inc.		1,347		28,153
Range Resources Corp.		826		26,771
Antero Resources Corp.*		966		24,517
Southwestern Energy Co.*		3,769		24,310
ChampionX Corp.		673		23,972
Civitas Resources, Inc.		292		23,614
Murphy Oil Corp.		508		23,038
Chord Energy Corp.		142		23,014
Matador Resources Co.		379		22,543
Weatherford International plc*		247		22,311
PBF Energy, Inc. — Class A		376		20,127
DT Midstream, Inc.		332		17,569
Valaris Ltd.*		218		16,346
Antero Midstream Corp.		1,165		13,957
Equitrans Midstream Corp.		1,483		13,896
Permian Resources Corp.		950		13,262
CNX Resources Corp.*		553		12,487
Sunrun, Inc.*		743		9,332
Total Energy				462,059
Basic Materials - 3.4%
Reliance Steel & Aluminum Co.		200		52,446
RPM International, Inc.		442		41,906
Cleveland-Cliffs, Inc.*		1,741		27,212
United States Steel Corp.		763		24,782
Royal Gold, Inc.		225		23,924
Olin Corp.		431		21,541
Axalta Coating Systems Ltd.*		759		20,417
Commercial Metals Co.		400		19,764
Alcoa Corp.		611		17,756
Valvoline, Inc.		474		15,282
Ashland, Inc.		175		14,294
Chemours Co.		507		14,221
Westlake Corp.		109		13,589
Cabot Corp.		191		13,231
Avient Corp.		312		11,020
NewMarket Corp.		24		10,921
MP Materials Corp.*		492		9,397
Total Basic Materials				351,703
Utilities - 2.5%
Vistra Corp.		1,182		39,219
Essential Utilities, Inc.		833		28,597
OGE Energy Corp.		685		22,831
UGI Corp.		717		16,491
National Fuel Gas Co.		314		16,300
IDACORP, Inc.		173		16,201
Portland General Electric Co.		346		14,006
New Jersey Resources Corp.		334		13,571
PNM Resources, Inc.		294		13,115
ONE Gas, Inc.		190		12,973
Ormat Technologies, Inc.		184		12,865
Southwest Gas Holdings, Inc.		205		12,384
Black Hills Corp.		230		11,636
ALLETE, Inc.		196		10,349
Spire, Inc.		180		10,184
Northwestern Energy Group, Inc.		205		9,852
Total Utilities				260,574
Communications - 1.6%
GoDaddy, Inc. — Class A*		502		37,389
Ciena Corp.*		512		24,197
New York Times Co. — Class A		560		23,072
Iridium Communications, Inc.		428		19,470
Nexstar Media Group, Inc. — Class A		114		16,344
Frontier Communications Parent, Inc.*		757		11,847
Ziff Davis, Inc.*		159		10,127
TEGNA, Inc.		690		10,054
Cable One, Inc.		16		9,850
Calix, Inc.*		202		9,259
Total Communications				171,609
Total Common Stocks
(Cost $6,868,771)				7,730,772
MUTUAL FUNDS† - 10.7%
Guggenheim Ultra Short Duration Fund — Institutional Class2		88,750		865,317
Guggenheim Strategy Fund II2		9,844		238,904
Total Mutual Funds
(Cost $1,123,598)				1,104,221
	Face Amount
U.S. TREASURY BILLS†† - 1.6%
U.S. Treasury Bills
5.27% due 11/07/233,4	$	100,000		99,473
4.66% due 10/05/234,5		70,000		69,969
Total U.S. Treasury Bills
(Cost $169,418)				169,442

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 73

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
MID-CAP 1.5x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,6 - 14.8%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/233	$	861,568	$	861,568
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/233		334,678		334,678
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/233		331,372		331,372
Total Repurchase Agreements
(Cost $1,527,618)			$	1,527,618

	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.2%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%8		20,316		20,316
Total Securities Lending Collateral
(Cost $20,316)				20,316
Total Investments - 102.0%
(Cost $9,709,721)			$	10,552,369
Other Assets & Liabilities, net - (2.0)%				(208,359	)
Total Net Assets - 100.0%			$	10,344,010

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
S&P MidCap 400 Index Mini Futures Contracts		5		Dec 2023	$	1,260,000	$	(35,268	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

BNP Paribas

S&P MidCap 400 Index

Pay

5.78% (Federal Funds Rate + 0.45%)

At Maturity

12/21/23

263

$

657,151

$

(11,321

)

Barclays Bank plc

S&P MidCap 400 Index

Pay

5.66% (SOFR + 0.35%)

At Maturity

12/20/23

498

1,245,730

(24,951

)

Goldman Sachs International

S&P MidCap 400 Index

Pay

5.58% (Federal Funds Rate + 0.25%)

At Maturity

12/21/23

1,927

4,821,710

(56,051

)

$

6,724,591

$

(92,323

)

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2023 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 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 September 30, 2023.
6	Repurchase Agreements — See Note 6.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of September 30, 2023.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
MID-CAP 1.5x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	7,730,772	$	—	$	—	$	7,730,772
Mutual Funds		1,104,221		—		—		1,104,221
U.S. Treasury Bills		—		169,442		—		169,442
Repurchase Agreements		—		1,527,618		—		1,527,618
Securities Lending Collateral		20,316		—		—		20,316
Total Assets	$	8,855,309	$	1,697,060	$	—	$	10,552,369

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	35,268	$	—	$	—	$	35,268
Equity Index Swap Agreements**		—		92,323		—		92,323
Total Liabilities	$	35,268	$	92,323	$	—	$	127,591

** 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	238,314	$	—	$	—	$	—	$	590	$	238,904		9,844	$	6,581
Guggenheim Ultra Short Duration Fund — Institutional Class		861,767		—		—		—		3,550		865,317		88,750		22,808
	$	1,100,081	$	—	$	—	$	—	$	4,140	$	1,104,221			$	29,389

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 75

MID-CAP 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value - including $19,696 of securities loaned (cost $7,058,505)	$	7,920,530
Investments in affiliated issuers, at value (cost $1,123,598)		1,104,221
Repurchase agreements, at value (cost $1,527,618)		1,527,618
Cash		135
Segregated cash with broker		37,303
Receivables:
Securities sold		15,265
Dividends		13,623
Fund shares sold		1,408
Interest		449
Securities lending income		16
Total assets		10,620,568
Liabilities:
Unrealized depreciation on OTC swap agreements		92,323
Payable for:
Fund shares redeemed		126,021
Return of securities lending collateral		20,316
Swap settlement		14,406
Management fees		7,415
Variation margin on futures contracts		5,700
Transfer agent fees		2,431
Distribution and service fees		2,233
Portfolio accounting and administration fees		442
Trustees’ fees*		134
Miscellaneous		5,137
Total liabilities		276,558
Net assets	$	10,344,010
Net assets consist of:
Paid in capital	$	12,010,333
Total distributable earnings (loss)		(1,666,323	)
Net assets	$	10,344,010
A-Class:
Net assets	$	2,609,515
Capital shares outstanding		26,377
Net asset value per share	$	98.93
Maximum offering price per share (Net asset value divided by 95.25%)	$	103.86
C-Class:
Net assets	$	188,997
Capital shares outstanding		2,358
Net asset value per share	$	80.15
H-Class:
Net assets	$	7,545,498
Capital shares outstanding		75,923
Net asset value per share	$	99.38

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of unaffiliated issuers	$	62,359
Dividends from securities of affiliated issuers		29,389
Interest		38,922
Income from securities lending, net		478
Total investment income		131,148
Expenses:
Management fees		47,512
Distribution and service fees:
A-Class		4,317
C-Class		702
H-Class		8,705
Transfer agent fees		10,923
Portfolio accounting and administration fees		8,047
Registration fees		5,154
Professional fees		2,707
Interest expense		2,141
Trustees’ fees*		939
Custodian fees		719
Miscellaneous		819
Total expenses		92,685
Less:
Expenses reimbursed by Adviser		(3,518	)
Expenses waived by Adviser		(1,083	)
Total waived/reimbursed expenses		(4,601	)
Net expenses		88,084
Net investment income		43,064
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(34,288	)
Swap agreements		230,192
Futures contracts		(11,340	)
Net realized gain		184,564
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		5,549
Investments in affiliated issuers		4,140
Swap agreements		(320,597	)
Futures contracts		(59,142	)
Net change in unrealized appreciation (depreciation)		(370,050	)
Net realized and unrealized loss		(185,486	)
Net decrease in net assets resulting from operations	$	(142,422	)

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

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

MID-CAP 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	43,064		$	44,699
Net realized gain (loss) on investments		184,564			(2,167,742	)
Net change in unrealized appreciation (depreciation) on investments		(370,050	)		71,279
Net decrease in net assets resulting from operations		(142,422	)		(2,051,764	)
Capital share transactions:
Proceeds from sale of shares
A-Class		452,539			1,273,678
C-Class		104,300			3,775
H-Class		8,353,700			30,349,399
Cost of shares redeemed
A-Class		(1,533,671	)		(1,038,553	)
C-Class		(20,943	)		(88,795	)
H-Class		(7,635,460	)		(32,255,891	)
Net decrease from capital share transactions		(279,535	)		(1,756,387	)
Net decrease in net assets		(421,957	)		(3,808,151	)
Net assets:
Beginning of period		10,765,967			14,574,118
End of period	$	10,344,010		$	10,765,967
Capital share activity:
Shares sold
A-Class		4,627			13,383
C-Class		1,225			46
H-Class		82,222			301,824
Shares redeemed
A-Class		(15,283	)		(11,115	)
C-Class		(249	)		(1,100	)
H-Class		(74,553	)		(322,539	)
Net decrease in shares		(2,011	)		(19,501	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 77

MID-CAP 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	100.88		$	115.54		$	131.92		$	56.02		$	89.82		$	90.38
Income (loss) from investment operations:
Net investment income (loss)b		.42			.41			(.72	)		(.68	)		.37			.58
Net gain (loss) on investments (realized and unrealized)		(2.37	)		(15.07	)		6.46			77.00			(33.98	)		(.73	)
Total from investment operations		(1.95	)		(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	$	98.93		$	100.88		$	115.54		$	131.92		$	56.02		$	89.82
Total Returnc		(1.93	%)		(12.69	%)		3.49	%		136.41	%		(37.52	%)		(0.11	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,610		$	3,736		$	4,017		$	4,337		$	1,950		$	3,469
Ratios to average net assets:
Net investment income (loss)		0.81	%		0.41	%		(0.54	%)		(0.75	%)		0.40	%		0.64	%
Total expensesd		1.75	%		1.70	%		1.66	%		1.75	%		1.77	%		1.77	%
Net expensese		1.66	%		1.65	%		1.65	%		1.72	%		1.72	%		1.75	%
Portfolio turnover rate		9	%		44	%		159	%		501	%		617	%		721	%

C-Class	Six Months Ended September 30, 2023a			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	$	82.02		$	94.68		$	112.55		$	48.18		$	77.86		$	78.99
Income (loss) from investment operations:
Net investment income (loss)b		.05			(.34	)		(1.48	)		(1.12	)		(.27	)		(.09	)
Net gain (loss) on investments (realized and unrealized)		(1.92	)		(12.32	)		5.73			65.91			(29.22	)		(.63	)
Total from investment operations		(1.87	)		(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	$	80.15		$	82.02		$	94.68		$	112.55		$	48.18		$	77.86
Total Returnc		(2.28	%)		(13.37	%)		2.71	%		134.67	%		(37.98	%)		(0.86	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	189		$	113		$	231		$	653		$	1,933		$	3,722
Ratios to average net assets:
Net investment income (loss)		0.12	%		(0.42	%)		(1.31	%)		(1.59	%)		(0.34	%)		(0.12	%)
Total expensesd		2.50	%		2.45	%		2.41	%		2.52	%		2.52	%		2.51	%
Net expensese		2.40	%		2.40	%		2.39	%		2.50	%		2.47	%		2.50	%
Portfolio turnover rate		9	%		44	%		159	%		501	%		617	%		721	%

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

MID-CAP 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	101.34		$	116.07		$	132.43		$	56.24		$	90.18		$	90.82
Income (loss) from investment operations:
Net investment income (loss)b		.43			.36			(.76	)		(.60	)		.27			.42
Net gain (loss) on investments (realized and unrealized)		(2.39	)		(15.09	)		6.52			77.21			(34.02	)		(.65	)
Total from investment operations		(1.96	)		(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	$	99.38		$	101.34		$	116.07		$	132.43		$	56.24		$	90.18
Total Return		(1.93	%)		(12.69	%)		3.49	%		136.39	%		(37.52	%)		(0.21	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,545		$	6,917		$	10,327		$	12,089		$	4,054		$	14,017
Ratios to average net assets:
Net investment income (loss)		0.83	%		0.36	%		(0.57	%)		(0.64	%)		0.28	%		0.49	%
Total expensesd		1.75	%		1.70	%		1.66	%		1.74	%		1.79	%		1.78	%
Net expensese		1.66	%		1.65	%		1.65	%		1.72	%		1.77	%		1.77	%
Portfolio turnover rate		9	%		44	%		159	%		501	%		617	%		721	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 79

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

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	March 31, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

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

Largest Holdings	% of Total Net Assets
Guggenheim Strategy Fund II	6.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.8%
Total	12.0%
“Largest Holdings” excludes any temporary cash or derivative investments.

80 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	2.88%	(9.85%)	(9.77%)	(11.12%)
A-Class Shares with sales charge‡	(2.00%)	(14.13%)	(10.65%)	(11.55%)
C-Class Shares	3.20%**	(9.51%)**	(10.18%)	(11.64%)
C-Class Shares with CDSC§	2.20%	(10.42%)	(10.18%)	(11.64%)
H-Class Shares	2.89%	(9.82%)	(9.75%)	(11.10%)
S&P MidCap 400 Index	0.45%	15.51%	6.06%	8.94%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The 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.
**	Certain class-specific fees were not charged to C-Class shares due to low average daily net assets and shares outstanding in C-Class.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 81

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
INVERSE MID-CAP STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 12.0%
Guggenheim Strategy Fund II1		2,020	$	49,025
Guggenheim Ultra Short Duration Fund — Institutional Class1		4,630		45,143
Total Mutual Funds
(Cost $95,671)				94,168

	Face Amount
U.S. TREASURY BILLS†† - 25.5%
U.S. Treasury Bills
5.27% due 11/07/232,3	$	200,000	198,945
Total U.S. Treasury Bills
(Cost $198,917)			198,945

REPURCHASE AGREEMENTS††,4 - 56.5%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/232	248,417		248,417
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/232	96,498		96,498
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/232	95,545		95,545
Total Repurchase Agreements
(Cost $440,460)			440,460
Total Investments - 94.0%
(Cost $735,048)		$	733,573
Other Assets & Liabilities, net - 6.0%			46,422
Total Net Assets - 100.0%		$	779,995

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements Sold Short††

Barclays Bank plc

S&P MidCap 400 Index

Receive

5.51% (SOFR + 0.20%)

At Maturity

12/20/23

131

$

327,762

$

6,872

Goldman Sachs International

S&P MidCap 400 Index

Receive

5.28% (Federal Funds Rate - 0.05%)

At Maturity

12/21/23

132

329,729

5,680

BNP Paribas

S&P MidCap 400 Index

Receive

5.38% (Federal Funds Rate + 0.05%)

At Maturity

12/21/23

47

118,035

2,034

$

775,526

$

14,586

†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	All or a portion of this security is pledged as equity index swap collateral at September 30, 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
INVERSE MID-CAP STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	94,168	$	—	$	—	$	94,168
U.S. Treasury Bills		—		198,945		—		198,945
Repurchase Agreements		—		440,460		—		440,460
Equity Index Swap Agreements**		—		14,586		—		14,586
Total Assets	$	94,168	$	653,991	$	—	$	748,159

** 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	48,904	$	—	$	—	$	—	$	121	$	49,025		2,020	$	1,350
Guggenheim Ultra Short Duration Fund — Institutional Class		44,958		—		—		—		185		45,143		4,630		1,190
	$	93,862	$	—	$	—	$	—	$	306	$	94,168			$	2,540

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 83

INVERSE MID-CAP STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $198,917)	$	198,945
Investments in affiliated issuers, at value (cost $95,671)		94,168
Repurchase agreements, at value (cost $440,460)		440,460
Unrealized appreciation on OTC swap agreements		14,586
Receivables:
Swap settlement		38,217
Dividends		428
Interest		130
Total assets		786,934
Liabilities:
Payable for:
Fund shares redeemed		2,092
Management fees		2,040
Transfer agent fees		710
Distribution and service fees		569
Portfolio accounting and administration fees		119
Trustees’ fees*		41
Miscellaneous		1,368
Total liabilities		6,939
Net assets	$	779,995
Net assets consist of:
Paid in capital	$	6,900,459
Total distributable earnings (loss)		(6,120,464	)
Net assets	$	779,995
A-Class:
Net assets	$	56,041
Capital shares outstanding		917
Net asset value per share	$	61.11
Maximum offering price per share (Net asset value divided by 95.25%)	$	64.16
C-Class:
Net assets	$	132
Capital shares outstanding		2
Net asset value per share	$	53.26
H-Class:
Net assets	$	723,822
Capital shares outstanding		11,835
Net asset value per share	$	61.16

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	2,540
Interest		92,410
Total investment income		94,950
Expenses:
Management fees		16,442
Distribution and service fees:
A-Class		72
H-Class		4,494
Transfer agent fees		3,776
Portfolio accounting and administration fees		2,785
Registration fees		1,409
Professional fees		847
Trustees’ fees*		253
Custodian fees		246
Interest expense		2
Miscellaneous		845
Total expenses		31,171
Less:
Expenses reimbursed by Adviser		(1,181	)
Expenses waived by Adviser		(56	)
Total waived/reimbursed expenses		(1,237	)
Net expenses		29,934
Net investment income		65,016
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(124,150	)
Net realized loss		(124,150	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		32
Investments in affiliated issuers		306
Swap agreements		98,597
Net change in unrealized appreciation (depreciation)		98,935
Net realized and unrealized loss		(25,215	)
Net increase in net assets resulting from operations	$	39,801

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

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

INVERSE MID-CAP STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	65,016		$	15,793
Net realized loss on investments		(124,150	)		(262,402	)
Net change in unrealized appreciation (depreciation) on investments		98,935			(79,499	)
Net increase (decrease) in net assets resulting from operations		39,801			(326,108	)
Capital share transactions:
Proceeds from sale of shares
A-Class		86,021			28,054
C-Class		—			34,650
H-Class		2,987,885			12,682,143
Cost of shares redeemed
A-Class		(89,387	)		(32,440	)
C-Class		—			(32,762	)
H-Class		(4,891,921	)		(10,058,036	)
Net increase (decrease) from capital share transactions		(1,907,402	)		2,621,609
Net increase (decrease) in net assets		(1,867,601	)		2,295,501
Net assets:
Beginning of period		2,647,596			352,095
End of period	$	779,995		$	2,647,596
Capital share activity:
Shares sold
A-Class		1,410			461
C-Class		—			581
H-Class		50,253			206,583
Shares redeemed
A-Class		(1,477	)		(537	)
C-Class		—			(581	)
H-Class		(81,977	)		(168,074	)
Net increase (decrease) in shares		(31,791	)		38,433

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 85

INVERSE MID-CAP STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020j			Year Ended March 31, 2019j
Per Share Data
Net asset value, beginning of period	$	59.40		$	57.57		$	63.60		$	127.90		$	109.10		$	111.55
Income (loss) from investment operations:
Net investment income (loss)b		1.05			.90			(.75	)		(.45	)		.75			.65
Net gain (loss) on investments (realized and unrealized)		.66	f		.93	f		(5.28	)		(63.36	)		18.85	f		(3.10	)
Total from investment operations		1.71			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	$	61.11		$	59.40		$	57.57		$	63.60		$	127.90		$	109.10
Total Returnc		2.88	%		3.18	%		(9.48	%)		(49.94	%)		18.13	%		(2.20	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	56		$	58		$	61		$	100		$	60		$	133
Ratios to average net assets:
Net investment income (loss)		3.55	%		1.48	%		(1.25	%)		(1.29	%)		0.68	%		0.60	%
Total expensesd		1.71	%		1.66	%		1.66	%		1.76	%		1.77	%		1.77	%
Net expensese		1.64	%		1.61	%		1.63	%		1.73	%		1.70	%		1.75	%
Portfolio turnover rate		—			—			24	%		42	%		—			48	%

C-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020j			Year Ended March 31, 2019j
Per Share Data
Net asset value, beginning of period	$	51.61		$	50.06		$	55.65		$	112.07		$	97.04		$	99.70
Income (loss) from investment operations:
Net investment income (loss)b		1.00			(.54	)		(1.10	)		(.83	)		—	g		(.30	)
Net gain (loss) on investments (realized and unrealized)		.65	f		2.09	f		(4.49	)		(55.10	)		15.83	f		(2.36	)
Total from investment operations		1.65			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	$	53.26		$	51.61		$	50.06		$	55.65		$	112.07		$	97.04
Total Returnc		3.20	%		3.10	%		(10.04	%)		(50.08	%)		16.78	%		(2.71	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	—	h	$	—	h	$	—	h	$	3		$	–	h	$	–	h
Ratios to average net assets:
Net investment income (loss)		3.13	%		(0.94	%)		(2.11	%)		(1.95	%)		0.00	%i		(0.33	%)
Total expensesd		1.56	%		2.39	%		2.39	%		2.49	%		2.63	%		2.47	%
Net expensese		1.56	%		2.39	%		2.39	%		2.46	%		2.63	%		2.47	%
Portfolio turnover rate		—			—			24	%		42	%		—			48	%

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

INVERSE MID-CAP STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020j			Year Ended March 31, 2019j
Per Share Data
Net asset value, beginning of period	$	59.44		$	57.62		$	63.65		$	128.00		$	109.20		$	111.46
Income (loss) from investment operations:
Net investment income (loss)b		1.05			.81			(.84	)		(.42	)		.70			.65
Net gain (loss) on investments (realized and unrealized)		.67	f		1.01	f		(5.19	)		(63.44	)		18.90	f		(2.91	)
Total from investment operations		1.72			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	$	61.16		$	59.44		$	57.62		$	63.65		$	128.00		$	109.20
Total Return		2.89	%		3.16	%		(9.47	%)		(49.94	%)		18.11	%		(2.02	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	724		$	2,589		$	291		$	779		$	1,488		$	769
Ratios to average net assets:
Net investment income (loss)		3.56	%		1.32	%		(1.40	%)		(1.38	%)		0.65	%		0.61	%
Total expensesd		1.71	%		1.71	%		1.66	%		1.77	%		1.78	%		1.77	%
Net expensese		1.64	%		1.67	%		1.64	%		1.75	%		1.70	%		1.75	%
Portfolio turnover rate		—			—			24	%		42	%		—			48	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
g	Less than $0.01 per share.
h	Less than $1,000 in Net Assets.
i	Less than 0.01%
j	Reverse share split — Per share amounts for the years presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 87

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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 performance of the Russell 2000^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	March 31, 2004
C-Class	January 23, 2001
H-Class	November 1, 2000

Ten Largest Holdings	% of Total Net Assets
Guggenheim Strategy Fund II	10.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	9.5%
Super Micro Computer, Inc.	0.4%
Chart Industries, Inc.	0.2%
ChampionX Corp.	0.2%
Chord Energy Corp.	0.2%
Matador Resources Co.	0.2%
Murphy Oil Corp.	0.2%
Light & Wonder, Inc. — Class A	0.2%
Weatherford International plc	0.2%
Top Ten Total	22.2%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

88 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(2.80%)	7.91%	(1.86%)	5.69%
A-Class Shares with sales charge‡	(7.42%)	2.79%	(2.82%)	5.17%
C-Class Shares	(3.19%)	7.10%	(2.60%)	4.89%
C-Class Shares with CDSC§	(4.16%)	6.10%	(2.60%)	4.89%
H-Class Shares	(2.81%)	7.91%	(1.86%)	5.67%
Russell 2000 Index	(0.19%)	8.93%	2.40%	8.40%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 89

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 67.6%
Consumer, Non-cyclical - 15.3%
HealthEquity, Inc.*		146	$	10,665
elf Beauty, Inc.*		92		10,104
BellRing Brands, Inc.*		232		9,565
Option Care Health, Inc.*		293		9,479
API Group Corp.*		360		9,335
Ensign Group, Inc.		94		8,735
Halozyme Therapeutics, Inc.*		224		8,557
Intra-Cellular Therapies, Inc.*		162		8,439
Lantheus Holdings, Inc.*		118		8,199
Vaxcyte, Inc.*		159		8,106
Alkermes plc*		287		8,039
Haemonetics Corp.*		87		7,793
Hostess Brands, Inc.*		230		7,661
Sprouts Farmers Market, Inc.*		179		7,661
TriNet Group, Inc.*		65		7,571
Neogen Corp.*		375		6,953
ASGN, Inc.*		84		6,861
Merit Medical Systems, Inc.*		98		6,764
ImmunoGen, Inc.*		413		6,554
Insperity, Inc.		63		6,149
Glaukos Corp.*		81		6,095
AMN Healthcare Services, Inc.*		70		5,963
Inari Medical, Inc.*		90		5,886
Amicus Therapeutics, Inc.*		483		5,873
Herc Holdings, Inc.		49		5,828
Brink’s Co.		80		5,811
Insmed, Inc.*		228		5,757
Guardant Health, Inc.*		193		5,721
Remitly Global, Inc.*		225		5,674
Lancaster Colony Corp.		34		5,611
Simply Good Foods Co.*		157		5,420
StoneCo Ltd. — Class A*		502		5,356
CONMED Corp.		53		5,345
Flywire Corp.*		166		5,294
Blueprint Medicines Corp.*		105		5,273
Bridgebio Pharma, Inc.*		198		5,221
Coca-Cola Consolidated, Inc.		8		5,091
Alarm.com Holdings, Inc.*		83		5,075
Marqeta, Inc. — Class A*		844		5,047
iRhythm Technologies, Inc.*		53		4,996
LivaNova plc*		94		4,971
Prestige Consumer Healthcare, Inc.*		86		4,918
Helen of Troy Ltd.*		42		4,896
WD-40 Co.		24		4,878
REVOLUTION Medicines, Inc.*		176		4,872
Alight, Inc. — Class A*		686		4,864
Intellia Therapeutics, Inc.*		153		4,838
Axonics, Inc.*		85		4,770
Cytokinetics, Inc.*		161		4,743
Arrowhead Pharmaceuticals, Inc.*		174		4,675
Progyny, Inc.*		136		4,627
ABM Industries, Inc.		115		4,601
Integer Holdings Corp.*		58		4,549
Select Medical Holdings Corp.		180		4,549
Akero Therapeutics, Inc.*		88		4,451
Patterson Companies, Inc.		148		4,387
ACADIA Pharmaceuticals, Inc.*		210		4,376
CBIZ, Inc.*		83		4,308
Inter Parfums, Inc.		32		4,299
Krystal Biotech, Inc.*		37		4,292
Korn Ferry		90		4,270
Axsome Therapeutics, Inc.*		61		4,263
J & J Snack Foods Corp.		26		4,255
Coursera, Inc.*		225		4,205
EVERTEC, Inc.		113		4,201
Denali Therapeutics, Inc.*		203		4,188
Inmode Ltd.*		134		4,082
TreeHouse Foods, Inc.*		89		3,879
ICF International, Inc.		32		3,866
Corcept Therapeutics, Inc.*		139		3,787
Primo Water Corp.		271		3,740
Pacific Biosciences of California, Inc.*		434		3,624
Immunovant, Inc.*		93		3,570
AtriCure, Inc.*		81		3,548
Omnicell, Inc.*		78		3,513
Madrigal Pharmaceuticals, Inc.*		24		3,505
Graham Holdings Co. — Class B		6		3,498
Prothena Corporation plc*		72		3,474
Huron Consulting Group, Inc.*		33		3,437
Surgery Partners, Inc.*		117		3,422
STAAR Surgical Co.*		84		3,375
Dynavax Technologies Corp.*		224		3,308
Crinetics Pharmaceuticals, Inc.*		111		3,301
Edgewell Personal Care Co.		89		3,289
Stride, Inc.*		73		3,287
Adtalem Global Education, Inc.*		75		3,214
Laureate Education, Inc. — Class A		227		3,201
Cal-Maine Foods, Inc.		66		3,196
LiveRamp Holdings, Inc.*		110		3,172
Amphastar Pharmaceuticals, Inc.*		66		3,035
TransMedics Group, Inc.*		55		3,011
CorVel Corp.*		15		2,950
Strategic Education, Inc.		39		2,935
RadNet, Inc.*		103		2,904
Andersons, Inc.		56		2,884
MGP Ingredients, Inc.		27		2,848
Beam Therapeutics, Inc.*		118		2,838
Veracyte, Inc.*		126		2,814
Ventyx Biosciences, Inc.*		81		2,813
Upbound Group, Inc.		95		2,798
Payoneer Global, Inc.*		457		2,797
PTC Therapeutics, Inc.*		123		2,756
John Wiley & Sons, Inc. — Class A		74		2,751
Vericel Corp.*		82		2,749
Central Garden & Pet Co. — Class A*		68		2,726
NeoGenomics, Inc.*		219		2,694
Textainer Group Holdings Ltd.		72		2,682
Vector Group Ltd.		250		2,660
PROG Holdings, Inc.*		80		2,657
Biohaven Ltd.*		101		2,627

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Riot Platforms, Inc.*,1		277	$	2,584
Sabre Corp.*		568		2,550
Ideaya Biosciences, Inc.*		94		2,536
Cymabay Therapeutics, Inc.*		170		2,535
Marathon Digital Holdings, Inc.*,1		292		2,482
Pacira BioSciences, Inc.*		79		2,424
Herbalife Ltd.*		171		2,392
Agios Pharmaceuticals, Inc.*		96		2,376
Arcellx, Inc.*		66		2,368
Supernus Pharmaceuticals, Inc.*		85		2,343
Cerevel Therapeutics Holdings, Inc.*		107		2,336
SpringWorks Therapeutics, Inc.*		101		2,335
Ironwood Pharmaceuticals, Inc. — Class A*		240		2,311
BioCryst Pharmaceuticals, Inc.*		326		2,308
Addus HomeCare Corp.*		27		2,300
US Physical Therapy, Inc.		25		2,293
Myriad Genetics, Inc.*		140		2,246
CoreCivic, Inc.*		197		2,216
Celldex Therapeutics, Inc.*		80		2,202
Cimpress plc*		31		2,170
Owens & Minor, Inc.*		129		2,085
Rhythm Pharmaceuticals, Inc.*		89		2,040
PROCEPT BioRobotics Corp.*		62		2,034
Kforce, Inc.		34		2,028
Xencor, Inc.*		100		2,015
Zentalis Pharmaceuticals, Inc.*		100		2,006
Twist Bioscience Corp.*		99		2,006
Rocket Pharmaceuticals, Inc.*		97		1,988
Matthews International Corp. — Class A		51		1,984
Perdoceo Education Corp.		116		1,984
Universal Corp.		42		1,983
TG Therapeutics, Inc.*		236		1,973
Legalzoom.com, Inc.*		180		1,969
Catalyst Pharmaceuticals, Inc.*		167		1,952
UFP Technologies, Inc.*		12		1,937
Nuvalent, Inc. — Class A*		42		1,931
National Beverage Corp.*		41		1,928
Krispy Kreme, Inc.		152		1,895
Sage Therapeutics, Inc.*		92		1,893
Harmony Biosciences Holdings, Inc.*		57		1,868
Pediatrix Medical Group, Inc.*		146		1,856
LeMaitre Vascular, Inc.		34		1,852
Viking Therapeutics, Inc.*		166		1,838
Weis Markets, Inc.		29		1,827
MannKind Corp.*		442		1,826
Geron Corp.*		858		1,819
Aurinia Pharmaceuticals, Inc.*		234		1,818
Chegg, Inc.*		203		1,811
Ingles Markets, Inc. — Class A		24		1,808
Recursion Pharmaceuticals, Inc. — Class A*		236		1,805
Ligand Pharmaceuticals, Inc. — Class B*		29		1,738
Alphatec Holdings, Inc.*		133		1,725
Pliant Therapeutics, Inc.*		98		1,699
GEO Group, Inc.*		206		1,685
Utz Brands, Inc.		125		1,679
Arvinas, Inc.*		85		1,669
Quanterix Corp.*		61		1,656
Syndax Pharmaceuticals, Inc.*		114		1,655
89bio, Inc.*		107		1,652
Revance Therapeutics, Inc.*		144		1,652
Iovance Biotherapeutics, Inc.*		360		1,638
Arcus Biosciences, Inc.*		91		1,633
Avanos Medical, Inc.*		80		1,618
Amylyx Pharmaceuticals, Inc.*		88		1,611
Hain Celestial Group, Inc.*		155		1,607
Quanex Building Products Corp.		57		1,606
John B Sanfilippo & Son, Inc.		16		1,581
Protagonist Therapeutics, Inc.*		94		1,568
Arlo Technologies, Inc.*		150		1,545
Fresh Del Monte Produce, Inc.		59		1,524
Embecta Corp.		100		1,505
AdaptHealth Corp.*		165		1,502
Monro, Inc.		54		1,500
Ardelyx, Inc.*		367		1,497
Cross Country Healthcare, Inc.*		60		1,487
Oscar Health, Inc. — Class A*		266		1,482
MiMedx Group, Inc.*		197		1,436
Dole plc		124		1,436
United Natural Foods, Inc.*		101		1,428
Medifast, Inc.		19		1,422
Deluxe Corp.		75		1,417
Udemy, Inc.*		149		1,416
ZipRecruiter, Inc. — Class A*		118		1,415
National Healthcare Corp.		22		1,408
Mirum Pharmaceuticals, Inc.*		43		1,359
Vir Biotechnology, Inc.*		145		1,359
Morphic Holding, Inc.*		59		1,352
Healthcare Services Group, Inc.		129		1,345
Collegium Pharmaceutical, Inc.*		60		1,341
Innoviva, Inc.*		103		1,338
Day One Biopharmaceuticals, Inc.*		108		1,325
SpartanNash Co.		60		1,320
Relay Therapeutics, Inc.*		156		1,312
RxSight, Inc.*		47		1,311
First Advantage Corp.		95		1,310
ADMA Biologics, Inc.*		363		1,299
Intercept Pharmaceuticals, Inc.*		70		1,298
Chefs’ Warehouse, Inc.*		61		1,292
ANI Pharmaceuticals, Inc.*		22		1,277
Vita Coco Company, Inc.*		49		1,276
SI-BONE, Inc.*		60		1,274
Transcat, Inc.*		13		1,274
LifeStance Health Group, Inc.*		184		1,264
Varex Imaging Corp.*		67		1,259
Keros Therapeutics, Inc.*		39		1,243
SP Plus Corp.*		34		1,227
Brookdale Senior Living, Inc. — Class A*		295		1,221
EQRx, Inc.*		549		1,219
B&G Foods, Inc.		123		1,216
Replimune Group, Inc.*		71		1,215

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 91

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
CRA International, Inc.		12	$	1,209
Accolade, Inc.*		114		1,206
Nevro Corp.*		61		1,172
USANA Health Sciences, Inc.*		20		1,172
Verve Therapeutics, Inc.*		88		1,167
Cogent Biosciences, Inc.*		119		1,160
Cytek Biosciences, Inc.*		210		1,159
Deciphera Pharmaceuticals, Inc.*		91		1,158
REGENXBIO, Inc.*		70		1,152
Cassava Sciences, Inc.*		69		1,148
Travere Therapeutics, Inc.*		126		1,126
Viridian Therapeutics, Inc.*		73		1,120
Green Dot Corp. — Class A*		80		1,114
OPKO Health, Inc.*		695		1,112
National Research Corp. — Class A		25		1,109
Multiplan Corp.*		656		1,102
Novavax, Inc.*,1		151		1,093
Barrett Business Services, Inc.		12		1,083
Inhibrx, Inc.*		59		1,083
Adaptive Biotechnologies Corp.*		197		1,074
Repay Holdings Corp.*		141		1,070
Point Biopharma Global, Inc.*		157		1,047
WW International, Inc.*		94		1,041
V2X, Inc.*		20		1,033
Artivion, Inc.*		68		1,031
Kura Oncology, Inc.*		113		1,031
Treace Medical Concepts, Inc.*		78		1,023
Arcturus Therapeutics Holdings, Inc.*		40		1,022
Hackett Group, Inc.		43		1,014
Avid Bioservices, Inc.*		107		1,010
Silk Road Medical, Inc.*		67		1,004
Kelly Services, Inc. — Class A		55		1,000
Beyond Meat, Inc.*,1		103		991
Enhabit, Inc.*		87		979
European Wax Center, Inc. — Class A*		59		956
Paragon 28, Inc.*		76		954
Editas Medicine, Inc.*		121		944
Kiniksa Pharmaceuticals Ltd. — Class A*		54		938
Fulgent Genetics, Inc.*		35		936
Ennis, Inc.		44		934
PetIQ, Inc.*		47		926
ACCO Brands Corp.		160		918
Kymera Therapeutics, Inc.*		66		917
Viad Corp.*		35		917
Franklin Covey Co.*		21		901
Cass Information Systems, Inc.		24		894
Amneal Pharmaceuticals, Inc.*		211		890
Tango Therapeutics, Inc.*		77		867
OrthoPediatrics Corp.*		27		864
Target Hospitality Corp.*		54		858
Beauty Health Co.*		142		855
Heidrick & Struggles International, Inc.		34		851
RAPT Therapeutics, Inc.*		51		848
Theravance Biopharma, Inc.*		97		837
OmniAb, Inc.*		161		836
Resources Connection, Inc.		56		835
BioLife Solutions, Inc.*		60		829
Atrion Corp.		2		826
I3 Verticals, Inc. — Class A*		39		824
Aclaris Therapeutics, Inc.*		120		822
Mission Produce, Inc.*		84		813
Vera Therapeutics, Inc.*		59		809
Anavex Life Sciences Corp.*		122		799
Orthofix Medical, Inc.*		61		784
Genelux Corp.*		32		784
Duckhorn Portfolio, Inc.*		76		780
Avidity Biosciences, Inc.*		122		778
TrueBlue, Inc.*		53		778
Surmodics, Inc.*		24		770
Calavo Growers, Inc.		30		757
Central Garden & Pet Co.*		17		750
OraSure Technologies, Inc.*		124		735
Tarsus Pharmaceuticals, Inc.*		41		729
Castle Biosciences, Inc.*		43		726
Apogee Therapeutics, Inc.*		34		724
DocGo, Inc.*		135		719
Alector, Inc.*		110		713
4D Molecular Therapeutics, Inc.*		55		700
ModivCare, Inc.*		22		693
Turning Point Brands, Inc.		30		693
Marinus Pharmaceuticals, Inc.*		86		692
Paysafe Ltd.*		56		671
Agenus, Inc.*		594		671
Cabaletta Bio, Inc.*		44		670
Dyne Therapeutics, Inc.*		74		663
Evolus, Inc.*		72		658
Pulmonx Corp.*		63		651
Carriage Services, Inc. — Class A		23		650
Prime Medicine, Inc.*		68		649
Harrow, Inc.*		45		647
Avita Medical, Inc.*		44		643
Nurix Therapeutics, Inc.*		81		637
Community Health Systems, Inc.*		218		632
CareDx, Inc.*		90		630
Alpine Immune Sciences, Inc.*		55		630
Sana Biotechnology, Inc.*		161		623
SomaLogic, Inc.*		260		621
Vital Farms, Inc.*		53		614
Disc Medicine, Inc.*		13		611
Custom Truck One Source, Inc.*		98		608
AnaptysBio, Inc.*		33		593
WaVe Life Sciences Ltd.*		102		586
Entrada Therapeutics, Inc.*,1		37		585
Tejon Ranch Co.*		36		584
Zymeworks, Inc.*		92		583
SEACOR Marine Holdings, Inc.*		42		583
ACELYRIN, Inc.*		57		580
Forrester Research, Inc.*		20		578
iRadimed Corp.		13		577
Olema Pharmaceuticals, Inc.*		46		568
Bluebird Bio, Inc.*		185		562
Tactile Systems Technology, Inc.*		40		562

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
BrightView Holdings, Inc.*		72	$	558
Pennant Group, Inc.*		50		556
Aaron’s Company, Inc.		53		555
Enliven Therapeutics, Inc.*		40		546
Aldeyra Therapeutics, Inc.*		81		541
SunOpta, Inc.*		157		529
Taro Pharmaceutical Industries Ltd.*		14		528
Liquidia Corp.*		82		520
Nano-X Imaging Ltd.*,1		79		518
Sterling Check Corp.*		41		517
Utah Medical Products, Inc.		6		516
Savara, Inc.*		132		499
HilleVax, Inc.*		37		498
Coherus Biosciences, Inc.*		133		497
Cerus Corp.*		307		497
American Well Corp. — Class A*		422		494
MacroGenics, Inc.*		105		489
Seneca Foods Corp. — Class A*		9		484
Universal Technical Institute, Inc.*		57		478
UroGen Pharma Ltd.*		34		476
AngioDynamics, Inc.*		65		475
Arcutis Biotherapeutics, Inc.*		89		473
MaxCyte, Inc.*		151		471
iTeos Therapeutics, Inc.*		43		471
Caribou Biosciences, Inc.*		98		468
Biomea Fusion, Inc.*		34		468
Anika Therapeutics, Inc.*		25		466
Limoneira Co.		30		460
Allogene Therapeutics, Inc.*		142		450
Phibro Animal Health Corp. — Class A		35		447
Phathom Pharmaceuticals, Inc.*		43		446
Lyell Immunopharma, Inc.*		300		441
23andMe Holding Co. — Class A*		450		440
Arbutus Biopharma Corp.*		216		438
Accuray, Inc.*		161		438
Westrock Coffee Co.*		49		434
Aura Biosciences, Inc.*		48		431
Willdan Group, Inc.*		21		429
Xeris Biopharma Holdings, Inc.*		230		428
Voyager Therapeutics, Inc.*		55		426
Edgewise Therapeutics, Inc.*		74		424
Ocular Therapeutix, Inc.*		135		424
Zimvie, Inc.*		45		423
Vanda Pharmaceuticals, Inc.*		98		423
SIGA Technologies, Inc.		80		420
Distribution Solutions Group, Inc.*		16		416
KalVista Pharmaceuticals, Inc.*		43		414
ORIC Pharmaceuticals, Inc.*		68		411
PMV Pharmaceuticals, Inc.*		67		411
Seres Therapeutics, Inc.*		168		400
Atea Pharmaceuticals, Inc.*		133		399
Alta Equipment Group, Inc.		33		398
Viemed Healthcare, Inc.*		59		397
Ovid therapeutics, Inc.*		103		396
Assertio Holdings, Inc.*		154		394
Enanta Pharmaceuticals, Inc.*		35		391
Organogenesis Holdings, Inc.*		122		388
Nature’s Sunshine Products, Inc.*		23		381
Summit Therapeutics, Inc.*		201		376
Terns Pharmaceuticals, Inc.*		74		372
Icosavax, Inc.*		48		372
Cullinan Oncology, Inc.*		41		371
Sutro Biopharma, Inc.*		104		361
EyePoint Pharmaceuticals, Inc.*		45		360
Quipt Home Medical Corp.*		70		356
scPharmaceuticals, Inc.*		50		356
Nathan’s Famous, Inc.		5		353
ProKidney Corp.*		77		353
Axogen, Inc.*		70		350
Y-mAbs Therapeutics, Inc.*		64		349
Scholar Rock Holding Corp.*		49		348
Lincoln Educational Services Corp.*		41		346
2seventy bio, Inc.*		87		341
Village Super Market, Inc. — Class A		15		340
2U, Inc.*		137		338
Nuvation Bio, Inc.*		252		338
Precigen, Inc.*		234		332
Agiliti, Inc.*		51		331
Tyra Biosciences, Inc.*		24		330
Waldencast plc — Class A*,1		35		330
Astria Therapeutics, Inc.*		44		328
ImmunityBio, Inc.*,1		191		323
Rigel Pharmaceuticals, Inc.*		296		320
Fate Therapeutics, Inc.*		147		312
Compass Therapeutics, Inc.*		158		311
Humacyte, Inc.*		106		311
Omeros Corp.*,1		105		307
Janux Therapeutics, Inc.*		30		302
Alico, Inc.		12		299
Emergent BioSolutions, Inc.*		88		299
InfuSystem Holdings, Inc.*		31		299
Generation Bio Co.*		78		296
Harvard Bioscience, Inc.*		68		292
Zevra Therapeutics, Inc.*		60		289
Quantum-Si, Inc.*		174		289
CVRx, Inc.*		19		288
SoundThinking, Inc.*		16		286
CorMedix, Inc.*		77		285
Eagle Pharmaceuticals, Inc.*		18		284
Butterfly Network, Inc.*		240		283
Poseida Therapeutics, Inc.*		118		281
HF Foods Group, Inc.*		70		278
Erasca, Inc.*		140		276
CareMax, Inc.*		130		276
MeiraGTx Holdings plc*		56		275
Nautilus Biotechnology, Inc.*		87		275
Celcuity, Inc.*		30		274
Invitae Corp.*		453		274
Zynex, Inc.*		34		272
Quad/Graphics, Inc.*		54		272
Immuneering Corp. — Class A*		35		269
Information Services Group, Inc.		61		267

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 93

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Actinium Pharmaceuticals, Inc.*		45	$	266
Lineage Cell Therapeutics, Inc.*		223		263
Karyopharm Therapeutics, Inc.*		196		263
Performant Financial Corp.*		116		262
Gritstone bio, Inc.*		152		261
Allakos, Inc.*		115		261
Monte Rosa Therapeutics, Inc.*		53		254
Inozyme Pharma, Inc.*		59		248
Thorne HealthTech, Inc.*		24		245
Atara Biotherapeutics, Inc.*		165		244
PDS Biotechnology Corp.*		48		242
Acacia Research Corp.*		66		241
BRC, Inc. — Class A*		65		233
Fennec Pharmaceuticals, Inc.*		31		233
X4 Pharmaceuticals, Inc.*		213		232
Aerovate Therapeutics, Inc.*		17		231
Semler Scientific, Inc.*		9		228
Mineralys Therapeutics, Inc.*		24		228
Joint Corp.*		25		225
FiscalNote Holdings, Inc.*,1		108		225
Altimmune, Inc.*		86		224
Seer, Inc.*		101		223
Merrimack Pharmaceuticals, Inc.*		18		222
Mersana Therapeutics, Inc.*		174		221
Sanara Medtech, Inc.*		7		218
Third Harmonic Bio, Inc.*		34		217
Tela Bio, Inc.*		27		216
Selecta Biosciences, Inc.*		201		213
Inogen, Inc.*		40		209
Natural Grocers by Vitamin Cottage, Inc.		16		207
Tenaya Therapeutics, Inc.*		79		201
ClearPoint Neuro, Inc.*		40		200
Innovage Holding Corp.*		33		198
Carisma Therapeutics, Inc.		46		195
Stoke Therapeutics, Inc.*		48		189
Annexon, Inc.*		79		186
Heron Therapeutics, Inc.*		179		184
XOMA Corp.*		13		183
CompoSecure, Inc.*,1		28		181
Rallybio Corp.*		53		179
ALX Oncology Holdings, Inc.*		37		178
IGM Biosciences, Inc.*		21		175
Foghorn Therapeutics, Inc.*		35		175
Cutera, Inc.*		29		175
Lexicon Pharmaceuticals, Inc.*		160		174
Larimar Therapeutics, Inc.*		44		174
Cipher Mining, Inc.*,1		72		168
KORU Medical Systems, Inc.*		61		165
Protalix BioTherapeutics, Inc.*		97		161
Ikena Oncology, Inc.*		37		160
ARS Pharmaceuticals, Inc.*		42		159
Scilex Holding Co.*		113		158
Trevi Therapeutics, Inc.*		72		157
Allovir, Inc.*		73		157
Optinose, Inc.*		126		155
Nuvectis Pharma, Inc.*		12		155
Vigil Neuroscience, Inc.*		28		151
Longboard Pharmaceuticals, Inc.*		27		150
Sangamo Therapeutics, Inc.*		248		149
Kezar Life Sciences, Inc.*		124		148
Citius Pharmaceuticals, Inc.*		213		146
Akoya Biosciences, Inc.*		31		144
AirSculpt Technologies, Inc.*		21		144
Acrivon Therapeutics, Inc.*		15		143
Bakkt Holdings, Inc.*,1		121		142
NanoString Technologies, Inc.*		82		141
Verrica Pharmaceuticals, Inc.*		36		140
HireQuest, Inc.		9		139
Cue Biopharma, Inc.*		60		138
Vor BioPharma, Inc.*		65		138
Cara Therapeutics, Inc.*		81		136
Aadi Bioscience, Inc.*		28		136
FibroGen, Inc.*		157		135
Design Therapeutics, Inc.*		57		135
BioAtla, Inc.*		77		131
CPI Card Group, Inc.*		7		130
Reneo Pharmaceuticals, Inc.*		17		129
Biote Corp. — Class A*		24		123
Emerald Holding, Inc.*		27		122
Graphite Bio, Inc.*		49		122
Pulse Biosciences, Inc.*		28		113
Cano Health, Inc.*		414		105
Beyond Air, Inc.*		44		102
Forafric Global plc*		9		102
P3 Health Partners, Inc.*		69		101
Vaxxinity, Inc. — Class A*,1		74		101
Aveanna Healthcare Holdings, Inc.*		85		101
Kodiak Sciences, Inc.*		56		101
Priority Technology Holdings, Inc.*		31		100
Benson Hill, Inc.*		298		99
Zevia PBC — Class A*		43		95
Theseus Pharmaceuticals, Inc.*		35		94
Omega Therapeutics, Inc.*		42		90
MarketWise, Inc.		55		88
PepGen, Inc.*		17		86
Zura Bio Ltd.*		13		86
Bioxcel Therapeutics, Inc.*		33		84
Century Therapeutics, Inc.*		41		82
NGM Biopharmaceuticals, Inc.*		75		80
Eyenovia, Inc.*		48		80
Adicet Bio, Inc.*		53		73
Nkarta, Inc.*		52		72
Vicarious Surgical, Inc.*		121		72
Orchestra BioMed Holdings, Inc.*		7		61
Outlook Therapeutics, Inc.*		268		59
Ocean Biomedical, Inc.*		15		58
Rent the Runway, Inc. — Class A*		83		56
Prelude Therapeutics, Inc.*		17		53
Ispire Technology, Inc.*		5		46
Bright Green Corp.*		104		41
Rain Oncology, Inc.*		29		25
BioVie, Inc.*		6		20

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
ATI Physical Therapy, Inc.*		1	$	9
Ligand Pharmaceuticals, Inc.*,††		12		—
Ligand Pharmaceuticals, Inc.*,††		12		—
Total Consumer, Non-cyclical				878,557
Financial - 14.2%
Selective Insurance Group, Inc.		104		10,730
SouthState Corp.		132		8,892
Essent Group Ltd.		183		8,654
Ryman Hospitality Properties, Inc. REIT		100		8,328
Terreno Realty Corp. REIT		142		8,066
Kite Realty Group Trust REIT		375		8,033
Old National Bancorp		505		7,343
American Equity Investment Life Holding Co.		135		7,241
Home BancShares, Inc.		330		6,910
Phillips Edison & Company, Inc. REIT		204		6,842
Radian Group, Inc.		271		6,805
Cadence Bank		314		6,663
Blackstone Mortgage Trust, Inc. — Class A REIT1		297		6,460
Valley National Bancorp		744		6,369
United Bankshares, Inc.		227		6,263
PotlatchDeltic Corp. REIT		137		6,218
FTAI Aviation Ltd.		172		6,115
Mr Cooper Group, Inc.*		113		6,052
Essential Properties Realty Trust, Inc. REIT		269		5,818
Apple Hospitality REIT, Inc. 1		372		5,707
Hamilton Lane, Inc. — Class A		63		5,698
First Financial Bankshares, Inc.		226		5,677
Sabra Health Care REIT, Inc.		399		5,562
Hancock Whitney Corp.		150		5,548
Glacier Bancorp, Inc.		193		5,500
Independence Realty Trust, Inc. REIT		389		5,473
Jackson Financial, Inc. — Class A		141		5,389
Moelis & Co. — Class A		116		5,235
United Community Banks, Inc.		200		5,082
Enstar Group Ltd.*		21		5,082
Physicians Realty Trust REIT		410		4,998
Texas Capital Bancshares, Inc.*		83		4,889
Genworth Financial, Inc. — Class A*		822		4,817
UMB Financial Corp.		77		4,778
Arbor Realty Trust, Inc. REIT1		311		4,721
CNO Financial Group, Inc.		197		4,675
COPT Defense Properties REIT		195		4,647
Broadstone Net Lease, Inc. REIT		324		4,633
ServisFirst Bancshares, Inc.		88		4,591
Associated Banc-Corp.		262		4,483
LXP Industrial Trust REIT		499		4,441
Ameris Bancorp		115		4,415
Piper Sandler Cos.		30		4,359
McGrath RentCorp		43		4,310
SL Green Realty Corp. REIT1		112		4,178
Cathay General Bancorp		120		4,171
First BanCorp		307		4,132
Walker & Dunlop, Inc.		55		4,083
Macerich Co. REIT		372		4,059
SITE Centers Corp. REIT		328		4,044
International Bancshares Corp.		93		4,031
Tanger Factory Outlet Centers, Inc. REIT		177		4,000
Artisan Partners Asset Management, Inc. — Class A		106		3,967
Community Bank System, Inc.		92		3,883
WSFS Financial Corp.		106		3,869
NMI Holdings, Inc. — Class A*		142		3,847
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		179		3,795
CVB Financial Corp.		229		3,795
Independent Bank Corp.		77		3,780
Atlantic Union Bankshares Corp.		130		3,741
Simmons First National Corp. — Class A		219		3,714
Axos Financial, Inc.*		98		3,710
National Health Investors, Inc. REIT		72		3,698
Innovative Industrial Properties, Inc. REIT		48		3,632
Douglas Emmett, Inc. REIT1		283		3,611
Pacific Premier Bancorp, Inc.		164		3,569
Upstart Holdings, Inc.*,1		125		3,567
CareTrust REIT, Inc.1		174		3,567
First Interstate BancSystem, Inc. — Class A		143		3,566
Fulton Financial Corp.		280		3,391
Bank of Hawaii Corp.		68		3,379
Eastern Bankshares, Inc.		268		3,361
Sunstone Hotel Investors, Inc. REIT		359		3,357
Equity Commonwealth REIT		182		3,343
PJT Partners, Inc. — Class A		42		3,336
Four Corners Property Trust, Inc. REIT		150		3,329
BancFirst Corp.		38		3,296
St. Joe Co.		60		3,260
Global Net Lease, Inc. REIT		335		3,219
Seacoast Banking Corporation of Florida		146		3,206
First Financial Bancorp		163		3,195
Bancorp, Inc.*		91		3,139
Kennedy-Wilson Holdings, Inc.		207		3,051
Urban Edge Properties REIT		199		3,037
StoneX Group, Inc.*		31		3,005
Bread Financial Holdings, Inc.		87		2,975
Pagseguro Digital Ltd. — Class A*		342		2,945
StepStone Group, Inc. — Class A		93		2,937
PennyMac Financial Services, Inc.		44		2,930
BankUnited, Inc.		129		2,928
DiamondRock Hospitality Co. REIT		362		2,907
Washington Federal, Inc.		113		2,895
BGC Group, Inc. — Class A		541		2,856
Pebblebrook Hotel Trust REIT		210		2,854
First Merchants Corp.		102		2,838
Cohen & Steers, Inc.		45		2,821
InvenTrust Properties Corp. REIT		118		2,810
Ready Capital Corp. REIT		277		2,800
TowneBank		122		2,797
Goosehead Insurance, Inc. — Class A*		37		2,758
JBG SMITH Properties REIT		188		2,718
Enova International, Inc.*		53		2,696
RLJ Lodging Trust REIT		270		2,643

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 95

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Retail Opportunity Investments Corp. REIT		213	$	2,637
Navient Corp.		153		2,635
Outfront Media, Inc. REIT		254		2,565
Renasant Corp.		96		2,514
Banner Corp.		59		2,500
Apollo Commercial Real Estate Finance, Inc. REIT		246		2,492
Independent Bank Group, Inc.		63		2,492
Farmer Mac — Class C		16		2,469
Triumph Financial, Inc.*		38		2,462
WesBanco, Inc.		100		2,442
Virtus Investment Partners, Inc.		12		2,424
OFG Bancorp		81		2,419
BRP Group, Inc. — Class A*		102		2,369
Park National Corp.		25		2,363
Enterprise Financial Services Corp.		63		2,362
Bank of NT Butterfield & Son Ltd.		87		2,356
City Holding Co.		26		2,349
Acadia Realty Trust REIT		162		2,325
Cannae Holdings, Inc.*		124		2,311
Hilltop Holdings, Inc.		81		2,297
NBT Bancorp, Inc.		72		2,282
Trustmark Corp.		105		2,282
LTC Properties, Inc. REIT		71		2,281
Northwest Bancshares, Inc.		221		2,261
Veris Residential, Inc. REIT		137		2,261
Nelnet, Inc. — Class A		25		2,233
Xenia Hotels & Resorts, Inc. REIT		189		2,226
Two Harbors Investment Corp. REIT		168		2,224
Chimera Investment Corp. REIT		401		2,189
Service Properties Trust REIT		284		2,184
Cushman & Wakefield plc*		286		2,179
Getty Realty Corp. REIT		78		2,163
First Commonwealth Financial Corp.		177		2,161
Heartland Financial USA, Inc.		73		2,148
Palomar Holdings, Inc.*		42		2,131
Pathward Financial, Inc.		46		2,120
Alexander & Baldwin, Inc. REIT		126		2,108
Horace Mann Educators Corp.		71		2,086
Elme Communities REIT		152		2,073
Compass Diversified Holdings		109		2,046
Lakeland Financial Corp.		43		2,041
Stewart Information Services Corp.		46		2,015
Ladder Capital Corp. — Class A REIT		196		2,011
eXp World Holdings, Inc.		120		1,949
Westamerica BanCorp		45		1,946
Trupanion, Inc.*		69		1,946
Provident Financial Services, Inc.		127		1,942
First Bancorp		69		1,942
Uniti Group, Inc. REIT		410		1,935
Encore Capital Group, Inc.*		40		1,910
Franklin BSP Realty Trust, Inc. REIT		144		1,907
National Bank Holdings Corp. — Class A		64		1,905
PennyMac Mortgage Investment Trust REIT		153		1,897
Stock Yards Bancorp, Inc.		47		1,847
Empire State Realty Trust, Inc. — Class A REIT		229		1,841
Employers Holdings, Inc.		46		1,838
Easterly Government Properties, Inc. REIT		160		1,829
S&T Bancorp, Inc.		67		1,814
Stellar Bancorp, Inc.		84		1,791
ProAssurance Corp.		94		1,776
Hope Bancorp, Inc.		200		1,770
National Western Life Group, Inc. — Class A		4		1,750
Apartment Investment and Management Co. — Class A REIT*		257		1,748
Claros Mortgage Trust, Inc.		157		1,740
FB Financial Corp.		61		1,730
First Busey Corp.		90		1,730
TriCo Bancshares		54		1,730
Customers Bancorp, Inc.*		50		1,722
Safety Insurance Group, Inc.		25		1,705
MFA Financial, Inc. REIT		177		1,701
Avantax, Inc.*		66		1,688
Live Oak Bancshares, Inc.		58		1,679
ARMOUR Residential REIT, Inc.		395		1,679
WisdomTree, Inc.		239		1,673
American Assets Trust, Inc. REIT		85		1,653
AMERISAFE, Inc.		33		1,652
NETSTREIT Corp. REIT		106		1,651
Argo Group International Holdings Ltd.		55		1,641
Veritex Holdings, Inc.		91		1,633
Sandy Spring Bancorp, Inc.		76		1,629
SiriusPoint Ltd.*		158		1,607
PacWest Bancorp		203		1,606
Victory Capital Holdings, Inc. — Class A		48		1,600
Hudson Pacific Properties, Inc. REIT		239		1,589
RPT Realty REIT		149		1,573
Centerspace REIT		26		1,567
Plymouth Industrial REIT, Inc.		74		1,550
Nicolet Bankshares, Inc.		22		1,535
Berkshire Hills Bancorp, Inc.		76		1,524
Newmark Group, Inc. — Class A		233		1,498
Peoples Bancorp, Inc.		59		1,497
Compass, Inc. — Class A*		514		1,491
Paramount Group, Inc. REIT		320		1,478
Origin Bancorp, Inc.		51		1,472
Southside Bancshares, Inc.		51		1,464
OceanFirst Financial Corp.		101		1,462
Preferred Bank/Los Angeles CA		23		1,432
First Bancshares, Inc.		53		1,429
Enact Holdings, Inc.		52		1,416
Ellington Financial, Inc. REIT		113		1,409
QCR Holdings, Inc.		29		1,407
Redwood Trust, Inc. REIT		197		1,405
BrightSpire Capital, Inc. REIT		223		1,396
Brookline Bancorp, Inc.		151		1,376
Patria Investments Ltd. — Class A		94		1,371
Lakeland Bancorp, Inc.		108		1,363
New York Mortgage Trust, Inc. REIT		158		1,341

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Safehold, Inc. REIT		75	$	1,335
UMH Properties, Inc. REIT		95		1,332
Brandywine Realty Trust REIT		293		1,330
German American Bancorp, Inc.		49		1,327
B Riley Financial, Inc.1		32		1,312
Community Healthcare Trust, Inc. REIT		44		1,307
Redfin Corp.*		184		1,295
Mercury General Corp.		46		1,289
PRA Group, Inc.*		67		1,287
NexPoint Residential Trust, Inc. REIT		39		1,255
Bank First Corp.		16		1,234
Marcus & Millichap, Inc.		42		1,232
1st Source Corp.		29		1,221
Dime Community Bancshares, Inc.		61		1,218
KKR Real Estate Finance Trust, Inc. REIT		102		1,211
Piedmont Office Realty Trust, Inc. — Class A REIT		214		1,203
Anywhere Real Estate, Inc.*		187		1,203
Armada Hoffler Properties, Inc. REIT		117		1,198
Tompkins Financial Corp.		24		1,176
Banc of California, Inc.		93		1,151
ConnectOne Bancorp, Inc.		64		1,141
LendingClub Corp.*		184		1,122
Dynex Capital, Inc. REIT		94		1,122
Skyward Specialty Insurance Group, Inc.*		41		1,122
Eagle Bancorp, Inc.		51		1,094
Brightsphere Investment Group, Inc.		56		1,086
Summit Hotel Properties, Inc. REIT		182		1,056
Capitol Federal Financial, Inc.		221		1,054
Premier Financial Corp.		61		1,041
Peakstone Realty Trust REIT		62		1,032
Lemonade, Inc.*		88		1,023
Old Second Bancorp, Inc.		75		1,021
CBL & Associates Properties, Inc. REIT		47		986
James River Group Holdings Ltd.		64		982
Heritage Financial Corp.		60		979
AssetMark Financial Holdings, Inc.*		38		953
Global Medical REIT, Inc.		106		951
Ambac Financial Group, Inc.*		77		929
Community Trust Bancorp, Inc.		27		925
First Community Bankshares, Inc.		31		913
F&G Annuities & Life, Inc.		32		898
International Money Express, Inc.*		53		897
Universal Health Realty Income Trust REIT		22		889
First Mid Bancshares, Inc.		33		876
TrustCo Bank Corporation NY		32		873
Heritage Commerce Corp.		103		872
Univest Financial Corp.		50		869
P10, Inc. — Class A		74		862
Hanmi Financial Corp.		53		860
Ares Commercial Real Estate Corp. REIT		90		857
Farmland Partners, Inc. REIT		83		852
Gladstone Commercial Corp. REIT		70		851
Byline Bancorp, Inc.		43		848
Diamond Hill Investment Group, Inc.		5		843
Mercantile Bank Corp.		27		835
Gladstone Land Corp. REIT		58		825
Coastal Financial Corp.*		19		815
Brookfield Business Corp. — Class A		45		814
Cambridge Bancorp		13		810
Whitestone REIT — Class B		84		809
TPG RE Finance Trust, Inc. REIT		120		808
Columbia Financial, Inc.*		51		801
Horizon Bancorp, Inc.		75		801
Diversified Healthcare Trust REIT		412		799
Chatham Lodging Trust REIT		83		794
Business First Bancshares, Inc.		42		788
Amerant Bancorp, Inc.		45		785
CrossFirst Bankshares, Inc.*		77		777
Peapack-Gladstone Financial Corp.		30		769
Central Pacific Financial Corp.		46		767
Great Southern Bancorp, Inc.		16		767
Washington Trust Bancorp, Inc.		29		764
World Acceptance Corp.*		6		762
Midland States Bancorp, Inc.		37		760
Merchants Bancorp		27		748
Farmers National Banc Corp.		64		740
Applied Digital Corp.*		118		736
Perella Weinberg Partners		72		733
Invesco Mortgage Capital, Inc. REIT		73		731
Alexander’s, Inc. REIT		4		729
United Fire Group, Inc.		36		711
Camden National Corp.		25		705
Saul Centers, Inc. REIT		20		705
Tiptree, Inc. — Class A		42		704
HarborOne Bancorp, Inc.		73		695
Capital City Bank Group, Inc.		23		686
Kearny Financial Corp.		99		686
American National Bankshares, Inc.		18		683
Northfield Bancorp, Inc.		72		681
First Financial Corp.		20		676
RMR Group, Inc. — Class A		27		662
Republic Bancorp, Inc. — Class A		15		661
Metropolitan Bank Holding Corp.*		18		653
CNB Financial Corp.		36		652
Flushing Financial Corp.		49		643
Independent Bank Corp.		35		642
Metrocity Bankshares, Inc.		32		630
Equity Bancshares, Inc. — Class A		26		626
Universal Insurance Holdings, Inc.		44		617
CTO Realty Growth, Inc. REIT		38		616
Bar Harbor Bankshares		26		614
MBIA, Inc.*		84		606
HCI Group, Inc.		11		597
FRP Holdings, Inc.*		11		594
NewtekOne, Inc.		40		590
HomeTrust Bancshares, Inc.		27		585
Alerus Financial Corp.		32		582
Southern Missouri Bancorp, Inc.		15		580
Orchid Island Capital, Inc. REIT		68		579
SmartFinancial, Inc.		27		577
Hingham Institution For Savings		3		560

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 97

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
GCM Grosvenor, Inc. — Class A		72	$	559
South Plains Financial, Inc.		21		555
FTAI Infrastructure, Inc.		171		551
Esquire Financial Holdings, Inc.		12		548
First Foundation, Inc.		89		541
Shore Bancshares, Inc.		51		537
Amalgamated Financial Corp.		31		534
Hersha Hospitality Trust — Class A REIT		54		532
One Liberty Properties, Inc. REIT		28		528
NerdWallet, Inc. — Class A*		59		525
Orion Office REIT, Inc.		99		516
Carter Bankshares, Inc.*		41		514
Burke & Herbert Financial Services Corp.		11		511
MidWestOne Financial Group, Inc.		25		508
Mid Penn Bancorp, Inc.		25		503
Bank of Marin Bancorp		27		494
Northeast Bank		11		485
Greenlight Capital Re Ltd. — Class A*		45		483
Capstar Financial Holdings, Inc.		34		482
Peoples Financial Services Corp.		12		481
Enterprise Bancorp, Inc.		17		465
NexPoint Diversified Real Estate Trust REIT		53		462
West BanCorp, Inc.		28		457
Citizens & Northern Corp.		26		456
Sierra Bancorp		24		455
MVB Financial Corp.		20		452
ACNB Corp.		14		443
Five Star Bancorp		22		441
Arrow Financial Corp.		26		438
Financial Institutions, Inc.		26		438
Postal Realty Trust, Inc. — Class A REIT		32		432
Guaranty Bancshares, Inc.		15		430
Granite Point Mortgage Trust, Inc. REIT		88		429
Summit Financial Group, Inc.		19		428
First of Long Island Corp.		37		426
First Business Financial Services, Inc.		14		420
HBT Financial, Inc.		23		420
Civista Bancshares, Inc.		27		418
Sculptor Capital Management, Inc.		36		418
Home Bancorp, Inc.		13		414
Chicago Atlantic Real Estate Finance, Inc. REIT1		28		412
Macatawa Bank Corp.		46		412
First Bancorp, Inc.		17		399
Northrim BanCorp, Inc.		10		396
John Marshall Bancorp, Inc.		22		393
Orange County Bancorp, Inc.		9		389
RE/MAX Holdings, Inc. — Class A		30		388
Regional Management Corp.		14		388
Forge Global Holdings, Inc.*		190		386
Farmers & Merchants Bancorp Incorporated/Archbold OH		22		386
Donegal Group, Inc. — Class A		27		385
BayCom Corp.		20		384
Citizens Financial Services, Inc.		8		383
Fidelis Insurance Holdings Ltd.*		26		382
Orrstown Financial Services, Inc.		18		378
Alpine Income Property Trust, Inc. REIT		23		376
Third Coast Bancshares, Inc.*		22		376
RBB Bancorp		29		371
Red River Bancshares, Inc.		8		368
Fidelity D&D Bancorp, Inc.		8		363
BRT Apartments Corp. REIT		21		363
FVCBankcorp, Inc.*		28		359
Middlefield Banc Corp.		14		356
Timberland Bancorp, Inc.		13		352
Waterstone Financial, Inc.		32		350
Southern First Bancshares, Inc.*		13		350
Blue Foundry Bancorp*		41		343
Office Properties Income Trust REIT		83		340
Northeast Community Bancorp, Inc.		23		339
Norwood Financial Corp.		13		335
Bridgewater Bancshares, Inc.*		35		332
Legacy Housing Corp.*		17		330
AFC Gamma, Inc. REIT		28		329
Capital Bancorp, Inc.		17		325
FS Bancorp, Inc.		11		325
C&F Financial Corp.		6		322
Codorus Valley Bancorp, Inc.		17		317
Douglas Elliman, Inc.		140		316
Braemar Hotels & Resorts, Inc. REIT		114		316
eHealth, Inc.*		42		311
Plumas Bancorp		9		307
Unity Bancorp, Inc.		13		305
First Bank/Hamilton NJ		28		302
Oak Valley Bancorp1		12		301
Investors Title Co.		2		296
Southern States Bancshares, Inc.		13		294
PCB Bancorp		19		294
Parke Bancorp, Inc.		18		293
Colony Bankcorp, Inc.		29		290
BCB Bancorp, Inc.		26		290
City Office REIT, Inc.		68		289
Greene County Bancorp, Inc.		12		289
Primis Financial Corp.		35		285
Ocwen Financial Corp.*		11		285
LendingTree, Inc.*		18		279
Maiden Holdings Ltd.*		157		276
Selectquote, Inc.*		236		276
Star Holdings*		22		276
Stratus Properties, Inc.*		10		274
Ponce Financial Group, Inc.*		35		274
Silvercrest Asset Management Group, Inc. — Class A		17		270
Bit Digital, Inc.*,1		125		267
Princeton Bancorp, Inc.		9		261
LCNB Corp.		18		257
First Western Financial, Inc.*		14		254
Penns Woods Bancorp, Inc.		12		253
AlTi Global, Inc.*		36		251
National Bankshares, Inc.		10		250
American Coastal Insurance Corp.*		34		250

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Ames National Corp.		15	$	249
MainStreet Bancshares, Inc.		12		246
Virginia National Bankshares Corp.		8		243
Bankwell Financial Group, Inc.		10		243
Atlanticus Holdings Corp.*		8		242
HomeStreet, Inc.		31		241
Evans Bancorp, Inc.		9		241
Central Valley Community Bancorp		17		240
Chemung Financial Corp.		6		238
ChoiceOne Financial Services, Inc.		12		236
Crawford & Co. — Class A		25		233
Nexpoint Real Estate Finance, Inc. REIT		14		229
ESSA Bancorp, Inc.		15		225
First Community Corp.		13		224
Sterling Bancorp, Inc.*		36		210
USCB Financial Holdings, Inc.*		18		189
NI Holdings, Inc.*		14		180
Security National Financial Corp. — Class A*		22		173
Maui Land & Pineapple Company, Inc.*		13		172
Pioneer Bancorp, Inc.*		20		171
Angel Oak Mortgage REIT, Inc.		20		171
Velocity Financial, Inc.*		15		169
Luther Burbank Corp.		18		151
Hippo Holdings, Inc.*		18		143
Kingsway Financial Services, Inc.*		18		136
Blue Ridge Bankshares, Inc.		30		136
Bank7 Corp.		6		135
Consumer Portfolio Services, Inc.*		14		127
Finance of America Companies, Inc. — Class A*		92		118
Paysign, Inc.*		57		111
SWK Holdings Corp.*		7		110
Clipper Realty, Inc. REIT		20		104
GoHealth, Inc. — Class A*		7		101
Transcontinental Realty Investors, Inc.*		3		92
OppFi, Inc.*		19		48
American Realty Investors, Inc.*		3		44
Total Financial				811,621
Industrial - 10.3%
Chart Industries, Inc.*		73		12,346
Simpson Manufacturing Company, Inc.		74		11,086
Fabrinet*		64		10,664
UFP Industries, Inc.		104		10,650
Comfort Systems USA, Inc.		61		10,395
Applied Industrial Technologies, Inc.		67		10,359
Atkore, Inc.*		67		9,996
Fluor Corp.*		247		9,065
Novanta, Inc.*		62		8,893
Watts Water Technologies, Inc. — Class A		47		8,123
Exponent, Inc.		88		7,533
Badger Meter, Inc.		51		7,337
Casella Waste Systems, Inc. — Class A*		96		7,325
Mueller Industries, Inc.		97		7,291
Zurn Elkay Water Solutions Corp.		256		7,173
Belden, Inc.		74		7,145
Franklin Electric Company, Inc.		80		7,139
Boise Cascade Co.		69		7,110
GATX Corp.		62		6,747
EnerSys		71		6,722
Advanced Energy Industries, Inc.		65		6,703
Terex Corp.		116		6,684
AAON, Inc.		117		6,654
Summit Materials, Inc. — Class A*		207		6,446
Federal Signal Corp.		104		6,212
SPX Technologies, Inc.*		76		6,186
Arcosa, Inc.		84		6,040
John Bean Technologies Corp.		55		5,783
Cactus, Inc. — Class A		112		5,623
Moog, Inc. — Class A		49		5,535
Vishay Intertechnology, Inc.		223		5,512
Matson, Inc.		62		5,501
Sanmina Corp.*		100		5,428
Encore Wire Corp.		29		5,291
Hillenbrand, Inc.		120		5,077
AeroVironment, Inc.*		43		4,796
Itron, Inc.*		79		4,786
Knife River Corp.*		98		4,785
CSW Industrials, Inc.		27		4,731
Albany International Corp. — Class A		54		4,659
Scorpio Tankers, Inc.		85		4,600
ESCO Technologies, Inc.		44		4,595
Kadant, Inc.		20		4,511
O-I Glass, Inc.*		269		4,500
Plexus Corp.*		48		4,463
Dycom Industries, Inc.*		50		4,450
Bloom Energy Corp. — Class A*		332		4,402
Frontdoor, Inc.*		143		4,374
EnPro Industries, Inc.		36		4,363
Werner Enterprises, Inc.		110		4,285
ArcBest Corp.		42		4,269
Golar LNG Ltd.		175		4,246
Hub Group, Inc. — Class A*		54		4,241
Modine Manufacturing Co.*		89		4,072
Energizer Holdings, Inc.		124		3,973
RXO, Inc.*		201		3,966
Sterling Infrastructure, Inc.*		52		3,821
MYR Group, Inc.*		28		3,773
Materion Corp.		36		3,669
Gibraltar Industries, Inc.*		54		3,646
AAR Corp.*		60		3,572
Masonite International Corp.*		38		3,542
Kennametal, Inc.		140		3,483
Trinity Industries, Inc.		141		3,433
NEXTracker, Inc. — Class A*		85		3,414
Mueller Water Products, Inc. — Class A		267		3,386
Worthington Industries, Inc.		53		3,276
Kratos Defense & Security Solutions, Inc.*		217		3,259
OSI Systems, Inc.*		27		3,187
Helios Technologies, Inc.		57		3,162
International Seaways, Inc.		70		3,150
Joby Aviation, Inc.*		480		3,096

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 99

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Forward Air Corp.		45	$	3,093
Griffon Corp.		76		3,015
Primoris Services Corp.		92		3,011
Enovix Corp.*		237		2,974
Alamo Group, Inc.		17		2,939
Standex International Corp.		20		2,914
Granite Construction, Inc.		76		2,890
Barnes Group, Inc.		85		2,887
Greif, Inc. — Class A		43		2,873
Hillman Solutions Corp.*		336		2,772
PGT Innovations, Inc.*		98		2,719
Masterbrand, Inc.*		223		2,709
Mirion Technologies, Inc.*		345		2,577
Enerpac Tool Group Corp.		97		2,564
Construction Partners, Inc. — Class A*		70		2,559
DHT Holdings, Inc.		236		2,431
World Kinect Corp.		107		2,400
Tennant Co.		32		2,373
Knowles Corp.*		156		2,310
NV5 Global, Inc.*		24		2,310
TTM Technologies, Inc.*		177		2,280
CTS Corp.		54		2,254
Vicor Corp.*		38		2,238
Lindsay Corp.		19		2,236
SFL Corporation Ltd.		199		2,219
American Woodmark Corp.*		29		2,193
Greenbrier Companies, Inc.		53		2,120
Rocket Lab USA, Inc.*		480		2,102
Air Transport Services Group, Inc.*		98		2,045
Energy Recovery, Inc.*		96		2,036
Marten Transport Ltd.		101		1,991
JELD-WEN Holding, Inc.*		147		1,964
AZZ, Inc.		43		1,960
Astec Industries, Inc.		39		1,837
Apogee Enterprises, Inc.		38		1,789
TriMas Corp.		72		1,783
CIRCOR International, Inc.*		31		1,728
Columbus McKinnon Corp.		49		1,711
Teekay Tankers Ltd. — Class A		41		1,707
Golden Ocean Group Ltd.		213		1,678
Chase Corp.		13		1,654
TimkenSteel Corp.*		75		1,629
Thermon Group Holdings, Inc.*		58		1,593
Dorian LPG Ltd.		55		1,580
Janus International Group, Inc.*		147		1,573
FLEX LNG Ltd.		52		1,568
Sturm Ruger & Company, Inc.		30		1,564
Ichor Holdings Ltd.*		49		1,517
Benchmark Electronics, Inc.		61		1,480
Nordic American Tankers Ltd.		355		1,463
Leonardo DRS, Inc.*		87		1,453
Montrose Environmental Group, Inc.*		48		1,405
Archer Aviation, Inc. — Class A*,1		264		1,336
Powell Industries, Inc.		16		1,326
Gorman-Rupp Co.		40		1,316
GrafTech International Ltd.		334		1,279
Heritage-Crystal Clean, Inc.*		27		1,224
Napco Security Technologies, Inc.		55		1,224
Proto Labs, Inc.*		46		1,214
Heartland Express, Inc.		81		1,190
Ryerson Holding Corp.		39		1,134
Myers Industries, Inc.		63		1,129
PureCycle Technologies, Inc.*		201		1,128
Kimball Electronics, Inc.*		41		1,123
Clearwater Paper Corp.*		29		1,051
Insteel Industries, Inc.		32		1,039
Genco Shipping & Trading Ltd.		73		1,021
Smith & Wesson Brands, Inc.		79		1,020
Xometry, Inc. — Class A*		59		1,002
Argan, Inc.		22		1,002
Enviri Corp.*		137		989
LSB Industries, Inc.*		95		972
Kaman Corp.		49		963
Olympic Steel, Inc.		17		956
Evolv Technologies Holdings, Inc.*		195		948
CryoPort, Inc.*		69		946
Mesa Laboratories, Inc.		9		946
Ardmore Shipping Corp.		71		924
Stoneridge, Inc.*		46		923
IES Holdings, Inc.*		14		922
Great Lakes Dredge & Dock Corp.*		114		909
Cadre Holdings, Inc.		34		906
Manitowoc Company, Inc.*		60		903
DXP Enterprises, Inc.*		25		873
Bel Fuse, Inc. — Class B		18		859
Triumph Group, Inc.*		112		858
Li-Cycle Holdings Corp.*		239		848
Hyster-Yale Materials Handling, Inc.		19		847
SmartRent, Inc.*		317		827
Ducommun, Inc.*		19		827
CECO Environmental Corp.*		51		815
Costamare, Inc.		84		808
nLight, Inc.*		76		790
Aspen Aerogels, Inc.*		88		757
LSI Industries, Inc.		45		715
Astronics Corp.*		45		714
Teekay Corp.*		115		710
GoPro, Inc. — Class A*		224		703
Allient, Inc.		22		680
Eagle Bulk Shipping, Inc.1		16		672
MicroVision, Inc.*		306		670
Covenant Logistics Group, Inc. — Class A		15		658
AerSale Corp.*		44		657
NVE Corp.		8		657
National Presto Industries, Inc.		9		652
Luxfer Holdings plc		48		626
Greif, Inc. — Class B		9		599
Atmus Filtration Technologies, Inc.*,1		28		584
Tutor Perini Corp.*		74		579
Pactiv Evergreen, Inc.		69		561
Northwest Pipe Co.*		17		513
Limbach Holdings, Inc.*		16		508

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
FARO Technologies, Inc.*		33	$	503
Park Aerospace Corp.		32		497
Bowman Consulting Group Ltd.*		17		477
Omega Flex, Inc.		6		472
NuScale Power Corp.*		93		456
Overseas Shipholding Group, Inc. — Class A*		100		439
Babcock & Wilcox Enterprises, Inc.*		102		429
Eastman Kodak Co.*		99		417
Comtech Telecommunications Corp.		47		411
Ranpak Holdings Corp.*		75		408
Concrete Pumping Holdings, Inc.*		45		386
Safe Bulkers, Inc.		116		376
Pangaea Logistics Solutions Ltd.		63		370
Core Molding Technologies, Inc.*		13		370
Radiant Logistics, Inc.*		64		362
Daseke, Inc.*		70		359
Pure Cycle Corp.*		34		326
AMMO, Inc.*		156		315
Iteris, Inc.*		74		306
Universal Logistics Holdings, Inc.		12		302
Park-Ohio Holdings Corp.		15		299
ESS Tech, Inc.*,1		158		297
Eve Holding, Inc.*		31		257
Gencor Industries, Inc.*		18		254
908 Devices, Inc.*		38		253
Tredegar Corp.		46		249
Turtle Beach Corp.*		27		245
Blink Charging Co.*,1		80		245
PAM Transportation Services, Inc.*		11		237
Karat Packaging, Inc.		10		231
Willis Lease Finance Corp.*		5		212
Mayville Engineering Company, Inc.*		19		208
Mistras Group, Inc.*		36		196
Latham Group, Inc.*		67		188
LanzaTech Global, Inc.*		36		168
SKYX Platforms Corp.*		98		139
Intevac, Inc.*		44		137
INNOVATE Corp.*		79		128
374Water, Inc.*		103		128
Sight Sciences, Inc.*		37		125
Charge Enterprises, Inc.*		233		116
Transphorm, Inc.*		47		104
Akoustis Technologies, Inc.*		120		90
Himalaya Shipping Ltd.*		15		72
NL Industries, Inc.		15		71
Amprius Technologies, Inc.*		9		43
Southland Holdings, Inc.*		7		42
Redwire Corp.*		14		40
Total Industrial				588,667
Consumer, Cyclical - 7.9%
Light & Wonder, Inc. — Class A*		158		11,270
Asbury Automotive Group, Inc.*		36		8,283
Taylor Morrison Home Corp. — Class A*		182		7,755
Meritage Homes Corp.		63		7,711
Fox Factory Holding Corp.*		74		7,332
Beacon Roofing Supply, Inc.*		93		7,177
Carvana Co.*,1		166		6,969
Visteon Corp.*		49		6,765
FirstCash Holdings, Inc.		65		6,525
Group 1 Automotive, Inc.		24		6,449
Academy Sports & Outdoors, Inc.		129		6,098
Adient plc*		166		6,092
Goodyear Tire & Rubber Co.*		485		6,029
Skyline Champion Corp.*		93		5,926
KB Home		125		5,785
Hilton Grand Vacations, Inc.*		141		5,739
International Game Technology plc		188		5,700
Signet Jewelers Ltd.		77		5,529
American Eagle Outfitters, Inc.		315		5,232
Installed Building Products, Inc.		41		5,121
LCI Industries		43		5,049
Abercrombie & Fitch Co. — Class A*		85		4,791
Tri Pointe Homes, Inc.*		172		4,704
GMS, Inc.*		72		4,606
Rush Enterprises, Inc. — Class A		108		4,410
UniFirst Corp.		26		4,238
Boot Barn Holdings, Inc.*		52		4,222
Kontoor Brands, Inc.		96		4,215
MDC Holdings, Inc.		102		4,205
Steven Madden Ltd.		130		4,130
Cavco Industries, Inc.*		15		3,985
Resideo Technologies, Inc.*		252		3,981
M/I Homes, Inc.*		47		3,950
Papa John’s International, Inc.		57		3,889
Veritiv Corp.		23		3,885
Shake Shack, Inc. — Class A*		65		3,775
Bloomin’ Brands, Inc.		152		3,738
Urban Outfitters, Inc.*		111		3,629
LGI Homes, Inc.*		36		3,582
Cinemark Holdings, Inc.*		190		3,487
Dorman Products, Inc.*		46		3,485
Topgolf Callaway Brands Corp.*		249		3,446
Red Rock Resorts, Inc. — Class A		82		3,362
PriceSmart, Inc.		45		3,349
Dana, Inc.		226		3,315
Century Communities, Inc.		49		3,272
Vista Outdoor, Inc.*		98		3,246
MillerKnoll, Inc.		132		3,227
SkyWest, Inc.*		76		3,187
Spirit Airlines, Inc.		190		3,135
Gentherm, Inc.*		57		3,093
Winnebago Industries, Inc.		51		3,032
XPEL, Inc.*		39		3,007
Six Flags Entertainment Corp.*		125		2,939
SeaWorld Entertainment, Inc.*		63		2,914
Acushnet Holdings Corp.		54		2,864
Sonos, Inc.*		220		2,840
OPENLANE, Inc.*		187		2,790
Patrick Industries, Inc.		37		2,777
HNI Corp.		80		2,771
Atlanta Braves Holdings, Inc. — Class C*		76		2,716

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 101

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
ODP Corp.*		57	$	2,631
JetBlue Airways Corp.*		570		2,622
Cracker Barrel Old Country Store, Inc.		38		2,554
Cheesecake Factory, Inc.		84		2,545
Oxford Industries, Inc.		26		2,499
Jack in the Box, Inc.		36		2,486
Madison Square Garden Entertainment Corp.*		75		2,468
Foot Locker, Inc.		142		2,464
H&E Equipment Services, Inc.		56		2,419
Brinker International, Inc.*		76		2,401
Hanesbrands, Inc.		606		2,400
La-Z-Boy, Inc.		75		2,316
Dave & Buster’s Entertainment, Inc.*		62		2,298
National Vision Holdings, Inc.*		135		2,184
Fisker, Inc.*,1		338		2,170
Luminar Technologies, Inc.*,1		469		2,134
Allegiant Travel Co. — Class A		27		2,075
Dillard’s, Inc. — Class A		6		1,985
Sovos Brands, Inc.*		88		1,984
Sweetgreen, Inc. — Class A*		167		1,962
Warby Parker, Inc. — Class A*		147		1,935
Everi Holdings, Inc.*		146		1,930
Green Brick Partners, Inc.*		46		1,909
Winmark Corp.		5		1,866
Nu Skin Enterprises, Inc. — Class A		86		1,824
iRobot Corp.*		47		1,781
Buckle, Inc.		53		1,770
G-III Apparel Group Ltd.*		71		1,769
Leslie’s, Inc.*		306		1,732
Wabash National Corp.		82		1,732
Caleres, Inc.		60		1,726
Malibu Boats, Inc. — Class A*		35		1,716
Steelcase, Inc. — Class A		153		1,709
Sphere Entertainment Co.*		45		1,672
Nikola Corp.*,1		1,028		1,614
Lions Gate Entertainment Corp. — Class B*		200		1,574
Sally Beauty Holdings, Inc.*		186		1,559
Chico’s FAS, Inc.*		207		1,548
IMAX Corp.*		78		1,507
indie Semiconductor, Inc. — Class A*		237		1,493
MRC Global, Inc.*		145		1,486
Camping World Holdings, Inc. — Class A		72		1,469
American Axle & Manufacturing Holdings, Inc.*		198		1,438
Monarch Casino & Resort, Inc.		23		1,428
OneSpaWorld Holdings Ltd.*		126		1,414
Methode Electronics, Inc.		61		1,394
Dine Brands Global, Inc.		27		1,335
ScanSource, Inc.*		44		1,334
Sonic Automotive, Inc. — Class A		27		1,290
Beazer Homes USA, Inc.*		51		1,270
Standard Motor Products, Inc.		37		1,244
Aurora Innovation, Inc.*		527		1,239
BlueLinx Holdings, Inc.*		15		1,231
Titan International, Inc.*		91		1,222
MarineMax, Inc.*		37		1,214
Golden Entertainment, Inc.		35		1,196
Ethan Allen Interiors, Inc.		40		1,196
Douglas Dynamics, Inc.		39		1,177
Life Time Group Holdings, Inc.*		77		1,171
Portillo’s, Inc. — Class A*		74		1,139
Clean Energy Fuels Corp.*		292		1,118
Chuy’s Holdings, Inc.*		31		1,103
Wolverine World Wide, Inc.		135		1,088
Guess?, Inc.		50		1,082
Designer Brands, Inc. — Class A		85		1,076
PC Connection, Inc.		20		1,068
Hibbett, Inc.		22		1,045
Arko Corp.		143		1,022
Accel Entertainment, Inc.*		93		1,018
Hudson Technologies, Inc.*		76		1,011
Interface, Inc. — Class A		99		971
A-Mark Precious Metals, Inc.		33		968
Sun Country Airlines Holdings, Inc.*		65		965
Titan Machinery, Inc.*		36		957
Dream Finders Homes, Inc. — Class A*		42		934
BJ’s Restaurants, Inc.*		39		915
America’s Car-Mart, Inc.*		10		910
RCI Hospitality Holdings, Inc.		15		910
Sleep Number Corp.*		37		910
VSE Corp.		18		908
Shyft Group, Inc.		60		898
REV Group, Inc.		55		880
Super Group SGHC Ltd.*,1		236		871
Forestar Group, Inc.*		32		862
Lions Gate Entertainment Corp. — Class A*		101		857
Savers Value Village, Inc.*		45		840
Hovnanian Enterprises, Inc. — Class A*		8		813
Denny’s Corp.*		95		805
Virgin Galactic Holdings, Inc.*,1		435		783
Global Industrial Co.		23		770
Miller Industries, Inc.		19		745
Movado Group, Inc.		27		738
Rush Enterprises, Inc. — Class B		16		725
Xperi, Inc.*		73		720
Haverty Furniture Companies, Inc.		25		719
Vizio Holding Corp. — Class A*		131		709
Bluegreen Vacations Holding Corp.		19		697
Shoe Carnival, Inc.		29		697
Build-A-Bear Workshop, Inc. — Class A		23		676
Bally’s Corp.*		51		669
MasterCraft Boat Holdings, Inc.*		30		667
Xponential Fitness, Inc. — Class A*		43		666
Atlanta Braves Holdings, Inc. — Class A*		17		664
Kura Sushi USA, Inc. — Class A*		10		661
Marcus Corp.		42		651
Genesco, Inc.*		21		647
Blue Bird Corp.*		30		640
Daktronics, Inc.*		65		580

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Children’s Place, Inc.*		21	$	568
Hawaiian Holdings, Inc.*		88		557
Solid Power, Inc.*		268		541
OneWater Marine, Inc. — Class A*		20		512
Rush Street Interactive, Inc.*		109		504
Zumiez, Inc.*		28		498
ThredUp, Inc. — Class A*		124		497
Johnson Outdoors, Inc. — Class A		9		492
Bowlero Corp. — Class A*,1		51		491
SES AI Corp.*		216		490
Lovesac Co.*		24		478
Funko, Inc. — Class A*		60		459
Holley, Inc.*		91		454
Destination XL Group, Inc.*		101		452
First Watch Restaurant Group, Inc.*		26		450
El Pollo Loco Holdings, Inc.		50		447
TuSimple Holdings, Inc. — Class A*		286		446
Lindblad Expeditions Holdings, Inc.*		61		439
Commercial Vehicle Group, Inc.*		56		435
Carrols Restaurant Group, Inc.*		64		422
EVgo, Inc.*,1		124		419
Cooper-Standard Holdings, Inc.*		29		389
Clarus Corp.		51		386
Hooker Furnishings Corp.		19		369
PetMed Express, Inc.		36		369
Potbelly Corp.*		45		351
Microvast Holdings, Inc.*		182		344
Frontier Group Holdings, Inc.*		66		320
Tilly’s, Inc. — Class A*		39		317
Global Business Travel Group I*		56		308
Hyliion Holdings Corp.*		254		300
GrowGeneration Corp.*		102		298
Vera Bradley, Inc.*		45		297
Sportsman’s Warehouse Holdings, Inc.*		66		296
Snap One Holdings Corp.*		32		296
Tile Shop Holdings, Inc.*		50		275
Fiesta Restaurant Group, Inc.*		31		262
Escalade, Inc.		17		260
Big 5 Sporting Goods Corp.1		37		259
Weyco Group, Inc.		10		254
Big Lots, Inc.		49		250
Century Casinos, Inc.*		48		246
Full House Resorts, Inc.*		57		243
JAKKS Pacific, Inc.*		13		242
J Jill, Inc.*		8		237
Cato Corp. — Class A		30		230
Red Robin Gourmet Burgers, Inc.*		27		217
Marine Products Corp.		15		213
ONE Group Hospitality, Inc.*		38		209
Reservoir Media, Inc.*		34		207
Landsea Homes Corp.*		23		207
EVI Industries, Inc.*		8		198
Rocky Brands, Inc.		12		176
Noodles & Co.*		69		170
Fossil Group, Inc.*		82		169
Lazydays Holdings, Inc.*		22		167
Traeger, Inc.*		61		166
Biglari Holdings, Inc. — Class B*		1		166
Purple Innovation, Inc.		94		161
VOXX International Corp. — Class A*		20		160
Duluth Holdings, Inc. — Class B*		23		138
Livewire Group, Inc.*		19		132
Workhorse Group, Inc.*,1		287		119
Aeva Technologies, Inc.*		138		106
Envela Corp.*		13		62
CompX International, Inc.		3		56
United Homes Group, Inc.*		9		50
Torrid Holdings, Inc.*		21		47
Dragonfly Energy Holdings Corp.*		26		40
Loop Media, Inc.*		63		31
Liberty TripAdvisor Holdings, Inc. — Class B*		1		29
Qurate Retail, Inc. — Class B*		2		15
Total Consumer, Cyclical				449,064
Technology - 7.6%
Super Micro Computer, Inc.*		81		21,939
SPS Commerce, Inc.*		64		10,919
Onto Innovation, Inc.*		85		10,839
Rambus, Inc.*		189		10,544
Qualys, Inc.*		64		9,763
Axcelis Technologies, Inc.*		56		9,131
Tenable Holdings, Inc.*		198		8,870
Workiva, Inc.*		85		8,614
Duolingo, Inc.*		50		8,294
ExlService Holdings, Inc.*		280		7,851
Maximus, Inc.		105		7,842
MACOM Technology Solutions Holdings, Inc.*		94		7,669
Power Integrations, Inc.		98		7,478
Insight Enterprises, Inc.*		50		7,275
Silicon Laboratories, Inc.*		55		6,374
MicroStrategy, Inc. — Class A*		19		6,237
Diodes, Inc.*		78		6,150
Synaptics, Inc.*		68		6,082
Appfolio, Inc. — Class A*		33		6,027
Box, Inc. — Class A*		244		5,907
Altair Engineering, Inc. — Class A*		93		5,818
Varonis Systems, Inc.*		188		5,742
Freshworks, Inc. — Class A*		279		5,558
Blackline, Inc.*		98		5,436
Blackbaud, Inc.*		75		5,274
CommVault Systems, Inc.*		77		5,206
Evolent Health, Inc. — Class A*		191		5,201
Rapid7, Inc.*		104		4,761
FormFactor, Inc.*		134		4,682
Kulicke & Soffa Industries, Inc.		96		4,668
Verra Mobility Corp.*		242		4,525
Privia Health Group, Inc.*		191		4,393
ACI Worldwide, Inc.*		188		4,241
Braze, Inc. — Class A*		90		4,206
Sprout Social, Inc. — Class A*		83		4,140
IonQ, Inc.*		278		4,137

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 103

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Amkor Technology, Inc.		177	$	4,000
Progress Software Corp.		75		3,944
Fastly, Inc. — Class A*		205		3,930
Parsons Corp.*		71		3,859
Envestnet, Inc.*		87		3,831
SiTime Corp.*		30		3,427
Ambarella, Inc.*		63		3,341
ACV Auctions, Inc. — Class A*		220		3,340
PagerDuty, Inc.*		148		3,329
NetScout Systems, Inc.*		118		3,306
Appian Corp. — Class A*		71		3,238
Xerox Holdings Corp.		199		3,122
MaxLinear, Inc. — Class A*		129		2,870
Semtech Corp.*		111		2,858
Cohu, Inc.*		81		2,790
CSG Systems International, Inc.		54		2,760
Clear Secure, Inc. — Class A		144		2,742
PROS Holdings, Inc.*		77		2,666
Schrodinger Incorporated/United States*		94		2,657
DigitalOcean Holdings, Inc.*		110		2,643
C3.ai, Inc. — Class A*,1		102		2,603
Asana, Inc. — Class A*		138		2,527
Verint Systems, Inc.*		108		2,483
Veeco Instruments, Inc.*		88		2,474
Veradigm, Inc.*		187		2,457
AvidXchange Holdings, Inc.*		257		2,436
Donnelley Financial Solutions, Inc.*		43		2,420
Agilysys, Inc.*		35		2,316
Ultra Clean Holdings, Inc.*		77		2,285
Apollo Medical Holdings, Inc.*		74		2,283
NextGen Healthcare, Inc.*		94		2,231
Impinj, Inc.*		40		2,201
PowerSchool Holdings, Inc. — Class A*		97		2,198
Photronics, Inc.*		106		2,142
Jamf Holding Corp.*		121		2,137
Aehr Test Systems*		45		2,056
SMART Global Holdings, Inc.*		84		2,045
Adeia, Inc.		185		1,976
Zeta Global Holdings Corp. — Class A*		232		1,937
AvePoint, Inc.*		264		1,774
PAR Technology Corp.*		46		1,773
Zuora, Inc. — Class A*		214		1,763
PDF Solutions, Inc.*		53		1,717
Digi International, Inc.*		61		1,647
Phreesia, Inc.*		88		1,644
Model N, Inc.*		65		1,587
Avid Technology, Inc.*		59		1,585
Everbridge, Inc.*		70		1,569
N-able, Inc.*		121		1,561
EngageSmart, Inc.*		84		1,511
Sapiens International Corporation N.V.		53		1,507
ACM Research, Inc. — Class A*		83		1,503
Cerence, Inc.*		70		1,426
Amplitude, Inc. — Class A*		117		1,354
E2open Parent Holdings, Inc.*		293		1,330
Intapp, Inc.*		38		1,274
Alkami Technology, Inc.*		68		1,239
Navitas Semiconductor Corp.*		177		1,230
Alpha & Omega Semiconductor Ltd.*		40		1,194
Yext, Inc.*		185		1,171
Grid Dynamics Holdings, Inc.*		96		1,169
BigCommerce Holdings, Inc.*		116		1,145
Simulations Plus, Inc.		27		1,126
3D Systems Corp.*		221		1,085
Olo, Inc. — Class A*		179		1,085
Conduent, Inc.*		296		1,030
Alignment Healthcare, Inc.*		147		1,020
Digital Turbine, Inc.*		164		992
Health Catalyst, Inc.*		97		982
Cardlytics, Inc.*		58		957
Matterport, Inc.*		432		937
Outset Medical, Inc.*		86		936
Corsair Gaming, Inc.*		64		930
Vimeo, Inc.*		262		927
Pitney Bowes, Inc.		302		912
PubMatic, Inc. — Class A*		75		908
TTEC Holdings, Inc.		34		892
Instructure Holdings, Inc.*		34		864
Consensus Cloud Solutions, Inc.*		34		856
SolarWinds Corp.*		88		831
Digimarc Corp.*		25		812
Mitek Systems, Inc.*		74		793
CEVA, Inc.*		40		776
Integral Ad Science Holding Corp.*		65		773
Cricut, Inc. — Class A		83		771
MeridianLink, Inc.*		45		768
Planet Labs PBC*		290		754
OneSpan, Inc.*		69		742
Desktop Metal, Inc. — Class A*		483		705
Vishay Precision Group, Inc.*		21		705
Thoughtworks Holding, Inc.*		160		653
American Software, Inc. — Class A		55		630
Definitive Healthcare Corp.*		78		623
Cantaloupe, Inc.*		99		619
Daily Journal Corp.*		2		588
Domo, Inc. — Class B*		53		520
Sharecare, Inc.*		531		499
8x8, Inc.*		196		494
NextNav, Inc.*		94		483
SoundHound AI, Inc. — Class A*,1		238		478
Playstudios, Inc.*		148		471
Weave Communications, Inc.*		57		465
Bandwidth, Inc. — Class A*		41		462
SEMrush Holdings, Inc. — Class A*		54		459
Ebix, Inc.		46		454
Inspired Entertainment, Inc.*		38		454
LivePerson, Inc.*		110		428
PlayAGS, Inc.*		64		417
EverCommerce, Inc.*		40		401
Computer Programs and Systems, Inc.*		25		398
Unisys Corp.*		115		397
Enfusion, Inc. — Class A*		44		395

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Red Violet, Inc.*		19	$	380
Innodata, Inc.*		44		375
Vuzix Corp.*,1		102		370
ON24, Inc.		57		361
Immersion Corp.		54		357
Outbrain, Inc.*		71		346
Asure Software, Inc.*		33		312
Expensify, Inc. — Class A*		96		312
Climb Global Solutions, Inc.		7		301
IBEX Holdings Ltd.*		19		294
inTEST Corp.*		19		288
CoreCard Corp.*		13		260
CS Disco, Inc.*		39		259
Rackspace Technology, Inc.*		109		256
Kaltura, Inc.*		144		249
HireRight Holdings Corp.*		26		247
Brightcove, Inc.*		75		247
Velo3D, Inc.*		154		240
Atomera, Inc.*		37		232
Richardson Electronics Ltd.		21		230
eGain Corp.*		37		227
Tingo Group, Inc.*		211		216
Rimini Street, Inc.*		84		185
SkyWater Technology, Inc.*		30		181
Viant Technology, Inc. — Class A*		25		140
LiveVox Holdings, Inc.*		39		130
Skillsoft Corp.*		139		123
Veritone, Inc.*		45		116
BigBear.ai Holdings, Inc.*		46		69
System1, Inc.*		43		52
Presto Automation, Inc.*		6		9
CXApp, Inc.*		3		5
Total Technology				436,352
Energy - 5.7%
ChampionX Corp.		343		12,218
Chord Energy Corp.		72		11,669
Matador Resources Co.		196		11,658
Murphy Oil Corp.		257		11,655
Weatherford International plc*		123		11,111
PBF Energy, Inc. — Class A		196		10,492
Civitas Resources, Inc.		120		9,704
Noble Corporation plc		191		9,674
Denbury, Inc.*		87		8,527
Patterson-UTI Energy, Inc.		609		8,429
SM Energy Co.		208		8,247
Valaris Ltd.*		106		7,948
Magnolia Oil & Gas Corp. — Class A		316		7,240
Helmerich & Payne, Inc.		168		7,083
Equitrans Midstream Corp.		753		7,056
California Resources Corp.		124		6,945
Permian Resources Corp.		476		6,645
Kosmos Energy Ltd.*		787		6,438
CONSOL Energy, Inc.		59		6,190
CNX Resources Corp.*		274		6,187
Tidewater, Inc.*		82		5,828
Array Technologies, Inc.*		262		5,814
Alpha Metallurgical Resources, Inc.		22		5,714
Northern Oil and Gas, Inc.		141		5,672
Peabody Energy Corp.		216		5,614
Arch Resources, Inc.		32		5,461
Shoals Technologies Group, Inc. — Class A*		295		5,384
Liberty Energy, Inc. — Class A		286		5,297
Warrior Met Coal, Inc.		90		4,597
Oceaneering International, Inc.*		174		4,475
Callon Petroleum Co.*		106		4,147
Seadrill Ltd.*		88		3,941
Expro Group Holdings N.V.*		153		3,554
Par Pacific Holdings, Inc.*		96		3,450
Sitio Royalties Corp. — Class A		140		3,389
Delek US Holdings, Inc.		112		3,182
Talos Energy, Inc.*		190		3,124
Green Plains, Inc.*		101		3,040
Archrock, Inc.		241		3,037
Helix Energy Solutions Group, Inc.*		249		2,781
Borr Drilling Ltd.*		379		2,691
Diamond Offshore Drilling, Inc.*		176		2,584
NOW, Inc.*		183		2,172
Gulfport Energy Corp.*		17		2,017
Earthstone Energy, Inc. — Class A*		99		2,004
Nabors Industries Ltd.*		16		1,970
Core Laboratories, Inc.		81		1,945
US Silica Holdings, Inc.*		131		1,839
Sunnova Energy International, Inc.*,1		175		1,832
ProPetro Holding Corp.*		171		1,818
Comstock Resources, Inc.		159		1,754
CVR Energy, Inc.		51		1,736
Dril-Quip, Inc.*		59		1,662
Vital Energy, Inc.*		29		1,607
Fluence Energy, Inc.*		68		1,563
SunCoke Energy, Inc.		145		1,472
TETRA Technologies, Inc.*		217		1,384
RPC, Inc.		147		1,314
Bristow Group, Inc.*		41		1,155
Select Water Solutions, Inc. — Class A		140		1,113
SilverBow Resources, Inc.*		31		1,109
REX American Resources Corp.*		27		1,099
Berry Corp.		132		1,082
Tellurian, Inc.*		918		1,065
Montauk Renewables, Inc.*		115		1,048
Stem, Inc.*,1		245		1,039
Kinetik Holdings, Inc. — Class A		30		1,013
Vitesse Energy, Inc.		43		984
SunPower Corp. — Class A*		151		932
Oil States International, Inc.*		109		912
FuelCell Energy, Inc.*,1		705		902
Newpark Resources, Inc.*		129		891
SandRidge Energy, Inc.		55		861
Crescent Energy Co. — Class A		66		834
DMC Global, Inc.*		34		832
VAALCO Energy, Inc.		187		821
W&T Offshore, Inc.*		170		745

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 105

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Cleanspark, Inc.*		190	$	724
AESI Holdings, Inc. — Class A		28		622
Hallador Energy Co.*		40		577
Solaris Oilfield Infrastructure, Inc. — Class A		53		565
Excelerate Energy, Inc. — Class A		31		528
Aris Water Solutions, Inc. — Class A		52		519
Maxeon Solar Technologies Ltd.*		44		510
Vertex Energy, Inc.*		113		503
Gevo, Inc.*		403		480
Riley Exploration Permian, Inc.		15		477
Kodiak Gas Services, Inc.*		26		465
Amplify Energy Corp.*		63		463
ProFrac Holding Corp. — Class A*		42		457
Energy Vault Holdings, Inc.*		170		434
Eneti, Inc.		43		433
Ramaco Resources, Inc. — Class A		39		429
Forum Energy Technologies, Inc.*		17		408
Ring Energy, Inc.*		208		406
Enviva, Inc.		54		403
Eos Energy Enterprises, Inc.*,1		186		400
Ranger Energy Services, Inc.		27		383
Evolution Petroleum Corp.		53		362
FutureFuel Corp.		45		323
HighPeak Energy, Inc.		18		304
Granite Ridge Resources, Inc.		45		274
NextDecade Corp.*		53		271
KLX Energy Services Holdings, Inc.*		22		261
NACCO Industries, Inc. — Class A		7		245
TPI Composites, Inc.*		71		188
Mammoth Energy Services, Inc.*		40		186
Empire Petroleum Corp.*		18		173
PrimeEnergy Resources Corp.*		1		116
Ramaco Resources, Inc. — Class B		8		95
Verde Clean Fuels, Inc.*		7		26
Total Energy				327,428
Communications - 2.4%
Extreme Networks, Inc.*		217		5,254
Ziff Davis, Inc.*		82		5,223
TEGNA, Inc.		348		5,070
DigitalBridge Group, Inc.		280		4,922
Yelp, Inc. — Class A*		117		4,866
Calix, Inc.*		102		4,676
Cogent Communications Holdings, Inc.		75		4,642
InterDigital, Inc.		47		3,771
Viavi Solutions, Inc.*		381		3,482
Perficient, Inc.*		59		3,414
Q2 Holdings, Inc.*		99		3,195
Telephone & Data Systems, Inc.		171		3,131
Cargurus, Inc.*		169		2,961
ePlus, Inc.*		46		2,922
Bumble, Inc. — Class A*		175		2,611
Credo Technology Group Holding Ltd.*		169		2,577
Opendoor Technologies, Inc.*		940		2,482
Lumen Technologies, Inc.*		1,737		2,467
Sprinklr, Inc. — Class A*		178		2,464
Upwork, Inc.*		214		2,431
Squarespace, Inc. — Class A*		77		2,231
Liberty Latin America Ltd. — Class C*		249		2,032
Cars.com, Inc.*		115		1,939
Harmonic, Inc.*		191		1,839
A10 Networks, Inc.		122		1,834
Scholastic Corp.		47		1,793
Magnite, Inc.*		232		1,749
Shenandoah Telecommunications Co.		84		1,731
Shutterstock, Inc.		43		1,636
Globalstar, Inc.*		1,189		1,558
Infinera Corp.*		345		1,442
Gogo, Inc.*		115		1,372
TechTarget, Inc.*		45		1,366
Hims & Hers Health, Inc.*		212		1,333
Eventbrite, Inc. — Class A*		134		1,321
Figs, Inc. — Class A*		221		1,304
fuboTV, Inc.*		488		1,303
Open Lending Corp. — Class A*		172		1,259
Overstock.com, Inc.*		78		1,234
CommScope Holding Company, Inc.*		357		1,200
ADTRAN Holdings, Inc.		135		1,111
Clear Channel Outdoor Holdings, Inc.*		642		1,014
Thryv Holdings, Inc.*		54		1,014
Couchbase, Inc.*		59		1,012
Rover Group, Inc.*		161		1,008
Gray Television, Inc.		143		990
EchoStar Corp. — Class A*		58		972
Revolve Group, Inc.*		71		966
HealthStream, Inc.		42		906
QuinStreet, Inc.*		90		807
Liquidity Services, Inc.*		41		722
Anterix, Inc.*		22		690
WideOpenWest, Inc.*		87		666
Clearfield, Inc.*		23		659
Boston Omaha Corp. — Class A*		40		656
Preformed Line Products Co.		4		650
Sinclair, Inc.		57		639
Stagwell, Inc.*		136		638
AMC Networks, Inc. — Class A*		54		636
NETGEAR, Inc.*		49		617
Gannett Company, Inc.*		248		608
ATN International, Inc.		19		600
IDT Corp. — Class B*		27		595
Aviat Networks, Inc.*		19		593
EW Scripps Co. — Class A*		103		564
iHeartMedia, Inc. — Class A*		178		562
Ooma, Inc.*		41		534
Liberty Latin America Ltd. — Class A*		63		514
Stitch Fix, Inc. — Class A*		146		504
Nextdoor Holdings, Inc.*		252		459
Spok Holdings, Inc.		31		442
Consolidated Communications Holdings, Inc.*		129		441
Advantage Solutions, Inc.*		150		426
Grindr, Inc.*		71		408

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Ribbon Communications, Inc.*		152	$	407
AST SpaceMobile, Inc.*,1		105		399
Nerdy, Inc.*		103		381
Entravision Communications Corp. — Class A		104		380
CarParts.com, Inc.*		92		379
Tucows, Inc. — Class A*		17		347
Luna Innovations, Inc.*		56		328
1-800-Flowers.com, Inc. — Class A*		45		315
MediaAlpha, Inc. — Class A*		37		306
Mondee Holdings, Inc.*,1		79		282
Vivid Seats, Inc. — Class A*		42		270
EverQuote, Inc. — Class A*		37		267
Blade Air Mobility, Inc.*		101		262
BlackSky Technology, Inc.*		205		240
Gambling.com Group Ltd.*		18		235
DHI Group, Inc.*		75		229
BARK, Inc.*		190		228
OptimizeRx Corp.*		29		226
Lands’ End, Inc.*		26		194
Solo Brands, Inc. — Class A*		38		194
Allbirds, Inc. — Class A*		165		183
Townsquare Media, Inc. — Class A		20		174
ContextLogic, Inc. — Class A*		38		168
KVH Industries, Inc.*		32		163
Cambium Networks Corp.*		21		154
Terran Orbital Corp.*,1		148		123
Urban One, Inc.*		20		101
DZS, Inc.*		38		80
Urban One, Inc.*		14		70
Value Line, Inc.		1		44
Total Communications				134,789
Basic Materials - 2.3%
Commercial Metals Co.		203		10,030
ATI, Inc.*		223		9,177
Balchem Corp.		55		6,822
Cabot Corp.		96		6,650
HB Fuller Co.		94		6,449
Livent Corp.*		311		5,726
Carpenter Technology Corp.		83		5,578
Avient Corp.		157		5,545
Innospec, Inc.		43		4,395
Sensient Technologies Corp.		73		4,269
Hecla Mining Co.		1,040		4,066
Constellium SE*		219		3,986
Rogers Corp.*		30		3,944
Quaker Chemical Corp.		24		3,840
Uranium Energy Corp.*		634		3,265
Minerals Technologies, Inc.		56		3,067
Ingevity Corp.*		63		2,999
Stepan Co.		37		2,774
Sylvamo Corp.		63		2,768
Tronox Holdings plc — Class A		203		2,728
Energy Fuels, Inc.*,1		272		2,236
Kaiser Aluminum Corp.		28		2,107
Orion S.A.		97		2,064
Hawkins, Inc.		34		2,001
Compass Minerals International, Inc.		59		1,649
Ecovyst, Inc.*		165		1,624
Novagold Resources, Inc.*		417		1,601
AdvanSix, Inc.		46		1,430
Koppers Holdings, Inc.		35		1,384
Mativ Holdings, Inc.		94		1,340
Schnitzer Steel Industries, Inc. — Class A		45		1,253
Piedmont Lithium, Inc.*		31		1,231
Coeur Mining, Inc.*		553		1,227
Perimeter Solutions S.A.*		267		1,212
Centrus Energy Corp. — Class A*		21		1,192
Ivanhoe Electric Incorporated / US*		97		1,154
Haynes International, Inc.		22		1,024
Lightwave Logic, Inc.*		199		890
United States Lime & Minerals, Inc.		4		804
Encore Energy Corp.*		245		799
Century Aluminum Co.*		91		654
American Vanguard Corp.		47		514
i-80 Gold Corp.*		334		511
Trinseo plc		61		498
Oil-Dri Corporation of America		8		494
Intrepid Potash, Inc.*		18		453
Rayonier Advanced Materials, Inc.*		110		389
Danimer Scientific, Inc.*		152		315
Kronos Worldwide, Inc.		38		294
Terawulf, Inc.*		233		294
Caledonia Mining Corporation plc		28		276
Dakota Gold Corp.*		93		240
Origin Materials, Inc.*		184		236
Codexis, Inc.*		115		217
Perpetua Resources Corp.*		65		212
Glatfelter Corp.*		77		154
5E Advanced Materials, Inc.*		68		154
PolyMet Mining Corp.*		59		123
Contango ORE, Inc.*		6		109
Valhi, Inc.		4		53
NioCorp Developments Ltd.*		3		11
Total Basic Materials				132,501
Utilities - 1.9%
Brookfield Infrastructure Corp. — Class A		208		7,351
New Jersey Resources Corp.		168		6,826
Portland General Electric Co.		168		6,801
PNM Resources, Inc.		149		6,647
ONE Gas, Inc.		96		6,555
Ormat Technologies, Inc.		93		6,503
Southwest Gas Holdings, Inc.		107		6,464
Black Hills Corp.		115		5,818
Otter Tail Corp.		72		5,466
ALLETE, Inc.		100		5,280
Spire, Inc.		89		5,036
American States Water Co.		64		5,036
Northwestern Energy Group, Inc.		104		4,998
California Water Service Group		97		4,589
MGE Energy, Inc.		63		4,316
Avista Corp.		131		4,240

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 107

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
SJW Group		54	$	3,246
Chesapeake Utilities Corp.		30		2,932
Northwest Natural Holding Co.		62		2,366
Ameresco, Inc. — Class A*		56		2,159
Middlesex Water Co.		30		1,987
Unitil Corp.		28		1,196
York Water Co.		25		937
Consolidated Water Company Ltd.		26		739
Artesian Resources Corp. — Class A		15		630
Altus Power, Inc.*		111		583
Genie Energy Ltd. — Class B		34		501
RGC Resources, Inc.		14		242
Cadiz, Inc.*		70		232
Global Water Resources, Inc.		20		195
FTC Solar, Inc.*		110		141
Total Utilities				110,012
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		48		1,018
Total Common Stocks
(Cost $4,336,409)				3,870,009
RIGHTS††† - 0.0%
Consumer, Non-cyclical - 0.0%
Tobira Therapeutics, Inc.*		14		—
Novartis AG*		100		—
Total Consumer, Non-cyclical				—
Total Rights
(Cost $39)				—
MUTUAL FUNDS† - 20.4%
Guggenheim Strategy Fund II2		25,618		621,743
Guggenheim Ultra Short Duration Fund — Institutional Class2		56,061		546,598
Total Mutual Funds
(Cost $1,183,372)				1,168,341

	Face Amount
U.S. TREASURY BILLS†† - 1.7%
U.S. Treasury Bills
5.27% due 11/07/233,4	$	100,000		99,472
Total U.S. Treasury Bills
(Cost $99,459)				99,472
REPURCHASE AGREEMENTS††,5 - 10.7%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/233		345,483		345,483
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/233		134,204		134,204
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/233		132,878		132,878
Total Repurchase Agreements
(Cost $612,565)				612,565
	Shares
SECURITIES LENDING COLLATERAL†,6 - 1.0%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%7		56,053		56,053
Total Securities Lending Collateral
(Cost $56,053)				56,053
Total Investments - 101.4%
(Cost $6,287,897)			$	5,806,440
Other Assets & Liabilities, net - (1.4)%				(79,841	)
Total Net Assets - 100.0%			$	5,726,599

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

BNP Paribas

Russell 2000 Index

Pay

5.53% (Federal Funds Rate + 0.20%)

At Maturity

12/21/23

711

$

1,269,214

$

(17,775

)

Goldman Sachs International

Russell 2000 Index

Pay

5.43% (Federal Funds Rate + 0.10%)

At Maturity

12/21/23

1,118

1,995,055

(26,974

)

Barclays Bank plc

Russell 2000 Index

Pay

5.31% (SOFR)

At Maturity

12/20/23

815

1,454,968

(33,763

)

$

4,719,237

$

(78,512

)

*	Non-income producing security.
†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2023 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 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 September 30, 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 SEMI-ANNUAL REPORT | 109

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
RUSSELL 2000® 1.5x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	3,870,009	$	—	*	$	—		$	3,870,009
Rights		—		—			—	*		—
Mutual Funds		1,168,341		—			—			1,168,341
U.S. Treasury Bills		—		99,472			—			99,472
Repurchase Agreements		—		612,565			—			612,565
Securities Lending Collateral		56,053		—			—			56,053
Total Assets	$	5,094,403	$	712,037		$	—		$	5,806,440

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	78,512	$	—	$	78,512

*	Security has a market value of $0.
**	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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	620,207	$	—	$	—		$	—		$	1,536	$	621,743		25,618	$	17,128
Guggenheim Ultra Short Duration Fund — Institutional Class		743,330		—		(200,000	)		(4,303	)		7,571		546,598		56,061		19,477
	$	1,363,537	$	—	$	(200,000	)	$	(4,303	)	$	9,107	$	1,168,341			$	36,605

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

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value - including $54,123 of securities loaned (cost $4,491,960)	$	4,025,534
Investments in affiliated issuers, at value (cost $1,183,372)		1,168,341
Repurchase agreements, at value (cost $612,565)		612,565
Cash		6,649
Segregated cash with broker		46,545
Receivables:
Fund shares sold		10,809
Dividends		10,098
Interest		181
Securities lending income		101
Total assets		5,880,823
Liabilities:
Unrealized depreciation on OTC swap agreements		78,512
Payable for:
Return of securities lending collateral		56,053
Swap settlement		7,727
Management fees		4,318
Transfer agent fees		1,444
Distribution and service fees		1,253
Fund shares redeemed		990
Portfolio accounting and administration fees		260
Trustees’ fees*		80
Miscellaneous		3,587
Total liabilities		154,224
Net assets	$	5,726,599
Net assets consist of:
Paid in capital	$	9,597,894
Total distributable earnings (loss)		(3,871,295	)
Net assets	$	5,726,599
A-Class:
Net assets	$	819,408
Capital shares outstanding		19,001
Net asset value per share	$	43.12
Maximum offering price per share (Net asset value divided by 95.25%)	$	45.27
C-Class:
Net assets	$	20,768
Capital shares outstanding		665
Net asset value per share	$	31.23
H-Class:
Net assets	$	4,886,423
Capital shares outstanding		114,050
Net asset value per share	$	42.84

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $47)	$	29,651
Dividends from securities of affiliated issuers		36,605
Interest		21,607
Income from securities lending, net		1,193
Total investment income		89,056
Expenses:
Management fees		28,588
Distribution and service fees:
A-Class		1,117
C-Class		110
H-Class		6,797
Transfer agent fees		6,560
Portfolio accounting and administration fees		4,841
Registration fees		3,073
Professional fees		1,603
Interest expense		666
Trustees’ fees*		558
Custodian fees		432
Line of credit fees		17
Miscellaneous		1,180
Total expenses		55,542
Less:
Expenses reimbursed by Adviser		(2,111	)
Expenses waived by Adviser		(913	)
Total waived/reimbursed expenses		(3,024	)
Net expenses		52,518
Net investment income		36,538
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		17,543
Investments in affiliated issuers		(4,303	)
Swap agreements		(1,815	)
Futures contracts		67,749
Net realized gain		79,174
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(52,238	)
Investments in affiliated issuers		9,107
Swap agreements		(179,305	)
Futures contracts		(22,839	)
Net change in unrealized appreciation (depreciation)		(245,275	)
Net realized and unrealized loss		(166,101	)
Net decrease in net assets resulting from operations	$	(129,563	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 111

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	36,538		$	35,061
Net realized gain (loss) on investments		79,174			(1,612,885	)
Net change in unrealized appreciation (depreciation) on investments		(245,275	)		(648,288	)
Net decrease in net assets resulting from operations		(129,563	)		(2,226,112	)
Capital share transactions:
Proceeds from sale of shares
A-Class		13,993			77,416
C-Class		—			10,638
H-Class		804,267			3,226,589
Cost of shares redeemed
A-Class		(55,352	)		(186,855	)
C-Class		(1,735	)		(14,659	)
H-Class		(1,107,339	)		(4,670,676	)
Net decrease from capital share transactions		(346,166	)		(1,557,547	)
Net decrease in net assets		(475,729	)		(3,783,659	)
Net assets:
Beginning of period		6,202,328			9,985,987
End of period	$	5,726,599		$	6,202,328
Capital share activity:
Shares sold
A-Class		321			1,603
C-Class		—			331
H-Class		17,550			67,658
Shares redeemed
A-Class		(1,129	)		(4,203	)
C-Class		(55	)		(455	)
H-Class		(23,755	)		(101,899	)
Net decrease in shares		(7,068	)		(36,965	)

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

RUSSELL 2000^® 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	44.36		$	56.57		$	101.22		$	39.16		$	63.62		$	64.49
Income (loss) from investment operations:
Net investment income (loss)b		.26			.22			(1.02	)		(.94	)		.32			.34
Net gain (loss) on investments (realized and unrealized)		(1.50	)		(12.43	)		(7.02	)		63.25			(24.78	)		(1.21	)f
Total from investment operations		(1.24	)		(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	$	43.12		$	44.36		$	56.57		$	101.22		$	39.16		$	63.62
Total Returnc		(2.80	%)		(21.58	%)		(11.85	%)		159.26	%		(38.45	%)		(1.35	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	819		$	879		$	1,268		$	1,749		$	948		$	2,064
Ratios to average net assets:
Net investment income (loss)		1.16	%		0.48	%		(1.18	%)		(1.40	%)		0.50	%		0.52	%
Total expensesd		1.75	%		1.75	%		1.71	%		1.79	%		1.82	%		1.80	%
Net expensese		1.65	%		1.69	%		1.68	%		1.77	%		1.76	%		1.78	%
Portfolio turnover rate		6	%		9	%		62	%		—			93	%		258	%

C-Class	Six Months Ended September 30, 2023a			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	$	32.26		$	41.41		$	84.58		$	32.98		$	54.00		$	55.14
Income (loss) from investment operations:
Net investment income (loss)b		.07			(.09	)		(1.28	)		(1.27	)		(.12	)		(.30	)
Net gain (loss) on investments (realized and unrealized)		(1.10	)		(9.06	)		(5.28	)		53.12			(20.90	)		(.84	)f
Total from investment operations		(1.03	)		(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	$	31.23		$	32.26		$	41.41		$	84.58		$	32.98		$	54.00
Total Returnc		(3.19	%)		(22.10	%)		(12.52	%)		157.38	%		(38.93	%)		(2.07	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21		$	23		$	35		$	75		$	22		$	78
Ratios to average net assets:
Net investment income (loss)		0.41	%		(0.27	%)		(1.93	%)		(2.16	%)		(0.22	%)		(0.50	%)
Total expensesd		2.50	%		2.50	%		2.46	%		2.52	%		2.57	%		2.54	%
Net expensese		2.40	%		2.44	%		2.43	%		2.50	%		2.51	%		2.53	%
Portfolio turnover rate		6	%		9	%		62	%		—			93	%		258	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 113

RUSSELL 2000^® 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	44.08		$	56.20		$	100.81		$	39.00		$	63.37		$	64.22
Income (loss) from investment operations:
Net investment income (loss)b		.26			.21			(.98	)		(.98	)		.09			.29
Net gain (loss) on investments (realized and unrealized)		(1.50	)		(12.33	)		(7.02	)		63.04			(24.46	)		(1.14	)f
Total from investment operations		(1.24	)		(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	$	42.84		$	44.08		$	56.20		$	100.81		$	39.00		$	63.37
Total Return		(2.81	%)		(21.57	%)		(11.86	%)		159.27	%		(38.46	%)		(1.32	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,886		$	5,300		$	8,683		$	9,482		$	3,347		$	6,676
Ratios to average net assets:
Net investment income (loss)		1.15	%		0.46	%		(1.17	%)		(1.42	%)		0.14	%		0.46	%
Total expensesd		1.75	%		1.75	%		1.71	%		1.78	%		1.84	%		1.81	%
Net expensese		1.65	%		1.69	%		1.68	%		1.76	%		1.80	%		1.80	%
Portfolio turnover rate		6	%		9	%		62	%		—			93	%		258	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	May 31, 2006
C-Class	May 31, 2006
H-Class	May 31, 2006

Ten Largest Holdings	% of Total Net Assets
Vanguard Russell 2000 ETF	4.4%
iShares Russell 2000 Index ETF	4.4%
Super Micro Computer, Inc.	0.4%
Chart Industries, Inc.	0.2%
ChampionX Corp.	0.2%
Chord Energy Corp.	0.2%
Murphy Oil Corp.	0.2%
Matador Resources Co.	0.2%
Light & Wonder, Inc. — Class A	0.2%
Simpson Manufacturing Company, Inc.	0.2%
Top Ten Total	10.6%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(1.00%)	7.28%	0.73%	4.86%
A-Class Shares with sales charge‡	(5.70%)	2.18%	(0.24%)	4.35%
C-Class Shares	(1.37%)	6.44%	(0.03%)	4.07%
C-Class Shares with CDSC§	(2.35%)	5.44%	(0.03%)	4.07%
H-Class Shares	(1.00%)	7.27%	0.74%	4.86%
Russell 2000 Index	(0.19%)	8.93%	2.40%	8.40%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 115

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
COMMON STOCKS† - 64.5%
Consumer, Non-cyclical - 14.6%
HealthEquity, Inc.*		619	$	45,218
elf Beauty, Inc.*		393		43,163
BellRing Brands, Inc.*		987		40,694
Option Care Health, Inc.*		1,252		40,502
API Group Corp.*		1,540		39,932
Ensign Group, Inc.		401		37,265
Halozyme Therapeutics, Inc.*		955		36,481
Intra-Cellular Therapies, Inc.*		689		35,890
Lantheus Holdings, Inc.*		501		34,809
Vaxcyte, Inc.*		680		34,666
Alkermes plc*		1,221		34,200
Haemonetics Corp.*		369		33,055
Sprouts Farmers Market, Inc.*		763		32,656
Hostess Brands, Inc.*		978		32,577
TriNet Group, Inc.*		277		32,265
Neogen Corp.*		1,604		29,738
ASGN, Inc.*		355		28,996
Merit Medical Systems, Inc.*		419		28,919
ImmunoGen, Inc.*		1,764		27,995
Insperity, Inc.		268		26,157
Glaukos Corp.*		345		25,961
Amicus Therapeutics, Inc.*		2,063		25,086
Inari Medical, Inc.*		383		25,048
AMN Healthcare Services, Inc.*		293		24,958
Herc Holdings, Inc.		209		24,858
Brink’s Co.		341		24,770
Insmed, Inc.*		970		24,492
Guardant Health, Inc.*		822		24,364
Remitly Global, Inc.*		962		24,262
Lancaster Colony Corp.		144		23,764
Simply Good Foods Co.*		672		23,197
StoneCo Ltd. — Class A*		2,143		22,866
CONMED Corp.		226		22,792
Flywire Corp.*		711		22,674
Blueprint Medicines Corp.*		447		22,448
Bridgebio Pharma, Inc.*		847		22,335
Coca-Cola Consolidated, Inc.		35		22,271
Alarm.com Holdings, Inc.*		354		21,644
Marqeta, Inc. — Class A*		3,609		21,582
iRhythm Technologies, Inc.*		227		21,397
LivaNova plc*		401		21,205
Prestige Consumer Healthcare, Inc.*		368		21,046
Alight, Inc. — Class A*		2,931		20,781
REVOLUTION Medicines, Inc.*		750		20,760
Helen of Troy Ltd.*		178		20,748
Intellia Therapeutics, Inc.*		652		20,616
Axonics, Inc.*		363		20,372
WD-40 Co.		100		20,324
Cytokinetics, Inc.*		689		20,298
Arrowhead Pharmaceuticals, Inc.*		744		19,991
Progyny, Inc.*		581		19,766
ABM Industries, Inc.		490		19,605
Select Medical Holdings Corp.		769		19,433
Integer Holdings Corp.*		246		19,294
Akero Therapeutics, Inc.*		378		19,119
Patterson Companies, Inc.		632		18,732
ACADIA Pharmaceuticals, Inc.*		896		18,673
Krystal Biotech, Inc.*		160		18,560
CBIZ, Inc.*		355		18,424
Korn Ferry		386		18,312
Inter Parfums, Inc.		136		18,270
J & J Snack Foods Corp.		111		18,165
Axsome Therapeutics, Inc.*		259		18,102
Denali Therapeutics, Inc.*		873		18,010
Coursera, Inc.*		963		17,998
EVERTEC, Inc.		483		17,958
Inmode Ltd.*		573		17,454
ICF International, Inc.		138		16,672
TreeHouse Foods, Inc.*		381		16,604
Corcept Therapeutics, Inc.*		593		16,156
Primo Water Corp.		1,158		15,980
Pacific Biosciences of California, Inc.*		1,864		15,564
Immunovant, Inc.*		399		15,318
Graham Holdings Co. — Class B		26		15,158
AtriCure, Inc.*		344		15,067
Omnicell, Inc.*		332		14,953
Prothena Corporation plc*		306		14,765
Huron Consulting Group, Inc.*		141		14,687
Madrigal Pharmaceuticals, Inc.*		100		14,604
Surgery Partners, Inc.*		499		14,596
STAAR Surgical Co.*		359		14,425
Dynavax Technologies Corp.*		958		14,150
Stride, Inc.*		314		14,139
Crinetics Pharmaceuticals, Inc.*		475		14,126
Edgewell Personal Care Co.		379		14,008
Adtalem Global Education, Inc.*		320		13,712
Laureate Education, Inc. — Class A		969		13,663
Cal-Maine Foods, Inc.		282		13,655
LiveRamp Holdings, Inc.*		472		13,612
Amphastar Pharmaceuticals, Inc.*		281		12,923
TransMedics Group, Inc.*		235		12,866
CorVel Corp.*		64		12,586
Strategic Education, Inc.		167		12,567
RadNet, Inc.*		438		12,347
MGP Ingredients, Inc.		117		12,341
Andersons, Inc.		238		12,259
Beam Therapeutics, Inc.*		505		12,145
Ventyx Biosciences, Inc.*		346		12,017
Upbound Group, Inc.		408		12,016
Veracyte, Inc.*		538		12,014
Payoneer Global, Inc.*		1,960		11,995
Vericel Corp.*		352		11,799
John Wiley & Sons, Inc. — Class A		316		11,746
PTC Therapeutics, Inc.*		524		11,743
Central Garden & Pet Co. — Class A*		291		11,666
NeoGenomics, Inc.*		942		11,587
Textainer Group Holdings Ltd.		309		11,510
Vector Group Ltd.		1,075		11,438
PROG Holdings, Inc.*		343		11,391
Biohaven Ltd.*		431		11,210

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
Riot Platforms, Inc.*,1		1,183	$	11,037
Sabre Corp.*		2,424		10,884
Ideaya Biosciences, Inc.*		401		10,819
Cymabay Therapeutics, Inc.*		725		10,810
Marathon Digital Holdings, Inc.*,1		1,245		10,582
Pacira BioSciences, Inc.*		337		10,339
Herbalife Ltd.*		731		10,227
Agios Pharmaceuticals, Inc.*		411		10,172
Arcellx, Inc.*		281		10,082
Supernus Pharmaceuticals, Inc.*		363		10,008
Cerevel Therapeutics Holdings, Inc.*		457		9,976
SpringWorks Therapeutics, Inc.*		431		9,965
BioCryst Pharmaceuticals, Inc.*		1,401		9,919
US Physical Therapy, Inc.		108		9,907
Addus HomeCare Corp.*		116		9,882
Ironwood Pharmaceuticals, Inc. — Class A*		1,025		9,871
Myriad Genetics, Inc.*		597		9,576
CoreCivic, Inc.*		841		9,461
Celldex Therapeutics, Inc.*		343		9,439
Cimpress plc*		132		9,241
Owens & Minor, Inc.*		549		8,872
PROCEPT BioRobotics Corp.*		267		8,760
Rhythm Pharmaceuticals, Inc.*		380		8,712
Xencor, Inc.*		429		8,644
Zentalis Pharmaceuticals, Inc.*		428		8,586
Matthews International Corp. — Class A		220		8,560
Kforce, Inc.		143		8,531
Twist Bioscience Corp.*		421		8,529
Rocket Pharmaceuticals, Inc.*		415		8,503
Perdoceo Education Corp.		497		8,499
TG Therapeutics, Inc.*		1,014		8,477
Legalzoom.com, Inc.*		770		8,424
Universal Corp.		178		8,403
UFP Technologies, Inc.*		52		8,395
Catalyst Pharmaceuticals, Inc.*		713		8,335
National Beverage Corp.*		175		8,229
Nuvalent, Inc. — Class A*		177		8,137
Krispy Kreme, Inc.		648		8,081
Sage Therapeutics, Inc.*		391		8,047
Harmony Biosciences Holdings, Inc.*		244		7,996
LeMaitre Vascular, Inc.		146		7,954
Pediatrix Medical Group, Inc.*		622		7,905
Viking Therapeutics, Inc.*		711		7,871
MannKind Corp.*		1,899		7,843
Ingles Markets, Inc. — Class A		104		7,834
Chegg, Inc.*		874		7,796
Aurinia Pharmaceuticals, Inc.*		1,001		7,778
Geron Corp.*		3,665		7,770
Recursion Pharmaceuticals, Inc. — Class A*		1,009		7,719
Weis Markets, Inc.		122		7,686
Alphatec Holdings, Inc.*		570		7,393
Ligand Pharmaceuticals, Inc. — Class B*		123		7,370
Pliant Therapeutics, Inc.*		418		7,248
GEO Group, Inc.*		881		7,207
Utz Brands, Inc.		533		7,158
Arvinas, Inc.*		363		7,129
Revance Therapeutics, Inc.*		617		7,077
Syndax Pharmaceuticals, Inc.*		487		7,071
Quanterix Corp.*		260		7,056
89bio, Inc.*		457		7,056
Arcus Biosciences, Inc.*		390		7,000
Iovance Biotherapeutics, Inc.*		1,538		6,998
Avanos Medical, Inc.*		342		6,915
Quanex Building Products Corp.		244		6,873
Amylyx Pharmaceuticals, Inc.*		375		6,866
Hain Celestial Group, Inc.*		661		6,855
Protagonist Therapeutics, Inc.*		401		6,689
Arlo Technologies, Inc.*		639		6,582
John B Sanfilippo & Son, Inc.		66		6,521
Fresh Del Monte Produce, Inc.		252		6,512
Embecta Corp.		427		6,426
Ardelyx, Inc.*		1,575		6,426
AdaptHealth Corp.*		704		6,407
Monro, Inc.		230		6,387
Oscar Health, Inc. — Class A*		1,144		6,372
Cross Country Healthcare, Inc.*		255		6,321
MiMedx Group, Inc.*		842		6,138
Dole plc		529		6,126
Deluxe Corp.		322		6,083
United Natural Foods, Inc.*		430		6,080
ZipRecruiter, Inc. — Class A*		505		6,055
Udemy, Inc.*		634		6,023
Medifast, Inc.		79		5,913
National Healthcare Corp.		92		5,886
Cogent Biosciences, Inc.*		597		5,821
Morphic Holding, Inc.*		254		5,819
Vir Biotechnology, Inc.*		619		5,800
Mirum Pharmaceuticals, Inc.*		182		5,751
Healthcare Services Group, Inc.		551		5,747
Collegium Pharmaceutical, Inc.*		256		5,722
Innoviva, Inc.*		439		5,703
SpartanNash Co.		258		5,676
Day One Biopharmaceuticals, Inc.*		461		5,656
Relay Therapeutics, Inc.*		667		5,609
RxSight, Inc.*		200		5,578
ADMA Biologics, Inc.*		1,557		5,574
First Advantage Corp.		404		5,571
Intercept Pharmaceuticals, Inc.*		298		5,525
ANI Pharmaceuticals, Inc.*		95		5,516
Chefs’ Warehouse, Inc.*		260		5,507
Vita Coco Company, Inc.*		211		5,494
SI-BONE, Inc.*		257		5,459
LifeStance Health Group, Inc.*		785		5,393
Varex Imaging Corp.*		287		5,393
Transcat, Inc.*		55		5,388
Keros Therapeutics, Inc.*		166		5,292
SP Plus Corp.*		145		5,235
Brookdale Senior Living, Inc. — Class A*		1,261		5,220
EQRx, Inc.*		2,348		5,213
B&G Foods, Inc.		526		5,202

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 117

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
Accolade, Inc.*		488	$	5,163
Replimune Group, Inc.*		301		5,150
Nevro Corp.*		263		5,055
CRA International, Inc.		50		5,038
Verve Therapeutics, Inc.*		375		4,972
Cytek Biosciences, Inc.*		896		4,946
REGENXBIO, Inc.*		300		4,938
USANA Health Sciences, Inc.*		84		4,923
Deciphera Pharmaceuticals, Inc.*		387		4,923
Cassava Sciences, Inc.*,1		294		4,892
Travere Therapeutics, Inc.*		539		4,819
Green Dot Corp. — Class A*		344		4,792
Viridian Therapeutics, Inc.*		312		4,786
OPKO Health, Inc.*		2,968		4,749
Multiplan Corp.*		2,800		4,704
National Research Corp. — Class A		106		4,703
Novavax, Inc.*,1		644		4,663
Inhibrx, Inc.*		254		4,661
Adaptive Biotechnologies Corp.*		840		4,578
Repay Holdings Corp.*		601		4,562
Point Biopharma Global, Inc.*		669		4,462
WW International, Inc.*		403		4,461
Barrett Business Services, Inc.		49		4,422
Artivion, Inc.*		291		4,412
Kura Oncology, Inc.*		482		4,396
Arcturus Therapeutics Holdings, Inc.*		172		4,395
V2X, Inc.*		85		4,391
Treace Medical Concepts, Inc.*		334		4,379
Hackett Group, Inc.		185		4,364
Avid Bioservices, Inc.*		459		4,333
Kelly Services, Inc. — Class A		235		4,275
Silk Road Medical, Inc.*		284		4,257
Beyond Meat, Inc.*,1		438		4,214
Enhabit, Inc.*		372		4,185
Atrion Corp.		10		4,132
European Wax Center, Inc. — Class A*		252		4,082
Paragon 28, Inc.*		325		4,079
Fulgent Genetics, Inc.*		151		4,038
Kiniksa Pharmaceuticals Ltd. — Class A*		232		4,030
Editas Medicine, Inc.*		515		4,017
Ennis, Inc.		189		4,011
PetIQ, Inc.*		202		3,979
Viad Corp.*		151		3,956
ACCO Brands Corp.		683		3,920
Kymera Therapeutics, Inc.*		281		3,906
Cabaletta Bio, Inc.*		253		3,851
Amneal Pharmaceuticals, Inc.*		901		3,802
Cass Information Systems, Inc.		101		3,762
OrthoPediatrics Corp.*		117		3,744
Tango Therapeutics, Inc.*		330		3,716
Franklin Covey Co.*		86		3,691
Heidrick & Struggles International, Inc.		147		3,678
Target Hospitality Corp.*		231		3,668
4D Molecular Therapeutics, Inc.*		288		3,666
Beauty Health Co.*		605		3,642
RAPT Therapeutics, Inc.*		218		3,623
Theravance Biopharma, Inc.*		415		3,581
Resources Connection, Inc.		240		3,578
OmniAb, Inc.*		689		3,576
BioLife Solutions, Inc.*		257		3,549
I3 Verticals, Inc. — Class A*		167		3,530
Aclaris Therapeutics, Inc.*		513		3,514
Mission Produce, Inc.*		358		3,465
Vera Therapeutics, Inc.*		250		3,427
Anavex Life Sciences Corp.*		519		3,399
Genelux Corp.*		137		3,355
Orthofix Medical, Inc.*		260		3,344
Avidity Biosciences, Inc.*		523		3,337
Duckhorn Portfolio, Inc.*		325		3,335
TrueBlue, Inc.*		225		3,301
Surmodics, Inc.*		102		3,273
Calavo Growers, Inc.		128		3,230
Central Garden & Pet Co.*		72		3,178
OraSure Technologies, Inc.*		531		3,149
Castle Biosciences, Inc.*		184		3,108
Tarsus Pharmaceuticals, Inc.*		174		3,092
DocGo, Inc.*		575		3,065
Apogee Therapeutics, Inc.*		143		3,046
Alector, Inc.*		469		3,039
Marinus Pharmaceuticals, Inc.*		368		2,962
ModivCare, Inc.*		94		2,962
Turning Point Brands, Inc.		127		2,933
Paysafe Ltd.*		240		2,878
Agenus, Inc.*		2,536		2,866
Dyne Therapeutics, Inc.*		314		2,813
Pulmonx Corp.*		271		2,799
Evolus, Inc.*		306		2,797
Carriage Services, Inc. — Class A		99		2,797
Prime Medicine, Inc.*		292		2,786
Harrow, Inc.*		192		2,759
Nurix Therapeutics, Inc.*		346		2,720
Avita Medical, Inc.*		186		2,717
Community Health Systems, Inc.*		930		2,697
CareDx, Inc.*		385		2,695
Alpine Immune Sciences, Inc.*		235		2,691
Disc Medicine, Inc.*		57		2,678
SomaLogic, Inc.*		1,117		2,670
Sana Biotechnology, Inc.*		689		2,666
Vital Farms, Inc.*		226		2,617
Custom Truck One Source, Inc.*		419		2,598
AnaptysBio, Inc.*		141		2,532
Forrester Research, Inc.*		87		2,514
Tejon Ranch Co.*		155		2,514
WaVe Life Sciences Ltd.*		437		2,513
Zymeworks, Inc.*		395		2,504
Entrada Therapeutics, Inc.*,1		158		2,496
ACELYRIN, Inc.*		244		2,482
SEACOR Marine Holdings, Inc.*		178		2,471
Aaron’s Company, Inc.		234		2,450
Olema Pharmaceuticals, Inc.*		198		2,445
Tactile Systems Technology, Inc.*		172		2,417
Bluebird Bio, Inc.*		791		2,405

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
iRadimed Corp.		54	$	2,396
Pennant Group, Inc.*		214		2,382
BrightView Holdings, Inc.*		306		2,371
Enliven Therapeutics, Inc.*		173		2,363
Aldeyra Therapeutics, Inc.*		344		2,298
SunOpta, Inc.*		672		2,265
Taro Pharmaceutical Industries Ltd.*		60		2,263
Liquidia Corp.*		351		2,225
Nano-X Imaging Ltd.*,1		339		2,224
Sterling Check Corp.*		175		2,209
Utah Medical Products, Inc.		25		2,150
Savara, Inc.*		564		2,132
Coherus Biosciences, Inc.*		569		2,128
Cerus Corp.*		1,312		2,125
American Well Corp. — Class A*		1,813		2,121
HilleVax, Inc.*		157		2,112
Seneca Foods Corp. — Class A*		39		2,099
MacroGenics, Inc.*		450		2,097
AngioDynamics, Inc.*		279		2,039
UroGen Pharma Ltd.*		145		2,031
Universal Technical Institute, Inc.*		242		2,028
Biomea Fusion, Inc.*		147		2,023
Arcutis Biotherapeutics, Inc.*		380		2,018
MaxCyte, Inc.*		646		2,016
Caribou Biosciences, Inc.*		421		2,012
Anika Therapeutics, Inc.*		108		2,012
iTeos Therapeutics, Inc.*		183		2,004
Limoneira Co.		129		1,976
Phibro Animal Health Corp. — Class A		151		1,928
Allogene Therapeutics, Inc.*		608		1,927
Phathom Pharmaceuticals, Inc.*		182		1,887
Lyell Immunopharma, Inc.*		1,283		1,886
23andMe Holding Co. — Class A*		1,921		1,878
Accuray, Inc.*		690		1,877
Arbutus Biopharma Corp.*		923		1,874
Westrock Coffee Co.*		210		1,861
Willdan Group, Inc.*		90		1,839
Xeris Biopharma Holdings, Inc.*		984		1,830
Voyager Therapeutics, Inc.*		235		1,821
Aura Biosciences, Inc.*		203		1,821
Ocular Therapeutix, Inc.*		577		1,812
Edgewise Therapeutics, Inc.*		316		1,811
Vanda Pharmaceuticals, Inc.*		418		1,806
Zimvie, Inc.*		191		1,797
SIGA Technologies, Inc.		341		1,790
Distribution Solutions Group, Inc.*		68		1,768
KalVista Pharmaceuticals, Inc.*		182		1,753
PMV Pharmaceuticals, Inc.*		285		1,750
ORIC Pharmaceuticals, Inc.*		289		1,749
Seres Therapeutics, Inc.*		719		1,711
Atea Pharmaceuticals, Inc.*		567		1,701
Alta Equipment Group, Inc.		141		1,700
Viemed Healthcare, Inc.*		252		1,696
Ovid therapeutics, Inc.*		441		1,693
Assertio Holdings, Inc.*		656		1,679
Enanta Pharmaceuticals, Inc.*		148		1,653
Organogenesis Holdings, Inc.*		519		1,650
Nature’s Sunshine Products, Inc.*		98		1,624
Summit Therapeutics, Inc.*		857		1,603
Terns Pharmaceuticals, Inc.*		317		1,595
Cullinan Oncology, Inc.*		176		1,593
Icosavax, Inc.*		204		1,581
EyePoint Pharmaceuticals, Inc.*		194		1,550
Sutro Biopharma, Inc.*		445		1,544
Quipt Home Medical Corp.*		298		1,517
scPharmaceuticals, Inc.*		213		1,517
ProKidney Corp.*		331		1,516
Axogen, Inc.*		301		1,505
Scholar Rock Holding Corp.*		210		1,491
Nathan’s Famous, Inc.		21		1,484
Y-mAbs Therapeutics, Inc.*		272		1,482
Lincoln Educational Services Corp.*		175		1,479
2seventy bio, Inc.*		371		1,454
2U, Inc.*		586		1,447
Nuvation Bio, Inc.*		1,077		1,443
Village Super Market, Inc. — Class A		63		1,426
Agiliti, Inc.*		219		1,421
Precigen, Inc.*		999		1,419
Tyra Biosciences, Inc.*		103		1,418
Astria Therapeutics, Inc.*		189		1,410
Waldencast plc — Class A*		148		1,394
ImmunityBio, Inc.*,1		815		1,377
Rigel Pharmaceuticals, Inc.*		1,265		1,366
Compass Therapeutics, Inc.*		675		1,330
Fate Therapeutics, Inc.*		627		1,329
Humacyte, Inc.*		453		1,327
Alico, Inc.		53		1,323
Omeros Corp.*,1		450		1,314
InfuSystem Holdings, Inc.*		134		1,292
Janux Therapeutics, Inc.*		128		1,290
Emergent BioSolutions, Inc.*		374		1,272
Generation Bio Co.*		335		1,270
CVRx, Inc.*		82		1,244
Harvard Bioscience, Inc.*		289		1,243
Zevra Therapeutics, Inc.*		256		1,234
Quantum-Si, Inc.*		743		1,233
CorMedix, Inc.*		330		1,221
Butterfly Network, Inc.*		1,032		1,218
Eagle Pharmaceuticals, Inc.*		76		1,199
Poseida Therapeutics, Inc.*		502		1,195
MeiraGTx Holdings plc*		241		1,183
HF Foods Group, Inc.*		298		1,183
SoundThinking, Inc.*		66		1,181
CareMax, Inc.*		556		1,179
Nautilus Biotechnology, Inc.*		373		1,179
Erasca, Inc.*		597		1,176
Invitae Corp.*		1,943		1,176
Zynex, Inc.*		146		1,168
Celcuity, Inc.*		127		1,161
Quad/Graphics, Inc.*		230		1,157
Immuneering Corp. — Class A*		150		1,152
Information Services Group, Inc.		260		1,139

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 119

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
Actinium Pharmaceuticals, Inc.*		192	$	1,137
Lineage Cell Therapeutics, Inc.*		954		1,126
Performant Financial Corp.*		498		1,125
Karyopharm Therapeutics, Inc.*		837		1,122
Gritstone bio, Inc.*		649		1,116
Allakos, Inc.*		491		1,115
Monte Rosa Therapeutics, Inc.*		225		1,078
Thorne HealthTech, Inc.*		104		1,060
Inozyme Pharma, Inc.*		250		1,050
PDS Biotechnology Corp.*		207		1,045
Atara Biotherapeutics, Inc.*		706		1,045
Acacia Research Corp.*		281		1,026
Fennec Pharmaceuticals, Inc.*		134		1,006
Aerovate Therapeutics, Inc.*		74		1,004
X4 Pharmaceuticals, Inc.*		910		992
BRC, Inc. — Class A*		276		991
Mineralys Therapeutics, Inc.*		103		980
Seer, Inc.*		433		957
FiscalNote Holdings, Inc.*,1		460		957
Merrimack Pharmaceuticals, Inc.*		77		949
Altimmune, Inc.*		365		949
Joint Corp.*		105		944
Mersana Therapeutics, Inc.*		742		942
Semler Scientific, Inc.*		37		939
Tela Bio, Inc.*		117		936
Third Harmonic Bio, Inc.*		144		920
Selecta Biosciences, Inc.*		859		911
Inogen, Inc.*		172		898
Natural Grocers by Vitamin Cottage, Inc.		69		891
Sanara Medtech, Inc.*		28		872
Tenaya Therapeutics, Inc.*		338		862
ClearPoint Neuro, Inc.*		169		847
Innovage Holding Corp.*		140		838
Carisma Therapeutics, Inc.		197		833
Stoke Therapeutics, Inc.*		204		804
Annexon, Inc.*		337		795
Heron Therapeutics, Inc.*		765		788
CompoSecure, Inc.*,1		122		787
ALX Oncology Holdings, Inc.*		160		768
Rallybio Corp.*		226		762
XOMA Corp.*		54		761
Larimar Therapeutics, Inc.*		190		750
Foghorn Therapeutics, Inc.*		150		750
Lexicon Pharmaceuticals, Inc.*		685		747
Cutera, Inc.*		123		740
IGM Biosciences, Inc.*		88		735
Cipher Mining, Inc.*,1		308		718
KORU Medical Systems, Inc.*		258		697
Protalix BioTherapeutics, Inc.*		415		689
Ikena Oncology, Inc.*		157		680
ARS Pharmaceuticals, Inc.*		179		677
Trevi Therapeutics, Inc.*		308		672
Allovir, Inc.*		310		666
Optinose, Inc.*		539		663
Nuvectis Pharma, Inc.*		51		657
Vigil Neuroscience, Inc.*		119		641
Longboard Pharmaceuticals, Inc.*		115		640
Sangamo Therapeutics, Inc.*		1,066		639
Kezar Life Sciences, Inc.*		528		628
Akoya Biosciences, Inc.*		134		623
Citius Pharmaceuticals, Inc.*		909		622
HireQuest, Inc.		40		617
AirSculpt Technologies, Inc.*		90		616
Acrivon Therapeutics, Inc.*		64		612
Bakkt Holdings, Inc.*,1		515		603
NanoString Technologies, Inc.*		350		602
Verrica Pharmaceuticals, Inc.*		154		598
Vor BioPharma, Inc.*		279		591
Cue Biopharma, Inc.*		256		589
Cara Therapeutics, Inc.*		346		581
Aadi Bioscience, Inc.*		120		581
FibroGen, Inc.*		672		580
CPI Card Group, Inc.*		31		574
Design Therapeutics, Inc.*		242		571
Scilex Holding Co.*		402		562
BioAtla, Inc.*		327		556
Reneo Pharmaceuticals, Inc.*		72		548
Biote Corp. — Class A*		103		527
Emerald Holding, Inc.*		115		520
Graphite Bio, Inc.*		207		513
Pulse Biosciences, Inc.*		119		480
Cano Health, Inc.*		1,766		448
Aveanna Healthcare Holdings, Inc.*		371		441
Forafric Global plc*		39		440
Beyond Air, Inc.*		190		439
P3 Health Partners, Inc.*		295		434
Kodiak Sciences, Inc.*		240		432
Vaxxinity, Inc. — Class A*,1		315		432
Benson Hill, Inc.*		1,281		425
Priority Technology Holdings, Inc.*		131		424
Zevia PBC — Class A*		184		408
Theseus Pharmaceuticals, Inc.*		150		403
Omega Therapeutics, Inc.*		180		387
PepGen, Inc.*		74		376
MarketWise, Inc.		234		374
Zura Bio Ltd.*		56		370
Bioxcel Therapeutics, Inc.*		142		359
Century Therapeutics, Inc.*		173		346
NGM Biopharmaceuticals, Inc.*		322		345
Eyenovia, Inc.*		206		342
Nkarta, Inc.*		224		311
Adicet Bio, Inc.*		225		308
Vicarious Surgical, Inc.*		518		306
Orchestra BioMed Holdings, Inc.*		31		270
Outlook Therapeutics, Inc.*		1,147		254
Ocean Biomedical, Inc.*		64		250
Rent the Runway, Inc. — Class A*		356		242
Prelude Therapeutics, Inc.*		73		226
Ispire Technology, Inc.*		20		183
Bright Green Corp.*		446		177
Rain Oncology, Inc.*		126		109
BioVie, Inc.*		25		85

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
ATI Physical Therapy, Inc.*		1	$	9
Ligand Pharmaceuticals, Inc.*,††		42		—
Ligand Pharmaceuticals, Inc.*,††		42		—
Total Consumer, Non-cyclical				3,752,799
Financial - 13.5%
Selective Insurance Group, Inc.		443		45,704
SouthState Corp.		561		37,789
Essent Group Ltd.		780		36,886
Ryman Hospitality Properties, Inc. REIT		425		35,394
Kite Realty Group Trust REIT		1,603		34,336
Terreno Realty Corp. REIT		602		34,194
Old National Bancorp		2,157		31,363
American Equity Investment Life Holding Co.		572		30,682
Home BancShares, Inc.		1,405		29,421
Phillips Edison & Company, Inc. REIT		869		29,146
Radian Group, Inc.		1,159		29,102
Cadence Bank		1,342		28,477
Blackstone Mortgage Trust, Inc. — Class A REIT1		1,269		27,601
Valley National Bancorp		3,179		27,212
United Bankshares, Inc.		968		26,707
PotlatchDeltic Corp. REIT		585		26,553
FTAI Aviation Ltd.		736		26,165
Mr Cooper Group, Inc.*		482		25,816
Essential Properties Realty Trust, Inc. REIT		1,148		24,831
Apple Hospitality REIT, Inc. 1		1,595		24,467
Hamilton Lane, Inc. — Class A		270		24,419
First Financial Bankshares, Inc.		964		24,216
Sabra Health Care REIT, Inc.		1,713		23,879
Hancock Whitney Corp.		642		23,748
Glacier Bancorp, Inc.		825		23,512
Independence Realty Trust, Inc. REIT		1,669		23,483
Jackson Financial, Inc. — Class A		602		23,008
Moelis & Co. — Class A		494		22,294
United Community Banks, Inc.		855		21,726
Physicians Realty Trust REIT		1,761		21,467
Enstar Group Ltd.*		88		21,296
Texas Capital Bancshares, Inc.*		354		20,851
Genworth Financial, Inc. — Class A*		3,512		20,580
UMB Financial Corp.		328		20,352
Arbor Realty Trust, Inc. REIT1		1,328		20,159
CNO Financial Group, Inc.		842		19,981
Broadstone Net Lease, Inc. REIT		1,391		19,891
COPT Defense Properties REIT		834		19,874
ServisFirst Bancshares, Inc.		377		19,668
Associated Banc-Corp.		1,120		19,163
LXP Industrial Trust REIT		2,133		18,984
Ameris Bancorp		490		18,811
Piper Sandler Cos.		128		18,600
McGrath RentCorp		183		18,344
Cathay General Bancorp		514		17,867
SL Green Realty Corp. REIT1		477		17,792
First BanCorp		1,312		17,660
Walker & Dunlop, Inc.		235		17,446
Macerich Co. REIT		1,599		17,445
SITE Centers Corp. REIT		1,410		17,385
International Bancshares Corp.		397		17,206
Tanger Factory Outlet Centers, Inc. REIT		756		17,086
Artisan Partners Asset Management, Inc. — Class A		455		17,026
Community Bank System, Inc.		394		16,631
WSFS Financial Corp.		453		16,534
NMI Holdings, Inc. — Class A*		607		16,444
CVB Financial Corp.		984		16,305
Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT		765		16,218
Independent Bank Corp.		327		16,052
Atlantic Union Bankshares Corp.		556		16,002
Axos Financial, Inc.*		421		15,939
National Health Investors, Inc. REIT		309		15,870
Simmons First National Corp. — Class A		934		15,841
Innovative Industrial Properties, Inc. REIT		207		15,662
Douglas Emmett, Inc. REIT1		1,209		15,427
Pacific Premier Bancorp, Inc.		702		15,276
First Interstate BancSystem, Inc. — Class A		611		15,238
Upstart Holdings, Inc.*,1		533		15,212
CareTrust REIT, Inc. 1		741		15,190
Fulton Financial Corp.		1,204		14,580
Bank of Hawaii Corp.		290		14,410
Sunstone Hotel Investors, Inc. REIT		1,541		14,408
Eastern Bankshares, Inc.		1,147		14,383
Equity Commonwealth REIT		776		14,255
Four Corners Property Trust, Inc. REIT		641		14,224
BancFirst Corp.		163		14,137
PJT Partners, Inc. — Class A		175		13,902
St. Joe Co.		255		13,854
Global Net Lease, Inc. REIT		1,440		13,838
Seacoast Banking Corporation of Florida		623		13,681
First Financial Bancorp		697		13,661
Bancorp, Inc.*		389		13,420
Kennedy-Wilson Holdings, Inc.		885		13,045
Urban Edge Properties REIT		850		12,971
StoneX Group, Inc.*		132		12,793
Bread Financial Holdings, Inc.		373		12,757
Pagseguro Digital Ltd. — Class A*		1,469		12,648
StepStone Group, Inc. — Class A		399		12,600
PennyMac Financial Services, Inc.		189		12,587
DiamondRock Hospitality Co. REIT		1,556		12,495
BankUnited, Inc.		550		12,485
Washington Federal, Inc.		485		12,426
BGC Group, Inc. — Class A		2,314		12,218
Pebblebrook Hotel Trust REIT		899		12,217
First Merchants Corp.		437		12,157
Cohen & Steers, Inc.		192		12,036
Ready Capital Corp. REIT		1,185		11,980
InvenTrust Properties Corp. REIT		503		11,976
TowneBank		519		11,901
Goosehead Insurance, Inc. — Class A*		159		11,850
JBG SMITH Properties REIT		805		11,640
Enova International, Inc.*		225		11,446
RLJ Lodging Trust REIT		1,153		11,288

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 121

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
Navient Corp.		655	$	11,279
Retail Opportunity Investments Corp. REIT		911		11,278
Outfront Media, Inc. REIT		1,092		11,029
Banner Corp.		253		10,722
Renasant Corp.		408		10,686
NBT Bancorp, Inc.		337		10,680
Apollo Commercial Real Estate Finance, Inc. REIT		1,050		10,636
Triumph Financial, Inc.*		164		10,626
Independent Bank Group, Inc.		268		10,599
WesBanco, Inc.		427		10,427
Farmer Mac — Class C		67		10,338
OFG Bancorp		345		10,302
Virtus Investment Partners, Inc.		51		10,301
BRP Group, Inc. — Class A*		437		10,152
Enterprise Financial Services Corp.		268		10,050
Bank of NT Butterfield & Son Ltd.		371		10,047
Park National Corp.		106		10,019
Acadia Realty Trust REIT		691		9,916
Cannae Holdings, Inc.*		529		9,860
City Holding Co.		109		9,848
Hilltop Holdings, Inc.		345		9,784
Trustmark Corp.		450		9,778
LTC Properties, Inc. REIT		303		9,735
Veris Residential, Inc. REIT		585		9,652
Northwest Bancshares, Inc.		943		9,647
Nelnet, Inc. — Class A		108		9,647
Xenia Hotels & Resorts, Inc. REIT		809		9,530
Two Harbors Investment Corp. REIT		719		9,520
Chimera Investment Corp. REIT		1,722		9,402
Service Properties Trust REIT		1,220		9,382
Cushman & Wakefield plc*		1,229		9,365
First Commonwealth Financial Corp.		757		9,243
Heartland Financial USA, Inc.		313		9,212
Getty Realty Corp. REIT		332		9,206
Palomar Holdings, Inc.*		180		9,135
Pathward Financial, Inc.		197		9,080
Alexander & Baldwin, Inc. REIT		537		8,984
Horace Mann Educators Corp.		304		8,932
Elme Communities REIT		650		8,866
Compass Diversified Holdings		467		8,766
Lakeland Financial Corp.		184		8,733
Stewart Information Services Corp.		198		8,672
Ladder Capital Corp. — Class A REIT		838		8,598
Westamerica BanCorp		193		8,347
Uniti Group, Inc. REIT		1,762		8,317
eXp World Holdings, Inc.		512		8,315
Provident Financial Services, Inc.		543		8,302
First Bancorp		294		8,273
Trupanion, Inc.*		293		8,263
Encore Capital Group, Inc.*		172		8,215
Franklin BSP Realty Trust, Inc. REIT		615		8,143
PennyMac Mortgage Investment Trust REIT		654		8,110
National Bank Holdings Corp. — Class A		272		8,095
Employers Holdings, Inc.		198		7,910
Stock Yards Bancorp, Inc.		201		7,897
Empire State Realty Trust, Inc. — Class A REIT		977		7,855
Easterly Government Properties, Inc. REIT		685		7,830
S&T Bancorp, Inc.		288		7,799
Stellar Bancorp, Inc.		360		7,675
Hope Bancorp, Inc.		854		7,558
ProAssurance Corp.		400		7,556
Apartment Investment and Management Co. — Class A REIT*		1,097		7,460
National Western Life Group, Inc. — Class A		17		7,437
Claros Mortgage Trust, Inc.		671		7,435
FB Financial Corp.		262		7,430
First Busey Corp.		384		7,380
TriCo Bancshares		230		7,367
Customers Bancorp, Inc.*		212		7,303
MFA Financial, Inc. REIT		757		7,275
Avantax, Inc.*		283		7,239
Safety Insurance Group, Inc.		106		7,228
Live Oak Bancshares, Inc.		249		7,209
ARMOUR Residential REIT, Inc.		1,686		7,165
WisdomTree, Inc.		1,021		7,147
Argo Group International Holdings Ltd.		237		7,072
AMERISAFE, Inc.		141		7,060
NETSTREIT Corp.		453		7,058
American Assets Trust, Inc. REIT		361		7,021
Veritex Holdings, Inc.		388		6,965
Sandy Spring Bancorp, Inc.		324		6,943
SiriusPoint Ltd.*		676		6,875
PacWest Bancorp		867		6,858
Hudson Pacific Properties, Inc. REIT		1,022		6,796
Centerspace REIT		112		6,749
RPT Realty REIT		636		6,716
Victory Capital Holdings, Inc. — Class A		201		6,701
Plymouth Industrial REIT, Inc.		318		6,662
Nicolet Bankshares, Inc.		95		6,629
Berkshire Hills Bancorp, Inc.		326		6,536
Newmark Group, Inc. — Class A		995		6,398
Compass, Inc. — Class A*		2,198		6,374
Peoples Bancorp, Inc.		250		6,345
Paramount Group, Inc. REIT		1,369		6,325
Southside Bancshares, Inc.		218		6,257
OceanFirst Financial Corp.		431		6,237
Origin Bancorp, Inc.		216		6,236
Preferred Bank/Los Angeles CA		99		6,163
Enact Holdings, Inc.		222		6,045
First Bancshares, Inc.		224		6,041
Ellington Financial, Inc. REIT		483		6,023
Redwood Trust, Inc. REIT		843		6,011
BrightSpire Capital, Inc. REIT		953		5,966
QCR Holdings, Inc.		122		5,919
Brookline Bancorp, Inc.		646		5,885
Patria Investments Ltd. — Class A		402		5,861
Lakeland Bancorp, Inc.		461		5,818
Safehold, Inc. REIT		322		5,732
Brandywine Realty Trust REIT		1,259		5,716

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
New York Mortgage Trust, Inc. REIT		673	$	5,714
UMH Properties, Inc. REIT		407		5,706
B Riley Financial, Inc.1		138		5,657
Community Healthcare Trust, Inc. REIT		189		5,613
German American Bancorp, Inc.		207		5,608
Mercury General Corp.		198		5,550
Redfin Corp.*		786		5,533
PRA Group, Inc.*		286		5,494
NexPoint Residential Trust, Inc. REIT		167		5,374
Bank First Corp.		69		5,323
1st Source Corp.		123		5,177
KKR Real Estate Finance Trust, Inc. REIT		436		5,175
Dime Community Bancshares, Inc.		259		5,170
Piedmont Office Realty Trust, Inc. — Class A REIT		914		5,137
Marcus & Millichap, Inc.		175		5,134
Anywhere Real Estate, Inc.*		798		5,131
Armada Hoffler Properties, Inc. REIT		498		5,100
Tompkins Financial Corp.		103		5,046
Banc of California, Inc.		404		5,002
ConnectOne Bancorp, Inc.		274		4,885
Skyward Specialty Insurance Group, Inc.*		176		4,815
LendingClub Corp.*		787		4,801
Dynex Capital, Inc. REIT		400		4,776
Brightsphere Investment Group, Inc.		241		4,673
Eagle Bancorp, Inc.		217		4,655
Capitol Federal Financial, Inc.		944		4,503
Summit Hotel Properties, Inc. REIT		775		4,495
Premier Financial Corp.		262		4,470
Peakstone Realty Trust REIT		266		4,426
Old Second Bancorp, Inc.		321		4,369
Lemonade, Inc.*		375		4,358
James River Group Holdings Ltd.		274		4,206
Heritage Financial Corp.		257		4,192
CBL & Associates Properties, Inc. REIT		199		4,175
AssetMark Financial Holdings, Inc.*		163		4,088
Global Medical REIT, Inc.		451		4,045
Ambac Financial Group, Inc.*		327		3,944
Community Trust Bancorp, Inc.		115		3,940
F&G Annuities & Life, Inc.		139		3,900
International Money Express, Inc.*		228		3,860
Universal Health Realty Income Trust REIT		95		3,841
First Community Bankshares, Inc.		130		3,828
First Mid Bancshares, Inc.		142		3,772
TrustCo Bank Corporation NY		138		3,766
Univest Financial Corp.		215		3,737
Heritage Commerce Corp.		438		3,710
P10, Inc. — Class A		318		3,705
Ares Commercial Real Estate Corp. REIT		384		3,656
Hanmi Financial Corp.		225		3,652
Farmland Partners, Inc. REIT		354		3,632
Gladstone Commercial Corp. REIT		298		3,624
Byline Bancorp, Inc.		183		3,607
Mercantile Bank Corp.		116		3,586
World Acceptance Corp.*		28		3,558
Diamond Hill Investment Group, Inc.		21		3,540
Gladstone Land Corp. REIT		248		3,529
Cambridge Bancorp		56		3,488
Brookfield Business Corp. — Class A		192		3,471
Whitestone REIT — Class B		360		3,467
Columbia Financial, Inc.*		220		3,456
TPG RE Finance Trust, Inc. REIT		511		3,439
Coastal Financial Corp.*		80		3,433
Diversified Healthcare Trust REIT		1,767		3,428
Chatham Lodging Trust REIT		357		3,416
Horizon Bancorp, Inc.		319		3,407
Amerant Bancorp, Inc.		191		3,331
CrossFirst Bankshares, Inc.*		330		3,330
Business First Bancshares, Inc.		177		3,321
Washington Trust Bancorp, Inc.		125		3,291
Central Pacific Financial Corp.		196		3,269
Merchants Bancorp		117		3,243
Peapack-Gladstone Financial Corp.		126		3,232
Midland States Bancorp, Inc.		157		3,225
Great Southern Bancorp, Inc.		67		3,211
Perella Weinberg Partners		315		3,207
Farmers National Banc Corp.		273		3,156
Applied Digital Corp.*		504		3,145
Invesco Mortgage Capital, Inc. REIT		310		3,103
United Fire Group, Inc.		156		3,081
Saul Centers, Inc. REIT		86		3,033
Camden National Corp.		106		2,991
Tiptree, Inc. — Class A		177		2,967
HarborOne Bancorp, Inc.		310		2,951
First Financial Corp.		87		2,941
Kearny Financial Corp.		424		2,938
Capital City Bank Group, Inc.		98		2,923
Alexander’s, Inc. REIT		16		2,916
Northfield Bancorp, Inc.		307		2,901
American National Bankshares, Inc.		76		2,883
Metropolitan Bank Holding Corp.*		78		2,830
Republic Bancorp, Inc. — Class A		64		2,819
RMR Group, Inc. — Class A		114		2,795
CNB Financial Corp.		153		2,771
Flushing Financial Corp.		209		2,744
Independent Bank Corp.		149		2,733
Metrocity Bankshares, Inc.		135		2,657
Equity Bancshares, Inc. — Class A		110		2,648
FRP Holdings, Inc.*		49		2,645
CTO Realty Growth, Inc. REIT		163		2,642
Universal Insurance Holdings, Inc.		187		2,622
HCI Group, Inc.		48		2,606
Bar Harbor Bankshares		110		2,599
MBIA, Inc.*		358		2,581
NewtekOne, Inc.		172		2,537
SmartFinancial, Inc.		117		2,500
HomeTrust Bancshares, Inc.		115		2,492
Orchid Island Capital, Inc. REIT		291		2,476
Alerus Financial Corp.		135		2,454
Southern Missouri Bancorp, Inc.		63		2,437
GCM Grosvenor, Inc. — Class A		307		2,382
FTAI Infrastructure, Inc.		732		2,357

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 123

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
South Plains Financial, Inc.		89	$	2,353
Esquire Financial Holdings, Inc.		51		2,330
Shore Bancshares, Inc.		220		2,314
First Foundation, Inc.		379		2,304
Hersha Hospitality Trust — Class A REIT		231		2,278
One Liberty Properties, Inc. REIT		120		2,264
Amalgamated Financial Corp.		131		2,256
NerdWallet, Inc. — Class A*		253		2,249
Burke & Herbert Financial Services Corp.		48		2,230
Orion Office REIT, Inc.		423		2,204
Carter Bankshares, Inc.*		175		2,193
Northeast Bank		49		2,161
MidWestOne Financial Group, Inc.		105		2,135
Bank of Marin Bancorp		116		2,120
Mid Penn Bancorp, Inc.		105		2,114
Peoples Financial Services Corp.		52		2,085
Capstar Financial Holdings, Inc.		145		2,058
Hingham Institution For Savings		11		2,054
Greenlight Capital Re Ltd. — Class A*		191		2,051
NexPoint Diversified Real Estate Trust REIT		227		1,977
Citizens & Northern Corp.		112		1,966
ACNB Corp.		62		1,960
West BanCorp, Inc.		120		1,957
Enterprise Bancorp, Inc.		71		1,944
Sierra Bancorp		102		1,934
MVB Financial Corp.		84		1,897
Five Star Bancorp		94		1,886
Financial Institutions, Inc.		112		1,885
Postal Realty Trust, Inc. — Class A REIT		139		1,876
Summit Financial Group, Inc.		83		1,871
Arrow Financial Corp.		109		1,858
Granite Point Mortgage Trust, Inc. REIT		378		1,845
First of Long Island Corp.		158		1,819
HBT Financial, Inc.		99		1,806
Sculptor Capital Management, Inc.		155		1,798
Chicago Atlantic Real Estate Finance, Inc. REIT1		121		1,781
Guaranty Bancshares, Inc.		62		1,779
Civista Bancshares, Inc.		114		1,767
Farmers & Merchants Bancorp Incorporated/Archbold OH		100		1,753
Macatawa Bank Corp.		195		1,747
First Business Financial Services, Inc.		58		1,741
Home Bancorp, Inc.		54		1,721
First Bancorp, Inc.		72		1,692
BayCom Corp.		87		1,671
RE/MAX Holdings, Inc. — Class A		129		1,669
Red River Bancshares, Inc.		36		1,655
Forge Global Holdings, Inc.*		812		1,648
Fidelis Insurance Holdings Ltd.*		112		1,644
John Marshall Bancorp, Inc.		92		1,642
Orange County Bancorp, Inc.		38		1,640
Donegal Group, Inc. — Class A		114		1,625
Third Coast Bancshares, Inc.*		95		1,624
Northrim BanCorp, Inc.		41		1,624
Regional Management Corp.		58		1,605
Orrstown Financial Services, Inc.		76		1,597
RBB Bancorp		124		1,585
Alpine Income Property Trust, Inc. REIT		96		1,571
Fidelity D&D Bancorp, Inc.		34		1,544
Southern First Bancshares, Inc.*		57		1,536
Blue Foundry Bancorp*		183		1,532
FVCBankcorp, Inc.*		119		1,524
BRT Apartments Corp. REIT		88		1,520
Timberland Bancorp, Inc.		56		1,518
Waterstone Financial, Inc.		136		1,489
Middlefield Banc Corp.		58		1,474
Northeast Community Bancorp, Inc.		99		1,461
Office Properties Income Trust REIT		356		1,460
FS Bancorp, Inc.		49		1,445
Bridgewater Bancshares, Inc.*		151		1,431
AFC Gamma, Inc. REIT		121		1,421
Legacy Housing Corp.*		73		1,417
Norwood Financial Corp.		55		1,417
Plumas Bancorp		40		1,366
Capital Bancorp, Inc.		71		1,358
Douglas Elliman, Inc.		599		1,354
Braemar Hotels & Resorts, Inc. REIT		485		1,343
Citizens Financial Services, Inc.		28		1,342
eHealth, Inc.*		181		1,339
Investors Title Co.		9		1,333
Codorus Valley Bancorp, Inc.		71		1,323
C&F Financial Corp.		24		1,286
First Bank/Hamilton NJ		118		1,272
Unity Bancorp, Inc.		54		1,265
Parke Bancorp, Inc.		77		1,254
Oak Valley Bancorp1		50		1,254
PCB Bancorp		81		1,251
Greene County Bancorp, Inc.		52		1,251
Southern States Bancshares, Inc.		55		1,242
Ocwen Financial Corp.*		48		1,242
BCB Bancorp, Inc.		111		1,237
City Office REIT, Inc.		288		1,224
Primis Financial Corp.		150		1,222
Colony Bankcorp, Inc.		122		1,219
LendingTree, Inc.*		78		1,209
Star Holdings*		96		1,202
Maiden Holdings Ltd.*		671		1,181
Ponce Financial Group, Inc.*		151		1,181
Selectquote, Inc.*		1,009		1,181
Stratus Properties, Inc.*		42		1,151
Bit Digital, Inc.*,1		535		1,145
Silvercrest Asset Management Group, Inc. — Class A		71		1,127
LCNB Corp.		78		1,113
Princeton Bancorp, Inc.		38		1,102
AlTi Global, Inc.*		156		1,086
National Bankshares, Inc.		43		1,077
Penns Woods Bancorp, Inc.		51		1,075
First Western Financial, Inc.*		59		1,071
Bankwell Financial Group, Inc.		44		1,068
American Coastal Insurance Corp.*		145		1,067

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
Virginia National Bankshares Corp.		35	$	1,062
Ames National Corp.		64		1,062
MainStreet Bancshares, Inc.		51		1,048
Evans Bancorp, Inc.		39		1,045
Central Valley Community Bancorp		74		1,044
HomeStreet, Inc.		134		1,044
Atlanticus Holdings Corp.*		34		1,031
Chemung Financial Corp.		26		1,030
ChoiceOne Financial Services, Inc.		52		1,021
Crawford & Co. — Class A		107		999
Nexpoint Real Estate Finance, Inc. REIT		60		982
ESSA Bancorp, Inc.1		64		961
First Community Corp.		54		933
Sterling Bancorp, Inc.*		156		911
USCB Financial Holdings, Inc.*		78		820
NI Holdings, Inc.*		61		785
Angel Oak Mortgage REIT, Inc.		87		742
Maui Land & Pineapple Company, Inc.*		56		742
Velocity Financial, Inc.*		65		735
Pioneer Bancorp, Inc.*		86		734
Security National Financial Corp. — Class A*		92		724
Luther Burbank Corp.		76		638
Bank7 Corp.		28		630
Consumer Portfolio Services, Inc.*		69		626
Hippo Holdings, Inc.*		78		622
Kingsway Financial Services, Inc.*		79		597
Blue Ridge Bankshares, Inc.		130		588
Finance of America Companies, Inc. — Class A*		395		506
Paysign, Inc.*		241		470
SWK Holdings Corp.*		28		441
Clipper Realty, Inc. REIT		84		435
Transcontinental Realty Investors, Inc.*		14		429
GoHealth, Inc. — Class A*		29		420
OppFi, Inc.*		80		202
American Realty Investors, Inc.*		11		161
Total Financial				3,467,486
Industrial - 9.8%
Chart Industries, Inc.*		312		52,765
Simpson Manufacturing Company, Inc.		316		47,340
UFP Industries, Inc.		442		45,261
Fabrinet*		271		45,154
Comfort Systems USA, Inc.		261		44,477
Applied Industrial Technologies, Inc.		284		43,909
Atkore, Inc.*		285		42,519
Fluor Corp.*		1,050		38,535
Novanta, Inc.*		264		37,868
Watts Water Technologies, Inc. — Class A		202		34,910
Exponent, Inc.		373		31,929
Casella Waste Systems, Inc. — Class A*		412		31,436
Badger Meter, Inc.		217		31,220
Mueller Industries, Inc.		413		31,041
Zurn Elkay Water Solutions Corp.		1,090		30,542
Franklin Electric Company, Inc.		340		30,338
Belden, Inc.		313		30,220
Boise Cascade Co.		292		30,087
EnerSys		305		28,874
Advanced Energy Industries, Inc.		278		28,667
Terex Corp.		495		28,522
GATX Corp.		261		28,405
AAON, Inc.		499		28,378
Summit Materials, Inc. — Class A*		880		27,403
Federal Signal Corp.		443		26,460
SPX Technologies, Inc.*		325		26,455
Arcosa, Inc.		357		25,668
John Bean Technologies Corp.		234		24,603
Cactus, Inc. — Class A		478		24,000
Moog, Inc. — Class A		210		23,722
Vishay Intertechnology, Inc.		954		23,583
Matson, Inc.		262		23,245
Sanmina Corp.*		424		23,015
Hillenbrand, Inc.		511		21,620
Encore Wire Corp.		118		21,530
AeroVironment, Inc.*		185		20,633
Itron, Inc.*		337		20,415
Knife River Corp.*		417		20,362
CSW Industrials, Inc.		114		19,977
Albany International Corp. — Class A		231		19,931
ESCO Technologies, Inc.		189		19,739
Scorpio Tankers, Inc.		364		19,700
Kadant, Inc.		86		19,397
O-I Glass, Inc.*		1,149		19,223
Bloom Energy Corp. — Class A*		1,425		18,896
Plexus Corp.*		203		18,875
Dycom Industries, Inc.*		212		18,868
EnPro Industries, Inc.		155		18,784
Frontdoor, Inc.*		609		18,629
Werner Enterprises, Inc.		468		18,229
Golar LNG Ltd.		750		18,195
Hub Group, Inc. — Class A*		231		18,143
ArcBest Corp.		178		18,094
Modine Manufacturing Co.*		381		17,431
Energizer Holdings, Inc.		530		16,981
RXO, Inc.*		860		16,968
Sterling Infrastructure, Inc.*		222		16,313
MYR Group, Inc.*		121		16,306
Materion Corp.		152		15,490
Masonite International Corp.*		164		15,288
Gibraltar Industries, Inc.*		225		15,190
AAR Corp.*		255		15,180
Kennametal, Inc.		597		14,853
NEXTracker, Inc. — Class A*		365		14,658
Trinity Industries, Inc.		601		14,634
Mueller Water Products, Inc. — Class A		1,148		14,557
Worthington Industries, Inc.		228		14,095
Kratos Defense & Security Solutions, Inc.*		927		13,923
OSI Systems, Inc.*		117		13,811
International Seaways, Inc.		301		13,545
Helios Technologies, Inc.		242		13,426
Forward Air Corp.		193		13,267
Joby Aviation, Inc.*		2,052		13,235

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 125

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
Alamo Group, Inc.		75	$	12,964
Griffon Corp.		325		12,893
Primoris Services Corp.		393		12,863
Enovix Corp.*		1,013		12,713
Standex International Corp.		87		12,675
Granite Construction, Inc.		326		12,395
Barnes Group, Inc.		362		12,297
Greif, Inc. — Class A		179		11,959
Hillman Solutions Corp.*		1,437		11,855
Masterbrand, Inc.*		960		11,664
PGT Innovations, Inc.*		418		11,599
Mirion Technologies, Inc.*		1,482		11,071
Enerpac Tool Group Corp.		415		10,969
Construction Partners, Inc. — Class A*		297		10,858
DHT Holdings, Inc.		1,015		10,454
World Kinect Corp.		456		10,228
Tennant Co.		137		10,159
Knowles Corp.*		665		9,849
TTM Technologies, Inc.*		757		9,750
NV5 Global, Inc.*		101		9,719
CTS Corp.		232		9,684
Vicor Corp.*		164		9,658
Lindsay Corp.		82		9,650
SFL Corporation Ltd.		852		9,500
American Woodmark Corp.*		121		9,149
Greenbrier Companies, Inc.		225		9,000
Rocket Lab USA, Inc.*,1		2,052		8,988
Energy Recovery, Inc.*		412		8,739
Air Transport Services Group, Inc.*		417		8,703
Marten Transport Ltd.		430		8,475
JELD-WEN Holding, Inc.*		630		8,417
AZZ, Inc.		184		8,387
Astec Industries, Inc.		168		7,915
Apogee Enterprises, Inc.		163		7,674
TriMas Corp.		307		7,601
CIRCOR International, Inc.*		135		7,526
Teekay Tankers Ltd. — Class A		177		7,368
Columbus McKinnon Corp.		209		7,296
Golden Ocean Group Ltd.		910		7,171
Chase Corp.		56		7,125
TimkenSteel Corp.*		322		6,994
Dorian LPG Ltd.		237		6,809
Thermon Group Holdings, Inc.*		247		6,785
Sturm Ruger & Company, Inc.		129		6,724
Janus International Group, Inc.*		628		6,720
FLEX LNG Ltd.		220		6,635
Ichor Holdings Ltd.*		211		6,533
Benchmark Electronics, Inc.		262		6,356
Nordic American Tankers Ltd.		1,518		6,254
Leonardo DRS, Inc.*		373		6,229
Montrose Environmental Group, Inc.*		206		6,028
Archer Aviation, Inc. — Class A*,1		1,128		5,708
Powell Industries, Inc.		68		5,637
Gorman-Rupp Co.		169		5,560
GrafTech International Ltd.		1,434		5,492
Heritage-Crystal Clean, Inc.*		116		5,261
Napco Security Technologies, Inc.		233		5,184
Proto Labs, Inc.*		195		5,148
Heartland Express, Inc.		347		5,097
Ryerson Holding Corp.		167		4,858
Kimball Electronics, Inc.*		177		4,846
Myers Industries, Inc.		270		4,841
PureCycle Technologies, Inc.*		859		4,819
Insteel Industries, Inc.		139		4,512
Clearwater Paper Corp.*		124		4,495
Smith & Wesson Brands, Inc.		338		4,364
Genco Shipping & Trading Ltd.		311		4,351
Argan, Inc.		94		4,279
Xometry, Inc. — Class A*		251		4,262
Enviri Corp.*		584		4,216
LSB Industries, Inc.*		407		4,164
Olympic Steel, Inc.		73		4,103
Kaman Corp.		208		4,087
CryoPort, Inc.*		297		4,072
Evolv Technologies Holdings, Inc.*		833		4,048
IES Holdings, Inc.*		61		4,018
Mesa Laboratories, Inc.		38		3,993
Ardmore Shipping Corp.		304		3,955
Stoneridge, Inc.*		196		3,934
Manitowoc Company, Inc.*		258		3,883
Great Lakes Dredge & Dock Corp.*		485		3,865
Cadre Holdings, Inc.		144		3,838
DXP Enterprises, Inc.*		107		3,739
Bel Fuse, Inc. — Class B		77		3,674
Triumph Group, Inc.*		477		3,654
Li-Cycle Holdings Corp.*,1		1,020		3,621
Ducommun, Inc.*		83		3,611
Hyster-Yale Materials Handling, Inc.		80		3,566
SmartRent, Inc.*		1,363		3,557
CECO Environmental Corp.*		220		3,513
Costamare, Inc.		358		3,444
nLight, Inc.*		326		3,391
Aspen Aerogels, Inc.*		378		3,251
LSI Industries, Inc.		193		3,065
Astronics Corp.*		192		3,045
Teekay Corp.*		493		3,042
GoPro, Inc. — Class A*		957		3,005
Allient, Inc.		95		2,937
NVE Corp.		35		2,875
MicroVision, Inc.*		1,308		2,865
Eagle Bulk Shipping, Inc.1		68		2,858
AerSale Corp.*		189		2,824
Covenant Logistics Group, Inc. — Class A		63		2,763
National Presto Industries, Inc.		38		2,753
Luxfer Holdings plc		203		2,649
Greif, Inc. — Class B		38		2,529
Atmus Filtration Technologies, Inc.*,1		121		2,523
Tutor Perini Corp.*		314		2,459
Pactiv Evergreen, Inc.		296		2,407
Park Aerospace Corp.		145		2,252
Northwest Pipe Co.*		73		2,202
Limbach Holdings, Inc.*		68		2,158

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
FARO Technologies, Inc.*		140	$	2,132
Bowman Consulting Group Ltd.*		74		2,074
NuScale Power Corp.*		396		1,940
Omega Flex, Inc.		24		1,890
Overseas Shipholding Group, Inc. — Class A*		427		1,874
Babcock & Wilcox Enterprises, Inc.*		435		1,831
Eastman Kodak Co.*		422		1,777
Comtech Telecommunications Corp.		202		1,768
Ranpak Holdings Corp.*		321		1,746
Concrete Pumping Holdings, Inc.*		192		1,647
Core Molding Technologies, Inc.*		57		1,624
Safe Bulkers, Inc.		497		1,610
Pangaea Logistics Solutions Ltd.		269		1,582
Radiant Logistics, Inc.*		273		1,542
Daseke, Inc.*		299		1,534
Pure Cycle Corp.*		145		1,392
AMMO, Inc.*		667		1,347
Iteris, Inc.*		316		1,308
ESS Tech, Inc.*,1		675		1,269
Universal Logistics Holdings, Inc.		50		1,259
Park-Ohio Holdings Corp.		62		1,234
Eve Holding, Inc.*		134		1,111
Gencor Industries, Inc.*		78		1,102
908 Devices, Inc.*		162		1,079
Tredegar Corp.		195		1,055
Turtle Beach Corp.*		116		1,053
Blink Charging Co.*,1		341		1,044
PAM Transportation Services, Inc.*		46		991
Karat Packaging, Inc.		42		969
Mayville Engineering Company, Inc.*		82		900
Willis Lease Finance Corp.*		21		888
Mistras Group, Inc.*		154		839
Latham Group, Inc.*		287		804
LanzaTech Global, Inc.*		153		714
SKYX Platforms Corp.*		420		596
Intevac, Inc.*		189		588
INNOVATE Corp.*		339		549
374Water, Inc.*		438		543
Sight Sciences, Inc.*		160		539
Charge Enterprises, Inc.*		996		495
Transphorm, Inc.*		200		444
Akoustis Technologies, Inc.*		511		385
Himalaya Shipping Ltd.*		64		309
NL Industries, Inc.		62		295
Amprius Technologies, Inc.*		40		190
Southland Holdings, Inc.*		28		170
Redwire Corp.*		58		168
Total Industrial				2,511,291
Consumer, Cyclical - 7.5%
Light & Wonder, Inc. — Class A*		672		47,934
Asbury Automotive Group, Inc.*		152		34,971
Taylor Morrison Home Corp. — Class A*		775		33,023
Meritage Homes Corp.		269		32,923
Fox Factory Holding Corp.*		314		31,111
Beacon Roofing Supply, Inc.*		397		30,637
Carvana Co.*,1		706		29,638
Visteon Corp.*		207		28,580
FirstCash Holdings, Inc.		277		27,805
Group 1 Automotive, Inc.		103		27,677
Academy Sports & Outdoors, Inc.		552		26,093
Adient plc*		704		25,837
Goodyear Tire & Rubber Co.*		2,073		25,767
Skyline Champion Corp.*		396		25,233
KB Home		533		24,667
Hilton Grand Vacations, Inc.*		602		24,501
International Game Technology plc		803		24,347
Signet Jewelers Ltd.		328		23,554
American Eagle Outfitters, Inc.		1,352		22,457
Installed Building Products, Inc.		175		21,856
LCI Industries		183		21,488
Abercrombie & Fitch Co. — Class A*		361		20,350
Tri Pointe Homes, Inc.*		734		20,075
GMS, Inc.*		302		19,319
Rush Enterprises, Inc. — Class A		460		18,782
UniFirst Corp.		111		18,094
Kontoor Brands, Inc.		412		18,091
MDC Holdings, Inc.		434		17,894
Boot Barn Holdings, Inc.*		220		17,862
Steven Madden Ltd.		557		17,696
Resideo Technologies, Inc.*		1,084		17,127
Cavco Industries, Inc.*		64		17,002
M/I Homes, Inc.*		199		16,724
Papa John’s International, Inc.		242		16,509
Veritiv Corp.		97		16,383
Shake Shack, Inc. — Class A*		279		16,202
Bloomin’ Brands, Inc.		648		15,934
Urban Outfitters, Inc.*		472		15,430
LGI Homes, Inc.*		154		15,321
Cinemark Holdings, Inc.*		813		14,919
Dorman Products, Inc.*		195		14,773
Topgolf Callaway Brands Corp.*		1,065		14,740
Red Rock Resorts, Inc. — Class A		352		14,432
PriceSmart, Inc.		191		14,216
Dana, Inc.		965		14,157
Century Communities, Inc.		210		14,024
Vista Outdoor, Inc.*		417		13,811
MillerKnoll, Inc.		562		13,741
SkyWest, Inc.*		324		13,589
Spirit Airlines, Inc.		812		13,398
Gentherm, Inc.*		245		13,294
XPEL, Inc.*		167		12,877
Winnebago Industries, Inc.		216		12,841
Six Flags Entertainment Corp.*		534		12,554
SeaWorld Entertainment, Inc.*		268		12,395
Acushnet Holdings Corp.		231		12,252
Sonos, Inc.*		940		12,135
OPENLANE, Inc.*		799		11,921
Patrick Industries, Inc.		158		11,859
HNI Corp.		342		11,844
Atlanta Braves Holdings, Inc. — Class C*		324		11,576
JetBlue Airways Corp.*		2,435		11,201

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 127

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
ODP Corp.*		242	$	11,168
Cracker Barrel Old Country Store, Inc.		163		10,954
Cheesecake Factory, Inc.		359		10,878
Oxford Industries, Inc.		111		10,670
Foot Locker, Inc.		607		10,531
Madison Square Garden Entertainment Corp.*		320		10,531
Jack in the Box, Inc.		151		10,428
H&E Equipment Services, Inc.		238		10,279
Hanesbrands, Inc.		2,591		10,260
Brinker International, Inc.*		324		10,235
La-Z-Boy, Inc.		321		9,913
Dave & Buster’s Entertainment, Inc.*		266		9,861
Fisker, Inc.*,1		1,451		9,315
National Vision Holdings, Inc.*		575		9,304
Luminar Technologies, Inc.*,1		2,014		9,164
Allegiant Travel Co. — Class A		117		8,993
Dillard’s, Inc. — Class A		26		8,601
Sovos Brands, Inc.*		375		8,456
Sweetgreen, Inc. — Class A*		715		8,401
Warby Parker, Inc. — Class A*		627		8,251
Everi Holdings, Inc.*		624		8,249
Green Brick Partners, Inc.*		192		7,970
Winmark Corp.		21		7,836
Nu Skin Enterprises, Inc. — Class A		369		7,827
iRobot Corp.*		203		7,694
G-III Apparel Group Ltd.*		304		7,576
Buckle, Inc.		226		7,546
Leslie’s, Inc.*		1,314		7,437
Wabash National Corp.		351		7,413
Caleres, Inc.		257		7,391
Malibu Boats, Inc. — Class A*		150		7,353
Steelcase, Inc. — Class A		652		7,283
Sphere Entertainment Co.*		193		7,172
Nikola Corp.*,1		4,390		6,892
OneSpaWorld Holdings Ltd.*		614		6,889
Lions Gate Entertainment Corp. — Class B*		856		6,737
Sally Beauty Holdings, Inc.*		794		6,654
Chico’s FAS, Inc.*		886		6,627
indie Semiconductor, Inc. — Class A*		1,019		6,420
IMAX Corp.*		332		6,414
MRC Global, Inc.*		621		6,365
Camping World Holdings, Inc. — Class A		309		6,307
Monarch Casino & Resort, Inc.		100		6,210
American Axle & Manufacturing Holdings, Inc.*		844		6,127
Methode Electronics, Inc.		261		5,964
Dine Brands Global, Inc.		116		5,736
ScanSource, Inc.*		186		5,638
Sonic Automotive, Inc. — Class A		116		5,540
Beazer Homes USA, Inc.*		218		5,430
BlueLinx Holdings, Inc.*		65		5,336
Aurora Innovation, Inc.*		2,249		5,285
Standard Motor Products, Inc.		157		5,278
Titan International, Inc.*		388		5,211
MarineMax, Inc.*		158		5,186
Golden Entertainment, Inc.		150		5,127
Ethan Allen Interiors, Inc.		169		5,053
Douglas Dynamics, Inc.		167		5,040
Life Time Group Holdings, Inc.*		330		5,019
Portillo’s, Inc. — Class A*		314		4,832
Clean Energy Fuels Corp.*		1,255		4,807
Chuy’s Holdings, Inc.*		134		4,768
VSE Corp.		94		4,741
Wolverine World Wide, Inc.		575		4,635
Designer Brands, Inc. — Class A		365		4,621
Guess?, Inc.		213		4,609
PC Connection, Inc.		85		4,537
Hibbett, Inc.		93		4,418
Accel Entertainment, Inc.*		399		4,369
Arko Corp.		609		4,354
Hudson Technologies, Inc.*		324		4,309
Interface, Inc. — Class A		424		4,159
Sun Country Airlines Holdings, Inc.*		279		4,140
A-Mark Precious Metals, Inc.		141		4,136
Titan Machinery, Inc.*		152		4,040
Dream Finders Homes, Inc. — Class A*		179		3,979
BJ’s Restaurants, Inc.*		168		3,941
America’s Car-Mart, Inc.*		43		3,913
Sleep Number Corp.*		158		3,885
RCI Hospitality Holdings, Inc.		63		3,822
Shyft Group, Inc.		255		3,817
REV Group, Inc.		234		3,744
Super Group SGHC Ltd.*,1		1,009		3,723
Forestar Group, Inc.*		136		3,664
Hovnanian Enterprises, Inc. — Class A*		36		3,660
Lions Gate Entertainment Corp. — Class A*		431		3,655
Savers Value Village, Inc.*		191		3,566
Denny’s Corp.*		404		3,422
Virgin Galactic Holdings, Inc.*,1		1,868		3,362
Global Industrial Co.		97		3,250
Miller Industries, Inc.		82		3,215
Rush Enterprises, Inc. — Class B		69		3,125
Haverty Furniture Companies, Inc.		108		3,108
Movado Group, Inc.		113		3,091
Xperi, Inc.*		312		3,076
Vizio Holding Corp. — Class A*		561		3,035
Shoe Carnival, Inc.		124		2,980
Bluegreen Vacations Holding Corp.		80		2,934
Atlanta Braves Holdings, Inc. — Class A*,1		74		2,891
MasterCraft Boat Holdings, Inc.*		130		2,889
Build-A-Bear Workshop, Inc. — Class A		98		2,882
Bally’s Corp.*		218		2,858
Kura Sushi USA, Inc. — Class A*		43		2,843
Xponential Fitness, Inc. — Class A*		183		2,837
First Watch Restaurant Group, Inc.*		164		2,836
Blue Bird Corp.*		130		2,776
Marcus Corp.		179		2,775
Genesco, Inc.*		89		2,743
EVgo, Inc.*,1		752		2,542

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
Daktronics, Inc.*		277	$	2,471
Hawaiian Holdings, Inc.*		377		2,386
Children’s Place, Inc.*		88		2,379
Solid Power, Inc.*		1,146		2,315
Johnson Outdoors, Inc. — Class A		40		2,188
OneWater Marine, Inc. — Class A*		85		2,178
Rush Street Interactive, Inc.*		466		2,153
ThredUp, Inc. — Class A*		531		2,129
Zumiez, Inc.*		118		2,100
SES AI Corp.*		923		2,095
Bowlero Corp. — Class A*,1		217		2,088
Lovesac Co.*		104		2,072
Funko, Inc. — Class A*		257		1,966
Holley, Inc.*		390		1,946
Destination XL Group, Inc.*		431		1,931
TuSimple Holdings, Inc. — Class A*		1,221		1,905
El Pollo Loco Holdings, Inc.		212		1,897
Lindblad Expeditions Holdings, Inc.*		259		1,865
Commercial Vehicle Group, Inc.*		238		1,847
Carrols Restaurant Group, Inc.*		272		1,793
Cooper-Standard Holdings, Inc.*		125		1,678
Clarus Corp.		216		1,633
Hooker Furnishings Corp.		81		1,576
PetMed Express, Inc.		152		1,558
Potbelly Corp.*		193		1,505
Microvast Holdings, Inc.*		777		1,469
Frontier Group Holdings, Inc.*		282		1,365
Tilly’s, Inc. — Class A*		166		1,348
Global Business Travel Group I*		239		1,314
Hyliion Holdings Corp.*		1,091		1,287
Vera Bradley, Inc.*		194		1,282
GrowGeneration Corp.*		435		1,270
Sportsman’s Warehouse Holdings, Inc.*		280		1,257
Snap One Holdings Corp.*		135		1,247
Tile Shop Holdings, Inc.*		213		1,169
Escalade, Inc.		74		1,133
Weyco Group, Inc.		44		1,115
Big 5 Sporting Goods Corp.1		159		1,115
Fiesta Restaurant Group, Inc.*		131		1,108
Big Lots, Inc.		210		1,073
Century Casinos, Inc.*		203		1,041
Full House Resorts, Inc.*		243		1,038
J Jill, Inc.*		34		1,006
Cato Corp. — Class A		129		988
JAKKS Pacific, Inc.*		53		985
Red Robin Gourmet Burgers, Inc.*		117		941
Reservoir Media, Inc.*		147		897
ONE Group Hospitality, Inc.*		162		891
Landsea Homes Corp.*		99		890
Marine Products Corp.		62		881
EVI Industries, Inc.*		35		869
Biglari Holdings, Inc. — Class B*		5		830
Rocky Brands, Inc.		52		764
Noodles & Co.*		297		731
Fossil Group, Inc.*		352		725
Lazydays Holdings, Inc.*		94		714
Traeger, Inc.*		260		710
VOXX International Corp. — Class A*		87		694
Purple Innovation, Inc.		403		689
Duluth Holdings, Inc. — Class B*		100		601
Livewire Group, Inc.*		82		568
Workhorse Group, Inc.*,1		1,227		509
Aeva Technologies, Inc.*		588		450
Envela Corp.*		56		265
United Homes Group, Inc.*		46		258
CompX International, Inc.		11		205
Torrid Holdings, Inc.*		89		197
Dragonfly Energy Holdings Corp.*		113		174
Loop Media, Inc.*		270		134
Liberty TripAdvisor Holdings, Inc. — Class B*		4		117
Qurate Retail, Inc. — Class B*		10		76
Total Consumer, Cyclical				1,919,226
Technology - 7.3%
Super Micro Computer, Inc.*		341		93,509
SPS Commerce, Inc.*		270		46,065
Onto Innovation, Inc.*		361		46,035
Rambus, Inc.*		803		44,799
Qualys, Inc.*		274		41,799
Axcelis Technologies, Inc.*		240		39,132
Tenable Holdings, Inc.*		841		37,677
Workiva, Inc.*		360		36,482
Duolingo, Inc.*		212		35,164
Maximus, Inc.		448		33,457
ExlService Holdings, Inc.*		1,190		33,368
MACOM Technology Solutions Holdings, Inc.*		400		32,632
Power Integrations, Inc.		418		31,898
Insight Enterprises, Inc.*		212		30,846
Silicon Laboratories, Inc.*		234		27,118
MicroStrategy, Inc. — Class A*		81		26,591
Diodes, Inc.*		334		26,333
Synaptics, Inc.*		292		26,116
Appfolio, Inc. — Class A*		142		25,933
Box, Inc. — Class A*		1,043		25,251
Altair Engineering, Inc. — Class A*		397		24,836
Varonis Systems, Inc.*		804		24,554
Freshworks, Inc. — Class A*		1,199		23,884
Blackline, Inc.*		417		23,131
Blackbaud, Inc.*		322		22,643
Evolent Health, Inc. — Class A*		814		22,165
CommVault Systems, Inc.*		324		21,906
Rapid7, Inc.*		444		20,326
Kulicke & Soffa Industries, Inc.		411		19,987
FormFactor, Inc.*		571		19,951
Verra Mobility Corp.*		1,033		19,317
Privia Health Group, Inc.*		815		18,745
ACI Worldwide, Inc.*		802		18,093
Braze, Inc. — Class A*		386		18,038
IonQ, Inc.*		1,189		17,692
Sprout Social, Inc. — Class A*		353		17,608
Amkor Technology, Inc.		758		17,131

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 129

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
Progress Software Corp.		322	$	16,931
Fastly, Inc. — Class A*		877		16,812
Parsons Corp.*		305		16,577
Envestnet, Inc.*		371		16,335
SiTime Corp.*		127		14,510
Ambarella, Inc.*		270		14,318
ACV Auctions, Inc. — Class A*		940		14,269
PagerDuty, Inc.*		631		14,191
NetScout Systems, Inc.*		505		14,150
Appian Corp. — Class A*		304		13,865
Xerox Holdings Corp.		849		13,321
MaxLinear, Inc. — Class A*		552		12,282
Semtech Corp.*		473		12,180
Cohu, Inc.*		345		11,882
CSG Systems International, Inc.		231		11,809
Clear Secure, Inc. — Class A		617		11,748
PROS Holdings, Inc.*		331		11,459
Schrodinger Incorporated/United States*		403		11,393
DigitalOcean Holdings, Inc.*		469		11,270
C3.ai, Inc. — Class A*,1		434		11,076
Asana, Inc. — Class A*		588		10,766
Verint Systems, Inc.*		460		10,575
Veeco Instruments, Inc.*		376		10,569
Veradigm, Inc.*		798		10,486
AvidXchange Holdings, Inc.*		1,105		10,475
Donnelley Financial Solutions, Inc.*		183		10,299
Agilysys, Inc.*		148		9,792
Apollo Medical Holdings, Inc.*		317		9,779
Ultra Clean Holdings, Inc.*		329		9,761
NextGen Healthcare, Inc.*		400		9,492
PowerSchool Holdings, Inc. — Class A*		415		9,404
Impinj, Inc.*		170		9,355
Photronics, Inc.*		452		9,135
Jamf Holding Corp.*		517		9,130
Aehr Test Systems*,1		191		8,729
SMART Global Holdings, Inc.*		357		8,693
Adeia, Inc.		791		8,448
Zeta Global Holdings Corp. — Class A*		993		8,292
AvePoint, Inc.*		1,134		7,621
PAR Technology Corp.*		197		7,592
Zuora, Inc. — Class A*		915		7,540
PDF Solutions, Inc.*		227		7,355
Phreesia, Inc.*		378		7,061
Digi International, Inc.*		260		7,020
Avid Technology, Inc.*		252		6,771
Everbridge, Inc.*		301		6,748
Model N, Inc.*		276		6,737
N-able, Inc.*		517		6,669
EngageSmart, Inc.*		359		6,458
Sapiens International Corporation N.V.		227		6,454
ACM Research, Inc. — Class A*		356		6,445
Cerence, Inc.*		298		6,070
Amplitude, Inc. — Class A*		501		5,797
E2open Parent Holdings, Inc.*		1,250		5,675
Intapp, Inc.*		162		5,430
Alkami Technology, Inc.*		292		5,320
Navitas Semiconductor Corp.*		755		5,247
Alpha & Omega Semiconductor Ltd.*		171		5,103
Yext, Inc.*		792		5,013
Grid Dynamics Holdings, Inc.*		410		4,994
BigCommerce Holdings, Inc.*		497		4,905
Simulations Plus, Inc.		117		4,879
Olo, Inc. — Class A*		765		4,636
3D Systems Corp.*		943		4,630
Conduent, Inc.*		1,273		4,430
Alignment Healthcare, Inc.*		629		4,365
Digital Turbine, Inc.*		700		4,235
Integral Ad Science Holding Corp.*		352		4,185
Health Catalyst, Inc.*		413		4,180
Cardlytics, Inc.*		250		4,125
Matterport, Inc.*		1,855		4,025
Vimeo, Inc.*		1,126		3,986
Outset Medical, Inc.*		365		3,971
Corsair Gaming, Inc.*		273		3,967
Pitney Bowes, Inc.		1,298		3,920
PubMatic, Inc. — Class A*		320		3,872
TTEC Holdings, Inc.		144		3,776
Consensus Cloud Solutions, Inc.*		147		3,701
Instructure Holdings, Inc.*		144		3,658
SolarWinds Corp.*		377		3,559
Digimarc Corp.*		105		3,411
Mitek Systems, Inc.*		316		3,387
CEVA, Inc.*		172		3,335
MeridianLink, Inc.*		194		3,310
Cricut, Inc. — Class A		354		3,289
Planet Labs PBC*		1,238		3,219
OneSpan, Inc.*		296		3,182
Vishay Precision Group, Inc.*		92		3,089
Desktop Metal, Inc. — Class A*		2,064		3,013
Daily Journal Corp.*		10		2,940
Thoughtworks Holding, Inc.*		685		2,795
American Software, Inc. — Class A		236		2,705
Definitive Healthcare Corp.*		334		2,669
Cantaloupe, Inc.*		424		2,650
Domo, Inc. — Class B*		227		2,227
Sharecare, Inc.*		2,269		2,134
8x8, Inc.*		837		2,109
NextNav, Inc.*		400		2,056
SoundHound AI, Inc. — Class A*,1		1,017		2,044
Playstudios, Inc.*		633		2,013
Weave Communications, Inc.*		243		1,980
SEMrush Holdings, Inc. — Class A*		232		1,972
Bandwidth, Inc. — Class A*		173		1,950
Ebix, Inc.		195		1,927
Inspired Entertainment, Inc.*		160		1,914
LivePerson, Inc.*		469		1,824
PlayAGS, Inc.*		273		1,780
EverCommerce, Inc.*		173		1,735
Unisys Corp.*		492		1,697
Enfusion, Inc. — Class A*		189		1,695
Computer Programs and Systems, Inc.*		106		1,690
Red Violet, Inc.*		82		1,641

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
Innodata, Inc.*		186	$	1,587
Vuzix Corp.*,1		436		1,583
ON24, Inc.		242		1,532
Immersion Corp.		231		1,527
Outbrain, Inc.*		303		1,476
Climb Global Solutions, Inc.		31		1,333
Expensify, Inc. — Class A*		408		1,326
Asure Software, Inc.*		140		1,324
IBEX Holdings Ltd.*		81		1,251
inTEST Corp.*		79		1,198
CS Disco, Inc.*		167		1,109
Rackspace Technology, Inc.*		466		1,095
CoreCard Corp.*		54		1,080
Kaltura, Inc.*		614		1,062
HireRight Holdings Corp.*		111		1,056
Brightcove, Inc.*		319		1,050
Velo3D, Inc.*		658		1,026
Atomera, Inc.*		157		983
eGain Corp.*		158		969
Richardson Electronics Ltd.		88		962
Tingo Group, Inc.*,1		903		926
Rimini Street, Inc.*		361		794
SkyWater Technology, Inc.*		130		783
Viant Technology, Inc. — Class A*		106		594
LiveVox Holdings, Inc.*		165		551
Skillsoft Corp.*		592		525
Veritone, Inc.*		194		501
BigBear.ai Holdings, Inc.*		199		301
System1, Inc.*		183		221
Presto Automation, Inc.*		24		34
CXApp, Inc.*		14		25
Total Technology				1,863,061
Energy - 5.5%
ChampionX Corp.		1,465		52,183
Chord Energy Corp.		308		49,918
Murphy Oil Corp.		1,094		49,613
Matador Resources Co.		834		49,606
Weatherford International plc*		524		47,333
PBF Energy, Inc. — Class A		838		44,858
Noble Corporation plc		815		41,280
Civitas Resources, Inc.		510		41,244
Denbury, Inc.*		372		36,460
Patterson-UTI Energy, Inc.		2,603		36,025
SM Energy Co.		884		35,051
Valaris Ltd.*		452		33,891
Magnolia Oil & Gas Corp. — Class A		1,350		30,928
Helmerich & Payne, Inc.		717		30,229
Equitrans Midstream Corp.		3,216		30,134
California Resources Corp.		531		29,741
Permian Resources Corp.		2,032		28,367
Kosmos Energy Ltd.*		3,361		27,493
CNX Resources Corp.*		1,172		26,464
CONSOL Energy, Inc.		246		25,808
Tidewater, Inc.*		351		24,946
Array Technologies, Inc.*		1,115		24,742
Northern Oil and Gas, Inc.		603		24,259
Peabody Energy Corp.		922		23,963
Alpha Metallurgical Resources, Inc.		92		23,895
Arch Resources, Inc.		135		23,039
Shoals Technologies Group, Inc. — Class A*		1,262		23,031
Liberty Energy, Inc. — Class A		1,222		22,631
Warrior Met Coal, Inc.		383		19,563
Oceaneering International, Inc.*		743		19,110
Callon Petroleum Co.*		453		17,721
Seadrill Ltd.*		374		16,751
Expro Group Holdings N.V.*		652		15,146
Par Pacific Holdings, Inc.*		409		14,699
Sitio Royalties Corp. — Class A		597		14,453
Delek US Holdings, Inc.		480		13,637
Talos Energy, Inc.*		811		13,333
Archrock, Inc.		1,029		12,965
Green Plains, Inc.*		430		12,943
Helix Energy Solutions Group, Inc.*		1,064		11,885
Borr Drilling Ltd.*		1,618		11,488
Diamond Offshore Drilling, Inc.*		753		11,054
NOW, Inc.*		784		9,306
Gulfport Energy Corp.*		74		8,781
Earthstone Energy, Inc. — Class A*		422		8,541
Nabors Industries Ltd.*		68		8,374
Core Laboratories, Inc.		347		8,332
US Silica Holdings, Inc.*		558		7,834
Sunnova Energy International, Inc.*,1		747		7,821
ProPetro Holding Corp.*		729		7,749
Comstock Resources, Inc.		680		7,500
CVR Energy, Inc.		219		7,453
Dril-Quip, Inc.*		252		7,099
Vital Energy, Inc.*		125		6,927
Fluence Energy, Inc.*		291		6,690
SunCoke Energy, Inc.		618		6,273
TETRA Technologies, Inc.*		927		5,914
RPC, Inc.		629		5,623
Bristow Group, Inc.*		175		4,930
Select Water Solutions, Inc. — Class A		598		4,754
SilverBow Resources, Inc.*		131		4,686
REX American Resources Corp.*		115		4,683
Berry Corp.		564		4,625
Tellurian, Inc.*		3,925		4,553
Montauk Renewables, Inc.*		493		4,491
Stem, Inc.*,1		1,053		4,465
Kinetik Holdings, Inc. — Class A		127		4,286
Vitesse Energy, Inc.		185		4,235
SunPower Corp. — Class A*		646		3,986
Oil States International, Inc.*		466		3,900
FuelCell Energy, Inc.*,1		3,014		3,858
Newpark Resources, Inc.*		551		3,807
SandRidge Energy, Inc.		236		3,696
Crescent Energy Co. — Class A		283		3,577
DMC Global, Inc.*		144		3,524
VAALCO Energy, Inc.		797		3,499
W&T Offshore, Inc.*		727		3,184
Cleanspark, Inc.*		814		3,101

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 131

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
AESI Holdings, Inc. — Class A		120	$	2,668
Hallador Energy Co.*		169		2,437
Solaris Oilfield Infrastructure, Inc. — Class A		227		2,420
Excelerate Energy, Inc. — Class A		134		2,284
Aris Water Solutions, Inc. — Class A		221		2,206
Maxeon Solar Technologies Ltd.*		187		2,167
Vertex Energy, Inc.*		482		2,145
Riley Exploration Permian, Inc.		65		2,066
Gevo, Inc.*		1,729		2,057
Kodiak Gas Services, Inc.*		113		2,020
Amplify Energy Corp.*		268		1,970
ProFrac Holding Corp. — Class A*		179		1,948
Energy Vault Holdings, Inc.*		725		1,849
Ramaco Resources, Inc. — Class A		167		1,835
Eneti, Inc.		182		1,835
Forum Energy Technologies, Inc.*		73		1,754
Ring Energy, Inc.*		887		1,730
Enviva, Inc.		231		1,726
Eos Energy Enterprises, Inc.*,1		796		1,711
Ranger Energy Services, Inc.		115		1,631
Evolution Petroleum Corp.		233		1,594
FutureFuel Corp.		193		1,384
HighPeak Energy, Inc.		79		1,333
Granite Ridge Resources, Inc.		192		1,171
NextDecade Corp.*		227		1,162
KLX Energy Services Holdings, Inc.*		94		1,114
NACCO Industries, Inc. — Class A		31		1,087
TPI Composites, Inc.*		310		821
Mammoth Energy Services, Inc.*		172		798
Empire Petroleum Corp.*		75		722
PrimeEnergy Resources Corp.*		5		580
Ramaco Resources, Inc. — Class B		33		394
Verde Clean Fuels, Inc.*		32		121
Total Energy				1,396,677
Communications - 2.3%
Extreme Networks, Inc.*		933		22,588
Ziff Davis, Inc.*		348		22,164
TEGNA, Inc.		1,487		21,666
DigitalBridge Group, Inc.		1,197		21,043
Yelp, Inc. — Class A*		498		20,712
Calix, Inc.*		436		19,986
Cogent Communications Holdings, Inc.		320		19,808
InterDigital, Inc.		197		15,807
Viavi Solutions, Inc.*		1,629		14,889
Perficient, Inc.*		254		14,696
Q2 Holdings, Inc.*		421		13,586
Telephone & Data Systems, Inc.		732		13,403
Cargurus, Inc.*		724		12,685
ePlus, Inc.*		197		12,513
Bumble, Inc. — Class A*		749		11,175
Credo Technology Group Holding Ltd.*		722		11,011
Opendoor Technologies, Inc.*		4,018		10,608
Lumen Technologies, Inc.*		7,422		10,539
Sprinklr, Inc. — Class A*		759		10,505
Upwork, Inc.*		915		10,394
Squarespace, Inc. — Class A*		330		9,560
Liberty Latin America Ltd. — Class C*		1,064		8,682
Cars.com, Inc.*		492		8,295
Harmonic, Inc.*		815		7,848
A10 Networks, Inc.		522		7,846
Scholastic Corp.		201		7,666
Magnite, Inc.*		990		7,465
Shenandoah Telecommunications Co.		359		7,399
Shutterstock, Inc.		182		6,925
Globalstar, Inc.*		5,082		6,657
Infinera Corp.*		1,475		6,166
TechTarget, Inc.*		193		5,859
Gogo, Inc.*		490		5,846
Hims & Hers Health, Inc.*		904		5,686
Eventbrite, Inc. — Class A*		572		5,640
Figs, Inc. — Class A*		945		5,576
fuboTV, Inc.*		2,085		5,567
Open Lending Corp. — Class A*		736		5,388
Overstock.com, Inc.*		334		5,284
CommScope Holding Company, Inc.*		1,533		5,151
ADTRAN Holdings, Inc.		577		4,749
Clear Channel Outdoor Holdings, Inc.*		2,743		4,334
Couchbase, Inc.*		251		4,307
Rover Group, Inc.*		687		4,301
Thryv Holdings, Inc.*		229		4,298
Gray Television, Inc.		612		4,235
EchoStar Corp. — Class A*		249		4,171
Revolve Group, Inc.*		303		4,124
HealthStream, Inc.		181		3,906
QuinStreet, Inc.*		384		3,444
Liquidity Services, Inc.*		175		3,084
Anterix, Inc.*		95		2,981
Preformed Line Products Co.		18		2,926
WideOpenWest, Inc.*		380		2,907
Boston Omaha Corp. — Class A*		171		2,803
Clearfield, Inc.*		97		2,780
Stagwell, Inc.*		581		2,725
Sinclair, Inc.		242		2,715
AMC Networks, Inc. — Class A*		229		2,698
NETGEAR, Inc.*		211		2,656
Gannett Company, Inc.*		1,067		2,614
Aviat Networks, Inc.*		82		2,558
ATN International, Inc.		81		2,556
IDT Corp. — Class B*		115		2,536
EW Scripps Co. — Class A*		440		2,411
iHeartMedia, Inc. — Class A*		759		2,399
Ooma, Inc.*		176		2,290
Liberty Latin America Ltd. — Class A*		268		2,187
Stitch Fix, Inc. — Class A*		624		2,153
Nextdoor Holdings, Inc.*		1,076		1,958
Consolidated Communications Holdings, Inc.*		549		1,878
Spok Holdings, Inc.		131		1,869
Advantage Solutions, Inc.*		642		1,823
Grindr, Inc.*		303		1,742
Ribbon Communications, Inc.*		649		1,739

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
AST SpaceMobile, Inc.*,1		448	$	1,702
Entravision Communications Corp. — Class A		445		1,624
Nerdy, Inc.*		438		1,621
CarParts.com, Inc.*		393		1,619
Tucows, Inc. — Class A*		73		1,490
Luna Innovations, Inc.*		238		1,395
1-800-Flowers.com, Inc. — Class A*		193		1,351
MediaAlpha, Inc. — Class A*		159		1,313
Vivid Seats, Inc. — Class A*		188		1,207
Mondee Holdings, Inc.*,1		336		1,200
EverQuote, Inc. — Class A*		157		1,135
Blade Air Mobility, Inc.*		433		1,121
Gambling.com Group Ltd.*		79		1,033
BlackSky Technology, Inc.*,1		874		1,023
DHI Group, Inc.*		322		985
BARK, Inc.*		809		971
OptimizeRx Corp.*		123		957
Lands’ End, Inc.*		111		829
Solo Brands, Inc. — Class A*		162		826
Allbirds, Inc. — Class A*		703		780
Townsquare Media, Inc. — Class A		86		750
ContextLogic, Inc. — Class A*		163		719
KVH Industries, Inc.*		139		709
Cambium Networks Corp.*		90		660
Terran Orbital Corp.*,1		630		524
Urban One, Inc.*		93		468
DZS, Inc.*		161		338
Urban One, Inc.*		61		306
Value Line, Inc.		6		262
Total Communications				576,059
Basic Materials - 2.2%
Commercial Metals Co.		863		42,641
ATI, Inc.*		950		39,092
Balchem Corp.		236		29,274
Cabot Corp.		408		28,262
HB Fuller Co.		400		27,444
Livent Corp.*		1,335		24,577
Carpenter Technology Corp.		356		23,927
Avient Corp.		669		23,629
Innospec, Inc.		184		18,805
Sensient Technologies Corp.		311		18,187
Hecla Mining Co.		4,444		17,376
Constellium SE*		937		17,053
Rogers Corp.*		128		16,828
Quaker Chemical Corp.		103		16,480
Uranium Energy Corp.*		2,708		13,946
Minerals Technologies, Inc.		241		13,197
Ingevity Corp.*		269		12,807
Stepan Co.		158		11,845
Sylvamo Corp.		269		11,820
Tronox Holdings plc — Class A		866		11,639
Energy Fuels, Inc.*,1		1,162		9,552
Kaiser Aluminum Corp.		118		8,881
Orion S.A.		415		8,831
Hawkins, Inc.		143		8,416
Compass Minerals International, Inc.		253		7,071
Ecovyst, Inc.*		704		6,927
Novagold Resources, Inc.*		1,789		6,870
AdvanSix, Inc.		196		6,092
Koppers Holdings, Inc.		149		5,893
Mativ Holdings, Inc.		403		5,747
Schnitzer Steel Industries, Inc. — Class A		191		5,319
Piedmont Lithium, Inc.*		133		5,280
Coeur Mining, Inc.*		2,364		5,248
Perimeter Solutions S.A.*		1,143		5,189
Centrus Energy Corp. — Class A*		91		5,165
Ivanhoe Electric Incorporated / US*		413		4,915
Haynes International, Inc.		92		4,280
Lightwave Logic, Inc.*		848		3,791
Encore Energy Corp.*		1,047		3,413
United States Lime & Minerals, Inc.		15		3,015
Century Aluminum Co.*		389		2,797
Oil-Dri Corporation of America		36		2,223
American Vanguard Corp.		200		2,186
i-80 Gold Corp.*		1,428		2,185
Trinseo plc		259		2,116
Intrepid Potash, Inc.*		79		1,988
Rayonier Advanced Materials, Inc.*		472		1,671
Danimer Scientific, Inc.*		649		1,343
Kronos Worldwide, Inc.		163		1,263
Terawulf, Inc.*		997		1,256
Caledonia Mining Corporation plc		121		1,193
Dakota Gold Corp.*		398		1,027
Origin Materials, Inc.*		784		1,004
Codexis, Inc.*		493		932
Perpetua Resources Corp.*		279		909
5E Advanced Materials, Inc.*		291		658
Glatfelter Corp.*		327		654
PolyMet Mining Corp.*		253		526
Contango ORE, Inc.*		28		508
Valhi, Inc.		18		239
NioCorp Developments Ltd.*		14		51
Total Basic Materials				565,453
Utilities - 1.8%
Brookfield Infrastructure Corp. — Class A		883		31,190
New Jersey Resources Corp.		716		29,091
Portland General Electric Co.		715		28,943
PNM Resources, Inc.		634		28,283
ONE Gas, Inc.		408		27,858
Ormat Technologies, Inc.		394		27,548
Southwest Gas Holdings, Inc.		455		27,486
Black Hills Corp.		493		24,941
Otter Tail Corp.		305		23,156
ALLETE, Inc.		426		22,493
American States Water Co.		274		21,558
Spire, Inc.		381		21,557
Northwestern Energy Group, Inc.		445		21,387
California Water Service Group		415		19,634
MGE Energy, Inc.		270		18,498
Avista Corp.		558		18,062
SJW Group		229		13,765

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 133

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

	Shares		Value
Chesapeake Utilities Corp.		129	$	12,610
Northwest Natural Holding Co.		266		10,151
Ameresco, Inc. — Class A*		238		9,177
Middlesex Water Co.		130		8,613
Unitil Corp.		118		5,040
York Water Co.		105		3,936
Consolidated Water Company Ltd.		111		3,157
Artesian Resources Corp. — Class A		62		2,603
Altus Power, Inc.*		472		2,478
Genie Energy Ltd. — Class B		146		2,150
RGC Resources, Inc.		59		1,021
Cadiz, Inc.*		300		993
Global Water Resources, Inc.		84		819
FTC Solar, Inc.*		470		602
Total Utilities				468,800
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		203		4,304
Total Common Stocks
(Cost $19,141,198)				16,525,156
RIGHTS††† - 0.0%
Consumer, Non-cyclical - 0.0%
Oncternal Therapeutics, Inc.*		7		—
Tobira Therapeutics, Inc.*		141		—
Novartis AG		429		—
Total Consumer, Non-cyclical				—
Total Rights
(Cost $271)				—
EXCHANGE-TRADED FUNDS† - 8.7%
Vanguard Russell 2000 ETF1		15,743		1,124,680
iShares Russell 2000 Index ETF1		6,356		1,123,359
Total Exchange-Traded Funds
(Cost $2,799,130)				2,248,039
	Face Amount
U.S. TREASURY BILLS†† - 4.8%
U.S. Treasury Bills
5.29% due 11/07/232	$	700,000		696,306
5.27% due 11/07/232,3		500,000		497,362
4.66% due 10/05/232,4		30,000		29,987
Total U.S. Treasury Bills
(Cost $1,223,475)				1,223,655

REPURCHASE AGREEMENTS††,5 - 22.4%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/233		3,238,504		3,238,504
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/233		1,258,002		1,258,002
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/233		1,245,579		1,245,579
Total Repurchase Agreements
(Cost $5,742,085)				5,742,085
	Shares
SECURITIES LENDING COLLATERAL†,6 - 7.8%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%7		1,995,927		1,995,927
Total Securities Lending Collateral
(Cost $1,995,927)				1,995,927
Total Investments - 108.2%
(Cost $30,902,086)			$	27,734,862
Other Assets & Liabilities, net - (8.2)%				(2,113,356	)
Total Net Assets - 100.0%			$	25,621,506

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
RUSSELL 2000® FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		1		Dec 2023	$	89,905	$	(3,116	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

Goldman Sachs International

Russell 2000 Index

Pay

5.43% (Federal Funds Rate + 0.10%)

At Maturity

12/21/23

524

$

935,991

$

(7,594

)

BNP Paribas

Russell 2000 Index

Pay

5.53% (Federal Funds Rate + 0.20%)

At Maturity

12/21/23

619

1,105,017

(15,477

)

Barclays Bank plc

Russell 2000 Index

Pay

5.31% (SOFR)

At Maturity

12/20/23

2,642

4,715,769

(109,433

)

$

6,756,777

$

(132,504

)

*	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 September 30, 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 equity index swap collateral at September 30, 2023.
4	All or a portion of this security is pledged as futures collateral at September 30, 2023.
5	Repurchase Agreements — See Note 6.
6	Securities lending collateral — See Note 7.
7	Rate indicated is the 7-day yield as of September 30, 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 SEMI-ANNUAL REPORT | 135

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
RUSSELL 2000® FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	16,525,156	$	—	*	$	—		$	16,525,156
Rights		—		—			—	*		—
Exchange-Traded Funds		2,248,039		—			—			2,248,039
U.S. Treasury Bills		—		1,223,655			—			1,223,655
Repurchase Agreements		—		5,742,085			—			5,742,085
Securities Lending Collateral		1,995,927		—			—			1,995,927
Total Assets	$	20,769,122	$	6,965,740		$	—		$	27,734,862

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	3,116	$	—	$	—	$	3,116
Equity Index Swap Agreements**		—		132,504		—		132,504
Total Liabilities	$	3,116	$	132,504	$	—	$	135,620

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

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

RUSSELL 2000^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $1,940,862 of securities loaned (cost $25,160,001)	$	21,992,777
Repurchase agreements, at value (cost $5,742,085)		5,742,085
Cash		28,143
Receivables:
Dividends		22,745
Fund shares sold		21,192
Securities lending income		1,997
Interest		1,690
Total assets		27,810,629
Liabilities:
Unrealized depreciation on OTC swap agreements		132,504
Payable for:
Return of securities lending collateral		1,995,927
Management fees		16,916
Swap settlement		10,649
Transfer agent fees		6,589
Distribution and service fees		6,545
Portfolio accounting and administration fees		3,494
Fund shares redeemed		1,186
Variation margin on futures contracts		550
Trustees’ fees*		355
Miscellaneous		14,408
Total liabilities		2,189,123
Net assets	$	25,621,506
Net assets consist of:
Paid in capital	$	32,662,461
Total distributable earnings (loss)		(7,040,955	)
Net assets	$	25,621,506
A-Class:
Net assets	$	4,283,948
Capital shares outstanding		98,166
Net asset value per share	$	43.64
Maximum offering price per share (Net asset value divided by 95.25%)	$	45.82
C-Class:
Net assets	$	1,428,339
Capital shares outstanding		38,775
Net asset value per share	$	36.84
H-Class:
Net assets	$	19,909,219
Capital shares outstanding		457,328
Net asset value per share	$	43.53

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $200)	$	143,809
Interest		167,800
Income from securities lending, net		11,786
Total investment income		323,395
Expenses:
Management fees		97,741
Distribution and service fees:
A-Class		6,961
C-Class		7,573
H-Class		23,724
Transfer agent fees		27,661
Portfolio accounting and administration fees		26,710
Registration fees		11,608
Professional fees		7,036
Trustees’ fees*		2,057
Custodian fees		1,757
Interest expense		577
Miscellaneous		5,648
Total expenses		219,053
Less:
Expenses reimbursed by Adviser:		(2,467	)
Net expenses		216,586
Net investment income		106,809
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(45,989	)
Swap agreements		(510,696	)
Futures contracts		(23,488	)
Net realized loss		(580,173	)
Net change in unrealized appreciation (depreciation) on:
Investments		(120,536	)
Swap agreements		(174,146	)
Futures contracts		(11,236	)
Net change in unrealized appreciation (depreciation)		(305,918	)
Net realized and unrealized loss		(886,091	)
Net decrease in net assets resulting from operations	$	(779,282	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 137

RUSSELL 2000^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	106,809		$	44,990
Net realized loss on investments		(580,173	)		(2,609,582	)
Net change in unrealized appreciation (depreciation) on investments		(305,918	)		(1,680,165	)
Net decrease in net assets resulting from operations		(779,282	)		(4,244,757	)
Capital share transactions:
Proceeds from sale of shares
A-Class		8,198,539			15,034,155
C-Class		147,272			287,217
H-Class		22,458,560			20,564,801
Cost of shares redeemed
A-Class		(7,521,359	)		(15,994,733	)
C-Class		(235,214	)		(390,831	)
H-Class		(17,748,504	)		(20,271,844	)
Net increase (decrease) from capital share transactions		5,299,294			(771,235	)
Net increase (decrease) in net assets		4,520,012			(5,015,992	)
Net assets:
Beginning of period		21,101,494			26,117,486
End of period	$	25,621,506		$	21,101,494
Capital share activity:
Shares sold
A-Class		180,292			339,145
C-Class		3,861			7,559
H-Class		494,614			453,292
Shares redeemed
A-Class		(168,461	)		(366,931	)
C-Class		(6,183	)		(10,500	)
H-Class		(395,727	)		(459,644	)
Net increase (decrease) in shares		108,396			(37,079	)

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

RUSSELL 2000^® FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	44.08		$	50.66		$	61.82		$	32.24		$	43.81		$	43.67
Income (loss) from investment operations:
Net investment income (loss)b		.19			.13			(.69	)		(.77	)		—	c		(.05	)
Net gain (loss) on investments (realized and unrealized)		(.63	)		(6.71	)		(3.41	)		30.35			(10.89	)		.19	f
Total from investment operations		(.44	)		(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	$	43.64		$	44.08		$	50.66		$	61.82		$	32.24		$	43.81
Total Returnd		(1.00	%)		(12.99	%)		(7.29	%)		91.75	%		(25.32	%)		0.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,284		$	3,806		$	5,781		$	12,421		$	10,712		$	18,569
Ratios to average net assets:
Net investment income (loss)		0.82	%		0.28	%		(1.14	%)		(1.53	%)		—	g		(0.11	%)
Total expenses		1.64	%		1.65	%		1.60	%		1.67	%		1.73	%		1.71	%
Net expensese		1.62	%		1.65	%		1.60	%		1.67	%		1.73	%		1.71	%
Portfolio turnover rate		8	%		25	%		76	%		—			35	%		112	%

C-Class	Six Months Ended September 30, 2023a			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	$	37.35		$	43.24		$	54.24		$	28.50		$	39.09		$	39.26
Income (loss) from investment operations:
Net investment income (loss)b		.01			(.21	)		(.98	)		(.95	)		(.29	)		(.37	)
Net gain (loss) on investments (realized and unrealized)		(.52	)		(5.68	)		(2.96	)		26.69			(9.62	)		.20	f
Total from investment operations		(.51	)		(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	$	36.84		$	37.35		$	43.24		$	54.24		$	28.50		$	39.09
Total Returnd		(1.37	%)		(13.62	%)		(8.05	%)		90.32	%		(25.88	%)		(0.43	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,428		$	1,535		$	1,904		$	3,717		$	1,590		$	3,264
Ratios to average net assets:
Net investment income (loss)		0.04	%		(0.56	%)		(1.89	%)		(2.28	%)		(0.74	%)		(0.91	%)
Total expenses		2.39	%		2.40	%		2.36	%		2.43	%		2.48	%		2.46	%
Net expensese		2.37	%		2.40	%		2.36	%		2.43	%		2.48	%		2.46	%
Portfolio turnover rate		8	%		25	%		76	%		—			35	%		112	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 139

RUSSELL 2000^® FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	43.97		$	50.53		$	61.68		$	32.17		$	43.70		$	43.57
Income (loss) from investment operations:
Net investment income (loss)b		.20			.09			(.66	)		(.75	)		.01			(.06	)
Net gain (loss) on investments (realized and unrealized)		(.64	)		(6.65	)		(3.43	)		30.26			(10.86	)		.19	f
Total from investment operations		(.44	)		(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	$	43.53		$	43.97		$	50.53		$	61.68		$	32.17		$	43.70
Total Return		(1.00	%)		(12.98	%)		(7.29	%)		91.73	%		(25.30	%)		0.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	19,909		$	15,761		$	18,432		$	29,743		$	6,731		$	19,384
Ratios to average net assets:
Net investment income (loss)		0.88	%		0.21	%		(1.12	%)		(1.52	%)		0.01	%		(0.14	%)
Total expenses		1.64	%		1.65	%		1.61	%		1.67	%		1.73	%		1.71	%
Net expensese		1.62	%		1.65	%		1.61	%		1.67	%		1.73	%		1.71	%
Portfolio turnover rate		8	%		25	%		76	%		—			35	%		112	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
g	Less than 0.01%.

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

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

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	March 31, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

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

Largest Holdings	% of Total Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	20.1%
Guggenheim Strategy Fund II	20.0%
Total	40.1%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 141

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	3.23%	(5.16%)	(7.81%)	(10.32%)
A-Class Shares with sales charge‡	(1.67%)	(9.66%)	(8.71%)	(10.76%)
C-Class Shares	2.85%	(5.88%)	(8.50%)	(10.99%)
C-Class Shares with CDSC§	1.85%	(6.82%)	(8.50%)	(10.99%)
H-Class Shares	3.20%	(5.17%)	(7.79%)	(10.30%)
Russell 2000 Index	(0.19%)	8.93%	2.40%	8.40%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

142 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
INVERSE RUSSELL 2000® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 40.1%
Guggenheim Ultra Short Duration Fund — Institutional Class1		44,544	$	434,300
Guggenheim Strategy Fund II1		17,889		434,175
Total Mutual Funds
(Cost $868,958)				868,475
	Face Amount
U.S. TREASURY BILLS†† - 6.0%
U.S. Treasury Bills
4.66% due 10/05/232,3	$	80,000		79,965
5.29% due 11/07/233,4		50,000		49,736
Total U.S. Treasury Bills
(Cost $129,681)				129,701

REPURCHASE AGREEMENTS††,5 - 50.9%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/234	622,292		622,292
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/234	241,731		241,731
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/234	239,343		239,343
Total Repurchase Agreements
(Cost $1,103,366)			1,103,366
Total Investments - 97.0%
(Cost $2,102,005)		$	2,101,542
Other Assets & Liabilities, net - 3.0%			65,899
Total Net Assets - 100.0%		$	2,167,441

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Sold Short†
Russell 2000 Index Mini Futures Contracts		5		Dec 2023	$	449,525	$	19,467

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements Sold Short††

Barclays Bank plc

Russell 2000 Index

Receive

4.81% (SOFR - 0.50%)

At Maturity

12/20/23

341

$

608,531

$

12,278

BNP Paribas

Russell 2000 Index

Receive

5.13% (Federal Funds Rate - 0.20%)

At Maturity

12/21/23

320

571,180

7,999

Goldman Sachs International

Russell 2000 Index

Receive

5.18% (Federal Funds Rate - 0.15%)

At Maturity

12/21/23

301

536,863

7,237

$

1,716,574

$

27,514

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	All or a portion of this security is pledged as futures collateral at September 30, 2023.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as equity index swap collateral at September 30, 2023.
5	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 143

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
INVERSE RUSSELL 2000® STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	868,475	$	—	$	—	$	868,475
U.S. Treasury Bills		—		129,701		—		129,701
Repurchase Agreements		—		1,103,366		—		1,103,366
Equity Futures Contracts**		19,467		—		—		19,467
Equity Index Swap Agreements**		—		27,514		—		27,514
Total Assets	$	887,942	$	1,260,581	$	—	$	2,148,523

** 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	946,618	$	—	$	(515,000	)	$	(7,780	)	$	10,337	$	434,175		17,889	$	25,718
Guggenheim Ultra Short Duration Fund — Institutional Class		944,879		—		(515,001	)		(7,483	)		11,905		434,300		44,544		24,576
	$	1,891,497	$	—	$	(1,030,001	)	$	(15,263	)	$	22,242	$	868,475			$	50,294

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

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $129,681)	$	129,701
Investments in affiliated issuers, at value (cost $868,958)		868,475
Repurchase agreements, at value (cost $1,103,366)		1,103,366
Segregated cash with broker		16,288
Unrealized appreciation on OTC swap agreements		27,514
Receivables:
Swap settlement		19,711
Dividends		7,758
Variation margin on futures contracts		2,750
Fund shares sold		1,000
Interest		325
Total assets		2,176,888
Liabilities:
Payable for:
Management fees		2,639
Fund shares redeemed		2,587
Transfer agent fees		1,040
Distribution and service fees		799
Portfolio accounting and administration fees		164
Trustees’ fees*		59
Miscellaneous		2,159
Total liabilities		9,447
Net assets	$	2,167,441
Net assets consist of:
Paid in capital	$	44,239,412
Total distributable earnings (loss)		(42,071,971	)
Net assets	$	2,167,441
A-Class:
Net assets	$	410,454
Capital shares outstanding		6,613
Net asset value per share	$	62.07
Maximum offering price per share (Net asset value divided by 95.25%)	$	65.17
C-Class:
Net assets	$	22,045
Capital shares outstanding		412
Net asset value per share	$	53.48
H-Class:
Net assets	$	1,734,942
Capital shares outstanding		27,843
Net asset value per share	$	62.31

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	50,294
Interest		99,393
Total investment income		149,687
Expenses:
Management fees		25,504
Distribution and service fees:
A-Class		544
C-Class		216
H-Class		6,487
Transfer agent fees		6,001
Portfolio accounting and administration fees		4,319
Registration fees		3,288
Professional fees		1,301
Trustees’ fees*		612
Custodian fees		393
Interest expense		59
Miscellaneous		456
Total expenses		49,180
Less:
Expenses reimbursed by Adviser		(1,782	)
Expenses waived by Adviser		(1,173	)
Total waived/reimbursed expenses		(2,955	)
Net expenses		46,225
Net investment income		103,462
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in affiliated issuers		(15,263	)
Swap agreements		(329,746	)
Futures contracts		35,436
Net realized loss		(309,573	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		24
Investments in affiliated issuers		22,242
Swap agreements		193,129
Futures contracts		19,467
Net change in unrealized appreciation (depreciation)		234,862
Net realized and unrealized loss		(74,711	)
Net increase in net assets resulting from operations	$	28,751

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 145

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	103,462		$	126,926
Net realized loss on investments		(309,573	)		(909,496	)
Net change in unrealized appreciation (depreciation) on investments		234,862			(164,866	)
Net increase (decrease) in net assets resulting from operations		28,751			(947,436	)
Capital share transactions:
Proceeds from sale of shares
A-Class		303,169			403,082
C-Class		3,300			117,157
H-Class		10,864,073			101,535,042
Cost of shares redeemed
A-Class		(404,217	)		(372,766	)
C-Class		(35,505	)		(85,772	)
H-Class		(14,602,650	)		(100,505,459	)
Net increase (decrease) from capital share transactions		(3,871,830	)		1,091,284
Net increase (decrease) in net assets		(3,843,079	)		143,848
Net assets:
Beginning of period		6,010,520			5,866,672
End of period	$	2,167,441		$	6,010,520
Capital share activity:
Shares sold
A-Class		5,099			6,565
C-Class		67			2,169
H-Class		178,594			1,660,486
Shares redeemed
A-Class		(6,820	)		(6,263	)
C-Class		(716	)		(1,696	)
H-Class		(241,086	)		(1,667,628	)
Net decrease in shares		(64,862	)		(6,367	)

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

INVERSE RUSSELL 2000^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020 f			Year Ended March 31, 2019f
Per Share Data
Net asset value, beginning of period	$	60.13		$	55.13		$	55.28		$	120.61		$	102.08		$	104.50
Income (loss) from investment operations:
Net investment income (loss)b		1.10			.67			(.64	)		(.45	)		.50			.70
Net gain (loss) on investments (realized and unrealized)		.84	g		4.33	g		.49			(64.83	)		18.73	g		(3.12	)
Total from investment operations		1.94			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	$	62.07		$	60.13		$	55.13		$	55.28		$	120.61		$	102.08
Total Returnc		3.23	%		9.07	%		(0.27	%)		(54.13	%)		19.00	%		(2.30	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	410		$	501		$	443		$	320		$	207		$	746
Ratios to average net assets:
Net investment income (loss)		3.69	%		1.13	%		(1.17	%)		(1.38	%)		0.51	%		0.65	%
Total expensesd		1.73	%		1.80	%		1.71	%		1.80	%		1.82	%		1.83	%
Net expensese		1.62	%		1.75	%		1.66	%		1.78	%		1.78	%		1.81	%
Portfolio turnover rate		—			—			—			14	%		7	%		40	%

C-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020 f			Year Ended March 31, 2019f
Per Share Data
Net asset value, beginning of period	$	52.00		$	48.07		$	48.51		$	106.73		$	91.07		$	93.97
Income (loss) from investment operations:
Net investment income (loss)b		.75			.30			(.89	)		(.61	)		(.30	)		(.25	)
Net gain (loss) on investments (realized and unrealized)		.73	g		3.63	g		.45			(57.56	)		16.66	g		(2.65	)
Total from investment operations		1.48			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	$	53.48		$	52.00		$	48.07		$	48.51		$	106.73		$	91.07
Total Returnc		2.85	%		8.18	%		(0.91	%)		(54.49	%)		18.22	%		(3.09	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	22		$	55		$	28		$	26		$	94		$	460
Ratios to average net assets:
Net investment income (loss)		2.90	%		0.58	%		(1.88	%)		(2.15	%)		(0.34	%)		(0.26	%)
Total expensesd		2.48	%		2.55	%		2.46	%		2.57	%		2.57	%		2.56	%
Net expensese		2.38	%		2.49	%		2.40	%		2.54	%		2.53	%		2.55	%
Portfolio turnover rate		—			—			—			14	%		7	%		40	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 147

INVERSE RUSSELL 2000^® STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	60.38		$	55.35		$	55.51		$	121.09		$	102.43		$	104.78
Income (loss) from investment operations:
Net investment income (loss)b		1.10			.64			(.64	)		(.44	)		.10			.55
Net gain (loss) on investments (realized and unrealized)		.83	g		4.39	g		.48			(65.09	)		19.26	g		(2.90	)
Total from investment operations		1.93			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	$	62.31		$	60.38		$	55.35		$	55.51		$	121.09		$	102.43
Total Return		3.20	%		9.09	%		(0.29	%)		(54.13	%)		19.08	%		(2.24	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,735		$	5,454		$	5,396		$	5,087		$	22,414		$	9,392
Ratios to average net assets:
Net investment income (loss)		3.65	%		1.06	%		(1.17	%)		(1.42	%)		0.07	%		0.53	%
Total expensesd		1.73	%		1.78	%		1.71	%		1.81	%		1.82	%		1.82	%
Net expensese		1.63	%		1.72	%		1.66	%		1.79	%		1.79	%		1.81	%
Portfolio turnover rate		—			—			—			14	%		7	%		40	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	Reverse share split — Per share amounts for the periods presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.
g	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

Holdings Diversification (Market Exposure as % of Net Assets)

Inception Dates:
A-Class	December 1, 2015
C-Class	December 1, 2015
H-Class	December 1, 2015

Ten Largest Holdings	% of Total Net Assets
UnitedHealth Group, Inc.	8.8%
Goldman Sachs Group, Inc.	5.6%
Microsoft Corp.	5.5%
Home Depot, Inc.	5.3%
Caterpillar, Inc.	4.8%
Amgen, Inc.	4.7%
McDonald’s Corp.	4.6%
Visa, Inc. — Class A	4.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.7%
Salesforce, Inc.	3.5%
Top Ten Total	50.5%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 149

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	Since Inception (12/01/15)
A-Class Shares	0.97%	17.29%	5.17%	8.91%
A-Class Shares with sales charge‡	(3.83%)	11.72%	4.15%	8.23%
C-Class Shares	0.60%	16.44%	4.39%	8.10%
C-Class Shares with CDSC§	(0.40%)	15.44%	4.39%	8.10%
H-Class Shares	0.97%	17.31%	5.17%	8.92%
Dow Jones Industrial Average Index	1.79%	19.18%	7.14%	10.82%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Dow Jones Industrial Average Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

150 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
DOW JONES INDUSTRIAL AVERAGE® FUND

	Shares		Value
COMMON STOCKS† - 88.7%
Consumer, Non-cyclical - 21.5%
UnitedHealth Group, Inc.		3,161	$	1,593,745
Amgen, Inc.		3,161		849,550
Johnson & Johnson		3,161		492,326
Procter & Gamble Co.		3,161		461,063
Merck & Company, Inc.		3,161		325,425
Coca-Cola Co.		3,161		176,953
Total Consumer, Non-cyclical				3,899,062
Financial - 17.6%
Goldman Sachs Group, Inc.		3,161		1,022,805
Visa, Inc. — Class A		3,161		727,062
Travelers Companies, Inc.		3,161		516,223
American Express Co.		3,161		471,589
JPMorgan Chase & Co.		3,161		458,408
Total Financial				3,196,087
Technology - 15.1%
Microsoft Corp.		3,161		998,086
Salesforce, Inc.*		3,161		640,987
Apple, Inc.		3,161		541,195
International Business Machines Corp.		3,161		443,488
Intel Corp.		3,161		112,374
Total Technology				2,736,130
Consumer, Cyclical - 14.7%
Home Depot, Inc.		3,161		955,128
McDonald’s Corp.		3,161		832,734
Walmart, Inc.		3,161		505,539
NIKE, Inc. — Class B		3,161		302,255
Walgreens Boots Alliance, Inc.		3,161		70,300
Total Consumer, Cyclical				2,665,956
Industrial - 13.0%
Caterpillar, Inc.		3,161		862,953
Boeing Co.*		3,161		605,901
Honeywell International, Inc.		3,161		583,963
3M Co.		3,161		295,933
Total Industrial				2,348,750
Energy - 3.0%
Chevron Corp.		3,161		533,008
Communications - 2.9%
Walt Disney Co.*		3,161		256,199
Cisco Systems, Inc.		3,161		169,935
Verizon Communications, Inc.		3,161		102,448
Total Communications				528,582
Basic Materials - 0.9%
Dow, Inc.		3,161		162,981
Total Common Stocks
(Cost $13,391,166)				16,070,556
MUTUAL FUNDS† - 7.0%
Guggenheim Ultra Short Duration Fund — Institutional Class1		67,906		662,086
Guggenheim Strategy Fund II1		24,698		599,429
Total Mutual Funds
(Cost $1,285,414)				1,261,515
	Face Amount
U.S. TREASURY BILLS†† - 1.6%
U.S. Treasury Bills
5.29% due 11/07/232	$	200,000		198,945
5.27% due 11/07/232,3		100,000		99,472
Total U.S. Treasury Bills
(Cost $298,372)				298,417
REPURCHASE AGREEMENTS††,4 - 3.3%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/233		341,943		341,943
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/233		132,828		132,828
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/233		131,516		131,516
Total Repurchase Agreements
(Cost $606,287)				606,287
Total Investments - 100.6%
(Cost $15,581,239)			$	18,236,775
Other Assets & Liabilities, net - (0.6)%				(112,694	)
Total Net Assets - 100.0%			$	18,124,081

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 151

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
DOW JONES INDUSTRIAL AVERAGE® FUND

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

BNP Paribas

Dow Jones Industrial Average Index

Pay

5.88% (Federal Funds Rate + 0.55%)

At Maturity

12/21/23

12

$

399,081

$

(11,115

)

Barclays Bank plc

Dow Jones Industrial Average Index

Pay

5.81% (SOFR + 0.50%)

At Maturity

12/20/23

49

1,646,542

(32,262

)

$

2,045,623

$

(43,377

)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 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 September 30, 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	$	16,070,556	$	—	$	—	$	16,070,556
Mutual Funds		1,261,515		—		—		1,261,515
U.S. Treasury Bills		—		298,417		—		298,417
Repurchase Agreements		—		606,287		—		606,287
Total Assets	$	17,332,071	$	904,704	$	—	$	18,236,775

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	43,377	$	—	$	43,377

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	897,823	$	—	$	(300,000	)	$	(7,060	)	$	8,666	$	599,429		24,698	$	20,695
Guggenheim Ultra Short Duration Fund — Institutional Class		958,754		—		(300,000	)		(5,796	)		9,128		662,086		67,906		21,546
	$	1,856,577	$	—	$	(600,000	)	$	(12,856	)	$	17,794	$	1,261,515			$	42,241

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 153

DOW JONES INDUSTRIAL AVERAGE^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $13,689,538)	$	16,368,973
Investments in affiliated issuers, at value (cost $1,285,414)		1,261,515
Repurchase agreements, at value (cost $606,287)		606,287
Receivables:
Dividends		11,564
Fund shares sold		3,325
Interest		178
Total assets		18,251,842
Liabilities:
Unrealized depreciation on OTC swap agreements		43,377
Payable for:
Swap settlement		42,662
Management fees		12,909
Distribution and service fees		6,040
Transfer agent fees		5,327
Portfolio accounting and administration fees		1,781
Trustees’ fees*		300
Fund shares redeemed		273
Miscellaneous		15,092
Total liabilities		127,761
Net assets	$	18,124,081
Net assets consist of:
Paid in capital	$	16,812,939
Total distributable earnings (loss)		1,311,142
Net assets	$	18,124,081
A-Class:
Net assets	$	2,572,576
Capital shares outstanding		31,777
Net asset value per share	$	80.96
Maximum offering price per share (Net asset value divided by 95.25%)	$	85.00
C-Class:
Net assets	$	2,604,835
Capital shares outstanding		34,348
Net asset value per share	$	75.84
H-Class:
Net assets	$	12,946,670
Capital shares outstanding		159,765
Net asset value per share	$	81.04

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of unaffiliated issuers	$	243,101
Dividends from securities of affiliated issuers		42,241
Interest		32,400
Income from securities lending, net		339
Total investment income		318,081
Expenses:
Management fees		95,535
Distribution and service fees:
A-Class		4,289
C-Class		14,113
H-Class		24,024
Transfer agent fees		26,411
Portfolio accounting and administration fees		19,414
Registration fees		12,410
Professional fees		6,053
Trustees’ fees*		2,295
Custodian fees		1,737
Line of credit fees		39
Miscellaneous		9,804
Total expenses		216,124
Less:
Expenses reimbursed by Adviser		(1,949	)
Expenses waived by Adviser		(1,022	)
Total waived expenses		(2,971	)
Net expenses		213,153
Net investment income		104,928
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		700,436
Investments in affiliated issuers		(12,856	)
Swap agreements		(29,353	)
Futures contracts		(10,528	)
Net realized gain		647,699
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(432,583	)
Investments in affiliated issuers		17,794
Swap agreements		(80,234	)
Futures contracts		(20,025	)
Net change in unrealized appreciation (depreciation)		(515,048	)
Net realized and unrealized gain		132,651
Net increase in net assets resulting from operations	$	237,579

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

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

DOW JONES INDUSTRIAL AVERAGE^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	104,928		$	184,869
Net realized gain on investments		647,699			3,787,609
Net change in unrealized appreciation (depreciation) on investments		(515,048	)		(3,212,347	)
Net increase in net assets resulting from operations		237,579			760,131
Distributions to shareholders:
A-Class		—			(125,880	)
C-Class		—			(88,282	)
H-Class		—			(617,177	)
Total distributions to shareholders		—			(831,339	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,858,705			16,530,435
C-Class		897,467			719,834
H-Class		27,359,250			136,595,167
Distributions reinvested
A-Class		—			122,857
C-Class		—			85,555
H-Class		—			614,515
Cost of shares redeemed
A-Class		(3,076,374	)		(17,340,135	)
C-Class		(1,169,702	)		(719,478	)
H-Class		(33,291,225	)		(141,871,511	)
Net decrease from capital share transactions		(7,421,879	)		(5,262,761	)
Net decrease in net assets		(7,184,300	)		(5,333,969	)
Net assets:
Beginning of period		25,308,381			30,642,350
End of period	$	18,124,081		$	25,308,381
Capital share activity:
Shares sold
A-Class		22,399			205,921
C-Class		11,669			9,409
H-Class		332,438			1,714,832
Shares issued from reinvestment of distributions
A-Class		—			1,554
C-Class		—			1,149
H-Class		—			7,766
Shares redeemed
A-Class		(37,383	)		(214,524	)
C-Class		(15,073	)		(9,543	)
H-Class		(405,834	)		(1,756,498	)
Net decrease in shares		(91,784	)		(39,934	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 155

DOW JONES INDUSTRIAL AVERAGE^® FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	80.18		$	86.09		$	82.82		$	57.33		$	70.54		$	66.00
Income (loss) from investment operations:
Net investment income (loss)b		.36			.52			.05			.02			.47			.55
Net gain (loss) on investments (realized and unrealized)		.42			(3.90	)f		4.32	f		29.21			(10.67	)		4.78
Total from investment operations		.78			(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	$	80.96		$	80.18		$	86.09		$	82.82		$	57.33		$	70.54
Total Returnc		0.97	%		(3.90	%)		5.23	%		51.61	%		(15.38	%)		8.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,573		$	3,749		$	4,632		$	2,952		$	2,652		$	19,022
Ratios to average net assets:
Net investment income (loss)		0.87	%		0.65	%		0.05	%		0.02	%		0.65	%		0.80	%
Total expensesd		1.61	%		1.57	%		1.56	%		1.69	%		1.66	%		1.61	%
Net expensese		1.59	%		1.55	%		1.55	%		1.68	%		1.64	%		1.61	%
Portfolio turnover rate		85	%		414	%		240	%		110	%		186	%		465	%

C-Class	Six Months Ended September 30, 2023a			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	$	75.39		$	81.70		$	79.25		$	55.37		$	68.74		$	64.81
Income (loss) from investment operations:
Net investment income (loss)b		.05			(.03	)		(.56	)		(.49	)		(.02	)		.03
Net gain (loss) on investments (realized and unrealized)		.40			(3.75	)f		4.11	f		28.11			(10.34	)		4.69
Total from investment operations		.45			(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	$	75.84		$	75.39		$	81.70		$	79.25		$	55.37		$	68.74
Total Returnc		0.60	%		(4.61	%)		4.43	%		50.52	%		(16.03	%)		7.37	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,605		$	2,846		$	3,001		$	2,842		$	1,637		$	1,731
Ratios to average net assets:
Net investment income (loss)		0.14	%		(0.04	%)		(0.68	%)		(0.70	%)		(0.03	%)		0.04	%
Total expensesd		2.36	%		2.32	%		2.32	%		2.44	%		2.42	%		2.36	%
Net expensese		2.34	%		2.30	%		2.31	%		2.43	%		2.40	%		2.36	%
Portfolio turnover rate		85	%		414	%		240	%		110	%		186	%		465	%

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

DOW JONES INDUSTRIAL AVERAGE^® FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	80.26		$	86.15		$	82.88		$	57.36		$	70.59		$	66.04
Income (loss) from investment operations:
Net investment income (loss)b		.38			.60			.17			.03			.51			.55
Net gain (loss) on investments (realized and unrealized)		.40			(3.96	)f		4.20	f		29.23			(10.73	)		4.79
Total from investment operations		.78			(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	$	81.04		$	80.26		$	86.15		$	82.88		$	57.36		$	70.59
Total Return		0.97	%		(3.87	%)		5.23	%		51.64	%		(15.40	%)		8.16	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12,947		$	18,713		$	23,009		$	17,500		$	24,331		$	40,617
Ratios to average net assets:
Net investment income (loss)		0.92	%		0.74	%		0.19	%		0.05	%		0.70	%		0.80	%
Total expensesd		1.61	%		1.57	%		1.57	%		1.70	%		1.66	%		1.62	%
Net expensese		1.59	%		1.56	%		1.55	%		1.69	%		1.64	%		1.62	%
Portfolio turnover rate		85	%		414	%		240	%		110	%		186	%		465	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 157

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

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 Bond	90.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.7%
Guggenheim Strategy Fund II	2.4%
Total	96.0%
“Largest Holdings” excludes any temporary cash or derivative investments.

158 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(18.94%)	(16.28%)	(6.38%)	(1.05%)
A-Class Shares	(19.13%)	(16.59%)	(6.66%)	(1.30%)
A-Class Shares with sales charge‡	(22.97%)	(20.57%)	(7.56%)	(1.77%)
C-Class Shares	(19.39%)	(17.21%)	(7.36%)	(2.04%)
C-Class Shares with CDSC§	(20.20%)	(18.04%)	(7.36%)	(2.04%)
Bloomberg U.S. Long Treasury Index	(13.86%)	(9.09%)	(2.78%)	(0.75%)
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(14.78%)	(12.05%)	(3.73%)	0.28%
Price Movement of Long Treasury Bond**	(8.04%)	(7.30%)	(4.41%)	(1.48%)

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(19.10%)	(16.53%)	(6.64%)	(2.70%)
Bloomberg U.S. Long Treasury Index	(13.86%)	(9.09%)	(2.78%)	(0.11%)
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(14.78%)	(12.05%)	(3.73%)	(0.74%)
Price Movement of Long Treasury Bond**	(8.04%)	(7.30%)	(4.41%)	(2.32%)

*	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 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.
**	Does not reflect any interest.
***	Effective August 1, 2022, the Fund changed its comparative benchmark to the Bloomberg U.S. Treasury Bellwethers 30 Year Index.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 159

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 5.1%
Guggenheim Ultra Short Duration Fund — Institutional Class1		222,710	$	2,171,424
Guggenheim Strategy Fund II1		81,235		1,971,574
Total Mutual Funds
(Cost $4,227,654)				4,142,998
	Face Amount
U.S. GOVERNMENT SECURITIES†† - 90.9%
U.S. Treasury Bond
4.13% due 08/15/53	$	80,200,000		72,844,156
Total U.S. Government Securities
(Cost $73,501,934)				72,844,156

U.S. TREASURY BILLS†† - 0.6%
U.S. Treasury Bills
4.65% due 10/05/232,3	460,000		459,798
Total U.S. Treasury Bills
(Cost $459,730)			459,798
REPURCHASE AGREEMENTS††,4 - 2.0%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	887,898		887,898
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23	344,906		344,906
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23	341,499		341,499
Total Repurchase Agreements
(Cost $1,574,303)			1,574,303
Total Investments - 98.6%
(Cost $79,763,621)		$	79,021,255
Other Assets & Liabilities, net - 1.4%			1,101,688
Total Net Assets - 100.0%		$	80,122,943

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury Ultra Long Bond Futures Contracts		202		Dec 2023	$	24,025,375	$	(561,890	)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	All or a portion of this security is pledged as futures collateral at September 30, 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 SEMI-ANNUAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	4,142,998	$	—	$	—	$	4,142,998
U.S. Government Securities		—		72,844,156		—		72,844,156
U.S. Treasury Bills		—		459,798		—		459,798
Repurchase Agreements		—		1,574,303		—		1,574,303
Total Assets	$	4,142,998	$	74,878,257	$	—	$	79,021,255

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	561,890	$	—	$	—	$	561,890

** 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,966,699	$	—	$	—		$	—		$	4,875	$	1,971,574		81,235	$	54,312
Guggenheim Ultra Short Duration Fund — Institutional Class		2,462,516		—		(300,000	)		(7,724	)		16,632		2,171,424		222,710		59,613
	$	4,429,215	$	—	$	(300,000	)	$	(7,724	)	$	21,507	$	4,142,998			$	113,925

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 161

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $73,961,664)	$	73,303,954
Investments in affiliated issuers, at value (cost $4,227,654)		4,142,998
Repurchase agreements, at value (cost $1,574,303)		1,574,303
Segregated cash with broker		868,698
Receivables:
Securities sold		9,173,641
Interest		476,195
Variation margin on futures contracts		137,182
Fund shares sold		33,182
Dividends		18,794
Total assets		89,728,947
Liabilities:
Payable for:
Fund shares redeemed		9,576,369
Management fees		12,633
Transfer agent fees		7,310
Portfolio accounting and administration fees		2,678
Distribution and service fees		570
Trustees’ fees*		465
Miscellaneous		5,979
Total liabilities		9,606,004
Net assets	$	80,122,943
Net assets consist of:
Paid in capital	$	149,120,191
Total distributable earnings (loss)		(68,997,248	)
Net assets	$	80,122,943
Investor Class:
Net assets	$	72,022,818
Capital shares outstanding		3,370,626
Net asset value per share	$	21.37
A-Class:
Net assets	$	290,015
Capital shares outstanding		13,446
Net asset value per share	$	21.57
Maximum offering price per share (Net asset value divided by 95.25%)	$	22.65
C-Class:
Net assets	$	107,847
Capital shares outstanding		4,971
Net asset value per share	$	21.70
H-Class:
Net assets	$	7,702,263
Capital shares outstanding		356,616
Net asset value per share	$	21.60

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	113,925
Interest		810,401
Total investment income		924,326
Expenses:
Management fees		111,773
Distribution and service fees:
A-Class		1,474
C-Class		815
H-Class		13,342
Transfer agent fees		39,377
Portfolio accounting and administration fees		34,075
Registration fees		25,134
Professional fees		9,750
Trustees’ fees*		4,652
Custodian fees		3,082
Line of credit fees		226
Miscellaneous		241
Total expenses		243,941
Less:
Expenses reimbursed by Adviser		(2,727	)
Expenses waived by Adviser		(2,834	)
Total waived/reimbursed expenses		(5,561	)
Net expenses		238,380
Net investment income		685,946
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(2,995,540	)
Investments in affiliated issuers		(7,724	)
Futures contracts		(1,326,290	)
Net realized loss		(4,329,554	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(2,107,241	)
Investments in affiliated issuers		21,507
Futures contracts		(1,282,360	)
Net change in unrealized appreciation (depreciation)		(3,368,094	)
Net realized and unrealized loss		(7,697,648	)
Net decrease in net assets resulting from operations	$	(7,011,702	)

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

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

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	685,946		$	1,298,594
Net realized loss on investments		(4,329,554	)		(37,235,351	)
Net change in unrealized appreciation (depreciation) on investments		(3,368,094	)		1,314,424
Net decrease in net assets resulting from operations		(7,011,702	)		(34,622,333	)
Distributions to shareholders:
Investor Class		(521,684	)		(482,297	)
A-Class		(16,398	)		(45,813	)
H-Class		(146,130	)		(765,619	)
Total distributions to shareholders		(684,212	)		(1,293,729	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		331,330,162			1,129,806,243
A-Class		84,978			3,185,992
C-Class		54,971			844,347
H-Class		65,309,064			749,356,668
Distributions reinvested
Investor Class		521,684			407,526
A-Class		15,621			44,878
H-Class		141,355			765,619
Cost of shares redeemed
Investor Class		(271,228,702	)		(1,104,284,363	)
A-Class		(2,296,258	)		(2,176,557	)
C-Class		(303,202	)		(573,858	)
H-Class		(80,325,608	)		(760,516,645	)
Net increase from capital share transactions		43,304,065			16,859,850
Net increase (decrease) in net assets		35,608,151			(19,056,212	)
Net assets:
Beginning of period		44,514,792			63,571,004
End of period	$	80,122,943		$	44,514,792
Capital share activity:
Shares sold
Investor Class		13,480,307			37,816,102
A-Class		3,413			112,769
C-Class		2,204			29,443
H-Class		2,537,143			26,450,947
Shares issued from reinvestment of distributions
Investor Class		21,600			14,010
A-Class		605			1,631
H-Class		5,425			27,540
Shares redeemed
Investor Class		(10,775,445	)		(37,508,178	)
A-Class		(88,398	)		(76,327	)
C-Class		(11,502	)		(19,239	)
H-Class		(3,079,818	)		(26,903,414	)
Net increase (decrease) in shares		2,095,534			(54,716	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	26.79		$	36.94		$	37.93		$	74.11		$	53.22		$	51.21
Income (loss) from investment operations:
Net investment income (loss)b		.39			.64			.39			.25			.77			.96
Net gain (loss) on investments (realized and unrealized)		(5.41	)		(10.11	)		(1.00	)		(14.59	)		22.86			2.00
Total from investment operations		(5.02	)		(9.47	)		(.61	)		(14.34	)		23.63			2.96
Less distributions from:
Net investment income		(.40	)		(.68	)		(.38	)		(.25	)		(.77	)		(.95	)
Net realized gains		—			—			—			(21.59	)		(1.97	)		—
Total distributions		(.40	)		(.68	)		(.38	)		(21.84	)		(2.74	)		(.95	)
Net asset value, end of period	$	21.37		$	26.79		$	36.94		$	37.93		$	74.11		$	53.22
Total Return		(18.94	%)		(25.66	%)		(1.71	%)		(24.72	%)		45.84	%		5.93	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	72,023		$	17,260		$	11,904		$	69,360		$	37,919		$	67,103
Ratios to average net assets:
Net investment income (loss)		3.19	%		2.15	%		0.95	%		0.40	%		1.28	%		1.94	%
Total expensesc		1.02	%		1.01	%		0.96	%		1.07	%		1.07	%		1.07	%
Net expensesd		0.99	%		0.99	%		0.95	%		1.05	%		1.05	%		1.06	%
Portfolio turnover rate		624	%		2,562	%		2,153	%		1,938	%		1,130	%		1,182	%

A-Class	Six Months Ended September 30, 2023a			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	$	27.07		$	37.34		$	38.34		$	74.70		$	53.63		$	51.62
Income (loss) from investment operations:
Net investment income (loss)b		.36			.62			.28			.11			.72			.83
Net gain (loss) on investments (realized and unrealized)		(5.49	)		(10.28	)		(1.00	)		(14.78	)		22.95			2.01
Total from investment operations		(5.13	)		(9.66	)		(.72	)		(14.67	)		23.67			2.84
Less distributions from:
Net investment income		(.37	)		(.61	)		(.28	)		(.10	)		(.63	)		(.83	)
Net realized gains		—			—			—			(21.59	)		(1.97	)		—
Total distributions		(.37	)		(.61	)		(.28	)		(21.69	)		(2.60	)		(.83	)
Net asset value, end of period	$	21.57		$	27.07		$	37.34		$	38.34		$	74.70		$	53.63
Total Returne		(19.13	%)		(25.88	%)		(1.96	%)		(24.98	%)		45.48	%		5.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	290		$	2,648		$	2,231		$	1,610		$	2,775		$	24,639
Ratios to average net assets:
Net investment income (loss)		2.78	%		2.18	%		0.66	%		0.18	%		1.24	%		1.65	%
Total expensesc		1.28	%		1.25	%		1.21	%		1.30	%		1.32	%		1.33	%
Net expensesd		1.26	%		1.24	%		1.19	%		1.29	%		1.30	%		1.32	%
Portfolio turnover rate		624	%		2,562	%		2,153	%		1,938	%		1,130	%		1,182	%

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

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

C-Class	Six Months Ended September 30, 2023a			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	$	26.92		$	36.61		$	37.63		$	74.15		$	53.27		$	51.24
Income (loss) from investment operations:
Net investment income (loss)b		.27			.40			(.05	)		(.33	)		.13			.45
Net gain (loss) on investments (realized and unrealized)		(5.49	)		(10.09	)		(.97	)		(14.60	)		22.92			2.04
Total from investment operations		(5.22	)		(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	$	21.70		$	26.92		$	36.61		$	37.63		$	74.15		$	53.27
Total Returne		(19.39	%)		(26.47	%)		(2.71	%)		(25.55	%)		44.41	%		4.92	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	108		$	384		$	149		$	169		$	1,249		$	607
Ratios to average net assets:
Net investment income (loss)		2.13	%		1.41	%		(0.12	%)		(0.55	%)		0.21	%		0.91	%
Total expensesc		2.02	%		2.01	%		1.96	%		2.05	%		2.08	%		2.07	%
Net expensesd		2.00	%		1.99	%		1.94	%		2.03	%		2.06	%		2.06	%
Portfolio turnover rate		624	%		2,562	%		2,153	%		1,938	%		1,130	%		1,182	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 165

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	27.10		$	37.37		$	38.38		$	74.75		$	53.65		$	51.64
Income (loss) from investment operations:
Net investment income (loss)b		.36			.60			.28			.13			.61			.84
Net gain (loss) on investments (realized and unrealized)		(5.49	)		(10.26	)		(1.01	)		(14.82	)		23.09			2.01
Total from investment operations		(5.13	)		(9.66	)		(.73	)		(14.69	)		23.70			2.85
Less distributions from:
Net investment income		(.37	)		(.61	)		(.28	)		(.09	)		(.63	)		(.84	)
Net realized gains		—			—			—			(21.59	)		(1.97	)		—
Total distributions		(.37	)		(.61	)		(.28	)		(21.68	)		(2.60	)		(.84	)
Net asset value, end of period	$	21.60		$	27.10		$	37.37		$	38.38		$	74.75		$	53.65
Total Return		(19.10	%)		(25.87	%)		(1.95	%)		(24.98	%)		45.55	%		5.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,702		$	24,223		$	49,287		$	85,087		$	78,070		$	42,397
Ratios to average net assets:
Net investment income (loss)		2.74	%		2.05	%		0.69	%		0.23	%		1.02	%		1.67	%
Total expensesc		1.28	%		1.25	%		1.21	%		1.29	%		1.32	%		1.32	%
Net expensesd		1.27	%		1.24	%		1.19	%		1.28	%		1.30	%		1.31	%
Portfolio turnover rate		624	%		2,562	%		2,153	%		1,938	%		1,130	%		1,182	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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 contracts on a specified debt instrument on a daily basis. The Fund’s current benchmark is the daily price movement of the Long Treasury Bond. The Long Treasury Bond is the most recently issued 30 Year U.S. Treasury Bond. The price movement of the Long Treasury Bond is based on the daily price change of the most recently issued Long Treasury Bond. The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	March 3, 1995
A-Class	March 31, 2004
C-Class	March 28, 2001
H-Class	September 18, 2014

The Fund invests principally in short sales and derivative investments such as futures contracts.

Largest Holdings	% of Total Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	9.7%
Guggenheim Strategy Fund II	9.7%
Total	19.4%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 167

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	21.82%	19.54%	2.59%	(1.71%)
A-Class Shares	21.67%	19.25%	2.34%	(1.96%)
A-Class Shares with sales charge‡	15.89%	13.58%	1.35%	(2.43%)
C-Class Shares	21.23%	18.36%	1.57%	(2.69%)
C-Class Shares with CDSC§	20.32%	17.36%	1.57%	(2.69%)
Bloomberg U.S. Long Treasury Index	(13.86%)	(9.09%)	(2.78%)	(0.75%)
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(14.78%)	(12.05%)	(3.73%)	0.28%
Price Movement of Long Treasury Bond	(8.04%)	(7.30%)	(4.41%)	(1.48%)

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	21.68%	19.26%	2.38%	(0.82%)
Bloomberg U.S. Long Treasury Index	(13.86%)	(9.09%)	(2.78%)	(0.11%)
Bloomberg U.S. Treasury Bellwethers 30 Year Index***	(14.78%)	(12.05%)	(3.73%)	(0.74%)
Price Movement of Long Treasury Bond	(8.04%)	(7.30%)	(4.41%)	(2.32%)

*	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 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.
**	Does not reflect any interest.
***	Effective August 1, 2022, the Fund changed its comparative benchmark to the Bloomberg U.S. Treasury Bellwethers 30 Year Index.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

168 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 19.4%
Guggenheim Ultra Short Duration Fund — Institutional Class1		528,512	$	5,152,990
Guggenheim Strategy Fund II1		210,588		5,110,968
Total Mutual Funds
(Cost $10,470,929)				10,263,958
	Face Amount
U.S. TREASURY BILLS†† - 33.6%
U.S. Treasury Bills
5.27% due 10/03/232	$	4,900,000		4,899,284
5.27% due 11/02/232		4,900,000		4,877,679
5.29% due 11/28/232		4,000,000		3,966,259
5.27% due 10/10/232		3,500,000		3,495,909
4.65% due 10/05/232,3		550,000		549,759
Total U.S. Treasury Bills
(Cost $17,786,587)				17,788,890
U.S. GOVERNMENT SECURITIES†† - 4.7%
U.S. Treasury Floating Rate Note
5.44% (3 Month U.S. Treasury Bill Rate + 0.04%, Rate Floor: 0.00%) due 10/31/23◊		2,500,000		2,500,031
Total U.S. Government Securities
(Cost $2,500,100)				2,500,031
FEDERAL AGENCY DISCOUNT NOTES†† - 3.7%
Federal Home Loan Bank
5.32% due 11/17/232		2,000,000		1,986,382
Total Federal Agency Discount Notes
(Cost $1,986,109)				1,986,382

REPURCHASE AGREEMENTS††,4 - 83.8%
Individual Repurchase Agreements5
Mizuho Securities USA LLC issued 09/29/23 at 5.10% due 10/02/23 (secured by a U.S. Treasury Bond, at the rate of 4.125% and maturing 8/15/2053 as collateral, with a value of $27,033,125 to be repurchased at $ 26,503,565	26,499,811		26,499,811
Barclays Capital, Inc. issued 09/29/23 at 5.00% due 10/02/23 (secured by a U.S. Treasury Bond, at the rate of 4.125% and maturing 8/15/2053 as collateral, with a value of $6,382,160 to be repurchased at $6,257,119	6,256,250		6,256,250
Joint Repurchase Agreements5
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	6,527,895		6,527,895
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23	2,535,772		2,535,772
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23	2,510,729		2,510,729
Total Repurchase Agreements
(Cost $44,330,457)			44,330,457
Total Investments - 145.2%
(Cost $77,074,182)			76,869,718
U.S. Government Securities Sold Short† - (78.9)%
U.S. Treasury Bond
4.13% due 08/15/53††	46,000,000		(41,780,937	)
Total U.S. Government Securities Sold Short - (78.9)%
(Proceeds $43,601,801)		$	(41,780,937	)
Other Assets & Liabilities, net - 33.7%			17,839,970
Total Net Assets - 100.0%		$	52,928,751

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 169

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury Ultra Long Bond Futures Contracts		97		Dec 2023	$	11,536,938	$	715,398

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 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 September 30, 2023.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as short security collateral at September 30, 2023.
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	10,263,958	$	—	$	—	$	10,263,958
U.S. Treasury Bills		—		17,788,890		—		17,788,890
U.S. Government Securities		—		2,500,031		—		2,500,031
Federal Agency Discount Notes		—		1,986,382		—		1,986,382
Repurchase Agreements		—		44,330,457		—		44,330,457
Interest Rate Futures Contracts**		715,398		—		—		715,398
Total Assets	$	10,979,356	$	66,605,760	$	—	$	77,585,116

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Government Securities	$	—	$	41,780,937	$	—	$	41,780,937

** 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,098,333	$	—	$	—	$	—	$	12,635	$	5,110,968		210,588	$	140,795
Guggenheim Ultra Short Duration Fund — Institutional Class		5,131,850		—		—		—		21,140		5,152,990		528,512		135,818
	$	10,230,183	$	—	$	—	$	—	$	33,775	$	10,263,958			$	276,613

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 171

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $22,272,796)	$	22,275,303
Investments in affiliated issuers, at value (cost $10,470,929)		10,263,958
Repurchase agreements, at value (cost $44,330,457)		44,330,457
Receivables:
Fund shares sold		9,745,481
Securities sold		8,537,844
Dividends		46,583
Interest		35,969
Total assets		95,235,595
Liabilities:
Securities sold short, at value (proceeds $43,601,801)		41,780,937
Payable for:
Fund shares redeemed		214,282
Variation margin on futures contracts		54,871
Management fees		32,117
Transfer agent		10,168
Distribution and service fees		2,233
Portfolio accounting and administration fees		1,933
Trustees’ fees*		536
Miscellaneous		209,767
Total liabilities		42,306,844
Net assets	$	52,928,751
Net assets consist of:
Paid in capital	$	285,528,322
Total distributable earnings (loss)		(232,599,571	)
Net assets	$	52,928,751
Investor Class:
Net assets	$	44,444,511
Capital shares outstanding		218,679
Net asset value per share	$	203.24
A-Class:
Net assets	$	4,078,079
Capital shares outstanding		21,160
Net asset value per share	$	192.73
Maximum offering price per share (Net asset value divided by 95.25%)	$	202.34
C-Class:
Net assets	$	957,386
Capital shares outstanding		5,910
Net asset value per share	$	161.99
H-Class:
Net assets	$	3,448,775
Capital shares outstanding		17,816
Net asset value per share	$	193.58

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	276,613
Interest		1,537,689
Total investment income		1,814,302
Expenses:
Management fees		179,373
Distribution and service fees:
A-Class		4,707
C-Class		4,218
H-Class		5,454
Transfer agent		41,292
Interest expense		620,192
Portfolio accounting and administration fees		30,379
Professional fees		11,650
Trustees’ fees*		3,881
Custodian fees		2,730
Miscellaneous		19,891
Total expenses		923,767
Less:
Expenses reimbursed by Adviser:		(13,560	)
Expenses waived by Adviser		(6,346	)
Total waived/reimbursed expenses		(19,906	)
Net expenses		903,861
Net investment income		910,441
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		96
Investments sold short		2,713,507
Futures contracts		824,240
Net realized gain		3,537,843
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(432	)
Investments in affiliated issuers		33,775
Investments sold short		2,727,780
Futures contracts		1,035,782
Net change in unrealized appreciation (depreciation)		3,796,905
Net realized and unrealized gain		7,334,748
Net increase in net assets resulting from operations	$	8,245,189

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

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

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	910,441		$	(136,714	)
Net realized gain on investments		3,537,843			27,500,883
Net change in unrealized appreciation (depreciation) on investments		3,796,905			(5,573,390	)
Net increase in net assets resulting from operations		8,245,189			21,790,779
Capital share transactions:
Proceeds from sale of shares
Investor Class		100,377,962			463,344,342
A-Class		528,673			6,466,235
C-Class		138,235			1,595,615
H-Class		10,961,187			264,686,394
Cost of shares redeemed
Investor Class		(92,027,642	)		(528,744,464	)
A-Class		(874,472	)		(8,316,812	)
C-Class		(234,073	)		(2,143,895	)
H-Class		(22,484,871	)		(266,169,839	)
Net decrease from capital share transactions		(3,615,001	)		(69,282,424	)
Net increase (decrease) in net assets		4,630,188			(47,491,645	)
Net assets:
Beginning of period		48,298,563			95,790,208
End of period	$	52,928,751		$	48,298,563
Capital share activity:
Shares sold
Investor Class		561,006			2,832,017
A-Class		3,153			45,564
C-Class		966			12,795
H-Class		65,927			1,740,575
Shares redeemed
Investor Class		(520,161	)		(3,242,605	)
A-Class		(5,210	)		(56,908	)
C-Class		(1,690	)		(15,875	)
H-Class		(136,563	)		(1,745,689	)
Net decrease in shares		(32,572	)		(430,126	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g
Per Share Data
Net asset value, beginning of period	$	166.83		$	133.30		$	139.52		$	114.58		$	165.45		$	173.19
Income (loss) from investment operations:
Net investment income (loss)b		4.16			(.15	)		(3.89	)		(1.30	)		.60			(.65	)
Net gain (loss) on investments (realized and unrealized)		32.25			33.68			(2.33	)		26.68			(51.47	)		(7.09	)
Total from investment operations		36.41			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	$	203.24		$	166.83		$	133.30		$	139.52		$	114.58		$	165.45
Total Return		21.82	%		25.15	%		(4.46	%)		22.19	%		(30.73	%)		(4.47	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	44,445		$	29,663		$	78,436		$	36,863		$	20,983		$	43,149
Ratios to average net assets:
Net investment income (loss)		4.65	%		(0.09	%)		(3.02	%)		(2.46	%)		0.40	%		(0.37	%)
Total expensesc		4.56	%		4.32	%		3.31	%		2.75	%		2.91	%		4.12	%
Net expensesd,e		4.46	%		4.28	%		3.29	%		2.73	%		2.89	%		4.12	%
Portfolio turnover rate		352	%		1,076	%		2,058	%		2,159	%		864	%		603	%

A-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g
Per Share Data
Net asset value, beginning of period	$	158.40		$	126.88		$	133.13		$	109.61		$	158.62		$	166.49
Income (loss) from investment operations:
Net investment income (loss)b		3.73			.56			(3.77	)		(1.09	)		.20			(.95	)
Net gain (loss) on investments (realized and unrealized)		30.60			30.96			(2.48	)		25.05			(49.21	)		(6.92	)
Total from investment operations		34.33			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	$	192.73		$	158.40		$	126.88		$	133.13		$	109.61		$	158.62
Total Returnf		21.67	%		24.84	%		(4.69	%)		21.95	%		(30.90	%)		(4.74	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,078		$	3,677		$	4,385		$	4,798		$	4,832		$	11,407
Ratios to average net assets:
Net investment income (loss)		4.40	%		0.37	%		(3.11	%)		(2.59	%)		0.15	%		(0.57	%)
Total expensesc		4.81	%		4.61	%		3.47	%		2.97	%		3.17	%		4.38	%
Net expensesd,e		4.71	%		4.56	%		3.45	%		2.94	%		3.15	%		4.37	%
Portfolio turnover rate		352	%		1,076	%		2,058	%		2,159	%		864	%		603	%

174 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g
Per Share Data
Net asset value, beginning of period	$	133.62		$	107.86		$	114.03		$	94.64		$	138.00		$	145.93
Income (loss) from investment operations:
Net investment income (loss)b		2.61			(1.03	)		(4.01	)		(1.11	)		(.75	)		(2.15	)
Net gain (loss) on investments (realized and unrealized)		25.76			26.79			(2.16	)		20.94			(42.61	)		(5.78	)
Total from investment operations		28.37			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	$	161.99		$	133.62		$	107.86		$	114.03		$	94.64		$	138.00
Total Returnf		21.23	%		23.88	%		(5.41	%)		21.00	%		(31.41	%)		(5.45	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	957		$	886		$	1,048		$	1,500		$	2,472		$	6,937
Ratios to average net assets:
Net investment income (loss)		3.65	%		(0.79	%)		(3.85	%)		(3.32	%)		(0.59	%)		(1.44	%)
Total expensesc		5.56	%		5.35	%		4.22	%		3.70	%		3.93	%		5.14	%
Net expensesd,e		5.46	%		5.31	%		4.19	%		3.68	%		3.91	%		5.13	%
Portfolio turnover rate		352	%		1,076	%		2,058	%		2,159	%		864	%		603	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g
Per Share Data
Net asset value, beginning of period	$	159.09		$	127.42		$	133.70		$	109.85		$	159.05		$	166.92
Income (loss) from investment operations:
Net investment income (loss)b		3.66			(.55	)		(3.95	)		(.98	)		.25			(1.00	)
Net gain (loss) on investments (realized and unrealized)		30.83			32.22			(2.33	)		25.27			(49.45	)		(6.87	)
Total from investment operations		34.49			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	$	193.58		$	159.09		$	127.42		$	133.70		$	109.85		$	159.05
Total Return		21.68	%		24.85	%		(4.70	%)		22.18	%		(30.93	%)		(4.70	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,449		$	14,072		$	11,922		$	7,472		$	5,881		$	9,561
Ratios to average net assets:
Net investment income (loss)		4.35	%		(0.36	%)		(3.20	%)		(2.62	%)		0.16	%		(0.58	%)
Total expensesc		4.81	%		4.55	%		3.49	%		2.94	%		3.30	%		4.37	%
Net expensesd,e		4.72	%		4.51	%		3.47	%		2.92	%		3.28	%		4.36	%
Portfolio turnover rate		352	%		1,076	%		2,058	%		2,159	%		872	%		603	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	Total expense may include expenses related to short sales. Excluding these expenses, the net expense ratios for the periods presented were as follows:

	09/30/23a	03/31/23	03/31/22	03/31/21	03/31/20	03/31/19
Investor Class	1.35%	1.40%	1.39%	1.47%	1.50%	1.50%
A-Class	1.60%	1.64%	1.63%	1.73%	1.75%	1.75%
C-Class	2.34%	2.40%	2.38%	2.48%	2.50%	2.50%
H-Class	1.61%	1.65%	1.64%	1.73%	1.75%	1.75%

f	Total return does not reflect the impact of any applicable sales charges.
g	Reverse share split — Per share amounts for the periods presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.

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

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

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	4.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.1%
Guggenheim Strategy Fund II	3.1%
Total	10.8%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 177

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(0.35%)	10.34%	0.64%	2.69%
A-Class Shares with sales charge‡	(5.08%)	5.10%	(0.34%)	2.19%
C-Class Shares	(0.74%)	9.52%	(0.11%)	1.91%
C-Class Shares with CDSC§	(1.74%)	8.52%	(0.11%)	1.91%
H-Class Shares	(0.35%)	10.34%	0.63%	2.67%
Bloomberg U.S. Corporate High Yield Index	2.21%	10.28%	2.96%	4.24%

*	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 Bloomberg U.S. Corporate High Yield Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

178 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
HIGH YIELD STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 10.8%
Guggenheim Strategy Fund III1		79,841	$	1,939,340
Guggenheim Ultra Short Duration Fund — Institutional Class1		133,249		1,299,178
Guggenheim Strategy Fund II1		53,173		1,290,502
Total Mutual Funds
(Cost $4,578,426)				4,529,020
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 27.7%
Federal Home Loan Bank
5.27% due 11/10/232	$	4,700,000		4,672,970
5.30% due 11/15/232		3,230,000		3,209,002
5.32% due 11/17/232		2,500,000		2,482,977
5.29% due 01/12/242		1,200,000		1,181,776
Total Federal Agency Discount Notes
(Cost $11,545,543)				11,546,725
U.S. TREASURY BILLS†† - 24.8%
U.S. Treasury Bills
5.29% due 11/28/232		4,500,000		4,462,042
5.27% due 10/10/232		4,000,000		3,995,324
4.65% due 10/05/232,3		990,000		989,565
5.27% due 10/03/232		900,000		899,869
Total U.S. Treasury Bills
(Cost $10,345,534)				10,346,800

FEDERAL AGENCY NOTES†† - 6.0%
Federal Home Loan Bank
5.35% (SOFR + 0.04%, Rate Floor: 0.00%) due 02/27/24◊	2,500,000		2,500,577
Total Federal Agency Notes
(Cost $2,500,000)			2,500,577
REPURCHASE AGREEMENTS††,4 - 23.8%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/235	5,604,597		5,604,597
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/235	2,177,116		2,177,116
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/235	2,155,614		2,155,614
Total Repurchase Agreements
(Cost $9,937,327)			9,937,327
Total Investments - 93.1%
(Cost $38,906,830)		$	38,860,449
Other Assets & Liabilities, net - 6.9%			2,893,444
Total Net Assets - 100.0%		$	41,753,893

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury 5 Year Note Futures Contracts		367		Dec 2023	$	38,652,555	$	(155,595	)

Centrally Cleared Credit Default Swap Agreements Protection Sold††
Counterparty	Exchange	Index	Protection Premium Rate	Payment Frequency		Maturity Date		Notional Amount		Value		Upfront Premiums Paid		Unrealized Appreciation**
Barclays Bank plc	ICE	CDX.NA.HY.41.V1	5.00%		Quarterly		12/20/28	$	34,550,000	$	274,120	$	242,194	$	31,926
Goldman Sachs International	ICE	CDX.NA.HY.41.V1	5.00%		Quarterly		12/20/28		5,700,000		45,224		39,388		5,836
										$	319,344	$	281,582	$	37,762

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 179

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 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 (Depreciation)

OTC Credit Index Swap Agreements††

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

5.73% (Federal Funds Rate + 0.40%)

At Maturity

10/26/23

16,337

$

1,204,364

$

2,287

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

5.73% (Federal Funds Rate + 0.40%)

At Maturity

12/21/23

1,222

90,100

(831

)

BNP Paribas

SPDR Bloom-berg High Yield Bond ETF

Pay

5.78% (Federal Funds Rate + 0.45%)

At Maturity

12/21/23

1,788

161,644

(1,538

)

$

1,456,108

$

(82

)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 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 and credit default swap collateral at September 30, 2023.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as equity index swap collateral at September 30, 2023.
	CDX.NA.HY.41.V1 — Credit Default Swap North American High Yield Series 41 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
HIGH YIELD STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	4,529,020	$	—	$	—	$	4,529,020
Federal Agency Discount Notes		—		11,546,725		—		11,546,725
U.S. Treasury Bills		—		10,346,800		—		10,346,800
Federal Agency Notes		—		2,500,577		—		2,500,577
Repurchase Agreements		—		9,937,327		—		9,937,327
Credit Default Swap Agreements**		—		37,762		—		37,762
Credit Index Swap Agreements**		—		2,287		—		2,287
Total Assets	$	4,529,020	$	34,371,478	$	—	$	38,900,498

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	155,595	$	—	$	—	$	155,595
Credit Index Swap Agreements**		—		2,369		—		2,369
Total Liabilities	$	155,595	$	2,369	$	—	$	157,964

** 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,287,312	$	—	$	—	$	—	$	3,190	$	1,290,502		53,173	$	35,550
Guggenheim Strategy Fund III		1,936,146		—		—		—		3,194		1,939,340		79,841		53,449
Guggenheim Ultra Short Duration Fund — Institutional Class		1,293,848		—		—		—		5,330		1,299,178		133,249		34,243
	$	4,517,306	$	—	$	—	$	—	$	11,714	$	4,529,020			$	123,242

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 181

HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $24,391,077)	$	24,394,102
Investments in affiliated issuers, at value (cost $4,578,426)		4,529,020
Repurchase agreements, at value (cost $9,937,327)		9,937,327
Segregated cash with broker		2,805,453
Unamortized upfront premiums paid on credit default swap agreements		281,582
Unrealized appreciation on OTC swap agreements		2,287
Receivables:
Protection fees on credit default swap agreements		61,493
Variation margin on futures contracts		43,238
Fund shares sold		25,654
Dividends		20,884
Interest		14,804
Variation margin on credit default swap agreements		148
Total assets		42,115,992
Liabilities:
Segregated cash due to broker		43,729
Unrealized depreciation on OTC swap agreements		2,369
Payable for:
Fund shares redeemed		255,078
Management fees		23,250
Transfer agent fees		9,135
Distribution and service fees		8,067
Portfolio accounting and administration fees		3,210
Swap settlement		789
Trustees’ fees*		520
Miscellaneous		15,952
Total liabilities		362,099
Net assets	$	41,753,893
Net assets consist of:
Paid in capital	$	54,990,363
Total distributable earnings (loss)		(13,236,470	)
Net assets	$	41,753,893
A-Class:
Net assets	$	2,777,633
Capital shares outstanding		24,349
Net asset value per share	$	114.08
Maximum offering price per share (Net asset value divided by 95.25%)	$	119.77
C-Class:
Net assets	$	359,479
Capital shares outstanding		3,744
Net asset value per share	$	96.01
H-Class:
Net assets	$	38,616,781
Capital shares outstanding		338,716
Net asset value per share	$	114.01

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	123,242
Interest		796,339
Total investment income		919,581
Expenses:
Management fees		142,766
Distribution and service fees:
A-Class		3,460
C-Class		4,421
H-Class		43,017
Transfer agent fees		38,368
Portfolio accounting and administration fees		29,011
Professional fees		10,377
Custodian fees		2,524
Trustees’ fees*		2,026
Miscellaneous		21,809
Total expenses		297,779
Less:
Expenses reimbursed by Adviser:		(3,635	)
Expenses waived by Adviser		(1,627	)
Total waived/reimbursed expenses		(5,262	)
Net expenses		292,517
Net investment income		627,064
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(305	)
Swap agreements		1,264,585
Futures contracts		(1,437,067	)
Net realized loss		(172,787	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		2,470
Investments in affiliated issuers		11,714
Swap agreements		(280,401	)
Futures contracts		(313,051	)
Net change in unrealized appreciation (depreciation)		(579,268	)
Net realized and unrealized loss		(752,055	)
Net decrease in net assets resulting from operations	$	(124,991	)

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

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

HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	627,064		$	268,301
Net realized loss on investments		(172,787	)		(2,621,292	)
Net change in unrealized appreciation (depreciation) on investments		(579,268	)		671,805
Net decrease in net assets resulting from operations		(124,991	)		(1,681,186	)
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		1,125,919			499,340
C-Class		388,321			450,915
H-Class		71,184,054			192,130,601
Distributions reinvested
A-Class		—			8,316
C-Class		—			4,332
H-Class		—			36,864
Cost of shares redeemed
A-Class		(870,327	)		(866,875	)
C-Class		(1,281,749	)		(472,670	)
H-Class		(47,366,531	)		(192,581,810	)
Net increase (decrease) from capital share transactions		23,179,687			(790,987	)
Net increase (decrease) in net assets		23,054,696			(2,522,620	)
Net assets:
Beginning of period		18,699,197			21,221,817
End of period	$	41,753,893		$	18,699,197
Capital share activity:
Shares sold
A-Class		9,797			4,376
C-Class		3,994			4,689
H-Class		619,809			1,733,394
Shares issued from reinvestment of distributions
A-Class		—			76
C-Class		—			46
H-Class		—			335
Shares redeemed
A-Class		(7,493	)		(7,702	)
C-Class		(13,188	)		(4,955	)
H-Class		(411,531	)		(1,748,098	)
Net increase (decrease) in shares		201,388			(17,839	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 183

HIGH YIELD STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g
Per Share Data
Net asset value, beginning of period	$	114.48		$	117.11		$	122.60		$	108.68		$	120.48		$	116.32
Income (loss) from investment operations:
Net investment income (loss)b		1.89			1.41			(1.36	)		(.55	)		.70			.70
Net gain (loss) on investments (realized and unrealized)		(2.29	)		(3.68	)		(4.13	)		14.47	f		(7.05	)		7.41
Total from investment operations		(.40	)		(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	$	114.08		$	114.48		$	117.11		$	122.60		$	108.68		$	120.48
Total Returnc		(0.35	%)		(1.89	%)		(4.48	%)		12.81	%		(5.76	%)		7.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,778		$	2,524		$	2,962		$	4,021		$	3,933		$	7,631
Ratios to average net assets:
Net investment income (loss)		3.28	%		1.28	%		(1.10	%)		(1.21	%)		0.58	%		0.59	%
Total expensesd		1.55	%		1.54	%		1.51	%		1.60	%		1.63	%		1.61	%
Net expensese		1.53	%		1.52	%		1.49	%		1.57	%		1.61	%		1.60	%
Portfolio turnover rate		—			—			40	%		134	%		—			21	%

C-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g
Per Share Data
Net asset value, beginning of period	$	96.73		$	99.75		$	105.21		$	93.96		$	105.62		$	103.17
Income (loss) from investment operations:
Net investment income (loss)b		1.18			.50			(1.97	)		(.81	)		(.20	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		(1.90	)		(3.16	)		(3.49	)		12.06	f		(6.01	)		6.60
Total from investment operations		(.72	)		(2.66	)		(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	$	96.01		$	96.73		$	99.75		$	105.21		$	93.96		$	105.62
Total Returnc		(0.74	%)		(2.62	%)		(5.19	%)		11.97	%		(6.45	%)		6.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	359		$	1,251		$	1,313		$	2,136		$	866		$	1,480
Ratios to average net assets:
Net investment income (loss)		2.44	%		0.53	%		(1.86	%)		(1.96	%)		(0.20	%)		(0.21	%)
Total expensesd		2.31	%		2.29	%		2.26	%		2.34	%		2.38	%		2.35	%
Net expensese		2.29	%		2.27	%		2.24	%		2.32	%		2.36	%		2.35	%
Portfolio turnover rate		—			—			40	%		134	%		—			21	%

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

HIGH YIELD STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g
Per Share Data
Net asset value, beginning of period	$	114.41		$	117.03		$	122.51		$	108.54		$	120.32		$	116.17
Income (loss) from investment operations:
Net investment income (loss)b		1.91			1.61			(1.41	)		(.47	)		.75			.60
Net gain (loss) on investments (realized and unrealized)		(2.31	)		(3.87	)		(4.07	)		14.44	f		(7.08	)		7.50
Total from investment operations		(.40	)		(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	$	114.01		$	114.41		$	117.03		$	122.51		$	108.54		$	120.32
Total Return		(0.35	%)		(1.88	%)		(4.47	%)		12.87	%		(5.73	%)		7.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	38,617		$	14,924		$	16,947		$	19,835		$	23,125		$	101,180
Ratios to average net assets:
Net investment income (loss)		3.32	%		1.45	%		(1.14	%)		(1.23	%)		0.59	%		0.49	%
Total expensesd		1.55	%		1.55	%		1.51	%		1.61	%		1.63	%		1.60	%
Net expensese		1.52	%		1.53	%		1.49	%		1.59	%		1.61	%		1.60	%
Portfolio turnover rate		—			—			40	%		134	%		—			21	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
g	Reverse share split — Per share amounts for the periods presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 185

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

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	5.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.9%
Total	8.5%
“Largest Holdings” excludes any temporary cash or derivative investments.

186 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2023

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	3.81%	(4.35%)	(1.86%)	(4.60%)
A-Class Shares with sales charge‡	(1.12%)	(8.90%)	(2.81%)	(5.06%)
C-Class Shares	3.43%	(5.03%)	(2.64%)	(5.27%)
C-Class Shares with CDSC§	2.43%	(5.98%)	(2.64%)	(5.27%)
H-Class Shares	3.81%	(4.33%)	(1.87%)	(4.41%)
Bloomberg U.S. Corporate High Yield Index	2.21%	10.28%	2.96%	4.24%

*	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 Bloomberg U.S. Corporate High Yield Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 187

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
INVERSE HIGH YIELD STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 8.5%
Guggenheim Strategy Fund II1		29,310	$	711,343
Guggenheim Ultra Short Duration Fund — Institutional Class1		37,683		367,410
Total Mutual Funds
(Cost $1,096,686)				1,078,753
	Face Amount
FEDERAL AGENCY NOTES†† - 19.6%
Federal Home Loan Bank
5.36% (SOFR + 0.05%, Rate Floor: 0.00%) due 10/12/23◊	$	2,500,000		2,499,992
Total Federal Agency Notes
(Cost $2,499,997)				2,499,992
FEDERAL AGENCY DISCOUNT NOTES†† - 3.9%
Federal Home Loan Bank
5.32% due 11/17/232		500,000		496,595
Total Federal Agency Discount Notes
(Cost $496,527)				496,595

U.S. TREASURY BILLS†† - 0.9%
U.S. Treasury Bills
4.66% due 10/05/232,3	110,000		109,952
Total U.S. Treasury Bills
(Cost $109,936)			109,952
REPURCHASE AGREEMENTS††,4 - 60.4%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	4,341,476		4,341,476
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23	1,686,454		1,686,454
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23	1,669,798		1,669,798
Total Repurchase Agreements
(Cost $7,697,728)			7,697,728
Total Investments - 93.3%
(Cost $11,900,874)		$	11,883,020
Other Assets & Liabilities, net - 6.7%			853,859
Total Net Assets - 100.0%		$	12,736,879

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury 5 Year Note Futures Contracts		116		Dec 2023	$	12,217,156	$	75,752

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.41.V1	5.00%		Quarterly		12/20/28	$	12,650,000	$	(100,365	)	$	(84,416	)	$	(15,949	)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 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 September 30, 2023.
4	Repurchase Agreements — See Note 6.
	CDX.NA.HY.41.V1 — Credit Default Swap North American High Yield Series 41 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
INVERSE HIGH YIELD STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	1,078,753	$	—	$	—	$	1,078,753
Federal Agency Notes		—		2,499,992		—		2,499,992
Federal Agency Discount Notes		—		496,595		—		496,595
U.S. Treasury Bills		—		109,952		—		109,952
Repurchase Agreements		—		7,697,728		—		7,697,728
Interest Rate Futures Contracts**		75,752		—		—		75,752
Total Assets	$	1,154,505	$	10,804,267	$	—	$	11,958,772

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	15,949	$	—	$	15,949

** 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 period ended September 30, 2023, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/23		Shares 09/30/23		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	709,584	$	—	$	—	$	—	$	1,759	$	711,343		29,310	$	19,596
Guggenheim Ultra Short Duration Fund — Institutional Class		365,903		—		—		—		1,507		367,410		37,683		9,684
	$	1,075,487	$	—	$	—	$	—	$	3,266	$	1,078,753			$	29,280

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 189

INVERSE HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments in unaffiliated issuers, at value (cost $3,106,460)	$	3,106,539
Investments in affiliated issuers, at value (cost $1,096,686)		1,078,753
Repurchase agreements, at value (cost $7,697,728)		7,697,728
Segregated cash with broker		953,449
Receivables:
Interest		32,106
Dividends		4,914
Fund shares sold		432
Total assets		12,873,921
Liabilities:
Unamortized upfront premiums received on credit default swap agreements		84,416
Payable for:
Protection fees on credit default swap agreements		19,327
Variation margin on futures contracts		13,594
Management fees		7,349
Transfer agent/maintenance fees		2,893
Distribution and service fees		2,513
Portfolio accounting and administration fees		1,014
Fund shares redeemed		856
Variation margin on credit default swap agreements		44
Trustees’ fees*		155
Miscellaneous		4,881
Total liabilities		137,042
Net assets	$	12,736,879
Net assets consist of:
Paid in capital	$	24,203,664
Total distributable earnings (loss)		(11,466,785	)
Net assets	$	12,736,879
A-Class:
Net assets	$	373,227
Capital shares outstanding		7,217
Net asset value per share	$	51.71
Maximum offering price per share (Net asset value divided by 95.25%)	$	54.29
C-Class:
Net assets	$	65,491
Capital shares outstanding		1,439
Net asset value per share	$	45.51
H-Class:
Net assets	$	12,298,161
Capital shares outstanding		231,735
Net asset value per share	$	53.07

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends from securities of affiliated issuers	$	29,280
Interest		310,612
Total investment income		339,892
Expenses:
Management fees		52,995
Distribution and service fees:
A-Class		447
C-Class		354
H-Class		17,127
Transfer agent and administrative fees		15,059
Portfolio accounting and administration fees		10,769
Registration fees		7,051
Professional fees		3,239
Trustees’ fees*		1,755
Custodian fees		987
Miscellaneous		455
Total expenses		110,238
Less:
Expenses reimbursed by Adviser		(927	)
Expenses waived by Adviser		(460	)
Total waived expenses		(1,387	)
Net expenses		108,851
Net investment income		231,041
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		58
Swap agreements		(628,252	)
Futures contracts		280,147
Net realized loss		(348,047	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(273	)
Investments in affiliated issuers		3,266
Swap agreements		240,219
Futures contracts		322,890
Net change in unrealized appreciation (depreciation)		566,102
Net realized and unrealized gain		218,055
Net increase in net assets resulting from operations	$	449,096

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

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

INVERSE HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	231,041		$	174,868
Net realized loss on investments		(348,047	)		(1,076,306	)
Net change in unrealized appreciation (depreciation) on investments		566,102			(687,523	)
Net increase (decrease) in net assets resulting from operations		449,096			(1,588,961	)
Capital share transactions:
Proceeds from sale of shares
A-Class		68,305			12,971,586
C-Class		7,582			198,714
H-Class		19,224,190			376,217,137
Cost of shares redeemed
A-Class		(59,049	)		(12,561,305	)
C-Class		(29,457	)		(234,107	)
H-Class		(25,286,285	)		(363,702,708	)
Net increase (decrease) from capital share transactions		(6,074,714	)		12,889,317
Net increase (decrease) in net assets		(5,625,618	)		11,300,356
Net assets:
Beginning of period		18,362,497			7,062,141
End of period	$	12,736,879		$	18,362,497
Capital share activity:
Shares sold
A-Class		1,347			245,159
C-Class		169			4,376
H-Class		369,392			7,080,789
Shares redeemed
A-Class		(1,171	)		(242,948	)
C-Class		(660	)		(5,160	)
H-Class		(488,355	)		(6,863,025	)
Net increase (decrease) in shares		(119,278	)		219,191

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 191

INVERSE HIGH YIELD STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	49.81		$	49.19		$	50.15		$	62.01		$	60.47		$	64.28
Income (loss) from investment operations:
Net investment income (loss)b		.84			(.01	)		(.64	)		(.68	)		.24			.42
Net gain (loss) on investments (realized and unrealized)		1.06			.63	f		.82			(7.31	)		1.30			(4.23	)
Total from investment operations		1.90			.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	$	51.71		$	49.81		$	49.19		$	50.15		$	62.01		$	60.47
Total Returnc		3.81	%		1.26	%		0.47	%		(12.88	%)		2.56	%		(5.93	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	373		$	351		$	238		$	5,612		$	256		$	282
Ratios to average net assets:
Net investment income (loss)		3.32	%		(0.02	%)		(1.31	%)		(1.28	%)		0.40	%		0.66	%
Total expensesd		1.55	%		1.55	%		1.50	%		1.56	%		1.62	%		1.60	%
Net expensese		1.53	%		1.55	%		1.49	%		1.54	%		1.61	%		1.60	%
Portfolio turnover rate		—			—			344	%		438	%		254	%		—

C-Class	Six Months Ended September 30, 2023a			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	$	44.00		$	43.75		$	44.74		$	56.62		$	55.76		$	59.73
Income (loss) from investment operations:
Net investment income (loss)b		.57			.01			(.81	)		(.90	)		(.05	)		.01
Net gain (loss) on investments (realized and unrealized)		.94			.24	f		.96			(7.11	)		.91			(3.98	)
Total from investment operations		1.51			.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	$	45.51		$	44.00		$	43.75		$	44.74		$	56.62		$	55.76
Total Returnc		3.43	%		0.57	%		0.45	%		(14.23	%)		1.54	%		(6.65	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	65		$	85		$	119		$	162		$	362		$	738
Ratios to average net assets:
Net investment income (loss)		2.55	%		0.01	%		(1.88	%)		(1.78	%)		(0.09	%)		0.02	%
Total expensesd		2.30	%		2.29	%		2.26	%		2.36	%		2.37	%		2.36	%
Net expensese		2.28	%		2.29	%		2.22	%		2.31	%		2.34	%		2.35	%
Portfolio turnover rate		—			—			344	%		438	%		254	%		—

192 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	51.12		$	50.44		$	50.99		$	63.45		$	61.97		$	65.89
Income (loss) from investment operations:
Net investment income (loss)b		.85			.47			(.68	)		(.74	)		.06			.41
Net gain (loss) on investments (realized and unrealized)		1.10			.21	f		1.27			(7.85	)		1.42			(4.33	)
Total from investment operations		1.95			.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	$	53.07		$	51.12		$	50.44		$	50.99		$	63.45		$	61.97
Total Return		3.81	%		1.35	%		1.27	%		(13.58	%)		2.39	%		(5.95	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12,298		$	17,927		$	6,706		$	3,719		$	13,479		$	4,675
Ratios to average net assets:
Net investment income (loss)		3.27	%		0.88	%		(1.35	%)		(1.26	%)		0.09	%		0.63	%
Total expensesd		1.56	%		1.54	%		1.52	%		1.62	%		1.64	%		1.61	%
Net expensese		1.54	%		1.53	%		1.51	%		1.60	%		1.62	%		1.59	%
Portfolio turnover rate		—			—			344	%		438	%		254	%		—

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Does not include expenses of the underlying funds in which the Fund invests.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 193

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2023

U.S. GOVERNMENT MONEY MARKET FUND

OBJECTIVE: Seeks to provide security of principal, high current income, and liquidity.

Holdings Diversification (Market Exposure as % of Net Assets)

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

FADN – Federal Agency Discount Note
FAN – Federal Agency Note

Inception Date: June 18, 2012

The Fund invests principally in money market instruments issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities and enters into repurchase agreements fully collateralized by U.S. government securities.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
U.S. Government Money Market Fund	2.11%	3.69%	1.13%	0.63%

*

The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes.

†

6 month returns are not annualized.

194 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
U.S. GOVERNMENT MONEY MARKET FUND

	Face Amount		Value
FEDERAL AGENCY NOTES†† - 28.8%
Federal Home Loan Bank
5.35% (SOFR + 0.04%, Rate Floor: 0.00%) due 02/27/24◊	$	15,000,000	$	15,000,000
5.36% (SOFR + 0.05%, Rate Floor: 0.00%) due 10/12/23◊		15,000,000		14,999,982
5.41% (SOFR + 0.10%, Rate Floor: 0.00%) due 11/14/23◊		12,500,000		12,500,000
Federal Farm Credit Bank
5.36% (3 Month U.S. Treasury Bill Rate - 0.04%, Rate Floor: 0.00%) due 03/04/24◊		12,500,000		12,498,763
5.44% (3 Month U.S. Treasury Bill Rate + 0.04%, Rate Floor: 0.00%) due 10/23/23◊		9,500,000		9,500,324
5.36% (SOFR + 0.05%, Rate Floor: 0.00%) due 02/20/24◊		8,000,000		8,000,118
5.34% (SOFR + 0.03%, Rate Floor: 0.00%) due 01/23/24◊		4,500,000		4,499,507
5.44% (3 Month U.S. Treasury Bill Rate + 0.04%, Rate Floor: 0.00%) due 10/30/23◊		1,300,000		1,300,094
Total Federal Agency Notes
(Cost $78,298,788)				78,298,788
U.S. TREASURY BILLS†† - 25.4%
U.S. Treasury Bills
due 10/03/231		22,000,000		21,993,557
4.48% due 10/17/231		17,000,000		16,960,107
5.29% due 12/12/231		17,000,000		16,820,140
5.27% due 11/02/231		13,200,000		13,138,165
Total U.S. Treasury Bills
(Cost $68,911,969)				68,911,969
FEDERAL AGENCY DISCOUNT NOTES†† - 17.2%
Federal Home Loan Bank
5.27% due 11/10/231		13,200,000		13,122,677
5.27% due 10/25/231		10,000,000		9,964,867
5.30% due 12/15/231		10,000,000		9,889,584
5.29% due 12/06/231		8,100,000		8,021,473
5.30% due 01/12/241		3,000,000		2,954,508
5.30% due 01/19/241		2,848,000		2,801,878
Total Federal Agency Discount Notes
(Cost $46,754,987)				46,754,987
U.S. GOVERNMENT SECURITIES†† - 11.1%
U.S. Treasury Floating Rate Note
5.44% (3 Month U.S. Treasury Bill Rate + 0.04%, Rate Floor: 0.00%) due 10/31/23◊		30,000,000		30,002,408
Total U.S. Government Securities
(Cost $30,002,408)				30,002,408
REPURCHASE AGREEMENTS††,2 - 14.3%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23		21,888,367		21,888,367
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		8,502,574		8,502,574
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		8,418,602		8,418,602
Total Repurchase Agreements
(Cost $38,809,543)				38,809,543
Total Investments - 96.8%
(Cost $262,777,695)			$	262,777,695
Other Assets & Liabilities, net - 3.2%				8,557,764
Total Net Assets - 100.0%			$	271,335,459

††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at September 30, 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 SEMI-ANNUAL REPORT | 195

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
U.S. GOVERNMENT MONEY MARKET FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	—	$	78,298,788	$	—	$	78,298,788
U.S. Treasury Bills		—		68,911,969		—		68,911,969
Federal Agency Discount Notes		—		46,754,987		—		46,754,987
U.S. Government Securities		—		30,002,408		—		30,002,408
Repurchase Agreements		—		38,809,543		—		38,809,543
Total Assets	$	—	$	262,777,695	$	—	$	262,777,695

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

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $223,968,152)	$	223,968,152
Repurchase agreements, at value (cost $38,809,543)		38,809,543
Receivables:
Fund shares sold		11,721,976
Interest		890,340
Total assets		275,390,011
Liabilities:
Overdraft due to custodian bank		5,986
Payable for:
Fund shares redeemed		3,775,367
Management fees		105,684
Transfer agent fees		53,514
Portfolio accounting and administration fees		31,974
Trustees’ fees*		3,306
Miscellaneous		78,721
Total liabilities		4,054,552
Net assets	$	271,335,459
Net assets consist of:
Paid in capital	$	271,200,703
Total distributable earnings (loss)		134,756
Net assets	$	271,335,459
Capital shares outstanding		271,178,438
Net asset value per share	$	1.00

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Interest	$	6,927,615
Total investment income		6,927,615
Expenses:
Management fees		665,897
Transfer agent fees		230,659
Portfolio accounting and administration fees		200,757
Registration fees		139,683
Professional fees		67,845
Trustees’ fees*		26,005
Custodian fees		18,248
Miscellaneous		3,234
Total expenses		1,352,328
Net investment income		5,575,287
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		527
Net realized gain		527
Net increase in net assets resulting from operations	$	5,575,814

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 197

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	5,575,287		$	6,954,262
Net realized gain on investments		527			126,680
Net change in unrealized appreciation (depreciation) on investments		—			—
Net increase in net assets resulting from operations		5,575,814			7,080,942
Distributions to shareholders		(5,575,283	)		(6,835,558	)
Capital share transactions:
Proceeds from sale of shares		2,330,673,980			5,208,833,348
Distributions reinvested		5,484,558			6,220,015
Cost of shares redeemed		(2,376,522,545	)		(5,259,800,910	)
Net decrease from capital share transactions		(40,364,007	)		(44,747,547	)
Net decrease in net assets		(40,363,476	)		(44,502,163	)
Net assets:
Beginning of period		311,698,935			356,201,098
End of period	$	271,335,459		$	311,698,935
Capital share activity:
Shares sold		2,330,673,980			5,208,833,322
Shares issued from reinvestment of distributions		5,484,514			6,218,785
Shares redeemed		(2,376,522,545	)		(5,259,800,910	)
Net decrease in shares		(40,364,051	)		(44,748,803	)

198 | THE RYDEX FUNDS SEMI-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.

	Six Months Ended September 30, 2023a			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		$	1.00
Income (loss) from investment operations:
Net investment income (loss)b		.02			.02			—	c		—	c		.01			.01
Net gain (loss) on investments (realized and unrealized)		—	c		—	c		—	c		—	c		—	c		—	c
Total from investment operations		.02			.02			—	c		—	c		.01			.01
Less distributions from:
Net investment income		(.02	)		(.02	)		—			—			(.01	)		(.01	)
Net realized gains		—			—			—			—			—			—
Total distributions		(.02	)		(.02	)		—			—			(.01	)		(.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return		2.11	%		1.86	%		0.00	%		0.05	%		0.99	%		1.10	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	271,335		$	311,699		$	356,201		$	348,971		$	390,791		$	413,200
Ratios to average net assets:
Net investment income (loss)		4.17	%		1.81	%		(0.04	%)		0.00	%d		1.01	%		1.10	%
Total expenses		1.02	%		0.99	%		0.95	%		1.04	%		1.06	%		1.05	%
Net expensese		1.02	%		0.86	%		0.12	%		0.16	%		1.03	%		1.05	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Less than $0.01 per share.
d	Less than 0.01%.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 199

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the “1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 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 September 30, 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”) serves as distributor of the Funds’ shares. GI and GFD are affiliated entities.

Significant Accounting Policies

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

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

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

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange (“NYSE”), usually 4:00 p.m. for the Russell 2000^® Fund and the S&P 500^® Fund. All other Funds in this report will price at the afternoon NAV. The NAV is calculated using the current market value of each Fund’s total assets as of the respective time of calculation. These financial statements are based on the September 30, 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 “Fund Valuation Procedures”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. Rule 2a-5 also defines

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“readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

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

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

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

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

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

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

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

Futures contracts are valued on the basis of the last sale price 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.

Swap agreements entered into by a Fund will generally be valued using an evaluated price provided by a pricing service provider.

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

In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments

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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 September 30, 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.

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(h) Distributions

Dividends from net investment income are declared daily in the Government Long Bond 1.2x Strategy Fund and the U.S. Government Money Market Fund. Distributions of net investment income in the remaining Funds and distributions of net realized gains, if any, in all Funds are declared at least annually. Dividends are reinvested in additional shares unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(i) Class Allocations

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

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 5.33% at September 30, 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 a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if they had not been leveraged.

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Futures Contracts

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

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

		Average Notional Amount
Fund	Use	Long		Short
Nova Fund	Index exposure, Leverage, Liquidity	$	40,093,615	$	—
S&P 500® Fund	Index exposure, Liquidity		2,231,806		—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		15,774,063
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		49,043,002		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		—		450,503
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		1,017,125		—
Russell 2000® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		561,760		—
Russell 2000® Fund	Index exposure, Liquidity		410,253		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		504,912
Dow Jones Industrial Average® Fund	Index exposure, Liquidity		708,892		—
Government Long Bond 1.2x Strategy Fund	Duration, Index exposure, Leverage, Liquidity		16,492,573		—
Inverse Government Long Bond Strategy Fund	Duration, Index exposure, Liquidity		—		9,238,255
High Yield Strategy Fund	Duration, Index exposure, Liquidity		35,596,610		—
Inverse High Yield Strategy Fund	Duration, Index exposure, Liquidity		—		12,822,274

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 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 swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

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

		Average Notional Amount
Fund	Use	Long		Short
Nova Fund	Index exposure, Leverage, Liquidity	$	88,156,470	$	—
S&P 500® Fund	Index exposure, Liquidity		7,538,834		—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		37,175,503
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		465,692,560		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		—		22,897,046
Mid-Cap 1.5x Strategy Fund	Index exposure, Liquidity		7,228,967		—
Inverse Mid-Cap Strategy Fund	Index exposure, Liquidity		—		3,309,245
Russell 2000® 1.5x Strategy Fund	Index exposure, Liquidity		4,888,543		—
Russell 2000® Fund	Index exposure, Liquidity		6,684,702		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		4,711,129
Dow Jones Industrial Average® Fund	Index exposure, Liquidity		1,880,186		—
High Yield Strategy Fund	Duration, Index exposure, Liquidity		1,478,328		—

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	$	37,566,667	$	—
Inverse High Yield Strategy Fund	Duration, Index exposure, Liquidity		—		13,666,667

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Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of September 30, 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	Unamortized upfront premiums paid on credit default swap agreements 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 September 30, 2023:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2023
S&P 500® Fund	$	—	$	18,626	$	—	$	—	$	18,626
Inverse S&P 500® Strategy Fund		895,456		807,486		—		—		1,702,942
Inverse NASDAQ-100® Strategy Fund		32,189		449,660		—		—		481,849
Inverse Mid-Cap Strategy Fund		—		14,586		—		—		14,586
Inverse Russell 2000® Strategy Fund		19,467		27,514		—		—		46,981
Inverse Government Long Bond Strategy Fund		—		—		715,398		—		715,398
High Yield Strategy Fund		—		—		—		40,049		40,049
Inverse High Yield Strategy Fund		—		—		75,752		—		75,752

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2023
Nova Fund	$	1,464,351	$	734,182	$	—	$	—	$	2,198,533
S&P 500® Fund		6,958		48,177		—		—		55,135
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		3,030,821		11,488,166		—		—		14,518,987
Mid-Cap 1.5x Strategy Fund		35,268		92,323		—		—		127,591
Russell 2000® 1.5x Strategy Fund		—		78,512		—		—		78,512
Russell 2000® Fund		3,116		132,504		—		—		135,620
Dow Jones Industrial Average® Fund		—		43,377		—		—		43,377
Government Long Bond 1.2x Strategy Fund		—		—		561,890		—		561,890
High Yield Strategy Fund		—		—		155,595		2,369		157,964
Inverse High Yield Strategy Fund		—		—		—		15,949		15,949

* 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.

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended September 30, 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 rate swap contracts	Net realized gain (loss) on swap agreements Net change in unrealized appreciation (depreciation) on swap agreements

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The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the period ended September 30, 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	$	(976,168	)	$	7,874,942		$	—		$	—		$	6,898,774
S&P 500® Fund		236,993			566,532			—			—			803,525
Inverse S&P 500® Strategy Fund		(1,093,819	)		(4,803,513	)		—			—			(5,897,332	)
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		9,991,421			66,344,496			—			—			76,335,917
Inverse NASDAQ-100® Strategy Fund		(59,223	)		(4,477,101	)		—			—			(4,536,324	)
Mid-Cap 1.5x Strategy Fund		(11,340	)		230,192			—			—			218,852
Inverse Mid-Cap Strategy Fund		—			(124,150	)		—			—			(124,150	)
Russell 2000® 1.5x Strategy Fund		67,749			(1,815	)		—			—			65,934
Russell 2000® Fund		(23,488	)		(510,696	)		—			—			(534,184	)
Inverse Russell 2000® Strategy Fund		35,436			(329,746	)		—			—			(294,310	)
Dow Jones Industrial Average® Fund		(10,528	)		(29,353	)		—			—			(39,881	)
Government Long Bond 1.2x Strategy Fund		—			—			(1,326,290	)		—			(1,326,290	)
Inverse Government Long Bond Strategy Fund		—			—			824,240			—			824,240
High Yield Strategy Fund		—			—			(1,437,067	)		1,264,585			(172,482	)
Inverse High Yield Strategy Fund		—			—			280,147			(628,252	)		(348,105	)

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	$	(2,634,765	)	$	(4,856,904	)	$	—		$	—		$	(7,491,669	)
S&P 500® Fund		(235,613	)		(303,796	)		—			—			(539,409	)
Inverse S&P 500® Strategy Fund		1,458,368			2,539,305			—			—			3,997,673
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		(8,432,333	)		(24,650,950	)		—			—			(33,083,283	)
Inverse NASDAQ-100® Strategy Fund		32,189			1,735,872			—			—			1,768,061
Mid-Cap 1.5x Strategy Fund		(59,142	)		(320,597	)		—			—			(379,739	)
Inverse Mid-Cap Strategy Fund		—			98,597			—			—			98,597
Russell 2000® 1.5x Strategy Fund		(22,839	)		(179,305	)		—			—			(202,144	)
Russell 2000® Fund		(11,236	)		(174,146	)		—			—			(185,382	)
Inverse Russell 2000® Strategy Fund		19,467			193,129			—			—			212,596
Dow Jones Industrial Average® Fund		(20,025	)		(80,234	)		—			—			(100,259	)
Government Long Bond 1.2x Strategy Fund		—			—			(1,282,360	)		—			(1,282,360	)
Inverse Government Long Bond Strategy Fund		—			—			1,035,782			—			1,035,782
High Yield Strategy Fund		—			—			(313,051	)		(280,401	)		(593,452	)
Inverse High Yield Strategy Fund		—			—			322,890			240,219			563,109

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 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 (Unaudited)(continued)

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

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

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

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received			Net Amount
S&P 500® Fund	Swap equity contracts	$	18,626	$	—		18,626		—		—		$	18,626
Inverse S&P 500® Strategy Fund	Swap equity contracts		807,486		—		807,486		—		(658,033	)		149,453
Inverse NASDAQ-100® Strategy Fund	Swap equity contracts		449,660		—		449,660		—		(360,730	)		88,930
Inverse Mid-Cap Strategy Fund	Swap equity contracts		14,586		—		14,586		—		—			14,586
Inverse Russell 2000® Strategy Fund	Swap equity contracts		27,514		—		27,514		—		—			27,514
High Yield Strategy Fund	Credit index swap agreements		2,287		—		2,287		—		—		$	2,287

208 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Nova Fund	Swap equity contracts	$	734,182	$	—	$	734,182	$	(734,182	)	$	—		$	—
S&P 500® Fund	Swap equity contracts		48,177		—		48,177		(48,177	)		—			—
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Swap equity contracts		11,488,166		—		11,488,166		(11,488,166	)		—			—
Mid-Cap 1.5x Strategy Fund	Swap equity contracts		92,323		—		92,323		(67,372	)		(24,951	)		—
Russell 2000® 1.5x Strategy Fund	Swap equity contracts		78,512		—		78,512		(44,749	)		(33,763	)		—
Russell 2000® Fund	Swap equity contracts		132,504		—		132,504		(132,504	)		—			—
Dow Jones Industrial Average® Fund	Swap equity contracts		43,377		—		43,377		(43,377	)		—			—
High Yield Strategy Fund	Credit index swap agreements		2,369		—		2,369		(2,369	)		—			—

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

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of September 30, 2023.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Nova Fund	Goldman Sachs International	Futures contracts	$	653,565	$	—
S&P 500® Fund	Barclays Bank plc	Total return swap agreements		13,714		—
Inverse S&P 500® Strategy Fund	Barclays Bank plc	Total return swap agreements		—		242,000
	Goldman Sachs International	Total return swap agreements		—		480,000
Inverse S&P 500® Strategy Fund Total				—		722,000
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Goldman Sachs International	Total return swap agreements		1,400,769		—
Inverse NASDAQ-100® Strategy Fund	Barclays Bank plc	Total return swap agreements		—		390,000
	Goldman Sachs International	Total return swap agreements		—		130,000
Inverse NASDAQ-100® Strategy Fund Total				—		520,000
Mid-Cap 1.5x Strategy Fund	Barclays Bank plc	Total return swap agreements		34,892		—
	Goldman Sachs International	Futures contracts		2,411		—
Mid-Cap 1.5x Strategy Fund Total				37,303		—
Russell 2000® 1.5x Strategy Fund	Barclays Bank plc	Total return swap agreements		46,545		—
Inverse Russell 2000® Strategy Fund	Barclays Bank plc	Total return swap agreements		16,288		—
Government Long Bond 1.2x Strategy Fund	Goldman Sachs International	Futures contracts		868,698		—
High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		2,805,453		—
	Goldman Sachs International	Credit default swap agreements		—		43,729
High Yield Strategy Fund Total				2,805,453		43,729
Inverse High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		909,104		—
	Goldman Sachs International	Futures contracts		44,345		—
Inverse High Yield Strategy Fund Total				953,449		—

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 4 – Fair Value Measurement

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

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

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

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

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

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

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

Note 5 – 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	%

210 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

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

The Board has adopted separate Distribution Plans 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 it performs.

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

For the period ended September 30, 2023, GFD retained sales charges of $35,499 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 period ended September 30, 2023, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Nova Fund	$	9,543
Inverse S&P 500® Strategy Fund		5,212
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		4,152
Inverse NASDAQ-100® Strategy Fund		1,064
Mid-Cap 1.5x Strategy Fund		1,083
Inverse Mid-Cap Strategy Fund		56
Russell 2000® 1.5x Strategy Fund		913
Inverse Russell 2000® Strategy Fund		1,173
Dow Jones Industrial Average® Fund		1,022
Government Long Bond 1.2x Strategy Fund		2,834
Inverse Government Long Bond Strategy Fund		6,346
High Yield Strategy Fund		1,627
Inverse High Yield Strategy Fund		460

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

GI has contractually agreed to reduce fees and/or reimburse expenses for the Monthly Rebalance NASDAQ-100 2x Strategy Fund to the extent necessary to keep net operating expenses for A-Class, C-Class and H-Class shares (including Rule 12b-1 fees if any) (excluding brokerage, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) from exceeding 1.35%, 2.10% and 1.35% of the Fund’s A-Class, C-Class and H-Class shares average daily net assets, respectively. The Total Annual Fund Operating Expenses After Fee Waiver and /or Expense Reimbursement includes Excluded Expenses and, thus, from time to time may be higher than 1.35%, 2.10% and 1.35%, respectively. The current term of this agreement expires on August 1, 2025. This agreement may be terminated by GI by written notice to the Fund at least ninety days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board.

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. The current term of the agreement expires on 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 upon sixty days’ written notice.

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 went into 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.

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.

212 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 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 Bills
5.30%					0.00%
Due 10/02/23	$	161,453,419	$	161,524,727	Due 10/10/23 - 09/05/24	$	97,237,600	$	96,132,508
					U.S. Treasury Notes
					0.38% - 3.25%
					Due 10/31/23 - 09/15/24		46,833,200		45,451,839
					U.S. Treasury Floating Rate Notes
					5.39% - 5.44%
					Due 10/31/23 - 01/31/24		22,892,900		23,098,149
							166,963,700		164,682,496
Barclays Capital, Inc.					U.S. Treasury Notes
5.29%					1.50% - 5.00%
Due 10/02/23		62,716,858		62,744,506	Due 08/31/25 - 01/31/27		69,304,600		63,971,272
BofA Securities, Inc.					U.S. Treasury Note
5.30%					3.88%
Due 10/02/23		62,097,469		62,124,895	Due 04/30/25		63,651,000		63,339,456

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 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
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	$	1,549,697	$	(1,549,697	)	$	—	$	1,630,125	$	—	$	1,630,125
Mid-Cap 1.5x Strategy Fund		19,696		(19,696	)		—		20,316		—		20,316
Russell 2000® 1.5x Strategy Fund		54,123		(54,123	)		—		56,053		—		56,053
Russell 2000® Fund		1,940,862		(1,940,862	)		—		1,995,927		—		1,995,927

^(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.

214 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 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	$	201,218,353	$	—	$	(15,220,392	)	$	(15,220,392	)
S&P 500® Fund		135,895,617		10,602,797		(757,071	)		9,845,726
Inverse S&P 500® Strategy Fund		48,576,196		1,705,759		(201,114	)		1,504,645
Monthly Rebalance Nasdaq-100 2x Strategy Fund		505,628,209		—		(28,057,336	)		(28,057,336	)
Inverse NASDAQ-100® Strategy Fund		20,001,360		476,654		—			476,654
Mid-Cap 1.5x Strategy Fund		10,333,481		925,900		(834,603	)		91,297
Inverse Mid-Cap Strategy Fund		735,048		14,614		(1,503	)		13,111
Russell 2000® 1.5x Strategy Fund		6,486,340		464,621		(1,223,033	)		(758,412	)
Russell 2000® Fund		31,404,253		1,908,836		(5,713,847	)		(3,805,011	)
Inverse Russell 2000® Strategy Fund		2,102,005		48,346		(1,828	)		46,518
Dow Jones Industrial Average® Fund		17,116,493		1,269,662		(192,757	)		1,076,905
Government Long Bond 1.2x Strategy Fund		80,384,272		11		(1,924,918	)		(1,924,907	)
Inverse Government Long Bond Strategy Fund		33,665,582		2,365,336		(226,739	)		2,138,597
High Yield Strategy Fund		38,928,713		41,917		(228,096	)		(186,179	)
Inverse High Yield Strategy Fund		11,902,147		75,830		(35,154	)		40,676
U.S. Government Money Market Fund		262,777,695		—		—			—

Note 9 – Securities Transactions

For the period ended September 30, 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	$	918,622,817	$	962,726,989
S&P 500® Fund		241,736,619		200,435,912
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		499,228,560		481,218,711
Mid-Cap 1.5x Strategy Fund		826,573		803,538
Russell 2000® 1.5x Strategy Fund		346,697		645,134
Russell 2000® Fund		1,485,171		1,908,968
Inverse Russell 2000® Strategy Fund		—		1,030,000
Dow Jones Industrial Average® Fund		20,540,244		27,960,286
Government Long Bond 1.2x Strategy Fund		—		300,000

For the period ended September 30, 2023, the cost of purchases and proceeds from sales of government securities were as follows:

Fund	Purchases		Sales
Government Long Bond 1.2x Strategy Fund	$	359,301,141	$	319,196,578
Inverse Government Long Bond Strategy Fund		151,572,500		157,781,406

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended September 30, 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	$	159,041,820	$	130,169,180	$	224,788
S&P 500® Fund		87,318,068		111,647,341		(470,211	)
Monthly Rebalance Nasdaq-100® 2x Strategy Fund		334,938,011		316,718,795		30,604,455
Mid-Cap 1.5x Strategy Fund		—		4,507		(4,034	)
Dow Jones Industrial Average® Fund		8,927,157		14,185,585		535,708

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $200,000,000 line of credit from U.S. Bank, N.A. On June 5, 2023, the line of credit agreement was renewed and expires on June 3, 2024. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 6.28% for the period ended September 30, 2023. The Funds did not have any borrowings outstanding under this agreement at September 30, 2023.

The average daily balances borrowed for the period ended September 30, 2023, were as follows:

Fund	Average Daily Balance
Nova	$	11,942
Monthly Rebalance Nasdaq-100 2x Strategy		3,389
Russell 2000 1.5x Strategy		252
Dow Jones Industrial Average®		619
Government Long Bond 1.2x Strategy		3,611

Note 11 – Market Risks

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

Note 12 – Subsequent Events

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

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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.

Tailored Shareholder Reports for Open-End Mutual Funds and Exchange-Traded Funds

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and exchange-traded funds registered on Form N-1A to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Proxy Voting Information

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

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

Sector Classification

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

Quarterly Portfolio Schedules Information

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

Report of the Rydex Series Funds Board of Trustees

The Board of Trustees of Rydex Series Funds (the “Trust”), including the Independent Trustees, unanimously approved the renewal of the investment management agreement (the “Advisory Agreement”) with Security Investors, LLC (“Security Investors” or the “Adviser”) on behalf of the series of the Trust listed below (each a “Fund” and collectively, the “Funds”):

Tradable Funds (Including Sector Funds*)
●	Banking Fund*	●	Basic Materials Fund*
●	Biotechnology Fund*	●	Commodities Strategy Fund
●	Consumer Products Fund*	●	Dow Jones Industrial Average Fund

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●	Electronics Fund*	●	Emerging Markets 2x Strategy Fund
●	Emerging Markets Bond Strategy Fund	●	Energy Fund*
●	Energy Services Fund*	●	Europe 1.25x Strategy Fund
●	Financial Services Fund*	●	Government Long Bond 1.2x Strategy Fund
●	Health Care Fund*	●	High Yield Strategy Fund
●	Internet Fund*	●	Inverse Emerging Markets 2x Strategy Fund
●	Inverse Government Long Bond Strategy Fund	●	Inverse High Yield Strategy Fund
●	Inverse Mid-Cap Strategy Fund	●	Inverse NASDAQ-100® Strategy Fund
●	Inverse Russell 2000® Strategy Fund	●	Inverse S&P 500® Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100® 2x Strategy Fund
●	NASDAQ-100® Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000® 1.5x Strategy Fund
●	Russell 2000® Fund	●	S&P 500® Fund
●	S&P 500® Pure Growth Fund	●	S&P 500® Pure Value Fund
●	S&P MidCap 400® Pure Growth Fund	●	S&P MidCap 400® Pure Value Fund
●	S&P SmallCap 600® Pure Growth Fund	●	S&P SmallCap 600® Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund

Alternative Funds** (i.e., Non-Tradable Funds)
●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

*	Each a “Sector Fund” and collectively, the “Sector Funds.”
**	Each an “Alternative Fund” and collectively, the “Alternative Funds.” Each Fund other than the Alternative Funds is referred to herein as a “Tradable Fund” and collectively, the “Tradable Funds.”

Security Investors¹ is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

¹ Security Investors also serves as investment adviser to each of Rydex Series Funds Commodities Strategy CFC, Rydex Managed Futures Strategy CFC and Rydex Series Funds Multi-Hedge Strategies CFC (each a “Subsidiary” and collectively, the “Subsidiaries”), wholly-owned subsidiaries of the Trust that are organized as limited companies under the laws of the Cayman Islands and used by Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, respectively, to obtain commodities exposure. Pursuant to a separate investment management agreement for each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), the Subsidiary pays Security Investors an advisory fee at the same rate that the respective Fund pays Security Investors under the Advisory Agreement. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Agreements. In addition, Security Investors has entered into a separate waiver agreement with respect to each applicable Fund pursuant to which Security Investors has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to Security Investors by the respective Subsidiary. This undertaking will continue with respect to each applicable Fund for so long as the Fund invests in the respective Subsidiary, and may be terminated only with the approval of the Board.

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At meetings held in person on April 17-18, 2023 (the “April Meeting”) and meetings held by videoconference on May 15, 2023 and in person on May 24, 2023 (the “May Meeting”), the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

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

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the “Contract Review Materials”). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other Guggenheim funds and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm’s length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee’s recommendation, the Board approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2024 at a meeting held on May 23-24, 2023 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also

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considered Guggenheim’s discussion of its ongoing review of the Guggenheim fund line-up at the April Meeting and the May Board Meeting. In addition, the Committee considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

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

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features, as well as the personnel responsible for such services. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2022, 2021 and 2020. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2022, including monthly purchases and redemptions in dollar value and in number of transactions as well as transaction volume relative to the assets in the Tradable Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Tradable Funds, compared to those of investing in exchange-traded funds, including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee considered that, at the April Meeting, the Adviser’s Head of Quantitative Strategies with investment management responsibility for the Tradable Funds met with the Committee to discuss the Tradable Funds, including the value to shareholders of the tradability and other unique features, the personnel, operations and infrastructure required to provide those features, the reasons why tactical advisors invest in the Tradable Funds rather than other tradable products, such as exchange-traded funds, for their clients, and the level of trading activity in the Tradable Funds. With respect to the Sector Funds and the Real Estate Fund, the Committee also considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector, and corporate actions such as spin-offs, among other adjustments.

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

With respect to Guggenheim’s resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

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

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Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2022, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2022, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2022, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain performance information for the Alternative Funds (i.e., the non-Tradable Funds) as of March 31, 2023. In assessing each Fund’s performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

With respect to the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary drivers of performance differences. In this connection, the Committee considered the tracking error of each Fund’s Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points) of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2022, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund performed in line with the comparable peer fund over the five-year and three-year periods ended December 31, 2022, while, in contrast, its performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year time periods.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining the underperformance, as applicable, of such Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2022, relative to their respective peer groups, attributing such underperformance to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

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With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that the returns of the Multi-Hedge Strategies Fund’s Institutional Class shares ranked in the second quartile of its performance universe for each of the relevant periods considered. In addition, the Committee made the following observations:

Long Short Equity Fund: The returns of the Fund’s Institutional Class shares ranked in the 87th and 49th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2022, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the Fund’s fundamental factor tilts. The Committee noted management’s statement that the Fund’s long exposure to value detracted from investment performance from early 2018 through early 2020 as growth stocks outperformed during that period. The Committee also noted management’s statement that the Fund’s net short exposure to oil prices within the energy sector following the onset of the Russia-Ukraine war in early 2022 also contributed to relative underperformance.

Managed Futures Strategy Fund: The returns of the Fund’s Institutional Class shares ranked in the 82nd and 83rd percentiles of its performance universe for the five-year and three-year periods ended December 31, 2022, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year and three-year time periods was primarily due to the Fund targeting a lower level of risk relative to its performance universe. The Committee took into account management’s statements that the portfolio management team increased the Fund’s risk target in 2021 to be more in line with peers and the Fund experienced a performance ranking that compared more favorably relative to its performance universe for the one-year period ended December 31, 2022. The Committee also noted management’s further explanation of the Fund’s performance at the April Meeting.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and/or efforts to improve investment performance.

Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds: The Committee compared each Fund’s contractual advisory fee, net effective management fee² and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations. The Committee also considered Guggenheim’s discussion of information regarding fee and expense trends across the open-end fund industry and its response to those trends with respect to the funds in the Guggenheim fund complex, including the Funds.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than variable insurance fund counterparts to certain Funds and certain other clients with respect to Long Short Equity Fund, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds’ advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund’s Class H shares, other than the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is

² The “net effective management fee” for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.

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higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and the total net expense ratio for the Fund’s Class H shares were lower than and equal to those of the peer fund, respectively.

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

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

The Committee considered management’s agreement, as part of the 2023 annual contract review process, to reduce the total net expense ratio of each Tradable Fund (other than the U.S. Government Money Market Fund) by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement effective August 1, 2023 for an initial term ending August 1, 2024 for each Fund (other than Commodities Strategy Fund for which the initial term will end May 1, 2025), with such reduction to apply in addition to any other contractual waiver and/or reimbursement arrangements already in place. The Committee also noted the continuation through August 1, 2024 of management’s separate agreement, implemented as part of the 2022 annual contract review process, to reduce the total net expense ratio of each Tradable Fund with a contractual advisory fee of 0.90% of its average daily net assets³ by 0.05% of its average daily net assets and, with respect to NASDAQ-100 Fund, to reduce the total net expense ratio of the Fund by 0.05% of its average daily net assets in excess of $500 million, through expense reimbursement and/or waiver agreements.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), except as to the individual Fund discussed below, the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of such Fund’s peer group. In addition, the Committee made the following observations:

Multi-Hedge Strategies Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the second quartile (27th percentile) of its peer group. Although the net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (87th percentile), the Committee considered that the total net expense ratio for the Fund’s Institutional Class shares ranks in the first quartile (13th percentile) of its peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2022, gross revenues received, and expenses incurred directly or through allocations, by Guggenheim Investments, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2021. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis. In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit and the representation by the Chief Financial Officer of Guggenheim Investments that such methods provided a reasonable basis for determining the profitability of the Adviser with respect to each Fund. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

³ Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund.

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OTHER INFORMATION (Unaudited)(concluded)

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in 2022 in overall expenses was attributable to decreased product costs driven by lower average assets under management and lower non-recurring costs related to closed-end fund matters as well as a decrease in compensation and benefits. The Committee also considered that although expenses related to investment resources decreased in 2022, Guggenheim’s shared services expenses and certain other expenses increased in 2022.

With respect to the Tradable Funds, the Committee noted that, in addition to the expense reimbursement and/or waiver arrangement implemented in August 2022 for the NASDAQ-100 Fund on average daily net assets in excess of $500 million, the Adviser has agreed to a contractual advisory fee breakpoint schedule for the Funds that is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds, a separate trust, equal or exceed $10 billion.

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

As part of its assessment of economies of scale, the Committee took into account Guggenheim’s representation that it seeks to share economies of scale through a number of means, including breakpoints, advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such expense waivers and limitations and considered that the newly agreed expense reimbursement and/or waiver arrangement would produce additional savings to shareholders. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund reflected a reasonable business arrangement negotiated at arm’s length.

Overall Conclusions

The Committee concluded that the investment advisory fees reflect reasonable business arrangements negotiated at arm’s length in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her informed business judgment, may afford different weights to different factors.

Following its review of the Committee’s analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement.

224 | THE RYDEX FUNDS SEMI-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 Funds’ 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 (financial services firm) (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 (registered investment adviser) (1996-present); Chief Executive Officer, ETF Flows, LLC (financial advisor education and research provider) (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (index provider) (2021-present); Vice Chairman, VettaFi (financial advisor content, research and digital distribution provider) (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present); The 2023 ETF Series Trust (4) (June 2023-present); The 2023 ETF Series Trust II (1) (August 2023-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 (law firm) (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (law firm) (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. (construction and real estate development company) (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. (registered broker dealer) (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 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 Fund 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, 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 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 233

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

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

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

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

During the period covered by this shareholder report, the Board received a written report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from March 31, 2022, to March 31, 2023. The Report summarized the Administrator’s assessment of the Program’s implementation and concluded that the Program operated effectively, the Program had been and continued to be reasonably designed to assess and manage each Fund’s liquidity risk, and the Program has been adequately and effectively implemented to monitor and respond to the Funds’ liquidity developments, as applicable.

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

234 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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9.30.2023

Rydex Funds Semi-Annual Report

Sector Funds

Banking Fund

Basic Materials Fund

Biotechnology Fund

Consumer Products Fund

Electronics Fund

Energy Fund

Energy Services Fund

Financial Services Fund

Health Care Fund

Internet Fund

Leisure Fund

Precious Metals Fund

Real Estate Fund

Retailing Fund

Technology Fund

Telecommunications Fund

Transportation Fund

Utilities Fund

GuggenheimInvestments.com RSECF-SEMI-0923x0324

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	33
ELECTRONICS FUND	41
ENERGY FUND	49
ENERGY SERVICES FUND	57
FINANCIAL SERVICES FUND	64
HEALTH CARE FUND	73
INTERNET FUND	80
LEISURE FUND	88
PRECIOUS METALS FUND	95
REAL ESTATE FUND	103
RETAILING FUND	111
TECHNOLOGY FUND	118
TELECOMMUNICATIONS FUND	125
TRANSPORTATION FUND	133
UTILITIES FUND	141
NOTES TO FINANCIAL STATEMENTS	148
OTHER INFORMATION	157
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	166
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	172
LIQUIDITY RISK MANAGEMENT PROGRAM	175

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2023

Dear Shareholder:

Security Investors, LLC (“Investment Adviser”) is pleased to present the semi-annual shareholder report for Rydex Sector Funds (“Fund” or “Funds”). This report covers performance for the six-month period ended September 30, 2023 (“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.

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

Sincerely,

Security Investors, LLC

October 31, 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 of the same or similar offerings. Certain of the Funds are considered non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund.

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2023

Faced with a series of strong economic data releases, the market increasingly appears to be coming to the conclusion that the economy is structurally better able to withstand higher interest rates than it really is. This dynamic can be seen by examining the move in Treasury yields, with the sell-off almost entirely being due to real yields rather than inflation expectations, and with the move most pronounced at the long end of the yield curve. Digging further, however, a large portion of this shift is due to a rising term premium (the premium for unknown and unquantified risks in the future, beyond current assumptions on the path of inflation or policy rates), which is indicating greater uncertainty about the outlook.

Many forecasters are extrapolating the current year’s economic strength without recognizing the fact that growth has benefited from a number of factors this year that are unlikely to be repeated, namely an expansion of the fiscal deficit, a slowdown in inflation, and a rebound in labor supply. As these factors fade, the headwinds from tight monetary policy may be more apparent and pronounced. And the longer monetary conditions stay tight, the greater the risk of something breaking (banks and commercial real estate remain key risks). All of this suggests that the recent economic trajectory cannot be assumed to continue, especially given the substantial restraint that could be imposed by the recent rise in long-term borrowing costs.

Uncertainty is elevated given the diverging signals in the data and the fact that many traditional economic models are not “working” as they traditionally would. This uncertainty extends to the U.S. Federal Reserve, which looks set to hold off on further rate hikes while it waits to see if the data start to align with the softening conditions policymakers say they are hearing on the ground. We continue to think the gravitational pull of tight money and credit conditions could result in a slowing economy and cooler inflation over the next year, paving the way for more rate cuts than the market presently expects.

For the Reporting Period, the S&P 500^® Index* returned 5.18%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned -1.28%. The return of the MSCI Emerging Markets Index* was -2.05%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a -4.05% return for the Reporting Period, while the Bloomberg U.S. Corporate High Yield Index* returned 2.21%. The return of the ICE Bank of America (“BofA”) 3-Month U.S. Treasury Bill Index* was 2.51% 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.

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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) (concluded) September 30, 2023

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 who manufacture health care equipment and supplies or provide health care related services, including distributors of health care products, providers of basic health-care services, and owners and operators of health care facilities and organizations. The first group also includes companies operating in the health care technology industry. The second group includes companies primarily involved in the research, development, production and marketing of pharmaceuticals, biotechnology and life sciences products.

S&P 500^® Industrials Index is a sub-index of the S&P 500^® . The Industrials index includes companies whose businesses are dominated by one of the following activities: the manufacture and distribution of capital goods, including aerospace & defense, construction, engineering & building products, electrical equipment and industrial machinery; the provision of commercial services and supplies, including printing, environmental, office and security services; the provision of professional services, including employment and research & consulting services; or the provision of transportation services, including airlines, couriers, marine, road & rail and transportation infrastructure.

S&P 500^® Information Technology Index is a sub-index of the S&P 500^® . The Information Technology index covers the following general areas: technology software & services, including companies that primarily develop software in various fields such as the Internet, applications, systems, databases management and/or home entertainment, and companies that provide information technology consulting and services, as well as data processing and outsourced services; secondly, technology hardware & equipment, including manufacturers and distributors of communications equipment, computers & peripherals, electronic equipment and related instruments; and thirdly, semiconductors & semiconductor equipment manufacturers.

S&P 500^® Materials Index is a sub-index of the S&P 500^® . The Materials index encompasses a wide range of commodity-related manufacturing industries. Included in this sector are companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel.

S&P 500^® Telecommunications Services Index is a sub-index of the S&P 500^® . The Telecommunications Services index contains companies that provide communications services primarily through a fixed-line, cellular, wireless, high bandwidth and/or fiber optic cable network.

S&P 500^® Utilities Index is a sub-index of the S&P 500^® . The Utilities index encompasses those companies considered electric, gas or water utilities, or companies that operate as independent producers and/or distributors of power.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2023 and ending September 30, 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 SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Table 1. Based on actual Fund return3
Banking Fund
Investor Class		1.38	%		(1.50	%)	$	1,000.00	$	985.00	$	6.85
A-Class		1.64	%		(1.64	%)		1,000.00		983.60		8.13
C-Class		2.39	%		(2.01	%)		1,000.00		979.90		11.83
H-Class		1.63	%		(1.63	%)		1,000.00		983.70		8.08
Basic Materials Fund
Investor Class		1.39	%		(5.69	%)		1,000.00		943.10		6.75
A-Class		1.64	%		(5.80	%)		1,000.00		942.00		7.96
C-Class		2.39	%		(6.15	%)		1,000.00		938.50		11.58
H-Class		1.64	%		(5.80	%)		1,000.00		942.00		7.96
Biotechnology Fund
Investor Class		1.39	%		(3.75	%)		1,000.00		962.50		6.82
A-Class		1.64	%		(3.86	%)		1,000.00		961.40		8.04
C-Class		2.39	%		(4.24	%)		1,000.00		957.60		11.70
H-Class		1.64	%		(3.87	%)		1,000.00		961.30		8.04
Consumer Products Fund
Investor Class		1.39	%		(6.76	%)		1,000.00		932.40		6.72
A-Class		1.64	%		(6.87	%)		1,000.00		931.30		7.92
C-Class		2.39	%		(7.24	%)		1,000.00		927.60		11.52
H-Class		1.64	%		(6.87	%)		1,000.00		931.30		7.92
Electronics Fund
Investor Class		1.38	%		3.56	%		1,000.00		1,035.60		7.02
A-Class		1.63	%		3.45	%		1,000.00		1,034.50		8.29
C-Class		2.38	%		3.06	%		1,000.00		1,030.60		12.08
H-Class		1.64	%		3.44	%		1,000.00		1,034.40		8.34
Energy Fund
Investor Class		1.39	%		12.05	%		1,000.00		1,120.50		7.37
A-Class		1.64	%		11.92	%		1,000.00		1,119.20		8.69
C-Class		2.38	%		11.49	%		1,000.00		1,114.90		12.58
H-Class		1.62	%		11.90	%		1,000.00		1,119.00		8.58
Energy Services Fund
Investor Class		1.40	%		25.90	%		1,000.00		1,259.00		7.91
A-Class		1.63	%		25.74	%		1,000.00		1,257.40		9.20
C-Class		2.39	%		25.26	%		1,000.00		1,252.60		13.46
H-Class		1.63	%		25.74	%		1,000.00		1,257.40		9.20
Financial Services Fund
Investor Class		1.38	%		2.04	%		1,000.00		1,020.40		6.97
A-Class		1.64	%		1.90	%		1,000.00		1,019.00		8.28
C-Class		2.39	%		1.53	%		1,000.00		1,015.30		12.04
H-Class		1.64	%		1.91	%		1,000.00		1,019.10		8.28
Health Care Fund
Investor Class		1.39	%		(2.03	%)		1,000.00		979.70		6.88
A-Class		1.63	%		(2.13	%)		1,000.00		978.70		8.06
C-Class		2.39	%		(2.50	%)		1,000.00		975.00		11.80
H-Class		1.63	%		(2.16	%)		1,000.00		978.40		8.06

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Internet Fund
Investor Class		1.37	%		5.82	%	$	1,000.00	$	1,058.20	$	7.05
A-Class		1.63	%		5.69	%		1,000.00		1,056.90		8.38
C-Class		2.38	%		5.30	%		1,000.00		1,053.00		12.22
H-Class		1.63	%		5.69	%		1,000.00		1,056.90		8.38
Leisure Fund
Investor Class		1.39	%		(1.07	%)		1,000.00		989.30		6.91
A-Class		1.64	%		(1.20	%)		1,000.00		988.00		8.15
C-Class		2.38	%		(1.58	%)		1,000.00		984.20		11.81
H-Class		1.63	%		(1.19	%)		1,000.00		988.10		8.10
Precious Metals Fund
Investor Class		1.29	%		(18.95	%)		1,000.00		810.50		5.84
A-Class		1.54	%		(19.05	%)		1,000.00		809.50		6.97
C-Class		2.29	%		(19.34	%)		1,000.00		806.60		10.34
H-Class		1.54	%		(19.02	%)		1,000.00		809.80		6.97
Real Estate Fund
A-Class		1.64	%		(5.89	%)		1,000.00		941.10		7.96
C-Class		2.39	%		(6.21	%)		1,000.00		937.90		11.58
H-Class		1.64	%		(5.88	%)		1,000.00		941.20		7.96
Retailing Fund
Investor Class		1.38	%		(5.12	%)		1,000.00		948.80		6.72
A-Class		1.63	%		(5.22	%)		1,000.00		947.80		7.94
C-Class		2.38	%		(5.55	%)		1,000.00		944.50		11.57
H-Class		1.64	%		(5.23	%)		1,000.00		947.70		7.99
Technology Fund
Investor Class		1.38	%		7.45	%		1,000.00		1,074.50		7.16
A-Class		1.63	%		7.31	%		1,000.00		1,073.10		8.45
C-Class		2.38	%		6.91	%		1,000.00		1,069.10		12.31
H-Class		1.62	%		7.31	%		1,000.00		1,073.10		8.40
Telecommunications Fund
Investor Class		1.37	%		(6.23	%)		1,000.00		937.70		6.64
A-Class		1.64	%		(6.27	%)		1,000.00		937.30		7.94
C-Class		2.39	%		(6.65	%)		1,000.00		933.50		11.55
H-Class		1.64	%		(6.27	%)		1,000.00		937.30		7.94
Transportation Fund
Investor Class		1.38	%		3.56	%		1,000.00		1,035.60		7.02
A-Class		1.63	%		3.43	%		1,000.00		1,034.30		8.29
C-Class		2.39	%		3.05	%		1,000.00		1,030.50		12.13
H-Class		1.64	%		3.45	%		1,000.00		1,034.50		8.34
Utilities Fund
Investor Class		1.39	%		(11.84	%)		1,000.00		881.60		6.54
A-Class		1.64	%		(11.93	%)		1,000.00		880.70		7.71
C-Class		2.39	%		(12.27	%)		1,000.00		877.30		11.22
H-Class		1.64	%		(11.93	%)		1,000.00		880.70		7.71

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Banking Fund
Investor Class		1.38	%		5.00	%	$	1,000.00	$	1,018.10	$	6.96
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
Basic Materials Fund
Investor Class		1.39	%		5.00	%		1,000.00		1,018.05		7.01
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
Biotechnology Fund
Investor Class		1.39	%		5.00	%		1,000.00		1,018.05		7.01
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
Consumer Products Fund
Investor Class		1.39	%		5.00	%		1,000.00		1,018.05		7.01
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
Electronics Fund
Investor Class		1.38	%		5.00	%		1,000.00		1,018.10		6.96
A-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
C-Class		2.38	%		5.00	%		1,000.00		1,013.10		11.98
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
Energy Fund
Investor Class		1.39	%		5.00	%		1,000.00		1,018.05		7.01
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		2.38	%		5.00	%		1,000.00		1,013.10		11.98
H-Class		1.62	%		5.00	%		1,000.00		1,016.90		8.17
Energy Services Fund
Investor Class		1.40	%		5.00	%		1,000.00		1,018.00		7.06
A-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
Financial Services Fund
Investor Class		1.38	%		5.00	%		1,000.00		1,018.10		6.96
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
Health Care Fund
Investor Class		1.39	%		5.00	%		1,000.00		1,018.05		7.01
A-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1			Fund Return			Beginning Account Value March 31, 2023		Ending Account Value September 30, 2023		Expenses Paid During Period2
Internet Fund
Investor Class		1.37	%		5.00	%	$	1,000.00	$	1,018.15	$	6.91
A-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
C-Class		2.38	%		5.00	%		1,000.00		1,013.10		11.98
H-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
Leisure Fund
Investor Class		1.39	%		5.00	%		1,000.00		1,018.05		7.01
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		2.38	%		5.00	%		1,000.00		1,013.10		11.98
H-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
Precious Metals Fund
Investor Class		1.29	%		5.00	%		1,000.00		1,018.55		6.51
A-Class		1.54	%		5.00	%		1,000.00		1,017.30		7.77
C-Class		2.29	%		5.00	%		1,000.00		1,013.55		11.53
H-Class		1.54	%		5.00	%		1,000.00		1,017.30		7.77
Real Estate Fund
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
Retailing Fund
Investor Class		1.38	%		5.00	%		1,000.00		1,018.10		6.96
A-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
C-Class		2.38	%		5.00	%		1,000.00		1,013.10		11.98
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
Technology Fund
Investor Class		1.38	%		5.00	%		1,000.00		1,018.10		6.96
A-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
C-Class		2.38	%		5.00	%		1,000.00		1,013.10		11.98
H-Class		1.62	%		5.00	%		1,000.00		1,016.90		8.17
Telecommunications Fund
Investor Class		1.37	%		5.00	%		1,000.00		1,018.15		6.91
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
Transportation Fund
Investor Class		1.38	%		5.00	%		1,000.00		1,018.10		6.96
A-Class		1.63	%		5.00	%		1,000.00		1,016.85		8.22
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
Utilities Fund
Investor Class		1.39	%		5.00	%		1,000.00		1,018.05		7.01
A-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27
C-Class		2.39	%		5.00	%		1,000.00		1,013.05		12.03
H-Class		1.64	%		5.00	%		1,000.00		1,016.80		8.27

1	Annualized and excludes expense of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2023 to September 30, 2023.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	April 1, 1998

Ten Largest Holdings	% of Total Net Assets
Wells Fargo & Co.	4.1%
Citigroup, Inc.	4.1%
JPMorgan Chase & Co.	4.1%
Bank of America Corp.	3.9%
PNC Financial Services Group, Inc.	3.6%
U.S. Bancorp	3.4%
Truist Financial Corp.	3.0%
Capital One Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.8%
M&T Bank Corp.	2.4%
Top Ten Total	34.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(1.50%)	(12.78%)	(2.01%)	3.16%
A-Class Shares	(1.64%)	(13.02%)	(2.35%)	2.86%
A-Class Shares with sales charge‡	(6.31%)	(17.15%)	(3.29%)	2.36%
C-Class Shares	(2.01%)	(13.65%)	(3.07%)	2.10%
C-Class Shares with CDSC§	(2.98%)	(14.48%)	(3.07%)	2.10%
H-Class Shares**	(1.63%)	(13.01%)	(2.35%)	2.83%
S&P 500 Financials Index	4.15%	11.73%	6.04%	9.69%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	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 Financial Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
BANKING FUND

	Shares		Value
COMMON STOCKS† - 98.7%
Banks - 93.0%
Wells Fargo & Co.		5,940	$	242,708
Citigroup, Inc.		5,892		242,338
JPMorgan Chase & Co.		1,671		242,328
Bank of America Corp.		8,552		234,154
PNC Financial Services Group, Inc.		1,741		213,743
U.S. Bancorp		6,139		202,955
Truist Financial Corp.		6,336		181,273
Bank of New York Mellon Corp.		3,877		165,354
M&T Bank Corp.		1,111		140,486
State Street Corp.		1,955		130,907
Fifth Third Bancorp		4,799		121,559
Regions Financial Corp.		6,819		117,287
Huntington Bancshares, Inc.		10,894		113,298
Northern Trust Corp.		1,526		106,026
Citizens Financial Group, Inc.		3,852		103,234
Toronto-Dominion Bank		1,586		95,572
NU Holdings Limited/Cayman Islands — Class A*		13,143		95,287
KeyCorp		8,720		93,827
East West Bancorp, Inc.		1,532		80,752
ICICI Bank Ltd. ADR		3,394		78,469
Webster Financial Corp.		1,922		77,476
HDFC Bank Ltd. ADR		1,221		72,051
Royal Bank of Canada		820		71,701
First Horizon Corp.		6,449		71,068
Commerce Bancshares, Inc.		1,474		70,723
Bank of Nova Scotia1		1,530		69,753
Cullen/Frost Bankers, Inc.		757		69,046
Zions Bancorp North America		1,963		68,489
Popular, Inc.		1,067		67,232
Comerica, Inc.		1,610		66,895
Pinnacle Financial Partners, Inc.		987		66,168
SouthState Corp.		979		65,945
Prosperity Bancshares, Inc.		1,197		65,332
Western Alliance Bancorporation		1,395		64,128
HSBC Holdings plc ADR1		1,618		63,846
Wintrust Financial Corp.		842		63,571
Columbia Banking System, Inc.		3,042		61,753
Old National Bancorp		4,126		59,992
FNB Corp.		5,343		57,651
Bank OZK		1,554		57,607
Cadence Bank		2,696		57,209
Synovus Financial Corp.		2,046		56,879
First Citizens BancShares, Inc. — Class A		41		56,584
Bank of Montreal		669		56,444
United Bankshares, Inc.		2,037		56,201
Valley National Bancorp		6,431		55,049
UBS Group AG*		2,199		54,205
First Financial Bankshares, Inc.		2,124		53,355
Canadian Imperial Bank of Commerce		1,354		52,278
United Community Banks, Inc.		2,011		51,100
Hancock Whitney Corp.		1,378		50,972
Texas Capital Bancshares, Inc.*		823		48,475
Associated Banc-Corp.		2,782		47,600
UMB Financial Corp.		766		47,530
Ameris Bancorp		1,216		46,682
First Hawaiian, Inc.		2,488		44,908
Cathay General Bancorp		1,291		44,875
Deutsche Bank AG1		4,023		44,213
CVB Financial Corp.		2,605		43,165
First Interstate BancSystem, Inc. — Class A		1,713		42,722
Banco Bradesco S.A. ADR		14,773		42,103
Fulton Financial Corp.		3,328		40,302
Seacoast Banking Corporation of Florida		1,782		39,133
Independent Bank Corp.		678		33,283
PacWest Bancorp		3,666		28,998
Total Banks				5,526,249
Diversified Financial Services - 3.0%
Capital One Financial Corp.		1,800		174,690
Savings & Loans - 2.7%
New York Community Bancorp, Inc.		7,323		83,043
Pacific Premier Bancorp, Inc.		1,930		41,997
Washington Federal, Inc.		1,467		37,585
Total Savings & Loans				162,625
Total Common Stocks
(Cost $5,133,919)				5,863,564
PREFERRED STOCKS† - 1.1%
Financial - 1.1%
Itau Unibanco Holding S.A.
ADR		12,606		67,694
Total Preferred Stocks
(Cost $59,370)				67,694
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.1%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	4,151		4,151
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		1,612		1,612
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		1,596		1,596
Total Repurchase Agreements
(Cost $7,359)				7,359

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
BANKING FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 2.3%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		136,977	$	136,977
Total Securities Lending Collateral
(Cost $136,977)				136,977
Total Investments - 102.2%
(Cost $5,337,625)			$	6,075,594
Other Assets & Liabilities, net - (2.2)%				(131,579	)
Total Net Assets - 100.0%			$	5,944,015

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 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 September 30, 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 September 30, 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	$	5,863,564	$	—	$	—	$	5,863,564
Preferred Stocks		67,694		—		—		67,694
Repurchase Agreements		—		7,359		—		7,359
Securities Lending Collateral		136,977		—		—		136,977
Total Assets	$	6,068,235	$	7,359	$	—	$	6,075,594

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

BANKING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $133,314 of securities loaned (cost $5,330,266)	$	6,068,235
Repurchase agreements, at value (cost $7,359)		7,359
Receivables:
Dividends		18,791
Foreign tax reclaims		1,060
Fund shares sold		700
Securities lending income		40
Interest		2
Total assets		6,096,187
Liabilities:
Payable for:
Return of securities lending collateral		136,977
Fund shares redeemed		5,402
Management fees		3,896
Transfer agent		1,519
Distribution and service fees		877
Portfolio accounting and administration fees		469
Trustees’ fees*		94
Miscellaneous		2,938
Total liabilities		152,172
Net assets	$	5,944,015
Net assets consist of:
Paid in capital	$	16,718,963
Total distributable earnings (loss)		(10,774,948	)
Net assets	$	5,944,015
Investor Class:
Net assets	$	3,104,411
Capital shares outstanding		44,709
Net asset value per share	$	69.44
A-Class:
Net assets	$	2,360,456
Capital shares outstanding		38,302
Net asset value per share	$	61.63
Maximum offering price per share (Net asset value divided by 95.25%)	$	64.69
C-Class:
Net assets	$	369,792
Capital shares outstanding		7,038
Net asset value per share	$	52.54
H-Class:
Net assets	$	109,356
Capital shares outstanding		1,827
Net asset value per share	$	59.86

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $2,295)	$	152,466
Interest		845
Income from securities lending, net		1,545
Total investment income		154,856
Expenses:
Management fees		32,724
Distribution and service fees:
A-Class		3,501
C-Class		2,809
H-Class		168
Transfer agent		7,824
Portfolio accounting and administration fees		5,868
Registration fees		3,519
Professional fees		1,582
Trustees’ fees*		606
Custodian fees		522
Line of credit fees		83
Miscellaneous		1,149
Total expenses		60,355
Less:
Expenses reimbursed by Adviser		(568	)
Net expenses		59,787
Net investment income		95,069
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		132,305
Net realized gain		132,305
Net change in unrealized appreciation (depreciation) on:
Investments		47,146
Net change in unrealized appreciation (depreciation)		47,146
Net realized and unrealized gain		179,451
Net increase in net assets resulting from operations	$	274,520

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

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

BANKING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	95,069		$	124,157
Net realized gain on investments		132,305			1,142,823
Net change in unrealized appreciation (depreciation) on investments		47,146			(4,044,030	)
Net increase (decrease) in net assets resulting from operations		274,520			(2,777,050	)
Distributions to shareholders:
Investor Class		—			(141,982	)
A-Class		—			(115,109	)
C-Class		—			(38,799	)
H-Class		—			(4,792	)
Total distributions to shareholders		—			(300,682	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		15,155,143			37,557,660
A-Class		2,350,154			1,993,053
C-Class		41,110			389,919
H-Class		84,654			540,677
Distributions reinvested
Investor Class		—			140,351
A-Class		—			113,828
C-Class		—			38,698
H-Class		—			4,695
Cost of shares redeemed
3Investor Class		(13,914,086	)		(39,145,083	)
A-Class		(2,803,117	)		(2,695,148	)
C-Class		(479,326	)		(1,161,889	)
H-Class		(83,687	)		(2,535,748	)
Net increase (decrease) from capital share transactions		350,845			(4,758,987	)
Net increase (decrease) in net assets		625,365			(7,836,719	)
Net assets:
Beginning of period		5,318,650			13,155,369
End of period	$	5,944,015		$	5,318,650
Capital share activity:
Shares sold
Investor Class		213,523			422,891
A-Class		37,067			26,938
C-Class		769			5,630
H-Class		1,313			7,214
Shares issued from reinvestment of distributions
Investor Class		—			1,726
A-Class		—			1,574
C-Class		—			624
H-Class		—			67
Shares redeemed
Investor Class		(190,537	)		(445,428	)
A-Class		(44,174	)		(34,617	)
C-Class		(9,177	)		(16,813	)
H-Class		(1,358	)		(32,132	)
Net increase (decrease) in shares		7,426			(62,326	)

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

BANKING FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	70.50		$	99.66		$	95.71		$	51.83		$	74.58		$	86.27
Income (loss) from investment operations:
Net investment income (loss)b		.96			1.43			1.03			1.25			1.14			.81
Net gain (loss) on investments (realized and unrealized)		(2.02	)e		(28.00	)		3.42			44.89			(23.38	)		(10.92	)
Total from investment operations		(1.06	)		(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	$	69.44		$	70.50		$	99.66		$	95.71		$	51.83		$	74.58
Total Return		(1.50	%)		(27.01	%)		4.62	%		90.06	%		(30.08	%)		(11.63	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,104		$	1,531		$	4,239		$	9,027		$	17,507		$	5,997
Ratios to average net assets:
Net investment income (loss)		2.66	%		1.62	%		1.02	%		1.79	%		1.47	%		0.97	%
Total expenses		1.40	%		1.40	%		1.36	%		1.43	%		1.48	%		1.46	%
Net expenses		1.38	%c		1.40	%		1.36	%		1.43	%		1.48	%		1.46	%
Portfolio turnover rate		202	%		384	%		501	%		799	%		360	%		633	%

A-Class	Six Months Ended September 30, 2023a			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	$	62.66		$	89.12		$	85.85		$	46.98		$	67.81		$	78.80
Income (loss) from investment operations:
Net investment income (loss)b		.74			1.08			.71			1.02			.87			.57
Net gain (loss) on investments (realized and unrealized)		(1.77	)e		(24.95	)		3.06			40.11			(21.19	)		(9.98	)
Total from investment operations		(1.03	)		(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	$	61.63		$	62.66		$	89.12		$	85.85		$	46.98		$	67.81
Total Returnd		(1.64	%)		(27.18	%)		4.36	%		88.72	%		(30.25	%)		(11.85	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,360		$	2,845		$	4,591		$	4,050		$	2,789		$	4,849
Ratios to average net assets:
Net investment income (loss)		2.35	%		1.38	%		0.77	%		1.67	%		1.23	%		0.76	%
Total expenses		1.65	%		1.65	%		1.61	%		1.69	%		1.73	%		1.72	%
Net expenses		1.64	%c		1.65	%		1.61	%		1.69	%		1.73	%		1.72	%
Portfolio turnover rate		202	%		384	%		501	%		799	%		360	%		633	%

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

BANKING FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	53.62		$	77.28		$	75.07		$	41.57		$	60.51		$	71.05
Income (loss) from investment operations:
Net investment income (loss)b		.43			.41			.03			.49			.31			(.05	)
Net gain (loss) on investments (realized and unrealized)		(1.51	)e		(21.48	)		2.68			35.27			(18.74	)		(8.91	)
Total from investment operations		(1.08	)		(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	$	52.54		$	53.62		$	77.28		$	75.07		$	41.57		$	60.51
Total Returnd		(2.01	%)		(27.73	%)		3.58	%		87.34	%		(30.78	%)		(12.51	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	370		$	828		$	2,010		$	892		$	764		$	1,284
Ratios to average net assets:
Net investment income (loss)		1.61	%		0.61	%		0.03	%		0.93	%		0.49	%		(0.07	%)
Total expenses		2.41	%		2.40	%		2.36	%		2.45	%		2.48	%		2.46	%
Net expenses		2.39	%c		2.40	%		2.36	%		2.45	%		2.48	%		2.46	%
Portfolio turnover rate		202	%		384	%		501	%		799	%		360	%		633	%

16 | THE RYDEX FUNDS SEMI-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.

H-Class	Six Months Ended September 30, 2023a			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	$	60.85		$	86.66		$	83.48		$	45.73		$	66.00		$	76.78
Income (loss) from investment operations:
Net investment income (loss)b		.76			.91			.63			.85			.74			.45
Net gain (loss) on investments (realized and unrealized)		(1.75	)e		(24.13	)		3.05			39.16			(20.50	)		(9.65	)
Total from investment operations		(0.99	)		(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	$	59.86		$	60.85		$	86.66		$	83.48		$	45.73		$	66.00
Total Return		(1.63	%)		(27.18	%)		4.38	%		88.66	%		(30.24	%)		(11.89	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	109		$	114		$	2,316		$	4,601		$	162		$	1,531
Ratios to average net assets:
Net investment income (loss)		2.47	%		1.16	%		0.71	%		1.15	%		1.02	%		0.60	%
Total expenses		1.65	%		1.65	%		1.60	%		1.63	%		1.74	%		1.70	%
Net expenses		1.63	%c		1.65	%		1.60	%		1.63	%		1.74	%		1.70	%
Portfolio turnover rate		202	%		384	%		501	%		799	%		360	%		633	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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	4.8%
Air Products and Chemicals, Inc.	2.9%
Sherwin-Williams Co.	2.7%
Freeport-McMoRan, Inc.	2.6%
Vale S.A. ADR	2.5%
Ecolab, Inc.	2.3%
Corteva, Inc.	2.3%
Nucor Corp.	2.2%
Dow, Inc.	2.2%
DuPont de Nemours, Inc.	2.0%
Top Ten Total	26.5%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(5.69%)	13.35%	7.00%	6.41%
A-Class Shares	(5.80%)	13.08%	6.73%	6.15%
A-Class Shares with sales charge‡	(10.27%)	7.71%	5.70%	5.63%
C-Class Shares	(6.15%)	12.21%	5.93%	5.35%
C-Class Shares with CDSC§	(7.09%)	11.21%	5.93%	5.35%
H-Class Shares**	(5.80%)	13.04%	6.72%	6.09%
S&P 500 Materials Index	(1.61%)	18.05%	8.61%	8.70%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

18 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS(Unaudited)	September 30, 2023
BASIC MATERIALS FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Chemicals - 39.8%
Linde plc		3,862	$	1,438,016
Air Products and Chemicals, Inc.		3,029		858,419
Sherwin-Williams Co.		3,213		819,476
Ecolab, Inc.		4,082		691,491
Dow, Inc.		12,671		653,317
DuPont de Nemours, Inc.		8,133		606,640
PPG Industries, Inc.		4,590		595,782
LyondellBasell Industries N.V. — Class A		5,698		539,601
Nutrien Ltd.		7,861		485,495
Albemarle Corp.		2,760		469,310
CF Industries Holdings, Inc.		5,343		458,109
International Flavors & Fragrances, Inc.		6,668		454,557
Celanese Corp. — Class A		3,164		397,145
Mosaic Co.		10,557		375,829
RPM International, Inc.		3,923		371,940
Eastman Chemical Co.		4,265		327,211
FMC Corp.		4,669		312,683
Olin Corp.		5,529		276,339
Axalta Coating Systems Ltd.*		9,908		266,525
Westlake Corp.		1,821		227,024
Valvoline, Inc.		6,995		225,519
Element Solutions, Inc.		11,475		225,025
Huntsman Corp.		8,858		216,135
Ashland, Inc.		2,622		214,165
Chemours Co.		7,530		211,216
Livent Corp.*		10,141		186,696
Total Chemicals				11,903,665
Mining - 24.0%
Freeport-McMoRan, Inc.		21,028		784,134
Newmont Corp.		15,823		584,660
Barrick Gold Corp.		38,750		563,812
Rio Tinto plc ADR		7,653		487,037
BHP Group Ltd. ADR		8,139		462,946
Agnico Eagle Mines Ltd.		8,164		371,054
Wheaton Precious Metals Corp.		8,436		342,080
Pan American Silver Corp.		20,082		290,787
Royal Gold, Inc.		2,680		284,964
Franco-Nevada Corp.		2,068		276,057
Anglogold Ashanti plc		17,438		275,520
Southern Copper Corp.		3,657		275,336
Kinross Gold Corp.		59,572		271,648
Gold Fields Ltd. ADR1		24,372		264,680
Alcoa Corp.		8,926		259,390
Sibanye Stillwater Ltd. ADR1		40,751		251,434
Alamos Gold, Inc. — Class A		20,376		230,045
Lithium Americas Corp.*,1		12,172		207,046
First Majestic Silver Corp.		39,251		201,358
SSR Mining, Inc.		12,977		172,464
MP Materials Corp.*		9,008		172,053
Hecla Mining Co.		38,425		150,242
Total Mining				7,178,747
Iron & Steel - 13.0%
Vale S.A. ADR		56,996		763,746
Nucor Corp.		4,189		654,950
Steel Dynamics, Inc.		4,207		451,075
Reliance Steel & Aluminum Co.		1,570		411,701
Cleveland-Cliffs, Inc.*		20,706		323,635
ArcelorMittal S.A.		11,533		288,671
United States Steel Corp.		8,809		286,116
Commercial Metals Co.		5,107		252,337
ATI, Inc.*		5,881		242,003
Gerdau S.A. ADR		46,231		220,522
Total Iron & Steel				3,894,756
Packaging & Containers - 9.1%
Ball Corp.		8,577		426,963
Packaging Corporation of America		2,711		416,274
Amcor plc		40,068		367,023
Crown Holdings, Inc.		4,015		355,247
Westrock Co.		9,397		336,413
Berry Global Group, Inc.		4,777		295,744
Graphic Packaging Holding Co.		12,937		288,236
Sealed Air Corp.		7,292		239,615
Total Packaging & Containers				2,725,515
Building Materials - 5.1%
Vulcan Materials Co.		2,702		545,858
Martin Marietta Materials, Inc.		1,304		535,266
Eagle Materials, Inc.		1,542		256,774
Louisiana-Pacific Corp.		3,605		199,248
Total Building Materials				1,537,146
Coal - 2.8%
Teck Resources Ltd. — Class B		11,585		499,198
Alpha Metallurgical Resources, Inc.		661		171,681
Arch Resources, Inc.		897		153,082
Total Coal				823,961
Biotechnology - 2.3%
Corteva, Inc.		13,191		674,852
Household Products & Housewares - 1.4%
Avery Dennison Corp.		2,304		420,872
Forest Products & Paper - 1.3%
International Paper Co.		11,190		396,910
Housewares - 0.5%
Scotts Miracle-Gro Co. — Class A		3,130		161,758
Healthcare-Services - 0.3%
Ginkgo Bioworks Holdings, Inc.*,1		49,551		89,687
Total Common Stocks
(Cost $19,813,498)				29,807,869

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
BASIC MATERIALS FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 1.0%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	169,749	$	169,749
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		65,940		65,940
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		65,288		65,288
Total Repurchase Agreements
(Cost $300,977)				300,977
	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.1%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		630,120		630,120
Total Securities Lending Collateral
(Cost $630,120)				630,120
Total Investments - 102.7%
(Cost $20,744,595)			$	30,738,966
Other Assets & Liabilities, net - (2.7)%				(794,943	)
Total Net Assets - 100.0%			$	29,944,023

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 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 September 30, 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 September 30, 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	$	29,807,869	$	—	$	—	$	29,807,869
Repurchase Agreements		—		300,977		—		300,977
Securities Lending Collateral		630,120		—		—		630,120
Total Assets	$	30,437,989	$	300,977	$	—	$	30,738,966

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

BASIC MATERIALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $602,085 of securities loaned (cost $20,443,618)	$	30,437,989
Repurchase agreements, at value (cost $300,977)		300,977
Cash		920
Receivables:
Dividends		36,828
Fund shares sold		1,044
Foreign tax reclaims		837
Securities lending income		690
Interest		89
Total assets		30,779,374
Liabilities:
Payable for:
Return of securities lending collateral		630,120
Deferred foreign capital gain taxes		130,382
Fund shares redeemed		26,369
Management fees		21,651
Transfer agent		7,413
Distribution and service fees		3,554
Portfolio accounting and administration fees		2,608
Trustees’ fees*		410
Miscellaneous		12,844
Total liabilities		835,351
Net assets	$	29,944,023
Net assets consist of:
Paid in capital	$	23,912,245
Total distributable earnings (loss)		6,031,778
Net assets	$	29,944,023
Investor Class:
Net assets	$	19,917,097
Capital shares outstanding		261,807
Net asset value per share	$	76.08
A-Class:
Net assets	$	6,711,553
Capital shares outstanding		96,184
Net asset value per share	$	69.78
Maximum offering price per share (Net asset value divided by 95.25%)	$	73.26
C-Class:
Net assets	$	2,200,094
Capital shares outstanding		37,752
Net asset value per share	$	58.28
H-Class:
Net assets	$	1,115,279
Capital shares outstanding		16,553
Net asset value per share	$	67.38

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $7,517)	$	345,522
Interest		6,744
Income from securities lending, net		5,109
Total investment income		357,375
Expenses:
Management fees		139,345
Distribution and service fees:
A-Class		8,935
C-Class		12,500
H-Class		1,657
Transfer agent		34,131
Portfolio accounting and administration fees		24,986
Registration fees		17,535
Professional fees		8,047
Trustees’ fees*		3,278
Custodian fees		2,248
Line of credit fees		34
Miscellaneous		192
Total expenses		252,888
Less:
Expenses reimbursed by Adviser		(2,667	)
Net expenses		250,221
Net investment income		107,154
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,007,617
Net realized gain		1,007,617
Net change in unrealized appreciation (depreciation) on:
Investments		(3,081,627	)
Net change in unrealized appreciation (depreciation)		(3,081,627	)
Net realized and unrealized loss		(2,074,010	)
Net decrease in net assets resulting from operations	$	(1,966,856	)

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

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

BASIC MATERIALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	107,154		$	394,270
Net realized gain on investments		1,007,617			999,821
Net change in unrealized appreciation (depreciation) on investments		(3,081,627	)		(10,382,838	)
Net decrease in net assets resulting from operations		(1,966,856	)		(8,988,747	)
Distributions to shareholders:
Investor Class		—			(383,064	)
A-Class		—			(129,402	)
C-Class		—			(58,507	)
H-Class		—			(72,279	)
Total distributions to shareholders		—			(643,252	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		9,161,761			49,912,072
A-Class		868,688			2,856,561
C-Class		309,470			1,128,838
H-Class		44,121			5,008,351
Distributions reinvested
Investor Class		—			372,564
A-Class		—			123,203
C-Class		—			58,257
H-Class		—			72,218
Cost of shares redeemed
Investor Class		(11,093,702	)		(70,700,665	)
A-Class		(1,295,584	)		(2,088,268	)
C-Class		(585,459	)		(1,903,212	)
H-Class		(415,720	)		(13,113,466	)
Net decrease from capital share transactions		(3,006,425	)		(28,273,547	)
Net decrease in net assets		(4,973,281	)		(37,905,546	)
Net assets:
Beginning of period		34,917,304			72,822,850
End of period	$	29,944,023		$	34,917,304
Capital share activity:
Shares sold
Investor Class		114,980			592,203
A-Class		11,858			38,096
C-Class		5,053			17,926
H-Class		627			68,572
Shares issued from reinvestment of distributions
Investor Class		—			4,847
A-Class		—			1,744
C-Class		—			982
H-Class		—			1,059
Shares redeemed
Investor Class		(140,334	)		(878,910	)
A-Class		(17,770	)		(28,466	)
C-Class		(9,599	)		(31,357	)
H-Class		(5,928	)		(178,116	)
Net decrease in shares		(41,113	)		(391,420	)

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

BASIC MATERIALS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	80.67		$	89.73		$	78.37		$	42.39		$	58.04		$	60.37
Income (loss) from investment operations:
Net investment income (loss)b		.31			.89			.60			.43			.43			.35
Net gain (loss) on investments (realized and unrealized)		(4.90	)		(8.66	)		12.39			37.12			(13.42	)		(1.85	)
Total from investment operations		(4.59	)		(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	$	76.08		$	80.67		$	89.73		$	78.37		$	42.39		$	58.04
Total Return		(5.69	%)		(8.59	%)		16.72	%		89.00	%		(23.61	%)		(2.36	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	19,917		$	23,164		$	51,058		$	38,112		$	13,313		$	26,704
Ratios to average net assets:
Net investment income (loss)		0.79	%		1.11	%		0.71	%		0.67	%		0.74	%		0.59	%
Total expenses		1.40	%		1.39	%		1.36	%		1.43	%		1.48	%		1.47	%
Net expenses		1.39	%c		1.39	%		1.36	%		1.43	%		1.48	%		1.47	%
Portfolio turnover rate		25	%		126	%		169	%		162	%		67	%		247	%

A-Class	Six Months Ended September 30, 2023a			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	$	74.08		$	82.73		$	72.55		$	39.41		$	54.27		$	56.66
Income (loss) from investment operations:
Net investment income (loss)b		.20			.56			.35			.25			.26			.25
Net gain (loss) on investments (realized and unrealized)		(4.50	)		(7.92	)		11.46			34.46			(12.46	)		(1.81	)
Total from investment operations		(4.30	)		(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	$	69.78		$	74.08		$	82.73		$	72.55		$	39.41		$	54.27
Total Returnd		(5.80	%)		(8.83	%)		16.43	%		88.52	%		(23.80	%)		(2.60	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,712		$	7,563		$	7,506		$	5,599		$	2,966		$	6,810
Ratios to average net assets:
Net investment income (loss)		0.56	%		0.77	%		0.45	%		0.44	%		0.48	%		0.45	%
Total expenses		1.65	%		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%
Net expenses		1.64	%c		1.63	%		1.61	%		1.69	%		1.73	%		1.72	%
Portfolio turnover rate		25	%		126	%		169	%		162	%		67	%		247	%

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

BASIC MATERIALS FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	62.10		$	70.12		$	62.18		$	34.17		$	47.73		$	50.32
Income (loss) from investment operations:
Net investment income (loss)b		(.06	)		—	e		(.18	)		(.17	)		(.11	)		(.21	)
Net gain (loss) on investments (realized and unrealized)		(3.76	)		(6.73	)		9.75			29.75			(10.79	)		(1.55	)
Total from investment operations		(3.82	)		(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	$	58.28		$	62.10		$	70.12		$	62.18		$	34.17		$	47.73
Total Returnd		(6.15	%)		(9.51	%)		15.57	%		87.07	%		(24.35	%)		(3.35	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,200		$	2,627		$	3,839		$	2,534		$	1,526		$	2,930
Ratios to average net assets:
Net investment income (loss)		(0.21	%)		—	f		(0.27	%)		(0.34	%)		(0.23	%)		(0.42	%)
Total expenses		2.40	%		2.39	%		2.36	%		2.44	%		2.47	%		2.47	%
Net expenses		2.39	%c		2.39	%		2.36	%		2.44	%		2.47	%		2.47	%
Portfolio turnover rate		25	%		126	%		169	%		162	%		67	%		247	%

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

BASIC MATERIALS FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	71.53		$	79.95		$	70.17		$	38.15		$	52.62		$	54.95
Income (loss) from investment operations:
Net investment income (loss)b		.18			.28			.56			.19			.27			.12
Net gain (loss) on investments (realized and unrealized)		(4.33	)		(7.41	)		10.85			33.40			(12.08	)		(1.62	)
Total from investment operations		(4.15	)		(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	$	67.38		$	71.53		$	79.95		$	70.17		$	38.15		$	52.62
Total Return		(5.80	%)		(8.85	%)		16.42	%		88.51	%		(23.81	%)		(2.59	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,115		$	1,563		$	10,420		$	2,108		$	825		$	1,424
Ratios to average net assets:
Net investment income (loss)		0.51	%		0.38	%		0.73	%		0.33	%		0.51	%		0.21	%
Total expenses		1.65	%		1.65	%		1.60	%		1.68	%		1.72	%		1.71	%
Net expenses		1.64	%c		1.65	%		1.60	%		1.68	%		1.72	%		1.71	%
Portfolio turnover rate		25	%		126	%		169	%		162	%		67	%		247	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	Less than $0.01 per share.
f	Less than 0.01% or (0.01%).

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	8.8%
Amgen, Inc.	6.7%
Gilead Sciences, Inc.	5.0%
Vertex Pharmaceuticals, Inc.	4.5%
Regeneron Pharmaceuticals, Inc.	4.5%
Corteva, Inc.	3.4%
Biogen, Inc.	3.3%
Moderna, Inc.	3.1%
Seagen, Inc.	3.0%
AstraZeneca plc ADR	3.0%
Top Ten Total	45.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(3.75%)	3.41%	0.67%	6.10%
A-Class Shares	(3.86%)	3.15%	0.42%	5.84%
A-Class Shares with sales charge‡	(8.43%)	(1.75%)	(0.55%)	5.32%
C-Class Shares	(4.24%)	2.38%	(0.33%)	5.05%
C-Class Shares with CDSC§	(5.20%)	1.38%	(0.33%)	5.05%
H-Class Shares**	(3.87%)	3.15%	0.42%	5.79%
S&P 500 Health Care Index	0.22%	8.18%	8.21%	11.74%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

26 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
BIOTECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Biotechnology - 74.6%
Amgen, Inc.		25,911	$	6,963,840
Gilead Sciences, Inc.		70,341		5,271,355
Vertex Pharmaceuticals, Inc.*		13,479		4,687,187
Regeneron Pharmaceuticals, Inc.*		5,693		4,685,111
Corteva, Inc.		68,596		3,509,371
Biogen, Inc.*		13,457		3,458,584
Moderna, Inc.*		31,430		3,246,405
Seagen, Inc.*		14,995		3,181,189
Horizon Therapeutics plc*		25,334		2,930,890
Illumina, Inc.*		18,070		2,480,650
BioMarin Pharmaceutical, Inc.*		26,119		2,311,009
Alnylam Pharmaceuticals, Inc.*		12,825		2,271,308
Royalty Pharma plc — Class A		76,578		2,078,327
Sarepta Therapeutics, Inc.*		15,464		1,874,546
Incyte Corp.*		30,841		1,781,685
United Therapeutics Corp.*		6,892		1,556,696
Ionis Pharmaceuticals, Inc.*		33,371		1,513,709
Exelixis, Inc.*		67,625		1,477,606
Argenx SE ADR*		2,792		1,372,631
Halozyme Therapeutics, Inc.*		33,480		1,278,936
CRISPR Therapeutics AG*		27,329		1,240,463
BioNTech SE ADR*		11,189		1,215,573
ImmunoGen, Inc.*		72,205		1,145,893
Amicus Therapeutics, Inc.*		87,004		1,057,969
Insmed, Inc.*		41,844		1,056,561
Apellis Pharmaceuticals, Inc.*		27,700		1,053,708
Mirati Therapeutics, Inc.*		23,632		1,029,410
Guardant Health, Inc.*		30,961		917,684
Arrowhead Pharmaceuticals, Inc.*		32,836		882,303
Karuna Therapeutics, Inc.*		5,104		863,035
Intellia Therapeutics, Inc.*		27,155		858,641
Cytokinetics, Inc.*		28,921		852,013
Blueprint Medicines Corp.*		16,675		837,419
ACADIA Pharmaceuticals, Inc.*		38,965		812,031
Ultragenyx Pharmaceutical, Inc.*		22,422		799,344
Denali Therapeutics, Inc.*		36,904		761,330
Beam Therapeutics, Inc.*		30,154		725,204
BioCryst Pharmaceuticals, Inc.*		95,227		674,207
Prothena Corporation plc*		13,283		640,905
Twist Bioscience Corp.*		27,842		564,079
TG Therapeutics, Inc.*		63,154		527,967
Vir Biotechnology, Inc.*		55,138		516,643
PTC Therapeutics, Inc.*		22,803		511,015
Novavax, Inc.*,1		57,330		415,069
Total Biotechnology				77,889,501
Pharmaceuticals - 20.9%
AbbVie, Inc.		61,485		9,164,954
AstraZeneca plc ADR		45,792		3,101,034
Viatris, Inc.		196,801		1,940,458
Neurocrine Biosciences, Inc.*		17,078		1,921,275
Jazz Pharmaceuticals plc*		12,127		1,569,719
Alkermes plc*		51,027		1,429,266
Vaxcyte, Inc.*		21,320		1,086,894
Ironwood Pharmaceuticals, Inc. — Class A*		72,533		698,493
Catalyst Pharmaceuticals, Inc.*		49,729		581,332
Madrigal Pharmaceuticals, Inc.*		2,214		323,332
Total Pharmaceuticals				21,816,757
Healthcare-Products - 2.9%
Exact Sciences Corp.*		27,755		1,893,446
Natera, Inc.*		25,453		1,126,295
Total Healthcare-Products				3,019,741
Healthcare-Services - 1.1%
Medpace Holdings, Inc.*		4,842		1,172,393
Total Common Stocks
(Cost $55,028,898)				103,898,392
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	367,031		367,031
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		142,574		142,574
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		141,166		141,166
Total Repurchase Agreements
(Cost $650,771)				650,771

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
BIOTECHNOLOGY FUND

	Shares			Value
SECURITIES LENDING COLLATERAL†,3 - 0.3%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		313,928	$	313,928
Total Securities Lending Collateral
(Cost $313,928)				313,928
Total Investments - 100.4%
(Cost $55,993,597)			$	104,863,091
Other Assets & Liabilities, net - (0.4)%				(374,418	)
Total Net Assets - 100.0%			$	104,488,673

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 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 September 30, 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 September 30, 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	$	103,898,392	$	—	$	—	$	103,898,392
Repurchase Agreements		—		650,771		—		650,771
Securities Lending Collateral		313,928		—		—		313,928
Total Assets	$	104,212,320	$	650,771	$	—	$	104,863,091

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

BIOTECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $303,045 of securities loaned (cost $55,342,826)	$	104,212,320
Repurchase agreements, at value (cost $650,771)		650,771
Cash		1,190,068
Receivables:
Fund shares sold		114,238
Foreign tax reclaims		4,335
Securities lending income		1,975
Interest		191
Total assets		106,173,898
Liabilities:
Payable for:
Securities purchased		1,140,580
Return of securities lending collateral		313,928
Management fees		77,768
Fund shares redeemed		65,787
Transfer agent fees		26,316
Portfolio accounting and administration fees		9,367
Distribution and service fees		5,166
Trustees’ fees*		1,434
Miscellaneous		44,879
Total liabilities		1,685,225
Net assets	$	104,488,673
Net assets consist of:
Paid in capital	$	58,540,857
Total distributable earnings (loss)		45,947,816
Net assets	$	104,488,673
Investor Class:
Net assets	$	83,680,930
Capital shares outstanding		1,273,027
Net asset value per share	$	65.73
A-Class:
Net assets	$	14,489,392
Capital shares outstanding		253,934
Net asset value per share	$	57.06
Maximum offering price per share (Net asset value divided by 95.25%)	$	59.91
C-Class:
Net assets	$	1,098,114
Capital shares outstanding		24,438
Net asset value per share	$	44.93
H-Class:
Net assets	$	5,220,237
Capital shares outstanding		95,885
Net asset value per share	$	54.44

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends	$	552,223
Interest		13,149
Income from securities lending, net		29,568
Total investment income		594,940
Expenses:
Management fees		494,322
Distribution and service fees:
A-Class		19,643
C-Class		7,124
H-Class		7,310
Transfer agent fees		120,672
Portfolio accounting and administration fees		88,637
Registration fees		56,608
Professional fees		30,037
Trustees’ fees*		10,468
Custodian fees		7,929
Line of credit fees		170
Miscellaneous		6,731
Total expenses		849,651
Less:
Expenses reimbursed by Adviser		(9,279	)
Net expenses		840,372
Net investment loss		(245,432	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		4,723,049
Net realized gain		4,723,049
Net change in unrealized appreciation (depreciation) on:
Investments		(8,723,606	)
Net change in unrealized appreciation (depreciation)		(8,723,606	)
Net realized and unrealized loss		(4,000,557	)
Net decrease in net assets resulting from operations	$	(4,245,989	)

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

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

BIOTECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(245,432	)	$	(546,385	)
Net realized gain (loss) on investments		4,723,049			(1,868,860	)
Net change in unrealized appreciation (depreciation) on investments		(8,723,606	)		(6,943,222	)
Net decrease in net assets resulting from operations		(4,245,989	)		(9,358,467	)
Distributions to shareholders:
Investor Class		—			(1,400,398	)
A-Class		—			(261,302	)
C-Class		—			(40,352	)
H-Class		—			(98,449	)
Total distributions to shareholders		—			(1,800,501	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		15,872,010			59,349,087
A-Class		1,012,274			4,270,307
C-Class		88,210			288,533
H-Class		134,752			1,146,596
Distributions reinvested
Investor Class		—			1,340,834
A-Class		—			256,294
C-Class		—			39,028
H-Class		—			98,371
Cost of shares redeemed
Investor Class		(22,554,867	)		(80,587,920	)
A-Class		(2,063,028	)		(6,316,518	)
C-Class		(672,403	)		(1,527,907	)
H-Class		(801,171	)		(4,045,536	)
Net decrease from capital share transactions		(8,984,223	)		(25,688,831	)
Net decrease in net assets		(13,230,212	)		(36,847,799	)
Net assets:
Beginning of period		117,718,885			154,566,684
End of period	$	104,488,673		$	117,718,885
Capital share activity:
Shares sold
Investor Class		230,064			854,810
A-Class		16,866			71,911
C-Class		1,860			5,958
H-Class		2,352			20,151
Shares issued from reinvestment of distributions
Investor Class		—			19,100
A-Class		—			4,197
C-Class		—			807
H-Class		—			1,688
Shares redeemed
Investor Class		(330,223	)		(1,175,811	)
A-Class		(34,544	)		(105,566	)
C-Class		(14,199	)		(32,044	)
H-Class		(14,121	)		(67,269	)
Net decrease in shares		(141,945	)		(402,068	)

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

BIOTECHNOLOGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	68.29		$	73.30		$	94.01		$	71.72		$	83.02		$	87.17
Income (loss) from investment operations:
Net investment income (loss)b		(.12	)		(.24	)		(.52	)		(.58	)		(.44	)		(.68	)
Net gain (loss) on investments (realized and unrealized)		(2.44	)		(3.87	)		(4.42	)		29.82			(7.26	)		6.42
Total from investment operations		(2.56	)		(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	$	65.73		$	68.29		$	73.30		$	94.01		$	71.72		$	83.02
Total Return		(3.75	%)		(5.64	%)		(6.81	%)		40.80	%		(9.91	%)		7.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	83,681		$	93,776		$	122,777		$	151,506		$	122,194		$	177,344
Ratios to average net assets:
Net investment income (loss)		(0.36	%)		(0.34	%)		(0.56	%)		(0.62	%)		(0.56	%)		(0.79	%)
Total expenses		1.40	%		1.39	%		1.36	%		1.45	%		1.48	%		1.46	%
Net expenses		1.39	%c		1.39	%		1.36	%		1.45	%		1.48	%		1.46	%
Portfolio turnover rate		19	%		61	%		65	%		115	%		64	%		100	%

A-Class	Six Months Ended September 30, 2023a			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	$	59.35		$	63.98		$	84.21		$	64.92		$	75.66		$	80.55
Income (loss) from investment operations:
Net investment income (loss)b		(.18	)		(.35	)		(.65	)		(.73	)		(.57	)		(.82	)
Net gain (loss) on investments (realized and unrealized)		(2.11	)		(3.38	)		(3.81	)		26.97			(6.57	)		5.82
Total from investment operations		(2.29	)		(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	$	57.06		$	59.35		$	63.98		$	84.21		$	64.92		$	75.66
Total Returnd		(3.86	%)		(5.87	%)		(7.04	%)		40.44	%		(10.14	%)		7.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,489		$	16,121		$	19,263		$	22,317		$	14,565		$	23,199
Ratios to average net assets:
Net investment income (loss)		(0.61	%)		(0.59	%)		(0.80	%)		(0.87	%)		(0.80	%)		(1.04	%)
Total expenses		1.65	%		1.64	%		1.61	%		1.69	%		1.73	%		1.71	%
Net expenses		1.64	%c		1.64	%		1.61	%		1.69	%		1.73	%		1.71	%
Portfolio turnover rate		19	%		61	%		65	%		115	%		64	%		100	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

BIOTECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

C-Class	Six Months Ended September 30, 2023a			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	$	46.92		$	51.15		$	70.90		$	55.85		$	66.05		$	72.14
Income (loss) from investment operations:
Net investment income (loss)b		(.33	)		(.64	)		(1.09	)		(1.15	)		(.97	)		(1.27	)
Net gain (loss) on investments (realized and unrealized)		(1.66	)		(2.69	)		(2.89	)		23.15			(5.63	)		5.07
Total from investment operations		(1.99	)		(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	$	44.93		$	46.92		$	51.15		$	70.90		$	55.85		$	66.05
Total Returnd		(4.24	%)		(6.58	%)		(7.74	%)		39.39	%		(10.80	%)		6.87	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,098		$	1,725		$	3,174		$	8,221		$	8,692		$	14,248
Ratios to average net assets:
Net investment income (loss)		(1.38	%)		(1.34	%)		(1.58	%)		(1.61	%)		(1.56	%)		(1.79	%)
Total expenses		2.40	%		2.39	%		2.36	%		2.45	%		2.48	%		2.46	%
Net expenses		2.39	%c		2.39	%		2.36	%		2.45	%		2.48	%		2.46	%
Portfolio turnover rate		19	%		61	%		65	%		115	%		64	%		100	%

H-Class	Six Months Ended September 30, 2023a			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	$	56.63		$	61.09		$	81.10		$	62.70		$	73.18		$	78.26
Income (loss) from investment operations:
Net investment income (loss)b		(.17	)		(.34	)		(.64	)		(.66	)		(.59	)		(.82	)
Net gain (loss) on investments (realized and unrealized)		(2.02	)		(3.22	)		(3.60	)		26.01			(6.29	)		5.63
Total from investment operations		(2.19	)		(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	$	54.44		$	56.63		$	61.09		$	81.10		$	62.70		$	73.18
Total Return		(3.87	%)		(5.87	%)		(7.04	%)		40.45	%		(10.12	%)		7.66	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,220		$	6,096		$	9,352		$	9,565		$	8,365		$	13,315
Ratios to average net assets:
Net investment income (loss)		(0.61	%)		(0.59	%)		(0.82	%)		(0.83	%)		(0.85	%)		(1.06	%)
Total expenses		1.65	%		1.64	%		1.61	%		1.72	%		1.73	%		1.71	%
Net expenses		1.64	%c		1.64	%		1.61	%		1.72	%		1.73	%		1.71	%
Portfolio turnover rate		19	%		61	%		65	%		115	%		64	%		100	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	6.7%
PepsiCo, Inc.	5.6%
Coca-Cola Co.	5.4%
Philip Morris International, Inc.	4.5%
Mondelez International, Inc. — Class A	3.6%
Altria Group, Inc.	3.2%
Colgate-Palmolive Co.	2.8%
Estee Lauder Companies, Inc. — Class A	2.5%
Constellation Brands, Inc. — Class A	2.3%
Kimberly-Clark Corp.	2.3%
Top Ten Total	38.9%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(6.76%)	5.87%	5.04%	6.42%
A-Class Shares	(6.87%)	5.62%	4.77%	6.16%
A-Class Shares with sales charge‡	(11.29%)	0.60%	3.76%	5.64%
C-Class Shares	(7.24%)	4.83%	3.99%	5.36%
C-Class Shares with CDSC§	(8.16%)	3.89%	3.99%	5.36%
H-Class Shares**	(6.87%)	5.62%	4.78%	6.11%
S&P 500 Consumer Staples Index	(5.54%)	7.35%	8.51%	8.85%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	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.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 33

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
CONSUMER PRODUCTS FUND

	Shares		Value
COMMON STOCKS† - 99.9%
Food - 34.8%
Mondelez International, Inc. — Class A		31,787	$	2,206,018
Hershey Co.		7,119		1,424,370
General Mills, Inc.		21,691		1,388,007
Sysco Corp.		19,559		1,291,872
Kroger Co.		27,709		1,239,978
Kraft Heinz Co.		35,539		1,195,532
McCormick & Company, Inc.		13,182		997,086
Tyson Foods, Inc. — Class A		19,105		964,611
Kellanova		15,289		909,848
Lamb Weston Holdings, Inc.		8,778		811,614
Conagra Brands, Inc.		29,502		808,945
Hormel Foods Corp.		20,244		769,879
J M Smucker Co.		6,037		742,008
US Foods Holding Corp.*		17,491		694,393
Performance Food Group Co.*		11,793		694,136
Campbell Soup Co.		15,634		642,245
Albertsons Companies, Inc. — Class A		27,383		622,963
Hostess Brands, Inc.*		15,820		526,964
Sprouts Farmers Market, Inc.*		11,716		501,445
Post Holdings, Inc.*		5,525		473,713
Flowers Foods, Inc.		19,873		440,783
Simply Good Foods Co.*		12,382		427,427
Grocery Outlet Holding Corp.*		12,529		361,462
Cal-Maine Foods, Inc.		6,793		328,917
Lancaster Colony Corp.		1,857		306,461
Hain Celestial Group, Inc.*		21,979		227,922
Pilgrim’s Pride Corp.*		9,482		216,474
Beyond Meat, Inc.*,1		17,075		164,261
Total Food				21,379,334
Beverages - 27.0%
PepsiCo, Inc.		20,199		3,422,519
Coca-Cola Co.		59,260		3,317,375
Constellation Brands, Inc. — Class A		5,704		1,433,586
Monster Beverage Corp.*		26,442		1,400,104
Keurig Dr Pepper, Inc.		39,669		1,252,350
Brown-Forman Corp. — Class B		19,694		1,136,147
Coca-Cola Europacific Partners plc		16,941		1,058,474
Anheuser-Busch InBev S.A. ADR1		17,683		977,870
Fomento Economico Mexicano SAB de CV ADR		8,182		893,065
Molson Coors Beverage Co. — Class B		12,766		811,790
Celsius Holdings, Inc.*		3,515		603,174
Boston Beer Company, Inc. — Class A*		749		291,758
Total Beverages				16,598,212
Cosmetics & Personal Care - 16.9%
Procter & Gamble Co.		28,285		4,125,650
Colgate-Palmolive Co.		24,015		1,707,707
Estee Lauder Companies, Inc. — Class A		10,628		1,536,277
Kenvue, Inc.		65,515		1,315,541
Unilever plc ADR		19,111		944,083
elf Beauty, Inc.*		4,443		487,975
Beauty Health Co.*		28,862		173,749
Olaplex Holdings, Inc.*		23,849		46,506
Total Cosmetics & Personal Care				10,337,488
Agriculture - 14.0%
Philip Morris International, Inc.		29,604		2,740,739
Altria Group, Inc.		46,282		1,946,158
Archer-Daniels-Midland Co.		18,874		1,423,477
British American Tobacco plc ADR		30,424		955,618
Bunge Ltd.		8,361		905,078
Darling Ingredients, Inc.*		11,966		624,625
Total Agriculture				8,595,695
Household Products & Housewares - 5.4%
Kimberly-Clark Corp.		11,793		1,425,184
Church & Dwight Company, Inc.		11,441		1,048,339
Clorox Co.		6,390		837,473
Total Household Products & Housewares				3,310,996
Retail - 1.8%
Casey’s General Stores, Inc.		2,843		771,931
Freshpet, Inc.*		5,288		348,374
Total Retail				1,120,305
Total Common Stocks
(Cost $33,506,679)				61,342,030
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.1%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	28,999		28,999
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		11,265		11,265
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		11,153		11,153
Total Repurchase Agreements
(Cost $51,417)				51,417
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.4%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		846,078		846,078
Total Securities Lending Collateral
(Cost $846,078)				846,078
Total Investments - 101.4%
(Cost $34,404,174)			$	62,239,525
Other Assets & Liabilities, net - (1.4)%				(845,712	)
Total Net Assets - 100.0%			$	61,393,813

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 September 30, 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 September 30, 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 September 30, 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	$	61,342,030	$	—	$	—	$	61,342,030
Repurchase Agreements		—		51,417		—		51,417
Securities Lending Collateral		846,078		—		—		846,078
Total Assets	$	62,188,108	$	51,417	$	—	$	62,239,525

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

CONSUMER PRODUCTS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $851,772 of securities loaned (cost $34,352,757)	$	62,188,108
Repurchase agreements, at value (cost $51,417)		51,417
Receivables:
Dividends		177,852
Securities lending income		2,470
Foreign tax reclaims		1,389
Fund shares sold		826
Interest		15
Total assets		62,422,077
Liabilities:
Payable for:
Return of securities lending collateral		846,078
Fund shares redeemed		80,380
Management fees		45,985
Transfer agent		16,078
Portfolio accounting and administration fees		5,538
Distribution and service fees		5,355
Trustees’ fees*		891
Miscellaneous		27,959
Total liabilities		1,028,264
Net assets	$	61,393,813
Net assets consist of:
Paid in capital	$	31,400,075
Total distributable earnings (loss)		29,993,738
Net assets	$	61,393,813
Investor Class:
Net assets	$	47,543,302
Capital shares outstanding		890,881
Net asset value per share	$	53.37
A-Class:
Net assets	$	8,634,127
Capital shares outstanding		187,229
Net asset value per share	$	46.12
Maximum offering price per share (Net asset value divided by 95.25%)	$	48.41
C-Class:
Net assets	$	3,761,380
Capital shares outstanding		109,074
Net asset value per share	$	34.48
H-Class:
Net assets	$	1,455,004
Capital shares outstanding		33,452
Net asset value per share	$	43.50

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends	$	975,236
Interest		7,025
Income from securities lending, net		39,599
Total investment income		1,021,860
Expenses:
Management fees		318,736
Distribution and service fees:
A-Class		11,614
C-Class		22,218
H-Class		2,031
Transfer agent		77,997
Portfolio accounting and administration fees		57,153
Registration fees		37,273
Professional fees		18,419
Trustees’ fees*		6,870
Custodian fees		5,124
Line of credit fees		178
Miscellaneous		4,290
Total expenses		561,903
Less:
Expenses reimbursed by Adviser		(5,694	)
Net expenses		556,209
Net investment income		465,651
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		5,112,055
Net realized gain		5,112,055
Net change in unrealized appreciation (depreciation) on:
Investments		(10,312,955	)
Net change in unrealized appreciation (depreciation)		(10,312,955	)
Net realized and unrealized loss		(5,200,900	)
Net decrease in net assets resulting from operations	$	(4,735,249	)

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

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

CONSUMER PRODUCTS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	465,651		$	1,380,538
Net realized gain on investments		5,112,055			7,319,617
Net change in unrealized appreciation (depreciation) on investments		(10,312,955	)		(6,377,523	)
Net increase (decrease) in net assets resulting from operations		(4,735,249	)		2,322,632
Distributions to shareholders:
Investor Class		—			(6,119,772	)
A-Class		—			(795,613	)
C-Class		—			(516,440	)
H-Class		—			(157,306	)
Total distributions to shareholders		—			(7,589,131	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		14,565,241			79,518,264
A-Class		630,718			2,870,632
C-Class		181,878			258,817
H-Class		441,389			506,704
Distributions reinvested
Investor Class		—			6,019,493
A-Class		—			773,384
C-Class		—			506,935
H-Class		—			154,590
Cost of shares redeemed
Investor Class		(26,144,081	)		(86,456,869	)
A-Class		(811,290	)		(3,292,719	)
C-Class		(965,028	)		(1,983,481	)
H-Class		(619,903	)		(1,211,992	)
Net decrease from capital share transactions		(12,721,076	)		(2,336,242	)
Net decrease in net assets		(17,456,325	)		(7,602,741	)
Net assets:
Beginning of period		78,850,138			86,452,879
End of period	$	61,393,813		$	78,850,138
Capital share activity:
Shares sold
Investor Class		252,547			1,362,299
A-Class		12,784			54,959
C-Class		4,828			6,490
H-Class		9,408			10,521
Shares issued from reinvestment of distributions
Investor Class		—			106,502
A-Class		—			15,803
C-Class		—			13,772
H-Class		—			3,349
Shares redeemed
Investor Class		(459,072	)		(1,488,436	)
A-Class		(16,352	)		(65,081	)
C-Class		(26,088	)		(49,841	)
H-Class		(13,226	)		(25,191	)
Net decrease in shares		(235,171	)		(54,854	)

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

CONSUMER PRODUCTS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	57.24		$	60.53		$	66.72		$	52.88		$	59.56		$	61.08
Income (loss) from investment operations:
Net investment income (loss)b		.38			.97			.66			.70			.72			.92
Net gain (loss) on investments (realized and unrealized)		(4.25	)		(.17	)e		2.18			18.44			(5.71	)		1.40
Total from investment operations		(3.87	)		.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	$	53.37		$	57.24		$	60.53		$	66.72		$	52.88		$	59.56
Total Return		(6.76	%)		1.40	%		4.89	%		36.78	%		(8.81	%)		4.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	47,543		$	62,816		$	67,612		$	83,023		$	79,890		$	142,633
Ratios to average net assets:
Net investment income (loss)		1.33	%		1.65	%		1.01	%		1.12	%		1.17	%		1.56	%
Total expenses		1.40	%		1.39	%		1.36	%		1.45	%		1.47	%		1.46	%
Net expenses		1.39	%c		1.39	%		1.36	%		1.45	%		1.47	%		1.46	%
Portfolio turnover rate		18	%		79	%		60	%		38	%		59	%		84	%

A-Class	Six Months Ended September 30, 2023a			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	$	49.52		$	53.05		$	59.72		$	47.88		$	54.21		$	56.08
Income (loss) from investment operations:
Net investment income (loss)b		.27			.68			.44			.50			.51			.69
Net gain (loss) on investments (realized and unrealized)		(3.67	)		(.12	)e		1.92			16.64			(5.15	)		1.28
Total from investment operations		(3.40	)		.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	$	46.12		$	49.52		$	53.05		$	59.72		$	47.88		$	54.21
Total Returnd		(6.87	%)		1.13	%		4.65	%		36.43	%		(9.04	%)		3.82	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,634		$	9,449		$	9,820		$	10,751		$	8,561		$	13,659
Ratios to average net assets:
Net investment income (loss)		1.11	%		1.34	%		0.76	%		0.89	%		0.92	%		1.28	%
Total expenses		1.65	%		1.64	%		1.61	%		1.69	%		1.72	%		1.71	%
Net expenses		1.64	%c		1.64	%		1.61	%		1.69	%		1.72	%		1.71	%
Portfolio turnover rate		18	%		79	%		60	%		38	%		59	%		84	%

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

CONSUMER PRODUCTS FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	37.17		$	41.14		$	48.68		$	40.08		$	45.98		$	48.50
Income (loss) from investment operations:
Net investment income (loss)b		.06			.22			—			.06			.08			.28
Net gain (loss) on investments (realized and unrealized)		(2.75	)		(.10	)e		1.49			13.84			(4.29	)		1.04
Total from investment operations		(2.69	)		.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	$	34.48		$	37.17		$	41.14		$	48.68		$	40.08		$	45.98
Total Returnd		(7.24	%)		0.37	%		3.87	%		35.40	%		(9.73	%)		3.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,761		$	4,845		$	6,578		$	9,035		$	9,816		$	14,976
Ratios to average net assets:
Net investment income (loss)		0.34	%		0.56	%		—			0.12	%		0.16	%		0.60	%
Total expenses		2.40	%		2.39	%		2.36	%		2.45	%		2.47	%		2.46	%
Net expenses		2.39	%c		2.39	%		2.36	%		2.45	%		2.47	%		2.46	%
Portfolio turnover rate		18	%		79	%		60	%		38	%		59	%		84	%

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

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.

H-Class	Six Months Ended September 30, 2023a			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	$	46.71		$	50.27		$	57.06		$	45.93		$	52.07		$	54.02
Income (loss) from investment operations:
Net investment income (loss)b		.26			.62			.38			.49			.46			.69
Net gain (loss) on investments (realized and unrealized)		(3.47	)		(.09	)e		1.86			15.94			(4.91	)		1.20
Total from investment operations		(3.21	)		.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	$	43.50		$	46.71		$	50.27		$	57.06		$	45.93		$	52.07
Total Return		(6.87	%)		1.14	%		4.65	%		36.43	%		(9.05	%)		3.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,455		$	1,741		$	2,443		$	5,601		$	4,284		$	10,118
Ratios to average net assets:
Net investment income (loss)		1.10	%		1.28	%		0.68	%		0.90	%		0.86	%		1.32	%
Total expenses		1.65	%		1.64	%		1.61	%		1.69	%		1.72	%		1.71	%
Net expenses		1.64	%c		1.64	%		1.61	%		1.69	%		1.72	%		1.71	%
Portfolio turnover rate		18	%		79	%		60	%		38	%		59	%		84	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	12.6%
Broadcom, Inc.	7.2%
Advanced Micro Devices, Inc.	5.0%
Texas Instruments, Inc.	4.7%
QUALCOMM, Inc.	4.6%
Intel Corp.	4.6%
Applied Materials, Inc.	4.2%
Analog Devices, Inc.	3.7%
Lam Research Corp.	3.5%
Micron Technology, Inc.	3.4%
Top Ten Total	53.5%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	3.56%	42.79%	21.01%	19.75%
A-Class Shares	3.45%	42.43%	20.71%	19.46%
A-Class Shares with sales charge‡	(1.46%)	35.67%	19.54%	18.88%
C-Class Shares	3.06%	41.38%	19.81%	18.56%
C-Class Shares with CDSC§	2.06%	40.38%	19.81%	18.56%
H-Class Shares**	3.44%	42.44%	20.71%	19.39%
S&P 500 Information Technology Index	10.59%	41.10%	18.40%	20.38%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 41

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
ELECTRONICS FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Semiconductors - 94.0%
NVIDIA Corp.		24,712	$	10,749,473
Broadcom, Inc.		7,394		6,141,309
Advanced Micro Devices, Inc.*		41,738		4,291,501
Texas Instruments, Inc.		25,281		4,019,932
QUALCOMM, Inc.		35,728		3,967,952
Intel Corp.		110,336		3,922,445
Applied Materials, Inc.		25,858		3,580,040
Analog Devices, Inc.		17,860		3,127,107
Lam Research Corp.		4,793		3,004,109
Micron Technology, Inc.		42,270		2,875,628
KLA Corp.		5,681		2,605,647
Marvell Technology, Inc.		41,374		2,239,575
Microchip Technology, Inc.		28,023		2,187,195
ON Semiconductor Corp.*		22,307		2,073,436
NXP Semiconductor N.V.		10,306		2,060,376
ASML Holding N.V. — Class G		2,920		1,718,887
Taiwan Semiconductor Manufacturing Company Ltd. ADR		18,295		1,589,835
Monolithic Power Systems, Inc.		3,036		1,402,632
Skyworks Solutions, Inc.		14,105		1,390,612
Teradyne, Inc.		13,661		1,372,384
Entegris, Inc.		13,395		1,257,924
STMicroelectronics N.V. — Class Y		27,242		1,175,765
Lattice Semiconductor Corp.*		13,226		1,136,510
United Microelectronics Corp. ADR1		155,474		1,097,646
Qorvo, Inc.*		11,034		1,053,416
ASE Technology Holding Company Ltd. ADR		133,132		1,001,153
Rambus, Inc.*		14,975		835,455
MKS Instruments, Inc.		9,223		798,158
GLOBALFOUNDRIES, Inc.*,1		12,898		750,535
MACOM Technology Solutions Holdings, Inc.*		8,877		724,186
Cirrus Logic, Inc.*		9,525		704,469
Power Integrations, Inc.		9,187		701,060
Wolfspeed, Inc.*		18,339		698,716
Axcelis Technologies, Inc.*		4,154		677,310
Synaptics, Inc.*		7,403		662,124
Silicon Laboratories, Inc.*		5,361		621,286
Amkor Technology, Inc.		23,940		541,044
Allegro MicroSystems, Inc.*		15,428		492,770
Ambarella, Inc.*		8,513		451,444
Semtech Corp.*		17,416		448,462
Impinj, Inc.*		6,258		344,378
Total Semiconductors				80,493,886
Energy-Alternate Sources - 4.5%
Enphase Energy, Inc.*		11,273		1,354,451
First Solar, Inc.*		8,131		1,313,888
SolarEdge Technologies, Inc.*		8,939		1,157,690
Total Energy-Alternate Sources				3,826,029
Electrical Components & Equipment - 1.0%
Universal Display Corp.		5,690		893,273
Total Common Stocks
(Cost $59,130,522)				85,213,188
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	344,881		344,881
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		133,970		133,970
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		132,646		132,646
Total Repurchase Agreements
(Cost $611,497)				611,497
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.7%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		1,418,021		1,418,021
Total Securities Lending Collateral
(Cost $1,418,021)				1,418,021
Total Investments - 101.9%
(Cost $61,160,040)			$	87,242,706
Other Assets & Liabilities, net - (1.9)%				(1,585,865	)
Total Net Assets - 100.0%			$	85,656,841

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 September 30, 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 September 30, 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 September 30, 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	$	85,213,188	$	—	$	—	$	85,213,188
Repurchase Agreements		—		611,497		—		611,497
Securities Lending Collateral		1,418,021		—		—		1,418,021
Total Assets	$	86,631,209	$	611,497	$	—	$	87,242,706

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

ELECTRONICS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $1,378,573 of securities loaned (cost $60,548,543)	$	86,631,209
Repurchase agreements, at value (cost $611,497)		611,497
Receivables:
Fund shares sold		98,269
Dividends		28,785
Securities lending income		976
Interest		180
Total assets		87,370,916
Liabilities:
Payable for:
Return of securities lending collateral		1,418,021
Fund shares redeemed		166,317
Management fees		62,470
Transfer agent		20,648
Portfolio accounting and administration fees		7,524
Distribution and service fees		3,165
Trustees’ fees*		1,132
Miscellaneous		34,798
Total liabilities		1,714,075
Net assets	$	85,656,841
Net assets consist of:
Paid in capital	$	66,470,597
Total distributable earnings (loss)		19,186,244
Net assets	$	85,656,841
Investor Class:
Net assets	$	74,754,103
Capital shares outstanding		245,658
Net asset value per share	$	304.30
A-Class:
Net assets	$	5,732,863
Capital shares outstanding		20,686
Net asset value per share	$	277.14
Maximum offering price per share (Net asset value divided by 95.25%)	$	290.96
C-Class:
Net assets	$	1,403,423
Capital shares outstanding		5,957
Net asset value per share	$	235.59
H-Class:
Net assets	$	3,766,452
Capital shares outstanding		14,027
Net asset value per share	$	268.51

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $5,272)	$	513,104
Interest		13,947
Income from securities lending, net		8,500
Total investment income		535,551
Expenses:
Management fees		366,358
Distribution and service fees:
A-Class		7,261
C-Class		6,652
H-Class		5,385
Transfer agent		87,785
Portfolio accounting and administration fees		65,692
Registration fees		30,287
Professional fees		23,875
Custodian fees		5,759
Trustees’ fees*		5,411
Miscellaneous		18,178
Total expenses		622,643
Less:
Expenses reimbursed by Adviser		(7,654	)
Net expenses		614,989
Net investment loss		(79,438	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		413,334
Net realized gain		413,334
Net change in unrealized appreciation (depreciation) on:
Investments		2,889,358
Net change in unrealized appreciation (depreciation)		2,889,358
Net realized and unrealized gain		3,302,692
Net increase in net assets resulting from operations	$	3,223,254

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

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

ELECTRONICS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(79,438	)	$	(82,834	)
Net realized gain (loss) on investments		413,334			(400,879	)
Net change in unrealized appreciation (depreciation) on investments		2,889,358			(329,138	)
Net increase (decrease) in net assets resulting from operations		3,223,254			(812,851	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		67,465,944			64,807,683
A-Class		1,929,261			2,458,522
C-Class		579,801			644,277
H-Class		1,017,096			4,876,943
Cost of shares redeemed
Investor Class		(37,875,386	)		(83,230,672	)
A-Class		(2,152,926	)		(5,039,489	)
C-Class		(438,210	)		(1,075,489	)
H-Class		(2,896,003	)		(1,279,413	)
Net increase (decrease) from capital share transactions		27,629,577			(17,837,638	)
Net increase (decrease) in net assets		30,852,831			(18,650,489	)
Net assets:
Beginning of period		54,804,010			73,454,499
End of period	$	85,656,841		$	54,804,010
Capital share activity:
Shares sold
Investor Class		228,152			248,810
A-Class		6,858			10,279
C-Class		2,356			3,082
H-Class		3,736			19,796
Shares redeemed
Investor Class		(125,824	)		(304,912	)
A-Class		(7,705	)		(20,454	)
C-Class		(1,850	)		(5,309	)
H-Class		(11,567	)		(5,543	)
Net increase (decrease) in shares		94,156			(54,251	)

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

ELECTRONICS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	293.83		$	304.55		$	281.78		$	137.65		$	126.31		$	136.98
Income (loss) from investment operations:
Net investment income (loss)b		(.21	)		(.35	)		(1.59	)		(.71	)		—	e		.27
Net gain (loss) on investments (realized and unrealized)		10.68			(10.37	)		35.88			150.08			11.35			(.29	)
Total from investment operations		10.47			(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	$	304.30		$	293.83		$	304.55		$	281.78		$	137.65		$	126.31
Total Return		3.56	%		(3.52	%)		11.63	%		109.05	%		8.99	%		1.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	74,754		$	42,114		$	60,738		$	55,324		$	38,634		$	18,642
Ratios to average net assets:
Net investment income (loss)		(0.13	%)		(0.14	%)		(0.51	%)		(0.33	%)		—	f		0.21	%
Total expenses		1.40	%		1.39	%		1.36	%		1.44	%		1.48	%		1.46	%
Net expenses		1.38	%c		1.39	%		1.36	%		1.44	%		1.48	%		1.46	%
Portfolio turnover rate		27	%		147	%		281	%		163	%		265	%		521	%

A-Class	Six Months Ended September 30, 2023a			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	$	267.90		$	278.40		$	259.00		$	127.06		$	116.88		$	127.98
Income (loss) from investment operations:
Net investment income (loss)b		(.58	)		(.95	)		(2.15	)		(1.15	)		(.31	)		(.03	)
Net gain (loss) on investments (realized and unrealized)		9.82			(9.55	)		33.07			138.33			10.50			(.42	)
Total from investment operations		9.24			(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	$	277.14		$	267.90		$	278.40		$	259.00		$	127.06		$	116.88
Total Returnd		3.45	%		(3.77	%)		11.35	%		108.53	%		8.72	%		1.10	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,733		$	5,769		$	8,827		$	5,156		$	2,120		$	3,908
Ratios to average net assets:
Net investment income (loss)		(0.41	%)		(0.41	%)		(0.76	%)		(0.58	%)		(0.23	%)		(0.02	%)
Total expenses		1.65	%		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%
Net expenses		1.63	%c		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%
Portfolio turnover rate		27	%		147	%		281	%		163	%		265	%		521	%

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

ELECTRONICS FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	228.60		$	239.35		$	225.59		$	111.87		$	103.69		$	115.77
Income (loss) from investment operations:
Net investment income (loss)b		(1.39	)		(2.30	)		(3.58	)		(2.32	)		(1.14	)		(.91	)
Net gain (loss) on investments (realized and unrealized)		8.38			(8.45	)		28.86			121.28			9.33			(.52	)
Total from investment operations		6.99			(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	$	235.59		$	228.60		$	239.35		$	225.59		$	111.87		$	103.69
Total Returnd		3.06	%		(4.49	%)		10.51	%		106.98	%		7.91	%		0.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,403		$	1,246		$	1,838		$	2,987		$	1,701		$	1,317
Ratios to average net assets:
Net investment income (loss)		(1.16	%)		(1.16	%)		(1.48	%)		(1.34	%)		(0.96	%)		(0.83	%)
Total expenses		2.40	%		2.39	%		2.36	%		2.44	%		2.48	%		2.45	%
Net expenses		2.38	%c		2.39	%		2.36	%		2.44	%		2.48	%		2.45	%
Portfolio turnover rate		27	%		147	%		281	%		163	%		265	%		521	%

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

ELECTRONICS FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	259.59		$	269.75		$	251.22		$	123.34		$	113.47		$	124.62
Income (loss) from investment operations:
Net investment income (loss)b		(.61	)		(.97	)		(2.32	)		(1.23	)		(.30	)		(.54	)
Net gain (loss) on investments (realized and unrealized)		9.53			(9.19	)		32.37			134.35			10.18			.04	g
Total from investment operations		8.92			(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	$	268.51		$	259.59		$	269.75		$	251.22		$	123.34		$	113.47
Total Return		3.44	%		(3.77	%)		11.35	%		108.53	%		8.72	%		1.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,766		$	5,674		$	2,051		$	8,383		$	2,142		$	3,686
Ratios to average net assets:
Net investment income (loss)		(0.45	%)		(0.43	%)		(0.85	%)		(0.60	%)		(0.22	%)		(0.45	%)
Total expenses		1.65	%		1.64	%		1.60	%		1.67	%		1.73	%		1.68	%
Net expenses		1.64	%c		1.64	%		1.60	%		1.67	%		1.73	%		1.68	%
Portfolio turnover rate		27	%		147	%		281	%		163	%		265	%		521	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	Less than $0.01 per share.
f	Less than 0.01% or (0.01%)
g	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchase of fund shares in relation to fluctuating market value of the investment of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 21, 1998
A-Class	September 1, 2004
C-Class	April 19, 2001
H-Class	May 5, 1998

Ten Largest Holdings	% of Total Net Assets
Exxon Mobil Corp.	6.7%
Chevron Corp.	5.3%
ConocoPhillips	3.6%
Schlumberger N.V.	2.7%
EOG Resources, Inc.	2.6%
Marathon Petroleum Corp.	2.4%
Phillips 66	2.2%
Pioneer Natural Resources Co.	2.2%
Valero Energy Corp.	2.2%
Occidental Petroleum Corp.	2.0%
Top Ten Total	31.9%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	12.05%	21.78%	3.00%	(0.76%)
A-Class Shares	11.92%	21.49%	2.75%	(0.99%)
A-Class Shares with sales charge‡	6.61%	15.72%	1.75%	(1.47%)
C-Class Shares	11.49%	20.59%	1.98%	(1.75%)
C-Class Shares with CDSC§	10.50%	19.59%	1.98%	(1.75%)
H-Class Shares**	11.90%	21.49%	2.73%	(1.07%)
S&P 500 Energy Index	11.22%	30.21%	8.96%	5.07%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	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 Energy Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 49

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
ENERGY FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Oil & Gas - 67.0%
Exxon Mobil Corp.		24,891	$	2,926,684
Chevron Corp.		13,580		2,289,860
ConocoPhillips		13,209		1,582,438
EOG Resources, Inc.		8,848		1,121,572
Marathon Petroleum Corp.		6,792		1,027,901
Phillips 66		8,080		970,812
Pioneer Natural Resources Co.		4,130		948,042
Valero Energy Corp.		6,688		947,756
Occidental Petroleum Corp.		13,528		877,697
Hess Corp.		5,557		850,221
BP plc ADR		20,360		788,339
Devon Energy Corp.		14,742		703,193
Diamondback Energy, Inc.		4,518		699,748
Shell plc ADR		10,014		644,701
Petroleo Brasileiro S.A. ADR		40,134		601,609
Coterra Energy, Inc. — Class A		21,433		579,763
Equities Corp.		13,231		536,914
Marathon Oil Corp.		20,063		536,685
Suncor Energy, Inc.		14,672		504,423
Ovintiv, Inc.		10,193		484,881
APA Corp.		11,079		455,347
Cenovus Energy, Inc.		21,866		455,250
Chesapeake Energy Corp.		5,038		434,427
Canadian Natural Resources Ltd.		6,666		431,090
Equinor ASA ADR1		11,795		386,758
HF Sinclair Corp.		6,631		377,503
Range Resources Corp.		11,328		367,140
Civitas Resources, Inc.		4,453		360,114
Southwestern Energy Co.*		54,448		351,190
Murphy Oil Corp.		7,548		342,302
Antero Resources Corp.*		13,441		341,133
Chord Energy Corp.		2,074		336,133
Matador Resources Co.		5,649		336,003
Weatherford International plc*		3,671		331,601
Permian Resources Corp.		23,428		327,055
PBF Energy, Inc. — Class A		6,081		325,516
Noble Corporation plc		6,426		325,477
Transocean Ltd.*		38,929		319,607
Patterson-UTI Energy, Inc.		22,630		313,199
Valaris Ltd.*		3,999		299,845
Denbury, Inc.*		3,034		297,362
SM Energy Co.		7,024		278,502
Magnolia Oil & Gas Corp. — Class A		12,149		278,334
Kosmos Energy Ltd.*		32,840		268,631
Helmerich & Payne, Inc.		6,085		256,544
CNX Resources Corp.*		10,957		247,409
Northern Oil and Gas, Inc.		5,797		233,213
Callon Petroleum Co.*		5,182		202,720
Delek US Holdings, Inc.		6,146		174,608
Comstock Resources, Inc.		11,511		126,966
Total Oil & Gas				29,204,218
Pipelines - 12.3%
Cheniere Energy, Inc.		5,072		841,749
Williams Companies, Inc.		24,904		839,016
Kinder Morgan, Inc.		45,421		753,080
ONEOK, Inc.		11,014		698,618
Targa Resources Corp.		6,753		578,867
Enbridge, Inc.		14,065		466,817
TC Energy Corp.1		10,612		365,159
Golar LNG Ltd.		12,847		311,668
Equitrans Midstream Corp.		27,824		260,711
New Fortress Energy, Inc.		7,133		233,820
Total Pipelines				5,349,505
Oil & Gas Services - 9.3%
Schlumberger N.V.		20,298		1,183,373
Baker Hughes Co.		21,874		772,590
Halliburton Co.		18,718		758,079
NOV, Inc.		18,269		381,822
TechnipFMC plc		17,867		363,415
ChampionX Corp.		9,612		342,379
Liberty Energy, Inc. — Class A		12,485		231,222
Total Oil & Gas Services				4,032,880
Energy-Alternate Sources - 5.6%
SolarEdge Technologies, Inc.*		5,836		755,820
Enphase Energy, Inc.*		4,453		535,028
First Solar, Inc.*		3,208		518,381
Plug Power, Inc.*,1		36,323		276,055
Sunrun, Inc.*		16,330		205,105
Green Plains, Inc.*		5,574		167,777
Total Energy-Alternate Sources				2,458,166
Transportation - 1.5%
Scorpio Tankers, Inc.		6,168		333,812
Frontline plc		17,400		326,772
Total Transportation				660,584
Coal - 1.3%
Peabody Energy Corp.		9,473		246,203
CONSOL Energy, Inc.		1,681		176,354
Arch Resources, Inc.		794		135,504
Total Coal				558,061
Mining - 1.0%
Cameco Corp.		11,145		441,788
Metal Fabricate & Hardware - 0.8%
Tenaris S.A. ADR		10,215		322,794
Retail - 0.6%
Murphy USA, Inc.		812		277,485
Total Common Stocks
(Cost $26,007,646)				43,305,481

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
ENERGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	119,042	$	119,042
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		46,242		46,242
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		45,785		45,785
Total Repurchase Agreements
(Cost $211,069)				211,069
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.8%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		788,092		788,092
Total Securities Lending Collateral
(Cost $788,092)				788,092
Total Investments - 101.7%
(Cost $27,006,807)			$	44,304,642
Other Assets & Liabilities, net - (1.7)%				(728,371	)
Total Net Assets - 100.0%			$	43,576,271

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 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 September 30, 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 September 30, 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	$	43,305,481	$	—	$	—	$	43,305,481
Repurchase Agreements		—		211,069		—		211,069
Securities Lending Collateral		788,092		—		—		788,092
Total Assets	$	44,093,573	$	211,069	$	—	$	44,304,642

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

ENERGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $766,356 of securities loaned (cost $26,795,738)	$	44,093,573
Repurchase agreements, at value (cost $211,069)		211,069
Cash		14,029
Receivables:
Fund shares sold		76,522
Dividends		60,037
Securities lending income		202
Interest		62
Total assets		44,455,494
Liabilities:
Payable for:
Return of securities lending collateral		788,092
Fund shares redeemed		29,867
Management fees		28,222
Transfer agent fees		9,480
Distribution and service fees		3,589
Portfolio accounting and administration fees		3,399
Trustees’ fees*		501
Miscellaneous		16,073
Total liabilities		879,223
Net assets	$	43,576,271
Net assets consist of:
Paid in capital	$	41,979,500
Total distributable earnings (loss)		1,596,771
Net assets	$	43,576,271
Investor Class:
Net assets	$	32,950,921
Capital shares outstanding		119,351
Net asset value per share	$	276.08
A-Class:
Net assets	$	4,560,044
Capital shares outstanding		17,995
Net asset value per share	$	253.41
Maximum offering price per share (Net asset value divided by 95.25%)	$	266.03
C-Class:
Net assets	$	2,537,738
Capital shares outstanding		11,907
Net asset value per share	$	213.13
H-Class:
Net assets	$	3,527,568
Capital shares outstanding		14,405
Net asset value per share	$	244.88

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $6,993)	$	712,218
Interest		4,360
Income from securities lending, net		1,754
Total investment income		718,332
Expenses:
Management fees		168,561
Distribution and service fees:
A-Class		5,529
C-Class		11,382
H-Class		2,238
Transfer agent fees		42,191
Portfolio accounting and administration fees		30,225
Registration fees		19,976
Professional fees		7,579
Trustees’ fees*		5,319
Custodian fees		2,776
Line of credit fees		95
Miscellaneous		1,633
Total expenses		297,504
Less:
Expenses reimbursed by Adviser		(3,390	)
Net expenses		294,114
Net investment income		424,218
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		10,516,291
Net realized gain		10,516,291
Net change in unrealized appreciation (depreciation) on:
Investments		(7,961,318	)
Net change in unrealized appreciation (depreciation)		(7,961,318	)
Net realized and unrealized gain		2,554,973
Net increase in net assets resulting from operations	$	2,979,191

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

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

ENERGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	424,218		$	2,624,759
Net realized gain on investments		10,516,291			1,513,188
Net change in unrealized appreciation (depreciation) on investments		(7,961,318	)		(3,129,366	)
Net increase in net assets resulting from operations		2,979,191			1,008,581
Distributions to shareholders:
Investor Class		—			(1,959,102	)
A-Class		—			(135,857	)
C-Class		—			(93,199	)
H-Class		—			(44,531	)
Total distributions to shareholders		—			(2,232,689	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		107,754,248			407,488,224
A-Class		1,376,290			3,874,977
C-Class		446,380			2,397,625
H-Class		3,247,261			6,210,390
Distributions reinvested
Investor Class		—			1,886,962
A-Class		—			123,065
C-Class		—			90,710
H-Class		—			44,038
Cost of shares redeemed
Investor Class		(141,248,623	)		(401,744,251	)
A-Class		(2,016,373	)		(3,229,120	)
C-Class		(510,051	)		(1,613,288	)
H-Class		(1,120,961	)		(6,982,117	)
Net increase (decrease) from capital share transactions		(32,071,829	)		8,547,215
Net increase (decrease) in net assets		(29,092,638	)		7,323,107
Net assets:
Beginning of period		72,668,909			65,345,802
End of period	$	43,576,271		$	72,668,909
Capital share activity:
Shares sold
Investor Class		407,182			1,598,042
A-Class		5,821			16,517
C-Class		2,158			11,680
H-Class		13,572			27,295
Shares issued from reinvestment of distributions
Investor Class		—			7,383
A-Class		—			524
C-Class		—			456
H-Class		—			194
Shares redeemed
Investor Class		(549,005	)		(1,584,347	)
A-Class		(8,697	)		(14,291	)
C-Class		(2,630	)		(8,415	)
H-Class		(4,774	)		(31,583	)
Net increase (decrease) in shares		(136,373	)		23,455

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

ENERGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	246.39		$	239.96		$	152.94		$	81.74		$	204.01		$	223.24
Income (loss) from investment operations:
Net investment income (loss)b		2.86			7.06			3.62			1.44			2.91			1.05
Net gain (loss) on investments (realized and unrealized)		26.83			6.01	f		84.29			72.59			(123.74	)		(18.87	)
Total from investment operations		29.69			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	$	276.08		$	246.39		$	239.96		$	152.94		$	81.74		$	204.01
Total Return		12.05	%		5.34	%		57.65	%		91.43	%		(59.61	%)		(7.94	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	32,951		$	64,350		$	57,612		$	18,220		$	4,216		$	16,172
Ratios to average net assets:
Net investment income (loss)		2.25	%		2.79	%		1.99	%		2.02	%		1.65	%		0.46	%
Total expenses		1.40	%		1.39	%		1.36	%		1.42	%		1.48	%		1.46	%
Net expenses		1.39	%c		1.39	%		1.36	%		1.42	%		1.48	%		1.46	%
Portfolio turnover rate		240	%		363	%		382	%		939	%		428	%		525	%

A-Class	Six Months Ended September 30, 2023a			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	$	226.42		$	221.55		$	141.62		$	76.01		$	190.30		$	208.85
Income (loss) from investment operations:
Net investment income (loss)b		2.28			5.79			2.67			1.00			2.46			.63
Net gain (loss) on investments (realized and unrealized)		24.71			5.72	f		78.15			67.44			(115.31	)		(17.77	)
Total from investment operations		26.99			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	$	253.41		$	226.42		$	221.55		$	141.62		$	76.01		$	190.30
Total Returnd		11.92	%		5.08	%		57.25	%		90.89	%		(59.69	%)		(8.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,560		$	4,726		$	4,015		$	2,214		$	985		$	3,369
Ratios to average net assets:
Net investment income (loss)		1.95	%		2.48	%		1.60	%		1.60	%		1.50	%		0.33	%
Total expenses		1.65	%		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%
Net expenses		1.64	%c		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%
Portfolio turnover rate		240	%		363	%		382	%		939	%		428	%		525	%

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

ENERGY FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	191.16		$	189.40		$	122.07		$	66.27		$	167.39		$	185.28
Income (loss) from investment operations:
Net investment income (loss)b		1.17			3.61			1.32			.56			1.08			(1.08	)
Net gain (loss) on investments (realized and unrealized)		20.80			4.79	f		66.90			58.07			(100.76	)		(15.40	)
Total from investment operations		21.97			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	$	213.13		$	191.16		$	189.40		$	122.07		$	66.27		$	167.39
Total Returnd		11.49	%		4.29	%		56.07	%		89.48	%		(60.01	%)		(8.83	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,538		$	2,366		$	1,640		$	746		$	432		$	1,637
Ratios to average net assets:
Net investment income (loss)		1.18	%		1.82	%		0.91	%		1.05	%		0.76	%		(0.56	%)
Total expenses		2.40	%		2.39	%		2.36	%		2.44	%		2.48	%		2.45	%
Net expenses		2.38	%c		2.39	%		2.36	%		2.44	%		2.48	%		2.45	%
Portfolio turnover rate		240	%		363	%		382	%		939	%		428	%		525	%

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

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.

H-Class	Six Months Ended September 30, 2023a			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	$	218.83		$	214.30		$	137.02		$	73.61		$	184.50		$	202.54
Income (loss) from investment operations:
Net investment income (loss)b		2.23			5.41			2.80			1.06			1.92			1.20
Net gain (loss) on investments (realized and unrealized)		23.82			5.76	f		75.37			65.18			(111.37	)		(17.83	)
Total from investment operations		26.05			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	$	244.88		$	218.83		$	214.30		$	137.02		$	73.61		$	184.50
Total Return		11.90	%		5.08	%		57.25	%		90.87	%		(59.73	%)		(8.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,528		$	1,227		$	2,079		$	1,578		$	646		$	824
Ratios to average net assets:
Net investment income (loss)		1.93	%		2.40	%		1.73	%		1.60	%		1.25	%		0.54	%
Total expenses		1.65	%		1.65	%		1.61	%		1.68	%		1.72	%		1.70	%
Net expenses		1.62	%c		1.65	%		1.61	%		1.68	%		1.72	%		1.70	%
Portfolio turnover rate		240	%		363	%		382	%		939	%		428	%		525	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	Reverse share split — Per share amounts for the years presented through March 31, 2020 have been restated to reflect a 1:3 reverse share split effective August 10, 2020.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	April 2, 1998

Ten Largest Holdings	% of Total Net Assets
Schlumberger N.V.	14.6%
Baker Hughes Co.	9.5%
Halliburton Co.	9.3%
NOV, Inc.	4.7%
ChampionX Corp.	4.2%
Weatherford International plc	4.1%
Noble Corporation plc	4.0%
Transocean Ltd.	3.9%
TechnipFMC plc	3.9%
Patterson-UTI Energy, Inc.	3.9%
Top Ten Total	62.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	25.90%	58.20%	(7.13%)	(10.63%)
A-Class Shares	25.74%	57.81%	(7.37%)	(10.85%)
A-Class Shares with sales charge‡	19.77%	50.31%	(8.27%)	(11.28%)
C-Class Shares	25.26%	56.63%	(8.05%)	(11.51%)
C-Class Shares with CDSC§	24.26%	55.63%	(8.05%)	(11.51%)
H-Class Shares**	25.74%	57.81%	(7.35%)	(10.90%)
S&P 500 Energy Index	11.22%	30.21%	8.96%	5.07%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	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.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 57

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
ENERGY SERVICES FUND

	Shares		Value
COMMON STOCKS† - 100.3%
Oil & Gas Services - 68.3%
Schlumberger N.V.		50,133	$	2,922,754
Baker Hughes Co.		54,024		1,908,128
Halliburton Co.		46,236		1,872,558
NOV, Inc.		45,126		943,133
ChampionX Corp.		23,743		845,726
TechnipFMC plc		38,194		776,866
Tidewater, Inc.*		8,788		624,563
Liberty Energy, Inc. — Class A		30,831		570,990
Oceaneering International, Inc.*		20,478		526,694
Expro Group Holdings N.V.*		20,513		476,517
Archrock, Inc.		36,285		457,191
Helix Energy Solutions Group, Inc.*		37,654		420,595
US Silica Holdings, Inc.*		24,797		348,150
ProPetro Holding Corp.*		32,194		342,222
RPC, Inc.		36,156		323,235
Core Laboratories, Inc.		7,027		168,718
ProFrac Holding Corp. — Class A*		15,344		166,943
Total Oil & Gas Services				13,694,983
Oil & Gas - 25.6%
Weatherford International plc*		9,071		819,383
Noble Corporation plc		15,868		803,714
Transocean Ltd.*		96,151		789,400
Patterson-UTI Energy, Inc.		55,888		773,490
Valaris Ltd.*		9,876		740,502
Helmerich & Payne, Inc.		15,032		633,749
Diamond Offshore Drilling, Inc.*		26,769		392,969
Nabors Industries Ltd.*		1,357		167,101
Total Oil & Gas				5,120,308
Metal Fabricate & Hardware - 3.3%
Tenaris S.A. ADR		21,301		673,112
Machinery-Diversified - 3.1%
Cactus, Inc. — Class A		12,359		620,545
Total Common Stocks
(Cost $13,399,335)				20,108,948

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	70,819		70,819
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		27,510		27,510
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		27,238		27,238
Total Repurchase Agreements
(Cost $125,567)				125,567
Total Investments - 100.9%
(Cost $13,524,902)			$	20,234,515
Other Assets & Liabilities, net - (0.9)%				(189,403	)
Total Net Assets - 100.0%			$	20,045,112

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 September 30, 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	$	20,108,948	$	—	$	—	$	20,108,948
Repurchase Agreements		—		125,567		—		125,567
Total Assets	$	20,108,948	$	125,567	$	—	$	20,234,515

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 59

ENERGY SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value (cost $13,399,335)	$	20,108,948
Repurchase agreements, at value (cost $125,567)		125,567
Receivables:
Fund shares sold		66,246
Dividends		8,237
Interest		37
Total assets		20,309,035
Liabilities:
Payable for:
Fund shares redeemed		230,017
Management fees		16,183
Transfer agent fees		5,403
Portfolio accounting and administration fees		1,949
Distribution and service fees		1,261
Trustees’ fees*		278
Miscellaneous		8,832
Total liabilities		263,923
Net assets	$	20,045,112
Net assets consist of:
Paid in capital	$	53,021,482
Total distributable earnings (loss)		(32,976,370	)
Net assets	$	20,045,112
Investor Class:
Net assets	$	16,327,995
Capital shares outstanding		60,630
Net asset value per share	$	269.31
A-Class:
Net assets	$	1,760,526
Capital shares outstanding		7,070
Net asset value per share	$	249.01
Maximum offering price per share (Net asset value divided by 95.25%)	$	261.43
C-Class:
Net assets	$	729,663
Capital shares outstanding		3,424
Net asset value per share	$	213.10
H-Class:
Net assets	$	1,226,928
Capital shares outstanding		5,084
Net asset value per share	$	241.33

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends	$	195,725
Interest		4,147
Income from securities lending, net		82
Total investment income		199,954
Expenses:
Management fees		113,050
Distribution and service fees:
A-Class		1,815
C-Class		3,888
H-Class		1,690
Transfer agent fees		28,330
Portfolio accounting and administration fees		20,271
Registration fees		10,507
Professional fees		6,433
Trustees’ fees*		3,212
Custodian fees		1,854
Miscellaneous		3,560
Total expenses		194,610
Less:
Expenses reimbursed by Adviser		(1,560	)
Net expenses		193,050
Net investment income		6,904
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		475,124
Net realized gain		475,124
Net change in unrealized appreciation (depreciation) on:
Investments		3,070,392
Net change in unrealized appreciation (depreciation)		3,070,392
Net realized and unrealized gain		3,545,516
Net increase in net assets resulting from operations	$	3,552,420

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

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

ENERGY SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	6,904		$	(115,350	)
Net realized gain (loss) on investments		475,124			(3,763,523	)
Net change in unrealized appreciation (depreciation) on investments		3,070,392			(4,501,202	)
Net increase (decrease) in net assets resulting from operations		3,552,420			(8,380,075	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		36,314,040			101,215,610
A-Class		1,257,631			3,290,830
C-Class		69,459			1,085,028
H-Class		1,942,836			5,884,787
Cost of shares redeemed
Investor Class		(55,351,011	)		(71,089,547	)
A-Class		(1,137,885	)		(2,884,947	)
C-Class		(470,355	)		(791,941	)
H-Class		(2,155,185	)		(14,588,982	)
Net increase (decrease) from capital share transactions		(19,530,470	)		22,120,838
Net increase (decrease) in net assets		(15,978,050	)		13,740,763
Net assets:
Beginning of period		36,023,162			22,282,399
End of period	$	20,045,112		$	36,023,162
Capital share activity:
Shares sold
Investor Class		144,444			457,345
A-Class		5,753			16,020
C-Class		377			6,039
H-Class		8,557			28,497
Shares redeemed
Investor Class		(236,342	)		(345,252	)
A-Class		(5,417	)		(14,097	)
C-Class		(2,720	)		(4,641	)
H-Class		(9,113	)		(75,866	)
Net increase (decrease) in shares		(94,461	)		68,045

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 61

ENERGY SERVICES FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	213.90		$	231.88		$	169.20		$	75.50		$	281.99		$	378.02
Income (loss) from investment operations:
Net investment income (loss)b		.12			(.56	)		(.63	)		.20			2.40			.15
Net gain (loss) on investments (realized and unrealized)		55.29			(17.42	)		63.81			95.34			(208.59	)		(92.88	)
Total from investment operations		55.41			(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	$	269.31		$	213.90		$	231.88		$	169.20		$	75.50		$	281.99
Total Return		25.90	%		(7.75	%)		37.44	%		127.06	%		(73.21	%)		(24.43	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,328		$	32,626		$	9,376		$	4,703		$	1,502		$	6,896
Ratios to average net assets:
Net investment income (loss)		0.11	%		(0.26	%)		(0.35	%)		0.82	%		1.11	%		0.06	%
Total expenses		1.41	%		1.39	%		1.36	%		1.42	%		1.48	%		1.46	%
Net expenses		1.40	%c		1.39	%		1.36	%		1.42	%		1.48	%		1.46	%
Portfolio turnover rate		118	%		242	%		290	%		770	%		810	%		1,453	%

A-Class	Six Months Ended September 30, 2023a			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	$	198.04		$	215.25		$	157.49		$	70.51		$	264.03		$	355.19
Income (loss) from investment operations:
Net investment income (loss)b		(.13	)		(1.16	)		(1.04	)		.19			1.95			1.80
Net gain (loss) on investments (realized and unrealized)		51.10			(16.05	)		59.30			88.63			(195.17	)		(89.66	)
Total from investment operations		50.97			(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	$	249.01		$	198.04		$	215.25		$	157.49		$	70.51		$	264.03
Total Returnd		25.74	%		(8.00	%)		37.09	%		126.39	%		(73.26	%)		(24.65	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,761		$	1,334		$	1,036		$	676		$	191		$	829
Ratios to average net assets:
Net investment income (loss)		(0.12	%)		(0.58	%)		(0.61	%)		0.87	%		0.94	%		0.60	%
Total expenses		1.65	%		1.64	%		1.61	%		1.68	%		1.73	%		1.73	%
Net expenses		1.63	%c		1.64	%		1.64	%		1.68	%		1.73	%		1.73	%
Portfolio turnover rate		118	%		242	%		290	%		770	%		810	%		1,453	%

62 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	170.13		$	186.29		$	137.36		$	62.08		$	234.26		$	317.99
Income (loss) from investment operations:
Net investment income (loss)b		(.83	)		(2.20	)		(2.02	)		(.01	)		.30			(2.55	)
Net gain (loss) on investments (realized and unrealized)		43.80			(13.96	)		51.45			77.13			(172.18	)		(77.88	)
Total from investment operations		42.97			(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	$	213.10		$	170.13		$	186.29		$	137.36		$	62.08		$	234.26
Total Returnd		25.26	%		(8.67	%)		36.07	%		124.62	%		(73.46	%)		25.17	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	730		$	981		$	814		$	479		$	192		$	826
Ratios to average net assets:
Net investment income (loss)		(0.91	%)		(1.27	%)		(1.37	%)		(0.03	%)		0.20	%		(0.84	%)
Total expenses		2.40	%		2.40	%		2.36	%		2.43	%		2.48	%		2.45	%
Net expenses		2.39	%c		2.40	%		2.36	%		2.43	%		2.48	%		2.45	%
Portfolio turnover rate		118	%		242	%		290	%		770	%		810	%		1,453	%

H-Class	Six Months Ended September 30, 2023a			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	$	191.93		$	208.59		$	152.63		$	68.37		$	255.45		$	343.95
Income (loss) from investment operations:
Net investment income (loss)b		(.19	)		(1.52	)		(.75	)		.02			1.65			.45
Net gain (loss) on investments (realized and unrealized)		49.59			(15.14	)		57.21			86.08			(188.43	)		(85.65	)
Total from investment operations		49.40			(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	$	241.33		$	191.93		$	208.59		$	152.63		$	68.37		$	255.45
Total Return		25.74	%		(7.99	%)		37.09	%		126.23	%		(73.19	%)		(24.67	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,227		$	1,082		$	11,057		$	689		$	528		$	6,395
Ratios to average net assets:
Net investment income (loss)		(0.18	%)		(0.76	%)		(0.43	%)		0.11	%		0.77	%		0.15	%
Total expenses		1.65	%		1.65	%		1.62	%		1.68	%		1.72	%		1.70	%
Net expenses		1.63	%c		1.65	%		1.62	%		1.68	%		1.72	%		1.70	%
Portfolio turnover rate		118	%		242	%		290	%		770	%		810	%		1,453	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	Reverse share split — Per share amounts for years presented through March 31, 2020 have been restated to reflect a 1:15 reverse share split effective August 10, 2020.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 2, 1998
A-Class	September 1, 2004
C-Class	April 19, 2001
H-Class	April 6, 1998

Ten Largest Holdings	% of Total Net Assets
Berkshire Hathaway, Inc. — Class B	3.3%
Visa, Inc. — Class A	2.6%
JPMorgan Chase & Co.	2.6%
Mastercard, Inc. — Class A	2.2%
Bank of America Corp.	1.7%
Wells Fargo & Co.	1.5%
Blackstone, Inc. — Class A	1.4%
Goldman Sachs Group, Inc.	1.3%
S&P Global, Inc.	1.3%
Morgan Stanley	1.2%
Top Ten Total	19.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	2.04%	5.86%	4.33%	6.88%
A-Class Shares	1.90%	5.59%	4.07%	6.61%
A-Class Shares with sales charge‡	(2.94%)	0.57%	3.06%	6.09%
C-Class Shares	1.53%	4.80%	3.29%	5.82%
C-Class Shares with CDSC§	0.53%	4.03%	3.29%	5.82%
H-Class Shares**	1.91%	5.59%	4.07%	6.57%
S&P 500 Financials Index	4.15%	11.73%	6.04%	9.69%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

64 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
FINANCIAL SERVICES FUND

	Shares		Value
COMMON STOCKS† - 97.4%
Banks - 23.6%
JPMorgan Chase & Co.		1,277	$	185,191
Bank of America Corp.		4,478		122,608
Wells Fargo & Co.		2,726		111,384
Goldman Sachs Group, Inc.		293		94,806
Morgan Stanley		1,103		90,082
Citigroup, Inc.		1,937		79,669
PNC Financial Services Group, Inc.		530		65,068
U.S. Bancorp		1,868		61,756
Truist Financial Corp.		1,927		55,131
Bank of New York Mellon Corp.		1,180		50,327
NU Holdings Limited/Cayman Islands — Class A*		6,898		50,011
Toronto-Dominion Bank		811		48,871
ICICI Bank Ltd. ADR		1,915		44,275
Royal Bank of Canada		490		42,846
M&T Bank Corp.		338		42,740
Bank of Nova Scotia1		918		41,852
HDFC Bank Ltd. ADR		699		41,248
Popular, Inc.		654		41,209
State Street Corp.		595		39,841
Fifth Third Bancorp		1,460		36,982
Regions Financial Corp.		2,074		35,673
Huntington Bancshares, Inc.		3,315		34,476
Northern Trust Corp.		465		32,308
Citizens Financial Group, Inc.		1,173		31,436
KeyCorp		2,653		28,546
East West Bancorp, Inc.		466		24,563
First Horizon Corp.		1,962		21,621
Zions Bancorp North America		597		20,829
Comerica, Inc.		490		20,359
Pinnacle Financial Partners, Inc.		299		20,045
Columbia Banking System, Inc.		926		18,798
Old National Bancorp		1,256		18,262
Bank OZK		473		17,534
Valley National Bancorp		1,956		16,743
First Citizens BancShares, Inc. — Class A		8		11,041
PacWest Bancorp		1,115		8,820
Total Banks				1,706,951
Diversified Financial Services - 20.7%
Visa, Inc. — Class A		829		190,678
Mastercard, Inc. — Class A		405		160,344
BlackRock, Inc. — Class A		129		83,397
Charles Schwab Corp.		1,466		80,483
American Express Co.		530		79,071
CME Group, Inc. — Class A		376		75,283
Intercontinental Exchange, Inc.		642		70,633
Apollo Global Management, Inc.		601		53,946
Capital One Financial Corp.		548		53,183
Ameriprise Financial, Inc.		156		51,430
Interactive Brokers Group, Inc. — Class A		593		51,330
XP, Inc. — Class A		1,873		43,173
T. Rowe Price Group, Inc.		406		42,577
Discover Financial Services		477		41,323
Nasdaq, Inc.		794		38,580
Raymond James Financial, Inc.		384		38,565
LPL Financial Holdings, Inc.		160		38,024
Tradeweb Markets, Inc. — Class A		472		37,854
Cboe Global Markets, Inc.		234		36,553
Synchrony Financial		1,062		32,465
Coinbase Global, Inc. — Class A*		432		32,435
Ally Financial, Inc.		910		24,279
Voya Financial, Inc.		355		23,590
Franklin Resources, Inc.		953		23,425
Invesco Ltd.		1,549		22,492
SoFi Technologies, Inc.*		2,767		22,108
Western Union Co.		1,546		20,376
SLM Corp.		1,151		15,677
Upstart Holdings, Inc.*,1		436		12,443
Total Diversified Financial Services				1,495,717
REITs - 20.2%
Prologis, Inc.		776		87,075
American Tower Corp. — Class A		449		73,838
Equinix, Inc.		94		68,268
Welltower, Inc.		709		58,081
Public Storage		216		56,920
Crown Castle, Inc.		589		54,206
Digital Realty Trust, Inc.		433		52,402
Simon Property Group, Inc.		473		51,098
Realty Income Corp.		1,018		50,839
VICI Properties, Inc.		1,607		46,764
Extra Space Storage, Inc.		367		44,620
AvalonBay Communities, Inc.		248		42,592
Weyerhaeuser Co.		1,353		41,483
Equity Residential		683		40,099
SBA Communications Corp.		196		39,233
Invitation Homes, Inc.		1,196		37,901
Ventas, Inc.		872		36,737
Iron Mountain, Inc.		610		36,265
Alexandria Real Estate Equities, Inc.		346		34,635
Sun Communities, Inc.		289		34,200
Mid-America Apartment Communities, Inc.		258		33,192
Essex Property Trust, Inc.		150		31,813
Host Hotels & Resorts, Inc.		1,920		30,854
UDR, Inc.		825		29,428
Gaming and Leisure Properties, Inc.		646		29,425
Kimco Realty Corp.		1,627		28,619
American Homes 4 Rent — Class A		830		27,963
Regency Centers Corp.		470		27,937
Healthpeak Properties, Inc.		1,488		27,320
Rexford Industrial Realty, Inc.		552		27,241
Camden Property Trust		288		27,239
Annaly Capital Management, Inc.		1,432		26,936
Lamar Advertising Co. — Class A		310		25,876
CubeSmart		664		25,318
Boston Properties, Inc.		421		25,041
AGNC Investment Corp.		2,263		21,363
Vornado Realty Trust		746		16,919

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 65

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
FINANCIAL SERVICES FUND

	Shares		Value
Medical Properties Trust, Inc.1		2,681	$	14,611
Total REITs				1,464,351
Insurance - 18.9%
Berkshire Hathaway, Inc. — Class B*		691		242,057
Marsh & McLennan Companies, Inc.		451		85,825
Progressive Corp.		580		80,794
Arch Capital Group Ltd.*		897		71,500
Aon plc — Class A		216		70,031
Willis Towers Watson plc		330		68,957
Chubb Ltd.		303		63,079
Arthur J Gallagher & Co.		273		62,225
Aflac, Inc.		797		61,170
American International Group, Inc.		978		59,267
Travelers Companies, Inc.		338		55,199
MetLife, Inc.		866		54,480
Prudential Financial, Inc.		558		52,949
Allstate Corp.		438		48,798
Hartford Financial Services Group, Inc.		586		41,553
Principal Financial Group, Inc.		514		37,044
Everest Group Ltd.		96		35,680
Cincinnati Financial Corp.		344		35,188
Brown & Brown, Inc.		502		35,060
W R Berkley Corp.		502		31,872
Equitable Holdings, Inc.		1,014		28,787
Unum Group		580		28,530
Lincoln National Corp.		750		18,517
Total Insurance				1,368,562
Commercial Services - 6.3%
S&P Global, Inc.		257		93,910
PayPal Holdings, Inc.*		1,212		70,854
Moody’s Corp.		193		61,021
Global Payments, Inc.		408		47,079
Block, Inc. — Class A*		954		42,224
StoneCo Ltd. — Class A*		3,590		38,305
FleetCor Technologies, Inc.*		145		37,024
Toast, Inc. — Class A*		1,398		26,185
Affirm Holdings, Inc.*		978		20,802
MarketAxess Holdings, Inc.		96		20,509
Total Commercial Services				457,913
Private Equity - 3.7%
Blackstone, Inc. — Class A		938		100,497
KKR & Company, Inc. — Class A		931		57,349
Ares Management Corp. — Class A		464		47,732
Brookfield Corp.		1,218		38,087
Carlyle Group, Inc.		787		23,736
Total Private Equity				267,401
Software - 2.8%
Fiserv, Inc.*		633		71,504
Fidelity National Information Services, Inc.		946		52,285
MSCI, Inc. — Class A		96		49,256
Jack Henry & Associates, Inc.		199		30,077
Total Software				203,122
Media - 0.5%
FactSet Research Systems, Inc.		81		35,418
Savings & Loans - 0.4%
New York Community Bancorp, Inc.		2,228		25,266
Internet - 0.3%
Robinhood Markets, Inc. — Class A*		2,361		23,161
Total Common Stocks
(Cost $6,610,619)				7,047,862
PREFERRED STOCKS† - 0.6%
Financial - 0.6%
Itau Unibanco Holding S.A.
ADR		7,555		40,571
Total Preferred Stocks
(Cost $34,136)				40,571
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	22,138		22,138
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		8,600		8,600
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		8,515		8,515
Total Repurchase Agreements
(Cost $39,253)				39,253
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		52,369		52,369
Total Securities Lending Collateral
(Cost $52,369)				52,369
Total Investments - 99.2%
(Cost $6,736,377)			$	7,180,055
Other Assets & Liabilities, net - 0.8%				57,150
Total Net Assets - 100.0%			$	7,237,205

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 September 30, 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 September 30, 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 September 30, 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	$	7,047,862	$	—	$	—	$	7,047,862
Preferred Stocks		40,571		—		—		40,571
Repurchase Agreements		—		39,253		—		39,253
Securities Lending Collateral		52,369		—		—		52,369
Total Assets	$	7,140,802	$	39,253	$	—	$	7,180,055

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 67

FINANCIAL SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $51,388 of securities loaned (cost $6,697,124)	$	7,140,802
Repurchase agreements, at value (cost $39,253)		39,253
Cash		240
Receivables:
Fund shares sold		114,599
Securities sold		98,952
Dividends		14,287
Foreign tax reclaims		299
Securities lending income		24
Interest		12
Total assets		7,408,468
Liabilities:
Payable for:
Fund shares redeemed		107,344
Return of securities lending collateral		52,369
Management fees		5,167
Transfer agent fees		1,721
Distribution and service fees		951
Portfolio accounting and administration fees		622
Trustees’ fees*		95
Miscellaneous		2,994
Total liabilities		171,263
Net assets	$	7,237,205
Net assets consist of:
Paid in capital	$	10,323,406
Total distributable earnings (loss)		(3,086,201	)
Net assets	$	7,237,205
Investor Class:
Net assets	$	4,803,064
Capital shares outstanding		71,194
Net asset value per share	$	67.46
A-Class:
Net assets	$	1,444,799
Capital shares outstanding		23,672
Net asset value per share	$	61.03
Maximum offering price per share (Net asset value divided by 95.25%)	$	64.07
C-Class:
Net assets	$	670,676
Capital shares outstanding		13,617
Net asset value per share	$	49.25
H-Class:
Net assets	$	318,666
Capital shares outstanding		5,437
Net asset value per share	$	58.61

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $560)	$	90,829
Interest		933
Income from securities lending, net		919
Total investment income		92,681
Expenses:
Management fees		30,429
Distribution and service fees:
A-Class		1,864
C-Class		3,621
H-Class		444
Transfer agent fees		7,375
Portfolio accounting and administration fees		5,456
Registration fees		3,464
Professional fees		1,925
Trustees’ fees*		626
Custodian fees		487
Line of credit fees		69
Miscellaneous		368
Total expenses		56,128
Less:
Expenses reimbursed by Adviser		(626	)
Net expenses		55,502
Net investment income		37,179
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(159,152	)
Net realized loss		(159,152	)
Net change in unrealized appreciation (depreciation) on:
Investments		230,267
Net change in unrealized appreciation (depreciation)		230,267
Net realized and unrealized gain		71,115
Net increase in net assets resulting from operations	$	108,294

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

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

FINANCIAL SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	37,179		$	99,687
Net realized gain (loss) on investments		(159,152	)		4,933,068
Net change in unrealized appreciation (depreciation) on investments		230,267			(8,604,998	)
Net increase (decrease) in net assets resulting from operations		108,294			(3,572,243	)
Distributions to shareholders:
Investor Class		—			(1,002,375	)
A-Class		—			(472,199	)
C-Class		—			(229,698	)
H-Class		—			(110,821	)
Total distributions to shareholders		—			(1,815,093	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		7,153,817			25,704,725
A-Class		658,603			1,026,489
C-Class		53,326			204,435
H-Class		32,289			753,776
Distributions reinvested
Investor Class		—			933,611
A-Class		—			466,298
C-Class		—			227,947
H-Class		—			109,475
Cost of shares redeemed
Investor Class		(6,687,928	)		(51,332,334	)
A-Class		(812,820	)		(2,206,918	)
C-Class		(221,711	)		(361,088	)
H-Class		(95,053	)		(12,509,239	)
Net increase (decrease) from capital share transactions		80,523			(36,982,823	)
Net increase (decrease) in net assets		188,817			(42,370,159	)
Net assets:
Beginning of period		7,048,388			49,418,547
End of period	$	7,237,205		$	7,048,388
Capital share activity:
Shares sold
Investor Class		103,003			299,625
A-Class		10,567			13,965
C-Class		1,067			3,210
H-Class		568			9,815
Shares issued from reinvestment of distributions
Investor Class		—			13,794
A-Class		—			7,601
C-Class		—			4,577
H-Class		—			1,858
Shares redeemed
Investor Class		(96,387	)		(562,772	)
A-Class		(13,208	)		(29,906	)
C-Class		(4,550	)		(5,673	)
H-Class		(1,630	)		(146,214	)
Net decrease in shares		(570	)		(390,120	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 69

FINANCIAL SERVICES FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	66.11		$	101.95		$	88.84		$	54.80		$	68.68		$	72.17
Income (loss) from investment operations:
Net investment income (loss)b		.42			.87			.64			.88			.83			.53
Net gain (loss) on investments (realized and unrealized)		.93			(19.17	)		13.35			33.16			(14.39	)		(.86	)e
Total from investment operations		1.35			(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	$	67.46		$	66.11		$	101.95		$	88.84		$	54.80		$	68.68
Total Return		2.04	%		(18.35	%)		15.72	%		62.12	%		(19.88	%)		(0.14	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,803		$	4,269		$	32,004		$	32,328		$	2,968		$	4,978
Ratios to average net assets:
Net investment income (loss)		1.21	%		1.00	%		0.63	%		1.19	%		1.12	%		0.74	%
Total expenses		1.40	%		1.40	%		1.36	%		1.41	%		1.48	%		1.45	%
Net expenses		1.38	%c		1.40	%		1.36	%		1.41	%		1.48	%		1.45	%
Portfolio turnover rate		89	%		177	%		406	%		246	%		249	%		410	%

A-Class	Six Months Ended September 30, 2023a			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	$	59.89		$	94.54		$	82.65		$	51.10		$	64.22		$	67.88
Income (loss) from investment operations:
Net investment income (loss)b		.29			.76			.36			.55			.54			.37
Net gain (loss) on investments (realized and unrealized)		.85			(17.87	)		12.41			31.00			(13.34	)		(.87	)e
Total from investment operations		1.14			(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	$	61.03		$	59.89		$	94.54		$	82.65		$	51.10		$	64.22
Total Returnd		1.90	%		(18.56	%)		15.42	%		61.74	%		(20.07	%)		(0.41	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,445		$	1,576		$	3,276		$	2,780		$	5,745		$	7,602
Ratios to average net assets:
Net investment income (loss)		0.95	%		0.97	%		0.39	%		0.86	%		0.78	%		0.55	%
Total expenses		1.65	%		1.64	%		1.61	%		1.70	%		1.72	%		1.71	%
Net expenses		1.64	%c		1.64	%		1.61	%		1.70	%		1.72	%		1.71	%
Portfolio turnover rate		89	%		177	%		406	%		246	%		249	%		410	%

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

FINANCIAL SERVICES FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	48.51		$	81.13		$	71.57		$	44.59		$	56.49		$	60.56
Income (loss) from investment operations:
Net investment income (loss)b		.04			.15			(.28	)		(.03	)		.01			(.16	)
Net gain (loss) on investments (realized and unrealized)		.70			(15.23	)		10.72			27.01			(11.59	)		(.75	)e
Total from investment operations		.74			(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	$	49.25		$	48.51		$	81.13		$	71.57		$	44.59		$	56.49
Total Returnd		1.53	%		(19.17	%)		14.55	%		60.51	%		(20.66	%)		(1.15	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	671		$	829		$	1,216		$	1,036		$	638		$	985
Ratios to average net assets:
Net investment income (loss)		0.18	%		0.24	%		(0.35	%)		(0.06	%)		0.02	%		(0.27	%)
Total expenses		2.40	%		2.40	%		2.36	%		2.43	%		2.47	%		2.46	%
Net expenses		2.39	%c		2.40	%		2.36	%		2.43	%		2.47	%		2.46	%
Portfolio turnover rate		89	%		177	%		406	%		246	%		249	%		410	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 71

FINANCIAL SERVICES FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	57.51		$	91.63		$	80.10		$	49.53		$	62.26		$	65.93
Income (loss) from investment operations:
Net investment income (loss)b		.28			(.06	)		.41			.68			.54			.03
Net gain (loss) on investments (realized and unrealized)		.82			(16.52	)		12.00			29.89			(12.95	)		(.54	)e
Total from investment operations		1.10			(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	$	58.61		$	57.51		$	91.63		$	80.10		$	49.53		$	62.26
Total Return		1.91	%		(18.56	%)		15.47	%		61.72	%		(20.08	%)		(0.42	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	319		$	374		$	12,923		$	3,250		$	611		$	1,606
Ratios to average net assets:
Net investment income (loss)		0.93	%		(0.08	%)		0.45	%		1.07	%		0.81	%		0.05	%
Total expenses		1.65	%		1.66	%		1.61	%		1.69	%		1.72	%		1.73	%
Net expenses		1.64	%c		1.66	%		1.61	%		1.69	%		1.72	%		1.73	%
Portfolio turnover rate		89	%		177	%		406	%		246	%		249	%		410	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and purchase of fund shares in relation to fluctuating market value of the investment of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	3.6%
Eli Lilly & Co.	3.4%
Johnson & Johnson	3.1%
AbbVie, Inc.	2.7%
Merck & Company, Inc.	2.6%
Thermo Fisher Scientific, Inc.	2.2%
Pfizer, Inc.	2.2%
Danaher Corp.	2.1%
Abbott Laboratories	2.1%
Amgen, Inc.	2.0%
Top Ten Total	26.0%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(2.03%)	9.33%	5.17%	9.27%
A-Class Shares	(2.13%)	9.05%	4.90%	9.00%
A-Class Shares with sales charge‡	(6.78%)	3.88%	3.88%	8.47%
C-Class Shares	(2.50%)	8.22%	4.13%	8.19%
C-Class Shares with CDSC§	(3.47%)	7.22%	4.13%	8.19%
H-Class Shares**	(2.16%)	9.04%	4.91%	8.96%
S&P 500 Health Care Index	0.22%	8.18%	8.21%	11.74%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged Indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 20, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 73

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
HEALTH CARE FUND

	Shares		Value
COMMON STOCKS† - 99.2%
Pharmaceuticals - 33.7%
Eli Lilly & Co.		1,383	$	742,851
Johnson & Johnson		4,407		686,390
AbbVie, Inc.		3,910		582,825
Merck & Company, Inc.		5,501		566,328
Pfizer, Inc.		14,722		488,329
Bristol-Myers Squibb Co.		6,725		390,319
CVS Health Corp.		5,074		354,267
Cigna Group		1,162		332,413
Becton Dickinson & Co.		1,191		307,909
Zoetis, Inc.		1,710		297,506
AstraZeneca plc ADR		4,364		295,530
McKesson Corp.		637		276,999
Dexcom, Inc.*		2,234		208,432
Cencora, Inc. — Class A		1,110		199,767
Teva Pharmaceutical Industries Ltd. ADR*		17,505		178,551
Novartis AG ADR1		1,742		177,440
GSK plc ADR		4,733		171,571
Novo Nordisk A/S ADR		1,841		167,421
Cardinal Health, Inc.		1,913		166,087
Alkermes plc*		5,844		163,690
Viatris, Inc.		12,513		123,378
Neurocrine Biosciences, Inc.*		1,085		122,062
Henry Schein, Inc.*		1,514		112,415
Jazz Pharmaceuticals plc*		772		99,928
Option Care Health, Inc.*		2,620		84,757
Elanco Animal Health, Inc.*		7,536		84,705
Madrigal Pharmaceuticals, Inc.*		160		23,366
Total Pharmaceuticals				7,405,236
Healthcare-Products - 28.4%
Thermo Fisher Scientific, Inc.		972		491,997
Danaher Corp.		1,870		463,947
Abbott Laboratories		4,749		459,941
Intuitive Surgical, Inc.*		1,247		364,486
Stryker Corp.		1,238		338,308
Boston Scientific Corp.*		5,941		313,685
Medtronic plc		3,432		268,932
Edwards Lifesciences Corp.*		3,246		224,883
IDEXX Laboratories, Inc.*		479		209,452
GE HealthCare Technologies, Inc.		2,797		190,308
West Pharmaceutical Services, Inc.		490		183,853
Zimmer Biomet Holdings, Inc.		1,521		170,687
ResMed, Inc.		1,141		168,720
Align Technology, Inc.*		546		166,705
STERIS plc		758		166,320
Baxter International, Inc.		4,134		156,017
Waters Corp.*		535		146,702
Hologic, Inc.*		2,096		145,462
Avantor, Inc.*		6,547		138,011
Cooper Companies, Inc.		429		136,426
Revvity, Inc.		1,220		135,054
Insulet Corp.*		758		120,893
Exact Sciences Corp.*		1,764		120,340
Bio-Techne Corp.		1,674		113,949
Teleflex, Inc.		553		108,615
Dentsply Sirona, Inc.		3,116		106,443
Repligen Corp.*		650		103,357
Bruker Corp.		1,435		89,400
Lantheus Holdings, Inc.*		1,184		82,264
Shockwave Medical, Inc.*		409		81,432
Neogen Corp.*		3,939		73,029
Natera, Inc.*		1,618		71,596
Masimo Corp.*		790		69,267
Inari Medical, Inc.*		967		63,242
Total Healthcare-Products				6,243,723
Biotechnology - 19.3%
Amgen, Inc.		1,647		442,648
Gilead Sciences, Inc.		4,688		351,319
Vertex Pharmaceuticals, Inc.*		981		341,133
Regeneron Pharmaceuticals, Inc.*		409		336,591
Biogen, Inc.*		856		220,000
Moderna, Inc.*		1,999		206,477
Seagen, Inc.*		953		202,179
Horizon Therapeutics plc*		1,611		186,377
Argenx SE ADR*		332		163,221
Alnylam Pharmaceuticals, Inc.*		893		158,150
Illumina, Inc.*		1,148		157,597
BioMarin Pharmaceutical, Inc.*		1,660		146,877
BioNTech SE ADR*		1,329		144,382
Royalty Pharma plc — Class A		4,869		132,145
Sarepta Therapeutics, Inc.*		983		119,159
Incyte Corp.*		1,961		113,287
United Therapeutics Corp.*		499		112,709
Ionis Pharmaceuticals, Inc.*		2,121		96,208
Exelixis, Inc.*		4,301		93,977
Halozyme Therapeutics, Inc.*		2,128		81,290
ImmunoGen, Inc.*		4,591		72,859
Apellis Pharmaceuticals, Inc.*		1,762		67,026
Mirati Therapeutics, Inc.*		1,502		65,427
Karuna Therapeutics, Inc.*		370		62,563
Intellia Therapeutics, Inc.*		1,726		54,576
Cytokinetics, Inc.*		1,839		54,177
TG Therapeutics, Inc.*		4,016		33,574
Novavax, Inc.*,1		3,644		26,383
Total Biotechnology				4,242,311
Healthcare-Services - 16.0%
UnitedHealth Group, Inc.		1,563		788,049
Elevance Health, Inc.		824		358,786
Humana, Inc.		580		282,182
HCA Healthcare, Inc.		981		241,306
Centene Corp.*		3,183		219,245
IQVIA Holdings, Inc.*		1,031		202,849
ICON plc*		763		187,889
Molina Healthcare, Inc.*		485		159,027
Laboratory Corporation of America Holdings		754		151,592
Quest Diagnostics, Inc.		1,065		129,781
Charles River Laboratories International, Inc.*		571		111,905

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
HEALTH CARE FUND

	Shares		Value
Universal Health Services, Inc. — Class B		824	$	103,601
Catalent, Inc.*		2,164		98,527
HealthEquity, Inc.*		1,234		90,144
Tenet Healthcare Corp.*		1,360		89,610
Acadia Healthcare Company, Inc.*		1,268		89,153
Medpace Holdings, Inc.*		336		81,356
Fortrea Holdings, Inc.*		2,092		59,810
Teladoc Health, Inc.*		3,075		57,164
Total Healthcare-Services				3,501,976
Electronics - 0.9%
Agilent Technologies, Inc.		1,823		203,848
Software - 0.9%
Veeva Systems, Inc. — Class A*		972		197,754
Total Common Stocks
(Cost $14,867,170)				21,794,848
RIGHTS††† - 0.0%
Pharmaceuticals - 0.0%
Johnson & Johnson
Expires 12/31/29		752		—
Total Rights
(Cost $—)				—

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	49,948		49,948
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		19,402		19,402
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		19,211		19,211
Total Repurchase Agreements
(Cost $88,561)				88,561
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		156,772		156,772
Total Securities Lending Collateral
(Cost $156,772)				156,772
Total Investments - 100.3%
(Cost $15,112,503)			$	22,040,181
Other Assets & Liabilities, net - (0.3)%				(69,732	)
Total Net Assets - 100.0%			$	21,970,449

*	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 September 30, 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 September 30, 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 September 30, 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	$	21,794,848	$	—	$	—		$	21,794,848
Rights		—		—		—	*		—
Repurchase Agreements		—		88,561		—			88,561
Securities Lending Collateral		156,772		—		—			156,772
Total Assets	$	21,951,620	$	88,561	$	—		$	22,040,181

* Security has a market value of $0.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 75

HEALTH CARE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $152,621 of securities loaned (cost $15,023,942)	$	21,951,620
Repurchase agreements, at value (cost $88,561)		88,561
Receivables:
Securities sold		76,540
Fund shares sold		37,149
Dividends		12,516
Foreign tax reclaims		2,021
Securities lending income		126
Interest		26
Total assets		22,168,559
Liabilities:
Payable for:
Return of securities lending collateral		156,772
Management fees		15,961
Fund shares redeemed		5,788
Transfer agent fees		5,521
Distribution and service fees		2,294
Portfolio accounting and administration fees		1,922
Trustees’ fees*		303
Miscellaneous		9,549
Total liabilities		198,110
Net assets	$	21,970,449
Net assets consist of:
Paid in capital	$	19,003,172
Total distributable earnings (loss)		2,967,277
Net assets	$	21,970,449
Investor Class:
Net assets	$	14,727,365
Capital shares outstanding		391,744
Net asset value per share	$	37.59
A-Class:
Net assets	$	5,123,796
Capital shares outstanding		154,755
Net asset value per share	$	33.11
Maximum offering price per share (Net asset value divided by 95.25%)	$	34.76
C-Class:
Net assets	$	1,103,497
Capital shares outstanding		41,544
Net asset value per share	$	26.56
H-Class:
Net assets	$	1,015,791
Capital shares outstanding		32,050
Net asset value per share	$	31.69

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $105)	$	140,585
Interest		3,271
Income from securities lending, net		2,522
Total investment income		146,378
Expenses:
Management fees		107,185
Distribution and service fees:
A-Class		6,344
C-Class		6,523
H-Class		1,493
Transfer agent fees		26,226
Portfolio accounting and administration fees		19,219
Registration fees		12,437
Professional fees		6,489
Trustees’ fees*		2,299
Custodian fees		1,723
Miscellaneous		1,267
Total expenses		191,205
Less:
Expenses reimbursed by Adviser		(1,940	)
Net expenses		189,265
Net investment loss		(42,887	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		654,150
Net realized gain		654,150
Net change in unrealized appreciation (depreciation) on:
Investments		(988,147	)
Net change in unrealized appreciation (depreciation)		(988,147	)
Net realized and unrealized loss		(333,997	)
Net decrease in net assets resulting from operations	$	(376,884	)

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

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

HEALTH CARE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(42,887	)	$	(132,483	)
Net realized gain on investments		654,150			1,740,666
Net change in unrealized appreciation (depreciation) on investments		(988,147	)		(4,500,536	)
Net decrease in net assets resulting from operations		(376,884	)		(2,892,353	)
Distributions to shareholders:
Investor Class		—			(558,000	)
A-Class		—			(94,447	)
C-Class		—			(39,724	)
H-Class		—			(27,218	)
Total distributions to shareholders		—			(719,389	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		12,380,377			102,301,697
A-Class		1,141,533			1,972,855
C-Class		167,976			372,082
H-Class		330,248			3,780,739
Distributions reinvested
Investor Class		—			549,584
A-Class		—			93,606
C-Class		—			38,384
H-Class		—			26,585
Cost of shares redeemed
Investor Class		(15,325,235	)		(108,242,862	)
A-Class		(817,822	)		(2,315,534	)
C-Class		(567,380	)		(1,340,731	)
H-Class		(605,014	)		(12,105,427	)
Net decrease from capital share transactions		(3,295,317	)		(14,869,022	)
Net decrease in net assets		(3,672,201	)		(18,480,764	)
Net assets:
Beginning of period		25,642,650			44,123,414
End of period	$	21,970,449		$	25,642,650
Capital share activity:
Shares sold
Investor Class		318,725			2,667,799
A-Class		33,025			58,331
C-Class		6,021			13,452
H-Class		9,989			117,002
Shares issued from reinvestment of distributions
Investor Class		—			14,383
A-Class		—			2,777
C-Class		—			1,411
H-Class		—			824
Shares redeemed
Investor Class		(392,817	)		(2,829,507	)
A-Class		(23,784	)		(69,097	)
C-Class		(20,589	)		(48,731	)
H-Class		(18,641	)		(369,188	)
Net decrease in shares		(88,071	)		(440,544	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 77

HEALTH CARE FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	38.37		$	41.55		$	39.24		$	30.27		$	32.03		$	28.88
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		(.10	)		(.12	)		(.15	)		(.06	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		(.74	)		(2.45	)		3.84			12.50			(1.70	)		3.78
Total from investment operations		(.78	)		(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	$	37.59		$	38.37		$	41.55		$	39.24		$	30.27		$	32.03
Total Return		(2.03	%)		(6.16	%)		9.40	%		41.24	%		(5.49	%)		12.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,727		$	17,873		$	25,478		$	20,831		$	12,408		$	64,185
Ratios to average net assets:
Net investment income (loss)		(0.23	%)		(0.26	%)		(0.29	%)		(0.41	%)		(0.19	%)		(0.42	%)
Total expenses		1.40	%		1.39	%		1.35	%		1.46	%		1.47	%		1.46	%
Net expenses		1.39	%d		1.39	%		1.35	%		1.46	%		1.47	%		1.46	%
Portfolio turnover rate		48	%		268	%		238	%		256	%		248	%		341	%

A-Class	Six Months Ended September 30, 2023a			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	$	33.83		$	36.81		$	34.99		$	27.33		$	29.00		$	26.26
Income (loss) from investment operations:
Net investment income (loss)b		(.08	)		(.16	)		(.19	)		(.21	)		(.12	)		(.19	)
Net gain (loss) on investments (realized and unrealized)		(.64	)		(2.19	)		3.42			11.25			(1.55	)		3.43
Total from investment operations		(.72	)		(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	$	33.11		$	33.83		$	36.81		$	34.99		$	27.33		$	29.00
Total Returnc		(2.13	%)		(6.38	%)		9.14	%		40.87	%		(5.76	%)		12.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,124		$	4,923		$	5,650		$	5,575		$	3,606		$	4,865
Ratios to average net assets:
Net investment income (loss)		(0.47	%)		(0.49	%)		(0.50	%)		(0.63	%)		(0.43	%)		(0.68	%)
Total expenses		1.65	%		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%
Net expenses		1.63	%d		1.64	%		1.61	%		1.69	%		1.73	%		1.72	%
Portfolio turnover rate		48	%		268	%		238	%		256	%		248	%		341	%

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

HEALTH CARE FUND

FINANCIAL HIGHLIGHTS (concluded)

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

C-Class	Six Months Ended September 30, 2023a			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	$	27.24		$	29.99		$	28.95		$	23.21		$	24.81		$	22.69
Income (loss) from investment operations:
Net investment income (loss)b		(.17	)		(.34	)		(.39	)		(.40	)		(.30	)		(.35	)
Net gain (loss) on investments (realized and unrealized)		(.51	)		(1.78	)		2.84			9.52			(1.30	)		2.97
Total from investment operations		(.68	)		(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	$	26.56		$	27.24		$	29.99		$	28.95		$	23.21		$	24.81
Total Returnc		(2.50	%)		(7.07	%)		8.34	%		39.82	%		(6.45	%)		11.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,103		$	1,529		$	2,699		$	3,147		$	2,826		$	4,340
Ratios to average net assets:
Net investment income (loss)		(1.23	%)		(1.25	%)		(1.26	%)		(1.39	%)		(1.20	%)		(1.42	%)
Total expenses		2.40	%		2.39	%		2.36	%		2.45	%		2.48	%		2.46	%
Net expenses		2.39	%d		2.39	%		2.36	%		2.45	%		2.48	%		2.46	%
Portfolio turnover rate		48	%		268	%		238	%		256	%		248	%		341	%

H-Class	Six Months Ended September 30, 2023a			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	$	32.39		$	35.26		$	33.57		$	26.31		$	27.91		$	25.29
Income (loss) from investment operations:
Net investment income (loss)b		(.08	)		(.21	)		(.17	)		(.21	)		(.13	)		(.18	)
Net gain (loss) on investments (realized and unrealized)		(.62	)		(2.03	)		3.27			10.85			(1.47	)		3.30
Total from investment operations		(.70	)		(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	$	31.69		$	32.39		$	35.26		$	33.57		$	26.31		$	27.91
Total Return		(2.16	%)		(6.38	%)		9.14	%		40.93	%		(5.73	%)		12.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,016		$	1,318		$	10,297		$	1,760		$	1,021		$	7,871
Ratios to average net assets:
Net investment income (loss)		(0.48	%)		(0.64	%)		(0.46	%)		(0.68	%)		(0.45	%)		(0.66	%)
Total expenses		1.65	%		1.65	%		1.61	%		1.76	%		1.72	%		1.73	%
Net expenses		1.63	%d		1.65	%		1.61	%		1.76	%		1.72	%		1.73	%
Portfolio turnover rate		48	%		268	%		238	%		256	%		248	%		341	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 79

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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	8.2%
Amazon.com, Inc.	6.9%
Meta Platforms, Inc. — Class A	5.7%
Adobe, Inc.	3.5%
Cisco Systems, Inc.	3.4%
Salesforce, Inc.	3.2%
Netflix, Inc.	2.9%
Uber Technologies, Inc.	2.3%
Airbnb, Inc. — Class A	2.1%
Activision Blizzard, Inc.	2.1%
Top Ten Total	40.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	5.82%	26.55%	2.31%	8.66%
A-Class Shares	5.69%	26.24%	2.05%	8.39%
A-Class Shares with sales charge‡	0.67%	20.24%	1.06%	7.86%
C-Class Shares	5.30%	25.31%	1.29%	7.58%
C-Class Shares with CDSC§	4.30%	24.31%	1.29%	7.58%
H-Class Shares**	5.69%	26.24%	2.04%	8.33%
S&P 500 Information Technology Index	10.59%	41.10%	18.40%	20.38%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

80 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
INTERNET FUND

	Shares		Value
COMMON STOCKS† - 99.1%
Internet - 55.8%
Alphabet, Inc. — Class A*		22,646	$	2,963,456
Amazon.com, Inc.*		19,499		2,478,713
Meta Platforms, Inc. — Class A*		6,870		2,062,443
Netflix, Inc.*		2,768		1,045,197
Uber Technologies, Inc.*		18,006		828,096
Airbnb, Inc. — Class A*		5,498		754,381
Booking Holdings, Inc.*		223		687,721
Alibaba Group Holding Ltd. ADR*		7,116		617,242
DoorDash, Inc. — Class A*		5,509		437,800
eBay, Inc.		9,857		434,595
Sea Ltd. ADR*		9,854		433,083
JD.com, Inc. ADR		14,346		417,899
Baidu, Inc. ADR*		2,991		401,841
Shopify, Inc. — Class A*		7,264		396,397
MercadoLibre, Inc.*		302		382,900
VeriSign, Inc.*		1,815		367,592
Pinterest, Inc. — Class A*		13,480		364,364
Spotify Technology S.A.*		2,337		361,394
Trip.com Group Ltd. ADR*		10,334		361,380
Expedia Group, Inc.*		3,324		342,605
Wix.com Ltd.*		3,543		325,247
Bilibili, Inc. ADR*,1		22,499		309,811
Okta, Inc.*		3,743		305,092
GoDaddy, Inc. — Class A*		3,883		289,206
Match Group, Inc.*		6,965		272,854
Snap, Inc. — Class A*		30,617		272,797
F5, Inc.*		1,686		271,682
Roku, Inc.*		3,656		258,077
Zillow Group, Inc. — Class C*		5,581		257,619
Etsy, Inc.*		3,747		241,981
Wayfair, Inc. — Class A*		3,467		209,996
Chewy, Inc. — Class A*		10,931		199,600
IAC, Inc.*		3,407		171,679
Lyft, Inc. — Class A*		15,495		163,317
Ziff Davis, Inc.*		2,106		134,131
Bumble, Inc. — Class A*		8,126		121,240
TripAdvisor, Inc.*		7,199		119,359
Overstock.com, Inc.*		4,284		67,773
Total Internet				20,130,560
Software - 27.5%
Adobe, Inc.*		2,511		1,280,359
Salesforce, Inc.*		5,725		1,160,915
Activision Blizzard, Inc.		8,031		751,943
Workday, Inc. — Class A*		2,802		602,010
Snowflake, Inc. — Class A*		3,668		560,360
Electronic Arts, Inc.		4,152		499,901
Veeva Systems, Inc. — Class A*		2,359		479,939
Datadog, Inc. — Class A*		4,927		448,800
Take-Two Interactive Software, Inc.*		2,995		420,468
MongoDB, Inc.*		1,191		411,919
Cloudflare, Inc. — Class A*		6,163		388,516
Zoom Video Communications, Inc. — Class A*		5,320		372,081
Akamai Technologies, Inc.*		3,312		352,860
ROBLOX Corp. — Class A*		11,990		347,230
NetEase, Inc. ADR		3,441		344,651
Twilio, Inc. — Class A*		4,443		260,049
Dropbox, Inc. — Class A*		9,547		259,965
Nutanix, Inc. — Class A*		7,022		244,927
DocuSign, Inc.*		5,456		229,152
ZoomInfo Technologies, Inc. — Class A*		12,576		206,246
Smartsheet, Inc. — Class A*		5,082		205,618
DigitalOcean Holdings, Inc.*		4,016		96,504
Total Software				9,924,413
Telecommunications - 10.2%
Cisco Systems, Inc.		22,627		1,216,428
Motorola Solutions, Inc.		2,129		579,599
Arista Networks, Inc.*		3,108		571,655
Telefonaktiebolaget LM Ericsson ADR1		59,327		288,329
Juniper Networks, Inc.		9,336		259,447
Ciena Corp.*		4,844		228,927
Nokia Oyj ADR		58,911		220,327
Extreme Networks, Inc.*		6,277		151,966
Viavi Solutions, Inc.*		13,094		119,679
CommScope Holding Company, Inc.*		13,896		46,691
Total Telecommunications				3,683,048
Commercial Services - 4.0%
PayPal Holdings, Inc.*		11,816		690,764
CoStar Group, Inc.*		6,118		470,413
Paylocity Holding Corp.*		1,119		203,322
Chegg, Inc.*		9,249		82,501
Total Commercial Services				1,447,000
Entertainment - 0.8%
DraftKings, Inc. — Class A*		9,982		293,870
Computers - 0.4%
Lumentum Holdings, Inc.*		3,203		144,712
Healthcare-Services - 0.4%
Teladoc Health, Inc.*		7,460		138,681
Total Common Stocks
(Cost $32,002,567)				35,762,284

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 81

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
INTERNET FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	96,799	$	96,799
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		37,602		37,602
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		37,230		37,230
Total Repurchase Agreements
(Cost $171,631)				171,631
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		458,711		458,711
Total Securities Lending Collateral
(Cost $458,711)				458,711
Total Investments - 100.9%
(Cost $32,632,909)			$	36,392,626
Other Assets & Liabilities, net - (0.9)%				(322,870	)
Total Net Assets - 100.0%			$	36,069,756

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 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 September 30, 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 September 30, 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	$	35,762,284	$	—	$	—	$	35,762,284
Repurchase Agreements		—		171,631		—		171,631
Securities Lending Collateral		458,711		—		—		458,711
Total Assets	$	36,220,995	$	171,631	$	—	$	36,392,626

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

INTERNET FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $448,601 of securities loaned (cost $32,461,278)	$	36,220,995
Repurchase agreements, at value (cost $171,631)		171,631
Receivables:
Fund shares sold		192,855
Dividends		7,066
Foreign tax reclaims		1,110
Securities lending income		134
Interest		50
Total assets		36,593,841
Liabilities:
Payable for:
Return of securities lending collateral		458,711
Management fees		26,043
Fund shares redeemed		11,907
Transfer agent fees		8,004
Portfolio accounting and administration fees		3,136
Distribution and service fees		2,793
Trustees’ fees*		428
Miscellaneous		13,063
Total liabilities		524,085
Net assets	$	36,069,756
Net assets consist of:
Paid in capital	$	37,614,311
Total distributable earnings (loss)		(1,544,555	)
Net assets	$	36,069,756
Investor Class:
Net assets	$	30,915,505
Capital shares outstanding		308,161
Net asset value per share	$	100.32
A-Class:
Net assets	$	1,730,503
Capital shares outstanding		19,369
Net asset value per share	$	89.34
Maximum offering price per share (Net asset value divided by 95.25%)	$	93.80
C-Class:
Net assets	$	2,801,205
Capital shares outstanding		40,149
Net asset value per share	$	69.77
H-Class:
Net assets	$	622,543
Capital shares outstanding		7,306
Net asset value per share	$	85.21

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $1,742)	$	39,932
Interest		3,666
Income from securities lending, net		629
Total investment income		44,227
Expenses:
Management fees		113,992
Distribution and service fees:
A-Class		1,801
C-Class		13,536
H-Class		797
Transfer agent fees		26,998
Portfolio accounting and administration fees		20,440
Registration fees		9,038
Professional fees		8,587
Custodian fees		1,770
Trustees’ fees*		1,416
Miscellaneous		5,122
Total expenses		203,497
Less:
Expenses reimbursed by Adviser		(3,132	)
Net expenses		200,365
Net investment loss		(156,138	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		187,114
Net realized gain		187,114
Net change in unrealized appreciation (depreciation) on:
Investments		(254,574	)
Net change in unrealized appreciation (depreciation)		(254,574	)
Net realized and unrealized loss		(67,460	)
Net decrease in net assets resulting from operations	$	(223,598	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 83

INTERNET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(156,138	)	$	(163,483	)
Net realized gain (loss) on investments		187,114			(3,082,146	)
Net change in unrealized appreciation (depreciation) on investments		(254,574	)		(666,835	)
Net decrease in net assets resulting from operations		(223,598	)		(3,912,464	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		34,643,957			21,020,911
A-Class		1,223,009			1,013,188
C-Class		312,293			935,936
H-Class		100,003			3,169,571
Cost of shares redeemed
Investor Class		(19,420,304	)		(11,401,168	)
A-Class		(897,471	)		(1,449,349	)
C-Class		(166,977	)		(736,844	)
H-Class		(92,612	)		(2,834,259	)
Net increase from capital share transactions		15,701,898			9,717,986
Net increase in net assets		15,478,300			5,805,522
Net assets:
Beginning of period		20,591,456			14,785,934
End of period	$	36,069,756		$	20,591,456
Capital share activity:
Shares sold
Investor Class		337,258			228,196
A-Class		13,584			12,712
C-Class		4,444			14,997
H-Class		1,172			34,804
Shares redeemed
Investor Class		(199,433	)		(133,794	)
A-Class		(10,088	)		(18,515	)
C-Class		(2,360	)		(11,503	)
H-Class		(1,053	)		(37,230	)
Net increase in shares		143,524			89,667

84 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	94.80		$	115.59		$	195.59		$	105.23		$	118.80		$	124.80
Income (loss) from investment operations:
Net investment income (loss)b		(.53	)		(.99	)		(2.11	)		(2.03	)		(1.30	)		(1.29	)
Net gain (loss) on investments (realized and unrealized)		6.05	e		(19.80	)		(34.69	)		92.39			(8.17	)		10.79
Total from investment operations		5.52			(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	$	100.32		$	94.80		$	115.59		$	195.59		$	105.23		$	118.80
Total Return		5.82	%		(17.99	%)		(23.48	%)		85.87	%		(8.25	%)		9.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	30,916		$	16,148		$	8,777		$	25,113		$	10,741		$	15,484
Ratios to average net assets:
Net investment income (loss)		(1.05	%)		(1.13	%)		(1.18	%)		(1.21	%)		(1.08	%)		(1.00	%)
Total expenses		1.40	%		1.39	%		1.36	%		1.44	%		1.47	%		1.45	%
Net expenses		1.37	%c		1.39	%		1.36	%		1.44	%		1.47	%		1.45	%
Portfolio turnover rate		71	%		133	%		150	%		284	%		359	%		349	%

A-Class	Six Months Ended September 30, 2023a			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	$	84.53		$	103.33		$	179.98		$	97.07		$	110.18		$	117.20
Income (loss) from investment operations:
Net investment income (loss)b		(.57	)		(1.10	)		(2.28	)		(2.22	)		(1.32	)		(1.46	)
Net gain (loss) on investments (realized and unrealized)		5.38	e		(17.70	)		(31.17	)		85.13			(7.69	)		9.94
Total from investment operations		4.81			(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	$	89.34		$	84.53		$	103.33		$	179.98		$	97.07		$	110.18
Total Returnd		5.69	%		(18.19	%)		(23.67	%)		85.41	%		(8.48	%)		9.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,731		$	1,342		$	2,240		$	2,952		$	2,060		$	2,054
Ratios to average net assets:
Net investment income (loss)		(1.28	%)		(1.39	%)		(1.44	%)		(1.45	%)		(1.20	%)		(1.27	%)
Total expenses		1.65	%		1.65	%		1.61	%		1.69	%		1.73	%		1.71	%
Net expenses		1.63	%c		1.65	%		1.61	%		1.69	%		1.73	%		1.71	%
Portfolio turnover rate		71	%		133	%		150	%		284	%		359	%		349	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 85

INTERNET FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	66.26		$	81.61		$	152.56		$	82.90		$	95.40		$	104.40
Income (loss) from investment operations:
Net investment income (loss)b		(.71	)		(1.32	)		(2.89	)		(2.91	)		(1.96	)		(2.08	)
Net gain (loss) on investments (realized and unrealized)		4.22	e		(14.03	)		(24.86	)		72.57			(6.44	)		8.58
Total from investment operations		3.51			(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	$	69.77		$	66.26		$	81.61		$	152.56		$	82.90		$	95.40
Total Returnd		5.30	%		(18.81	%)		(24.24	%)		84.03	%		(9.16	%)		8.31	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,801		$	2,522		$	2,821		$	4,124		$	1,931		$	3,047
Ratios to average net assets:
Net investment income (loss)		(2.04	%)		(2.14	%)		(2.19	%)		(2.21	%)		(2.06	%)		(2.01	%)
Total expenses		2.40	%		2.40	%		2.36	%		2.43	%		2.47	%		2.46	%
Net expenses		2.38	%c		2.40	%		2.36	%		2.43	%		2.47	%		2.46	%
Portfolio turnover rate		71	%		133	%		150	%		284	%		359	%		349	%

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

INTERNET FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	80.62		$	98.55		$	173.71		$	93.70		$	106.51		$	113.84
Income (loss) from investment operations:
Net investment income (loss)b		(.55	)		(1.09	)		(2.23	)		(1.75	)		(1.41	)		(1.51	)
Net gain (loss) on investments (realized and unrealized)		5.14	e		(16.84	)		(29.73	)		81.76			(7.30	)		9.68
Total from investment operations		4.59			(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	$	85.21		$	80.62		$	98.55		$	173.71		$	93.70		$	106.51
Total Return		5.69	%		(18.19	%)		(23.67	%)		85.39	%		(8.49	%)		9.12	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	623		$	579		$	947		$	1,067		$	825		$	9,880
Ratios to average net assets:
Net investment income (loss)		(1.29	%)		(1.39	%)		(1.45	%)		(1.42	%)		(1.30	%)		(1.27	%)
Total expenses		1.65	%		1.65	%		1.61	%		1.76	%		1.71	%		1.70	%
Net expenses		1.63	%c		1.65	%		1.61	%		1.76	%		1.71	%		1.70	%
Portfolio turnover rate		71	%		133	%		150	%		284	%		359	%		349	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 87

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2023

LEISURE FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies engaged in leisure and entertainment businesses (“Leisure Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	May 3, 2001
H-Class	June 3, 1998

Ten Largest Holdings	% of Total Net Assets
McDonald’s Corp.	3.9%
Comcast Corp. — Class A	3.9%
Walt Disney Co.	3.6%
Philip Morris International, Inc.	3.5%
Netflix, Inc.	3.5%
Starbucks Corp.	2.9%
Airbnb, Inc. — Class A	2.5%
Activision Blizzard, Inc.	2.5%
Altria Group, Inc.	2.5%
Marriott International, Inc. — Class A	2.1%
Top Ten Total	30.9%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(1.07%)	21.92%	1.84%	5.96%
A-Class Shares	(1.20%)	21.60%	1.58%	5.69%
A-Class Shares with sales charge‡	(5.89%)	15.83%	0.60%	5.17%
C-Class Shares	(1.58%)	20.71%	0.82%	4.90%
C-Class Shares with CDSC§	(2.56%)	19.71%	0.82%	4.90%
H-Class Shares**	(1.19%)	21.61%	1.58%	5.65%
S&P 500 Consumer Discretionary Index	9.07%	13.77%	7.19%	11.53%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

88 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
LEISURE FUND

	Shares		Value
COMMON STOCKS† - 99.8%
Retail - 18.7%
McDonald’s Corp.		1,627	$	428,617
Starbucks Corp.		3,476		317,254
Yum! Brands, Inc.		1,501		187,535
Chipotle Mexican Grill, Inc. — Class A*		102		186,847
Darden Restaurants, Inc.		900		128,898
Yum China Holdings, Inc.		2,087		116,288
Domino’s Pizza, Inc.		300		113,637
Restaurant Brands International, Inc.		1,606		106,992
Texas Roadhouse, Inc. — Class A		806		77,457
Wingstop, Inc.		427		76,792
Wendy’s Co.		2,970		60,618
Shake Shack, Inc. — Class A*		786		45,643
Papa John’s International, Inc.		650		44,343
Bloomin’ Brands, Inc.		1,763		43,352
Cheesecake Factory, Inc.		1,255		38,026
Dave & Buster’s Entertainment, Inc.*		1,016		37,663
Cracker Barrel Old Country Store, Inc.		533		35,817
Total Retail				2,045,779
Media - 16.3%
Comcast Corp. — Class A		9,594		425,398
Walt Disney Co.*		4,832		391,634
Charter Communications, Inc. — Class A*		518		227,827
Warner Bros Discovery, Inc.*		14,564		158,165
Fox Corp. — Class A		3,938		122,866
Liberty Broadband Corp. — Class C*		1,253		114,424
News Corp. — Class A		5,278		105,877
Paramount Global — Class B		6,487		83,682
Nexstar Media Group, Inc. — Class A		425		60,932
DISH Network Corp. — Class A*		8,690		50,923
Sirius XM Holdings, Inc.1		9,426		42,605
Total Media				1,784,333
Internet - 16.0%
Netflix, Inc.*		1,004		379,111
Airbnb, Inc. — Class A*		1,995		273,734
Booking Holdings, Inc.*		72		222,045
DoorDash, Inc. — Class A*		1,998		158,781
Sea Ltd. ADR*		3,472		152,594
Spotify Technology S.A.*		819		126,650
Trip.com Group Ltd. ADR*		3,606		126,102
Expedia Group, Inc.*		1,205		124,199
Bilibili, Inc. ADR*,1		7,441		102,463
Roku, Inc.*		1,326		93,602
Total Internet				1,759,281
Lodging - 9.5%
Marriott International, Inc. — Class A		1,160		228,009
Hilton Worldwide Holdings, Inc.		1,337		200,791
Las Vegas Sands Corp.		2,643		121,155
Hyatt Hotels Corp. — Class A		969		102,791
Wynn Resorts Ltd.		1,031		95,275
MGM Resorts International		2,524		92,782
Wyndham Hotels & Resorts, Inc.		1,070		74,408
Boyd Gaming Corp.		1,077		65,514
Choice Hotels International, Inc.		486		59,540
Total Lodging				1,040,265
Entertainment - 9.5%
Live Nation Entertainment, Inc.*		1,405		116,671
Warner Music Group Corp. — Class A		3,677		115,458
DraftKings, Inc. — Class A*		3,621		106,602
Caesars Entertainment, Inc.*		1,978		91,680
Churchill Downs, Inc.		757		87,842
Vail Resorts, Inc.		394		87,425
Light & Wonder, Inc. — Class A*		1,115		79,533
TKO Group Holdings, Inc.		814		68,425
Penn Entertainment, Inc.*		2,606		59,808
Marriott Vacations Worldwide Corp.		564		56,756
Cinemark Holdings, Inc.*		2,612		47,930
Six Flags Entertainment Corp.*		1,757		41,307
SeaWorld Entertainment, Inc.*		871		40,284
AMC Entertainment Holdings, Inc. — Class A*,1		4,582		36,610
Total Entertainment				1,036,331
Software - 7.8%
Activision Blizzard, Inc.		2,914		272,838
Electronic Arts, Inc.		1,506		181,322
Take-Two Interactive Software, Inc.*		1,086		152,464
ROBLOX Corp. — Class A*		4,350		125,976
NetEase, Inc. ADR		1,162		116,386
Total Software				848,986
Leisure Time - 7.0%
Royal Caribbean Cruises Ltd.*		1,538		141,711
Norwegian Cruise Line Holdings Ltd.*		7,816		128,808
Carnival Corp.*		8,685		119,158
Brunswick Corp.		965		76,235
Polaris, Inc.		712		74,148
Harley-Davidson, Inc.		1,999		66,087
YETI Holdings, Inc.*		1,359		65,531
Planet Fitness, Inc. — Class A*		1,233		60,639
Peloton Interactive, Inc. — Class A*		7,932		40,056
Total Leisure Time				772,373
Agriculture - 6.9%
Philip Morris International, Inc.		4,115		380,967
Altria Group, Inc.		6,433		270,508
British American Tobacco plc ADR		3,384		106,291
Total Agriculture				757,766
Beverages - 5.3%
Constellation Brands, Inc. — Class A		793		199,305
Brown-Forman Corp. — Class B		2,738		157,955
Molson Coors Beverage Co. — Class B		1,774		112,808
Anheuser-Busch InBev S.A. ADR1		1,967		108,775
Total Beverages				578,843

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 89

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
LEISURE FUND

	Shares		Value
Toys, Games & Hobbies - 1.7%
Hasbro, Inc.		1,413	$	93,456
Mattel, Inc.*		4,199		92,504
Total Toys, Games & Hobbies				185,960
Food Service - 0.8%
Aramark		2,706		93,898
Commercial Services - 0.3%
Sabre Corp.*		7,116		31,951
Total Common Stocks
(Cost $7,616,709)				10,935,766
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.3%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	19,684		19,684
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		7,646		7,646
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		7,570		7,570
Total Repurchase Agreements
(Cost $34,900)				34,900
SECURITIES LENDING COLLATERAL†,3 - 1.9%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		203,421		203,421
Total Securities Lending Collateral
(Cost $203,421)				203,421
Total Investments - 102.0%
(Cost $7,855,030)			$	11,174,087
Other Assets & Liabilities, net - (2.0)%				(217,409	)
Total Net Assets - 100.0%			$	10,956,678

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 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 September 30, 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 September 30, 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	$	10,935,766	$	—	$	—	$	10,935,766
Repurchase Agreements		—		34,900		—		34,900
Securities Lending Collateral		203,421		—		—		203,421
Total Assets	$	11,139,187	$	34,900	$	—	$	11,174,087

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

LEISURE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $199,544 of securities loaned (cost $7,820,130)	$	11,139,187
Repurchase agreements, at value (cost $34,900)		34,900
Receivables:
Dividends		20,658
Securities lending income		322
Fund shares sold		32
Interest		10
Total assets		11,195,109
Liabilities:
Payable for:
Return of securities lending collateral		203,421
Fund shares redeemed		13,079
Management fees		10,006
Transfer agent fees		3,453
Portfolio accounting and administration fees		1,205
Distribution and service fees		1,111
Trustees’ fees*		190
Miscellaneous		5,966
Total liabilities		238,431
Net assets	$	10,956,678
Net assets consist of:
Paid in capital	$	10,765,844
Total distributable earnings (loss)		190,834
Net assets	$	10,956,678
Investor Class:
Net assets	$	6,621,248
Capital shares outstanding		91,765
Net asset value per share	$	72.15
A-Class:
Net assets	$	2,367,499
Capital shares outstanding		36,472
Net asset value per share	$	64.91
Maximum offering price per share (Net asset value divided by 95.25%)	$	68.15
C-Class:
Net assets	$	300,144
Capital shares outstanding		5,473
Net asset value per share	$	54.84
H-Class:
Net assets	$	1,667,787
Capital shares outstanding		26,511
Net asset value per share	$	62.91

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $421)	$	110,140
Interest		2,137
Income from securities lending, net		41,413
Total investment income		153,690
Expenses:
Management fees		70,424
Distribution and service fees:
A-Class		3,278
C-Class		1,579
H-Class		2,235
Transfer agent fees		17,521
Portfolio accounting and administration fees		12,628
Registration fees		8,885
Professional fees		3,615
Trustees’ fees*		1,758
Custodian fees		1,142
Miscellaneous		428
Total expenses		123,493
Less:
Expenses reimbursed by Adviser		(1,191	)
Net expenses		122,302
Net investment income		31,388
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(481,705	)
Net realized loss		(481,705	)
Net change in unrealized appreciation (depreciation) on:
Investments		(302,523	)
Net change in unrealized appreciation (depreciation)		(302,523	)
Net realized and unrealized loss		(784,228	)
Net decrease in net assets resulting from operations	$	(752,840	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 91

LEISURE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	31,388		$	7,181
Net realized loss on investments		(481,705	)		(1,130,794	)
Net change in unrealized appreciation (depreciation) on investments		(302,523	)		(460,307	)
Net decrease in net assets resulting from operations		(752,840	)		(1,583,920	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		21,122,880			32,776,086
A-Class		298,850			119,240
C-Class		14,815			30,193
H-Class		1,195,798			348,684
Cost of shares redeemed
Investor Class		(34,410,075	)		(16,932,942	)
A-Class		(506,386	)		(1,360,710	)
C-Class		(27,806	)		(226,825	)
H-Class		(1,303,681	)		(383,917	)
Net increase (decrease) from capital share transactions		(13,615,605	)		14,369,809
Net increase (decrease) in net assets		(14,368,445	)		12,785,889
Net assets:
Beginning of period		25,325,123			12,539,234
End of period	$	10,956,678		$	25,325,123
Capital share activity:
Shares sold
Investor Class		276,408			454,555
A-Class		4,534			1,902
C-Class		260			575
H-Class		18,901			5,556
Shares redeemed
Investor Class		(467,510	)		(241,133	)
A-Class		(7,630	)		(22,358	)
C-Class		(494	)		(4,407	)
H-Class		(20,324	)		(6,410	)
Net increase (decrease) in shares		(195,855	)		188,280

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

LEISURE FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	72.93		$	80.27		$	100.94		$	53.01		$	68.98		$	71.23
Income (loss) from investment operations:
Net investment income (loss)b		.16			.21			(.44	)		(.34	)		.08			.32
Net gain (loss) on investments (realized and unrealized)		(.94	)		(7.55	)		(14.80	)		48.27			(15.86	)		2.18
Total from investment operations		(.78	)		(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	$	72.15		$	72.93		$	80.27		$	100.94		$	53.01		$	68.98
Total Return		(1.07	%)		(9.14	%)		(15.52	%)		90.42	%		(22.96	%)		4.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,621		$	20,629		$	5,574		$	40,995		$	2,839		$	11,739
Ratios to average net assets:
Net investment income (loss)		0.43	%		0.30	%		(0.45	%)		(0.39	%)		0.11	%		0.45	%
Total expenses		1.41	%		1.39	%		1.36	%		1.41	%		1.48	%		1.46	%
Net expenses		1.39	%c		1.39	%		1.36	%		1.41	%		1.48	%		1.46	%
Portfolio turnover rate		130	%		145	%		168	%		144	%		369	%		323	%

A-Class	Six Months Ended September 30, 2023a			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	$	65.70		$	72.50		$	91.96		$	48.41		$	63.17		$	65.82
Income (loss) from investment operations:
Net investment income (loss)b		.10			(.12	)		(.51	)		(.41	)		.01			.11
Net gain (loss) on investments (realized and unrealized)		(.89	)		(6.68	)		(13.52	)		43.96			(14.58	)		1.99
Total from investment operations		(.79	)		(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	$	64.91		$	65.70		$	72.50		$	91.96		$	48.41		$	63.17
Total Returnd		(1.20	%)		(9.38	%)		(15.72	%)		89.96	%		(23.15	%)		3.79	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,367		$	2,600		$	4,351		$	4,291		$	816		$	1,192
Ratios to average net assets:
Net investment income (loss)		0.30	%		(0.20	%)		(0.59	%)		(0.56	%)		0.02	%		0.17	%
Total expenses		1.65	%		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%
Net expenses		1.64	%c		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%
Portfolio turnover rate		130	%		145	%		168	%		144	%		369	%		323	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 93

LEISURE FUND

FINANCIAL HIGHLIGHTS (concluded)

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

C-Class	Six Months Ended September 30, 2023a			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	$	55.72		$	61.94		$	80.01		$	42.44		$	55.82		$	59.16
Income (loss) from investment operations:
Net investment income (loss)b		(.12	)		(.50	)		(1.04	)		(.87	)		(.42	)		(.32	)
Net gain (loss) on investments (realized and unrealized)		(.76	)		(5.72	)		(11.60	)		38.44			(12.77	)		1.73
Total from investment operations		(.88	)		(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	$	54.84		$	55.72		$	61.94		$	80.01		$	42.44		$	55.82
Total Returnd		(1.58	%)		(10.04	%)		(16.35	%)		88.52	%		(23.73	%)		3.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	300		$	318		$	591		$	942		$	398		$	798
Ratios to average net assets:
Net investment income (loss)		(0.44	%)		(0.96	%)		(1.38	%)		(1.36	%)		(0.74	%)		(0.56	%)
Total expenses		2.40	%		2.39	%		2.36	%		2.44	%		2.48	%		2.46	%
Net expenses		2.38	%c		2.39	%		2.36	%		2.44	%		2.48	%		2.46	%
Portfolio turnover rate		130	%		145	%		168	%		144	%		369	%		323	%

H-Class	Six Months Ended September 30, 2023a			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	$	63.67		$	70.26		$	89.30		$	47.01		$	61.36		$	64.06
Income (loss) from investment operations:
Net investment income (loss)b		.10			(.10	)		(.59	)		(.40	)		(.01	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		(.86	)		(6.49	)		(13.02	)		42.69			(14.15	)		2.34
Total from investment operations		(.76	)		(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	$	62.91		$	63.67		$	70.26		$	89.30		$	47.01		$	61.36
Total Return		(1.19	%)		(9.38	%)		(15.72	%)		89.96	%		(23.17	%)		3.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,668		$	1,779		$	2,023		$	6,594		$	976		$	1,055
Ratios to average net assets:
Net investment income (loss)		0.30	%		(0.16	%)		(0.69	%)		(0.55	%)		(0.01	%)		(0.45	%)
Total expenses		1.65	%		1.64	%		1.61	%		1.68	%		1.72	%		1.69	%
Net expenses		1.63	%c		1.64	%		1.61	%		1.68	%		1.72	%		1.69	%
Portfolio turnover rate		130	%		145	%		168	%		144	%		369	%		323	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	11.1%
Newmont Corp.	8.3%
Barrick Gold Corp.	7.5%
Agnico Eagle Mines Ltd.	7.2%
Wheaton Precious Metals Corp.	6.6%
Franco-Nevada Corp.	4.3%
Gold Fields Ltd. ADR	4.1%
Royal Gold, Inc.	4.0%
Anglogold Ashanti plc	3.7%
Kinross Gold Corp.	3.6%
Top Ten Total	60.4%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(18.95%)	8.23%	10.25%	1.37%
A-Class Shares	(19.05%)	7.97%	9.98%	1.11%
A-Class Shares with sales charge‡	(22.90%)	2.84%	8.92%	0.62%
C-Class Shares	(19.34%)	7.15%	9.16%	0.36%
C-Class Shares with CDSC§	(20.15%)	6.17%	9.16%	0.36%
H-Class Shares**	(19.02%)	7.98%	9.97%	1.05%
S&P 500 Materials Index	(1.61%)	18.05%	8.61%	8.70%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 95

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
PRECIOUS METALS FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Mining - 99.5%
Freeport-McMoRan, Inc.		129,108	$	4,814,437
Newmont Corp.		97,145		3,589,508
Barrick Gold Corp.		224,578		3,267,610
Agnico Eagle Mines Ltd.		68,898		3,131,414
Wheaton Precious Metals Corp.		70,379		2,853,868
Franco-Nevada Corp.		14,094		1,881,408
Gold Fields Ltd. ADR1		164,033		1,781,398
Royal Gold, Inc.		16,448		1,748,916
Anglogold Ashanti plc		101,043		1,596,479
Kinross Gold Corp.		344,939		1,572,922
Pan American Silver Corp.		104,561		1,514,043
Alamos Gold, Inc. — Class A		122,399		1,381,885
B2Gold Corp.1		389,919		1,126,866
Sibanye Stillwater Ltd. ADR1		182,242		1,124,433
SSR Mining, Inc.		79,683		1,058,987
Hecla Mining Co.		257,864		1,008,248
Osisko Gold Royalties Ltd.		81,190		953,983
Eldorado Gold Corp.*		98,938		881,538
Harmony Gold Mining Company Ltd. ADR		226,217		850,576
First Majestic Silver Corp.		149,930		769,141
Sandstorm Gold Ltd.		160,909		749,836
Equinox Gold Corp.*,1		166,269		703,318
MAG Silver Corp.*		64,484		668,699
Novagold Resources, Inc.*		169,312		650,158
Seabridge Gold, Inc.*		53,605		565,533
SilverCrest Metals, Inc.*		119,379		526,461
Fortuna Silver Mines, Inc.*		188,698		513,259
IAMGOLD Corp.*		211,498		454,721
Coeur Mining, Inc.*		179,716		398,970
Gatos Silver, Inc.*		70,496		365,169
Endeavour Silver Corp.*		147,766		359,071
Silvercorp Metals, Inc.		130,123		305,789
Total Mining				43,168,644
Total Common Stocks
(Cost $36,804,942)				43,168,644

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.2%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	283,152		283,152
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		109,991		109,991
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		108,905		108,905
Total Repurchase Agreements
(Cost $502,048)				502,048
	Shares
SECURITIES LENDING COLLATERAL†,3 - 6.5%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		2,810,666		2,810,666
Total Securities Lending Collateral
(Cost $2,810,666)				2,810,666
Total Investments - 107.2%
(Cost $40,117,656)			$	46,481,358
Other Assets & Liabilities, net - (7.2)%				(3,113,463	)
Total Net Assets - 100.0%			$	43,367,895

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 September 30, 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 September 30, 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 September 30, 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	$	43,168,644	$	—	$	—	$	43,168,644
Repurchase Agreements		—		502,048		—		502,048
Securities Lending Collateral		2,810,666		—		—		2,810,666
Total Assets	$	45,979,310	$	502,048	$	—	$	46,481,358

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 97

PRECIOUS METALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $2,685,446 of securities loaned (cost $39,615,608)	$	45,979,310
Repurchase agreements, at value (cost $502,048)		502,048
Receivables:
Fund shares sold		401,110
Dividends		32,043
Foreign tax reclaims		22,771
Securities lending income		424
Interest		148
Total assets		46,937,854
Liabilities:
Payable for:
Return of securities lending collateral		2,810,666
Securities purchased		391,405
Deferred foreign capital gain taxes		276,532
Management fees		28,313
Fund shares redeemed		21,229
Transfer agent fees		12,259
Portfolio accounting and administration fees		3,865
Distribution and service fees		2,960
Trustees’ fees*		697
Miscellaneous		22,033
Total liabilities		3,569,959
Net assets	$	43,367,895
Net assets consist of:
Paid in capital	$	103,911,833
Total distributable earnings (loss)		(60,543,938	)
Net assets	$	43,367,895
Investor Class:
Net assets	$	33,538,060
Capital shares outstanding		1,104,191
Net asset value per share	$	30.37
A-Class:
Net assets	$	6,760,028
Capital shares outstanding		238,858
Net asset value per share	$	28.30
Maximum offering price per share (Net asset value divided by 95.25%)	$	29.71
C-Class:
Net assets	$	1,212,922
Capital shares outstanding		54,145
Net asset value per share	$	22.40
H-Class:
Net assets	$	1,856,885
Capital shares outstanding		68,276
Net asset value per share	$	27.20

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $57,737)	$	496,321
Interest		17,286
Income from securities lending, net		6,862
Total investment income		520,469
Expenses:
Management fees		261,495
Distribution and service fees:
A-Class		10,244
C-Class		7,723
H-Class		3,350
Transfer agent fees		73,558
Portfolio accounting and administration fees		53,139
Registration fees		38,625
Professional fees		14,269
Trustees’ fees*		7,325
Custodian fees		4,820
Miscellaneous		1,783
Total expenses		476,331
Less:
Expenses reimbursed by Adviser		(3,988	)
Net expenses		472,343
Net investment income		48,126
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,065,454	)
Foreign currency transactions		5
Net realized loss		(1,065,449	)
Net change in unrealized appreciation (depreciation) on:
Investments		(13,253,980	)
Net change in unrealized appreciation (depreciation)		(13,253,980	)
Net realized and unrealized loss		(14,319,429	)
Net decrease in net assets resulting from operations	$	(14,271,303	)

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

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

PRECIOUS METALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	48,126		$	296,552
Net realized loss on investments		(1,065,449	)		(3,305,647	)
Net change in unrealized appreciation (depreciation) on investments		(13,253,980	)		(21,862,013	)
Net decrease in net assets resulting from operations		(14,271,303	)		(24,871,108	)
Distributions to shareholders:
Investor Class		—			(2,803,065	)
A-Class		—			(569,109	)
C-Class		—			(131,374	)
H-Class		—			(232,336	)
Total distributions to shareholders		—			(3,735,884	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		80,840,370			424,056,776
A-Class		1,701,091			8,446,979
C-Class		497,540			1,037,950
H-Class		2,204,948			5,325,957
Distributions reinvested
Investor Class		—			2,726,426
A-Class		—			551,816
C-Class		—			129,839
H-Class		—			229,110
Cost of shares redeemed
Investor Class		(109,880,998	)		(391,469,073	)
A-Class		(1,975,773	)		(9,098,155	)
C-Class		(802,105	)		(993,146	)
H-Class		(2,414,792	)		(5,860,563	)
Net increase (decrease) from capital share transactions		(29,829,719	)		35,083,916
Net increase (decrease) in net assets		(44,101,022	)		6,476,924
Net assets:
Beginning of period		87,468,917			80,991,993
End of period	$	43,367,895		$	87,468,917
Capital share activity:
Shares sold
Investor Class		2,275,973			11,588,025
A-Class		51,796			245,322
C-Class		18,756			37,585
H-Class		69,208			168,402
Shares issued from reinvestment of distributions
Investor Class		—			80,378
A-Class		—			17,424
C-Class		—			5,150
H-Class		—			7,529
Shares redeemed
Investor Class		(3,156,027	)		(10,998,582	)
A-Class		(61,766	)		(272,588	)
C-Class		(30,704	)		(37,351	)
H-Class		(78,057	)		(191,476	)
Net increase (decrease) in shares		(910,821	)		649,818

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 99

PRECIOUS METALS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	37.47		$	47.98		$	44.22		$	26.50		$	26.14		$	27.07
Income (loss) from investment operations:
Net investment income (loss)b		.03			.18			.16			(.06	)		(.12	)		(.12	)
Net gain (loss) on investments (realized and unrealized)		(7.13	)		(8.26	)		6.21			18.28			1.23	e		(.48	)
Total from investment operations		(7.10	)		(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	$	30.37		$	37.47		$	47.98		$	44.22		$	26.50		$	26.14
Total Return		(18.95	%)		(16.34	%)		15.84	%		68.71	%		3.65	%		(2.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	33,538		$	74,345		$	63,069		$	87,174		$	46,153		$	33,724
Ratios to average net assets:
Net investment income (loss)		0.18	%		0.48	%		0.35	%		(0.13	%)		(0.40	%)		(0.47	%)
Total expenses		1.31	%		1.30	%		1.26	%		1.34	%		1.38	%		1.39	%
Net expenses		1.29	%c		1.30	%		1.26	%		1.34	%		1.38	%		1.39	%
Portfolio turnover rate		72	%		424	%		114	%		281	%		277	%		571	%

A-Class	Six Months Ended September 30, 2023a			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	$	34.96		$	45.09		$	41.82		$	25.14		$	24.89		$	25.85
Income (loss) from investment operations:
Net investment income (loss)b		—	f		.08			.04			(.17	)		(.19	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		(6.66	)		(7.78	)		5.84			17.35			1.19	e		(.46	)
Total from investment operations		(6.66	)		(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	$	28.30		$	34.96		$	45.09		$	41.82		$	25.14		$	24.89
Total Returnd		(19.05	%)		(16.54	%)		15.57	%		68.28	%		3.39	%		(2.30	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,760		$	8,698		$	11,664		$	18,801		$	12,803		$	14,222
Ratios to average net assets:
Net investment income (loss)		0.02	%		0.23	%		0.08	%		(0.41	%)		(0.67	%)		(0.73	%)
Total expenses		1.55	%		1.54	%		1.51	%		1.59	%		1.63	%		1.64	%
Net expenses		1.54	%c		1.54	%		1.51	%		1.59	%		1.63	%		1.64	%
Portfolio turnover rate		72	%		424	%		114	%		281	%		277	%		571	%

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

PRECIOUS METALS FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	27.77		$	36.75		$	34.86		$	21.16		$	21.19		$	22.24
Income (loss) from investment operations:
Net investment income (loss)b		(.10	)		(.13	)		(.21	)		(.43	)		(.35	)		(.32	)
Net gain (loss) on investments (realized and unrealized)		(5.27	)		(6.42	)		4.71			14.63			1.07	e		(.40	)
Total from investment operations		(5.37	)		(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	$	22.40		$	27.77		$	36.75		$	34.86		$	21.16		$	21.19
Total Returnd		(19.34	%)		(17.16	%)		14.70	%		67.04	%		2.65	%		(3.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,213		$	1,836		$	2,231		$	2,086		$	1,686		$	2,412
Ratios to average net assets:
Net investment income (loss)		(0.74	%)		(0.48	%)		(0.59	%)		(1.20	%)		(1.41	%)		(1.53	%)
Total expenses		2.30	%		2.29	%		2.26	%		2.35	%		2.38	%		2.37	%
Net expenses		2.29	%c		2.29	%		2.26	%		2.35	%		2.38	%		2.37	%
Portfolio turnover rate		72	%		424	%		114	%		281	%		277	%		571	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 101

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.

H-Class	Six Months Ended September 30, 2023a			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	$	33.59		$	43.46		$	40.41		$	24.30		$	24.06		$	25.02
Income (loss) from investment operations:
Net investment income (loss)b		—	f		.06			.08			(.25	)		(.22	)		(.18	)
Net gain (loss) on investments (realized and unrealized)		(6.39	)		(7.50	)		5.58			16.86			1.21	e		(.45	)
Total from investment operations		(6.39	)		(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	$	27.20		$	33.59		$	43.46		$	40.41		$	24.30		$	24.06
Total Return		(19.02	%)		(16.54	%)		15.57	%		68.30	%		3.46	%		(2.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,857		$	2,591		$	4,028		$	2,628		$	1,830		$	2,630
Ratios to average net assets:
Net investment income (loss)		(0.01	%)		0.18	%		0.20	%		(0.59	%)		(0.78	%)		(0.78	%)
Total expenses		1.55	%		1.54	%		1.51	%		1.60	%		1.63	%		1.63	%
Net expenses		1.54	%c		1.54	%		1.51	%		1.60	%		1.63	%		1.63	%
Portfolio turnover rate		72	%		424	%		114	%		281	%		277	%		571	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of investments of the Fund.
f	Less than $0.01 per share.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	3.6%
American Tower Corp. — Class A	3.1%
Equinix, Inc.	2.8%
Welltower, Inc.	2.4%
Public Storage	2.4%
Crown Castle, Inc.	2.3%
Digital Realty Trust, Inc.	2.2%
Simon Property Group, Inc.	2.1%
Realty Income Corp.	2.1%
CoStar Group, Inc.	2.0%
Top Ten Total	25.0%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(5.89%)	(1.50%)	(0.21%)	3.14%
A-Class Shares with sales charge‡	(10.36%)	(6.18%)	(1.18%)	2.64%
C-Class Shares	(6.21%)	(2.22%)	(0.80%)	2.44%
C-Class Shares with CDSC§	(7.15%)	(3.15%)	(0.80%)	2.44%
H-Class Shares	(5.88%)	(1.53%)	(0.19%)	3.14%
MSCI U.S. REIT Index	(4.55%)	3.18%	2.82%	5.94%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	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, haves no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 103

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 99.5%
REITs - 92.1%
REITs-Diversified - 23.2%
American Tower Corp. — Class A		325	$	53,446
Equinix, Inc.		66		47,933
Crown Castle, Inc.		426		39,205
Digital Realty Trust, Inc.		313		37,879
VICI Properties, Inc.		1,162		33,814
Weyerhaeuser Co.		978		29,985
SBA Communications Corp.		142		28,424
Gaming and Leisure Properties, Inc.		467		21,272
WP Carey, Inc.		372		20,118
Lamar Advertising Co. — Class A		224		18,697
PotlatchDeltic Corp.		270		12,255
Vornado Realty Trust		539		12,225
National Storage Affiliates Trust		378		11,998
EPR Properties		268		11,133
Broadstone Net Lease, Inc.		678		9,695
Outfront Media, Inc.		780		7,878
Uniti Group, Inc.		1,360		6,419
Total REITs-Diversified				402,376
REITs-Apartments - 12.7%
AvalonBay Communities, Inc.		179		30,741
Equity Residential		494		29,003
Invitation Homes, Inc.		865		27,412
Mid-America Apartment Communities, Inc.		186		23,929
Essex Property Trust, Inc.		109		23,118
UDR, Inc.		596		21,259
American Homes 4 Rent — Class A		600		20,214
Camden Property Trust		208		19,673
Apartment Income REIT Corp.		441		13,539
Independence Realty Trust, Inc.		761		10,707
Total REITs-Apartments				219,595
REITs-Warehouse/Industries - 9.6%
Prologis, Inc.		561		62,950
Rexford Industrial Realty, Inc.		400		19,740
Americold Realty Trust, Inc.		585		17,790
EastGroup Properties, Inc.		95		15,820
STAG Industrial, Inc.		455		15,702
First Industrial Realty Trust, Inc.		329		15,657
Terreno Realty Corp.		238		13,518
Innovative Industrial Properties, Inc.		63		4,767
Total REITs-Warehouse/Industries				165,944
REITs-Health Care - 9.0%
Welltower, Inc.		513		42,025
Ventas, Inc.		630		26,542
Healthpeak Properties, Inc.		1,076		19,755
Omega Healthcare Investors, Inc.		568		18,835
Healthcare Realty Trust, Inc.		980		14,965
Sabra Health Care REIT, Inc.		862		12,016
Medical Properties Trust, Inc.1		1,939		10,568
Physicians Realty Trust		864		10,532
Total REITs-Health Care				155,238
REITs-Office Property - 7.7%
Alexandria Real Estate Equities, Inc.		250		25,025
Boston Properties, Inc.		304		18,082
Kilroy Realty Corp.		358		11,316
Cousins Properties, Inc.		530		10,796
COPT Defense Properties		449		10,700
LXP Industrial Trust		1,107		9,852
SL Green Realty Corp.1		261		9,735
Douglas Emmett, Inc.1		704		8,983
Highwoods Properties, Inc.		431		8,883
Equity Commonwealth		483		8,873
JBG SMITH Properties		524		7,577
Hudson Pacific Properties, Inc.		870		5,785
Total REITs-Office Property				135,607
REITs-Storage - 6.9%
Public Storage		156		41,109
Extra Space Storage, Inc.		265		32,219
Iron Mountain, Inc.		441		26,217
CubeSmart		480		18,302
Total REITs-Storage				117,847
REITs-Shopping Centers - 6.8%
Kimco Realty Corp.		1,176		20,686
Regency Centers Corp.		340		20,210
Federal Realty Investment Trust		187		16,948
Brixmor Property Group, Inc.		760		15,793
Kite Realty Group Trust		635		13,602
Phillips Edison & Company, Inc.		399		13,382
SITE Centers Corp.		747		9,211
Retail Opportunity Investments Corp.		620		7,676
Total REITs-Shopping Centers				117,508
REITs-Single Tenant - 5.2%
Realty Income Corp.		736		36,756
NNN REIT, Inc.		448		15,832
Agree Realty Corp.		257		14,197
Spirit Realty Capital, Inc.		398		13,345
Essential Properties Realty Trust, Inc.		521		11,269
Total REITs-Single Tenant				91,399
REITs-Hotels - 5.2%
Host Hotels & Resorts, Inc.		1,388		22,305
Ryman Hospitality Properties, Inc.		168		13,991
Apple Hospitality REIT, Inc.1		731		11,214
Park Hotels & Resorts, Inc.		838		10,324
Sunstone Hotel Investors, Inc.		995		9,303
Pebblebrook Hotel Trust		596		8,100
RLJ Lodging Trust		813		7,959
Service Properties Trust		946		7,275
Total REITs-Hotels				90,471

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2023
REAL ESTATE FUND

	Shares		Value
REITs-Regional Malls - 2.7%
Simon Property Group, Inc.		342	$	36,946
Macerich Co.		876		9,557
Total REITs-Regional Malls				46,503
REITs-Manufactured Homes - 2.6%
Sun Communities, Inc.		209		24,733
Equity LifeStyle Properties, Inc.		325		20,706
Total REITs-Manufactured Homes				45,439
Specialized Reit’s - 0.5%
DiamondRock Hospitality Co.		1,059		8,504
Total REITS				1,596,431
Real Estate - 3.4%
Real Estate Management/Services - 3.4%
CBRE Group, Inc. — Class A*		390		28,805
Jones Lang LaSalle, Inc.*		76		10,730
Cushman & Wakefield plc*		918		6,995
eXp World Holdings, Inc.		418		6,788
Redfin Corp.*		715		5,034
Total Real Estate Management/Services				58,352
Total Real Estate				58,352
Commercial Services - 2.0%
Research & Consulting Services - 2.0%
CoStar Group, Inc.*		452		34,754
Internet - 1.4%
E-Commerce/Services - 1.4%
Zillow Group, Inc. — Class C*		414		19,110
Opendoor Technologies, Inc.*		1,612		4,256
Total E-Commerce/Services				23,366
Total Internet				23,366
Telecommunications - 0.6%
Telecom Services - 0.6%
DigitalBridge Group, Inc.		632		11,111
Total Common Stocks
(Cost $1,396,729)				1,724,014
SECURITIES LENDING COLLATERAL†,2 - 1.8%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%3		31,143		31,143
Total Securities Lending Collateral
(Cost $31,143)				31,143
Total Investments - 101.3%
(Cost $1,427,872)			$	1,755,157
Other Assets & Liabilities, net - (1.3)%				(21,851	)
Total Net Assets - 100.0%			$	1,733,306

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 105

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
REAL ESTATE FUND

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2023 — See Note 7.
2	Securities lending collateral — See Note 7.
3	Rate indicated is the 7-day yield as of September 30, 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 September 30, 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	$	1,724,014	$	—	$	—	$	1,724,014
Securities Lending Collateral		31,143		—		—		31,143
Total Assets	$	1,755,157	$	—	$	—	$	1,755,157

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

REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $30,490 of securities loaned (cost $1,427,872)	$	1,755,157
Cash		647
Receivables:
Securities sold		10,688
Dividends		8,154
Fund shares sold		4,192
Securities lending income		1
Total assets		1,778,839
Liabilities:
Line of credit		11,000
Payable for:
Return of securities lending collateral		31,143
Management fees		1,375
Transfer agent fees		484
Distribution and service fees		472
Portfolio accounting and administration fees		165
Trustees’ fees*		27
Miscellaneous		867
Total liabilities		45,533
Net assets	$	1,733,306
Net assets consist of:
Paid in capital	$	8,817,400
Total distributable earnings (loss)		(7,084,094	)
Net assets	$	1,733,306
A-Class:
Net assets	$	295,606
Capital shares outstanding		8,943
Net asset value per share	$	33.05
Maximum offering price per share (Net asset value divided by 95.25%)	$	34.70
C-Class:
Net assets	$	104,974
Capital shares outstanding		3,843
Net asset value per share	$	27.32
H-Class:
Net assets	$	1,332,726
Capital shares outstanding		40,404
Net asset value per share	$	32.99

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends	$	34,841
Interest		273
Income from securities lending, net		69
Total investment income		35,183
Expenses:
Management fees		9,566
Distribution and service fees:
A-Class		471
C-Class		581
H-Class		2,196
Transfer agent fees		2,350
Portfolio accounting and administration fees		1,715
Registration fees		900
Professional fees		490
Trustees’ fees*		238
Custodian fees		156
Line of credit fees		66
Miscellaneous		368
Total expenses		19,097
Less:
Expenses reimbursed by Adviser		(166	)
Net expenses		18,931
Net investment income		16,252
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(32,132	)
Net realized loss		(32,132	)
Net change in unrealized appreciation (depreciation) on:
Investments		(108,280	)
Net change in unrealized appreciation (depreciation)		(108,280	)
Net realized and unrealized loss		(140,412	)
Net decrease in net assets resulting from operations	$	(124,160	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 107

REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	16,252		$	54,116
Net realized loss on investments		(32,132	)		(809,345	)
Net change in unrealized appreciation (depreciation) on investments		(108,280	)		(606,010	)
Net decrease in net assets resulting from operations		(124,160	)		(1,361,239	)
Distributions to shareholders:
A-Class		—			(16,248	)
C-Class		—			(5,699	)
H-Class		—			(69,671	)
Total distributions to shareholders		—			(91,618	)
Capital share transactions:
Proceeds from sale of shares
A-Class		221,209			727,350
C-Class		20,328			116,553
H-Class		2,626,414			21,964,959
Distributions reinvested
A-Class		—			16,248
C-Class		—			5,586
H-Class		—			69,314
Cost of shares redeemed
A-Class		(400,964	)		(1,065,206	)
C-Class		(28,324	)		(269,249	)
H-Class		(3,239,978	)		(55,408,046	)
Net decrease from capital share transactions		(801,315	)		(33,842,491	)
Net decrease in net assets		(925,475	)		(35,295,348	)
Net assets:
Beginning of period		2,658,781			37,954,129
End of period	$	1,733,306		$	2,658,781
Capital share activity:
Shares sold
A-Class		6,205			18,498
C-Class		692			3,396
H-Class		74,024			523,937
Shares issued from reinvestment of distributions
A-Class		—			468
C-Class		—			193
H-Class		—			1,999
Shares redeemed
A-Class		(11,231	)		(25,859	)
C-Class		(973	)		(7,546	)
H-Class		(92,056	)		(1,242,549	)
Net decrease in shares		(23,339	)		(727,463	)

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

REAL ESTATE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2023a			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	$	35.12		$	47.38		$	40.87		$	30.70		$	41.24		$	35.92
Income (loss) from investment operations:
Net investment income (loss)b		.27			.65			.21			.32			.56			.46
Net gain (loss) on investments (realized and unrealized)		(2.34	)		(11.59	)		6.48			13.33			(10.37	)		5.12	e
Total from investment operations		(2.07	)		(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	$	33.05		$	35.12		$	47.38		$	40.87		$	30.70		$	41.24
Total Returnc		(5.89	%)		(23.05	%)		16.36	%		45.79	%		(24.28	%)		15.58	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	296		$	491		$	988		$	1,049		$	781		$	658
Ratios to average net assets:
Net investment income (loss)		1.53	%		1.65	%		0.46	%		0.87	%		1.33	%		1.18	%
Total expenses		1.66	%		1.65	%		1.61	%		1.70	%		1.72	%		1.72	%
Net expenses		1.64	%d		1.65	%		1.61	%		1.70	%		1.72	%		1.72	%
Portfolio turnover rate		109	%		308	%		380	%		499	%		539	%		877	%

C-Class	Six Months Ended September 30, 2023a			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	$	29.13		$	39.90		$	34.44		$	26.48		$	35.94		$	31.57
Income (loss) from investment operations:
Net investment income (loss)b		.12			.31			(.09	)		(.03	)		.26			.31
Net gain (loss) on investments (realized and unrealized)		(1.93	)		(9.76	)		5.73			11.47			(8.99	)		4.32	e
Total from investment operations		(1.81	)		(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	$	27.32		$	29.13		$	39.90		$	34.44		$	26.48		$	35.94
Total Returnc		(6.21	%)		(23.65	%)		16.37	%		44.71	%		(24.86	%)		14.72	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	105		$	120		$	322		$	194		$	430		$	702
Ratios to average net assets:
Net investment income (loss)		0.84	%		0.94	%		(0.22	%)		(0.09	%)		0.71	%		0.94	%
Total expenses		2.41	%		2.40	%		2.36	%		2.45	%		2.47	%		2.46	%
Net expenses		2.39	%d		2.40	%		2.36	%		2.45	%		2.47	%		2.46	%
Portfolio turnover rate		109	%		308	%		380	%		499	%		539	%		877	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 109

REAL ESTATE FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2023a			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	$	35.05		$	47.28		$	40.78		$	30.63		$	41.14		$	35.82
Income (loss) from investment operations:
Net investment income (loss)b		.26			.54			.22			.23			.55			.65
Net gain (loss) on investments (realized and unrealized)		(2.32	)		(11.45	)		6.46			13.40			(10.33	)		4.93	e
Total from investment operations		(2.06	)		(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	$	32.99		$	35.05		$	47.28		$	40.78		$	30.63		$	41.14
Total Return		(5.88	%)		(23.04	%)		16.37	%		45.83	%		(24.27	%)		15.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,333		$	2,048		$	36,643		$	10,907		$	2,284		$	18,436
Ratios to average net assets:
Net investment income (loss)		1.47	%		1.33	%		0.49	%		0.60	%		1.30	%		1.69	%
Total expenses		1.66	%		1.65	%		1.62	%		1.66	%		1.72	%		1.71	%
Net expenses		1.64	%d		1.65	%		1.62	%		1.66	%		1.72	%		1.71	%
Portfolio turnover rate		109	%		308	%		380	%		499	%		539	%		877	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchase of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	May 9, 2001
H-Class	April 21, 1998

Ten Largest Holdings	% of Total Net Assets
Amazon.com, Inc.	10.3%
Walmart, Inc.	5.3%
Home Depot, Inc.	5.0%
Costco Wholesale Corp.	4.5%
TJX Companies, Inc.	3.9%
Lowe’s Companies, Inc.	3.8%
O’Reilly Automotive, Inc.	3.0%
Target Corp.	2.8%
Alibaba Group Holding Ltd. ADR	2.7%
PDD Holdings, Inc. ADR	2.6%
Top Ten Total	43.9%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(5.12%)	8.21%	4.76%	6.97%
A-Class Shares	(5.22%)	7.94%	4.51%	6.74%
A-Class Shares with sales charge‡	(9.72%)	2.81%	3.50%	6.22%
C-Class Shares	(5.55%)	7.12%	3.71%	5.92%
C-Class Shares with CDSC§	(6.49%)	6.12%	3.71%	5.92%
H-Class Shares**	(5.23%)	7.95%	4.50%	6.68%
S&P 500 Consumer Discretionary Index	9.07%	13.77%	7.19%	11.53%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	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 return.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 111

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
RETAILING FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Retail - 67.9%
Walmart, Inc.		2,768	$	442,686
Home Depot, Inc.		1,368		413,355
Costco Wholesale Corp.		654		369,484
TJX Companies, Inc.		3,620		321,746
Lowe’s Companies, Inc.		1,529		317,787
O’Reilly Automotive, Inc.*		271		246,301
Target Corp.		2,060		227,774
Ross Stores, Inc.		1,793		202,519
AutoZone, Inc.*		63		160,019
Dollar Tree, Inc.*		1,449		154,246
Dollar General Corp.		1,439		152,246
Tractor Supply Co.		747		151,678
Genuine Parts Co.		1,033		149,145
Ulta Beauty, Inc.*		365		145,799
Walgreens Boots Alliance, Inc.		6,163		137,065
Best Buy Company, Inc.		1,758		122,128
BJ’s Wholesale Club Holdings, Inc.*		1,533		109,410
Williams-Sonoma, Inc.		704		109,402
CarMax, Inc.*		1,494		105,671
Dick’s Sporting Goods, Inc.		937		101,740
Five Below, Inc.*		624		100,402
Floor & Decor Holdings, Inc. — Class A*		1,099		99,460
Burlington Stores, Inc.*		692		93,628
Murphy USA, Inc.		269		91,925
Bath & Body Works, Inc.		2,616		88,421
AutoNation, Inc.*		523		79,182
Ollie’s Bargain Outlet Holdings, Inc.*		980		75,636
Lithia Motors, Inc. — Class A		246		72,651
GameStop Corp. — Class A*,1		4,084		67,223
Academy Sports & Outdoors, Inc.		1,279		60,458
Macy’s, Inc.		5,207		60,453
American Eagle Outfitters, Inc.		3,579		59,447
Advance Auto Parts, Inc.		1,057		59,118
RH*		219		57,895
Signet Jewelers Ltd.		799		57,376
Gap, Inc.		5,179		55,053
Boot Barn Holdings, Inc.*		636		51,637
Foot Locker, Inc.		2,400		41,640
Nordstrom, Inc.		2,768		41,354
National Vision Holdings, Inc.*		2,299		37,198
Kohl’s Corp.		1,715		35,946
Victoria’s Secret & Co.*		2,137		35,645
Leslie’s, Inc.*		5,742		32,500
Carvana Co.*,1		770		32,325
Total Retail				5,626,774
Internet - 27.2%
Amazon.com, Inc.*		6,679		849,034
Alibaba Group Holding Ltd. ADR*		2,594		225,004
PDD Holdings, Inc. ADR*		2,204		216,146
eBay, Inc.		3,809		167,939
MercadoLibre, Inc.*		130		164,824
JD.com, Inc. ADR		5,355		155,991
Coupang, Inc.*		8,026		136,442
Etsy, Inc.*		1,446		93,383
Wayfair, Inc. — Class A*		1,338		81,043
Chewy, Inc. — Class A*		4,226		77,167
Farfetch Ltd. — Class A*,1		28,272		59,088
Overstock.com, Inc.*		1,655		26,182
Total Internet				2,252,243
Distribution & Wholesale - 3.0%
Pool Corp.		358		127,484
LKQ Corp.		2,477		122,636
Total Distribution & Wholesale				250,120
Chemicals - 0.8%
Valvoline, Inc.		2,169		69,929
Apparel - 0.6%
Urban Outfitters, Inc.*		1,478		48,316
Total Common Stocks
(Cost $6,371,780)				8,247,382
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	30,000		30,000
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		11,654		11,654
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		11,538		11,538
Total Repurchase Agreements
(Cost $53,192)				53,192
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		106,519		106,519
Total Securities Lending Collateral
(Cost $106,519)				106,519
Total Investments - 101.4%
(Cost $6,531,491)			$	8,407,093
Other Assets & Liabilities, net - (1.4)%				(119,828	)
Total Net Assets - 100.0%			$	8,287,265

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 September 30, 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 September 30, 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 September 30, 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	$	8,247,382	$	—	$	—	$	8,247,382
Repurchase Agreements		—		53,192		—		53,192
Securities Lending Collateral		106,519		—		—		106,519
Total Assets	$	8,353,901	$	53,192	$	—	$	8,407,093

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 113

RETAILING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $105,488 of securities loaned (cost $6,478,299)	$	8,353,901
Repurchase agreements, at value (cost $53,192)		53,192
Receivables:
Dividends		3,554
Fund shares sold		130
Securities lending income		78
Interest		16
Total assets		8,410,871
Liabilities:
Payable for:
Return of securities lending collateral		106,519
Management fees		5,857
Fund shares redeemed		4,002
Transfer agent fees		2,157
Portfolio accounting and administration fees		705
Distribution and service fees		330
Trustees’ fees*		126
Miscellaneous		3,910
Total liabilities		123,606
Net assets	$	8,287,265
Net assets consist of:
Paid in capital	$	9,041,252
Total distributable earnings (loss)		(753,987	)
Net assets	$	8,287,265
Investor Class:
Net assets	$	7,136,405
Capital shares outstanding		177,415
Net asset value per share	$	40.22
A-Class:
Net assets	$	702,583
Capital shares outstanding		18,784
Net asset value per share	$	37.40
Maximum offering price per share (Net asset value divided by 95.25%)	$	39.27
C-Class:
Net assets	$	113,560
Capital shares outstanding		3,610
Net asset value per share	$	31.46
H-Class:
Net assets	$	334,717
Capital shares outstanding		9,198
Net asset value per share	$	36.39

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $59)	$	61,991
Interest		1,420
Income from securities lending, net		2,096
Total investment income		65,507
Expenses:
Management fees		44,383
Distribution and service fees:
A-Class		1,009
C-Class		685
H-Class		565
Transfer agent fees		10,786
Portfolio accounting and administration fees		7,958
Registration fees		5,049
Professional fees		2,373
Trustees’ fees*		888
Custodian fees		709
Miscellaneous		959
Total expenses		75,364
Less:
Expenses reimbursed by Adviser		(824	)
Net expenses		74,540
Net investment loss		(9,033	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		170,341
Net realized gain		170,341
Net change in unrealized appreciation (depreciation) on:
Investments		(662,144	)
Net change in unrealized appreciation (depreciation)		(662,144	)
Net realized and unrealized loss		(491,803	)
Net decrease in net assets resulting from operations	$	(500,836	)

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

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

RETAILING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(9,033	)	$	(26,073	)
Net realized gain (loss) on investments		170,341			(803,782	)
Net change in unrealized appreciation (depreciation) on investments		(662,144	)		(960,613	)
Net decrease in net assets resulting from operations		(500,836	)		(1,790,468	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		15,333,803			35,012,254
A-Class		239,265			491,568
C-Class		105,890			43,721
H-Class		15,363			905,776
Cost of shares redeemed
Investor Class		(15,103,866	)		(34,168,872	)
A-Class		(480,985	)		(1,197,684	)
C-Class		(128,849	)		(73,673	)
H-Class		(261,440	)		(938,009	)
Net increase (decrease) from capital share transactions		(280,819	)		75,081
Net decrease in net assets		(781,655	)		(1,715,387	)
Net assets:
Beginning of period		9,068,920			10,784,307
End of period	$	8,287,265		$	9,068,920
Capital share activity:
Shares sold
Investor Class		362,961			829,827
A-Class		6,126			12,925
C-Class		3,070			1,362
H-Class		395			24,999
Shares redeemed
Investor Class		(358,581	)		(827,870	)
A-Class		(12,291	)		(31,900	)
C-Class		(3,876	)		(2,232	)
H-Class		(6,898	)		(25,143	)
Net decrease in shares		(9,094	)		(18,032	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 115

RETAILING FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	42.39		$	46.75		$	57.11		$	28.62		$	33.46		$	30.17
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		(.08	)		(.30	)		(.25	)		(.06	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		(2.14	)		(4.28	)		(5.31	)		28.74			(4.78	)		3.35
Total from investment operations		(2.17	)		(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	$	40.22		$	42.39		$	46.75		$	57.11		$	28.62		$	33.46
Total Return		(5.12	%)		(9.33	%)		(10.94	%)		99.55	%		(14.47	%)		11.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,136		$	7,334		$	7,998		$	24,987		$	3,316		$	22,748
Ratios to average net assets:
Net investment income (loss)		(0.14	%)		(0.19	%)		(0.53	%)		(0.52	%)		(0.17	%)		(0.07	%)
Total expenses		1.40	%		1.40	%		1.36	%		1.43	%		1.47	%		1.45	%
Net expenses		1.38	%c		1.40	%		1.36	%		1.43	%		1.47	%		1.45	%
Portfolio turnover rate		162	%		371	%		214	%		270	%		228	%		314	%

A-Class	Six Months Ended September 30, 2023a			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	$	39.46		$	43.64		$	53.75		$	27.00		$	31.64		$	28.60
Income (loss) from investment operations:
Net investment income (loss)b		(.06	)		(.17	)		(.42	)		(.38	)		(.13	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		(2.00	)		(4.01	)		(4.94	)		27.13			(4.51	)		3.13
Total from investment operations		(2.06	)		(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	$	37.40		$	39.46		$	43.64		$	53.75		$	27.00		$	31.64
Total Returnd		(5.22	%)		(9.58	%)		(11.17	%)		99.07	%		(14.66	%)		10.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	703		$	985		$	1,917		$	2,133		$	456		$	5,806
Ratios to average net assets:
Net investment income (loss)		(0.29	%)		(0.45	%)		(0.79	%)		(0.83	%)		(0.42	%)		(0.16	%)
Total expenses		1.65	%		1.65	%		1.61	%		1.67	%		1.72	%		1.72	%
Net expenses		1.63	%c		1.65	%		1.61	%		1.67	%		1.72	%		1.72	%
Portfolio turnover rate		162	%		371	%		214	%		270	%		228	%		314	%

116 | THE RYDEX FUNDS SEMI-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	Six Months Ended September 30, 2023a			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	$	33.31		$	37.12		$	46.74		$	23.67		$	27.95		$	25.46
Income (loss) from investment operations:
Net investment income (loss)b		(.17	)		(.39	)		(.70	)		(.62	)		(.33	)		(.31	)
Net gain (loss) on investments (realized and unrealized)		(1.68	)		(3.42	)		(4.17	)		23.69			(3.95	)		2.84
Total from investment operations		(1.85	)		(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	$	31.46		$	33.31		$	37.12		$	46.74		$	23.67		$	27.95
Total Returnd		(5.55	%)		(10.26	%)		(11.84	%)		97.47	%		(15.31	%)		9.97	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	114		$	147		$	196		$	294		$	230		$	468
Ratios to average net assets:
Net investment income (loss)		(1.02	%)		(1.18	%)		(1.54	%)		(1.65	%)		(1.16	%)		(1.15	%)
Total expenses		2.40	%		2.40	%		2.36	%		2.44	%		2.48	%		2.46	%
Net expenses		2.38	%c		2.40	%		2.36	%		2.44	%		2.48	%		2.46	%
Portfolio turnover rate		162	%		371	%		214	%		270	%		228	%		314	%

H-Class	Six Months Ended September 30, 2023a			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	$	38.40		$	42.47		$	52.44		$	26.35		$	30.87		$	27.91
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		(.18	)		(.38	)		(.39	)		(.20	)		(.11	)
Net gain (loss) on investments (realized and unrealized)		(1.96	)		(3.89	)		(4.84	)		26.48			(4.32	)		3.11
Total from investment operations		(2.01	)		(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	$	36.39		$	38.40		$	42.47		$	52.44		$	26.35		$	30.87
Total Return		(5.23	%)		(9.58	%)		(11.18	%)		99.01	%		(14.64	%)		10.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	335		$	603		$	673		$	661		$	345		$	6,265
Ratios to average net assets:
Net investment income (loss)		(0.27	%)		(0.47	%)		(0.73	%)		(0.91	%)		(0.64	%)		(0.37	%)
Total expenses		1.65	%		1.65	%		1.60	%		1.69	%		1.72	%		1.70	%
Net expenses		1.64	%c		1.65	%		1.60	%		1.69	%		1.72	%		1.70	%
Portfolio turnover rate		162	%		371	%		214	%		270	%		228	%		314	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 117

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	6.2%
Microsoft Corp.	5.9%
Alphabet, Inc. — Class A	4.9%
NVIDIA Corp.	3.9%
Meta Platforms, Inc. — Class A	3.4%
Broadcom, Inc.	2.2%
Adobe, Inc.	1.8%
Cisco Systems, Inc.	1.7%
Salesforce, Inc.	1.6%
Advanced Micro Devices, Inc.	1.6%
Top Ten Total	33.2%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	7.45%	31.86%	11.70%	14.21%
A-Class Shares	7.31%	31.54%	11.43%	13.93%
A-Class Shares with sales charge‡	2.21%	25.29%	10.35%	13.37%
C-Class Shares	6.91%	30.55%	10.59%	13.08%
C-Class Shares with CDSC§	5.91%	29.55%	10.59%	13.08%
H-Class Shares**	7.31%	31.53%	11.42%	13.87%
S&P 500 Information Technology Index	10.59%	41.10%	18.40%	20.38%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

118 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
TECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.7%
Software - 31.4%
Microsoft Corp.		12,920	$	4,079,490
Adobe, Inc.*		2,448		1,248,235
Salesforce, Inc.*		5,584		1,132,324
Oracle Corp.		9,567		1,013,337
Intuit, Inc.		1,890		965,677
ServiceNow, Inc.*		1,593		890,423
Activision Blizzard, Inc.		7,829		733,029
Synopsys, Inc.*		1,564		717,829
Cadence Design Systems, Inc.*		2,911		682,047
Roper Technologies, Inc.		1,260		610,193
Atlassian Corp. — Class A*		3,027		609,971
Workday, Inc. — Class A*		2,730		586,541
Autodesk, Inc.*		2,672		552,864
NetEase, Inc. ADR		5,511		551,982
Snowflake, Inc. — Class A*		3,578		546,611
Palantir Technologies, Inc. — Class A*		31,352		501,632
Electronic Arts, Inc.		4,048		487,379
Splunk, Inc.*		3,129		457,616
Datadog, Inc. — Class A*		4,802		437,414
ANSYS, Inc.*		1,412		420,141
Take-Two Interactive Software, Inc.*		2,919		409,798
MongoDB, Inc.*		1,159		400,852
Cloudflare, Inc. — Class A*		6,004		378,492
Zoom Video Communications, Inc. — Class A*		5,185		362,639
Akamai Technologies, Inc.*		3,230		344,124
PTC, Inc.*		2,390		338,615
ROBLOX Corp. — Class A*		11,689		338,514
HubSpot, Inc.*		645		317,663
BILL Holdings, Inc.*		2,520		273,596
Twilio, Inc. — Class A*		4,331		253,493
Dropbox, Inc. — Class A*		9,306		253,402
Unity Software, Inc.*		7,242		227,326
DocuSign, Inc.*		5,323		223,566
ZoomInfo Technologies, Inc. — Class A*		12,261		201,080
Five9, Inc.*		2,774		178,368
C3.ai, Inc. — Class A*,1		5,707		145,643
Total Software				21,871,906
Semiconductors - 27.5%
NVIDIA Corp.		6,286		2,734,347
Broadcom, Inc.		1,883		1,563,982
Advanced Micro Devices, Inc.*		10,617		1,091,640
Texas Instruments, Inc.		6,431		1,022,593
QUALCOMM, Inc.		9,089		1,009,424
Intel Corp.		28,071		997,924
Applied Materials, Inc.		6,576		910,447
Analog Devices, Inc.		4,541		795,084
NXP Semiconductor N.V.		3,889		777,489
Lam Research Corp.		1,217		762,779
Micron Technology, Inc.		10,755		731,663
ASML Holding N.V. — Class G		1,144		673,427
KLA Corp.		1,448		664,140
Taiwan Semiconductor Manufacturing Company Ltd. ADR		7,503		652,011
Marvell Technology, Inc.		10,523		569,610
Microchip Technology, Inc.		7,126		556,184
STMicroelectronics N.V. — Class Y		12,652		546,060
ON Semiconductor Corp.*		5,678		527,770
Skyworks Solutions, Inc.		3,585		353,445
Teradyne, Inc.		3,476		349,199
Entegris, Inc.		3,411		320,327
Lattice Semiconductor Corp.*		3,368		289,412
Qorvo, Inc.*		2,810		268,271
Monolithic Power Systems, Inc.		521		240,702
MKS Instruments, Inc.		2,325		201,206
GLOBALFOUNDRIES, Inc.*,1		3,281		190,921
Wolfspeed, Inc.*		4,664		177,699
Silicon Laboratories, Inc.*		985		114,152
Total Semiconductors				19,091,908
Computers - 16.0%
Apple, Inc.		25,239		4,321,169
International Business Machines Corp.		6,735		944,921
Accenture plc — Class A		1,934		593,951
Check Point Software Technologies Ltd.*		4,143		552,179
Infosys Ltd. ADR		31,895		545,723
Crowdstrike Holdings, Inc. — Class A*		3,179		532,101
Fortinet, Inc.*		8,654		507,817
Cognizant Technology Solutions Corp. — Class A		7,206		488,134
Hewlett Packard Enterprise Co.		23,436		407,083
HP, Inc.		14,832		381,182
Western Digital Corp.*		7,481		341,358
NetApp, Inc.		4,425		335,769
Seagate Technology Holdings plc		4,925		324,804
Zscaler, Inc.*		1,970		306,512
Super Micro Computer, Inc.*		1,094		299,997
Pure Storage, Inc. — Class A*		7,445		265,191
Total Computers				11,147,891
Internet - 15.5%
Alphabet, Inc. — Class A*		26,123		3,418,456
Meta Platforms, Inc. — Class A*		7,930		2,380,665
Palo Alto Networks, Inc.*		3,006		704,727
Sea Ltd. ADR*		14,665		644,527
Baidu, Inc. ADR*		4,287		575,958
Shopify, Inc. — Class A*		9,625		525,236
CDW Corp.		2,144		432,573
VeriSign, Inc.*		1,767		357,871
Pinterest, Inc. — Class A*		13,137		355,093
Okta, Inc.*		3,650		297,512
Snap, Inc. — Class A*		29,845		265,919
Match Group, Inc.*		6,786		265,842
F5, Inc.*		1,644		264,914
Gen Digital, Inc.		14,296		252,753
Total Internet				10,742,046

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 119

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
TECHNOLOGY FUND

	Shares		Value
Telecommunications - 3.9%
Cisco Systems, Inc.		22,060	$	1,185,946
Motorola Solutions, Inc.		2,079		565,987
Arista Networks, Inc.*		3,027		556,756
Corning, Inc.		13,456		410,004
Total Telecommunications				2,718,693
Electronics - 3.1%
Amphenol Corp. — Class A		7,126		598,513
TE Connectivity Ltd.		4,287		529,573
Keysight Technologies, Inc.*		3,158		417,835
Trimble, Inc.*		5,960		321,006
Flex Ltd.*		11,175		301,501
Total Electronics				2,168,428
Energy-Alternate Sources - 1.7%
SolarEdge Technologies, Inc.*		3,940		510,269
Enphase Energy, Inc.*		2,868		344,590
First Solar, Inc.*		2,064		333,522
Total Energy-Alternate Sources				1,188,381
Office & Business Equipment - 0.4%
Zebra Technologies Corp. — Class A*		1,115		263,731
Commercial Services - 0.2%
Paylocity Holding Corp.*		934		169,708
Total Common Stocks
(Cost $50,881,574)				69,362,692

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.3%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	109,438		109,438
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		42,511		42,511
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		42,091		42,091
Total Repurchase Agreements
(Cost $194,040)				194,040
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.4%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		257,810		257,810
Total Securities Lending Collateral
(Cost $257,810)				257,810
Total Investments - 100.4%
(Cost $51,333,424)			$	69,814,542
Other Assets & Liabilities, net - (0.4)%				(289,507	)
Total Net Assets - 100.0%			$	69,525,035

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 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 September 30, 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 September 30, 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	$	69,362,692	$	—	$	—	$	69,362,692
Repurchase Agreements		—		194,040		—		194,040
Securities Lending Collateral		257,810		—		—		257,810
Total Assets	$	69,620,502	$	194,040	$	—	$	69,814,542

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

TECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $252,373 of securities loaned (cost $51,139,384)	$	69,620,502
Repurchase agreements, at value (cost $194,040)		194,040
Receivables:
Fund shares sold		115,875
Dividends		23,711
Foreign tax reclaims		1,107
Securities lending income		596
Interest		57
Total assets		69,955,888
Liabilities:
Payable for:
Return of securities lending collateral		257,810
Fund shares redeemed		68,694
Management fees		51,738
Transfer agent fees		15,835
Portfolio accounting and administration fees		6,232
Distribution and service fees		4,068
Trustees’ fees*		836
Miscellaneous		25,640
Total liabilities		430,853
Net assets	$	69,525,035
Net assets consist of:
Paid in capital	$	53,253,599
Total distributable earnings (loss)		16,271,436
Net assets	$	69,525,035
Investor Class:
Net assets	$	58,412,234
Capital shares outstanding		384,476
Net asset value per share	$	151.93
A-Class:
Net assets	$	7,491,619
Capital shares outstanding		54,401
Net asset value per share	$	137.71
Maximum offering price per share (Net asset value divided by 95.25%)	$	144.58
C-Class:
Net assets	$	2,601,078
Capital shares outstanding		22,405
Net asset value per share	$	116.09
H-Class:
Net assets	$	1,020,104
Capital shares outstanding		7,606
Net asset value per share	$	134.12

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $1,045)	$	212,130
Interest		8,356
Income from securities lending, net		1,325
Total investment income		221,811
Expenses:
Management fees		232,118
Distribution and service fees:
A-Class		9,073
C-Class		13,677
H-Class		1,805
Transfer agent fees		54,932
Portfolio accounting and administration fees		41,621
Registration fees		22,378
Professional fees		12,971
Custodian fees		3,625
Trustees’ fees*		3,172
Line of credit fees		89
Miscellaneous		10,991
Total expenses		406,452
Less:
Expenses reimbursed by Adviser		(5,782	)
Net expenses		400,670
Net investment loss		(178,859	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,044,966	)
Net realized loss		(1,044,966	)
Net change in unrealized appreciation (depreciation) on:
Investments		2,986,929
Net change in unrealized appreciation (depreciation)		2,986,929
Net realized and unrealized gain		1,941,963
Net increase in net assets resulting from operations	$	1,763,104

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 121

TECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(178,859	)	$	(224,306	)
Net realized gain (loss) on investments		(1,044,966	)		2,648,828
Net change in unrealized appreciation (depreciation) on investments		2,986,929			(9,724,943	)
Net increase (decrease) in net assets resulting from operations		1,763,104			(7,300,421	)
Distributions to shareholders:
Investor Class		—			(915,758	)
A-Class		—			(308,843	)
C-Class		—			(159,211	)
H-Class		—			(51,262	)
Total distributions to shareholders		—			(1,435,074	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		77,997,676			37,968,887
A-Class		1,709,869			1,537,399
C-Class		341,094			415,397
H-Class		1,403,431			1,388,075
Distributions reinvested
Investor Class		—			873,134
A-Class		—			307,295
C-Class		—			158,242
H-Class		—			50,898
Cost of shares redeemed
Investor Class		(44,304,831	)		(41,421,053	)
A-Class		(1,231,847	)		(2,195,787	)
C-Class		(763,649	)		(1,143,360	)
H-Class		(1,437,440	)		(1,407,924	)
Net increase (decrease) from capital share transactions		33,714,303			(3,468,797	)
Net increase (decrease) in net assets		35,477,407			(12,204,292	)
Net assets:
Beginning of period		34,047,628			46,251,920
End of period	$	69,525,035		$	34,047,628
Capital share activity:
Shares sold
Investor Class		513,145			274,043
A-Class		12,533			12,444
C-Class		3,006			3,929
H-Class		9,939			10,716
Shares issued from reinvestment of distributions
Investor Class		—			7,358
A-Class		—			2,851
C-Class		—			1,731
H-Class		—			485
Shares redeemed
Investor Class		(295,975	)		(305,989	)
A-Class		(9,077	)		(18,151	)
C-Class		(6,904	)		(10,922	)
H-Class		(10,314	)		(12,220	)
Net increase (decrease) in shares		216,353			(33,725	)

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

TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	141.40		$	168.83		$	177.69		$	100.21		$	101.77		$	94.62
Income (loss) from investment operations:
Net investment income (loss)b		(.43	)		(.68	)		(1.32	)		(.96	)		(.22	)		(.31	)
Net gain (loss) on investments (realized and unrealized)		10.96			(20.64	)		6.56			81.24			(.80	)		11.99
Total from investment operations		10.53			(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	$	151.93		$	141.40		$	168.83		$	177.69		$	100.21		$	101.77
Total Return		7.45	%		(11.94	%)		1.94	%		80.31	%		(1.06	%)		13.05	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	58,412		$	23,656		$	32,397		$	35,562		$	23,190		$	60,972
Ratios to average net assets:
Net investment income (loss)		(0.56	%)		(0.50	%)		(0.68	%)		(0.65	%)		(0.20	%)		(0.32	%)
Total expenses		1.40	%		1.39	%		1.36	%		1.44	%		1.47	%		1.46	%
Net expenses		1.38	%c		1.39	%		1.36	%		1.44	%		1.47	%		1.46	%
Portfolio turnover rate		78	%		121	%		175	%		195	%		165	%		255	%

A-Class	Six Months Ended September 30, 2023a			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	$	128.33		$	154.37		$	163.90		$	92.79		$	94.51		$	88.40
Income (loss) from investment operations:
Net investment income (loss)b		(.56	)		(.93	)		(1.68	)		(1.24	)		(.41	)		(.49	)
Net gain (loss) on investments (realized and unrealized)		9.94			(19.00	)		6.25			75.15			(.77	)		11.13
Total from investment operations		9.38			(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	$	137.71		$	128.33		$	154.37		$	163.90		$	92.79		$	94.51
Total Returnd		7.31	%		(12.16	%)		1.69	%		79.86	%		(1.31	%)		12.77	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,492		$	6,538		$	8,305		$	9,190		$	5,321		$	6,007
Ratios to average net assets:
Net investment income (loss)		(0.82	%)		(0.75	%)		(0.96	%)		(0.90	%)		(0.40	%)		(0.54	%)
Total expenses		1.65	%		1.64	%		1.61	%		1.69	%		1.73	%		1.71	%
Net expenses		1.63	%c		1.64	%		1.61	%		1.69	%		1.73	%		1.71	%
Portfolio turnover rate		78	%		121	%		175	%		195	%		165	%		255	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 123

TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

C-Class	Six Months Ended September 30, 2023a			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	$	108.59		$	132.87		$	143.81		$	82.23		$	84.44		$	80.06
Income (loss) from investment operations:
Net investment income (loss)b		(.91	)		(1.59	)		(2.60	)		(2.01	)		(1.06	)		(1.10	)
Net gain (loss) on investments (realized and unrealized)		8.41			(16.58	)		5.76			66.39			(.61	)		10.01
Total from investment operations		7.50			(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	$	116.09		$	108.59		$	132.87		$	143.81		$	82.23		$	84.44
Total Returnd		6.91	%		(12.82	%)		0.92	%		78.52	%		(2.05	%)		11.93	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,601		$	2,856		$	4,194		$	6,214		$	3,796		$	5,586
Ratios to average net assets:
Net investment income (loss)		(1.57	%)		(1.51	%)		(1.70	%)		(1.65	%)		(1.17	%)		(1.33	%)
Total expenses		2.40	%		2.39	%		2.36	%		2.44	%		2.48	%		2.46	%
Net expenses		2.38	%c		2.39	%		2.36	%		2.44	%		2.48	%		2.46	%
Portfolio turnover rate		78	%		121	%		175	%		195	%		165	%		255	%

H-Class	Six Months Ended September 30, 2023a			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	$	124.98		$	150.57		$	160.17		$	90.72		$	92.40		$	86.54
Income (loss) from investment operations:
Net investment income (loss)b		(.56	)		(.92	)		(1.62	)		(1.01	)		(.47	)		(.64	)
Net gain (loss) on investments (realized and unrealized)		9.70			(18.56	)		6.12			73.26			(.67	)		11.03
Total from investment operations		9.14			(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	$	134.12		$	124.98		$	150.57		$	160.17		$	90.72		$	92.40
Total Return		7.31	%		(12.17	%)		1.68	%		79.85	%		(1.30	%)		12.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,020		$	997		$	1,355		$	1,734		$	3,435		$	12,846
Ratios to average net assets:
Net investment income (loss)		(0.82	%)		(0.76	%)		(0.93	%)		(0.83	%)		(0.47	%)		(0.71	%)
Total expenses		1.64	%		1.64	%		1.60	%		1.74	%		1.72	%		1.70	%
Net expenses		1.62	%c		1.64	%		1.60	%		1.74	%		1.72	%		1.70	%
Portfolio turnover rate		78	%		121	%		175	%		195	%		165	%		255	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	10.3%
Comcast Corp. — Class A	9.9%
Verizon Communications, Inc.	8.0%
AT&T, Inc.	7.6%
T-Mobile US, Inc.	6.5%
Charter Communications, Inc. — Class A	4.4%
Motorola Solutions, Inc.	4.2%
Arista Networks, Inc.	4.0%
Liberty Broadband Corp. — Class C	2.8%
F5, Inc.	2.4%
Top Ten Total	60.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(6.23%)	6.25%	(2.68%)	2.06%
A-Class Shares	(6.27%)	6.09%	(2.92%)	1.78%
A-Class Shares with sales charge‡	(10.72%)	1.04%	(3.86%)	1.29%
C-Class Shares	(6.65%)	5.30%	(3.65%)	1.04%
C-Class Shares with CDSC§	(7.58%)	4.30%	(3.65%)	1.04%
H-Class Shares**	(6.27%)	6.09%	(2.88%)	1.77%
S&P 500 Telecommunication Services Index	16.54%	38.49%	7.88%	7.27%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 125

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
TELECOMMUNICATIONS FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Telecommunications - 70.3%
Cisco Systems, Inc.		1,953	$	104,993
Verizon Communications, Inc.		2,521		81,706
AT&T, Inc.		5,163		77,548
T-Mobile US, Inc.		472		66,104
Motorola Solutions, Inc.		158		43,014
Arista Networks, Inc.*		224		41,200
Juniper Networks, Inc.		848		23,566
Ciena Corp.*		441		20,842
Iridium Communications, Inc.		390		17,741
Vodafone Group plc ADR		1,863		17,661
BCE, Inc.		436		16,642
Frontier Communications Parent, Inc.*		1,045		16,354
Nice Ltd. ADR*		95		16,150
TELUS Corp.		973		15,899
Telefonaktiebolaget LM Ericsson ADR1		3,237		15,732
America Movil SAB de CV ADR		877		15,190
Harmonic, Inc.*		1,518		14,618
Extreme Networks, Inc.*		570		13,800
Nokia Oyj ADR		3,483		13,026
Calix, Inc.*		283		12,973
InterDigital, Inc.		145		11,635
Viavi Solutions, Inc.*		1,192		10,895
Telephone & Data Systems, Inc.		583		10,675
Viasat, Inc.*		549		10,134
Gogo, Inc.*		587		7,003
Infinera Corp.*		1,546		6,462
ADTRAN Holdings, Inc.		737		6,065
CommScope Holding Company, Inc.*		1,372		4,610
Lumen Technologies, Inc.*		2,161		3,069
Clearfield, Inc.*		91		2,608
Total Telecommunications				717,915
Media - 21.0%
Comcast Corp. — Class A		2,283		101,228
Charter Communications, Inc. — Class A*		101		44,422
Liberty Broadband Corp. — Class C*		314		28,674
Liberty Global plc — Class C*		946		17,558
DISH Network Corp. — Class A*		2,187		12,816
Liberty Latin America Ltd. — Class C*		1,183		9,653
Total Media				214,351
Internet - 5.9%
F5, Inc.*		152		24,493
Roku, Inc.*		330		23,295
Cogent Communications Holdings, Inc.		200		12,380
Total Internet				60,168
Computers - 2.4%
Lumentum Holdings, Inc.*		291		13,148
NetScout Systems, Inc.*		403		11,292
Total Computers				24,440
Total Common Stocks
(Cost $874,104)				1,016,874

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.2%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	6,691		6,691
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		2,599		2,599
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		2,574		2,574
Total Repurchase Agreements
(Cost $11,864)				11,864
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.2%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		12,135		12,135
Total Securities Lending Collateral
(Cost $12,135)				12,135
Total Investments - 102.0%
(Cost $898,103)			$	1,040,873
Other Assets & Liabilities, net - (2.0)%				(20,443	)
Total Net Assets - 100.0%			$	1,020,430

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 September 30, 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 September 30, 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 September 30, 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	$	1,016,874	$	—	$	—	$	1,016,874
Repurchase Agreements		—		11,864		—		11,864
Securities Lending Collateral		12,135		—		—		12,135
Total Assets	$	1,029,009	$	11,864	$	—	$	1,040,873

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 127

TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $11,795 of securities loaned (cost $886,239)	$	1,029,009
Repurchase agreements, at value (cost $11,864)		11,864
Receivables:
Dividends		1,985
Fund shares sold		250
Foreign tax reclaims		61
Securities lending income		53
Interest		3
Total assets		1,043,225
Liabilities:
Payable for:
Return of securities lending collateral		12,135
Fund shares redeemed		5,352
Management fees		2,253
Transfer agent fees		917
Portfolio accounting and administration fees		271
Distribution and service fees		75
Trustees’ fees*		56
Miscellaneous		1,736
Total liabilities		22,795
Net assets	$	1,020,430
Net assets consist of:
Paid in capital	$	3,812,853
Total distributable earnings (loss)		(2,792,423	)
Net assets	$	1,020,430
Investor Class:
Net assets	$	763,809
Capital shares outstanding		18,189
Net asset value per share	$	41.99
A-Class:
Net assets	$	137,039
Capital shares outstanding		3,623
Net asset value per share	$	37.82
Maximum offering price per share (Net asset value divided by 95.25%)	$	39.71
C-Class:
Net assets	$	28,267
Capital shares outstanding		883
Net asset value per share	$	32.01
H-Class:
Net assets	$	91,315
Capital shares outstanding		2,483
Net asset value per share	$	36.78

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $838)	$	61,085
Interest		612
Income from securities lending, net		433
Total investment income		62,130
Expenses:
Management fees		18,099
Distribution and service fees:
A-Class		240
C-Class		146
H-Class		120
Transfer agent fees		4,575
Registration fees		2,457
Portfolio accounting and administration fees		3,245
Trustees’ fees*		663
Custodian fees		299
Professional fees		209
Line of credit fees		10
Miscellaneous		167
Total expenses		30,230
Less:
Expenses reimbursed by Adviser		(476	)
Net expenses		29,754
Net investment income		32,376
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(288,749	)
Net realized loss		(288,749	)
Net change in unrealized appreciation (depreciation) on:
Investments		(246,594	)
Net change in unrealized appreciation (depreciation)		(246,594	)
Net realized and unrealized loss		(535,343	)
Net decrease in net assets resulting from operations	$	(502,967	)

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

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

TELECOMMUNICATIONS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	32,376		$	10,153
Net realized loss on investments		(288,749	)		(199,183	)
Net change in unrealized appreciation (depreciation) on investments		(246,594	)		27,014
Net decrease in net assets resulting from operations		(502,967	)		(162,016	)
Distributions to shareholders:
Investor Class		—			(24,300	)
A-Class		—			(3,183	)
C-Class		—			(507	)
H-Class		—			(1,266	)
Total distributions to shareholders		—			(29,256	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		11,963,445			21,655,460
A-Class		190,853			873,075
C-Class		20,095			148,695
H-Class		2,528			83,296
Distributions reinvested
Investor Class		—			24,198
A-Class		—			3,171
C-Class		—			507
H-Class		—			1,266
Cost of shares redeemed
Investor Class		(18,871,370	)		(14,437,253	)
A-Class		(299,072	)		(928,506	)
C-Class		(22,794	)		(213,612	)
H-Class		(15,331	)		(73,875	)
Net increase (decrease) from capital share transactions		(7,031,646	)		7,136,422
Net increase (decrease) in net assets		(7,534,613	)		6,945,150
Net assets:
Beginning of period		8,555,043			1,609,893
End of period	$	1,020,430		$	8,555,043
Capital share activity:
Shares sold
Investor Class		273,750			476,797
A-Class		4,926			21,062
C-Class		610			4,085
H-Class		66			2,034
Shares issued from reinvestment of distributions
Investor Class		—			579
A-Class		—			84
C-Class		—			16
H-Class		—			35
Shares redeemed
Investor Class		(437,626	)		(313,995	)
A-Class		(7,707	)		(22,353	)
C-Class		(695	)		(6,066	)
H-Class		(414	)		(1,868	)
Net increase (decrease) in shares		(167,090	)		160,410

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 129

TELECOMMUNICATIONS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	44.78		$	53.37		$	56.03		$	43.19		$	50.17		$	47.66
Income (loss) from investment operations:
Net investment income (loss)b		.34			.11			.58			.66			.69			.46
Net gain (loss) on investments (realized and unrealized)		(3.13	)		(8.10	)		(3.00	)		13.33			(5.91	)		2.17	e
Total from investment operations		(2.79	)		(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	$	41.99		$	44.78		$	53.37		$	56.03		$	43.19		$	50.17
Total Return		(6.23	%)		(14.87	%)		(4.36	%)		32.55	%		(10.74	%)		5.52	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	764		$	8,152		$	997		$	1,773		$	2,984		$	2,989
Ratios to average net assets:
Net investment income (loss)		1.57	%		0.26	%		1.02	%		1.33	%		1.38	%		0.94	%
Total expenses		1.40	%		1.40	%		1.36	%		1.46	%		1.48	%		1.47	%
Net expenses		1.37	%c		1.40	%		1.36	%		1.46	%		1.48	%		1.47	%
Portfolio turnover rate		243	%		471	%		551	%		344	%		561	%		2,115	%

A-Class	Six Months Ended September 30, 2023a			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	$	40.35		$	48.30		$	50.87		$	39.40		$	46.03		$	43.84
Income (loss) from investment operations:
Net investment income (loss)b		.20			.22			.37			.41			.31			.43
Net gain (loss) on investments (realized and unrealized)		(2.73	)		(7.57	)		(2.70	)		12.21			(5.18	)		1.88	e
Total from investment operations		(2.53	)		(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	$	37.82		$	40.35		$	48.30		$	50.87		$	39.40		$	46.03
Total Returnd		(6.27	%)		(15.12	%)		(4.59	%)		32.20	%		(10.95	%)		5.27	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	137		$	258		$	368		$	467		$	446		$	508
Ratios to average net assets:
Net investment income (loss)		1.02	%		0.54	%		0.71	%		0.90	%		0.69	%		0.96	%
Total expenses		1.65	%		1.65	%		1.61	%		1.70	%		1.73	%		1.71	%
Net expenses		1.64	%c		1.65	%		1.61	%		1.70	%		1.73	%		1.71	%
Portfolio turnover rate		243	%		471	%		551	%		344	%		561	%		2,115	%

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

TELECOMMUNICATIONS FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	34.29		$	41.46		$	44.03		$	34.47		$	40.81		$	39.17
Income (loss) from investment operations:
Net investment income (loss)b		.02			(.08	)		(.01	)		.01			.04			.06
Net gain (loss) on investments (realized and unrealized)		(2.30	)		(6.49	)		(2.32	)		10.70			(4.62	)		1.70	e
Total from investment operations		(2.28	)		(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	$	32.01		$	34.29		$	41.46		$	44.03		$	34.47		$	40.81
Total Returnd		(6.65	%)		(15.76	%)		(5.30	%)		31.22	%		(11.62	%)		4.49	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	28		$	33		$	122		$	188		$	116		$	251
Ratios to average net assets:
Net investment income (loss)		0.12	%		(0.22	%)		(0.02	%)		0.03	%		0.10	%		0.15	%
Total expenses		2.41	%		2.39	%		2.36	%		2.43	%		2.48	%		2.46	%
Net expenses		2.39	%c		2.39	%		2.36	%		2.43	%		2.48	%		2.46	%
Portfolio turnover rate		243	%		471	%		551	%		344	%		561	%		2,115	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 131

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.

H-Class	Six Months Ended September 30, 2023a			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	$	39.24		$	47.00		$	49.50		$	38.36		$	44.88		$	42.66
Income (loss) from investment operations:
Net investment income (loss)b		.17			.22			.44			.28			.44			1.16
Net gain (loss) on investments (realized and unrealized)		(2.63	)		(7.38	)		(2.70	)		12.01			(5.20	)		1.18	e
Total from investment operations		(2.46	)		(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	$	36.78		$	39.24		$	47.00		$	49.50		$	38.36		$	44.88
Total Return		(6.27	%)		(15.14	%)		(4.60	%)		32.24	%		(10.98	%)		5.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	91		$	111		$	124		$	245		$	104		$	334
Ratios to average net assets:
Net investment income (loss)		0.92	%		0.55	%		0.86	%		0.61	%		0.99	%		2.73	%
Total expenses		1.65	%		1.65	%		1.61	%		1.68	%		1.73	%		1.74	%
Net expenses		1.64	%c		1.65	%		1.61	%		1.68	%		1.73	%		1.74	%
Portfolio turnover rate		243	%		471	%		551	%		344	%		561	%		2,115	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 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”).

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.	11.1%
United Parcel Service, Inc. — Class B	4.8%
Union Pacific Corp.	4.6%
Uber Technologies, Inc.	4.0%
CSX Corp.	3.4%
FedEx Corp.	3.4%
Ford Motor Co.	3.0%
General Motors Co.	2.9%
Norfolk Southern Corp.	2.8%
Old Dominion Freight Line, Inc.	2.6%
Top Ten Total	42.6%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	3.56%	14.33%	6.11%	8.06%
A-Class Shares	3.43%	14.03%	5.85%	7.80%
A-Class Shares with sales charge‡	(1.48%)	8.62%	4.82%	7.27%
C-Class Shares	3.05%	13.20%	5.05%	6.99%
C-Class Shares with CDSC§	2.05%	12.20%	5.05%	6.99%
H-Class Shares**	3.45%	14.05%	5.85%	7.74%
S&P 500 Industrials Index	0.99%	24.58%	7.29%	10.05%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 133

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
TRANSPORTATION FUND

	Shares		Value
COMMON STOCKS† - 99.8%
Transportation - 40.8%
United Parcel Service, Inc. — Class B		4,327	$	674,450
Union Pacific Corp.		3,189		649,376
CSX Corp.		15,546		478,040
FedEx Corp.		1,803		477,651
Norfolk Southern Corp.		2,031		399,965
Old Dominion Freight Line, Inc.		890		364,135
Expeditors International of Washington, Inc.		2,117		242,672
J.B. Hunt Transport Services, Inc.		1,245		234,707
Canadian National Railway Co.		1,925		208,535
ZTO Express Cayman, Inc. ADR		8,308		200,804
Canadian Pacific Kansas City Ltd.		2,694		200,461
CH Robinson Worldwide, Inc.		2,156		185,696
ZIM Integrated Shipping Services Ltd.1		16,954		177,169
XPO, Inc.*		2,312		172,614
Knight-Swift Transportation Holdings, Inc.		3,241		162,536
GXO Logistics, Inc.*		2,599		152,431
Saia, Inc.*		381		151,886
Landstar System, Inc.		826		146,152
Ryder System, Inc.		1,253		134,008
Hub Group, Inc. — Class A*		1,188		93,306
ArcBest Corp.		893		90,773
Werner Enterprises, Inc.		2,234		87,014
Forward Air Corp.		1,131		77,745
Total Transportation				5,762,126
Auto Manufacturers - 26.1%
Tesla, Inc.*		6,259		1,566,127
Ford Motor Co.		34,723		431,260
General Motors Co.		12,297		405,432
Rivian Automotive, Inc. — Class A*		10,601		257,392
Stellantis N.V.		11,062		211,616
Li Auto, Inc. ADR*		5,593		199,390
NIO, Inc. ADR*,1		22,025		199,106
Ferrari N.V.		666		196,830
Lucid Group, Inc.*,1		22,259		124,428
Fisker, Inc.*,1		13,943		89,514
Total Auto Manufacturers				3,681,095
Auto Parts & Equipment - 14.0%
Mobileye Global, Inc. — Class A*		5,694		236,586
Aptiv plc*		2,119		208,912
Autoliv, Inc.		2,039		196,723
BorgWarner, Inc.		4,612		186,186
Magna International, Inc.		3,427		183,721
Gentex Corp.		5,132		166,995
Lear Corp.		1,233		165,469
Goodyear Tire & Rubber Co.*		9,049		112,479
Adient plc*		2,975		109,183
Visteon Corp.*		769		106,176
QuantumScape Corp.*		13,638		91,238
Fox Factory Holding Corp.*		844		83,624
Luminar Technologies, Inc.*,1		15,148		68,923
Phinia, Inc.		2,463		65,984
Total Auto Parts & Equipment				1,982,199
Airlines - 9.4%
Delta Air Lines, Inc.		7,465		276,205
Southwest Airlines Co.		8,515		230,501
United Airlines Holdings, Inc.*		4,935		208,750
Ryanair Holdings plc ADR*		2,031		197,434
American Airlines Group, Inc.*		12,965		166,082
Alaska Air Group, Inc.*		3,372		125,034
JetBlue Airways Corp.*		14,967		68,848
Allegiant Travel Co. — Class A		662		50,881
Total Airlines				1,323,735
Internet - 6.0%
Uber Technologies, Inc.*		12,212		561,630
Grab Holdings Ltd. — Class A*		52,164		184,661
Lyft, Inc. — Class A*		10,508		110,754
Total Internet				857,045
Home Builders - 1.4%
Thor Industries, Inc.		1,346		128,045
Winnebago Industries, Inc.		1,291		76,750
Total Home Builders				204,795
Commercial Services - 1.2%
Avis Budget Group, Inc.*		619		111,228
Hertz Global Holdings, Inc.*		5,345		65,476
Total Commercial Services				176,704
Leisure Time - 0.9%
Harley-Davidson, Inc.		3,738		123,578
Total Common Stocks
(Cost $8,873,875)				14,111,277
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	35,883		35,883
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		13,939		13,939
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		13,801		13,801
Total Repurchase Agreements
(Cost $63,623)				63,623

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2023
TRANSPORTATION FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 3.7%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		517,014	$	517,014
Total Securities Lending Collateral
(Cost $517,014)				517,014
Total Investments - 104.0%
(Cost $9,454,512)			$	14,691,914
Other Assets & Liabilities, net - (4.0)%				(562,390	)
Total Net Assets - 100.0%			$	14,129,524

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 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 September 30, 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 September 30, 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	$	14,111,277	$	—	$	—	$	14,111,277
Repurchase Agreements		—		63,623		—		63,623
Securities Lending Collateral		517,014		—		—		517,014
Total Assets	$	14,628,291	$	63,623	$	—	$	14,691,914

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 135

TRANSPORTATION FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $503,902 of securities loaned (cost $9,390,889)	$	14,628,291
Repurchase agreements, at value (cost $63,623)		63,623
Cash		995
Receivables:
Dividends		4,689
Securities lending income		1,870
Fund shares sold		1,370
Foreign tax reclaims		117
Interest		19
Total assets		14,700,974
Liabilities:
Payable for:
Return of securities lending collateral		517,014
Fund shares redeemed		30,513
Management fees		10,548
Transfer agent fees		3,711
Distribution and service fees		1,557
Portfolio accounting and administration fees		1,270
Trustees’ fees*		214
Miscellaneous		6,623
Total liabilities		571,450
Net assets	$	14,129,524
Net assets consist of:
Paid in capital	$	11,846,629
Total distributable earnings (loss)		2,282,895
Net assets	$	14,129,524
Investor Class:
Net assets	$	8,416,886
Capital shares outstanding		145,980
Net asset value per share	$	57.66
A-Class:
Net assets	$	4,626,461
Capital shares outstanding		91,817
Net asset value per share	$	50.39
Maximum offering price per share (Net asset value divided by 95.25%)	$	52.90
C-Class:
Net assets	$	563,360
Capital shares outstanding		13,353
Net asset value per share	$	42.19
H-Class:
Net assets	$	522,817
Capital shares outstanding		10,821
Net asset value per share	$	48.32

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $17,516)	$	153,168
Interest		2,264
Income from securities lending, net		20,643
Total investment income		176,075
Expenses:
Management fees		69,667
Distribution and service fees:
A-Class		6,054
C-Class		3,960
H-Class		749
Transfer agent and fees		16,747
Portfolio accounting and administration fees		12,492
Registration fees		7,184
Professional fees		3,972
Trustees’ fees*		1,226
Custodian fees		1,104
Line of credit fees		49
Miscellaneous		2,219
Total expenses		125,423
Less:
Expenses reimbursed by Adviser		(1,435	)
Net expenses		123,988
Net investment income		52,087
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(909,579	)
Net realized loss		(909,579	)
Net change in unrealized appreciation (depreciation) on:
Investments		771,184
Net change in unrealized appreciation (depreciation)		771,184
Net realized and unrealized loss		(138,395	)
Net decrease in net assets resulting from operations	$	(86,308	)

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

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

TRANSPORTATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	52,087		$	22,238
Net realized loss on investments		(909,579	)		(300,533	)
Net change in unrealized appreciation (depreciation) on investments		771,184			(4,527,618	)
Net decrease in net assets resulting from operations		(86,308	)		(4,805,913	)
Distributions to shareholders:
Investor Class		—			(517,452	)
A-Class		—			(443,398	)
C-Class		—			(112,729	)
H-Class		—			(39,319	)
Total distributions to shareholders		—			(1,112,898	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		18,489,019			28,038,241
A-Class		896,272			1,227,683
C-Class		56,548			247,689
H-Class		1,160,439			405,790
Distributions reinvested
Investor Class		—			502,738
A-Class		—			436,099
C-Class		—			108,412
H-Class		—			38,188
Cost of shares redeemed
Investor Class		(17,099,069	)		(28,399,593	)
A-Class		(1,362,696	)		(2,118,995	)
C-Class		(506,425	)		(727,210	)
H-Class		(1,173,108	)		(394,815	)
Net increase (decrease) from capital share transactions		460,980			(635,773	)
Net increase (decrease) in net assets		374,672			(6,554,584	)
Net assets:
Beginning of period		13,754,852			20,309,436
End of period	$	14,129,524		$	13,754,852
Capital share activity:
Shares sold
Investor Class		319,630			424,628
A-Class		17,312			23,206
C-Class		1,332			5,048
H-Class		26,177			8,916
Shares issued from reinvestment of distributions
Investor Class		—			10,136
A-Class		—			10,041
C-Class		—			2,964
H-Class		—			917
Shares redeemed
Investor Class		(305,976	)		(447,193	)
A-Class		(26,796	)		(39,330	)
C-Class		(11,094	)		(15,882	)
H-Class		(26,185	)		(8,403	)
Net decrease in shares		(5,600	)		(24,952	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 137

TRANSPORTATION FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	55.68		$	74.70		$	84.28		$	37.39		$	50.08		$	59.10
Income (loss) from investment operations:
Net investment income (loss)b		.21			.19			.04			(.20	)		.30			.09
Net gain (loss) on investments (realized and unrealized)		1.77	e		(14.50	)		.07			47.09			(11.07	)		(4.02	)
Total from investment operations		1.98			(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	$	57.66		$	55.68		$	74.70		$	84.28		$	37.39		$	50.08
Total Return		3.56	%		(18.40	%)		(0.71	%)		125.41	%		(22.59	%)		(6.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,417		$	7,367		$	10,814		$	65,281		$	3,283		$	7,994
Ratios to average net assets:
Net investment income (loss)		0.72	%		0.32	%		0.05	%		(0.29	%)		0.58	%		0.16	%
Total expenses		1.40	%		1.39	%		1.35	%		1.41	%		1.48	%		1.46	%
Net expenses		1.38	%c		1.39	%		1.35	%		1.41	%		1.48	%		1.46	%
Portfolio turnover rate		107	%		185	%		162	%		205	%		483	%		476	%

A-Class	Six Months Ended September 30, 2023a			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	$	48.72		$	66.33		$	76.03		$	33.82		$	45.58		$	54.43
Income (loss) from investment operations:
Net investment income (loss)b		.15			.03			(.04	)		(.34	)		.17			(.01	)
Net gain (loss) on investments (realized and unrealized)		1.52	e		(12.93	)		.03			42.55			(10.01	)		(3.75	)
Total from investment operations		1.67			(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	$	50.39		$	48.72		$	66.33		$	76.03		$	33.82		$	45.58
Total Returnd		3.43	%		(18.60	%)		(0.95	%)		124.81	%		(22.78	%)		(6.57	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,626		$	4,935		$	7,123		$	7,785		$	1,757		$	3,166
Ratios to average net assets:
Net investment income (loss)		0.59	%		0.07	%		(0.05	%)		(0.59	%)		0.37	%		(0.03	%)
Total expenses		1.65	%		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%
Net expenses		1.63	%c		1.64	%		1.61	%		1.68	%		1.73	%		1.71	%
Portfolio turnover rate		107	%		185	%		162	%		205	%		483	%		476	%

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

TRANSPORTATION FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2023a			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	$	40.94		$	57.20		$	67.28		$	30.15		$	41.14		$	50.04
Income (loss) from investment operations:
Net investment income (loss)b		(.01	)		(.32	)		(.52	)		(.67	)		(.18	)		(.41	)
Net gain (loss) on investments (realized and unrealized)		1.26	e		(11.23	)		.13			37.80			(8.89	)		(3.40	)
Total from investment operations		1.25			(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	$	42.19		$	40.94		$	57.20		$	67.28		$	30.15		$	41.14
Total Returnd		3.05	%		(19.21	%)		(1.68	%)		123.15	%		(23.37	%)		(7.27	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	563		$	946		$	1,772		$	1,954		$	632		$	1,477
Ratios to average net assets:
Net investment income (loss)		(0.04	%)		(0.70	%)		(0.80	%)		(1.33	%)		(0.43	%)		(0.87	%)
Total expenses		2.40	%		2.39	%		2.36	%		2.43	%		2.48	%		2.46	%
Net expenses		2.39	%c		2.39	%		2.36	%		2.43	%		2.48	%		2.46	%
Portfolio turnover rate		107	%		185	%		162	%		205	%		483	%		476	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 139

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.

H-Class	Six Months Ended September 30, 2023a			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	$	46.71		$	63.86		$	73.53		$	32.70		$	44.14		$	52.90
Income (loss) from investment operations:
Net investment income (loss)b		.11			.03			(.25	)		(.32	)		(.02	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		1.50	e		(12.47	)		.27			41.15			(9.50	)		(3.65	)
Total from investment operations		1.61			(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	$	48.32		$	46.71		$	63.86		$	73.53		$	32.70		$	44.14
Total Return		3.45	%		(18.60	%)		(0.94	%)		124.86	%		(22.78	%)		(6.61	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	523		$	506		$	600		$	1,169		$	325		$	455
Ratios to average net assets:
Net investment income (loss)		0.45	%		0.07	%		(0.35	%)		(0.56	%)		(0.03	%)		(0.04	%)
Total expenses		1.65	%		1.64	%		1.61	%		1.68	%		1.72	%		1.69	%
Net expenses		1.64	%c		1.64	%		1.61	%		1.68	%		1.72	%		1.69	%
Portfolio turnover rate		107	%		185	%		162	%		205	%		483	%		476	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2023

UTILITIES FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that operate public utilities (“Utilities Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 3, 2000
A-Class	September 1, 2004
C-Class	April 27, 2001
H-Class	April 3, 2000

Ten Largest Holdings	% of Total Net Assets
NextEra Energy, Inc.	5.3%
Southern Co.	4.4%
Duke Energy Corp.	4.3%
Sempra	3.4%
American Electric Power Company, Inc.	3.3%
Dominion Energy, Inc.	3.2%
Constellation Energy Corp.	3.1%
Exelon Corp.	3.1%
Xcel Energy, Inc.	3.0%
PG&E Corp.	3.0%
Top Ten Total	36.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2023

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(11.84%)	(6.65%)	2.67%	6.13%
A-Class Shares	(11.93%)	(6.88%)	2.42%	5.86%
A-Class Shares with sales charge‡	(16.11%)	(11.32%)	1.43%	5.35%
C-Class Shares	(12.27%)	(7.57%)	1.65%	5.07%
C-Class Shares with CDSC§	(13.15%)	(8.48%)	1.65%	5.07%
H-Class Shares**	(11.93%)	(6.91%)	2.41%	5.81%
S&P 500 Utilities Index	(11.54%)	(7.02%)	5.65%	8.32%
S&P 500 Index	5.18%	21.62%	9.92%	11.91%

*	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.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 141

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2023
UTILITIES FUND

	Shares		Value
COMMON STOCKS† - 98.4%
Electric - 85.3%
NextEra Energy, Inc.		13,549	$	776,222
Southern Co.		9,823		635,745
Duke Energy Corp.		7,160		631,942
Sempra		7,319		497,912
American Electric Power Company, Inc.		6,341		476,970
Dominion Energy, Inc.		10,440		466,355
Constellation Energy Corp.		4,195		457,591
Exelon Corp.		12,075		456,314
Xcel Energy, Inc.		7,678		439,335
PG&E Corp.*		26,655		429,945
Consolidated Edison, Inc.		4,820		412,255
Public Service Enterprise Group, Inc.		7,063		401,955
WEC Energy Group, Inc.		4,753		382,854
Edison International		5,788		366,322
Entergy Corp.		3,684		340,770
Eversource Energy		5,844		339,829
Ameren Corp.		4,455		333,368
FirstEnergy Corp.		9,565		326,932
DTE Energy Co.		3,251		322,759
PPL Corp.		13,396		315,610
CenterPoint Energy, Inc.		11,609		311,702
CMS Energy Corp.		5,586		296,672
Vistra Corp.		8,101		268,791
Fortis, Inc.		7,046		267,677
Alliant Energy Corp.		5,481		265,554
Evergy, Inc.		5,048		255,934
AES Corp.		15,579		236,801
NRG Energy, Inc.		5,987		230,619
Pinnacle West Capital Corp.		3,005		221,408
Algonquin Power & Utilities Corp.		33,372		197,562
OGE Energy Corp.		5,914		197,114
PNM Resources, Inc.		3,413		152,254
Portland General Electric Co.		3,751		151,840
Black Hills Corp.		2,635		133,305
Northwestern Energy Group, Inc.		2,664		128,032
Avista Corp.		3,707		119,996
Avangrid, Inc.		3,541		106,832
Ormat Technologies, Inc.		1,471		102,852
Total Electric				12,455,930
Gas - 7.9%
Atmos Energy Corp.		2,799		296,498
NiSource, Inc.		9,597		236,854
National Fuel Gas Co.		3,265		169,486
UGI Corp.		7,295		167,785
ONE Gas, Inc.		2,113		144,276
Southwest Gas Holdings, Inc.		2,318		140,030
Total Gas				1,154,929
Water - 4.0%
American Water Works Company, Inc.		2,925		362,203
Essential Utilities, Inc.		6,389		219,334
Total Water				581,537
Energy-Alternate Sources - 1.2%
NextEra Energy Partners, LP		3,238		96,168
Sunnova Energy International, Inc.*,1		7,125		74,599
Total Energy-Alternate Sources				170,767
Total Common Stocks
(Cost $12,400,798)				14,363,163
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.1%
J.P. Morgan Securities LLC issued 09/29/23 at 5.30% due 10/02/23	$	9,810		9,810
Barclays Capital, Inc. issued 09/29/23 at 5.29% due 10/02/23		3,811		3,811
BofA Securities, Inc. issued 09/29/23 at 5.30% due 10/02/23		3,773		3,773
Total Repurchase Agreements
(Cost $17,394)				17,394
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.4%
Money Market Fund
First American Government Obligations Fund - Class X, 5.26%4		57,437		57,437
Total Securities Lending Collateral
(Cost $57,437)				57,437
Total Investments - 98.9%
(Cost $12,475,629)			$	14,437,994
Other Assets & Liabilities, net - 1.1%				155,947
Total Net Assets - 100.0%			$	14,593,941

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 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 September 30, 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 September 30, 2023.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at September 30, 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	$	14,363,163	$	—	$	—	$	14,363,163
Repurchase Agreements		—		17,394		—		17,394
Securities Lending Collateral		57,437		—		—		57,437
Total Assets	$	14,420,600	$	17,394	$	—	$	14,437,994

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 143

UTILITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2023

Assets:
Investments, at value - including $55,941 of securities loaned (cost $12,458,235)	$	14,420,600
Repurchase agreements, at value (cost $17,394)		17,394
Receivables:
Fund shares sold		235,173
Dividends		29,818
Securities lending income		205
Interest		5
Total assets		14,703,195
Liabilities:
Payable for:
Return of securities lending collateral		57,437
Fund shares redeemed		26,545
Management fees		10,807
Transfer agent fees		3,902
Distribution and service fees		2,075
Portfolio accounting and administration fees		1,302
Trustees’ fees*		217
Miscellaneous		6,969
Total liabilities		109,254
Net assets	$	14,593,941
Net assets consist of:
Paid in capital	$	16,302,160
Total distributable earnings (loss)		(1,708,219	)
Net assets	$	14,593,941
Investor Class:
Net assets	$	7,925,239
Capital shares outstanding		177,057
Net asset value per share	$	44.76
A-Class:
Net assets	$	4,757,363
Capital shares outstanding		117,649
Net asset value per share	$	40.44
Maximum offering price per share (Net asset value divided by 95.25%)	$	42.46
C-Class:
Net assets	$	1,243,425
Capital shares outstanding		38,565
Net asset value per share	$	32.24
H-Class:
Net assets	$	667,914
Capital shares outstanding		17,207
Net asset value per share	$	38.82

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2023

Investment Income:
Dividends (net of foreign withholding tax of $2,153)	$	307,195
Interest		1,969
Income from securities lending, net		811
Total investment income		309,975
Expenses:
Management fees		77,894
Distribution and service fees:
A-Class		6,932
C-Class		5,875
H-Class		1,355
Transfer agent fees		19,117
Portfolio accounting and administration fees		13,967
Registration fees		7,099
Professional fees		4,558
Trustees’ fees*		1,861
Custodian fees		1,262
Line of credit fees		59
Miscellaneous		2,712
Total expenses		142,691
Less:
Expenses reimbursed by Adviser		(1,369	)
Net expenses		141,322
Net investment income		168,653
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		454,987
Net realized gain		454,987
Net change in unrealized appreciation (depreciation) on:
Investments		(2,570,234	)
Net change in unrealized appreciation (depreciation)		(2,570,234	)
Net realized and unrealized loss		(2,115,247	)
Net decrease in net assets resulting from operations	$	(1,946,594	)

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

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

UTILITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2023 (Unaudited)			Year Ended March 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	168,653		$	571,486
Net realized gain (loss) on investments		454,987			(1,121,273	)
Net change in unrealized appreciation (depreciation) on investments		(2,570,234	)		(4,260,659	)
Net decrease in net assets resulting from operations		(1,946,594	)		(4,810,446	)
Distributions to shareholders:
Investor Class		—			(413,416	)
A-Class		—			(56,697	)
C-Class		—			(13,938	)
H-Class		—			(22,762	)
Total distributions to shareholders		—			(506,813	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		13,323,167			146,439,669
A-Class		452,532			1,572,530
C-Class		434,430			783,087
H-Class		732,167			2,811,465
Distributions reinvested
Investor Class		—			412,288
A-Class		—			55,468
C-Class		—			13,638
H-Class		—			22,354
Cost of shares redeemed
Investor Class		(16,045,936	)		(182,903,217	)
A-Class		(894,940	)		(1,847,934	)
C-Class		(262,481	)		(989,467	)
H-Class		(1,669,783	)		(3,009,354	)
Net decrease from capital share transactions		(3,930,844	)		(36,639,473	)
Net decrease in net assets		(5,877,438	)		(41,956,732	)
Net assets:
Beginning of period		20,471,379			62,428,111
End of period	$	14,593,941		$	20,471,379
Capital share activity:
Shares sold
Investor Class		272,015			2,758,080
A-Class		10,150			33,209
C-Class		12,633			20,211
H-Class		16,634			60,430
Shares issued from reinvestment of distributions
Investor Class		—			7,985
A-Class		—			1,187
C-Class		—			364
H-Class		—			498
Shares redeemed
Investor Class		(324,835	)		(3,496,421	)
A-Class		(20,142	)		(38,937	)
C-Class		(7,428	)		(26,242	)
H-Class		(38,275	)		(67,419	)
Net decrease in shares		(79,248	)		(747,055	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 145

UTILITIES FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2023a			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	$	50.77		$	54.36		$	47.92		$	41.80		$	46.23		$	39.03
Income (loss) from investment operations:
Net investment income (loss)b		.48			.69			.77			.76			.74			.77
Net gain (loss) on investments (realized and unrealized)		(6.49	)		(3.86	)		7.02			6.37			(4.72	)		6.43
Total from investment operations		(6.01	)		(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	$	44.76		$	50.77		$	54.36		$	47.92		$	41.80		$	46.23
Total Return		(11.84	%)		(5.84	%)		16.53	%		17.17	%		(8.74	%)		18.45	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,925		$	11,671		$	52,202		$	21,099		$	34,073		$	105,443
Ratios to average net assets:
Net investment income (loss)		1.95	%		1.30	%		1.55	%		1.68	%		1.53	%		1.80	%
Total expenses		1.40	%		1.39	%		1.36	%		1.45	%		1.48	%		1.48	%
Net expenses		1.39	%c		1.39	%		1.36	%		1.45	%		1.48	%		1.48	%
Portfolio turnover rate		54	%		293	%		175	%		156	%		169	%		390	%

A-Class	Six Months Ended September 30, 2023a			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	$	45.92		$	49.34		$	43.72		$	38.30		$	42.50		$	35.97
Income (loss) from investment operations:
Net investment income (loss)b		.41			.56			.57			.57			.57			.47
Net gain (loss) on investments (realized and unrealized)		(5.89	)		(3.56	)		6.40			5.86			(4.32	)		6.06
Total from investment operations		(5.48	)		(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	$	40.44		$	45.92		$	49.34		$	43.72		$	38.30		$	42.50
Total Returnd		(11.93	%)		(6.09	%)		16.24	%		16.91	%		(8.96	%)		18.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,757		$	5,862		$	6,522		$	5,399		$	4,225		$	5,633
Ratios to average net assets:
Net investment income (loss)		1.82	%		1.18	%		1.26	%		1.39	%		1.29	%		1.21	%
Total expenses		1.65	%		1.64	%		1.61	%		1.70	%		1.73	%		1.72	%
Net expenses		1.64	%c		1.64	%		1.61	%		1.70	%		1.73	%		1.72	%
Portfolio turnover rate		54	%		293	%		175	%		156	%		169	%		390	%

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

UTILITIES FUND

FINANCIAL HIGHLIGHTS (concluded)

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

C-Class	Six Months Ended September 30, 2023a			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		$	39.87		$	35.84		$	31.80		$	35.63		$	30.39
Income (loss) from investment operations:
Net investment income (loss)b		.19			.16			.18			.21			.21			.26
Net gain (loss) on investments (realized and unrealized)		(4.70	)		(2.86	)		5.20			4.84			(3.59	)		4.98
Total from investment operations		(4.51	)		(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	$	32.24		$	36.75		$	39.87		$	35.84		$	31.80		$	35.63
Total Returnd		(12.27	%)		(6.79	%)		15.37	%		16.02	%		(9.65	%)		17.24	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,243		$	1,226		$	1,556		$	2,646		$	5,093		$	6,489
Ratios to average net assets:
Net investment income (loss)		1.07	%		0.43	%		0.48	%		0.61	%		0.57	%		0.79	%
Total expenses		2.40	%		2.39	%		2.36	%		2.45	%		2.47	%		2.46	%
Net expenses		2.39	%c		2.39	%		2.36	%		2.45	%		2.47	%		2.46	%
Portfolio turnover rate		54	%		293	%		175	%		156	%		169	%		390	%

H-Class	Six Months Ended September 30, 2023a			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	$	44.08		$	47.38		$	42.04		$	36.86		$	40.92		$	34.64
Income (loss) from investment operations:
Net investment income (loss)b		.37			.52			.63			.42			.50			.57
Net gain (loss) on investments (realized and unrealized)		(5.63	)		(3.40	)		6.06			5.77			(4.11	)		5.71
Total from investment operations		(5.26	)		(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	$	38.82		$	44.08		$	47.38		$	42.04		$	36.86		$	40.92
Total Return		(11.93	%)		(6.09	%)		16.23	%		16.92	%		(8.97	%)		18.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	668		$	1,713		$	2,148		$	719		$	2,427		$	6,033
Ratios to average net assets:
Net investment income (loss)		1.73	%		1.14	%		1.45	%		1.08	%		1.18	%		1.51	%
Total expenses		1.65	%		1.64	%		1.61	%		1.72	%		1.73	%		1.72	%
Net expenses		1.64	%c		1.64	%		1.61	%		1.72	%		1.73	%		1.72	%
Portfolio turnover rate		54	%		293	%		175	%		156	%		169	%		390	%

a	Unaudited figures for the period ended September 30, 2023. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
d	Total return does not reflect the impact of any applicable sales charges.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The Rydex Series Funds (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the ”1940 Act”), as an open-ended investment company of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2023, the Trust consisted of fifty-two funds.

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

Fund Name	Investment Company Type
Banking Fund	Diversified
Basic Materials Fund	Diversified
Biotechnology Fund	Diversified
Consumer Products Fund	Diversified
Electronics Fund	Non-diversified
Energy Fund	Diversified
Energy Services Fund	Non-diversified
Financial Services Fund	Diversified
Health Care Fund	Diversified
Internet Fund	Diversified
Leisure Fund	Diversified
Precious Metals Fund	Non-diversified
Real Estate Fund	Diversified
Retailing Fund	Diversified
Technology Fund	Diversified
Telecommunications Fund	Non-diversified
Transportation Fund	Diversified
Utilities Fund	Diversified

At September 30, 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”) serves as distributor of the Funds’ shares. GI and GFD are affiliated entities.

Significant Accounting Policies

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

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

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

(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 “Fund Valuation Procedures”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. Rule 2a-5 also defines

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

“readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

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

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

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

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

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

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

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

(b) Currency Translations

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

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

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

(c) Foreign Taxes

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2023, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(d) Security Transactions

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

(e) Distributions

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

(f) Class Allocations

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

(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 5.33% at September 30, 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	%

150 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

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

The Board has adopted separate Distribution Plans 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 it performs.

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

For the period ended September 30, 2023, GFD retained sales charges of $35,499 relating to sales of A-Class shares of the Trust.

On May 24, 2023, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for the Funds in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This arrangement went into 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.

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(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.

At September 30, 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	$	7,007,681	$	—	$	(932,087	)	$	(932,087	)
Basic Materials Fund		23,393,189		8,492,951		(1,147,174	)		7,345,777
Biotechnology Fund		63,199,956		48,459,817		(6,796,682	)		41,663,135
Consumer Products Fund		38,294,934		24,848,970		(904,379	)		23,944,591
Electronics Fund		66,972,540		22,087,625		(1,817,459	)		20,270,166
Energy Fund		35,426,515		9,186,429		(308,302	)		8,878,127
Energy Services Fund		18,509,136		1,726,006		(626	)		1,725,380
Financial Services Fund		8,905,905		—		(1,725,850	)		(1,725,850	)
Health Care Fund		18,292,585		4,133,191		(385,595	)		3,747,596
Internet Fund		35,147,601		2,632,303		(1,387,278	)		1,245,025
Leisure Fund		9,958,923		1,316,128		(100,964	)		1,215,164
Precious Metals Fund		65,454,018		—		(18,972,660	)		(18,972,660	)
Real Estate Fund		1,938,294		—		(183,137	)		(183,137	)
Retailing Fund		8,183,302		619,726		(395,935	)		223,791
Technology Fund		55,755,848		14,731,765		(673,071	)		14,058,694
Telecommunications Fund		1,082,811		—		(41,938	)		(41,938	)
Transportation Fund		11,831,810		3,139,830		(279,726	)		2,860,104
Utilities Fund		15,036,456		262,044		(860,506	)		(598,462	)

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

Note 5 – Securities Transactions

For the period ended September 30, 2023, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments, were as follows:

Fund	Purchases		Sales
Banking Fund	$	14,861,154	$	14,399,837
Basic Materials Fund		8,296,211		11,184,165
Biotechnology Fund		21,659,029		30,925,062
Consumer Products Fund		13,351,894		25,079,217
Electronics Fund		50,259,764		22,826,394
Energy Fund		101,840,495		133,250,058
Energy Services Fund		31,012,979		50,379,952
Financial Services Fund		6,357,081		6,313,421
Health Care Fund		12,016,524		15,292,324
Internet Fund		33,670,953		18,246,466
Leisure Fund		20,958,399		34,419,284
Precious Metals Fund		49,478,827		79,108,325
Real Estate Fund		2,426,448		3,183,430
Retailing Fund		15,219,786		15,507,331
Technology Fund		75,623,817		42,073,340
Telecommunications Fund		10,923,165		17,843,533
Transportation Fund		17,773,298		17,206,073
Utilities Fund		9,855,061		13,755,356

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended September 30, 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	$	1,649,041	$	1,198,103	$	(28,112	)
Basic Materials Fund		1,093,241		1,462,626		99,510
Biotechnology Fund		485,631		1,016,939		140,079
Consumer Products Fund		1,806,875		3,358,586		824,840
Electronics Fund		4,882,847		4,662,563		(101,112	)
Energy Fund		5,260,706		11,208,787		896,693
Energy Services Fund		2,684,697		2,319,286		(157,551	)
Financial Services Fund		940,490		574,602		(33,416	)
Health Care Fund		1,605,820		584,536		10,655
Internet Fund		1,056,328		3,147,964		23,562
Leisure Fund		2,482,623		4,066,439		(137,266	)
Precious Metals Fund		2,707,981		1,837,577		(36,113	)
Real Estate Fund		253,749		493,785		9,976
Retailing Fund		1,771,710		1,658,410		35,452
Technology Fund		10,979,882		5,305,072		(230,518	)
Telecommunications Fund		523,720		862,319		(1,090	)
Transportation Fund		1,634,911		2,147,255		(149,672	)
Utilities Fund		1,673,334		1,263,204		20,661

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 6– Repurchase Agreements

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

At September 30, 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 Bills
5.30%					0.00%
Due 10/02/23	$	161,453,419	$	161,524,727	Due 10/10/23 - 09/05/24	$	97,237,600	$	96,132,508
					U.S. Treasury Notes
					0.38% - 3.25%
					Due 10/31/23 - 09/15/24		46,833,200		45,451,839
					U.S. Treasury Floating Rate Notes
					5.39% - 5.44%
					Due 10/31/23 - 01/31/24		22,892,900		23,098,149
							166,963,700		164,682,496
Barclays Capital, Inc.					U.S. Treasury Notes
5.29%					1.50% - 5.00%
Due 10/02/23		62,716,858		62,744,506	Due 08/31/25 - 01/31/27		69,304,600		63,971,272
BofA Securities, Inc.					U.S. Treasury Note
5.30%					3.88%
Due 10/02/23		62,097,469		62,124,895	Due 04/30/25		63,651,000		63,339,456

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

Note 7 – Portfolio Securities Loaned

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

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At September 30, 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
Banking Fund	$	133,314	$	(133,314	)	$	—		$	136,977		$	—	$	136,977
Basic Materials Fund		602,085		(602,085	)		—			630,120			—		630,120
Biotechnology Fund		303,045		(303,045	)		—			313,928			—		313,928
Consumer Products Fund		851,772		(846,078	)		(5,694	)		846,078	*		—		846,078
Electronics Fund		1,378,573		(1,378,573	)		—			1,418,021			—		1,418,021
Energy Fund		766,356		(766,356	)		—			788,092			—		788,092
Financial Services Fund		51,388		(51,388	)		—			52,369			—		52,369
Health Care Fund		152,621		(152,621	)		—			156,772			—		156,772
Internet Fund		448,601		(448,601	)		—			458,711			—		458,711
Leisure Fund		199,544		(199,544	)		—			203,421			—		203,421
Precious Metals Fund		2,685,446		(2,685,446	)		—			2,810,666			—		2,810,666
Real Estate Fund		30,490		(30,490	)		—			31,143			—		31,143
Retailing Fund		105,488		(105,488	)		—			106,519			—		106,519
Technology Fund		252,373		(252,373	)		—			257,810			—		257,810
Telecommunications Fund		11,795		(11,795	)		—			12,135			—		12,135
Transportation Fund		503,902		(503,902	)		—			517,014			—		517,014
Utilities Fund		55,941		(55,941	)		—			57,437			—		57,437

(a)	Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.
*	Subsequent to September 30, 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 $200,000,000 line of credit from U.S. Bank, N.A. On June 5, 2023, the line of credit agreement was renewed and expires on June 3, 2024. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 6.28% for the period ended September 30, 2023. On September 30, 2023, the Real Estate Fund borrowed $11,000 under this agreement.The remaining Funds did not have any borrowings outstanding under this agreement at September 30, 2023.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

The average daily balances borrowed for the period ended September 30, 2023, were as follows:

Fund	Average Daily Balance
Banking Fund	$	1,268
Basic Materials Fund		523
Biotechnology Fund		2,682
Consumer Products Fund		2,901
Energy Fund		1,485
Energy Services Fund		132
Financial Services Fund		1,068
Internet Fund		68
Leisure Fund		63
Real Estate Fund		1,038
Retailing Fund		96
Technology Fund		1,463
Telecommunications Fund		167
Transportation Fund		795
Utilities Fund		904

Note 9 – Market Risks

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

Note 10 – Subsequent Events

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

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OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

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

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

Tailored Shareholder Reports for Open-End Mutual Funds and Exchange-Traded Funds

Effective January 24, 2023, the SEC adopted rule and form amendments to require open-end mutual funds and exchange-traded funds registered on Form N-1A to transmit concise and visually engaging streamlined annual and semi-annual reports to shareholders that highlight key information. Other information, including financial statements, will no longer appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Funds.

Proxy Voting Information

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

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

Sector Classification

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

Quarterly Portfolio Schedules Information

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

Report of the Rydex Series Funds Board of Trustees

The Board of Trustees of Rydex Series Funds (the “Trust”), including the Independent Trustees, unanimously approved the renewal of the investment management agreement (the “Advisory Agreement”) with Security Investors, LLC (“Security Investors” or the “Adviser”) on behalf of the series of the Trust listed below (each a “Fund” and collectively, the “Funds”):

Tradable Funds (Including Sector Funds*)

●	Banking Fund*	●	Basic Materials Fund*
●	Biotechnology Fund*	●	Commodities Strategy Fund
●	Consumer Products Fund*	●	Dow Jones Industrial Average Fund

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OTHER INFORMATION (Unaudited)(continued)

●	Electronics Fund*	●	Emerging Markets 2x Strategy Fund
●	Emerging Markets Bond Strategy Fund	●	Energy Fund*
●	Energy Services Fund*	●	Europe 1.25x Strategy Fund
●	Financial Services Fund*	●	Government Long Bond 1.2x Strategy Fund
●	Health Care Fund*	●	High Yield Strategy Fund
●	Internet Fund*	●	Inverse Emerging Markets 2x Strategy Fund
●	Inverse Government Long Bond Strategy Fund	●	Inverse High Yield Strategy Fund
●	Inverse Mid-Cap Strategy Fund	●	Inverse NASDAQ-100 Strategy Fund
●	Inverse Russell 2000 Strategy Fund	●	Inverse S&P 500 Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100 2x Strategy Fund
●	NASDAQ-100 Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000 1.5x Strategy Fund
●	Russell 2000 Fund	●	S&P 500 Fund
●	S&P 500 Pure Growth Fund	●	S&P 500 Pure Value Fund
●	S&P MidCap 400 Pure Growth Fund	●	S&P MidCap 400 Pure Value Fund
●	S&P SmallCap 600 Pure Growth Fund	●	S&P SmallCap 600 Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund

Alternative Funds** (i.e., Non-Tradable Funds)

●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

*	Each a “Sector Fund” and collectively, the “Sector Funds.”
**	Each an “Alternative Fund” and collectively, the “Alternative Funds.” Each Fund other than the Alternative Funds is referred to herein as a “Tradable Fund” and collectively, the “Tradable Funds.”

Security Investors¹ is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 17-18, 2023 (the “April Meeting”) and meetings held by videoconference on May 15, 2023 and in person on May 24, 2023 (the “May Meeting”), the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed

¹ Security Investors also serves as investment adviser to each of Rydex Series Funds Commodities Strategy CFC, Rydex Managed Futures Strategy CFC and Rydex Series Funds Multi-Hedge Strategies CFC (each a “Subsidiary” and collectively, the “Subsidiaries”), wholly-owned subsidiaries of the Trust that are organized as limited companies under the laws of the Cayman Islands and used by Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, respectively, to obtain commodities exposure. Pursuant to a separate investment management agreement for each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), the Subsidiary pays Security Investors an advisory fee at the same rate that the respective Fund pays Security Investors under the Advisory Agreement. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Agreements. In addition, Security Investors has entered into a separate waiver agreement with respect to each applicable Fund pursuant to which Security Investors has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to Security Investors by the respective Subsidiary. This undertaking will continue with respect to each applicable Fund for so long as the Fund invests in the respective Subsidiary, and may be terminated only with the approval of the Board.

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OTHER INFORMATION (Unaudited)(continued)

with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

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

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the “Contract Review Materials”). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other Guggenheim funds and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm’s length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee’s recommendation, the Board approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2024 at a meeting held on May 23-24, 2023 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered Guggenheim’s discussion of its ongoing review of the Guggenheim fund line-up at the April Meeting and the May Board Meeting. In addition, the Committee considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

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OTHER INFORMATION (Unaudited)(continued)

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

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features, as well as the personnel responsible for such services. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2022, 2021 and 2020. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2022, including monthly purchases and redemptions in dollar value and in number of transactions as well as transaction volume relative to the assets in the Tradable Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Tradable Funds, compared to those of investing in exchange-traded funds, including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee considered that, at the April Meeting, the Adviser’s Head of Quantitative Strategies with investment management responsibility for the Tradable Funds met with the Committee to discuss the Tradable Funds, including the value to shareholders of the tradability and other unique features, the personnel, operations and infrastructure required to provide those features, the reasons why tactical advisors invest in the Tradable Funds rather than other tradable products, such as exchange-traded funds, for their clients, and the level of trading activity in the Tradable Funds. With respect to the Sector Funds and the Real Estate Fund, the Committee also considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector, and corporate actions such as spin-offs, among other adjustments.

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

With respect to Guggenheim’s resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

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

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2022, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2022, as applicable, were received. In addition, the Committee received a comparison of each Fund’s

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OTHER INFORMATION (Unaudited)(continued)

performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2022, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain performance information for the Alternative Funds (i.e., the non-Tradable Funds) as of March 31, 2023. In assessing each Fund’s performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

With respect to the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary drivers of performance differences. In this connection, the Committee considered the tracking error of each Fund’s Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points) of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2022, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund performed in line with the comparable peer fund over the five-year and three-year periods ended December 31, 2022, while, in contrast, its performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year time periods.

With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining the underperformance, as applicable, of such Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2022, relative to their respective peer groups, attributing such underperformance to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

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OTHER INFORMATION (Unaudited)(continued)

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that the returns of the Multi-Hedge Strategies Fund’s Institutional Class shares ranked in the second quartile of its performance universe for each of the relevant periods considered. In addition, the Committee made the following observations:

Long Short Equity Fund: The returns of the Fund’s Institutional Class shares ranked in the 87th and 49th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2022, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the Fund’s fundamental factor tilts. The Committee noted management’s statement that the Fund’s long exposure to value detracted from investment performance from early 2018 through early 2020 as growth stocks outperformed during that period. The Committee also noted management’s statement that the Fund’s net short exposure to oil prices within the energy sector following the onset of the Russia-Ukraine war in early 2022 also contributed to relative underperformance.

Managed Futures Strategy Fund: The returns of the Fund’s Institutional Class shares ranked in the 82nd and 83rd percentiles of its performance universe for the five-year and three-year periods ended December 31, 2022, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year and three-year time periods was primarily due to the Fund targeting a lower level of risk relative to its performance universe. The Committee took into account management’s statements that the portfolio management team increased the Fund’s risk target in 2021 to be more in line with peers and the Fund experienced a performance ranking that compared more favorably relative to its performance universe for the one-year period ended December 31, 2022. The Committee also noted management’s further explanation of the Fund’s performance at the April Meeting.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and/or efforts to improve investment performance.

Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds: The Committee compared each Fund’s contractual advisory fee, net effective management fee² and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations. The Committee also considered Guggenheim’s discussion of information regarding fee and expense trends across the open-end fund industry and its response to those trends with respect to the funds in the Guggenheim fund complex, including the Funds.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than variable insurance fund counterparts to certain Funds and certain other clients with respect to Long Short Equity Fund, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds’ advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund’s Class H shares, other than the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly

² The “net effective management fee” for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.

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OTHER INFORMATION (Unaudited)(continued)

Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and the total net expense ratio for the Fund’s Class H shares were lower than and equal to those of the peer fund, respectively.

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

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

The Committee considered management’s agreement, as part of the 2023 annual contract review process, to reduce the total net expense ratio of each Tradable Fund (other than the U.S. Government Money Market Fund) by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement effective August 1, 2023 for an initial term ending August 1, 2024 for each Fund (other than Commodities Strategy Fund for which the initial term will end May 1, 2025), with such reduction to apply in addition to any other contractual waiver and/or reimbursement arrangements already in place. The Committee also noted the continuation through August 1, 2024 of management’s separate agreement, implemented as part of the 2022 annual contract review process, to reduce the total net expense ratio of each Tradable Fund with a contractual advisory fee of 0.90% of its average daily net assets³ by 0.05% of its average daily net assets and, with respect to NASDAQ-100 Fund, to reduce the total net expense ratio of the Fund by 0.05% of its average daily net assets in excess of $500 million, through expense reimbursement and/or waiver agreements.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), except as to the individual Fund discussed below, the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund’s Institutional Class shares each rank in the third quartile or better of such Fund’s peer group. In addition, the Committee made the following observations:

Multi-Hedge Strategies Fund: The contractual advisory fee for the Fund’s Institutional Class shares ranks in the second quartile (27th percentile) of its peer group. Although the net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (87th percentile), the Committee considered that the total net expense ratio for the Fund’s Institutional Class shares ranks in the first quartile (13th percentile) of its peer group.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2022, gross revenues received, and expenses incurred directly or through allocations, by Guggenheim Investments, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2021. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis. In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit and the representation by the Chief Financial Officer of Guggenheim Investments that such methods provided a reasonable basis for determining the profitability of the Adviser with respect to each Fund. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

³ Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund.

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OTHER INFORMATION (Unaudited)(continued)

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in 2022 in overall expenses was attributable to decreased product costs driven by lower average assets under management and lower non-recurring costs related to closed-end fund matters as well as a decrease in compensation and benefits. The Committee also considered that although expenses related to investment resources decreased in 2022, Guggenheim’s shared services expenses and certain other expenses increased in 2022.

With respect to the Tradable Funds, the Committee noted that, in addition to the expense reimbursement and/or waiver arrangement implemented in August 2022 for the NASDAQ-100 Fund on average daily net assets in excess of $500 million, the Adviser has agreed to a contractual advisory fee breakpoint schedule for the Funds that is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Tradable Funds and the tradable series of Rydex Dynamic Funds, a separate trust, equal or exceed $10 billion.

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

As part of its assessment of economies of scale, the Committee took into account Guggenheim’s representation that it seeks to share economies of scale through a number of means, including breakpoints, advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such expense waivers and limitations and considered that the newly agreed expense reimbursement and/or waiver arrangement would produce additional savings to shareholders. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund reflected a reasonable business arrangement negotiated at arm’s length.

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OTHER INFORMATION (Unaudited)(concluded)

Overall Conclusions

The Committee concluded that the investment advisory fees reflect reasonable business arrangements negotiated at arm’s length in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her informed business judgment, may afford different weights to different factors.

Following its review of the Committee’s analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement.

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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 Funds’ 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 (financial services firm) (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 (registered investment adviser) (1996-present); Chief Executive Officer, ETF Flows, LLC (financial advisor education and research provider) (2019-present); Chief Executive Officer, Lydon Media (2016-present); Director, GDX Index Partners, LLC (index provider) (2021-present); Vice Chairman, VettaFi (financial advisor content, research and digital distribution provider) (2022-present).	154	Current: US Global Investors, Inc. (GROW) (1995-present); The 2023 ETF Series Trust (4) (June 2023-present); The 2023 ETF Series Trust II (1) (August 2023-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 (law firm) (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (law firm) (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. (construction and real estate development company) (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. (registered broker dealer) (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 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 Fund 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, 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 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.

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

172 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

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

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

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

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

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

Opt-Out Provisions and Your Data Choices

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

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

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

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

How We Protect Privacy Online

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 173

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

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

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

International Visitors

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

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

We’ll Keep You Informed

If you have any questions or concerns about how we treat your personal data, we encourage you to consult with us first. You may also contact the relevant supervisory authority. We reserve the right to modify this policy at any time and will inform you promptly of material changes. You may access our privacy policy from our web site at www.guggenheiminvestments.com. Should you have any questions regarding our privacy policy, contact us by email at CorporateDataPrivacy@GuggenheimPartners.com.

174 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

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

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

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

During the period covered by this shareholder report, the Board received a written report (the “Report”) prepared by the Administrator addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from March 31, 2022, to March 31, 2023. The Report summarized the Administrator’s assessment of the Program’s implementation and concluded that the Program operated effectively, the Program had been and continued to be reasonably designed to assess and manage each Fund’s liquidity risk, and the Program has been adequately and effectively implemented to monitor and respond to the Funds’ liquidity developments, as applicable.

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

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Item 2. Code of Ethics.

Not applicable at this time.

Item 3. Audit Committee Financial Expert.

Not applicable at this time.

Item 4. Principal Accountant Fees and Services.

Not applicable at this time.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(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 (as defined in Rule 30a-3(c) under the Investment Company Act) as of a date within 90 days of this filing and have concluded that based on such evaluation as required by Rule 30a-3(b) under the Investment Company Act, that the registrant’s disclosure controls and procedures were effective as of that date in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that 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) Not applicable.

(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) are attached.

(a)(3) Not applicable.

(a)(4) Not applicable

(b) A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act (17 CFR 270.30a-2(b)) is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Rydex Series Funds
By (Signature and Title)*	/s/ Brian E. Binder
	Brian E. Binder, President and Chief Executive Officer
Date	December 6, 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	December 6, 2023
By (Signature and Title)*	/s/ James Howley
	James Howley, Chief Financial Officer, Chief Accounting Officer, and Treasurer
Date	December 6, 2023

^* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

EX.-13(a)(2)(i)

CERTIFICATION

I, Brian E. Binder, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Series Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	December 6, 2023	/s/ Brian E. Binder
		Brian E. Binder,
		President and Chief Executive Officer

EX.-13(a)(2)(ii)

CERTIFICATION

I, James Howley, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Series Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	December 6, 2023	/s/ James Howley
		James Howley,
		Chief Financial Officer, Chief Accounting Officer, and Treasurer

EX-99.906 CERT

EX.-13(b)

CERTIFICATION

I, Brian E. Binder, President and Chief Executive Officer, and I, James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer of Rydex Series Funds (the “Registrant”) each certify that:

1. The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

Date: December 6, 2023
	/s/ Brian E. Binder
	Brian E. Binder
	President and Chief Executive Officer

Date: December 6, 2023
	/s/ James Howley
	James Howley
	Chief Financial Officer, Chief Accounting Officer and Treasurer