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: 1-301-296-5100

Date of fiscal year end: March 31

Date of reporting period: April 1, 2021 - September 30, 2021

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

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

Item 1. Reports to Stockholders.

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

9.30.2021

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-0921x0322

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	3
ABOUT SHAREHOLDERS’ FUND EXPENSES	5
BANKING FUND	10
BASIC MATERIALS FUND	17
BIOTECHNOLOGY FUND	25
CONSUMER PRODUCTS FUND	32
ELECTRONICS FUND	40
ENERGY FUND	48
ENERGY SERVICES FUND	56
FINANCIAL SERVICES FUND	64
HEALTH CARE FUND	73
INTERNET FUND	80
LEISURE FUND	87
PRECIOUS METALS FUND	96
REAL ESTATE FUND	104
RETAILING FUND	111
TECHNOLOGY FUND	119
TELECOMMUNICATIONS FUND	127
TRANSPORTATION FUND	135
UTILITIES FUND	143
NOTES TO FINANCIAL STATEMENTS	151
OTHER INFORMATION	162
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	170
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	175
LIQUIDITY RISK MANAGEMENT PROGRAM	178

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2021

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for Rydex Sector Funds (the “Fund” or “Funds”). This report covers performance for the six-month period ended September 30, 2021.

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, 2021

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.

COVID-19. The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this 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 fund’s holdings in issuers within the same sector or industry. Certain of the sector funds are considered non-diversified and can invest a greater portion of their assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of fund shares than would occur in a more diversified fund. It is important to note that the Funds are not guaranteed by the U.S. government. ● 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, 2021

In the six months ending September 30, 2021, the equity market experienced a relatively steady upward climb that reversed amid seasonal pressures, inflation worry, and market uncertainty about the economic damage brought about by the potential emergence of new COVID variants.

Treasury yields posted their biggest rise in months following the Federal Open Market Committee (“FOMC”) meeting in September, at which Chair Powell noted that inflation would be higher and last longer than previously expected. The 10-year U.S. Treasury was still down slightly for the period.

Reports circulating in September about the inability of Evergrande, China’s second largest real estate development company, to repay an installment on its approximately $300 billion in debt sparked panic in credit markets in Asia. There was chatter about an Evergrande bankruptcy, a la Lehman Brothers, that would ignite a conflagration that could ravage China’s debt-reliant economy and spread across the world, triggering another global financial crisis. Others saw echoes of the collapse of Long-Term Capital Management, the highly leveraged hedge fund that collapsed in 1998 and required a bailout and debt rewind managed by the Federal Reserve (the “Fed”) to quell fears of a global financial meltdown.

As the month of September progressed and the Chinese government stepped in with liquidity and behind-the-scenes pressure on state-owned and state-backed enterprises to purchase Evergrande assets, tensions eased, but the question remains as to what ultimately will become of Evergrande. The most likely outcome is a “controlled fire” approach in which the government attempts to limit the contagion of Evergrande’s woes by propping up the company until its debts are restructured and reshuffled, its projects completed by others, and its properties sold off.

As Evergrande troubles captured the world’s attention, the September FOMC meeting made it clear that the Fed was not overly worried, at least not enough to push back its forecasted rate hikes. In fact, the tone of the meeting was somewhat hawkish, with the month’s Summary of Economic Projections revealing that half the committee members penciled in a rate hike for 2022. That would give them a policy option should elevated inflation turn out to be less temporary than expected. It also implies that a tapering of asset purchases would be completed sooner rather than later—a timetable corroborated when Chair Powell gave the strongest indication yet that tapering may start in November and for the first time suggested that asset purchases could conclude by mid-2022.

Markets reacted favorably to the Fed’s relatively sanguine view of the Evergrande situation, perhaps breathing a sigh of relief that it considers the problem insufficiently dangerous either to warrant action or to delay the normalization of rates in the United States. Interestingly, in place of several instances of the word “transitory” in the four previous FOMC press conference transcripts, the September transcript included no mention of the word, which may help explain the hawkish tilt to the meeting. Regarding the path for rates, half of FOMC members now see at least one hike in 2022, up from 39 percent in June. The median FOMC participant now sees in excess of six cumulative hikes through 2024, signaling an acknowledgement of intensifying supply side pressures and a labor market that could be at full employment within the next year.

For the six-month period ended September 30, 2021, the S&P 500^® Index* returned 9.18%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned 4.70%. The return of the MSCI Emerging Markets Index* was -3.45%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 1.88% return for the six-month period, while the Bloomberg U.S. Corporate High Yield Index* returned 3.65%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

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

*Index Definitions:

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded)

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

S&P 500^® Consumer Discretionary Index is a sub-index of the S&P 500^®. The Consumer Discretionary index includes companies in the following industries: automobiles and components, consumer durables, apparel, hotels, restaurants, leisure, media and retailing.

S&P 500^® Consumer Staples Index is a sub-index of the S&P 500^®. The Consumer Staples index comprises companies whose businesses are less sensitive to economic cycles. It includes manufacturers and distributors of food, beverages and tobacco and producers of non-durable household goods and personal products. It also includes food & drug retailing companies as well as hypermarkets and consumer super centers.

S&P 500^® Energy Index is a sub-index of the S&P 500^®. The Energy index comprises companies whose businesses are dominated by either of the following activities: the construction or provision of oil rigs, drilling equipment and other energy-related equipment and services, including seismic data collection; companies engaged in the exploration, production, marketing, refining and/or transportation of oil and gas products, coal and other consumable fuels.

S&P 500^® Financials Index is a sub-index of the S&P 500^®. The Financials index contains companies involved in activities such as banking, mortgage finance, consumer finance, specialized finance, investment banking and brokerage, asset management and custody, corporate lending, insurance, and financial investment, and real estate, including REITs.

S&P 500^® Health Care Index is a sub-index of the S&P 500^®. The Health Care index encompasses two main industry groups. The first includes companies which manufacture health care equipment and supplies or provide health care related services, including distributors of health care products, providers of basic health-care services, and owners and operators of health care facilities and organizations. The first group also includes companies operating in the health care technology industry. The second group includes companies primarily involved in the research, development, production and marketing of pharmaceuticals, biotechnology and life sciences products.

S&P 500^® Industrials Index is a sub-index of the S&P 500^®. The Industrials index includes companies whose businesses are dominated by one of the following activities: the manufacture and distribution of capital goods, including aerospace & defense, construction, engineering & building products, electrical equipment and industrial machinery; the provision of commercial services and supplies, including printing, environmental, office and security services; the provision of professional services, including employment and research & consulting services; or the provision of transportation services, including airlines, couriers, marine, road & rail and transportation infrastructure.

S&P 500^® Information Technology Index is a sub-index of the S&P 500^®. The Information Technology index covers the following general areas: technology software & services, including companies that primarily develop software in various fields such as the internet, applications, systems, databases management and/or home entertainment, and companies that provide information technology consulting and services, as well as data processing and outsourced services; secondly, technology hardware & equipment, including manufacturers and distributors of communications equipment, computers & peripherals, electronic equipment and related instruments; and thirdly, semiconductors & semiconductor equipment manufacturers.

S&P 500^® Materials Index is a sub-index of the S&P 500^®. The Materials index encompasses a wide range of commodity-related manufacturing industries. Included in this sector are companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel.

S&P 500^® Telecommunications Services Index is a sub-index of the S&P 500^®. The Telecommunications Services index contains companies that provide communications services primarily through a fixed-line, cellular, wireless, high bandwidth and/or fiber optic cable network.

S&P 500^® Utilities Index is a sub-index of the S&P 500^®. The Utilities index encompasses those companies considered electric, gas or water utilities, or companies that operate as independent producers and/or distributors of power.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2021 and ending September 30, 2021.

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, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Banking Fund
Investor Class	1.36%	5.62%	$ 1,000.00	$ 1,056.20	$ 7.01
A-Class	1.61%	5.50%	1,000.00	1,055.00	8.29
C-Class	2.36%	5.09%	1,000.00	1,050.90	12.13
H-Class	1.60%	5.50%	1,000.00	1,055.00	8.24
Basic Materials Fund
Investor Class	1.35%	0.09%	1,000.00	1,000.90	6.77
A-Class	1.61%	(0.04%)	1,000.00	999.60	8.07
C-Class	2.36%	(0.42%)	1,000.00	995.80	11.81
H-Class	1.60%	(0.06%)	1,000.00	999.40	8.02
Biotechnology Fund
Investor Class	1.35%	6.57%	1,000.00	1,065.70	6.99
A-Class	1.61%	6.45%	1,000.00	1,064.50	8.33
C-Class	2.35%	6.05%	1,000.00	1,060.50	12.14
H-Class	1.61%	6.44%	1,000.00	1,064.40	8.33
Consumer Products Fund
Investor Class	1.35%	(2.65%)	1,000.00	973.50	6.68
A-Class	1.60%	(2.76%)	1,000.00	972.40	7.91
C-Class	2.35%	(3.14%)	1,000.00	968.60	11.60
H-Class	1.60%	(2.77%)	1,000.00	972.30	7.91
Electronics Fund
Investor Class	1.35%	4.70%	1,000.00	1,047.00	6.93
A-Class	1.61%	4.56%	1,000.00	1,045.60	8.26
C-Class	2.35%	4.17%	1,000.00	1,041.70	12.03
H-Class	1.60%	4.57%	1,000.00	1,045.70	8.21
Energy Fund
Investor Class	1.36%	12.70%	1,000.00	1,127.00	7.25
A-Class	1.60%	12.55%	1,000.00	1,125.50	8.53
C-Class	2.36%	12.15%	1,000.00	1,121.50	12.55
H-Class	1.61%	12.56%	1,000.00	1,125.60	8.58
Energy Services Fund
Investor Class	1.36%	3.29%	1,000.00	1,032.90	6.93
A-Class	1.60%	3.16%	1,000.00	1,031.60	8.15
C-Class	2.36%	2.80%	1,000.00	1,028.00	12.00
H-Class	1.60%	3.16%	1,000.00	1,031.60	8.15
Financial Services Fund
Investor Class	1.35%	11.24%	1,000.00	1,112.40	7.15
A-Class	1.60%	11.09%	1,000.00	1,110.90	8.47
C-Class	2.35%	10.67%	1,000.00	1,106.70	12.41
H-Class	1.60%	11.12%	1,000.00	1,111.20	8.47
Health Care Fund
Investor Class	1.36%	10.55%	1,000.00	1,105.50	7.18
A-Class	1.61%	10.40%	1,000.00	1,104.00	8.49
C-Class	2.36%	10.02%	1,000.00	1,100.20	12.43
H-Class	1.61%	10.37%	1,000.00	1,103.70	8.49

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Internet Fund
Investor Class	1.35%	(0.23%)	$ 1,000.00	$ 997.70	$ 6.76
A-Class	1.61%	(0.36%)	1,000.00	996.40	8.06
C-Class	2.36%	(0.73%)	1,000.00	992.70	11.79
H-Class	1.60%	(0.35%)	1,000.00	996.50	8.01
Leisure Fund
Investor Class	1.35%	(3.76%)	1,000.00	962.40	6.64
A-Class	1.60%	(3.88%)	1,000.00	961.20	7.87
C-Class	2.35%	(4.24%)	1,000.00	957.60	11.53
H-Class	1.60%	(3.89%)	1,000.00	961.10	7.87
Precious Metals Fund
Investor Class	1.25%	(11.78%)	1,000.00	882.20	5.90
A-Class	1.50%	(11.88%)	1,000.00	881.20	7.07
C-Class	2.25%	(12.22%)	1,000.00	877.80	10.59
H-Class	1.50%	(11.88%)	1,000.00	881.20	7.07
Real Estate Fund
A-Class	1.61%	9.64%	1,000.00	1,096.40	8.46
C-Class	2.36%	10.05%	1,000.00	1,100.50	12.43
H-Class	1.61%	9.64%	1,000.00	1,096.40	8.46
Retailing Fund
Investor Class	1.35%	(0.54%)	1,000.00	994.60	6.75
A-Class	1.61%	(0.69%)	1,000.00	993.10	8.04
C-Class	2.35%	(1.05%)	1,000.00	989.50	11.72
H-Class	1.60%	(0.71%)	1,000.00	992.90	7.99
Technology Fund
Investor Class	1.36%	9.38%	1,000.00	1,093.80	7.14
A-Class	1.61%	9.24%	1,000.00	1,092.40	8.44
C-Class	2.36%	8.83%	1,000.00	1,088.30	12.35
H-Class	1.61%	9.25%	1,000.00	1,092.50	8.45
Telecommunications Fund
Investor Class	1.35%	2.11%	1,000.00	1,021.10	6.84
A-Class	1.60%	1.97%	1,000.00	1,019.70	8.10
C-Class	2.35%	1.59%	1,000.00	1,015.90	11.88
H-Class	1.60%	2.00%	1,000.00	1,020.00	8.10
Transportation Fund
Investor Class	1.35%	(4.25%)	1,000.00	957.50	6.62
A-Class	1.60%	(4.37%)	1,000.00	956.30	7.85
C-Class	2.35%	(4.71%)	1,000.00	952.90	11.50
H-Class	1.60%	(4.37%)	1,000.00	956.30	7.85
Utilities Fund
Investor Class	1.36%	(0.90%)	1,000.00	991.00	6.79
A-Class	1.61%	(1.05%)	1,000.00	989.50	8.03
C-Class	2.35%	(1.42%)	1,000.00	985.80	11.70
H-Class	1.61%	(1.07%)	1,000.00	989.30	8.03

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Banking Fund
Investor Class	1.36%	5.00%	$ 1,000.00	$ 1,018.25	$ 6.88
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.36%	5.00%	1,000.00	1,013.24	11.91
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Basic Materials Fund
Investor Class	1.35%	5.00%	1,000.00	1,018.30	6.83
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.36%	5.00%	1,000.00	1,013.24	11.91
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Biotechnology Fund
Investor Class	1.35%	5.00%	1,000.00	1,018.30	6.83
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
Consumer Products Fund
Investor Class	1.35%	5.00%	1,000.00	1,018.30	6.83
A-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Electronics Fund
Investor Class	1.35%	5.00%	1,000.00	1,018.30	6.83
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Energy Fund
Investor Class	1.36%	5.00%	1,000.00	1,018.25	6.88
A-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
C-Class	2.36%	5.00%	1,000.00	1,013.24	11.91
H-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
Energy Services Fund
Investor Class	1.36%	5.00%	1,000.00	1,018.25	6.88
A-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
C-Class	2.36%	5.00%	1,000.00	1,013.24	11.91
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Financial Services Fund
Investor Class	1.35%	5.00%	1,000.00	1,018.30	6.83
A-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Health Care Fund
Investor Class	1.36%	5.00%	1,000.00	1,018.25	6.88
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.36%	5.00%	1,000.00	1,013.24	11.91
H-Class	1.61%	5.00%	1,000.00	1,017.00	8.14

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Internet Fund
Investor Class	1.35%	5.00%	$ 1,000.00	$ 1,018.30	$ 6.83
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.36%	5.00%	1,000.00	1,013.24	11.91
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Leisure Fund
Investor Class	1.35%	5.00%	1,000.00	1,018.30	6.83
A-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Precious Metals Fund
Investor Class	1.25%	5.00%	1,000.00	1,018.80	6.33
A-Class	1.50%	5.00%	1,000.00	1,017.55	7.59
C-Class	2.25%	5.00%	1,000.00	1,013.79	11.36
H-Class	1.50%	5.00%	1,000.00	1,017.55	7.59
Real Estate Fund
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.36%	5.00%	1,000.00	1,013.24	11.91
H-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
Retailing Fund
Investor Class	1.35%	5.00%	1,000.00	1,018.30	6.83
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Technology Fund
Investor Class	1.36%	5.00%	1,000.00	1,018.25	6.88
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.36%	5.00%	1,000.00	1,013.24	11.91
H-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
Telecommunications Fund
Investor Class	1.35%	5.00%	1,000.00	1,018.30	6.83
A-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Transportation Fund
Investor Class	1.35%	5.00%	1,000.00	1,018.30	6.83
A-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Utilities Fund
Investor Class	1.36%	5.00%	1,000.00	1,018.25	6.88
A-Class	1.61%	5.00%	1,000.00	1,017.00	8.14
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.61%	5.00%	1,000.00	1,017.00	8.14

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2021 to September 30, 2021.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Bank of America Corp.	4.2%
JPMorgan Chase & Co.	4.2%
Wells Fargo & Co.	4.0%
Citigroup, Inc.	4.0%
U.S. Bancorp	3.2%
PNC Financial Services Group, Inc.	3.1%
Truist Financial Corp.	3.1%
Capital One Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.3%
SVB Financial Group	2.1%
Top Ten Total	33.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	5.62%	81.30%	11.73%	12.33%
A-Class Shares	5.50%	80.82%	11.35%	12.00%
A-Class Shares with sales charge‡	0.49%	72.24%	10.27%	11.46%
C-Class Shares	5.09%	79.48%	10.52%	11.17%
C-Class Shares with CDSC§	4.09%	78.48%	10.52%	11.17%
H-Class Shares**	5.50%	80.82%	11.35%	11.91%
S&P 500 Financials Index	11.34%	59.13%	16.64%	17.00%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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.

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
BANKING FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Banks - 90.8%
Bank of America Corp.		41,686	$	1,769,571
JPMorgan Chase & Co.		10,654		1,743,953
Wells Fargo & Co.		36,488		1,693,408
Citigroup, Inc.		23,881		1,675,969
U.S. Bancorp		22,785		1,354,340
PNC Financial Services Group, Inc.		6,662		1,303,354
Truist Financial Corp.		21,858		1,281,972
Bank of New York Mellon Corp.		18,250		946,080
SVB Financial Group*		1,355		876,522
First Republic Bank		4,229		815,690
Fifth Third Bancorp		18,319		777,458
State Street Corp.		9,126		773,155
Huntington Bancshares, Inc.		44,230		683,796
Northern Trust Corp.		6,157		663,786
Regions Financial Corp.		30,732		654,899
Citizens Financial Group, Inc.		13,833		649,874
KeyCorp		30,004		648,686
M&T Bank Corp.		4,324		645,746
Signature Bank		2,145		584,041
Western Alliance Bancorporation		4,551		495,240
East West Bancorp, Inc.		6,201		480,826
Comerica, Inc.		5,918		476,399
Zions Bancorp North America		7,439		460,400
Toronto-Dominion Bank		6,881		455,178
Popular, Inc.		5,768		448,001
HDFC Bank Ltd. ADR		5,966		436,055
First Horizon Corp.		26,575		432,907
Royal Bank of Canada		4,344		432,141
Bank of Nova Scotia		7,002		430,833
ICICI Bank Ltd. ADR		22,453		423,688
HSBC Holdings plc ADR		16,042		419,498
Bank of Montreal		4,187		417,570
Commerce Bancshares, Inc.		5,938		413,760
First Citizens BancShares, Inc. — Class A		488		411,467
Cullen/Frost Bankers, Inc.		3,361		398,682
Pinnacle Financial Partners, Inc.		4,166		391,937
Canadian Imperial Bank of Commerce		3,454		384,430
Credit Suisse Group AG ADR1		38,897		383,524
Deutsche Bank AG*,1		29,927		380,073
UBS Group AG		23,801		379,388
Prosperity Bancshares, Inc.		5,291		376,349
Synovus Financial Corp.		8,430		369,993
First Financial Bankshares, Inc.		8,009		368,014
SouthState Corp.		4,648		347,066
Glacier Bancorp, Inc.		6,161		341,011
Bank OZK		7,896		339,370
PacWest Bancorp		7,410		335,821
Webster Financial Corp.		6,035		328,666
CIT Group, Inc.		6,241		324,220
UMB Financial Corp.		3,328		321,851
United Bankshares, Inc.		8,834		321,381
Wintrust Financial Corp.		3,895		313,041
Umpqua Holdings Corp.		14,998		303,709
Hancock Whitney Corp.		6,233		293,699
First Hawaiian, Inc.		9,668		283,756
BankUnited, Inc.		6,731		281,490
Ameris Bancorp		5,404		280,360
Home BancShares, Inc.		11,871		279,325
Community Bank System, Inc.		4,049		277,033
Bank of Hawaii Corp.		3,219		264,505
Associated Banc-Corp.		12,162		260,510
Simmons First National Corp. — Class A		8,745		258,502
BancorpSouth Bank		8,648		257,537
Independent Bank Group, Inc.		3,620		257,165
Texas Capital Bancshares, Inc.*		4,272		256,405
United Community Banks, Inc.		7,750		254,355
Silvergate Capital Corp. — Class A*		2,171		250,750
Columbia Banking System, Inc.		6,557		249,100
Old National Bancorp		14,367		243,521
Cadence BanCorp		10,783		236,795
Hilltop Holdings, Inc.		7,135		233,100
Fulton Financial Corp.		14,780		225,838
First Midwest Bancorp, Inc.		11,260		214,053
Total Banks				38,042,588
Savings & Loans - 3.9%
People’s United Financial, Inc.		22,971		401,303
New York Community Bancorp, Inc.		27,008		347,593
Sterling Bancorp		13,016		324,879
Pacific Premier Bancorp, Inc.		7,083		293,520
Investors Bancorp, Inc.		18,574		280,653
Total Savings & Loans				1,647,948
Diversified Financial Services - 2.9%
Capital One Financial Corp.		7,402		1,198,902
Insurance - 2.0%
Equitable Holdings, Inc.		16,701		495,017
Voya Financial, Inc.		5,979		367,051
Total Insurance				862,068
Total Common Stocks
(Cost $33,691,337)				41,751,506

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
BANKING FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	267,158	$	267,158
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		103,805		103,805
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		103,805		103,805
Total Repurchase Agreements
(Cost $474,768)				474,768
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.3%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		545,742		545,742
Total Securities Lending Collateral
(Cost $545,742)				545,742
Total Investments - 102.0%
(Cost $34,711,847)			$	42,772,016
Other Assets & Liabilities, net - (2.0)%				(858,182	)
Total Net Assets - 100.0%			$	41,913,834

*	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, 2021 — 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, 2021.
	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, 2021 (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	$	41,751,506	$	—	$	—	$	41,751,506
Repurchase Agreements		—		474,768		—		474,768
Securities Lending Collateral		545,742		—		—		545,742
Total Assets	$	42,297,248	$	474,768	$	—	$	42,772,016

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

BANKING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $524,102 of securities loaned (cost $34,237,079)	$	42,297,248
Repurchase agreements, at value (cost $474,768)		474,768
Cash		5,875
Receivables:
Securities sold		568,805
Dividends		70,988
Fund shares sold		3,000
Foreign tax reclaims		226
Securities lending income		214
Total assets		43,421,124
Liabilities:
Payable for:
Fund shares redeemed		892,162
Return of securities lending collateral		545,742
Management fees		28,500
Transfer agent and administrative fees		9,020
Portfolio accounting fees		3,353
Distribution and service fees		2,775
Trustees’ fees*		308
Miscellaneous		25,430
Total liabilities		1,507,290
Commitments and contingent liabilities (Note 9)		—
Net assets	$	41,913,834
Net assets consist of:
Paid in capital	$	48,227,460
Total distributable earnings (loss)		(6,313,626	)
Net assets	$	41,913,834
Investor Class:
Net assets	$	33,299,845
Capital shares outstanding		329,399
Net asset value per share	$	101.09
A-Class:
Net assets	$	4,681,264
Capital shares outstanding		51,689
Net asset value per share	$	90.57
Maximum offering price per share (Net asset value divided by 95.25%)	$	95.09
C-Class:
Net assets	$	1,726,467
Capital shares outstanding		21,884
Net asset value per share	$	78.89
H-Class:
Net assets	$	2,206,258
Capital shares outstanding		25,052
Net asset value per share	$	88.07

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $8,921)	$	503,541
Interest		35
Income from securities lending, net		712
Total investment income		504,288
Expenses:
Management fees		180,904
Distribution and service fees:
A-Class		5,880
C-Class		8,360
H-Class		5,624
Transfer agent and administrative fees		58,934
Portfolio accounting fees		21,283
Professional fees		9,771
Custodian fees		2,681
Trustees’ fees*		1,793
Miscellaneous		13,023
Total expenses		308,253
Net investment income		196,035
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,341,466	)
Net realized loss		(1,341,466	)
Net change in unrealized appreciation (depreciation) on:
Investments		2,719,083
Net change in unrealized appreciation (depreciation)		2,719,083
Net realized and unrealized gain		1,377,617
Net increase in net assets resulting from operations	$	1,573,652

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	196,035		$	173,043
Net realized loss on investments		(1,341,466	)		(10,139,015	)
Net change in unrealized appreciation (depreciation) on investments		2,719,083			16,178,865
Net increase in net assets resulting from operations		1,573,652			6,212,893
Distributions to shareholders:
Investor Class		—			(123,639	)
A-Class		—			(109,741	)
C-Class		—			(28,038	)
H-Class		—			(12,149	)
Total distributions to shareholders		—			(273,567	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		94,706,111			100,467,394
A-Class		1,646,600			776,718
C-Class		1,863,067			1,445,210
H-Class		4,759,651			6,995,067
Distributions reinvested
Investor Class		—			120,914
A-Class		—			106,076
C-Class		—			27,016
H-Class		—			12,065
Cost of shares redeemed
Investor Class		(71,686,067	)		(111,860,093	)
A-Class		(1,229,460	)		(1,524,259	)
C-Class		(1,045,006	)		(1,789,662	)
H-Class		(7,244,540	)		(3,368,112	)
Net increase (decrease) from capital share transactions		21,770,356			(8,591,666	)
Net increase (decrease) in net assets		23,344,008			(2,652,340	)
Net assets:
Beginning of period		18,569,826			21,222,166
End of period	$	41,913,834		$	18,569,826
Capital share activity:
Shares sold
Investor Class		967,161			1,395,191
A-Class		18,335			10,123
C-Class		23,411			25,920
H-Class		54,760			102,619
Shares issued from reinvestment of distributions
Investor Class		—			1,596
A-Class		—			1,560
C-Class		—			453
H-Class		—			182
Shares redeemed
Investor Class		(732,083	)		(1,640,247	)
A-Class		(13,814	)		(23,881	)
C-Class		(13,411	)		(32,869	)
H-Class		(84,819	)		(51,236	)
Net increase (decrease) in shares		219,540			(210,589	)

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	95.71		$	51.83		$	74.58		$	86.27		$	76.86		$	56.13
Income (loss) from investment operations:
Net investment income (loss)b		.51			1.25			1.14			.81			.60			.53
Net gain (loss) on investments (realized and unrealized)		4.87			44.89			(23.38	)		(10.92	)		9.12			20.51
Total from investment operations		5.38			46.14			(22.24	)		(10.11	)		9.72			21.04
Less distributions from:
Net investment income		—			(2.26	)		(.51	)		(1.58	)		(.31	)		(.31	)
Total distributions		—			(2.26	)		(.51	)		(1.58	)		(.31	)		(.31	)
Net asset value, end of period	$	101.09		$	95.71		$	51.83		$	74.58		$	86.27		$	76.86
Total Return		5.62	%		90.06	%		(30.08	%)		(11.63	%)		12.63	%		37.53	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	33,300		$	9,027		$	17,507		$	5,997		$	26,209		$	41,473
Ratios to average net assets:
Net investment income (loss)		1.02	%		1.79	%		1.47	%		0.97	%		0.73	%		0.74	%
Total expenses		1.36	%		1.43	%		1.48	%		1.46	%		1.38	%		1.38	%
Portfolio turnover rate		177	%		799	%		360	%		633	%		772	%		907	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	85.85		$	46.98		$	67.81		$	78.80		$	70.41		$	51.55
Income (loss) from investment operations:
Net investment income (loss)b		.35			1.02			.87			.57			.37			.33
Net gain (loss) on investments (realized and unrealized)		4.37			40.11			(21.19	)		(9.98	)		8.33			18.84
Total from investment operations		4.72			41.13			(20.32	)		(9.41	)		8.70			19.17
Less distributions from:
Net investment income		—			(2.26	)		(.51	)		(1.58	)		(.31	)		(.31	)
Total distributions		—			(2.26	)		(.51	)		(1.58	)		(.31	)		(.31	)
Net asset value, end of period	$	90.57		$	85.85		$	46.98		$	67.81		$	78.80		$	70.41
Total Returnc		5.50	%		88.72	%		(30.25	%)		(11.85	%)		12.37	%		37.21	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,681		$	4,050		$	2,789		$	4,849		$	4,076		$	5,934
Ratios to average net assets:
Net investment income (loss)		0.78	%		1.67	%		1.23	%		0.76	%		0.50	%		0.51	%
Total expenses		1.61	%		1.69	%		1.73	%		1.72	%		1.63	%		1.63	%
Portfolio turnover rate		177	%		799	%		360	%		633	%		772	%		907	%

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

BANKING FUND

FINANCIAL HIGHLIGHTS (concluded)

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

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	75.07		$	41.57		$	60.51		$	71.05		$	63.98		$	47.22
Income (loss) from investment operations:
Net investment income (loss)b		.01			.49			.31			(.05	)		(.17	)		(.05	)
Net gain (loss) on investments (realized and unrealized)		3.81			35.27			(18.74	)		(8.91	)		7.55			17.12
Total from investment operations		3.82			35.76			(18.43	)		(8.96	)		7.38			17.07
Less distributions from:
Net investment income		—			(2.26	)		(.51	)		(1.58	)		(.31	)		(.31	)
Total distributions		—			(2.26	)		(.51	)		(1.58	)		(.31	)		(.31	)
Net asset value, end of period	$	78.89		$	75.07		$	41.57		$	60.51		$	71.05		$	63.98
Total Returnc		5.09	%		87.34	%		(30.78	%)		(12.51	%)		11.54	%		36.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,726		$	892		$	764		$	1,284		$	4,079		$	5,634
Ratios to average net assets:
Net investment income (loss)		0.03	%		0.93	%		0.49	%		(0.07	%)		(0.25	%)		(0.09	%)
Total expenses		2.36	%		2.45	%		2.48	%		2.46	%		2.38	%		2.37	%
Portfolio turnover rate		177	%		799	%		360	%		633	%		772	%		907	%

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	83.48		$	45.73		$	66.00		$	76.78		$	68.61		$	50.22
Income (loss) from investment operations:
Net investment income (loss)b		.30			.85			.74			.45			.39			.29
Net gain (loss) on investments (realized and unrealized)		4.29			39.16			(20.50	)		(9.65	)		8.09			18.41
Total from investment operations		4.59			40.01			(19.76	)		(9.20	)		8.48			18.70
Less distributions from:
Net investment income		—			(2.26	)		(.51	)		(1.58	)		(.31	)		(.31	)
Total distributions		—			(2.26	)		(.51	)		(1.58	)		(.31	)		(.31	)
Net asset value, end of period	$	88.07		$	83.48		$	45.73		$	66.00		$	76.78		$	68.61
Total Return		5.50	%		88.66	%		(30.24	%)		(11.89	%)		12.38	%		37.26	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,206		$	4,601		$	162		$	1,531		$	14,220		$	8,467
Ratios to average net assets:
Net investment income (loss)		0.70	%		1.15	%		1.02	%		0.60	%		0.52	%		0.45	%
Total expenses		1.60	%		1.63	%		1.74	%		1.70	%		1.62	%		1.63	%
Portfolio turnover rate		177	%		799	%		360	%		633	%		772	%		907	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Sherwin-Williams Co.	3.1%
Ecolab, Inc.	2.7%
Air Products and Chemicals, Inc.	2.7%
Freeport-McMoRan, Inc.	2.6%
Newmont Corp.	2.5%
Dow, Inc.	2.4%
DuPont de Nemours, Inc.	2.1%
PPG Industries, Inc.	2.1%
LyondellBasell Industries N.V. — Class A	2.1%
International Flavors & Fragrances, Inc.	2.0%
Top Ten Total	24.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	0.09%	32.28%	11.00%	7.92%
A-Class Shares	(0.04%)	31.93%	10.72%	7.65%
A-Class Shares with sales charge‡	(4.79%)	25.66%	9.64%	7.13%
C-Class Shares	(0.42%)	30.95%	9.89%	6.85%
C-Class Shares with CDSC§	(1.41%)	29.95%	9.89%	6.85%
H-Class Shares**	(0.06%)	31.90%	10.72%	7.55%
S&P 500 Materials Index	1.29%	26.48%	12.95%	12.83%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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 | 17

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
BASIC MATERIALS FUND

	Shares		Value
COMMON STOCKS† - 99.1%
Chemicals - 42.6%
Sherwin-Williams Co.		5,302	$	1,483,128
Ecolab, Inc.		6,389		1,332,873
Air Products and Chemicals, Inc.		5,144		1,317,430
Dow, Inc.		19,928		1,147,056
DuPont de Nemours, Inc.		15,210		1,034,128
PPG Industries, Inc.		7,064		1,010,223
LyondellBasell Industries N.V. — Class A		10,630		997,625
International Flavors & Fragrances, Inc.		7,430		993,540
Linde plc		3,092		907,131
Albemarle Corp.		4,063		889,675
Celanese Corp. — Class A		4,734		713,130
Mosaic Co.		18,694		667,750
CF Industries Holdings, Inc.		11,493		641,539
Eastman Chemical Co.		6,364		641,109
Westlake Chemical Corp.		6,826		622,122
FMC Corp.		6,475		592,851
RPM International, Inc.		7,160		555,974
Olin Corp.		10,172		490,799
Nutrien Ltd.		7,511		486,938
Huntsman Corp.		15,992		473,203
Axalta Coating Systems Ltd.*		15,906		464,296
Valvoline, Inc.		13,417		418,342
Element Solutions, Inc.		19,202		416,299
Ashland Global Holdings, Inc.		4,505		401,486
Chemours Co.		13,056		379,407
Amyris, Inc.*		26,856		368,733
Sensient Technologies Corp.		3,788		345,011
HB Fuller Co.		5,185		334,744
Ingevity Corp.*		4,159		296,828
Danimer Scientific, Inc.*,1		13,377		218,580
Total Chemicals				20,641,950
Mining - 20.3%
Freeport-McMoRan, Inc.		38,272		1,244,988
Newmont Corp.		21,944		1,191,559
Barrick Gold Corp.		47,256		852,971
Alcoa Corp.*		11,183		547,296
Rio Tinto plc ADR1		7,897		527,678
BHP Group Ltd. ADR1		9,558		511,544
Teck Resources Ltd. — Class B		19,288		480,464
Royal Gold, Inc.		4,561		435,530
AngloGold Ashanti Ltd. ADR		26,951		430,946
MP Materials Corp.*,1		12,839		413,801
Agnico Eagle Mines Ltd.		7,953		412,363
Wheaton Precious Metals Corp.1		10,863		408,232
Franco-Nevada Corp.		3,138		407,658
Kirkland Lake Gold Ltd.		9,258		385,040
Pan American Silver Corp.		15,052		350,260
First Majestic Silver Corp.1		30,309		342,492
Livent Corp.*		14,367		332,021
Arconic Corp.*		10,355		326,597
Coeur Mining, Inc.*		38,943		240,278
Total Mining				9,841,718
Packaging & Containers - 12.7%
Ball Corp.		10,543		948,554
Westrock Co.		12,829		639,269
Packaging Corporation of America		4,566		627,551
Crown Holdings, Inc.		6,221		626,952
Amcor plc		52,771		611,616
Berry Global Group, Inc.*		8,299		505,243
AptarGroup, Inc.		4,129		492,796
Sealed Air Corp.		8,994		492,781
Sonoco Products Co.		7,099		422,959
Graphic Packaging Holding Co.		22,153		421,793
Silgan Holdings, Inc.		9,192		352,605
Total Packaging & Containers				6,142,119
Iron & Steel - 10.1%
Nucor Corp.		9,227		908,767
Vale S.A. ADR		64,878		905,048
Steel Dynamics, Inc.		10,132		592,519
Reliance Steel & Aluminum Co.		3,712		528,663
Cleveland-Cliffs, Inc.*		26,327		521,538
ArcelorMittal S.A.		14,632		441,301
United States Steel Corp.		18,430		404,907
Commercial Metals Co.		11,345		345,569
Allegheny Technologies, Inc.*		15,428		256,568
Total Iron & Steel				4,904,880
Building Materials - 5.8%
Vulcan Materials Co.		4,942		835,989
Martin Marietta Materials, Inc.		2,362		807,048
Louisiana-Pacific Corp.		7,003		429,774
Eagle Materials, Inc.		3,153		413,548
Summit Materials, Inc. — Class A*		11,091		354,579
Total Building Materials				2,840,938
Forest Products & Paper - 2.3%
International Paper Co.		14,510		811,399
Domtar Corp.*		5,826		317,750
Total Forest Products & Paper				1,129,149
Biotechnology - 2.0%
Corteva, Inc.		23,508		989,217
Household Products & Housewares - 1.5%
Avery Dennison Corp.		3,433		711,352
Housewares - 1.1%
Scotts Miracle-Gro Co. — Class A		3,534		517,237
Distribution & Wholesale - 0.7%
Avient Corp.		7,872		364,867
Total Common Stocks
(Cost $31,166,675)				48,083,427
EXCHANGE-TRADED FUNDS† - 0.8%
VanEck Vectors Junior Gold Miners ETF		9,441		361,968
Total Exchange-Traded Funds
(Cost $412,220)				361,968

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
BASIC MATERIALS FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	195,020	$	195,020
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		75,775		75,775
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		75,775		75,775
Total Repurchase Agreements
(Cost $346,570)				346,570

	Shares
SECURITIES LENDING COLLATERAL†,3 - 3.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		1,551,652		1,551,652
Total Securities Lending Collateral
(Cost $1,551,652)				1,551,652
Total Investments - 103.8%
(Cost $33,477,117)			$	50,343,617
Other Assets & Liabilities, net - (3.8)%				(1,843,218	)
Total Net Assets - 100.0%			$	48,500,399

*	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, 2021 — 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, 2021.
	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, 2021 (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	$	48,083,427	$	—	$	—	$	48,083,427
Exchange-Traded Funds		361,968		—		—		361,968
Repurchase Agreements		—		346,570		—		346,570
Securities Lending Collateral		1,551,652		—		—		1,551,652
Total Assets	$	49,997,047	$	346,570	$	—	$	50,343,617

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

BASIC MATERIALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $1,528,939 of securities loaned (cost $33,130,547)	$	49,997,047
Repurchase agreements, at value (cost $346,570)		346,570
Cash		788
Receivables:
Dividends		149,173
Fund shares sold		24,779
Securities lending income		315
Total assets		50,518,672
Liabilities:
Payable for:
Return of securities lending collateral		1,551,652
Fund shares redeemed		233,139
Deferred foreign capital gain taxes		130,382
Management fees		36,636
Transfer agent and administrative fees		11,594
Distribution and service fees		5,115
Portfolio accounting fees		4,310
Trustees’ fees*		549
Miscellaneous		44,896
Total liabilities		2,018,273
Commitments and contingent liabilities (Note 9)		—
Net assets	$	48,500,399
Net assets consist of:
Paid in capital	$	37,269,146
Total distributable earnings (loss)		11,231,253
Net assets	$	48,500,399
Investor Class:
Net assets	$	35,702,126
Capital shares outstanding		455,167
Net asset value per share	$	78.44
A-Class:
Net assets	$	6,972,313
Capital shares outstanding		96,138
Net asset value per share	$	72.52
Maximum offering price per share (Net asset value divided by 95.25%)	$	76.14
C-Class:
Net assets	$	3,706,290
Capital shares outstanding		59,853
Net asset value per share	$	61.92
H-Class:
Net assets	$	2,119,670
Capital shares outstanding		30,223
Net asset value per share	$	70.13

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $8,149)	$	786,432
Interest		69
Income from securities lending, net		4,180
Total investment income		790,681
Expenses:
Management fees		304,400
Distribution and service fees:
A-Class		8,526
C-Class		18,179
H-Class		7,994
Transfer agent and administrative fees		99,834
Portfolio accounting fees		35,811
Professional fees		14,836
Custodian fees		4,584
Trustees’ fees*		3,994
Line of credit fees		41
Miscellaneous		21,270
Total expenses		519,469
Net investment income		271,212
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2,929,378	)
Net realized loss		(2,929,378	)
Net change in unrealized appreciation (depreciation) on:
Investments		(783,209	)
Net change in unrealized appreciation (depreciation)		(783,209	)
Net realized and unrealized loss		(3,712,587	)
Net decrease in net assets resulting from operations	$	(3,441,375	)

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

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

BASIC MATERIALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	271,212		$	207,203
Net realized gain (loss) on investments		(2,929,378	)		2,888,261
Net change in unrealized appreciation (depreciation) on investments		(783,209	)		18,305,356
Net increase (decrease) in net assets resulting from operations		(3,441,375	)		21,400,820
Distributions to shareholders:
Investor Class		—			(971,597	)
A-Class		—			(108,312	)
C-Class		—			(69,007	)
H-Class		—			(111,942	)
Total distributions to shareholders		—			(1,260,858	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		66,392,110			64,177,984
A-Class		2,535,050			2,021,511
C-Class		2,169,938			1,944,229
H-Class		26,079,649			4,011,677
Distributions reinvested
Investor Class		—			960,891
A-Class		—			104,132
C-Class		—			68,486
H-Class		—			111,869
Cost of shares redeemed
Investor Class		(66,773,624	)		(55,658,771	)
A-Class		(1,054,212	)		(1,861,864	)
C-Class		(893,801	)		(2,232,010	)
H-Class		(24,867,118	)		(4,064,114	)
Net increase from capital share transactions		3,587,992			9,584,020
Net increase in net assets		146,617			29,723,982
Net assets:
Beginning of period		48,353,782			18,629,800
End of period	$	48,500,399		$	48,353,782
Capital share activity:
Shares sold
Investor Class		767,541			1,007,217
A-Class		32,815			31,548
C-Class		32,583			37,998
H-Class		329,241			72,683
Shares issued from reinvestment of distributions
Investor Class		—			13,676
A-Class		—			1,600
C-Class		—			1,225
H-Class		—			1,777
Shares redeemed
Investor Class		(798,693	)		(848,607	)
A-Class		(13,853	)		(31,218	)
C-Class		(13,481	)		(43,144	)
H-Class		(329,065	)		(66,030	)
Net increase in shares		7,088			178,725

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

BASIC MATERIALS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	78.37		$	42.39		$	58.04		$	60.37		$	55.71		$	45.18
Income (loss) from investment operations:
Net investment income (loss)b		.34			.43			.43			.35			.11			.18
Net gain (loss) on investments (realized and unrealized)		(.27	)		37.12			(13.42	)		(1.85	)		4.80			10.92
Total from investment operations		.07			37.55			(12.99	)		(1.50	)		4.91			11.10
Less distributions from:
Net investment income		—			(.54	)		(.90	)		(.24	)		(.25	)		(.57	)
Net realized gains		—			(1.03	)		(1.76	)		(.59	)		—			—
Total distributions		—			(1.57	)		(2.66	)		(.83	)		(.25	)		(.57	)
Net asset value, end of period	$	78.44		$	78.37		$	42.39		$	58.04		$	60.37		$	55.71
Total Return		0.09	%		89.00	%		(23.61	%)		(2.36	%)		8.81	%		24.65	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	35,702		$	38,112		$	13,313		$	26,704		$	51,589		$	56,854
Ratios to average net assets:
Net investment income (loss)		0.80	%		0.67	%		0.74	%		0.59	%		0.18	%		0.35	%
Total expensesc		1.35	%		1.43	%		1.48	%		1.47	%		1.38	%		1.37	%
Portfolio turnover rate		119	%		162	%		67	%		247	%		257	%		361	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	72.55		$	39.41		$	54.27		$	56.66		$	52.42		$	42.65
Income (loss) from investment operations:
Net investment income (loss)b		.26			.25			.26			.25			(.01	)		.03
Net gain (loss) on investments (realized and unrealized)		(.29	)		34.46			(12.46	)		(1.81	)		4.50			10.31
Total from investment operations		(.03	)		34.71			(12.20	)		(1.56	)		4.49			10.34
Less distributions from:
Net investment income		—			(.54	)		(.90	)		(.24	)		(.25	)		(.57	)
Net realized gains		—			(1.03	)		(1.76	)		(.59	)		—			—
Total distributions		—			(1.57	)		(2.66	)		(.83	)		(.25	)		(.57	)
Net asset value, end of period	$	72.52		$	72.55		$	39.41		$	54.27		$	56.66		$	52.42
Total Returnd		(0.04	%)		88.52	%		(23.80	%)		(2.60	%)		8.56	%		24.33	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,972		$	5,599		$	2,966		$	6,810		$	9,070		$	16,355
Ratios to average net assets:
Net investment income (loss)		0.68	%		0.44	%		0.48	%		0.45	%		(0.02	%)		0.06	%
Total expensesc		1.61	%		1.69	%		1.73	%		1.72	%		1.63	%		1.62	%
Portfolio turnover rate		119	%		162	%		67	%		247	%		257	%		361	%

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

BASIC MATERIALS FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	62.18		$	34.17		$	47.73		$	50.32		$	46.93		$	38.52
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		(.17	)		(.11	)		(.21	)		(.38	)		(.29	)
Net gain (loss) on investments (realized and unrealized)		(.24	)		29.75			(10.79	)		(1.55	)		4.02			9.27
Total from investment operations		(.26	)		29.58			(10.90	)		(1.76	)		3.64			8.98
Less distributions from:
Net investment income		—			(.54	)		(.90	)		(.24	)		(.25	)		(.57	)
Net realized gains		—			(1.03	)		(1.76	)		(.59	)		—			—
Total distributions		—			(1.57	)		(2.66	)		(.83	)		(.25	)		(.57	)
Net asset value, end of period	$	61.92		$	62.18		$	34.17		$	47.73		$	50.32		$	46.93
Total Returnd		(0.42	%)		87.07	%		(24.35	%)		(3.35	%)		7.75	%		23.41	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,706		$	2,534		$	1,526		$	2,930		$	5,494		$	5,824
Ratios to average net assets:
Net investment income (loss)		(0.06	%)		(0.34	%)		(0.23	%)		(0.42	%)		(0.75	%)		(0.66	%)
Total expensesc		2.36	%		2.44	%		2.47	%		2.47	%		2.38	%		2.37	%
Portfolio turnover rate		119	%		162	%		67	%		247	%		257	%		361	%

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	70.17		$	38.15		$	52.62		$	54.95		$	50.84		$	41.37
Income (loss) from investment operations:
Net investment income (loss)b		.35			.19			.27			.12			(.05	)		.01
Net gain (loss) on investments (realized and unrealized)		(.39	)		33.40			(12.08	)		(1.62	)		4.41			10.03
Total from investment operations		(.04	)		33.59			(11.81	)		(1.50	)		4.36			10.04
Less distributions from:
Net investment income		—			(.54	)		(.90	)		(.24	)		(.25	)		(.57	)
Net realized gains		—			(1.03	)		(1.76	)		(.59	)		—			—
Total distributions		—			(1.57	)		(2.66	)		(.83	)		(.25	)		(.57	)
Net asset value, end of period	$	70.13		$	70.17		$	38.15		$	52.62		$	54.95		$	50.84
Total Return		(0.06	%)		88.51	%		(23.81	%)		(2.59	%)		8.57	%		24.36	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,120		$	2,108		$	825		$	1,424		$	9,220		$	8,077
Ratios to average net assets:
Net investment income (loss)		0.92	%		0.33	%		0.51	%		0.21	%		(0.09	%)		0.03	%
Total expensesc		1.60	%		1.68	%		1.72	%		1.71	%		1.62	%		1.62	%
Portfolio turnover rate		119	%		162	%		67	%		247	%		257	%		361	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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.	5.4%
Moderna, Inc.	4.6%
Amgen, Inc.	4.3%
Gilead Sciences, Inc.	3.6%
Regeneron Pharmaceuticals, Inc.	3.1%
Illumina, Inc.	3.0%
Vertex Pharmaceuticals, Inc.	2.7%
AstraZeneca plc ADR	2.5%
Biogen, Inc.	2.5%
Seagen, Inc.	2.3%
Top Ten Total	34.0%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	6.57%	16.43%	11.43%	17.83%
A-Class Shares	6.45%	16.13%	11.15%	17.54%
A-Class Shares with sales charge‡	1.39%	10.61%	10.07%	16.96%
C-Class Shares	6.05%	15.27%	10.32%	16.65%
C-Class Shares with CDSC§	5.05%	14.27%	10.32%	16.65%
H-Class Shares**	6.44%	16.13%	11.15%	17.42%
S&P 500 Health Care Index	9.96%	22.56%	14.18%	17.06%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 25

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
BIOTECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Biotechnology - 73.0%
Moderna, Inc.*		23,301	$	8,967,623
Amgen, Inc.		39,753		8,453,475
Gilead Sciences, Inc.		102,868		7,185,330
Regeneron Pharmaceuticals, Inc.*		9,928		6,008,227
Illumina, Inc.*		14,446		5,859,442
Vertex Pharmaceuticals, Inc.*		29,015		5,263,031
Biogen, Inc.*		17,162		4,856,674
Seagen, Inc.*		26,887		4,565,413
Corteva, Inc.		102,118		4,297,125
Horizon Therapeutics plc*		35,498		3,888,451
Alnylam Pharmaceuticals, Inc.*		19,289		3,641,956
Bio-Rad Laboratories, Inc. — Class A*		4,782		3,567,133
Royalty Pharma plc — Class A		96,425		3,484,800
BioNTech SE ADR*		11,731		3,202,446
Exact Sciences Corp.*		32,033		3,057,550
BioMarin Pharmaceutical, Inc.*		37,808		2,922,180
Incyte Corp.*		42,063		2,893,093
Acceleron Pharma, Inc.*		16,696		2,873,382
Novavax, Inc.*		13,798		2,860,463
Guardant Health, Inc.*		22,085		2,760,846
Mirati Therapeutics, Inc.*		13,717		2,426,674
Biohaven Pharmaceutical Holding Company Ltd.*		16,918		2,350,079
CRISPR Therapeutics AG*		20,768		2,324,562
BeiGene Ltd. ADR*		5,937		2,155,131
United Therapeutics Corp.*		11,346		2,094,245
Exelixis, Inc.*		96,222		2,034,133
Bridgebio Pharma, Inc.*		42,813		2,006,645
Arrowhead Pharmaceuticals, Inc.*		31,567		1,970,728
Blueprint Medicines Corp.*		18,681		1,920,594
Zai Lab Ltd. ADR*		17,729		1,868,459
Ultragenyx Pharmaceutical, Inc.*		20,667		1,863,957
Halozyme Therapeutics, Inc.*		44,596		1,814,165
TG Therapeutics, Inc.*		52,923		1,761,277
Fate Therapeutics, Inc.*		29,703		1,760,497
Twist Bioscience Corp.*		16,371		1,751,206
Beam Therapeutics, Inc.*		19,917		1,732,978
Pacific Biosciences of California, Inc.*		67,045		1,713,000
Ionis Pharmaceuticals, Inc.*		48,709		1,633,700
Iovance Biotherapeutics, Inc.*		62,568		1,542,927
Arena Pharmaceuticals, Inc.*		24,861		1,480,473
Cassava Sciences, Inc.*,1		22,977		1,426,412
Veracyte, Inc.*		30,413		1,412,684
ACADIA Pharmaceuticals, Inc.*		77,561		1,288,288
Apellis Pharmaceuticals, Inc.*		39,024		1,286,231
Sage Therapeutics, Inc.*		28,082		1,244,313
PTC Therapeutics, Inc.*		32,439		1,207,055
Emergent BioSolutions, Inc.*		23,787		1,191,015
Amicus Therapeutics, Inc.*		119,705		1,143,183
Editas Medicine, Inc.*		26,056		1,070,380
Global Blood Therapeutics, Inc.*		38,173		972,648
Bluebird Bio, Inc.*		48,506		926,950
Inovio Pharmaceuticals, Inc.*,1		128,863		922,659
ChemoCentryx, Inc.*		51,485		880,394
Total Biotechnology				143,786,282
Pharmaceuticals - 16.3%
AbbVie, Inc.		99,059		10,685,494
AstraZeneca plc ADR		81,796		4,912,668
Viatris, Inc.		229,847		3,114,427
Jazz Pharmaceuticals plc*		23,220		3,023,476
Neurocrine Biosciences, Inc.*		24,577		2,357,180
Alkermes plc*		74,988		2,312,630
Intellia Therapeutics, Inc.*		16,939		2,272,367
Sarepta Therapeutics, Inc.*		23,645		2,186,690
Pacira BioSciences, Inc.*		21,842		1,223,152
Total Pharmaceuticals				32,088,084
Healthcare-Products - 5.7%
Bio-Techne Corp.		6,666		3,230,144
Novocure Ltd.*		21,720		2,523,212
Natera, Inc.*		21,518		2,397,966
Adaptive Biotechnologies Corp.*		46,439		1,578,462
CareDx, Inc.*		21,579		1,367,461
Total Healthcare-Products				11,097,245
Healthcare-Services - 4.6%
ICON plc*		10,678		2,797,849
Syneos Health, Inc.*		25,590		2,238,613
Medpace Holdings, Inc.*		10,678		2,021,132
Invitae Corp.*,1		66,539		1,891,704
Total Healthcare-Services				8,949,298
Total Common Stocks
(Cost $117,500,720)				195,920,909
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	592,217		592,217
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		230,106		230,106
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		230,106		230,106
Total Repurchase Agreements
(Cost $1,052,429)				1,052,429

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
BIOTECHNOLOGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 1.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		3,244,660	$	3,244,660
Total Securities Lending Collateral
(Cost $3,244,660)				3,244,660
Total Investments - 101.7%
(Cost $121,797,809)			$	200,217,998
Other Assets & Liabilities, net - (1.7)%				(3,335,939	)
Total Net Assets - 100.0%			$	196,882,059

*	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, 2021 — 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, 2021.
	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, 2021 (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	$	195,920,909	$	—	$	—	$	195,920,909
Repurchase Agreements		—		1,052,429		—		1,052,429
Securities Lending Collateral		3,244,660		—		—		3,244,660
Total Assets	$	199,165,569	$	1,052,429	$	—	$	200,217,998

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

BIOTECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $3,159,539 of securities loaned (cost $120,745,380)	$	199,165,569
Repurchase agreements, at value (cost $1,052,429)		1,052,429
Receivables:
Securities sold		1,290,851
Fund shares sold		62,438
Securities lending income		1,466
Total assets		201,572,753
Liabilities:
Payable for:
Return of securities lending collateral		3,244,660
Fund shares redeemed		1,081,397
Management fees		141,031
Transfer agent and administrative fees		44,632
Portfolio accounting fees		16,592
Distribution and service fees		12,332
Trustees’ fees*		1,806
Miscellaneous		148,244
Total liabilities		4,690,694
Commitments and contingent liabilities (Note 9)		—
Net assets	$	196,882,059
Net assets consist of:
Paid in capital	$	71,883,588
Total distributable earnings (loss)		124,998,471
Net assets	$	196,882,059
Investor Class:
Net assets	$	155,604,460
Capital shares outstanding		1,553,100
Net asset value per share	$	100.19
A-Class:
Net assets	$	23,717,434
Capital shares outstanding		264,590
Net asset value per share	$	89.64
Maximum offering price per share (Net asset value divided by 95.25%)	$	94.11
C-Class:
Net assets	$	5,615,625
Capital shares outstanding		74,687
Net asset value per share	$	75.19
H-Class:
Net assets	$	11,944,540
Capital shares outstanding		138,370
Net asset value per share	$	86.32

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends	$	686,378
Interest		136
Income from securities lending, net		10,023
Total investment income		696,537
Expenses:
Management fees		849,855
Distribution and service fees:
A-Class		30,014
C-Class		35,082
H-Class		12,715
Transfer agent and administrative fees		280,857
Portfolio accounting fees		99,982
Professional fees		28,843
Trustees’ fees*		14,833
Custodian fees		13,130
Line of credit fees		12
Miscellaneous		67,246
Total expenses		1,432,569
Net investment loss		(736,032	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		21,639,549
Net realized gain		21,639,549
Net change in unrealized appreciation (depreciation) on:
Investments		(8,786,573	)
Net change in unrealized appreciation (depreciation)		(8,786,573	)
Net realized and unrealized gain		12,852,976
Net increase in net assets resulting from operations	$	12,116,944

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

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

BIOTECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(736,032	)	$	(1,506,644	)
Net realized gain on investments		21,639,549			57,826,713
Net change in unrealized appreciation (depreciation) on investments		(8,786,573	)		17,394,425
Net increase in net assets resulting from operations		12,116,944			73,714,494
Distributions to shareholders:
Investor Class		—			(10,571,202	)
A-Class		—			(1,608,477	)
C-Class		—			(858,269	)
H-Class		—			(793,961	)
Total distributions to shareholders		—			(13,831,909	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		26,517,695			165,834,078
A-Class		2,574,337			9,368,554
C-Class		544,311			2,502,770
H-Class		5,043,645			30,314,058
Distributions reinvested
Investor Class		—			10,088,167
A-Class		—			1,579,336
C-Class		—			836,153
H-Class		—			793,092
Cost of shares redeemed
Investor Class		(32,140,241	)		(193,107,505	)
A-Class		(2,646,984	)		(7,656,810	)
C-Class		(3,615,498	)		(6,166,624	)
H-Class		(3,120,326	)		(36,476,360	)
Net decrease from capital share transactions		(6,843,061	)		(22,091,091	)
Net increase in net assets		5,273,883			37,791,494
Net assets:
Beginning of period		191,608,176			153,816,682
End of period	$	196,882,059		$	191,608,176
Capital share activity:
Shares sold
Investor Class		266,767			1,912,201
A-Class		28,821			117,161
C-Class		7,194			35,098
H-Class		56,935			433,558
Shares issued from reinvestment of distributions
Investor Class		—			107,584
A-Class		—			18,788
C-Class		—			11,787
H-Class		—			9,797
Shares redeemed
Investor Class		(325,337	)		(2,111,884	)
A-Class		(29,244	)		(95,286	)
C-Class		(48,454	)		(86,567	)
H-Class		(36,509	)		(458,828	)
Net decrease in shares		(79,827	)		(106,591	)

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	94.01		$	71.72		$	83.02		$	87.17		$	79.72		$	68.30
Income (loss) from investment operations:
Net investment income (loss)b		(.33	)		(.58	)		(.44	)		(.68	)		(.62	)		(.57	)
Net gain (loss) on investments (realized and unrealized)		6.51			29.82			(7.26	)		6.42			12.77			11.99
Total from investment operations		6.18			29.24			(7.70	)		5.74			12.15			11.42
Less distributions from:
Net realized gains		—			(6.95	)		(3.60	)		(9.89	)		(4.70	)		—
Total distributions		—			(6.95	)		(3.60	)		(9.89	)		(4.70	)		—
Net asset value, end of period	$	100.19		$	94.01		$	71.72		$	83.02		$	87.17		$	79.72
Total Return		6.57	%		40.80	%		(9.91	%)		7.94	%		15.34	%		16.71	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	155,604		$	151,506		$	122,194		$	177,344		$	210,564		$	238,614
Ratios to average net assets:
Net investment income (loss)		(0.66	%)		(0.62	%)		(0.56	%)		(0.79	%)		(0.70	%)		(0.76	%)
Total expenses		1.35	%		1.45	%		1.48	%		1.46	%		1.37	%		1.37	%
Portfolio turnover rate		27	%		115	%		64	%		100	%		105	%		207	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	84.21		$	64.92		$	75.66		$	80.55		$	74.16		$	63.69
Income (loss) from investment operations:
Net investment income (loss)b		(.40	)		(.73	)		(.57	)		(.82	)		(.76	)		(.70	)
Net gain (loss) on investments (realized and unrealized)		5.83			26.97			(6.57	)		5.82			11.85			11.17
Total from investment operations		5.43			26.24			(7.14	)		5.00			11.09			10.47
Less distributions from:
Net realized gains		—			(6.95	)		(3.60	)		(9.89	)		(4.70	)		—
Total distributions		—			(6.95	)		(3.60	)		(9.89	)		(4.70	)		—
Net asset value, end of period	$	89.64		$	84.21		$	64.92		$	75.66		$	80.55		$	74.16
Total Returnc		6.45	%		40.44	%		(10.14	%)		7.68	%		15.04	%		16.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	23,717		$	22,317		$	14,565		$	23,199		$	27,370		$	36,849
Ratios to average net assets:
Net investment income (loss)		(0.90	%)		(0.87	%)		(0.80	%)		(1.04	%)		(0.93	%)		(1.01	%)
Total expenses		1.61	%		1.69	%		1.73	%		1.71	%		1.62	%		1.61	%
Portfolio turnover rate		27	%		115	%		64	%		100	%		105	%		207	%

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

BIOTECHNOLOGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	70.90		$	55.85		$	66.05		$	72.14		$	67.34		$	58.27
Income (loss) from investment operations:
Net investment income (loss)b		(.62	)		(1.15	)		(.97	)		(1.27	)		(1.25	)		(1.11	)
Net gain (loss) on investments (realized and unrealized)		4.91			23.15			(5.63	)		5.07			10.75			10.18
Total from investment operations		4.29			22.00			(6.60	)		3.80			9.50			9.07
Less distributions from:
Net realized gains		—			(6.95	)		(3.60	)		(9.89	)		(4.70	)		—
Total distributions		—			(6.95	)		(3.60	)		(9.89	)		(4.70	)		—
Net asset value, end of period	$	75.19		$	70.90		$	55.85		$	66.05		$	72.14		$	67.34
Total Returnc		6.05	%		39.39	%		(10.80	%)		6.87	%		14.18	%		15.55	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,616		$	8,221		$	8,692		$	14,248		$	20,104		$	20,997
Ratios to average net assets:
Net investment income (loss)		(1.65	%)		(1.61	%)		(1.56	%)		(1.79	%)		(1.70	%)		(1.76	%)
Total expenses		2.35	%		2.45	%		2.48	%		2.46	%		2.37	%		2.36	%
Portfolio turnover rate		27	%		115	%		64	%		100	%		105	%		207	%

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	81.10		$	62.70		$	73.18		$	78.26		$	72.16		$	62.00
Income (loss) from investment operations:
Net investment income (loss)b		(.39	)		(.66	)		(.59	)		(.82	)		(.69	)		(.70	)
Net gain (loss) on investments (realized and unrealized)		5.61			26.01			(6.29	)		5.63			11.49			10.86
Total from investment operations		5.22			25.35			(6.88	)		4.81			10.80			10.16
Less distributions from:
Net realized gains		—			(6.95	)		(3.60	)		(9.89	)		(4.70	)		—
Total distributions		—			(6.95	)		(3.60	)		(9.89	)		(4.70	)		—
Net asset value, end of period	$	86.32		$	81.10		$	62.70		$	73.18		$	78.26		$	72.16
Total Return		6.44	%		40.45	%		(10.12	%)		7.66	%		15.04	%		16.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,945		$	9,565		$	8,365		$	13,315		$	19,905		$	19,308
Ratios to average net assets:
Net investment income (loss)		(0.91	%)		(0.83	%)		(0.85	%)		(1.06	%)		(0.87	%)		(1.04	%)
Total expenses		1.61	%		1.72	%		1.73	%		1.71	%		1.62	%		1.61	%
Portfolio turnover rate		27	%		115	%		64	%		100	%		105	%		207	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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.	6.9%
Coca-Cola Co.	5.6%
PepsiCo, Inc.	5.4%
Philip Morris International, Inc.	4.4%
Estee Lauder Companies, Inc. — Class A	3.8%
Altria Group, Inc.	3.4%
Mondelez International, Inc. — Class A	3.3%
Colgate-Palmolive Co.	3.0%
Keurig Dr Pepper, Inc.	2.6%
Kraft Heinz Co.	2.5%
Top Ten Total	40.9%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(2.65%)	10.31%	5.47%	10.02%
A-Class Shares	(2.76%)	10.03%	5.21%	9.75%
A-Class Shares with sales charge‡	(7.38%)	4.80%	4.19%	9.21%
C-Class Shares	(3.14%)	9.19%	4.42%	8.93%
C-Class Shares with CDSC§	(4.11%)	8.21%	4.42%	8.93%
H-Class Shares**	(2.77%)	10.02%	5.20%	9.64%
S&P 500 Consumer Staples Index	3.51%	11.34%	8.55%	11.93%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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.

32 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
CONSUMER PRODUCTS FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Food - 36.1%
Mondelez International, Inc. — Class A		50,582	$	2,942,861
Kraft Heinz Co.		61,075		2,248,781
Sysco Corp.		27,040		2,122,640
General Mills, Inc.		34,008		2,034,358
Hershey Co.		11,432		1,934,866
Tyson Foods, Inc. — Class A		23,172		1,829,198
Kroger Co.		44,988		1,818,865
Kellogg Co.		24,618		1,573,583
Hormel Foods Corp.		37,840		1,551,440
McCormick & Company, Inc.		18,545		1,502,701
Conagra Brands, Inc.		40,153		1,359,982
J M Smucker Co.		9,950		1,194,298
Campbell Soup Co.		27,980		1,169,844
Lamb Weston Holdings, Inc.		16,168		992,230
US Foods Holding Corp.*		26,877		931,557
Performance Food Group Co.*		19,665		913,636
Post Holdings, Inc.*		8,116		894,059
Beyond Meat, Inc.*,1		8,450		889,447
Ingredion, Inc.		9,046		805,184
Flowers Foods, Inc.		31,839		752,356
Hain Celestial Group, Inc.*		16,737		716,009
Sanderson Farms, Inc.		3,624		682,037
Sprouts Farmers Market, Inc.*		23,624		547,368
Grocery Outlet Holding Corp.*		20,949		451,870
Total Food				31,859,170
Beverages - 26.7%
Coca-Cola Co.		93,655		4,914,078
PepsiCo, Inc.		31,550		4,745,435
Keurig Dr Pepper, Inc.		66,805		2,282,059
Monster Beverage Corp.*		24,808		2,203,695
Constellation Brands, Inc. — Class A		10,013		2,109,639
Brown-Forman Corp. — Class B		27,230		1,824,682
Molson Coors Beverage Co. — Class B		22,892		1,061,731
Boston Beer Company, Inc. — Class A*		1,618		824,775
Celsius Holdings, Inc.*		9,083		818,287
Coca-Cola Europacific Partners plc		14,279		789,486
Anheuser-Busch InBev S.A. ADR1		13,710		772,970
Diageo plc ADR		3,253		627,829
Fomento Economico Mexicano SAB de CV ADR		6,923		600,363
Total Beverages				23,575,029
Cosmetics & Personal Care - 13.7%
Procter & Gamble Co.		43,506		6,082,139
Estee Lauder Companies, Inc. — Class A		11,215		3,363,715
Colgate-Palmolive Co.		35,110		2,653,614
Total Cosmetics & Personal Care				12,099,468
Agriculture - 13.2%
Philip Morris International, Inc.		41,337		3,918,334
Altria Group, Inc.		65,078		2,962,351
Archer-Daniels-Midland Co.		31,333		1,880,293
Bunge Ltd.		13,872		1,128,071
Darling Ingredients, Inc.*		15,346		1,103,377
British American Tobacco plc ADR		19,177		676,565
Total Agriculture				11,668,991
Household Products & Housewares - 5.9%
Kimberly-Clark Corp.		16,629		2,202,345
Clorox Co.		9,128		1,511,688
Church & Dwight Company, Inc.		18,156		1,499,141
Total Household Products & Housewares				5,213,174
Retail - 1.9%
Casey’s General Stores, Inc.		4,609		868,566
Freshpet, Inc.*		5,666		808,482
Total Retail				1,677,048
Pharmaceuticals - 0.8%
Herbalife Nutrition Ltd.*		17,072		723,511
Electrical Components & Equipment - 0.6%
Energizer Holdings, Inc.		14,125		551,581
Commercial Services - 0.6%
Medifast, Inc.		2,458		473,509
Total Common Stocks
(Cost $43,386,244)				87,841,481
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.3%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	148,351		148,351
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		57,642		57,642
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		57,642		57,642
Total Repurchase Agreements
(Cost $263,635)				263,635

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
CONSUMER PRODUCTS FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 1.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		1,408,685	$	1,408,685
Total Securities Lending Collateral
(Cost $1,408,685)				1,408,685
Total Investments - 101.4%
(Cost $45,058,564)			$	89,513,801
Other Assets & Liabilities, net - (1.4)%				(1,215,125	)
Total Net Assets - 100.0%			$	88,298,676

*	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, 2021 — 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, 2021.
	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, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	87,841,481	$	—	$	—	$	87,841,481
Repurchase Agreements		—		263,635		—		263,635
Securities Lending Collateral		1,408,685		—		—		1,408,685
Total Assets	$	89,250,166	$	263,635	$	—	$	89,513,801

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

CONSUMER PRODUCTS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $1,360,151 of securities loaned (cost $44,794,929)	$	89,250,166
Repurchase agreements, at value (cost $263,635)		263,635
Receivables:
Securities sold		4,651,523
Dividends		261,947
Fund shares sold		21,344
Foreign tax reclaims		1,389
Securities lending income		156
Total assets		94,450,160
Liabilities:
Payable for:
Fund shares redeemed		4,555,890
Return of securities lending collateral		1,408,685
Management fees		67,812
Transfer agent and administrative fees		21,461
Distribution and service fees		9,565
Portfolio accounting fees		7,978
Trustees’ fees*		966
Miscellaneous		79,127
Total liabilities		6,151,484
Commitments and contingent liabilities (Note 9)		—
Net assets	$	88,298,676
Net assets consist of:
Paid in capital	$	33,034,255
Total distributable earnings (loss)		55,264,421
Net assets	$	88,298,676
Investor Class:
Net assets	$	65,931,576
Capital shares outstanding		1,015,190
Net asset value per share	$	64.95
A-Class:
Net assets	$	10,058,438
Capital shares outstanding		173,220
Net asset value per share	$	58.07
Maximum offering price per share (Net asset value divided by 95.25%)	$	60.97
C-Class:
Net assets	$	7,057,799
Capital shares outstanding		149,679
Net asset value per share	$	47.15
H-Class:
Net assets	$	5,250,863
Capital shares outstanding		94,647
Net asset value per share	$	55.48

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $116)	$	1,210,002
Interest		63
Income from securities lending, net		864
Total investment income		1,210,929
Expenses:
Management fees		448,578
Distribution and service fees:
A-Class		13,694
C-Class		43,103
H-Class		7,109
Transfer agent and administrative fees		148,528
Portfolio accounting fees		52,773
Professional fees		15,186
Trustees’ fees*		8,226
Custodian fees		6,965
Line of credit fees		59
Miscellaneous		34,702
Total expenses		778,923
Net investment income		432,006
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		8,535,939
Net realized gain		8,535,939
Net change in unrealized appreciation (depreciation) on:
Investments		(11,427,217	)
Net change in unrealized appreciation (depreciation)		(11,427,217	)
Net realized and unrealized loss		(2,891,278	)
Net decrease in net assets resulting from operations	$	(2,459,272	)

* 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

CONSUMER PRODUCTS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	432,006		$	1,197,694
Net realized gain on investments		8,535,939			15,927,348
Net change in unrealized appreciation (depreciation) on investments		(11,427,217	)		19,705,957
Net increase (decrease) in net assets resulting from operations		(2,459,272	)		36,830,999
Distributions to shareholders:
Investor Class		—			(6,829,808	)
A-Class		—			(786,012	)
C-Class		—			(1,107,873	)
H-Class		—			(499,115	)
Total distributions to shareholders		—			(9,222,808	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		25,475,159			42,509,338
A-Class		1,176,177			2,320,729
C-Class		575,145			618,758
H-Class		849,045			1,759,714
Distributions reinvested
Investor Class		—			6,697,877
A-Class		—			776,293
C-Class		—			1,079,765
H-Class		—			498,891
Cost of shares redeemed
Investor Class		(40,755,345	)		(68,469,059	)
A-Class		(1,582,092	)		(3,076,742	)
C-Class		(2,340,629	)		(4,446,663	)
H-Class		(1,048,549	)		(2,018,656	)
Net decrease from capital share transactions		(17,651,089	)		(21,749,755	)
Net increase (decrease) in net assets		(20,110,361	)		5,858,436
Net assets:
Beginning of period		108,409,037			102,550,601
End of period	$	88,298,676		$	108,409,037
Capital share activity:
Shares sold
Investor Class		372,786			710,047
A-Class		19,328			41,057
C-Class		11,479			13,217
H-Class		14,520			33,333
Shares issued from reinvestment of distributions
Investor Class		—			106,130
A-Class		—			13,730
C-Class		—			23,377
H-Class		—			9,235
Shares redeemed
Investor Class		(602,034	)		(1,082,594	)
A-Class		(26,110	)		(53,578	)
C-Class		(47,391	)		(95,913	)
H-Class		(18,029	)		(37,693	)
Net decrease in shares		(275,451	)		(319,652	)

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	66.72		$	52.88		$	59.56		$	61.08		$	66.06		$	62.84
Income (loss) from investment operations:
Net investment income (loss)b		.32			.70			.72			.92			.56			.51
Net gain (loss) on investments (realized and unrealized)		(2.09	)		18.44			(5.71	)		1.40			(.37	)		3.58
Total from investment operations		(1.77	)		19.14			(4.99	)		2.32			.19			4.09
Less distributions from:
Net investment income		—			(.73	)		(.77	)		(.80	)		(.44	)		(.58	)
Net realized gains		—			(4.57	)		(.92	)		(3.04	)		(4.73	)		(.29	)
Total distributions		—			(5.30	)		(1.69	)		(3.84	)		(5.17	)		(.87	)
Net asset value, end of period	$	64.95		$	66.72		$	52.88		$	59.56		$	61.08		$	66.06
Total Return		(2.65	%)		36.78	%		(8.81	%)		4.09	%		(0.04	%)		6.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	65,932		$	83,023		$	79,890		$	142,633		$	152,717		$	207,683
Ratios to average net assets:
Net investment income (loss)		0.94	%		1.12	%		1.17	%		1.56	%		0.86	%		0.79	%
Total expenses		1.35	%		1.45	%		1.47	%		1.46	%		1.38	%		1.36	%
Portfolio turnover rate		17	%		38	%		59	%		84	%		80	%		75	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 31, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	59.72		$	47.88		$	54.21		$	56.08		$	61.21		$	58.43
Income (loss) from investment operations:
Net investment income (loss)b		.21			.50			.51			.69			.36			.33
Net gain (loss) on investments (realized and unrealized)		(1.86	)		16.64			(5.15	)		1.28			(.32	)		3.32
Total from investment operations		(1.65	)		17.14			(4.64	)		1.97			.04			3.65
Less distributions from:
Net investment income		—			(.73	)		(.77	)		(.80	)		(.44	)		(.58	)
Net realized gains		—			(4.57	)		(.92	)		(3.04	)		(4.73	)		(.29	)
Total distributions		—			(5.30	)		(1.69	)		(3.84	)		(5.17	)		(.87	)
Net asset value, end of period	$	58.07		$	59.72		$	47.88		$	54.21		$	56.08		$	61.21
Total Returnc		(2.76	%)		36.43	%		(9.04	%)		3.82	%		(0.28	%)		6.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,058		$	10,751		$	8,561		$	13,659		$	25,698		$	40,272
Ratios to average net assets:
Net investment income (loss)		0.70	%		0.89	%		0.92	%		1.28	%		0.60	%		0.56	%
Total expenses		1.60	%		1.69	%		1.72	%		1.71	%		1.63	%		1.62	%
Portfolio turnover rate		17	%		38	%		59	%		84	%		80	%		75	%

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	48.68		$	40.08		$	45.98		$	48.50		$	54.00		$	52.04
Income (loss) from investment operations:
Net investment income (loss)b		(.02	)		.06			.08			.28			(.07	)		(.10	)
Net gain (loss) on investments (realized and unrealized)		(1.51	)		13.84			(4.29	)		1.04			(.26	)		2.93
Total from investment operations		(1.53	)		13.90			(4.21	)		1.32			(.33	)		2.83
Less distributions from:
Net investment income		—			(.73	)		(.77	)		(.80	)		(.44	)		(.58	)
Net realized gains		—			(4.57	)		(.92	)		(3.04	)		(4.73	)		(.29	)
Total distributions		—			(5.30	)		(1.69	)		(3.84	)		(5.17	)		(.87	)
Net asset value, end of period	$	47.15		$	48.68		$	40.08		$	45.98		$	48.50		$	54.00
Total Returnc		(3.14	%)		35.40	%		(9.73	%)		3.06	%		(1.02	%)		5.55	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,058		$	9,035		$	9,816		$	14,976		$	23,531		$	28,380
Ratios to average net assets:
Net investment income (loss)		(0.07	%)		0.12	%		0.16	%		0.60	%		(0.13	%)		(0.20	%)
Total expenses		2.35	%		2.45	%		2.47	%		2.46	%		2.38	%		2.36	%
Portfolio turnover rate		17	%		38	%		59	%		84	%		80	%		75	%

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

CONSUMER PRODUCTS FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	57.06		$	45.93		$	52.07		$	54.02		$	59.15		$	56.50
Income (loss) from investment operations:
Net investment income (loss)b		.21			.49			.46			.69			.38			.31
Net gain (loss) on investments (realized and unrealized)		(1.79	)		15.94			(4.91	)		1.20			(.34	)		3.21
Total from investment operations		(1.58	)		16.43			(4.45	)		1.89			.04			3.52
Less distributions from:
Net investment income		—			(.73	)		(.77	)		(.80	)		(.44	)		(.58	)
Net realized gains		—			(4.57	)		(.92	)		(3.04	)		(4.73	)		(.29	)
Total distributions		—			(5.30	)		(1.69	)		(3.84	)		(5.17	)		(.87	)
Net asset value, end of period	$	55.48		$	57.06		$	45.93		$	52.07		$	54.02		$	59.15
Total Return		(2.77	%)		36.43	%		(9.05	%)		3.84	%		(0.32	%)		6.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,251		$	5,601		$	4,284		$	10,118		$	10,788		$	35,387
Ratios to average net assets:
Net investment income (loss)		0.71	%		0.90	%		0.86	%		1.32	%		0.65	%		0.54	%
Total expenses		1.60	%		1.69	%		1.72	%		1.71	%		1.63	%		1.61	%
Portfolio turnover rate		17	%		38	%		59	%		84	%		80	%		75	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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.	8.9%
Intel Corp.	5.8%
Broadcom, Inc.	5.6%
Texas Instruments, Inc.	5.3%
QUALCOMM, Inc.	4.6%
Advanced Micro Devices, Inc.	4.5%
Applied Materials, Inc.	4.0%
Analog Devices, Inc.	3.7%
Micron Technology, Inc.	3.5%
Lam Research Corp.	3.5%
Top Ten Total	49.4%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	4.70%	46.67%	28.22%	22.23%
A-Class Shares	4.56%	46.31%	27.90%	21.93%
A-Class Shares with sales charge‡	(0.41%)	39.36%	26.66%	21.34%
C-Class Shares	4.17%	45.22%	26.95%	21.00%
C-Class Shares with CDSC§	3.17%	44.22%	26.95%	21.00%
H-Class Shares**	4.57%	46.31%	27.90%	21.79%
S&P 500 Information Technology Index	13.06%	28.90%	28.42%	23.14%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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.

40 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
ELECTRONICS FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Semiconductors - 89.7%
NVIDIA Corp.		17,980	$	3,724,737
Intel Corp.		46,049		2,453,491
Broadcom, Inc.		4,833		2,343,667
Texas Instruments, Inc.		11,561		2,222,140
QUALCOMM, Inc.		15,116		1,949,662
Advanced Micro Devices, Inc.*		18,178		1,870,516
Applied Materials, Inc.		13,173		1,695,760
Analog Devices, Inc.		9,380		1,570,962
Micron Technology, Inc.		20,562		1,459,491
Lam Research Corp.		2,551		1,451,902
Taiwan Semiconductor Manufacturing Company Ltd. ADR		10,591		1,182,485
Marvell Technology, Inc.		19,231		1,159,822
KLA Corp.		3,406		1,139,341
NXP Semiconductor N.V.		5,406		1,058,873
Microchip Technology, Inc.		6,882		1,056,318
Xilinx, Inc.*		6,763		1,021,145
Skyworks Solutions, Inc.		5,093		839,225
Monolithic Power Systems, Inc.		1,617		783,728
ASML Holding N.V. — Class G		1,022		761,502
ON Semiconductor Corp.*		15,698		718,497
Qorvo, Inc.*		4,155		694,674
Entegris, Inc.		5,335		671,677
Teradyne, Inc.		6,137		669,976
Cree, Inc.*		6,080		490,838
STMicroelectronics N.V. — Class Y1		11,248		490,750
Lattice Semiconductor Corp.*		7,543		487,655
Brooks Automation, Inc.		4,749		486,060
MKS Instruments, Inc.		3,207		483,968
Synaptics, Inc.*		2,441		438,721
Silicon Laboratories, Inc.*		2,934		411,229
Ambarella, Inc.*		2,613		406,949
Power Integrations, Inc.		3,974		393,386
Semtech Corp.*		4,749		370,280
Cirrus Logic, Inc.*		4,291		353,364
CMC Materials, Inc.		2,507		308,938
Total Semiconductors				37,621,729
Energy-Alternate Sources - 7.7%
Enphase Energy, Inc.*		4,970		745,351
SolarEdge Technologies, Inc.*		2,353		624,062
First Solar, Inc.*		5,419		517,298
JinkoSolar Holding Company Ltd. ADR*,1		11,107		508,812
Canadian Solar, Inc.*		13,949		482,496
SunPower Corp. — Class A*,1		15,006		340,336
Total Energy-Alternate Sources				3,218,355
Chemicals - 1.2%
Daqo New Energy Corp. ADR*		9,234		526,338
Electrical Components & Equipment - 1.0%
Universal Display Corp.		2,547		435,435
Total Common Stocks
(Cost $20,157,178)				41,801,857
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	94,025		94,025
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		36,533		36,533
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		36,534		36,534
Total Repurchase Agreements
(Cost $167,092)				167,092
	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		909,453		909,453
Total Securities Lending Collateral
(Cost $909,453)				909,453
Total Investments - 102.2%
(Cost $21,233,723)			$	42,878,402
Other Assets & Liabilities, net - (2.2)%				(929,583	)
Total Net Assets - 100.0%			$	41,948,819

*	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, 2021 — 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, 2021.
	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, 2021
ELECTRONICS FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	41,801,857	$	—	$	—	$	41,801,857
Repurchase Agreements		—		167,092		—		167,092
Securities Lending Collateral		909,453		—		—		909,453
Total Assets	$	42,711,310	$	167,092	$	—	$	42,878,402

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

ELECTRONICS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $929,786 of securities loaned (cost $21,066,631)	$	42,711,310
Repurchase agreements, at value (cost $167,092)		167,092
Receivables:
Fund shares sold		54,195
Dividends		13,037
Securities lending income		260
Total assets		42,945,894
Liabilities:
Payable for:
Return of securities lending collateral		909,453
Management fees		28,825
Transfer agent and administrative fees		9,122
Distribution and service fees		4,047
Portfolio accounting fees		3,391
Fund shares redeemed		1,627
Trustees’ fees*		492
Miscellaneous		40,118
Total liabilities		997,075
Commitments and contingent liabilities (Note 9)		—
Net assets	$	41,948,819
Net assets consist of:
Paid in capital	$	13,788,353
Total distributable earnings (loss)		28,160,466
Net assets	$	41,948,819
Investor Class:
Net assets	$	29,537,676
Capital shares outstanding		100,121
Net asset value per share	$	295.02
A-Class:
Net assets	$	5,312,465
Capital shares outstanding		19,616
Net asset value per share	$	270.82
Maximum offering price per share (Net asset value divided by 95.25%)	$	284.33
C-Class:
Net assets	$	2,803,823
Capital shares outstanding		11,931
Net asset value per share	$	235.00
H-Class:
Net assets	$	4,294,855
Capital shares outstanding		16,349
Net asset value per share	$	262.70

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $758)	$	183,067
Interest		42
Income from securities lending, net		1,427
Total investment income		184,536
Expenses:
Management fees		198,770
Distribution and service fees:
A-Class		6,297
C-Class		13,694
H-Class		4,121
Transfer agent and administrative fees		66,666
Portfolio accounting fees		23,385
Professional fees		13,003
Trustees’ fees*		5,001
Custodian fees		3,206
Miscellaneous		6,669
Total expenses		340,812
Net investment loss		(156,276	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		7,707,043
Net realized gain		7,707,043
Net change in unrealized appreciation (depreciation) on:
Investments		(6,853,788	)
Net change in unrealized appreciation (depreciation)		(6,853,788	)
Net realized and unrealized gain		853,255
Net increase in net assets resulting from operations	$	696,979

* 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

ELECTRONICS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(156,276	)	$	(210,756	)
Net realized gain on investments		7,707,043			10,332,689
Net change in unrealized appreciation (depreciation) on investments		(6,853,788	)		22,759,187
Net increase in net assets resulting from operations		696,979			32,881,120
Distributions to shareholders:
Investor Class		—			(623,279	)
A-Class		—			(93,075	)
C-Class		—			(77,886	)
H-Class		—			(152,305	)
Total distributions to shareholders		—			(946,545	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		55,752,009			83,520,706
A-Class		1,246,073			1,981,697
C-Class		1,069,608			3,886,515
H-Class		5,406,427			12,738,105
Distributions reinvested
Investor Class		—			604,864
A-Class		—			92,127
C-Class		—			77,190
H-Class		—			152,296
Cost of shares redeemed
Investor Class		(82,230,145	)		(92,624,886	)
A-Class		(1,267,402	)		(1,453,618	)
C-Class		(1,349,230	)		(4,323,708	)
H-Class		(9,225,533	)		(9,332,257	)
Net decrease from capital share transactions		(30,598,193	)		(4,680,969	)
Net increase (decrease) in net assets		(29,901,214	)		27,253,606
Net assets:
Beginning of period		71,850,033			44,596,427
End of period	$	41,948,819		$	71,850,033
Capital share activity:
Shares sold
Investor Class		191,252			383,605
A-Class		4,615			10,825
C-Class		4,574			24,885
H-Class		20,267			57,798
Shares issued from reinvestment of distributions
Investor Class		—			2,448
A-Class		—			405
C-Class		—			389
H-Class		—			691
Shares redeemed
Investor Class		(287,469	)		(470,379	)
A-Class		(4,908	)		(8,003	)
C-Class		(5,885	)		(27,240	)
H-Class		(37,285	)		(42,485	)
Net decrease in shares		(114,839	)		(67,061	)

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

ELECTRONICS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	281.78		$	137.65		$	126.31		$	136.98		$	110.00		$	81.23
Income (loss) from investment operations:
Net investment income (loss)b		(.83	)		(.71	)		—	c		.27			(.11	)		.15
Net gain (loss) on investments (realized and unrealized)		14.07			150.08			11.35			(.29	)		27.15			28.62
Total from investment operations		13.24			149.37			11.35			(.02	)		27.04			28.77
Less distributions from:
Net investment income		—			—			(.01	)		—			(.06	)		—
Net realized gains		—			(5.24	)		—			(10.65	)		—			—
Total distributions		—			(5.24	)		(.01	)		(10.65	)		(.06	)		—
Net asset value, end of period	$	295.02		$	281.78		$	137.65		$	126.31		$	136.98		$	110.00
Total Return		4.70	%		109.05	%		8.99	%		1.35	%		24.59	%		35.41	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	29,538		$	55,324		$	38,634		$	18,642		$	54,505		$	51,722
Ratios to average net assets:
Net investment income (loss)		(0.57	%)		(0.33	%)		—	e		0.21	%		(0.08	%)		0.16	%
Total expenses		1.35	%		1.44	%		1.48	%		1.46	%		1.38	%		1.38	%
Portfolio turnover rate		102	%		163	%		265	%		521	%		457	%		643	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	259.00		$	127.06		$	116.88		$	127.98		$	103.03		$	76.25
Income (loss) from investment operations:
Net investment income (loss)b		(.98	)		(1.15	)		(.31	)		(.03	)		(.33	)		(.18	)
Net gain (loss) on investments (realized and unrealized)		12.80			138.33			10.50			(.42	)		25.34			26.96
Total from investment operations		11.82			137.18			10.19			(.45	)		25.01			26.78
Less distributions from:
Net investment income		—			—			(.01	)		—			(.06	)		—
Net realized gains		—			(5.24	)		—			(10.65	)		—			—
Total distributions		—			(5.24	)		(.01	)		(10.65	)		(.06	)		—
Net asset value, end of period	$	270.82		$	259.00		$	127.06		$	116.88		$	127.98		$	103.03
Total Returnd		4.56	%		108.53	%		8.72	%		1.10	%		24.29	%		35.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,312		$	5,156		$	2,120		$	3,908		$	3,122		$	4,408
Ratios to average net assets:
Net investment income (loss)		(0.73	%)		(0.58	%)		(0.23	%)		(0.02	%)		(0.29	%)		(0.19	%)
Total expenses		1.61	%		1.69	%		1.73	%		1.72	%		1.63	%		1.63	%
Portfolio turnover rate		102	%		163	%		265	%		521	%		457	%		643	%

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	225.59		$	111.87		$	103.69		$	115.77		$	93.90		$	70.02
Income (loss) from investment operations:
Net investment income (loss)b		(1.73	)		(2.32	)		(1.14	)		(.91	)		(1.14	)		(.69	)
Net gain (loss) on investments (realized and unrealized)		11.14			121.28			9.33			(.52	)		23.07			24.57
Total from investment operations		9.41			118.96			8.19			(1.43	)		21.93			23.88
Less distributions from:
Net investment income		—			—			(.01	)		—			(.06	)		—
Net realized gains		—			(5.24	)		—			(10.65	)		—			—
Total distributions		—			(5.24	)		(.01	)		(10.65	)		(.06	)		—
Net asset value, end of period	$	235.00		$	225.59		$	111.87		$	103.69		$	115.77		$	93.90
Total Returnd		4.17	%		106.98	%		7.91	%		0.34	%		23.36	%		34.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,804		$	2,987		$	1,701		$	1,317		$	2,855		$	2,556
Ratios to average net assets:
Net investment income (loss)		(1.48	%)		(1.34	%)		(0.96	%)		(0.83	%)		(1.07	%)		(0.85	%)
Total expenses		2.35	%		2.44	%		2.48	%		2.45	%		2.38	%		2.38	%
Portfolio turnover rate		102	%		163	%		265	%		521	%		457	%		643	%

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

ELECTRONICS FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	251.22		$	123.34		$	113.47		$	124.62		$	100.33		$	74.32
Income (loss) from investment operations:
Net investment income (loss)b		(1.25	)		(1.23	)		(.30	)		(.54	)		(.41	)		(.08	)
Net gain (loss) on investments (realized and unrealized)		12.73			134.35			10.18			.04	f		24.76			26.09
Total from investment operations		11.48			133.12			9.88			(.50	)		24.35			26.01
Less distributions from:
Net investment income		—			—			(.01	)		—			(.06	)		—
Net realized gains		—			(5.24	)		—			(10.65	)		—			—
Total distributions		—			(5.24	)		(.01	)		(10.65	)		(.06	)		—
Net asset value, end of period	$	262.70		$	251.22		$	123.34		$	113.47		$	124.62		$	100.33
Total Return		4.57	%		108.53	%		8.72	%		1.08	%		24.29	%		34.98	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,295		$	8,383		$	2,142		$	3,686		$	31,109		$	23,134
Ratios to average net assets:
Net investment income (loss)		(0.96	%)		(0.60	%)		(0.22	%)		(0.45	%)		(0.36	%)		(0.09	%)
Total expenses		1.60	%		1.67	%		1.73	%		1.68	%		1.63	%		1.63	%
Portfolio turnover rate		102	%		163	%		265	%		521	%		457	%		643	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
e	Less than 0.01% or (0.01%).
f	The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the year because of the sales and 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 | 47

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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.	6.6%
Chevron Corp.	5.7%
ConocoPhillips	4.1%
EOG Resources, Inc.	2.9%
Schlumberger N.V.	2.7%
Marathon Petroleum Corp.	2.6%
Pioneer Natural Resources Co.	2.6%
Kinder Morgan, Inc.	2.5%
Phillips 66	2.3%
Williams Companies, Inc.	2.3%
Top Ten Total	34.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	12.70%	93.37%	(5.30%)	(2.23%)
A-Class Shares	12.55%	92.90%	(5.53%)	(2.47%)
A-Class Shares with sales charge‡	7.21%	83.74%	(6.44%)	(2.94%)
C-Class Shares	12.15%	91.45%	(6.25%)	(3.20%)
C-Class Shares with CDSC§	11.15%	90.45%	(6.25%)	(3.20%)
H-Class Shares**	12.56%	92.86%	(5.56%)	(2.58%)
S&P 500 Energy Index	9.45%	82.99%	(1.57%)	2.12%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

48 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
ENERGY FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Oil & Gas - 64.6%
Exxon Mobil Corp.		66,156	$	3,891,296
Chevron Corp.		32,975		3,345,314
ConocoPhillips		36,101		2,446,565
EOG Resources, Inc.		21,577		1,731,986
Marathon Petroleum Corp.		24,969		1,543,334
Pioneer Natural Resources Co.		9,135		1,521,069
Phillips 66		19,551		1,369,157
Valero Energy Corp.		18,974		1,338,995
Occidental Petroleum Corp.		44,723		1,322,906
Devon Energy Corp.		36,288		1,288,587
Hess Corp.		15,721		1,227,967
Diamondback Energy, Inc.		11,178		1,058,221
Petroleo Brasileiro S.A. ADR		101,210		1,046,511
Continental Resources, Inc.		22,040		1,017,146
BP plc ADR		31,653		865,076
Cabot Oil & Gas Corp. — Class A		35,259		767,236
Cimarex Energy Co.		8,602		750,094
Ovintiv, Inc.		22,742		747,757
Royal Dutch Shell plc — Class A ADR		16,343		728,408
Texas Pacific Land Corp.		587		709,894
APA Corp.		32,687		700,482
Equities Corp.*		34,096		697,604
Range Resources Corp.*		28,609		647,422
HollyFrontier Corp.		17,324		573,944
Chesapeake Energy Corp.		9,300		572,787
Suncor Energy, Inc.		26,143		542,206
Matador Resources Co.		14,177		539,293
PDC Energy, Inc.		10,959		519,347
Murphy Oil Corp.		20,618		514,831
Magnolia Oil & Gas Corp. — Class A		28,624		509,221
Canadian Natural Resources Ltd.		12,815		468,260
SM Energy Co.		17,655		465,739
Denbury, Inc.*		6,208		436,112
Helmerich & Payne, Inc.		15,351		420,771
CNX Resources Corp.*		32,469		409,759
Callon Petroleum Co.*,1		8,157		400,346
PBF Energy, Inc. — Class A*		26,424		342,719
Equinor ASA ADR1		13,018		331,959
Delek US Holdings, Inc.*		15,912		285,939
Total Oil & Gas				38,096,260
Pipelines - 13.3%
Kinder Morgan, Inc.		89,387		1,495,445
Williams Companies, Inc.		52,092		1,351,266
ONEOK, Inc.		21,302		1,235,303
Cheniere Energy, Inc.*		12,173		1,188,937
Targa Resources Corp.		16,798		826,630
Enbridge, Inc.		13,926		554,255
DT Midstream, Inc.		10,404		481,081
TC Energy Corp.		9,201		442,476
Pembina Pipeline Corp.		8,432		267,210
Total Pipelines				7,842,603
Energy-Alternate Sources - 9.4%
Enphase Energy, Inc.*		6,833		1,024,745
Plug Power, Inc.*		36,591		934,534
SolarEdge Technologies, Inc.*		2,818		747,390
Sunrun, Inc.*		16,162		711,128
First Solar, Inc.*		7,449		711,082
SunPower Corp. — Class A*,1		21,419		485,783
Renewable Energy Group, Inc.*		7,366		369,773
Green Plains, Inc.*		8,948		292,152
TPI Composites, Inc.*		7,580		255,825
Total Energy-Alternate Sources				5,532,412
Oil & Gas Services - 8.3%
Schlumberger N.V.		52,868		1,567,007
Baker Hughes Co.		50,015		1,236,871
Halliburton Co.		50,306		1,087,616
NOV, Inc.*		40,935		536,658
ChampionX Corp.*		22,750		508,690
Total Oil & Gas Services				4,936,842
Retail - 1.4%
Murphy USA, Inc.		2,911		486,894
World Fuel Services Corp.		10,200		342,924
Total Retail				829,818
Electrical Components & Equipment - 0.7%
EnerSys		5,461		406,517
Mining - 0.6%
Cameco Corp.		16,612		360,979
Coal - 0.5%
Peabody Energy Corp.*		21,148		312,779
Metal Fabricate & Hardware - 0.5%
Tenaris S.A. ADR		14,142		298,537
Total Common Stocks
(Cost $46,498,886)				58,616,747
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	217,305		217,305
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		84,434		84,434
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		84,434		84,434
Total Repurchase Agreements
(Cost $386,173)				386,173

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
ENERGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 0.9%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		520,862	$	520,862
Total Securities Lending Collateral
(Cost $520,862)				520,862
Total Investments - 100.9%
(Cost $47,405,921)			$	59,523,782
Other Assets & Liabilities, net - (0.9)%				(558,901	)
Total Net Assets - 100.0%			$	58,964,881

*	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, 2021 — 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, 2021.
	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, 2021 (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	$	58,616,747	$	—	$	—	$	58,616,747
Repurchase Agreements		—		386,173		—		386,173
Securities Lending Collateral		520,862		—		—		520,862
Total Assets	$	59,137,609	$	386,173	$	—	$	59,523,782

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

ENERGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $516,229 of securities loaned (cost $47,019,748)	$	59,137,609
Repurchase agreements, at value (cost $386,173)		386,173
Receivables:
Fund shares sold		627,751
Dividends		23,051
Securities lending income		114
Total assets		60,174,698
Liabilities:
Payable for:
Securities purchased		582,244
Return of securities lending collateral		520,862
Management fees		34,605
Fund shares redeemed		17,877
Transfer agent and administrative fees		10,951
Portfolio accounting fees		4,071
Distribution and service fees		1,636
Trustees’ fees*		452
Miscellaneous		37,119
Total liabilities		1,209,817
Commitments and contingent liabilities (Note 9)		—
Net assets	$	58,964,881
Net assets consist of:
Paid in capital	$	81,079,586
Total distributable earnings (loss)		(22,114,705	)
Net assets	$	58,964,881
Investor Class:
Net assets	$	53,713,654
Capital shares outstanding		311,622
Net asset value per share	$	172.37
A-Class:
Net assets	$	2,501,361
Capital shares outstanding		15,692
Net asset value per share	$	159.40
Maximum offering price per share (Net asset value divided by 95.25%)	$	167.35
C-Class:
Net assets	$	1,019,072
Capital shares outstanding		7,444
Net asset value per share	$	136.90
H-Class:
Net assets	$	1,730,794
Capital shares outstanding		11,222
Net asset value per share	$	154.23

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $8,514)	$	910,112
Interest		41
Income from securities lending, net		1,462
Total investment income		911,615
Expenses:
Management fees		218,003
Distribution and service fees:
A-Class		3,236
C-Class		4,717
H-Class		2,983
Transfer agent and administrative fees		71,915
Portfolio accounting fees		25,647
Professional fees		16,206
Trustees’ fees*		3,570
Custodian fees		3,347
Line of credit fees		10
Miscellaneous		8,865
Total expenses		358,499
Net investment income		553,116
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,233,174	)
Net realized loss		(1,233,174	)
Net change in unrealized appreciation (depreciation) on:
Investments		4,499,192
Net change in unrealized appreciation (depreciation)		4,499,192
Net realized and unrealized gain		3,266,018
Net increase in net assets resulting from operations	$	3,819,134

* 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

ENERGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	553,116		$	306,823
Net realized loss on investments		(1,233,174	)		(1,453,340	)
Net change in unrealized appreciation (depreciation) on investments		4,499,192			7,203,790
Net increase in net assets resulting from operations		3,819,134			6,057,273
Distributions to shareholders:
Investor Class		—			(213,265	)
A-Class		—			(38,158	)
C-Class		—			(19,851	)
H-Class		—			(20,784	)
Total distributions to shareholders		—			(292,058	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		64,222,782			150,630,160
A-Class		704,616			8,452,916
C-Class		677,300			882,168
H-Class		5,702,108			6,045,215
Distributions reinvested
Investor Class		—			209,206
A-Class		—			36,489
C-Class		—			19,168
H-Class		—			20,784
Cost of shares redeemed
Investor Class		(32,203,762	)		(141,096,481	)
A-Class		(679,622	)		(8,000,632	)
C-Class		(511,409	)		(964,963	)
H-Class		(5,524,178	)		(5,521,324	)
Net increase from capital share transactions		32,387,835			10,712,706
Net increase in net assets		36,206,969			16,477,921
Net assets:
Beginning of period		22,757,912			6,279,991
End of period	$	58,964,881		$	22,757,912
Capital share activity:
Shares sold
Investor Class		395,784			1,183,818
A-Class		4,630			62,484
C-Class		5,185			9,451
H-Class		38,975			52,998
Shares issued from reinvestment of distributions
Investor Class		—			1,689
A-Class		—			318
C-Class		—			193
H-Class		—			187
Shares redeemed
Investor Class		(203,291	)		(1,117,957	)
A-Class		(4,572	)		(60,130	)
C-Class		(3,854	)		(10,057	)
H-Class		(39,270	)		(50,445	)
Net increase in shares		193,587			72,549

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

ENERGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d,e
Per Share Data
Net asset value, beginning of period	$	152.94		$	81.74		$	204.01		$	223.24		$	236.20		$	199.82
Income (loss) from investment operations:
Net investment income (loss)b		1.81			1.44			2.91			1.05			1.83			1.20
Net gain (loss) on investments (realized and unrealized)		17.62			72.59			(123.74	)		(18.87	)		(13.11	)		36.74
Total from investment operations		19.43			74.03			(120.83	)		(17.82	)		(11.28	)		37.94
Less distributions from:
Net investment income		—			(2.83	)		(1.44	)		(1.41	)		(1.68	)		(1.56	)
Total distributions		—			(2.83	)		(1.44	)		(1.41	)		(1.68	)		(1.56	)
Net asset value, end of period	$	172.37		$	152.94		$	81.74		$	204.01		$	223.24		$	236.20
Total Return		12.70	%		91.43	%		(59.61	%)		(7.94	%)		(4.78	%)		18.99	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	53,714		$	18,220		$	4,216		$	16,172		$	37,253		$	24,284
Ratios to average net assets:
Net investment income (loss)		2.20	%		2.02	%		1.65	%		0.46	%		0.82	%		0.52	%
Total expenses		1.36	%		1.42	%		1.48	%		1.46	%		1.37	%		1.37	%
Portfolio turnover rate		63	%		939	%		428	%		525	%		954	%		996	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d,e
Per Share Data
Net asset value, beginning of period	$	141.62		$	76.01		$	190.30		$	208.85		$	221.57		$	188.00
Income (loss) from investment operations:
Net investment income (loss)b		1.47			1.00			2.46			.63			1.62			.69
Net gain (loss) on investments (realized and unrealized)		16.31			67.44			(115.31	)		(17.77	)		(12.66	)		34.44
Total from investment operations		17.78			68.44			(112.85	)		(17.14	)		(11.04	)		35.13
Less distributions from:
Net investment income		—			(2.83	)		(1.44	)		(1.41	)		(1.68	)		(1.56	)
Total distributions		—			(2.83	)		(1.44	)		(1.41	)		(1.68	)		(1.56	)
Net asset value, end of period	$	159.40		$	141.62		$	76.01		$	190.30		$	208.85		$	221.57
Total Returnc		12.55	%		90.89	%		(59.69	%)		(8.16	%)		(4.99	%)		18.65	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,501		$	2,214		$	985		$	3,369		$	3,111		$	4,980
Ratios to average net assets:
Net investment income (loss)		1.94	%		1.60	%		1.50	%		0.33	%		0.78	%		0.31	%
Total expenses		1.60	%		1.68	%		1.73	%		1.71	%		1.63	%		1.62	%
Portfolio turnover rate		63	%		939	%		428	%		525	%		954	%		996	%

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d,e
Per Share Data
Net asset value, beginning of period	$	122.07		$	66.27		$	167.39		$	185.28		$	198.29		$	169.64
Income (loss) from investment operations:
Net investment income (loss)b		.82			.56			1.08			(1.08	)		(.03	)		(.87	)
Net gain (loss) on investments (realized and unrealized)		14.01			58.07			(100.76	)		(15.40	)		(11.30	)		31.08
Total from investment operations		14.83			58.63			(99.68	)		(16.48	)		(11.33	)		30.21
Less distributions from:
Net investment income		—			(2.83	)		(1.44	)		(1.41	)		(1.68	)		(1.56	)
Total distributions		—			(2.83	)		(1.44	)		(1.41	)		(1.68	)		(1.56	)
Net asset value, end of period	$	136.90		$	122.07		$	66.27		$	167.39		$	185.28		$	198.29
Total Returnc		12.15	%		89.48	%		(60.01	%)		(8.83	%)		(5.73	%)		17.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,019		$	746		$	432		$	1,637		$	3,721		$	4,331
Ratios to average net assets:
Net investment income (loss)		1.26	%		1.05	%		0.76	%		(0.56	%)		(0.02	%)		(0.45	%)
Total expenses		2.36	%		2.44	%		2.48	%		2.45	%		2.38	%		2.37	%
Portfolio turnover rate		63	%		939	%		428	%		525	%		954	%		996	%

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

ENERGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d,e
Per Share Data
Net asset value, beginning of period	$	137.02		$	73.61		$	184.50		$	202.54		$	215.03		$	182.69
Income (loss) from investment operations:
Net investment income (loss)b		1.36			1.06			1.92			1.20			2.97			.06
Net gain (loss) on investments (realized and unrealized)		15.85			65.18			(111.37	)		(17.83	)		(13.78	)		33.84
Total from investment operations		17.21			66.24			(109.45	)		(16.63	)		(10.81	)		33.90
Less distributions from:
Net investment income		—			(2.83	)		(1.44	)		(1.41	)		(1.68	)		(1.56	)
Total distributions		—			(2.83	)		(1.44	)		(1.41	)		(1.68	)		(1.56	)
Net asset value, end of period	$	154.23		$	137.02		$	73.61		$	184.50		$	202.54		$	215.03
Total Return		12.56	%		90.87	%		(59.73	%)		(8.16	%)		(5.03	%)		18.57	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,731		$	1,578		$	646		$	824		$	1,480		$	2,556
Ratios to average net assets:
Net investment income (loss)		1.84	%		1.60	%		1.25	%		0.54	%		1.50	%		0.03	%
Total expenses		1.61	%		1.68	%		1.72	%		1.70	%		1.63	%		1.63	%
Portfolio turnover rate		63	%		939	%		428	%		525	%		954	%		996	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	Reverse share split — Per share amounts for the years presented through March 31, 2020 have been restated to reflect a 1:3 reverse share split effective August 10, 2020.
e	Reverse share split — Per share amounts for the year ended March 31, 2017 have been restated to reflect a 1:4 reverse share split effective November 7, 2016.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

ENERGY SERVICES FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the energy services field, including those that provide services and equipment in the areas of oil, coal, and gas exploration and production (“Energy Services Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 1, 1998
A-Class	September 1, 2004
C-Class	March 30, 2001
H-Class	April 2, 1998

Ten Largest Holdings (% of Total Net Assets)
Schlumberger N.V.	13.9%
Baker Hughes Co.	11.0%
Halliburton Co.	9.6%
NOV, Inc.	4.8%
ChampionX Corp.	4.5%
Cactus, Inc. — Class A	3.8%
Helmerich & Payne, Inc.	3.7%
Liberty Oilfield Services, Inc. — Class A	3.4%
SolarEdge Technologies, Inc.	3.2%
Sunrun, Inc.	3.2%
Top Ten Total	61.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	3.29%	88.85%	(16.87%)	(11.22%)
A-Class Shares	3.16%	88.36%	(17.07%)	(11.45%)
A-Class Shares with sales charge‡	(1.74%)	79.42%	(17.87%)	(11.88%)
C-Class Shares	2.80%	86.98%	(17.69%)	(12.11%)
C-Class Shares with CDSC§	1.80%	85.98%	(17.69%)	(12.11%)
H-Class Shares**	3.16%	88.35%	(17.07%)	(11.54%)
S&P 500 Energy Index	9.45%	82.99%	(1.57%)	2.12%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Effective September 30, 2015, the Fund’s Advisor Class shares were converted into H-Class shares.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

56 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
ENERGY SERVICES FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Oil & Gas Services - 75.0%
Schlumberger N.V.		214,962	$	6,371,474
Baker Hughes Co.		203,457		5,031,492
Halliburton Co.		204,553		4,422,436
NOV, Inc.*		166,628		2,184,493
ChampionX Corp.*		92,311		2,064,074
Liberty Oilfield Services, Inc. — Class A*		127,027		1,540,837
TechnipFMC plc*		178,203		1,341,868
Oceaneering International, Inc.*		87,215		1,161,704
Archrock, Inc.		139,150		1,147,987
Core Laboratories N.V.		39,884		1,106,781
National Energy Services Reunited Corp.*		85,111		1,065,590
ProPetro Holding Corp.*		116,602		1,008,607
Dril-Quip, Inc.*		37,471		943,520
Bristow Group, Inc.*		28,437		905,150
DMC Global, Inc.*		21,166		781,237
US Silica Holdings, Inc.*		95,033		759,314
Tidewater, Inc.*		59,613		718,933
Oil States International, Inc.*		102,949		657,844
Solaris Oilfield Infrastructure, Inc. — Class A		76,934		641,629
Matrix Service Co.*		49,970		522,686
Total Oil & Gas Services				34,377,656
Oil & Gas - 8.8%
Helmerich & Payne, Inc.		62,217		1,705,368
Patterson-UTI Energy, Inc.		152,285		1,370,565
Nabors Industries Ltd.*		9,768		942,417
Total Oil & Gas				4,018,350
Energy-Alternate Sources - 6.4%
SolarEdge Technologies, Inc.*		5,609		1,487,619
Sunrun, Inc.*		33,144		1,458,336
Total Energy-Alternate Sources				2,945,955
Machinery-Diversified - 3.7%
Cactus, Inc. — Class A		45,740		1,725,313
Metal Fabricate & Hardware - 2.8%
Tenaris S.A. ADR		60,272		1,272,342
Retail - 2.7%
Aspen Aerogels, Inc.*		27,097		1,246,733
Total Common Stocks
(Cost $41,982,593)				45,586,349
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	151,106		151,106
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		58,712		58,712
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		58,713		58,713
Total Repurchase Agreements
(Cost $268,531)				268,531
Total Investments - 100.0%
(Cost $42,251,124)			$	45,854,880
Other Assets & Liabilities, net - 0.0%				(1,435	)
Total Net Assets - 100.0%			$	45,853,445

*	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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
ENERGY SERVICES FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	45,586,349	$	—	$	—	$	45,586,349
Repurchase Agreements		—		268,531		—		268,531
Total Assets	$	45,586,349	$	268,531	$	—	$	45,854,880

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

ENERGY SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value (cost $41,982,593)	$	45,586,349
Repurchase agreements, at value (cost $268,531)		268,531
Receivables:
Securities sold		476,271
Fund shares sold		304,485
Dividends		21,020
Total assets		46,656,656
Liabilities:
Payable for:
Securities purchased		632,763
Fund shares redeemed		114,995
Management fees		24,533
Transfer agent and administrative fees		7,764
Portfolio accounting fees		2,886
Distribution and service fees		1,007
Trustees’ fees*		230
Miscellaneous		19,033
Total liabilities		803,211
Commitments and contingent liabilities (Note 9)		—
Net assets	$	45,853,445
Net assets consist of:
Paid in capital	$	81,546,784
Total distributable earnings (loss)		(35,693,339	)
Net assets	$	45,853,445
Investor Class:
Net assets	$	42,920,508
Capital shares outstanding		245,588
Net asset value per share	$	174.77
A-Class:
Net assets	$	765,244
Capital shares outstanding		4,710
Net asset value per share	$	162.47
Maximum offering price per share (Net asset value divided by 95.25%)	$	170.57
C-Class:
Net assets	$	1,285,198
Capital shares outstanding		9,102
Net asset value per share	$	141.20
H-Class:
Net assets	$	882,495
Capital shares outstanding		5,605
Net asset value per share	$	157.45

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $68)	$	212,800
Interest		32
Income from securities lending, net		11
Total investment income		212,843
Expenses:
Management fees		142,610
Distribution and service fees:
A-Class		1,189
C-Class		3,611
H-Class		2,644
Transfer agent and administrative fees		46,307
Portfolio accounting fees		16,778
Registration fees		2,606
Professional fees		7,593
Custodian fees		2,092
Trustees’ fees*		1,168
Miscellaneous		8,190
Total expenses		234,788
Net investment loss		(21,945	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(727,894	)
Net realized loss		(727,894	)
Net change in unrealized appreciation (depreciation) on:
Investments		842,053
Net change in unrealized appreciation (depreciation)		842,053
Net realized and unrealized gain		114,159
Net increase in net assets resulting from operations	$	92,214

* 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

ENERGY SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(21,945	)	$	31,147
Net realized loss on investments		(727,894	)		(2,872,726	)
Net change in unrealized appreciation (depreciation) on investments		842,053			4,839,953
Net increase in net assets resulting from operations		92,214			1,998,374
Distributions to shareholders:
Investor Class		—			(58,239	)
A-Class		—			(7,763	)
C-Class		—			(5,500	)
H-Class		—			(13,320	)
Total distributions to shareholders		—			(84,822	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		51,196,923			30,897,142
A-Class		1,173,965			1,084,574
C-Class		1,208,092			749,587
H-Class		5,616,790			11,467,298
Distributions reinvested
Investor Class		—			57,067
A-Class		—			7,098
C-Class		—			5,499
H-Class		—			13,320
Cost of shares redeemed
Investor Class		(13,425,444	)		(29,134,887	)
A-Class		(1,035,351	)		(973,357	)
C-Class		(391,528	)		(682,420	)
H-Class		(5,129,382	)		(11,270,764	)
Net increase from capital share transactions		39,214,065			2,220,157
Net increase in net assets		39,306,279			4,133,709
Net assets:
Beginning of period		6,547,166			2,413,457
End of period	$	45,853,445		$	6,547,166
Capital share activity:
Shares sold
Investor Class		294,848			241,060
A-Class		6,985			9,335
C-Class		8,314			7,226
H-Class		33,713			82,664
Shares issued from reinvestment of distributions
Investor Class		—			388
A-Class		—			52
C-Class		—			46
H-Class		—			100
Shares redeemed
Investor Class		(77,055	)		(233,553	)
A-Class		(6,569	)		(7,803	)
C-Class		(2,698	)		(6,885	)
H-Class		(32,623	)		(85,965	)
Net increase in shares		224,915			6,665

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

ENERGY SERVICES FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	169.20		$	75.50		$	281.99		$	378.02		$	483.58		$	426.14
Income (loss) from investment operations:
Net investment income (loss)b		(.08	)		.20			2.40			.15			8.85	e		.15
Net gain (loss) on investments (realized and unrealized)		5.65			95.34			(208.59	)		(92.88	)		(110.66	)		61.04
Total from investment operations		5.57			95.54			(206.19	)		(92.73	)		(101.81	)		61.19
Less distributions from:
Net investment income		—			(1.84	)		(.30	)		(3.30	)		(3.75	)		(3.75	)
Total distributions		—			(1.84	)		(.30	)		(3.30	)		(3.75	)		(3.75	)
Net asset value, end of period	$	174.77		$	169.20		$	75.50		$	281.99		$	378.02		$	483.58
Total Return		3.29	%		127.06	%		(73.21	%)		(24.43	%)		(21.11	%)		14.38	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	42,921		$	4,703		$	1,502		$	6,896		$	8,181		$	11,757
Ratios to average net assets:
Net investment income (loss)		(0.09	%)		0.82	%		1.11	%		0.06	%		2.19	%f		0.03	%
Total expenses		1.36	%		1.42	%		1.48	%		1.46	%		1.38	%		1.38	%
Portfolio turnover rate		39	%		770	%		810	%		1,453	%		1,824	%		1,830	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	157.49		$	70.51		$	264.03		$	355.19		$	455.88		$	402.86
Income (loss) from investment operations:
Net investment income (loss)b		(.31	)		.19			1.95			1.80			9.00	e		(2.10	)
Net gain (loss) on investments (realized and unrealized)		5.29			88.63			(195.17	)		(89.66	)		(105.94	)		58.87
Total from investment operations		4.98			88.82			(193.22	)		(87.86	)		(96.94	)		56.77
Less distributions from:
Net investment income		—			(1.84	)		(.30	)		(3.30	)		(3.75	)		(3.75	)
Total distributions		—			(1.84	)		(.30	)		(3.30	)		(3.75	)		(3.75	)
Net asset value, end of period	$	162.47		$	157.49		$	70.51		$	264.03		$	355.19		$	455.88
Total Returnc		3.16	%		126.39	%		(73.26	%)		(24.65	%)		(21.31	%)		14.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	765		$	676		$	191		$	829		$	811		$	1,295
Ratios to average net assets:
Net investment income (loss)		(0.37	%)		0.87	%		0.94	%		0.60	%		2.37	%f		(0.47	%)
Total expenses		1.60	%		1.68	%		1.73	%		1.73	%		1.63	%		1.62	%
Portfolio turnover rate		39	%		770	%		810	%		1,453	%		1,824	%		1,830	%

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

ENERGY SERVICES FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	137.36		$	62.08		$	234.26		$	317.99		$	411.65		$	366.84
Income (loss) from investment operations:
Net investment income (loss)b		(.75	)		(.01	)		.30			(2.55	)		5.70	e		(4.95	)
Net gain (loss) on investments (realized and unrealized)		4.59			77.13			(172.18	)		(77.88	)		(95.61	)		53.51
Total from investment operations		3.84			77.12			(171.88	)		(80.43	)		(89.91	)		48.56
Less distributions from:
Net investment income		—			(1.84	)		(.30	)		(3.30	)		(3.75	)		(3.75	)
Total distributions		—			(1.84	)		(.30	)		(3.30	)		(3.75	)		(3.75	)
Net asset value, end of period	$	141.20		$	137.36		$	62.08		$	234.26		$	317.99		$	411.65
Total Returnc		2.80	%		124.62	%		(73.46	%)		25.17	%		(21.89	%)		13.22	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,285		$	479		$	192		$	826		$	1,836		$	3,258
Ratios to average net assets:
Net investment income (loss)		(1.05	%)		(0.03	%)		0.20	%		(0.84	%)		1.66	%f		(1.23	%)
Total expenses		2.36	%		2.43	%		2.48	%		2.45	%		2.38	%		2.37	%
Portfolio turnover rate		39	%		770	%		810	%		1,453	%		1,824	%		1,830	%

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.

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	152.63		$	68.37		$	255.45		$	343.95		$	442.11		$	391.01
Income (loss) from investment operations:
Net investment income (loss)b		(.23	)		.02			1.65			.45			2.85	e		(1.20	)
Net gain (loss) on investments (realized and unrealized)		5.05			86.08			(188.43	)		(85.65	)		(97.26	)		56.05
Total from investment operations		4.82			86.10			(186.78	)		(85.20	)		(94.41	)		54.85
Less distributions from:
Net investment income		—			(1.84	)		(.30	)		(3.30	)		(3.75	)		(3.75	)
Total distributions		—			(1.84	)		(.30	)		(3.30	)		(3.75	)		(3.75	)
Net asset value, end of period	$	157.45		$	152.63		$	68.37		$	255.45		$	343.95		$	442.11
Total Return		3.16	%		126.23	%		(73.19	%)		(24.67	%)		(21.40	%)		14.02	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	882		$	689		$	528		$	6,395		$	15,754		$	4,193
Ratios to average net assets:
Net investment income (loss)		(0.28	%)		0.11	%		0.77	%		0.15	%		0.76	%f		(0.29	%)
Total expenses		1.60	%		1.68	%		1.72	%		1.70	%		1.63	%		1.62	%
Portfolio turnover rate		39	%		770	%		810	%		1,453	%		1,824	%		1,830	%

a	Unaudited figures for the period ended September 30, 2021. 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 1:15 reverse share split effective August 10, 2020.
e	Net investments income per share includes $0.54, $0.50, $0.45, and $0.50 for Investor Class, A-Class, C-Class, and H-Class, respectively, resulting from a special dividend from Baker Hughes, a GE Co., LLC on July 05, 2017.
f	Net investment income to average net assets includes 1.99% from Investor Class, A-Class, C-Class, and H-Class, resulting from a special dividend from Baker Hughes, a GE Co., LLC on July 05, 2017.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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	2.8%
JPMorgan Chase & Co.	2.6%
Bank of America Corp.	2.2%
Wells Fargo & Co.	1.6%
Morgan Stanley	1.5%
American Express Co.	1.4%
Charles Schwab Corp.	1.4%
Citigroup, Inc.	1.4%
Goldman Sachs Group, Inc.	1.3%
Blackstone, Inc. — Class A	1.3%
Top Ten Total	17.5%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	11.24%	52.28%	12.77%	13.58%
A-Class Shares	11.09%	51.89%	12.49%	13.30%
A-Class Shares with sales charge‡	5.82%	44.69%	11.40%	12.75%
C-Class Shares	10.67%	50.73%	11.65%	12.46%
C-Class Shares with CDSC§	9.67%	49.73%	11.65%	12.46%
H-Class Shares**	11.12%	51.92%	12.49%	13.19%
S&P 500 Financials Index	11.34%	59.13%	16.64%	17.00%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. The S&P 500 Index and S&P 500 Financials Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce 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, 2021
FINANCIAL SERVICES FUND

	Shares		Value
COMMON STOCKS† - 99.6%
REITs - 27.8%
American Tower Corp. — Class A		1,007	$	267,268
Prologis, Inc.		1,927		241,704
Crown Castle International Corp.		1,229		213,010
Equinix, Inc.		260		205,434
Public Storage		601		178,557
Simon Property Group, Inc.		1,267		164,672
Digital Realty Trust, Inc.		1,121		161,929
SBA Communications Corp.		445		147,104
Welltower, Inc.		1,781		146,754
AvalonBay Communities, Inc.		636		140,963
Equity Residential		1,737		140,558
Alexandria Real Estate Equities, Inc.		702		134,131
Weyerhaeuser Co.		3,617		128,657
Realty Income Corp.		1,927		124,985
Invitation Homes, Inc.		3,064		117,443
Mid-America Apartment Communities, Inc.		625		116,719
Extra Space Storage, Inc.		687		115,409
Ventas, Inc.		2,070		114,285
Essex Property Trust, Inc.		357		114,147
Sun Communities, Inc.		612		113,281
VICI Properties, Inc.		3,906		110,970
Duke Realty Corp.		2,218		106,176
Boston Properties, Inc.		958		103,799
Healthpeak Properties, Inc.		3,081		103,152
UDR, Inc.		1,907		101,033
Camden Property Trust		658		97,035
Equity LifeStyle Properties, Inc.		1,204		94,032
WP Carey, Inc.		1,278		93,345
American Homes 4 Rent — Class A		2,294		87,447
Medical Properties Trust, Inc.		4,347		87,244
Lamar Advertising Co. — Class A		768		87,130
Host Hotels & Resorts, Inc.*		5,247		85,684
Kimco Realty Corp.		4,123		85,552
Regency Centers Corp.		1,267		85,307
Gaming and Leisure Properties, Inc.		1,784		82,635
CyrusOne, Inc.		1,032		79,887
VEREIT, Inc.		1,766		79,876
CubeSmart		1,592		77,132
Federal Realty Investment Trust		641		75,632
Life Storage, Inc.		652		74,811
AGNC Investment Corp.		4,622		72,889
Vornado Realty Trust		1,726		72,509
STORE Capital Corp.		2,256		72,260
Kilroy Realty Corp.		1,074		71,110
Rexford Industrial Realty, Inc.		1,222		69,349
National Retail Properties, Inc.		1,585		68,456
American Campus Communities, Inc.		1,352		65,504
Omega Healthcare Investors, Inc.		2,184		65,433
First Industrial Realty Trust, Inc.		1,254		65,308
EastGroup Properties, Inc.		386		64,319
CoreSite Realty Corp.		463		64,144
Americold Realty Trust		2,200		63,910
Healthcare Trust of America, Inc. — Class A		2,146		63,650
Brixmor Property Group, Inc.		2,861		63,257
Douglas Emmett, Inc.		1,869		59,079
SL Green Realty Corp.		801		56,743
Agree Realty Corp.		797		52,785
Healthcare Realty Trust, Inc.		1,748		52,055
Hudson Pacific Properties, Inc.		1,935		50,832
Total REITs				6,098,481
Banks - 25.6%
JPMorgan Chase & Co.		3,436		562,439
Bank of America Corp.		11,409		484,312
Wells Fargo & Co.		7,514		348,725
Morgan Stanley		3,353		326,280
Citigroup, Inc.		4,233		297,072
Goldman Sachs Group, Inc.		770		291,083
U.S. Bancorp		4,039		240,078
PNC Financial Services Group, Inc.		1,211		236,920
Truist Financial Corp.		3,870		226,976
Bank of New York Mellon Corp.		3,238		167,858
SVB Financial Group*		243		157,192
First Republic Bank		766		147,746
State Street Corp.		1,659		140,551
Fifth Third Bancorp		3,246		137,760
Huntington Bancshares, Inc.		7,885		121,902
Northern Trust Corp.		1,119		120,639
M&T Bank Corp.		786		117,381
Regions Financial Corp.		5,479		116,758
KeyCorp		5,347		115,602
Citizens Financial Group, Inc.		2,447		114,960
Toronto-Dominion Bank		1,723		113,976
HDFC Bank Ltd. ADR		1,493		109,123
Royal Bank of Canada		1,085		107,936
Bank of Nova Scotia		1,739		107,001
Signature Bank		382		104,011
ICICI Bank Ltd. ADR		5,508		103,936
HSBC Holdings plc ADR		3,935		102,900
Western Alliance Bancorporation		828		90,103
East West Bancorp, Inc.		1,128		87,465
Zions Bancorp North America		1,354		83,799
First Horizon Corp.		4,832		78,713
Silvergate Capital Corp. — Class A*		386		44,583
Total Banks				5,605,780
Insurance - 21.4%
Berkshire Hathaway, Inc. — Class B*		2,257		616,026
Willis Towers Watson plc		960		223,162
Marsh & McLennan Companies, Inc.		1,455		220,331
Aon plc — Class A		714		204,040
Progressive Corp.		2,039		184,305
Chubb Ltd.		1,050		182,154
MetLife, Inc.		2,924		180,499
American International Group, Inc.		3,131		171,861
Prudential Financial, Inc.		1,565		164,638
Travelers Companies, Inc.		1,025		155,810
Allstate Corp.		1,213		154,427
Aflac, Inc.		2,758		143,775
Arthur J Gallagher & Co.		956		142,109

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 65

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
FINANCIAL SERVICES FUND

	Shares		Value
Hartford Financial Services Group, Inc.		1,806	$	126,871
Everest Re Group Ltd.		458		114,857
Athene Holding Ltd. — Class A*		1,589		109,434
Arch Capital Group Ltd.*		2,852		108,889
Cincinnati Financial Corp.		949		108,395
Principal Financial Group, Inc.		1,641		105,680
RenaissanceRe Holdings Ltd.		757		105,526
Markel Corp.*		84		100,391
Brown & Brown, Inc.		1,804		100,032
Loews Corp.		1,772		95,564
Lincoln National Corp.		1,356		93,225
Fidelity National Financial, Inc.		2,010		91,133
Equitable Holdings, Inc.		3,037		90,017
American Financial Group, Inc.		641		80,657
Assurant, Inc.		483		76,193
Globe Life, Inc.		853		75,943
Reinsurance Group of America, Inc. — Class A		621		69,092
First American Financial Corp.		1,027		68,860
Voya Financial, Inc.		1,088		66,792
MGIC Investment Corp.		3,832		57,327
Unum Group		2,283		57,212
Lemonade, Inc.*,1		759		50,861
Total Insurance				4,696,088
Diversified Financial Services - 17.6%
American Express Co.		1,784		298,874
Charles Schwab Corp.		4,083		297,406
BlackRock, Inc. — Class A		335		280,951
Ameriprise Financial, Inc.		1,027		271,251
Capital One Financial Corp.		1,347		218,174
CME Group, Inc. — Class A		1,117		216,005
Intercontinental Exchange, Inc.		1,766		202,772
T. Rowe Price Group, Inc.		835		164,244
Discover Financial Services		1,249		153,440
Nasdaq, Inc.		750		144,765
Rocket Companies, Inc. — Class A		8,705		139,628
Apollo Global Management, Inc.		2,139		131,741
Synchrony Financial		2,675		130,754
Futu Holdings Ltd. ADR*,1		1,405		127,883
Upstart Holdings, Inc.*		400		126,576
Tradeweb Markets, Inc. — Class A		1,338		108,084
Ally Financial, Inc.		2,110		107,716
LPL Financial Holdings, Inc.		598		93,742
Cboe Global Markets, Inc.		752		93,143
Franklin Resources, Inc.		3,130		93,024
Invesco Ltd.		3,407		82,143
Jefferies Financial Group, Inc.		2,110		78,344
Credit Acceptance Corp.*,1		130		76,089
OneMain Holdings, Inc.		1,249		69,107
SLM Corp.		3,324		58,502
Evercore, Inc. — Class A		426		56,943
LendingTree, Inc.*		236		33,000
Total Diversified Financial Services				3,854,301
Private Equity - 3.1%
Blackstone, Inc. — Class A		2,444		284,335
KKR & Company, Inc. — Class A		2,941		179,048
Brookfield Asset Management, Inc. — Class A		2,048		109,589
Carlyle Group, Inc.		2,151		101,699
Total Private Equity				674,671
Commercial Services - 2.5%
S&P Global, Inc.		585		248,561
Moody’s Corp.		561		199,217
MarketAxess Holdings, Inc.		238		100,124
Total Commercial Services				547,902
Software - 0.8%
MSCI, Inc. — Class A		285		173,377
Media - 0.5%
FactSet Research Systems, Inc.		252		99,485
Savings & Loans - 0.3%
People’s United Financial, Inc.		4,073		71,155
Total Common Stocks
(Cost $13,083,245)				21,821,240
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	78,421		78,421
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		30,470		30,470
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		30,470		30,470
Total Repurchase Agreements
(Cost $139,361)				139,361
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.7%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		160,900		160,900
Total Securities Lending Collateral
(Cost $160,900)				160,900
Total Investments - 100.9%
(Cost $13,383,506)			$	22,121,501
Other Assets & Liabilities, net - (0.9)%				(189,037	)
Total Net Assets - 100.0%			$	21,932,464

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
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, 2021 — 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, 2021.
	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, 2021 (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	$	21,821,240	$	—	$	—	$	21,821,240
Repurchase Agreements		—		139,361		—		139,361
Securities Lending Collateral		160,900		—		—		160,900
Total Assets	$	21,982,140	$	139,361	$	—	$	22,121,501

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

FINANCIAL SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $159,365 of securities loaned (cost $13,244,145)	$	21,982,140
Repurchase agreements, at value (cost $139,361)		139,361
Cash		340
Receivables:
Fund shares sold		120,952
Securities sold		111,085
Dividends		36,706
Foreign tax reclaims		299
Securities lending income		38
Total assets		22,390,921
Liabilities:
Payable for:
Fund shares redeemed		247,229
Return of securities lending collateral		160,900
Management fees		17,672
Transfer agent and administrative fees		5,593
Distribution and service fees		2,292
Portfolio accounting fees		2,079
Trustees’ fees*		274
Miscellaneous		22,418
Total liabilities		458,457
Commitments and contingent liabilities (Note 9)		—
Net assets	$	21,932,464
Net assets consist of:
Paid in capital	$	12,695,449
Total distributable earnings (loss)		9,237,015
Net assets	$	21,932,464
Investor Class:
Net assets	$	16,666,973
Capital shares outstanding		168,638
Net asset value per share	$	98.83
A-Class:
Net assets	$	3,084,593
Capital shares outstanding		33,593
Net asset value per share	$	91.82
Maximum offering price per share (Net asset value divided by 95.25%)	$	96.40
C-Class:
Net assets	$	1,147,892
Capital shares outstanding		14,491
Net asset value per share	$	79.21
H-Class:
Net assets	$	1,033,006
Capital shares outstanding		11,606
Net asset value per share	$	89.01

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $1,088)	$	346,206
Interest		22
Income from securities lending, net		634
Total investment income		346,862
Expenses:
Management fees		139,591
Distribution and service fees:
A-Class		5,018
C-Class		5,729
H-Class		3,475
Transfer agent and administrative fees		46,057
Portfolio accounting fees		16,422
Registration fees		446
Professional fees		8,479
Trustees’ fees*		2,298
Custodian fees		2,142
Miscellaneous		6,732
Total expenses		236,389
Net investment income		110,473
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,750,414
Net realized gain		1,750,414
Net change in unrealized appreciation (depreciation) on:
Investments		1,600,102
Net change in unrealized appreciation (depreciation)		1,600,102
Net realized and unrealized gain		3,350,516
Net increase in net assets resulting from operations	$	3,460,989

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	110,473		$	169,939
Net realized gain on investments		1,750,414			19,848
Net change in unrealized appreciation (depreciation) on investments		1,600,102			6,560,465
Net increase in net assets resulting from operations		3,460,989			6,750,252
Capital share transactions:
Proceeds from sale of shares
Investor Class		37,010,097			62,886,989
A-Class		1,809,663			1,669,156
C-Class		844,926			1,791,284
H-Class		5,069,977			3,147,059
Cost of shares redeemed
Investor Class		(55,304,474	)		(36,775,287	)
A-Class		(1,910,630	)		(7,580,564	)
C-Class		(842,434	)		(1,699,737	)
H-Class		(7,599,219	)		(757,798	)
Net increase (decrease) from capital share transactions		(20,922,094	)		22,681,102
Net increase (decrease) in net assets		(17,461,105	)		29,431,354
Net assets:
Beginning of period		39,393,569			9,962,215
End of period	$	21,932,464		$	39,393,569
Capital share activity:
Shares sold
Investor Class		382,281			841,230
A-Class		20,216			27,662
C-Class		10,815			30,564
H-Class		56,683			40,856
Shares redeemed
Investor Class		(577,523	)		(531,516	)
A-Class		(20,258	)		(106,444	)
C-Class		(10,795	)		(30,403	)
H-Class		(85,651	)		(12,616	)
Net increase (decrease) in shares		(224,232	)		259,333

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	88.84		$	54.80		$	68.68		$	72.17		$	65.14		$	53.90
Income (loss) from investment operations:
Net investment income (loss)b		.38			.88			.83			.53			.61			.55
Net gain (loss) on investments (realized and unrealized)		9.61			33.16			(14.39	)		(.86	)f		6.79			11.14
Total from investment operations		9.99			34.04			(13.56	)		(.33	)		7.40			11.69
Less distributions from:
Net investment income		—			—			(.32	)		(.89	)		(.37	)		(.45	)
Net realized gains		—			—			—			(2.27	)		—			—
Total distributions		—			—			(.32	)		(3.16	)		(.37	)		(.45	)
Net asset value, end of period	$	98.83		$	88.84		$	54.80		$	68.68		$	72.17		$	65.14
Total Return		11.24	%		62.12	%		(19.88	%)		(0.14	%)		11.37	%		21.72	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,667		$	32,328		$	2,968		$	4,978		$	25,183		$	39,214
Ratios to average net assets:
Net investment income (loss)		0.78	%		1.19	%		1.12	%		0.74	%		0.89	%		0.90	%
Total expenses		1.35	%		1.41	%		1.48	%		1.45	%		1.38	%		1.38	%
Portfolio turnover rate		118	%		246	%		249	%		410	%		347	%		389	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	82.65		$	51.10		$	64.22		$	67.88		$	61.44		$	51.00
Income (loss) from investment operations:
Net investment income (loss)b		.21			.55			.54			.37			.53			.41
Net gain (loss) on investments (realized and unrealized)		8.96			31.00			(13.34	)		(.87	)f		6.28			10.48
Total from investment operations		9.17			31.55			(12.80	)		(.50	)		6.81			10.89
Less distributions from:
Net investment income		—			—			(.32	)		(.89	)		(.37	)		(.45	)
Net realized gains		—			—			—			(2.27	)		—			—
Total distributions		—			—			(.32	)		(3.16	)		(.37	)		(.45	)
Net asset value, end of period	$	91.82		$	82.65		$	51.10		$	64.22		$	67.88		$	61.44
Total Returnc		11.09	%		61.74	%		(20.07	%)		(0.41	%)		11.08	%		21.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,085		$	2,780		$	5,745		$	7,602		$	8,293		$	1,834
Ratios to average net assets:
Net investment income (loss)		0.47	%		0.86	%		0.78	%		0.55	%		0.81	%		0.73	%
Total expenses		1.60	%		1.70	%		1.72	%		1.71	%		1.63	%		1.62	%
Portfolio turnover rate		118	%		246	%		249	%		410	%		347	%		389	%

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	71.57		$	44.59		$	56.49		$	60.56		$	55.26		$	46.24
Income (loss) from investment operations:
Net investment income (loss)b		(.11	)		(.03	)		.01			(.16	)		—	e		(.07	)
Net gain (loss) on investments (realized and unrealized)		7.75			27.01			(11.59	)		(.75	)f		5.67			9.54
Total from investment operations		7.64			26.98			(11.58	)		(.91	)		5.67			9.47
Less distributions from:
Net investment income		—			—			(.32	)		(.89	)		(.37	)		(.45	)
Net realized gains		—			—			—			(2.27	)		—			—
Total distributions		—			—			(.32	)		(3.16	)		(.37	)		(.45	)
Net asset value, end of period	$	79.21		$	71.57		$	44.59		$	56.49		$	60.56		$	55.26
Total Returnc		10.67	%		60.51	%		(20.66	%)		(1.15	%)		10.27	%		20.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,148		$	1,036		$	638		$	985		$	2,218		$	2,270
Ratios to average net assets:
Net investment income (loss)		(0.27	%)		(0.06	%)		0.02	%		(0.27	%)		—	%g		(0.13	%)
Total expenses		2.35	%		2.43	%		2.47	%		2.46	%		2.38	%		2.37	%
Portfolio turnover rate		118	%		246	%		249	%		410	%		347	%		389	%

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	80.10		$	49.53		$	62.26		$	65.93		$	59.67		$	49.53
Income (loss) from investment operations:
Net investment income (loss)b		.16			.68			.54			.03			.46			.33
Net gain (loss) on investments (realized and unrealized)		8.75			29.89			(12.95	)		(.54	)f		6.17			10.26
Total from investment operations		8.91			30.57			(12.41	)		(.51	)		6.63			10.59
Less distributions from:
Net investment income		—			—			(.32	)		(.89	)		(.37	)		(.45	)
Net realized gains		—			—			—			(2.27	)		—			—
Total distributions		—			—			(.32	)		(3.16	)		(.37	)		(.45	)
Net asset value, end of period	$	89.01		$	80.10		$	49.53		$	62.26		$	65.93		$	59.67
Total Return		11.12	%		61.72	%		(20.08	%)		(0.42	%)		11.11	%		21.43	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,033		$	3,250		$	611		$	1,606		$	3,014		$	18,259
Ratios to average net assets:
Net investment income (loss)		0.37	%		1.07	%		0.81	%		0.05	%		0.72	%		0.58	%
Total expenses		1.60	%		1.69	%		1.72	%		1.73	%		1.63	%		1.63	%
Portfolio turnover rate		118	%		246	%		249	%		410	%		347	%		389	%

a	Unaudited figures for the period ended September 30, 2021. 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	Share split — Per share amounts for the year ended through March 31, 2017 have been restated to reflect a 2:1 share split effective October 31, 2016.
e	Less than $0.01 per share.
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
g	Less than 0.01% or (0.01%).

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Johnson & Johnson	3.1%
UnitedHealth Group, Inc.	2.8%
Pfizer, Inc.	2.3%
Thermo Fisher Scientific, Inc.	2.3%
Eli Lilly & Co.	2.3%
Danaher Corp.	2.2%
Merck & Company, Inc.	2.1%
Abbott Laboratories	2.1%
AbbVie, Inc.	2.1%
Medtronic plc	1.8%
Top Ten Total	23.1%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	10.55%	24.21%	14.08%	15.97%
A-Class Shares	10.40%	23.88%	13.79%	15.68%
A-Class Shares with sales charge‡	5.17%	18.00%	12.69%	15.12%
C-Class Shares	10.02%	22.99%	12.95%	14.83%
C-Class Shares with CDSC§	9.02%	21.99%	12.95%	14.83%
H-Class Shares**	10.37%	23.86%	13.78%	15.58%
S&P 500 Health Care Index	9.96%	22.56%	14.18%	17.06%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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, 215, 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, 2021
HEALTH CARE FUND

	Shares		Value
COMMON STOCKS† - 99.9%
Healthcare-Products - 30.9%
Thermo Fisher Scientific, Inc.		1,586	$	906,129
Danaher Corp.		2,793		850,301
Abbott Laboratories		7,020		829,273
Medtronic plc		5,687		712,865
Intuitive Surgical, Inc.*		640		636,256
Stryker Corp.		2,198		579,657
Edwards Lifesciences Corp.*		4,281		484,652
Boston Scientific Corp.*		10,543		457,461
IDEXX Laboratories, Inc.*		677		421,026
Align Technology, Inc.*		612		407,243
Baxter International, Inc.		4,607		370,541
ResMed, Inc.		1,345		354,475
Zimmer Biomet Holdings, Inc.		2,226		325,797
West Pharmaceutical Services, Inc.		755		320,528
Avantor, Inc.*		7,041		287,977
Insulet Corp.*		970		275,703
STERIS plc		1,276		260,661
Novocure Ltd.*		2,194		254,877
PerkinElmer, Inc.		1,468		254,390
Hologic, Inc.*		3,404		251,249
Bio-Techne Corp.		514		249,069
Repligen Corp.*		812		234,660
10X Genomics, Inc. — Class A*		1,565		227,833
Masimo Corp.*		840		227,396
QIAGEN N.V.*		4,269		220,622
ABIOMED, Inc.*		673		219,075
Dentsply Sirona, Inc.		3,486		202,362
Henry Schein, Inc.*		2,491		189,715
Hill-Rom Holdings, Inc.		1,239		185,850
Natera, Inc.*		1,651		183,987
Penumbra, Inc.*		669		178,288
Tandem Diabetes Care, Inc.*		1,329		158,656
Quidel Corp.*		1,031		145,526
Nevro Corp.*		990		115,216
Haemonetics Corp.*		1,623		114,568
iRhythm Technologies, Inc.*		1,280		74,957
Total Healthcare-Products				12,168,841
Pharmaceuticals - 29.8%
Johnson & Johnson		7,498		1,210,927
Pfizer, Inc.		21,201		911,855
Eli Lilly & Co.		3,845		888,387
Merck & Company, Inc.		11,167		838,753
AbbVie, Inc.		7,596		819,381
Bristol-Myers Squibb Co.		11,416		675,485
CVS Health Corp.		7,428		630,340
Zoetis, Inc.		2,867		556,599
Cigna Corp.		2,434		487,190
Becton Dickinson and Co.		1,965		483,036
AstraZeneca plc ADR		7,135		428,528
Dexcom, Inc.*		767		419,442
McKesson Corp.		1,618		322,597
Jazz Pharmaceuticals plc*		2,275		296,228
AmerisourceBergen Corp. — Class A		2,418		288,830
GlaxoSmithKline plc ADR		7,053		269,495
Perrigo Company plc		5,683		268,976
Teva Pharmaceutical Industries Ltd. ADR*		27,422		267,090
Novartis AG ADR		3,143		257,035
Viatris, Inc.		17,625		238,819
Elanco Animal Health, Inc.*		7,135		227,535
Cardinal Health, Inc.		4,346		214,953
Bausch Health Companies, Inc.*		6,841		190,522
Neurocrine Biosciences, Inc.*		1,884		180,694
Intellia Therapeutics, Inc.*		1,300		174,395
Sarepta Therapeutics, Inc.*		1,814		167,759
Total Pharmaceuticals				11,714,851
Biotechnology - 19.0%
Moderna, Inc.*		1,786		687,360
Amgen, Inc.		3,049		648,370
Gilead Sciences, Inc.		7,889		551,047
Regeneron Pharmaceuticals, Inc.*		763		461,752
Illumina, Inc.*		1,109		449,822
Vertex Pharmaceuticals, Inc.*		2,226		403,774
Biogen, Inc.*		1,317		372,698
Seagen, Inc.*		2,063		350,297
Horizon Therapeutics plc*		2,724		298,387
BioNTech SE ADR*		1,043		284,729
Alnylam Pharmaceuticals, Inc.*		1,480		279,439
Royalty Pharma plc — Class A		7,396		267,291
CRISPR Therapeutics AG*		2,198		246,022
Exact Sciences Corp.*		2,459		234,712
BioMarin Pharmaceutical, Inc.*		2,898		223,986
Incyte Corp.*		3,225		221,816
Novavax, Inc.*		1,056		218,919
Guardant Health, Inc.*		1,692		211,517
Mirati Therapeutics, Inc.*		1,051		185,932
United Therapeutics Corp.*		873		161,138
Exelixis, Inc.*		7,379		155,992
Arrowhead Pharmaceuticals, Inc.*		2,422		151,205
Twist Bioscience Corp.*		1,255		134,247
Pacific Biosciences of California, Inc.*		5,141		131,353
Emergent BioSolutions, Inc.*		1,822		91,228
Inovio Pharmaceuticals, Inc.*,1		9,883		70,762
Total Biotechnology				7,493,795
Healthcare-Services - 16.0%
UnitedHealth Group, Inc.		2,822		1,102,668
Anthem, Inc.		1,512		563,674
HCA Healthcare, Inc.		2,067		501,702
Humana, Inc.		1,064		414,056
IQVIA Holdings, Inc.*		1,614		386,618
Centene Corp.*		5,785		360,463
Laboratory Corporation of America Holdings*		1,068		300,578
ICON plc*		1,064		278,789
Catalent, Inc.*		2,083		277,185
Charles River Laboratories International, Inc.*		636		262,458
Teladoc Health, Inc.*		2,018		255,903
Quest Diagnostics, Inc.		1,663		241,650

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
HEALTH CARE FUND

	Shares		Value
PPD, Inc.*		5,137	$	240,360
Molina Healthcare, Inc.*		873		236,854
DaVita, Inc.*		1,741		202,409
Universal Health Services, Inc. — Class B		1,414		195,655
Syneos Health, Inc.*		1,961		171,548
Encompass Health Corp.		2,120		159,085
Invitae Corp.*,1		5,100		144,993
Total Healthcare-Services				6,296,648
Electronics - 2.5%
Agilent Technologies, Inc.		2,491		392,407
Mettler-Toledo International, Inc.*		237		326,434
Waters Corp.*		742		265,117
Total Electronics				983,958
Software - 1.7%
Veeva Systems, Inc. — Class A*		1,333		384,130
Cerner Corp.		3,759		265,085
Total Software				649,215
Total Common Stocks
(Cost $26,467,686)				39,307,308

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	85,910		85,910
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		33,380		33,380
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		33,380		33,380
Total Repurchase Agreements
(Cost $152,670)				152,670
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		164,177		164,177
Total Securities Lending Collateral
(Cost $164,177)				164,177
Total Investments - 100.7%
(Cost $26,784,533)			$	39,624,155
Other Assets & Liabilities, net - (0.7)%				(269,242	)
Total Net Assets - 100.0%			$	39,354,913

*	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, 2021 — 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, 2021.
	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, 2021 (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	$	39,307,308	$	—	$	—	$	39,307,308
Repurchase Agreements		—		152,670		—		152,670
Securities Lending Collateral		164,177		—		—		164,177
Total Assets	$	39,471,485	$	152,670	$	—	$	39,624,155

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

HEALTH CARE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $159,542 of securities loaned (cost $26,631,863)	$	39,471,485
Repurchase agreements, at value (cost $152,670)		152,670
Receivables:
Dividends		30,109
Fund shares sold		25,604
Foreign tax reclaims		3,925
Securities lending income		66
Total assets		39,683,859
Liabilities:
Payable for:
Return of securities lending collateral		164,177
Fund shares redeemed		87,133
Management fees		31,445
Transfer agent and administrative fees		9,951
Distribution and service fees		5,105
Portfolio accounting fees		3,699
Trustees’ fees*		328
Miscellaneous		27,108
Total liabilities		328,946
Commitments and contingent liabilities (Note 9)		—
Net assets	$	39,354,913
Net assets consist of:
Paid in capital	$	26,404,864
Total distributable earnings (loss)		12,950,049
Net assets	$	39,354,913
Investor Class:
Net assets	$	27,407,487
Capital shares outstanding		631,830
Net asset value per share	$	43.38
A-Class:
Net assets	$	5,985,134
Capital shares outstanding		154,928
Net asset value per share	$	38.63
Maximum offering price per share (Net asset value divided by 95.25%)	$	40.56
C-Class:
Net assets	$	3,172,135
Capital shares outstanding		99,587
Net asset value per share	$	31.85
H-Class:
Net assets	$	2,790,157
Capital shares outstanding		75,301
Net asset value per share	$	37.05

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $26)	$	186,116
Interest		32
Income from securities lending, net		782
Total investment income		186,930
Expenses:
Management fees		157,142
Distribution and service fees:
A-Class		7,604
C-Class		16,809
H-Class		3,614
Transfer agent and administrative fees		51,727
Portfolio accounting fees		18,487
Professional fees		5,051
Trustees’ fees*		2,474
Custodian fees		2,403
Line of credit fees		35
Miscellaneous		13,330
Total expenses		278,676
Net investment loss		(91,746	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		626,559
Net realized gain		626,559
Net change in unrealized appreciation (depreciation) on:
Investments		2,386,305
Net change in unrealized appreciation (depreciation)		2,386,305
Net realized and unrealized gain		3,012,864
Net increase in net assets resulting from operations	$	2,921,118

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(91,746	)	$	(282,261	)
Net realized gain on investments		626,559			15,084,375
Net change in unrealized appreciation (depreciation) on investments		2,386,305			7,068,877
Net increase in net assets resulting from operations		2,921,118			21,870,991
Distributions to shareholders:
Investor Class		—			(2,418,155	)
A-Class		—			(491,504	)
C-Class		—			(364,380	)
H-Class		—			(176,167	)
Total distributions to shareholders		—			(3,450,206	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		37,685,249			115,717,597
A-Class		354,411			1,911,924
C-Class		1,020,392			2,607,889
H-Class		4,776,260			23,504,676
Distributions reinvested
Investor Class		—			2,326,814
A-Class		—			479,893
C-Class		—			360,081
H-Class		—			175,978
Cost of shares redeemed
Investor Class		(32,955,325	)		(122,447,090	)
A-Class		(535,038	)		(1,528,377	)
C-Class		(1,317,359	)		(3,342,165	)
H-Class		(3,906,722	)		(26,736,481	)
Net increase (decrease) from capital share transactions		5,121,868			(6,969,261	)
Net increase in net assets		8,042,986			11,451,524
Net assets:
Beginning of period		31,311,927			19,860,403
End of period	$	39,354,913		$	31,311,927
Capital share activity:
Shares sold
Investor Class		861,325			3,315,058
A-Class		9,327			58,179
C-Class		32,958			93,160
H-Class		125,896			859,426
Shares issued from reinvestment of distributions
Investor Class		—			61,589
A-Class		—			14,232
C-Class		—			12,878
H-Class		—			5,440
Shares redeemed
Investor Class		(760,310	)		(3,255,748	)
A-Class		(13,709	)		(45,053	)
C-Class		(42,046	)		(119,131	)
H-Class		(103,016	)		(851,233	)
Net increase in shares		110,425			148,797

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	39.24		$	30.27		$	32.03		$	28.88		$	27.82		$	28.65
Income (loss) from investment operations:
Net investment income (loss)b		(.07	)		(.15	)		(.06	)		(.13	)		(.13	)		(.10	)
Net gain (loss) on investments (realized and unrealized)		4.21			12.50			(1.70	)		3.78			3.82			2.79
Total from investment operations		4.14			12.35			(1.76	)		3.65			3.69			2.69
Less distributions from:
Net realized gains		—			(3.38	)		—			(.50	)		(2.63	)		(3.52	)
Total distributions		—			(3.38	)		—			(.50	)		(2.63	)		(3.52	)
Net asset value, end of period	$	43.38		$	39.24		$	30.27		$	32.03		$	28.88		$	27.82
Total Return		10.55	%		41.24	%		(5.49	%)		12.75	%		13.38	%		10.20	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	27,407		$	20,831		$	12,408		$	64,185		$	67,542		$	36,468
Ratios to average net assets:
Net investment income (loss)		(0.35	%)		(0.41	%)		(0.19	%)		(0.42	%)		(0.43	%)		(0.36	%)
Total expenses		1.36	%		1.46	%		1.47	%		1.46	%		1.38	%		1.37	%
Portfolio turnover rate		91	%		256	%		248	%		341	%		394	%		699	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	34.99		$	27.33		$	29.00		$	26.26		$	25.56		$	26.68
Income (loss) from investment operations:
Net investment income (loss)b		(.11	)		(.21	)		(.12	)		(.19	)		(.19	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		3.75			11.25			(1.55	)		3.43			3.52			2.57
Total from investment operations		3.64			11.04			(1.67	)		3.24			3.33			2.40
Less distributions from:
Net realized gains		—			(3.38	)		—			(.50	)		(2.63	)		(3.52	)
Total distributions		—			(3.38	)		—			(.50	)		(2.63	)		(3.52	)
Net asset value, end of period	$	38.63		$	34.99		$	27.33		$	29.00		$	26.26		$	25.56
Total Returnc		10.40	%		40.87	%		(5.76	%)		12.46	%		13.14	%		9.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,985		$	5,575		$	3,606		$	4,865		$	3,102		$	4,626
Ratios to average net assets:
Net investment income (loss)		(0.60	%)		(0.63	%)		(0.43	%)		(0.68	%)		(0.69	%)		(0.62	%)
Total expenses		1.61	%		1.69	%		1.73	%		1.72	%		1.63	%		1.62	%
Portfolio turnover rate		91	%		256	%		248	%		341	%		394	%		699	%

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	28.95		$	23.21		$	24.81		$	22.69		$	22.58		$	24.13
Income (loss) from investment operations:
Net investment income (loss)b		(.21	)		(.40	)		(.30	)		(.35	)		(.34	)		(.33	)
Net gain (loss) on investments (realized and unrealized)		3.11			9.52			(1.30	)		2.97			3.08			2.30
Total from investment operations		2.90			9.12			(1.60	)		2.62			2.74			1.97
Less distributions from:
Net realized gains		—			(3.38	)		—			(.50	)		(2.63	)		(3.52	)
Total distributions		—			(3.38	)		—			(.50	)		(2.63	)		(3.52	)
Net asset value, end of period	$	31.85		$	28.95		$	23.21		$	24.81		$	22.69		$	22.58
Total Returnc		10.02	%		39.82	%		(6.45	%)		11.68	%		12.24	%		9.07	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,172		$	3,147		$	2,826		$	4,340		$	4,940		$	4,959
Ratios to average net assets:
Net investment income (loss)		(1.35	%)		(1.39	%)		(1.20	%)		(1.42	%)		(1.42	%)		(1.37	%)
Total expenses		2.36	%		2.45	%		2.48	%		2.46	%		2.38	%		2.37	%
Portfolio turnover rate		91	%		256	%		248	%		341	%		394	%		699	%

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	33.57		$	26.31		$	27.91		$	25.29		$	24.72		$	25.91
Income (loss) from investment operations:
Net investment income (loss)b		(.11	)		(.21	)		(.13	)		(.18	)		(.21	)		(.16	)
Net gain (loss) on investments (realized and unrealized)		3.59			10.85			(1.47	)		3.30			3.41			2.49
Total from investment operations		3.48			10.64			(1.60	)		3.12			3.20			2.33
Less distributions from:
Net realized gains		—			(3.38	)		—			(.50	)		(2.63	)		(3.52	)
Total distributions		—			(3.38	)		—			(.50	)		(2.63	)		(3.52	)
Net asset value, end of period	$	37.05		$	33.57		$	26.31		$	27.91		$	25.29		$	24.72
Total Return		10.37	%		40.93	%		(5.73	%)		12.46	%		13.06	%		9.87	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,790		$	1,760		$	1,021		$	7,871		$	5,225		$	4,809
Ratios to average net assets:
Net investment income (loss)		(0.58	%)		(0.68	%)		(0.45	%)		(0.66	%)		(0.77	%)		(0.62	%)
Total expenses		1.61	%		1.76	%		1.72	%		1.73	%		1.64	%		1.62	%
Portfolio turnover rate		91	%		256	%		248	%		341	%		394	%		699	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 79

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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	6.5%
Amazon.com, Inc.	6.3%
Facebook, Inc. — Class A	4.7%
Alibaba Group Holding Ltd. ADR	3.0%
Netflix, Inc.	2.7%
PayPal Holdings, Inc.	2.7%
salesforce.com, Inc.	2.7%
Adobe, Inc.	2.5%
Cisco Systems, Inc.	2.3%
Snap, Inc. — Class A	1.8%
Top Ten Total	35.2%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(0.23%)	20.09%	21.01%	19.76%
A-Class Shares	(0.36%)	19.79%	20.70%	19.45%
A-Class Shares with sales charge‡	(5.09%)	14.10%	19.54%	18.87%
C-Class Shares	(0.73%)	18.90%	19.81%	18.56%
C-Class Shares with CDSC§	(1.72%)	17.90%	19.81%	18.56%
H-Class Shares**	(0.35%)	19.79%	20.71%	19.34%
S&P 500 Information Technology Index	13.06%	28.90%	28.42%	23.14%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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, 2021
INTERNET FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Internet - 59.0%
Alphabet, Inc. — Class A*		550	$	1,470,436
Amazon.com, Inc.*		435		1,428,992
Facebook, Inc. — Class A*		3,146		1,067,721
Alibaba Group Holding Ltd. ADR*		4,556		674,516
Netflix, Inc.*		995		607,288
Snap, Inc. — Class A*		5,385		397,790
Booking Holdings, Inc.*		154		365,576
Uber Technologies, Inc.*		7,797		349,306
Baidu, Inc. ADR*		2,043		314,111
DoorDash, Inc. — Class A*		1,362		280,545
JD.com, Inc. ADR*		3,824		276,246
Sea Ltd. ADR*		829		264,227
Shopify, Inc. — Class A*		188		254,887
Pinduoduo, Inc. ADR*		2,709		245,625
Twitter, Inc.*		4,043		244,157
eBay, Inc.		3,361		234,161
Match Group, Inc.*		1,491		234,072
Roku, Inc.*		739		231,566
Okta, Inc.*		893		211,945
MercadoLibre, Inc.*		123		206,566
Trip.com Group Ltd. ADR*		6,496		199,752
Pinterest, Inc. — Class A*		3,916		199,520
Spotify Technology S.A.*		851		191,764
Expedia Group, Inc.*		1,141		187,010
Chewy, Inc. — Class A*,1		2,662		181,309
Etsy, Inc.*		853		177,390
Wayfair, Inc. — Class A*		692		176,813
Zillow Group, Inc. — Class C*		1,887		166,320
VeriSign, Inc.*		803		164,623
Farfetch Ltd. — Class A*		4,339		162,626
Autohome, Inc. ADR		3,366		157,966
Vipshop Holdings Ltd. ADR*		14,098		157,052
Coupang, Inc.*		5,600		155,960
Wix.com Ltd.*		791		155,012
Lyft, Inc. — Class A*		2,858		153,160
JOYY, Inc. ADR		2,697		147,876
Jumia Technologies AG ADR*,1		7,639		142,009
Fiverr International Ltd.*		748		136,645
Weibo Corp. ADR*		2,808		133,352
F5 Networks, Inc.*		614		122,051
GoDaddy, Inc. — Class A*		1,750		121,975
IAC*		905		117,912
Anaplan, Inc.*		1,715		104,426
Stamps.com, Inc.*		275		90,692
Stitch Fix, Inc. — Class A*		1,963		78,422
TripAdvisor, Inc.*		2,215		74,978
Vimeo, Inc.*		2,491		73,161
Overstock.com, Inc.*		874		68,102
Total Internet				13,357,611
Software - 27.8%
salesforce.com, Inc.*		2,211		599,667
Adobe, Inc.*		969		557,873
Snowflake, Inc. — Class A*		1,105		334,185
Zoom Video Communications, Inc. — Class A*		1,183		309,354
Activision Blizzard, Inc.		3,545		274,348
Workday, Inc. — Class A*		1,094		273,380
Twilio, Inc. — Class A*		826		263,535
DocuSign, Inc.*		964		248,163
Electronic Arts, Inc.		1,649		234,570
Datadog, Inc. — Class A*		1,649		233,086
Veeva Systems, Inc. — Class A*		807		232,553
ROBLOX Corp. — Class A*		3,030		228,917
NetEase, Inc. ADR		2,378		203,081
HubSpot, Inc.*		299		202,151
MongoDB, Inc.*		411		193,791
Cloudflare, Inc. — Class A*		1,717		193,420
Bilibili, Inc. ADR*,1		2,778		183,820
ZoomInfo Technologies, Inc. — Class A*		2,815		172,250
Take-Two Interactive Software, Inc.*		997		153,608
Akamai Technologies, Inc.*		1,374		143,707
Coupa Software, Inc.*		626		137,207
Citrix Systems, Inc.		1,223		131,314
Dropbox, Inc. — Class A*		4,086		119,393
Five9, Inc.*		722		115,332
Smartsheet, Inc. — Class A*		1,465		100,821
Nutanix, Inc. — Class A*		2,580		97,266
J2 Global, Inc.*		678		92,628
Fastly, Inc. — Class A*,1		1,870		75,623
New Relic, Inc.*		1,025		73,564
Skillz, Inc.*,1		6,955		68,298
BigCommerce Holdings, Inc.*		1,252		63,401
Total Software				6,310,306
Telecommunications - 6.3%
Cisco Systems, Inc.		9,757		531,073
Motorola Solutions, Inc.		954		221,633
Arista Networks, Inc.*		520		178,693
GDS Holdings Ltd. ADR*		2,657		150,413
Telefonaktiebolaget LM Ericsson ADR		12,033		134,770
Juniper Networks, Inc.		3,878		106,722
Ciena Corp.*		1,936		99,414
Total Telecommunications				1,422,718
Commercial Services - 4.9%
PayPal Holdings, Inc.*		2,317		602,906
CoStar Group, Inc.*		2,395		206,114
Paylocity Holding Corp.*		506		141,882
Chegg, Inc.*		1,590		108,152
2U, Inc.*		1,712		57,472
Total Commercial Services				1,116,526
Healthcare-Services - 0.7%
Teladoc Health, Inc.*		1,223		155,089
Computers - 0.4%
Lumentum Holdings, Inc.*		1,049		87,633

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
INTERNET FUND

	Shares		Value
Real Estate - 0.4%
Redfin Corp.*		1,684	$	84,369
Total Common Stocks
(Cost $12,476,109)				22,534,252
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	79,162		79,162
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		30,758		30,758
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		30,759		30,759
Total Repurchase Agreements
(Cost $140,679)				140,679
SECURITIES LENDING COLLATERAL†,3 - 2.2%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		500,122	$	500,122
Total Securities Lending Collateral
(Cost $500,122)				500,122
Total Investments - 102.3%
(Cost $13,116,910)			$	23,175,053
Other Assets & Liabilities, net - (2.3)%				(531,013	)
Total Net Assets - 100.0%			$	22,644,040

*	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, 2021 — 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, 2021.
	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, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	22,534,252	$	—	$	—	$	22,534,252
Repurchase Agreements		—		140,679		—		140,679
Securities Lending Collateral		500,122		—		—		500,122
Total Assets	$	23,034,374	$	140,679	$	—	$	23,175,053

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

INTERNET FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $498,661 of securities loaned (cost $12,976,231)	$	23,034,374
Repurchase agreements, at value (cost $140,679)		140,679
Cash		1,148
Receivables:
Securities sold		458,013
Fund shares sold		54,928
Dividends		1,774
Foreign tax reclaims		215
Securities lending income		154
Total assets		23,691,285
Liabilities:
Payable for:
Return of securities lending collateral		500,122
Fund shares redeemed		494,084
Management fees		17,046
Transfer agent and administrative fees		5,395
Distribution and service fees		4,349
Portfolio accounting fees		2,005
Trustees’ fees*		293
Miscellaneous		23,951
Total liabilities		1,047,245
Commitments and contingent liabilities (Note 9)		—
Net assets	$	22,644,040
Net assets consist of:
Paid in capital	$	4,427,365
Total distributable earnings (loss)		18,216,675
Net assets	$	22,644,040
Investor Class:
Net assets	$	14,668,439
Capital shares outstanding		75,169
Net asset value per share	$	195.14
A-Class:
Net assets	$	2,975,784
Capital shares outstanding		16,593
Net asset value per share	$	179.34
Maximum offering price per share (Net asset value divided by 95.25%)	$	188.28
C-Class:
Net assets	$	4,088,730
Capital shares outstanding		26,998
Net asset value per share	$	151.45
H-Class:
Net assets	$	911,087
Capital shares outstanding		5,263
Net asset value per share	$	173.11

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $1,355)	$	27,483
Interest		25
Income from securities lending, net		641
Total investment income		28,149
Expenses:
Management fees		124,988
Distribution and service fees:
A-Class		3,788
C-Class		21,604
H-Class		1,624
Transfer agent and administrative fees		41,706
Portfolio accounting fees		14,704
Professional fees		7,110
Trustees’ fees*		2,804
Custodian fees		1,985
Line of credit fees		46
Miscellaneous		5,831
Total expenses		226,190
Net investment loss		(198,041	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		5,168,779
Net realized gain		5,168,779
Net change in unrealized appreciation (depreciation) on:
Investments		(4,946,016	)
Net change in unrealized appreciation (depreciation)		(4,946,016	)
Net realized and unrealized gain		222,763
Net increase in net assets resulting from operations	$	24,722

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(198,041	)	$	(625,990	)
Net realized gain on investments		5,168,779			14,063,069
Net change in unrealized appreciation (depreciation) on investments		(4,946,016	)		11,989,124
Net increase in net assets resulting from operations		24,722			25,426,203
Capital share transactions:
Proceeds from sale of shares
Investor Class		14,259,088			92,264,221
A-Class		329,396			1,068,843
C-Class		1,550,618			3,618,645
H-Class		1,880,593			25,459,994
Cost of shares redeemed
Investor Class		(24,852,430	)		(93,997,468	)
A-Class		(288,550	)		(1,630,302	)
C-Class		(1,550,250	)		(3,287,545	)
H-Class		(1,964,718	)		(31,224,635	)
Net decrease from capital share transactions		(10,636,253	)		(7,728,247	)
Net increase (decrease) in net assets		(10,611,531	)		17,697,956
Net assets:
Beginning of period		33,255,571			15,557,615
End of period	$	22,644,040		$	33,255,571
Capital share activity:
Shares sold
Investor Class		70,247			586,376
A-Class		1,762			7,156
C-Class		9,821			29,471
H-Class		10,232			242,330
Shares redeemed
Investor Class		(123,475	)		(560,050	)
A-Class		(1,571	)		(11,977	)
C-Class		(9,856	)		(25,736	)
H-Class		(11,110	)		(244,993	)
Net increase (decrease) in shares		(53,950	)		22,577

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	195.59		$	105.23		$	118.80		$	124.80		$	95.33		$	77.91
Income (loss) from investment operations:
Net investment income (loss)b		(1.18	)		(2.03	)		(1.30	)		(1.29	)		(.80	)		(.60	)
Net gain (loss) on investments (realized and unrealized)		.73			92.39			(8.17	)		10.79			30.27			18.02
Total from investment operations		(.45	)		90.36			(9.47	)		9.50			29.47			17.42
Less distributions from:
Net realized gains		—			—			(4.10	)		(15.50	)		—			—
Total distributions		—			—			(4.10	)		(15.50	)		—			—
Net asset value, end of period	$	195.14		$	195.59		$	105.23		$	118.80		$	124.80		$	95.33
Total Return		(0.23	%)		85.87	%		(8.25	%)		9.39	%		30.91	%		22.36	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,668		$	25,113		$	10,741		$	15,484		$	40,843		$	17,670
Ratios to average net assets:
Net investment income (loss)		(1.16	%)		(1.21	%)		(1.08	%)		(1.00	%)		(0.71	%)		(0.70	%)
Total expenses		1.35	%		1.44	%		1.47	%		1.45	%		1.38	%		1.37	%
Portfolio turnover rate		58	%		284	%		359	%		349	%		305	%		518	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	179.98		$	97.07		$	110.18		$	117.20		$	89.75		$	73.54
Income (loss) from investment operations:
Net investment income (loss)b		(1.33	)		(2.22	)		(1.32	)		(1.46	)		(1.01	)		(.76	)
Net gain (loss) on investments (realized and unrealized)		.69			85.13			(7.69	)		9.94			28.46			16.97
Total from investment operations		(.64	)		82.91			(9.01	)		8.48			27.45			16.21
Less distributions from:
Net realized gains		—			—			(4.10	)		(15.50	)		—			—
Total distributions		—			—			(4.10	)		(15.50	)		—			—
Net asset value, end of period	$	179.34		$	179.98		$	97.07		$	110.18		$	117.20		$	89.75
Total Returnc		(0.36	%)		85.41	%		(8.48	%)		9.13	%		30.57	%		22.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,976		$	2,952		$	2,060		$	2,054		$	3,393		$	2,139
Ratios to average net assets:
Net investment income (loss)		(1.42	%)		(1.45	%)		(1.20	%)		(1.27	%)		(0.96	%)		(0.95	%)
Total expenses		1.61	%		1.69	%		1.73	%		1.71	%		1.63	%		1.62	%
Portfolio turnover rate		58	%		284	%		359	%		349	%		305	%		518	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 85

INTERNET FUND

FINANCIAL HIGHLIGHTS (concluded)

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

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	152.56		$	82.90		$	95.40		$	104.40		$	80.55		$	66.49
Income (loss) from investment operations:
Net investment income (loss)b		(1.72	)		(2.91	)		(1.96	)		(2.08	)		(1.60	)		(1.24	)
Net gain (loss) on investments (realized and unrealized)		.61			72.57			(6.44	)		8.58			25.45			15.30
Total from investment operations		(1.11	)		69.66			(8.40	)		6.50			23.85			14.06
Less distributions from:
Net realized gains		—			—			(4.10	)		(15.50	)		—			—
Total distributions		—			—			(4.10	)		(15.50	)		—			—
Net asset value, end of period	$	151.45		$	152.56		$	82.90		$	95.40		$	104.40		$	80.55
Total Returnc		(0.73	%)		84.03	%		(9.16	%)		8.31	%		29.61	%		21.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,089		$	4,124		$	1,931		$	3,047		$	2,967		$	2,321
Ratios to average net assets:
Net investment income (loss)		(2.17	%)		(2.21	%)		(2.06	%)		(2.01	%)		(1.70	%)		(1.71	%)
Total expenses		2.36	%		2.43	%		2.47	%		2.46	%		2.38	%		2.37	%
Portfolio turnover rate		58	%		284	%		359	%		349	%		305	%		518	%

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	173.71		$	93.70		$	106.51		$	113.84		$	87.18		$	71.40
Income (loss) from investment operations:
Net investment income (loss)b		(1.28	)		(1.75	)		(1.41	)		(1.51	)		(1.07	)		(.78	)
Net gain (loss) on investments (realized and unrealized)		.68			81.76			(7.30	)		9.68			27.73			16.56
Total from investment operations		(.60	)		80.01			(8.71	)		8.17			26.66			15.78
Less distributions from:
Net realized gains		—			—			(4.10	)		(15.50	)		—			—
Total distributions		—			—			(4.10	)		(15.50	)		—			—
Net asset value, end of period	$	173.11		$	173.71		$	93.70		$	106.51		$	113.84		$	87.18
Total Return		(0.35	%)		85.39	%		(8.49	%)		9.12	%		30.59	%		22.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	911		$	1,067		$	825		$	9,880		$	28,889		$	2,384
Ratios to average net assets:
Net investment income (loss)		(1.43	%)		(1.42	%)		(1.30	%)		(1.27	%)		(1.04	%)		(1.03	%)
Total expenses		1.60	%		1.76	%		1.71	%		1.70	%		1.63	%		1.62	%
Portfolio turnover rate		58	%		284	%		359	%		349	%		305	%		518	%

a	Unaudited figures for the period ended September 30, 2021. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Walt Disney Co.	3.8%
Netflix, Inc.	3.8%
Comcast Corp. — Class A	3.5%
McDonald’s Corp.	3.0%
Charter Communications, Inc. — Class A	2.7%
Philip Morris International, Inc.	2.6%
Starbucks Corp.	2.5%
Airbnb, Inc. — Class A	2.3%
Booking Holdings, Inc.	2.3%
Altria Group, Inc.	2.0%
Top Ten Total	28.5%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(3.76%)	27.63%	12.36%	15.13%
A-Class Shares	(3.88%)	27.33%	12.08%	14.84%
A-Class Shares with sales charge‡	(8.45%)	21.28%	10.99%	14.29%
C-Class Shares	(4.24%)	26.37%	11.24%	13.99%
C-Class Shares with CDSC§	(5.19%)	25.37%	11.24%	13.99%
H-Class Shares**	(3.89%)	27.33%	12.08%	14.74%
S&P 500 Consumer Discretionary Index	6.95%	19.15%	19.00%	19.54%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 87

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
LEISURE FUND

	Shares		Value
COMMON STOCKS† - 99.7%
Media - 18.6%
Walt Disney Co.*		4,511	$	763,126
Comcast Corp. — Class A		12,675		708,913
Charter Communications, Inc. — Class A*		755		549,308
Liberty Broadband Corp. — Class C*		1,439		248,515
Fox Corp. — Class A		5,442		218,279
DISH Network Corp. — Class A*		4,982		216,518
Discovery, Inc. — Class A*,1		7,053		179,005
News Corp. — Class A		7,055		166,004
Cable One, Inc.		81		146,863
New York Times Co. — Class A		2,651		130,615
Altice USA, Inc. — Class A*		5,982		123,947
Nexstar Media Group, Inc. — Class A		755		114,730
World Wrestling Entertainment, Inc. — Class A		1,702		95,754
ViacomCBS, Inc. — Class B		1,905		75,267
Total Media				3,736,844
Internet - 16.5%
Netflix, Inc.*		1,245		759,873
Airbnb, Inc. — Class A*		2,747		460,809
Booking Holdings, Inc.*		192		455,783
Sea Ltd. ADR*		1,081		344,547
Roku, Inc.*		936		293,296
Expedia Group, Inc.*		1,426		233,721
Spotify Technology S.A.*		1,007		226,917
Trip.com Group Ltd. ADR*		7,233		222,415
Tencent Music Entertainment Group ADR*		23,858		172,971
iQIYI, Inc. ADR*		18,040		144,861
Total Internet				3,315,193
Retail - 16.4%
McDonald’s Corp.		2,487		599,641
Starbucks Corp.		4,586		505,882
Chipotle Mexican Grill, Inc. — Class A*		173		314,431
Yum! Brands, Inc.		2,172		265,657
Yum China Holdings, Inc.		3,656		212,450
Darden Restaurants, Inc.		1,317		199,486
Domino’s Pizza, Inc.		389		185,537
Restaurant Brands International, Inc.		2,273		139,085
Texas Roadhouse, Inc. — Class A		1,227		112,062
Wendy’s Co.		4,439		96,238
Papa John’s International, Inc.		757		96,131
Wingstop, Inc.		568		93,112
Cracker Barrel Old Country Store, Inc.		593		82,925
Shake Shack, Inc. — Class A*		988		77,519
Cheesecake Factory, Inc.*		1,510		70,970
Brinker International, Inc.*		1,359		66,659
Bloomin’ Brands, Inc.*		2,647		66,175
Jack in the Box, Inc.		670		65,211
Dave & Buster’s Entertainment, Inc.*		1,627		62,363
Total Retail				3,311,534
Lodging - 10.1%
Marriott International, Inc. — Class A*		2,135		316,172
Hilton Worldwide Holdings, Inc.*		2,062		272,411
Las Vegas Sands Corp.*		6,457		236,326
MGM Resorts International		4,796		206,947
Wynn Resorts Ltd.*		1,706		144,583
Huazhu Group Ltd. ADR*		3,023		138,635
Melco Resorts & Entertainment Ltd. ADR*		13,198		135,148
Hyatt Hotels Corp. — Class A*		1,648		127,061
Wyndham Hotels & Resorts, Inc.		1,584		122,269
Choice Hotels International, Inc.		959		121,189
Boyd Gaming Corp.*		1,905		120,510
Travel + Leisure Co.		1,751		95,482
Total Lodging				2,036,733
Entertainment - 9.2%
Caesars Entertainment, Inc.*		1,997		224,223
Live Nation Entertainment, Inc.*		2,297		209,326
DraftKings, Inc. — Class A*		3,720		179,155
Vail Resorts, Inc.		523		174,708
AMC Entertainment Holdings, Inc. — Class A*,1		4,586		174,543
Penn National Gaming, Inc.*		2,058		149,123
Churchill Downs, Inc.		591		141,887
Scientific Games Corp. — Class A*		1,547		128,509
Marriott Vacations Worldwide Corp.		757		119,099
Madison Square Garden Sports Corp. — Class A*		529		98,368
SeaWorld Entertainment, Inc.*		1,687		93,325
Six Flags Entertainment Corp.*		2,039		86,657
Cinemark Holdings, Inc.*		3,701		71,096
Total Entertainment				1,850,019
Software - 8.8%
Activision Blizzard, Inc.		4,383		339,200
Electronic Arts, Inc.		2,064		293,604
ROBLOX Corp. — Class A*		3,794		286,637
NetEase, Inc. ADR		2,774		236,900
Bilibili, Inc. ADR*,1		3,235		214,060
Take-Two Interactive Software, Inc.*		1,249		192,433
HUYA, Inc. ADR*,1		13,836		115,392
Skillz, Inc.*,1		8,619		84,639
Total Software				1,762,865
Leisure Time - 7.7%
Carnival Corp.*		9,724		243,197
Royal Caribbean Cruises Ltd.*		2,497		222,108
Peloton Interactive, Inc. — Class A*		2,432		211,706
Norwegian Cruise Line Holdings Ltd.*		7,816		208,765
Brunswick Corp.		1,261		120,136
Polaris, Inc.		1,002		119,899
Planet Fitness, Inc. — Class A*		1,486		116,725
YETI Holdings, Inc.*		1,317		112,854
Harley-Davidson, Inc.		2,859		104,668
Callaway Golf Co.*		3,455		95,462
Total Leisure Time				1,555,520

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

SCHEDULE OF INVESTMENTS (Unaudited)(concludedcontinued)	September 30, 2021
LEISURE FUND

	Shares		Value
Beverages - 5.3%
Constellation Brands, Inc. — Class A		1,352	$	284,853
Brown-Forman Corp. — Class B		3,670		245,927
Molson Coors Beverage Co. — Class B		3,086		143,129
Anheuser-Busch InBev S.A. ADR1		2,485		140,104
Diageo plc ADR		676		130,468
Boston Beer Company, Inc. — Class A*		221		112,655
Total Beverages				1,057,136
Agriculture - 5.2%
Philip Morris International, Inc.		5,516		522,862
Altria Group, Inc.		8,679		395,068
British American Tobacco plc ADR		3,666		129,336
Total Agriculture				1,047,266
Toys, Games & Hobbies - 1.3%
Hasbro, Inc.		1,679		149,801
Mattel, Inc.*		5,838		108,353
Total Toys, Games & Hobbies				258,154
Food Service - 0.6%
Aramark		3,940		129,468
Total Common Stocks
(Cost $13,440,359)				20,060,732
RIGHTS†††- 0.0%
Media - 0.0%
Nexstar Media Group, Inc.*		8,160		—
Total Rights
(Cost $—)				—

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	72,177		72,177
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		28,045		28,045
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		28,044		28,044
Total Repurchase Agreements
(Cost $128,266)				128,266
	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.8%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		556,704		556,704
Total Securities Lending Collateral
(Cost $556,704)				556,704
Total Investments - 103.1%
(Cost $14,125,329)			$	20,745,702
Other Assets & Liabilities, net - (3.1)%				(614,056	)
Total Net Assets - 100.0%			$	20,131,646

*	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, 2021 — 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, 2021.
	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 | 89

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
LEISURE FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	20,060,732	$	—	$	—		$	20,060,732
Rights		—		—		—	*		—
Repurchase Agreements		—		128,266		—			128,266
Securities Lending Collateral		556,704		—		—			556,704
Total Assets	$	20,617,436	$	128,266	$	—		$	20,745,702

* Security has a market value of $0.

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

LEISURE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $551,070 of securities loaned (cost $13,997,063)	$	20,617,436
Repurchase agreements, at value (cost $128,266)		128,266
Receivables:
Dividends		26,974
Fund shares sold		23,455
Securities lending income		310
Total assets		20,796,441
Liabilities:
Payable for:
Return of securities lending collateral		556,704
Fund shares redeemed		54,704
Management fees		16,196
Transfer agent and administrative fees		5,125
Distribution and service fees		2,014
Portfolio accounting fees		1,905
Trustees’ fees*		342
Miscellaneous		27,805
Total liabilities		664,795
Commitments and contingent liabilities (Note 9)		—
Net assets	$	20,131,646
Net assets consist of:
Paid in capital	$	11,762,439
Total distributable earnings (loss)		8,369,207
Net assets	$	20,131,646
Investor Class:
Net assets	$	13,113,156
Capital shares outstanding		134,995
Net asset value per share	$	97.14
A-Class:
Net assets	$	4,066,451
Capital shares outstanding		46,008
Net asset value per share	$	88.39
Maximum offering price per share (Net asset value divided by 95.25%)	$	92.80
C-Class:
Net assets	$	823,210
Capital shares outstanding		10,744
Net asset value per share	$	76.62
H-Class:
Net assets	$	2,128,829
Capital shares outstanding		24,802
Net asset value per share	$	85.83

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $1,427)	$	127,530
Interest		24
Income from securities lending, net		2,344
Total investment income		129,898
Expenses:
Management fees		126,652
Distribution and service fees:
A-Class		5,415
C-Class		4,474
H-Class		3,859
Transfer agent and administrative fees		42,770
Portfolio accounting fees		14,900
Professional fees		11,566
Trustees’ fees*		3,637
Custodian fees		2,077
Miscellaneous		194
Total expenses		215,544
Net investment loss		(85,646	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,840,301
Net realized gain		1,840,301
Net change in unrealized appreciation (depreciation) on:
Investments		(2,591,751	)
Net change in unrealized appreciation (depreciation)		(2,591,751	)
Net realized and unrealized loss		(751,450	)
Net decrease in net assets resulting from operations	$	(837,096	)

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(85,646	)	$	(92,755	)
Net realized gain on investments		1,840,301			1,161,961
Net change in unrealized appreciation (depreciation) on investments		(2,591,751	)		9,340,921
Net increase (decrease) in net assets resulting from operations		(837,096	)		10,410,127
Capital share transactions:
Proceeds from sale of shares
Investor Class		19,994,828			59,053,794
A-Class		1,448,029			3,714,091
C-Class		49,100			440,559
H-Class		460,322			5,697,588
Cost of shares redeemed
Investor Class		(47,228,447	)		(28,790,117	)
A-Class		(1,496,981	)		(1,430,431	)
C-Class		(132,137	)		(322,704	)
H-Class		(4,947,941	)		(980,605	)
Net increase (decrease) from capital share transactions		(31,853,227	)		37,382,175
Net increase (decrease) in net assets		(32,690,323	)		47,792,302
Net assets:
Beginning of period		52,821,969			5,029,667
End of period	$	20,131,646		$	52,821,969
Capital share activity:
Shares sold
Investor Class		194,406			743,762
A-Class		15,484			48,208
C-Class		612			7,182
H-Class		5,074			67,082
Shares redeemed
Investor Class		(465,539	)		(391,183	)
A-Class		(16,136	)		(18,411	)
C-Class		(1,637	)		(4,799	)
H-Class		(54,117	)		(14,000	)
Net increase (decrease) in shares		(321,853	)		437,841

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	100.94		$	53.01		$	68.98		$	71.23		$	70.95		$	61.36
Income (loss) from investment operations:
Net investment income (loss)b		(.25	)		(.34	)		.08			.32			.36			.52
Net gain (loss) on investments (realized and unrealized)		(3.55	)		48.27			(15.86	)		2.18			4.48			9.38
Total from investment operations		(3.80	)		47.93			(15.78	)		2.50			4.84			9.90
Less distributions from:
Net investment income		—			—			(.19	)		(.52	)		(1.64	)		(.31	)
Net realized gains		—			—			—			(4.23	)		(2.92	)		—
Total distributions		—			—			(.19	)		(4.75	)		(4.56	)		(.31	)
Net asset value, end of period	$	97.14		$	100.94		$	53.01		$	68.98		$	71.23		$	70.95
Total Return		(3.76	%)		90.42	%		(22.96	%)		4.06	%		6.71	%		16.20	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,113		$	40,995		$	2,839		$	11,739		$	14,625		$	14,413
Ratios to average net assets:
Net investment income (loss)		(0.49	%)		(0.39	%)		0.11	%		0.45	%		0.49	%		0.81	%
Total expenses		1.35	%		1.41	%		1.48	%		1.46	%		1.38	%		1.38	%
Portfolio turnover rate		65	%		144	%		369	%		323	%		442	%		352	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	91.96		$	48.41		$	63.17		$	65.82		$	66.03		$	57.27
Income (loss) from investment operations:
Net investment income (loss)b		(.31	)		(.41	)		.01			.11			.17			.23
Net gain (loss) on investments (realized and unrealized)		(3.26	)		43.96			(14.58	)		1.99			4.18			8.84
Total from investment operations		(3.57	)		43.55			(14.57	)		2.10			4.35			9.07
Less distributions from:
Net investment income		—			—			(.19	)		(.52	)		(1.64	)		(.31	)
Net realized gains		—			—			—			(4.23	)		(2.92	)		—
Total distributions		—			—			(.19	)		(4.75	)		(4.56	)		(.31	)
Net asset value, end of period	$	88.39		$	91.96		$	48.41		$	63.17		$	65.82		$	66.03
Total Returnc		(3.88	%)		89.96	%		(23.15	%)		3.79	%		6.46	%		15.91	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,066		$	4,291		$	816		$	1,192		$	3,371		$	2,180
Ratios to average net assets:
Net investment income (loss)		(0.67	%)		(0.56	%)		0.02	%		0.17	%		0.24	%		0.40	%
Total expenses		1.60	%		1.68	%		1.73	%		1.71	%		1.63	%		1.62	%
Portfolio turnover rate		65	%		144	%		369	%		323	%		442	%		352	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 93

LEISURE FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	80.01		$	42.44		$	55.82		$	59.16		$	60.23		$	52.65
Income (loss) from investment operations:
Net investment income (loss)b		(.58	)		(.87	)		(.42	)		(.32	)		(.36	)		(.18	)
Net gain (loss) on investments (realized and unrealized)		(2.81	)		38.44			(12.77	)		1.73			3.85			8.07
Total from investment operations		(3.39	)		37.57			(13.19	)		1.41			3.49			7.89
Less distributions from:
Net investment income		—			—			(.19	)		(.52	)		(1.64	)		(.31	)
Net realized gains		—			—			—			(4.23	)		(2.92	)		—
Total distributions		—			—			(.19	)		(4.75	)		(4.56	)		(.31	)
Net asset value, end of period	$	76.62		$	80.01		$	42.44		$	55.82		$	59.16		$	60.23
Total Returnc		(4.24	%)		88.52	%		(23.73	%)		3.03	%		5.66	%		15.05	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	823		$	942		$	398		$	798		$	1,311		$	1,327
Ratios to average net assets:
Net investment income (loss)		(1.43	%)		(1.36	%)		(0.74	%)		(0.56	%)		(0.58	%)		(0.33	%)
Total expenses		2.35	%		2.44	%		2.48	%		2.46	%		2.38	%		2.37	%
Portfolio turnover rate		65	%		144	%		369	%		323	%		442	%		352	%

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

LEISURE FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	89.30		$	47.01		$	61.36		$	64.06		$	64.38		$	55.85
Income (loss) from investment operations:
Net investment income (loss)b		(.35	)		(.40	)		(.01	)		(.29	)		.07			.20
Net gain (loss) on investments (realized and unrealized)		(3.12	)		42.69			(14.15	)		2.34			4.17			8.64
Total from investment operations		(3.47	)		42.29			(14.16	)		2.05			4.24			8.84
Less distributions from:
Net investment income		—			—			(.19	)		(.52	)		(1.64	)		(.31	)
Net realized gains		—			—			—			(4.23	)		(2.92	)		—
Total distributions		—			—			(.19	)		(4.75	)		(4.56	)		(.31	)
Net asset value, end of period	$	85.83		$	89.30		$	47.01		$	61.36		$	64.06		$	64.38
Total Return		(3.89	%)		89.96	%		(23.17	%)		3.81	%		6.45	%		15.90	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,129		$	6,594		$	976		$	1,055		$	1,910		$	3,769
Ratios to average net assets:
Net investment income (loss)		(0.78	%)		(0.55	%)		(0.01	%)		(0.45	%)		0.10	%		0.34	%
Total expenses		1.60	%		1.68	%		1.72	%		1.69	%		1.63	%		1.63	%
Portfolio turnover rate		65	%		144	%		369	%		323	%		442	%		352	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 95

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

PRECIOUS METALS FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in U.S. and foreign companies that are involved in the precious metals sector, including exploration, mining, production and development, and other precious metals related services (“Precious Metals Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	December 1, 1993
A-Class	September 1, 2004
C-Class	April 27, 2001
H-Class	August 1, 2003

Ten Largest Holdings (% of Total Net Assets)
Freeport-McMoRan, Inc.	8.1%
Newmont Corp.	7.8%
Barrick Gold Corp.	6.7%
Franco-Nevada Corp.	5.7%
Wheaton Precious Metals Corp.	4.7%
Agnico Eagle Mines Ltd.	4.2%
Kirkland Lake Gold Ltd.	4.0%
VanEck Vectors Junior Gold Miners ETF	3.9%
Sibanye Stillwater Ltd. ADR	3.6%
Gold Fields Ltd. ADR	3.2%
Top Ten Total	51.9%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(11.78%)	(18.83%)	4.07%	(3.40%)
A-Class Shares	(11.88%)	(19.03%)	3.81%	(3.65%)
A-Class Shares with sales charge‡	(16.08%)	(22.88%)	2.81%	(4.12%)
C-Class Shares	(12.22%)	(19.64%)	3.03%	(4.36%)
C-Class Shares with CDSC§	(13.10%)	(20.43%)	3.03%	(4.36%)
H-Class Shares**	(11.88%)	(19.03%)	3.79%	(3.75%)
S&P 500 Materials Index	1.29%	26.48%	12.95%	12.83%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. The S&P 500 Index and 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.

96 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
PRECIOUS METALS FUND

	Shares		Value
COMMON STOCKS† - 95.4%
Mining - 95.4%
Freeport-McMoRan, Inc.		254,478	$	8,278,169
Newmont Corp.		145,963		7,925,791
Barrick Gold Corp.		377,775		6,818,839
Franco-Nevada Corp.		44,871		5,829,192
Wheaton Precious Metals Corp.1		128,227		4,818,771
Agnico Eagle Mines Ltd.		82,078		4,255,744
Kirkland Lake Gold Ltd.		97,946		4,073,574
Sibanye Stillwater Ltd. ADR		296,690		3,661,155
Gold Fields Ltd. ADR		408,700		3,318,644
AngloGold Ashanti Ltd. ADR		205,722		3,289,495
Kinross Gold Corp.		589,315		3,158,728
Royal Gold, Inc.		30,502		2,912,636
Pan American Silver Corp.		112,970		2,628,812
Yamana Gold, Inc.		592,493		2,346,272
B2Gold Corp.1		656,760		2,246,119
SSR Mining, Inc.1		146,935		2,137,904
Hecla Mining Co.		386,074		2,123,407
First Majestic Silver Corp.1		180,267		2,037,017
Alamos Gold, Inc. — Class A		281,645		2,027,844
Novagold Resources, Inc.*		265,523		1,826,798
Harmony Gold Mining Company Ltd. ADR1		542,638		1,709,310
Equinox Gold Corp.*,1		253,613		1,673,846
Pretium Resources, Inc.*		167,217		1,611,972
Coeur Mining, Inc.*		260,529		1,607,464
Osisko Gold Royalties Ltd.		142,881		1,604,554
MAG Silver Corp.*		90,756		1,470,247
Eldorado Gold Corp.*		183,002		1,414,606
Fortuna Silver Mines, Inc.*,1		326,653		1,283,746
IAMGOLD Corp.*		554,347		1,252,824
Sandstorm Gold Ltd.*		215,203		1,239,569
Seabridge Gold, Inc.*		79,322		1,225,525
SilverCrest Metals, Inc.*		170,501		1,190,097
Gatos Silver, Inc.*		89,405		1,039,780
Endeavour Silver Corp.*		249,686		1,021,216
New Gold, Inc.*		924,690		980,171
Silvercorp Metals, Inc.		253,666		966,468
Gold Resource Corp.1		249,105		391,095
Total Mining				97,397,401
Total Common Stocks
(Cost $69,902,908)				97,397,401
EXCHANGE-TRADED FUNDS† - 3.9%
VanEck Vectors Junior Gold Miners ETF		104,989		4,025,278
Total Exchange-Traded Funds
(Cost $3,550,201)				4,025,278
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	393,836		393,836
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		153,025		153,025
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		153,025		153,025
Total Repurchase Agreements
(Cost $699,886)				699,886
	Shares
SECURITIES LENDING COLLATERAL†,3 - 6.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		6,550,418		6,550,418
Total Securities Lending Collateral
(Cost $6,550,418)				6,550,418
Total Investments - 106.4%
(Cost $80,703,413)			$	108,672,983
Other Assets & Liabilities, net - (6.4)%				(6,515,366	)
Total Net Assets - 100.0%			$	102,157,617

*	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, 2021 — 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, 2021.
	ADR — American Depositary Receipt
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 97

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
PRECIOUS METALS FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	97,397,401	$	—	$	—	$	97,397,401
Exchange-Traded Funds		4,025,278		—		—		4,025,278
Repurchase Agreements		—		699,886		—		699,886
Securities Lending Collateral		6,550,418		—		—		6,550,418
Total Assets	$	107,973,097	$	699,886	$	—	$	108,672,983

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

PRECIOUS METALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $6,401,203 of securities loaned (cost $80,003,527)	$	107,973,097
Repurchase agreements, at value (cost $699,886)		699,886
Cash		198,265
Receivables:
Fund shares sold		1,139,704
Securities sold		98,963
Dividends		45,210
Foreign tax reclaims		15,390
Securities lending income		4,755
Total assets		110,175,270
Liabilities:
Payable for:
Return of securities lending collateral		6,550,418
Fund shares redeemed		996,165
Deferred foreign capital gain taxes		276,532
Management fees		68,223
Transfer agent and administrative fees		24,469
Portfolio accounting fees		9,096
Distribution and service fees		4,195
Trustees’ fees*		1,067
Miscellaneous		87,488
Total liabilities		8,017,653
Commitments and contingent liabilities (Note 9)		—
Net assets	$	102,157,617
Net assets consist of:
Paid in capital	$	135,854,688
Total distributable earnings (loss)		(33,697,071	)
Net assets	$	102,157,617
Investor Class:
Net assets	$	88,220,437
Capital shares outstanding		2,261,236
Net asset value per share	$	39.01
A-Class:
Net assets	$	9,606,755
Capital shares outstanding		260,685
Net asset value per share	$	36.85
Maximum offering price per share (Net asset value divided by 95.25%)	$	38.69
C-Class:
Net assets	$	1,719,223
Capital shares outstanding		56,178
Net asset value per share	$	30.60
H-Class:
Net assets	$	2,611,202
Capital shares outstanding		73,333
Net asset value per share	$	35.61

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $117,270)	$	984,010
Interest		138
Income from securities lending, net		12,050
Total investment income		996,198
Expenses:
Management fees		456,444
Distribution and service fees:
A-Class		15,953
C-Class		10,474
H-Class		3,877
Transfer agent and administrative fees		170,798
Portfolio accounting fees		60,859
Professional fees		20,653
Trustees’ fees*		8,715
Custodian fees		7,966
Miscellaneous		38,085
Total expenses		793,824
Net investment income		202,374
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2,786,985	)
Foreign currency transactions		(1	)
Net realized loss		(2,786,986	)
Net change in unrealized appreciation (depreciation) on:
Investments		(11,650,484	)
Net change in unrealized appreciation (depreciation)		(11,650,484	)
Net realized and unrealized loss		(14,437,470	)
Net decrease in net assets resulting from operations	$	(14,235,096	)

* 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 | 99

PRECIOUS METALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	202,374		$	(236,377	)
Net realized gain (loss) on investments		(2,786,986	)		6,223,636
Net change in unrealized appreciation (depreciation) on investments		(11,650,484	)		30,242,553
Net increase (decrease) in net assets resulting from operations		(14,235,096	)		36,229,812
Distributions to shareholders:
Investor Class		—			(1,200,774	)
A-Class		—			(206,906	)
C-Class		—			(35,529	)
H-Class		—			(36,834	)
Total distributions to shareholders		—			(1,480,043	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		105,521,189			482,894,542
A-Class		3,434,576			6,970,513
C-Class		883,462			3,134,511
H-Class		1,607,533			6,011,134
Distributions reinvested
Investor Class		—			1,180,105
A-Class		—			203,578
C-Class		—			35,407
H-Class		—			36,758
Cost of shares redeemed
Investor Class		(91,504,479	)		(467,241,477	)
A-Class		(12,073,618	)		(9,178,031	)
C-Class		(1,000,347	)		(3,852,490	)
H-Class		(1,164,233	)		(6,727,483	)
Net increase from capital share transactions		5,704,083			13,467,067
Net increase (decrease) in net assets		(8,531,013	)		48,216,836
Net assets:
Beginning of period		110,688,630			62,471,794
End of period	$	102,157,617		$	110,688,630
Capital share activity:
Shares sold
Investor Class		2,289,395			10,711,760
A-Class		77,010			163,822
C-Class		23,391			86,046
H-Class		35,533			152,479
Shares issued from reinvestment of distributions
Investor Class		—			25,806
A-Class		—			4,704
C-Class		—			979
H-Class		—			879
Shares redeemed
Investor Class		(1,999,645	)		(10,507,387	)
A-Class		(265,927	)		(228,144	)
C-Class		(27,065	)		(106,823	)
H-Class		(27,235	)		(163,616	)
Net increase in shares		105,457			140,505

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

PRECIOUS METALS FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	44.22		$	26.50		$	26.14		$	27.07		$	30.82		$	27.37
Income (loss) from investment operations:
Net investment income (loss)b		.09			(.06	)		(.12	)		(.12	)		(.17	)		(.23	)
Net gain (loss) on investments (realized and unrealized)		(5.30	)		18.28			1.23	e		(.48	)		(1.96	)		4.85
Total from investment operations		(5.21	)		18.22			1.11			(.60	)		(2.13	)		4.62
Less distributions from:
Net investment income		—			(.50	)		(.75	)		(.33	)		(1.62	)		(1.17	)
Total distributions		—			(.50	)		(.75	)		(.33	)		(1.62	)		(1.17	)
Net asset value, end of period	$	39.01		$	44.22		$	26.50		$	26.14		$	27.07		$	30.82
Total Return		(11.78	%)		68.71	%		3.65	%		(2.08	%)		(6.98	%)		16.91	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	88,220		$	87,174		$	46,153		$	33,724		$	33,968		$	43,530
Ratios to average net assets:
Net investment income (loss)		0.40	%		(0.13	%)		(0.40	%)		(0.47	%)		(0.57	%)		(0.67	%)
Total expensesc		1.25	%		1.34	%		1.38	%		1.39	%		1.28	%		1.27	%
Portfolio turnover rate		37	%		281	%		277	%		571	%		630	%		508	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	41.82		$	25.14		$	24.89		$	25.85		$	29.59		$	26.39
Income (loss) from investment operations:
Net investment income (loss)b		—			(.17	)		(.19	)		(.17	)		(.22	)		(.27	)
Net gain (loss) on investments (realized and unrealized)		(4.97	)		17.35			1.19	e		(.46	)		(1.90	)		4.64
Total from investment operations		(4.97	)		17.18			1.00			(.63	)		(2.12	)		4.37
Less distributions from:
Net investment income		—			(.50	)		(.75	)		(.33	)		(1.62	)		(1.17	)
Total distributions		—			(.50	)		(.75	)		(.33	)		(1.62	)		(1.17	)
Net asset value, end of period	$	36.85		$	41.82		$	25.14		$	24.89		$	25.85		$	29.59
Total Returnd		(11.88	%)		68.28	%		3.39	%		(2.30	%)		(7.24	%)		16.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,607		$	18,801		$	12,803		$	14,222		$	12,781		$	12,085
Ratios to average net assets:
Net investment income (loss)		(0.01	%)		(0.41	%)		(0.67	%)		(0.73	%)		(0.79	%)		(0.82	%)
Total expensesc		1.50	%		1.59	%		1.63	%		1.64	%		1.53	%		1.52	%
Portfolio turnover rate		37	%		281	%		277	%		571	%		630	%		508	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 101

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	34.86		$	21.16		$	21.19		$	22.24		$	25.89		$	23.38
Income (loss) from investment operations:
Net investment income (loss)b		(.12	)		(.43	)		(.35	)		(.32	)		(.39	)		(.46	)
Net gain (loss) on investments (realized and unrealized)		(4.14	)		14.63			1.07	e		(.40	)		(1.64	)		4.14
Total from investment operations		(4.26	)		14.20			.72			(.72	)		(2.03	)		3.68
Less distributions from:
Net investment income		—			(.50	)		(.75	)		(.33	)		(1.62	)		(1.17	)
Total distributions		—			(.50	)		(.75	)		(.33	)		(1.62	)		(1.17	)
Net asset value, end of period	$	30.60		$	34.86		$	21.16		$	21.19		$	22.24		$	25.89
Total Returnd		(12.22	%)		67.04	%		2.65	%		(3.08	%)		(7.95	%)		15.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,719		$	2,086		$	1,686		$	2,412		$	6,697		$	7,607
Ratios to average net assets:
Net investment income (loss)		(0.64	%)		(1.20	%)		(1.41	%)		(1.53	%)		(1.56	%)		(1.59	%)
Total expensesc		2.25	%		2.35	%		2.38	%		2.37	%		2.28	%		2.27	%
Portfolio turnover rate		37	%		281	%		277	%		571	%		630	%		508	%

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

PRECIOUS METALS FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	40.41		$	24.30		$	24.06		$	25.02		$	28.73		$	25.64
Income (loss) from investment operations:
Net investment income (loss)b		.03			(.25	)		(.22	)		(.18	)		(.25	)		(.31	)
Net gain (loss) on investments (realized and unrealized)		(4.83	)		16.86			1.21	e		(.45	)		(1.84	)		4.57
Total from investment operations		(4.80	)		16.61			.99			(.63	)		(2.09	)		4.26
Less distributions from:
Net investment income		—			(.50	)		(.75	)		(.33	)		(1.62	)		(1.17	)
Total distributions		—			(.50	)		(.75	)		(.33	)		(1.62	)		(1.17	)
Net asset value, end of period	$	35.61		$	40.41		$	24.30		$	24.06		$	25.02		$	28.73
Total Return		(11.88	%)		68.30	%		3.46	%		(2.33	%)		(7.36	%)		16.65	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,611		$	2,628		$	1,830		$	2,630		$	2,239		$	2,954
Ratios to average net assets:
Net investment income (loss)		0.14	%		(0.59	%)		(0.78	%)		(0.78	%)		(0.92	%)		(0.94	%)
Total expensesc		1.50	%		1.60	%		1.63	%		1.63	%		1.53	%		1.52	%
Portfolio turnover rate		37	%		281	%		277	%		571	%		630	%		508	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the year because of the sales and repurchase of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 103

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

REAL ESTATE FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that are involved in the real estate industry, including real estate investment trusts (“REITs”) (collectively, “Real Estate Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings (% of Total Net Assets)
American Tower Corp. — Class A	3.0%
Prologis, Inc.	2.7%
Crown Castle International Corp.	2.4%
Equinix, Inc.	2.4%
Public Storage	2.0%
Simon Property Group, Inc.	1.9%
Digital Realty Trust, Inc.	1.8%
SBA Communications Corp.	1.7%
Welltower, Inc.	1.7%
CBRE Group, Inc. — Class A	1.7%
Top Ten Total	21.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A Class Shares	9.64%	37.65%	6.24%	9.30%
A Class Shares with sales charge‡	4.43%	31.11%	5.21%	8.77%
C Class Shares	10.05%	37.63%	5.60%	8.56%
C Class Shares with CDSC§	9.05%	36.63%	5.60%	8.56%
H Class Shares	9.64%	37.68%	6.26%	9.30%
MSCI U.S. REIT Index	13.09%	37.16%	6.84%	11.22%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. The S&P 500 Index and MSCI U.S. REIT Index are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

104 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 99.4%
REITs - 92.5%
REITs-Diversified - 25.6%
American Tower Corp. — Class A		1,453	$	385,641
Crown Castle International Corp.		1,772		307,123
Equinix, Inc.		379		299,459
Digital Realty Trust, Inc.		1,617		233,576
SBA Communications Corp.		650		214,870
Weyerhaeuser Co.		5,352		190,371
VICI Properties, Inc.		5,631		159,977
Duke Realty Corp.		3,198		153,088
WP Carey, Inc.		1,842		134,540
Lamar Advertising Co. — Class A		1,108		125,703
Gaming and Leisure Properties, Inc.		2,572		119,135
Vornado Realty Trust		2,488		104,521
CoreSite Realty Corp.		675		93,514
National Storage Affiliates Trust		1,695		89,479
New Residential Investment Corp.		7,596		83,556
Rayonier, Inc.		2,283		81,457
PS Business Parks, Inc.		488		76,489
Outfront Media, Inc.		2,899		73,055
EPR Properties		1,432		70,712
Broadstone Net Lease, Inc.		2,845		70,584
PotlatchDeltic Corp.		1,336		68,911
Uniti Group, Inc.		5,033		62,258
National Health Investors, Inc.		1,034		55,319
Total REITs-Diversified				3,253,338
REITs-Apartments - 11.9%
AvalonBay Communities, Inc.		926		205,239
Equity Residential		2,504		202,624
Mid-America Apartment Communities, Inc.		911		170,129
Invitation Homes, Inc.		4,418		169,342
Essex Property Trust, Inc.		521		166,585
UDR, Inc.		2,749		145,642
Camden Property Trust		958		141,276
American Homes 4 Rent — Class A		3,308		126,101
Apartment Income REIT Corp.		2,079		101,476
American Campus Communities, Inc.		1,950		94,477
Total REITs-Apartments				1,522,891
REITs-Office Property - 10.6%
Alexandria Real Estate Equities, Inc.		1,024		195,656
Boston Properties, Inc.		1,380		149,523
VEREIT, Inc.		2,546		115,156
Kilroy Realty Corp.		1,550		102,625
Cousins Properties, Inc.		2,324		86,662
Douglas Emmett, Inc.		2,695		85,189
SL Green Realty Corp.		1,155		81,820
Highwoods Properties, Inc.		1,774		77,808
Hudson Pacific Properties, Inc.		2,791		73,320
JBG SMITH Properties		2,438		72,189
Lexington Realty Trust		5,330		67,957
Equity Commonwealth		2,559		66,483
Corporate Office Properties Trust		2,359		63,646
Brandywine Realty Trust		4,142		55,586
Piedmont Office Realty Trust, Inc. — Class A		3,117		54,329
Total REITs-Office Property				1,347,949
REITs-Warehouse/Industries - 8.5%
Prologis, Inc.		2,778		348,444
CyrusOne, Inc.		1,489		115,263
Rexford Industrial Realty, Inc.		1,762		99,993
First Industrial Realty Trust, Inc.		1,808		94,161
EastGroup Properties, Inc.		565		94,146
Americold Realty Trust		3,174		92,205
STAG Industrial, Inc.		2,337		91,727
Innovative Industrial Properties, Inc.		377		87,151
Terreno Realty Corp.		1,205		76,192
Total REITs-Warehouse/Industries				1,099,282
REITs-Health Care - 8.3%
Welltower, Inc.		2,568		211,603
Ventas, Inc.		2,984		164,747
Healthpeak Properties, Inc.		4,567		152,903
Medical Properties Trust, Inc.		6,267		125,779
Omega Healthcare Investors, Inc.		3,149		94,344
Healthcare Trust of America, Inc. — Class A		3,094		91,768
Healthcare Realty Trust, Inc.		2,521		75,075
Physicians Realty Trust		3,987		70,251
Sabra Health Care REIT, Inc.		4,351		64,047
Total REITs-Health Care				1,050,517
REITs-Storage - 6.1%
Public Storage		873		259,368
Extra Space Storage, Inc.		1,002		168,326
Iron Mountain, Inc.		2,983		129,611
CubeSmart		2,295		111,193
Life Storage, Inc.		949		108,888
Total REITs-Storage				777,386
REITs-Single Tenant - 4.8%
Realty Income Corp.		2,779		180,246
STORE Capital Corp.		3,254		104,226
National Retail Properties, Inc.		2,284		98,646
Spirit Realty Capital, Inc.		1,787		82,273
Agree Realty Corp.		1,147		75,966
Essential Properties Realty Trust, Inc.		2,307		64,411
Total REITs-Single Tenant				605,768
REITs-Hotels - 4.7%
Host Hotels & Resorts, Inc.*		7,710		125,904
MGM Growth Properties LLC — Class A		3,004		115,053
Ryman Hospitality Properties, Inc.*		953		79,766
Park Hotels & Resorts, Inc.*		4,033		77,192
Apple Hospitality REIT, Inc.		4,496		70,722
Pebblebrook Hotel Trust		2,832		63,465
Sunstone Hotel Investors, Inc.*		5,003		59,736
Total REITs-Hotels				591,838

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 105

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
REAL ESTATE FUND

	Shares		Value
REITs-Shopping Centers - 4.5%
Kimco Realty Corp.		6,106	$	126,699
Regency Centers Corp.		1,826		122,945
Federal Realty Investment Trust		935		110,321
Brixmor Property Group, Inc.		4,126		91,226
SITE Centers Corp.		4,204		64,910
Retail Opportunity Investments Corp.		3,055		53,218
Total REITs-Shopping Centers				569,319
REITs-Mortgage - 2.7%
AGNC Investment Corp.		6,664		105,091
Starwood Property Trust, Inc.		3,958		96,615
Blackstone Mortgage Trust, Inc. — Class A		2,618		79,378
Chimera Investment Corp.		4,576		67,954
Total REITs-Mortgage				349,038
REITs-Regional Malls - 2.4%
Simon Property Group, Inc.		1,826		237,325
Macerich Co.		4,015		67,091
Total REITs-Regional Malls				304,416
REITs-Manufactured Homes - 2.4%
Sun Communities, Inc.		891		164,924
Equity LifeStyle Properties, Inc.		1,736		135,582
Total REITs-Manufactured Homes				300,506
Total REITs				11,772,248
Real Estate - 4.7%
Real Estate Management/Services - 4.1%
CBRE Group, Inc. — Class A*		2,162		210,492
Jones Lang LaSalle, Inc.*		530		131,488
Redfin Corp.*		1,736		86,974
eXp World Holdings, Inc.		2,122		84,392
Total Real Estate Management/Services				513,346
Real Estate Operations/Development - 0.6%
Howard Hughes Corp.*		916		80,434
Total Real Estate				593,780
Internet - 1.6%
E-Commerce/Services - 1.6%
Opendoor Technologies, Inc.*		10,019		205,690
Diversified Financial Services - 0.6%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		1,390		74,337
Total Common Stocks
(Cost $10,042,760)				12,646,055
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.2%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	13,877		13,877
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		5,392		5,392
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		5,392		5,392
Total Repurchase Agreements
(Cost $24,661)				24,661
Total Investments - 99.6%
(Cost $10,067,421)			$	12,670,716
Other Assets & Liabilities, net - 0.4%				56,807
Total Net Assets - 100.0%			$	12,727,523

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

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	12,646,055	$	—	$	—	$	12,646,055
Repurchase Agreements		—		24,661		—		24,661
Total Assets	$	12,646,055	$	24,661	$	—	$	12,670,716

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

REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value (cost $10,042,760)	$	12,646,055
Repurchase agreements, at value (cost $24,661)		24,661
Receivables:
Fund shares sold		74,107
Dividends		53,849
Total assets		12,798,672
Liabilities:
Overdraft due to custodian bank		1,614
Payable for:
Fund shares redeemed		32,619
Management fees		14,016
Transfer agent and administrative fees		4,436
Distribution and service fees		4,391
Portfolio accounting fees		1,649
Trustees’ fees*		149
Miscellaneous		12,275
Total liabilities		71,149
Commitments and contingent liabilities (Note 9)		—
Net assets	$	12,727,523
Net assets consist of:
Paid in capital	$	17,246,189
Total distributable earnings (loss)		(4,518,666	)
Net assets	$	12,727,523
A-Class:
Net assets	$	1,237,290
Capital shares outstanding		27,610
Net asset value per share	$	44.81
Maximum offering price per share (Net asset value divided by 95.25%)	$	47.04
C-Class:
Net assets	$	399,544
Capital shares outstanding		10,542
Net asset value per share	$	37.90
H-Class:
Net assets	$	11,090,689
Capital shares outstanding		248,045
Net asset value per share	$	44.71

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $90)	$	201,315
Interest		15
Income from securities lending, net		46
Total investment income		201,376
Expenses:
Management fees		77,116
Distribution and service fees:
A-Class		1,681
C-Class		1,695
H-Class		20,577
Transfer agent and administrative fees		25,273
Portfolio accounting fees		9,072
Professional fees		5,002
Custodian fees		1,163
Trustees’ fees*		1,009
Miscellaneous		4,386
Total expenses		146,974
Net investment income		54,402
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		52,512
Net realized gain		52,512
Net change in unrealized appreciation (depreciation) on:
Investments		1,104,432
Net change in unrealized appreciation (depreciation)		1,104,432
Net realized and unrealized gain		1,156,944
Net increase in net assets resulting from operations	$	1,211,346

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 107

REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	54,402		$	30,821
Net realized gain (loss) on investments		52,512			(748,419	)
Net change in unrealized appreciation (depreciation) on investments		1,104,432			1,922,770
Net increase in net assets resulting from operations		1,211,346			1,205,172
Distributions to shareholders:
A-Class		—			(50,366	)
C-Class		—			(24,613	)
H-Class		—			(186,432	)
Total distributions to shareholders		—			(261,411	)
Capital share transactions:
Proceeds from sale of shares
A-Class		656,794			504,083
C-Class		1,102,103			967,844
H-Class		40,535,636			34,310,786
Distributions reinvested
A-Class		—			48,806
C-Class		—			24,496
H-Class		—			174,245
Cost of shares redeemed
A-Class		(569,857	)		(499,509	)
C-Class		(916,513	)		(1,309,690	)
H-Class		(41,442,086	)		(26,510,129	)
Net increase (decrease) from capital share transactions		(633,923	)		7,710,932
Net increase in net assets		577,423			8,654,693
Net assets:
Beginning of period		12,150,100			3,495,407
End of period	$	12,727,523		$	12,150,100
Capital share activity:
Shares sold
A-Class		14,432			12,731
C-Class		29,043			30,808
H-Class		905,873			917,563
Shares issued from reinvestment of distributions
A-Class		—			1,334
C-Class		—			793
H-Class		—			4,775
Shares redeemed
A-Class		(12,491	)		(13,846	)
C-Class		(24,146	)		(42,183	)
H-Class		(925,288	)		(729,458	)
Net increase (decrease) in shares		(12,577	)		182,517

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	40.87		$	30.70		$	41.24		$	35.92		$	37.55		$	37.31
Income (loss) from investment operations:
Net investment income (loss)b		.14			.32			.56			.46			.65			.34
Net gain (loss) on investments (realized and unrealized)		3.80			13.33			(10.37	)		5.12	d		(2.08	)		2.15
Total from investment operations		3.94			13.65			(9.81	)		5.58			(1.43	)		2.49
Less distributions from:
Net investment income		—			(3.48	)		(.73	)		(.26	)		(.20	)		(2.25	)
Total distributions		—			(3.48	)		(.73	)		(.26	)		(.20	)		(2.25	)
Net asset value, end of period	$	44.81		$	40.87		$	30.70		$	41.24		$	35.92		$	37.55
Total Returnc		9.64	%		45.79	%		(24.28	%)		15.58	%		(3.85	%)		7.17	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,237		$	1,049		$	781		$	658		$	486		$	1,762
Ratios to average net assets:
Net investment income (loss)		0.61	%		0.87	%		1.33	%		1.18	%		1.69	%		0.89	%
Total expenses		1.61	%		1.70	%		1.72	%		1.72	%		1.63	%		1.63	%
Portfolio turnover rate		224	%		499	%		539	%		877	%		1,010	%		1,060	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	34.44		$	26.48		$	35.94		$	31.57		$	33.28		$	33.56
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		(.03	)		.26			.31			.29			.19
Net gain (loss) on investments (realized and unrealized)		3.51			11.47			(8.99	)		4.32	d		(1.80	)		1.78
Total from investment operations		3.46			11.44			(8.73	)		4.63			(1.51	)		1.97
Less distributions from:
Net investment income		—			(3.48	)		(.73	)		(.26	)		(.20	)		(2.25	)
Total distributions		—			(3.48	)		(.73	)		(.26	)		(.20	)		(2.25	)
Net asset value, end of period	$	37.90		$	34.44		$	26.48		$	35.94		$	31.57		$	33.28
Total Returnc		10.05	%		44.71	%		(24.86	%)		14.72	%		(4.56	%)		6.37	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	400		$	194		$	430		$	702		$	993		$	999
Ratios to average net assets:
Net investment income (loss)		(0.27	%)		(0.09	%)		0.71	%		0.94	%		0.86	%		0.56	%
Total expenses		2.36	%		2.45	%		2.47	%		2.46	%		2.38	%		2.38	%
Portfolio turnover rate		224	%		499	%		539	%		877	%		1,010	%		1,060	%

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	40.78		$	30.63		$	41.14		$	35.82		$	37.45		$	37.21
Income (loss) from investment operations:
Net investment income (loss)b		.14			.23			.55			.65			.92			.27
Net gain (loss) on investments (realized and unrealized)		3.79			13.40			(10.33	)		4.93	d		(2.35	)		2.22
Total from investment operations		3.93			13.63			(9.78	)		5.58			(1.43	)		2.49
Less distributions from:
Net investment income		—			(3.48	)		(.73	)		(.26	)		(.20	)		(2.25	)
Total distributions		—			(3.48	)		(.73	)		(.26	)		(.20	)		(2.25	)
Net asset value, end of period	$	44.71		$	40.78		$	30.63		$	41.14		$	35.82		$	37.45
Total Return		9.64	%		45.83	%		(24.27	%)		15.63	%		(3.86	%)		7.18	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,091		$	10,907		$	2,284		$	18,436		$	8,800		$	6,322
Ratios to average net assets:
Net investment income (loss)		0.62	%		0.61	%		1.30	%		1.69	%		2.43	%		0.70	%
Total expenses		1.61	%		1.66	%		1.72	%		1.71	%		1.63	%		1.62	%
Portfolio turnover rate		224	%		499	%		539	%		877	%		1,010	%		1,060	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	The amount shown for a share outstanding throughout the period does not accord with the aggregate net losses on investments for the year because of the sales and repurchase of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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.	11.1%
Walmart, Inc.	5.4%
Home Depot, Inc.	5.1%
Costco Wholesale Corp.	3.9%
Lowe’s Companies, Inc.	3.3%
Target Corp.	2.8%
Booking Holdings, Inc.	2.8%
TJX Companies, Inc.	2.4%
Alibaba Group Holding Ltd. ADR	2.3%
DoorDash, Inc. — Class A	2.2%
Top Ten Total	41.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(0.54%)	24.89%	16.62%	15.28%
A-Class Shares	(0.69%)	24.55%	16.34%	15.01%
A-Class Shares with sales charge‡	(5.40%)	18.62%	15.22%	14.45%
C-Class Shares	(1.05%)	23.62%	15.45%	14.13%
C-Class Shares with CDSC§	(2.04%)	22.62%	15.45%	14.13%
H-Class Shares**	(0.71%)	24.51%	16.34%	14.92%
S&P 500 Consumer Discretionary Index	6.95%	19.15%	19.00%	19.54%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 111

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
RETAILING FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Retail - 58.6%
Walmart, Inc.		6,751	$	940,954
Home Depot, Inc.		2,711		889,913
Costco Wholesale Corp.		1,508		677,620
Lowe’s Companies, Inc.		2,792		566,385
Target Corp.		2,159		493,915
TJX Companies, Inc.		6,306		416,070
Dollar General Corp.		1,572		333,484
O’Reilly Automotive, Inc.*		514		314,085
Walgreens Boots Alliance, Inc.		6,438		302,908
AutoZone, Inc.*		177		300,544
Ross Stores, Inc.		2,700		293,895
Best Buy Company, Inc.		2,297		242,816
Carvana Co.*		770		232,186
Dollar Tree, Inc.*		2,425		232,121
Tractor Supply Co.		1,125		227,936
CarMax, Inc.*		1,655		211,774
Ulta Beauty, Inc.*		575		207,529
Burlington Stores, Inc.*		727		206,155
Genuine Parts Co.		1,644		199,302
Bath & Body Works, Inc.		3,013		189,909
RH*		273		182,067
Advance Auto Parts, Inc.		843		176,094
Williams-Sonoma, Inc.		952		168,818
Floor & Decor Holdings, Inc. — Class A*		1,380		166,690
GameStop Corp. — Class A*,1		903		158,450
Dick’s Sporting Goods, Inc.		1,248		149,473
Five Below, Inc.*		843		149,051
Lithia Motors, Inc. — Class A		456		144,570
AutoNation, Inc.*		1,179		143,555
Gap, Inc.		5,921		134,407
BJ’s Wholesale Club Holdings, Inc.*		2,346		128,842
Macy’s, Inc.		5,617		126,944
Kohl’s Corp.		2,526		118,949
Murphy USA, Inc.		615		102,865
Victoria’s Secret & Co.*		1,835		101,402
Foot Locker, Inc.		2,201		100,498
American Eagle Outfitters, Inc.		3,799		98,014
Nordstrom, Inc.*		3,553		93,977
Ollie’s Bargain Outlet Holdings, Inc.*,1		1,483		89,395
Vroom, Inc.*		3,635		80,225
Big Lots, Inc.		1,271		55,111
Bed Bath & Beyond, Inc.*		3,165		54,675
Total Retail				10,203,573
Internet - 38.1%
Amazon.com, Inc.*		588		1,931,604
Booking Holdings, Inc.*		204		484,270
Alibaba Group Holding Ltd. ADR*		2,738		405,361
DoorDash, Inc. — Class A*		1,843		379,621
JD.com, Inc. ADR*		4,525		326,886
eBay, Inc.		4,545		316,650
Expedia Group, Inc.*		1,541		252,570
Chewy, Inc. — Class A*,1		3,601		245,264
MercadoLibre, Inc.*		143		240,154
Etsy, Inc.*		1,152		239,570
Wayfair, Inc. — Class A*		937		239,413
Trip.com Group Ltd. ADR*		7,564		232,593
Farfetch Ltd. — Class A*		5,040		188,899
Vipshop Holdings Ltd. ADR*		16,399		182,685
Coupang, Inc.*		6,484		180,579
Jumia Technologies AG ADR*,1		8,791		163,425
Fiverr International Ltd.*		863		157,653
Pinduoduo, Inc. ADR*		1,597		144,800
Stamps.com, Inc.*		365		120,373
Stitch Fix, Inc. — Class A*		2,655		106,067
Overstock.com, Inc.*		1,182		92,101
Total Internet				6,630,538
Distribution & Wholesale - 2.2%
Pool Corp.		456		198,091
LKQ Corp.*		3,655		183,919
Total Distribution & Wholesale				382,010
Apparel - 0.4%
Urban Outfitters, Inc.*		2,610		77,491
Electrical Components & Equipment - 0.3%
Blink Charging Co.*,1		1,828		52,299
Total Common Stocks
(Cost $10,933,356)				17,345,911
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	58,760		58,760
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		22,832		22,832
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		22,831		22,831
Total Repurchase Agreements
(Cost $104,423)				104,423
	Shares
SECURITIES LENDING COLLATERAL†,3 - 3.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		630,932		630,932
Total Securities Lending Collateral
(Cost $630,932)				630,932
Total Investments - 103.8%
(Cost $11,668,711)			$	18,081,266
Other Assets & Liabilities, net - (3.8)%				(665,261	)
Total Net Assets - 100.0%			$	17,416,005

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
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, 2021 — 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, 2021.
	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, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	17,345,911	$	—	$	—	$	17,345,911
Repurchase Agreements		—		104,423		—		104,423
Securities Lending Collateral		630,932		—		—		630,932
Total Assets	$	17,976,843	$	104,423	$	—	$	18,081,266

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 113

RETAILING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $619,147 of securities loaned (cost $11,564,288)	$	17,976,843
Repurchase agreements, at value (cost $104,423)		104,423
Receivables:
Securities sold		2,817,443
Fund shares sold		16,507
Dividends		6,028
Securities lending income		354
Total assets		20,921,598
Liabilities:
Payable for:
Fund shares redeemed		2,830,385
Return of securities lending collateral		630,932
Management fees		15,579
Transfer agent and administrative fees		4,931
Portfolio accounting fees		1,833
Distribution and service fees		943
Trustees’ fees*		253
Miscellaneous		20,737
Total liabilities		3,505,593
Commitments and contingent liabilities (Note 9)		—
Net assets	$	17,416,005
Net assets consist of:
Paid in capital	$	8,168,902
Total distributable earnings (loss)		9,247,103
Net assets	$	17,416,005
Investor Class:
Net assets	$	13,900,499
Capital shares outstanding		244,745
Net asset value per share	$	56.80
A-Class:
Net assets	$	2,339,791
Capital shares outstanding		43,831
Net asset value per share	$	53.38
Maximum offering price per share (Net asset value divided by 95.25%)	$	56.04
C-Class:
Net assets	$	284,463
Capital shares outstanding		6,150
Net asset value per share	$	46.25
H-Class:
Net assets	$	891,252
Capital shares outstanding		17,115
Net asset value per share	$	52.07

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $751)	$	111,479
Interest		24
Income from securities lending, net		7,928
Total investment income		119,431
Expenses:
Management fees		123,440
Distribution and service fees:
A-Class		2,928
C-Class		1,570
H-Class		3,396
Transfer agent and administrative fees		40,787
Portfolio accounting fees		14,522
Professional fees		5,079
Trustees’ fees*		2,117
Custodian fees		1,906
Miscellaneous		8,831
Total expenses		204,576
Net investment loss		(85,145	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,427,170
Net realized gain		2,427,170
Net change in unrealized appreciation (depreciation) on:
Investments		(2,245,749	)
Net change in unrealized appreciation (depreciation)		(2,245,749	)
Net realized and unrealized gain		181,421
Net increase in net assets resulting from operations	$	96,276

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(85,145	)	$	(157,928	)
Net realized gain on investments		2,427,170			4,923,049
Net change in unrealized appreciation (depreciation) on investments		(2,245,749	)		8,792,473
Net increase in net assets resulting from operations		96,276			13,557,594
Capital share transactions:
Proceeds from sale of shares
Investor Class		23,285,324			79,357,647
A-Class		282,611			1,348,128
C-Class		455,475			1,002,664
H-Class		3,501,477			9,281,648
Cost of shares redeemed
Investor Class		(34,479,448	)		(69,048,353	)
A-Class		(53,010	)		(417,961	)
C-Class		(462,391	)		(1,175,354	)
H-Class		(3,285,561	)		(10,177,931	)
Net increase (decrease) from capital share transactions		(10,755,523	)		10,170,488
Net increase (decrease) in net assets		(10,659,247	)		23,728,082
Net assets:
Beginning of period		28,075,252			4,347,170
End of period	$	17,416,005		$	28,075,252
Capital share activity:
Shares sold
Investor Class		394,236			1,758,892
A-Class		5,103			32,086
C-Class		9,484			24,969
H-Class		64,233			230,718
Shares redeemed
Investor Class		(586,999	)		(1,437,219	)
A-Class		(951	)		(9,294	)
C-Class		(9,633	)		(28,400	)
H-Class		(59,730	)		(231,204	)
Net increase (decrease) in shares		(184,257	)		340,548

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	57.11		$	28.62		$	33.46		$	30.17		$	26.78		$	26.98
Income (loss) from investment operations:
Net investment income (loss)b		(.16	)		(.25	)		(.06	)		(.02	)		.11			.03
Net gain (loss) on investments (realized and unrealized)		(.15	)f		28.74			(4.78	)		3.35			3.28			(.23	)
Total from investment operations		(.31	)		28.49			(4.84	)		3.33			3.39			(.20	)
Less distributions from:
Net investment income		—			—			—			(.03	)		—			—
Net realized gains		—			—			—			(.01	)		—			—
Total distributions		—			—			—			(.04	)		—			—
Net asset value, end of period	$	56.80		$	57.11		$	28.62		$	33.46		$	30.17		$	26.78
Total Return		(0.54	%)		99.55	%		(14.47	%)		11.06	%		12.66	%		(0.74	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,900		$	24,987		$	3,316		$	22,748		$	19,876		$	8,498
Ratios to average net assets:
Net investment income (loss)		(0.53	%)		(0.52	%)		(0.17	%)		(0.07	%)		0.40	%		0.10	%
Total expenses		1.35	%		1.43	%		1.47	%		1.45	%		1.37	%		1.37	%
Portfolio turnover rate		83	%		270	%		228	%		314	%		1,306	%		887	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	53.75		$	27.00		$	31.64		$	28.60		$	25.44		$	25.69
Income (loss) from investment operations:
Net investment income (loss)b		(.22	)		(.38	)		(.13	)		(.05	)		—	c		(.08	)
Net gain (loss) on investments (realized and unrealized)		(.15	)f		27.13			(4.51	)		3.13			3.16			(.17	)
Total from investment operations		(.37	)		26.75			(4.64	)		3.08			3.16			(.25	)
Less distributions from:
Net investment income		—			—			—			(.03	)		—			—
Net realized gains		—			—			—			(.01	)		—			—
Total distributions		—			—			—			(.04	)		—			—
Net asset value, end of period	$	53.38		$	53.75		$	27.00		$	31.64		$	28.60		$	25.44
Total Returnd		(0.69	%)		99.07	%		(14.66	%)		10.80	%		12.42	%		(0.97	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,340		$	2,133		$	456		$	5,806		$	1,260		$	1,217
Ratios to average net assets:
Net investment income (loss)		(0.78	%)		(0.83	%)		(0.42	%)		(0.16	%)		—	e		(0.34	%)
Total expenses		1.61	%		1.67	%		1.72	%		1.72	%		1.63	%		1.62	%
Portfolio turnover rate		83	%		270	%		228	%		314	%		1,306	%		887	%

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

RETAILING FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	46.74		$	23.67		$	27.95		$	25.46		$	22.83		$	23.23
Income (loss) from investment operations:
Net investment income (loss)b		(.37	)		(.62	)		(.33	)		(.31	)		(.17	)		(.23	)
Net gain (loss) on investments (realized and unrealized)		(.12	)f		23.69			(3.95	)		2.84			2.80			(.17	)
Total from investment operations		(.49	)		23.07			(4.28	)		2.53			2.63			(.40	)
Less distributions from:
Net investment income		—			—			—			(.03	)		—			—
Net realized gains		—			—			—			(.01	)		—			—
Total distributions		—			—			—			(.04	)		—			—
Net asset value, end of period	$	46.25		$	46.74		$	23.67		$	27.95		$	25.46		$	22.83
Total Returnd		(1.05	%)		97.47	%		(15.31	%)		9.97	%		11.52	%		(1.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	284		$	294		$	230		$	468		$	603		$	1,601
Ratios to average net assets:
Net investment income (loss)		(1.53	%)		(1.65	%)		(1.16	%)		(1.15	%)		(0.71	%)		(1.00	%)
Total expenses		2.35	%		2.44	%		2.48	%		2.46	%		2.38	%		2.37	%
Portfolio turnover rate		83	%		270	%		228	%		314	%		1,306	%		887	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 117

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.

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	52.44		$	26.35		$	30.87		$	27.91		$	24.83		$	25.07
Income (loss) from investment operations:
Net investment income (loss)b		(.22	)		(.39	)		(.20	)		(.11	)		.05			(—	)c
Net gain (loss) on investments (realized and unrealized)		(.15	)f		26.48			(4.32	)		3.11			3.03			(.24	)
Total from investment operations		(.37	)		26.09			(4.52	)		3.00			3.08			(.24	)
Less distributions from:
Net investment income		—			—			—			(.03	)		—			—
Net realized gains		—			—			—			(.01	)		—			—
Total distributions		—			—			—			(.04	)		—			—
Net asset value, end of period	$	52.07		$	52.44		$	26.35		$	30.87		$	27.91		$	24.83
Total Return		(0.71	%)		99.01	%		(14.64	%)		10.81	%		12.40	%		(0.96	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	891		$	661		$	345		$	6,265		$	5,079		$	411
Ratios to average net assets:
Net investment income (loss)		(0.80	%)		(0.91	%)		(0.64	%)		(0.37	%)		0.18	%		(—	)e
Total expenses		1.60	%		1.69	%		1.72	%		1.70	%		1.62	%		1.62	%
Portfolio turnover rate		83	%		270	%		228	%		314	%		1,306	%		887	%

a	Unaudited figures for the period ended September 30, 2021. 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 investment income is less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
e	Less than 0.01% of (0.01%).
f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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.	4.6%
Microsoft Corp.	4.4%
Alphabet, Inc. — Class A	4.0%
Facebook, Inc. — Class A	2.9%
NVIDIA Corp.	2.2%
Visa, Inc. — Class A	2.2%
Mastercard, Inc. — Class A	1.8%
PayPal Holdings, Inc.	1.6%
salesforce.com, Inc.	1.6%
Oracle Corp.	1.5%
Top Ten Total	26.8%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	9.38%	34.05%	25.41%	20.16%
A-Class Shares	9.24%	33.72%	25.09%	19.85%
A-Class Shares with sales charge‡	4.06%	27.36%	23.88%	19.27%
C-Class Shares	8.83%	32.71%	24.16%	18.95%
C-Class Shares with CDSC§	7.83%	31.71%	24.16%	18.95%
H-Class Shares**	9.25%	33.71%	25.10%	19.73%
S&P 500 Information Technology Index	13.06%	28.90%	28.42%	23.14%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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 | 119

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
TECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Software - 34.0%
Microsoft Corp.		16,539	$	4,662,675
salesforce.com, Inc.*		6,432		1,744,487
Oracle Corp.		18,615		1,621,925
Adobe, Inc.*		2,814		1,620,076
Intuit, Inc.		2,301		1,241,413
ServiceNow, Inc.*		1,832		1,139,999
Snowflake, Inc. — Class A*		3,217		972,917
Zoom Video Communications, Inc. — Class A*		3,450		902,175
Fidelity National Information Services, Inc.		7,326		891,428
Fiserv, Inc.*		8,163		885,686
VMware, Inc. — Class A*,1		5,773		858,445
Autodesk, Inc.*		2,881		821,575
Activision Blizzard, Inc.		10,318		798,510
Workday, Inc. — Class A*		3,183		795,400
Twilio, Inc. — Class A*		2,401		766,039
DocuSign, Inc.*		2,803		721,576
Electronic Arts, Inc.		4,790		681,377
Datadog, Inc. — Class A*		4,801		678,621
Paychex, Inc.		5,997		674,363
Synopsys, Inc.*		2,234		668,882
ROBLOX Corp. — Class A*		8,822		666,502
Palantir Technologies, Inc. — Class A*		27,002		649,128
Cadence Design Systems, Inc.*		4,277		647,709
NetEase, Inc. ADR		7,515		641,781
Atlassian Corporation plc — Class A*		1,631		638,406
Unity Software, Inc.*		4,757		600,571
Bilibili, Inc. ADR*,1		8,789		581,568
HubSpot, Inc.*		849		574,000
MongoDB, Inc.*		1,195		563,454
Cloudflare, Inc. — Class A*		4,991		562,236
ANSYS, Inc.*		1,597		543,699
Bill.com Holdings, Inc.*		1,887		503,735
Splunk, Inc.*		3,418		494,619
RingCentral, Inc. — Class A*		2,111		459,143
Broadridge Financial Solutions, Inc.		2,736		455,927
Take-Two Interactive Software, Inc.*		2,904		447,419
Tyler Technologies, Inc.*		972		445,808
Nuance Communications, Inc.*		7,895		434,541
Ceridian HCM Holding, Inc.*		3,852		433,812
Akamai Technologies, Inc.*		3,997		418,046
Coupa Software, Inc.*		1,820		398,908
Citrix Systems, Inc.		3,562		382,452
Jack Henry & Associates, Inc.		2,178		357,323
Dropbox, Inc. — Class A*		11,893		347,513
Fair Isaac Corp.*		838		333,465
MicroStrategy, Inc. — Class A*,1		443		256,231
Alteryx, Inc. — Class A*		3,261		238,379
Fastly, Inc. — Class A*,1		5,438		219,913
Total Software				36,443,857
Semiconductors - 19.6%
NVIDIA Corp.		11,211		2,322,471
Intel Corp.		28,710		1,529,669
Broadcom, Inc.		3,016		1,462,549
Texas Instruments, Inc.		7,203		1,384,489
QUALCOMM, Inc.		9,425		1,215,636
Advanced Micro Devices, Inc.*		11,334		1,166,269
Applied Materials, Inc.		8,208		1,056,616
Analog Devices, Inc.		5,851		979,925
Micron Technology, Inc.		12,820		909,964
Lam Research Corp.		1,586		902,672
Taiwan Semiconductor Manufacturing Company Ltd. ADR		7,694		859,035
NXP Semiconductor N.V.		4,031		789,552
Marvell Technology, Inc.		11,993		723,298
KLA Corp.		2,122		709,830
Microchip Technology, Inc.		4,288		658,165
Xilinx, Inc.*		4,210		635,668
ASML Holding N.V. — Class G		815		607,265
Skyworks Solutions, Inc.		3,172		522,682
Monolithic Power Systems, Inc.		1,005		487,103
ON Semiconductor Corp.*		9,783		447,768
Qorvo, Inc.*		2,591		433,189
Entegris, Inc.		3,328		418,995
Teradyne, Inc.		3,830		418,121
Cree, Inc.*		3,785		305,563
Total Semiconductors				20,946,494
Internet - 17.11%
Alphabet, Inc. — Class A*		1,608		4,299,020
Facebook, Inc. — Class A*		9,157		3,107,794
Snap, Inc. — Class A*		15,679		1,158,208
Baidu, Inc. ADR*		5,695		875,606
Sea Ltd. ADR*		2,390		761,765
Shopify, Inc. — Class A*		545		738,900
36Palo Alto Networks, Inc.*		1,485		711,315
Twitter, Inc.*		11,770		710,790
Match Group, Inc.*		4,332		680,081
Okta, Inc.*		2,602		617,559
Pinterest, Inc. — Class A*		11,401		580,881
Wix.com Ltd.*		2,658		520,888
CDW Corp.		2,781		506,198
Zillow Group, Inc. — Class C*		5,494		484,241
VeriSign, Inc.*		2,334		478,493
NortonLifeLock, Inc.		15,623		395,262
Zendesk, Inc.*		3,250		378,268
F5 Networks, Inc.*		1,787		355,220
GoDaddy, Inc. — Class A*		5,092		354,912
IAC*		2,636		343,445
Anaplan, Inc.*		4,991		303,902
Total Internet				18,362,748
Computers - 13.3%
Apple, Inc.		35,053		4,960,000
International Business Machines Corp.		8,476		1,177,571
Dell Technologies, Inc. — Class C*		9,079		944,579
Accenture plc — Class A		2,870		918,170
Crowdstrike Holdings, Inc. — Class A*		3,083		757,740
Fortinet, Inc.*		2,435		711,117

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
TECHNOLOGY FUND

	Shares		Value
Cognizant Technology Solutions Corp. — Class A		8,643	$	641,397
Zscaler, Inc.*		2,390		626,706
HP, Inc.		21,173		579,293
EPAM Systems, Inc.*		994		567,057
Infosys Ltd. ADR		24,567		546,616
Check Point Software Technologies Ltd.*		4,712		532,644
NetApp, Inc.		5,148		462,084
Seagate Technology Holdings plc		5,326		439,502
Western Digital Corp.*		7,616		429,847
Total Computers				14,294,323
Commercial Services - 4.9%
PayPal Holdings, Inc.*		6,745		1,755,116
Square, Inc. — Class A*		4,399		1,055,056
Automatic Data Processing, Inc.		4,835		966,613
Global Payments, Inc.		4,433		698,552
FleetCor Technologies, Inc.*		1,865		487,269
Marathon Digital Holdings, Inc.*,1		5,505		173,848
Riot Blockchain, Inc.*,1		5,941		152,684
Total Commercial Services				5,289,138
Diversified Financial Services - 4.0%
Visa, Inc. — Class A		10,362		2,308,135
Mastercard, Inc. — Class A		5,572		1,937,273
Total Diversified Financial Services				4,245,408
Telecommunications - 3.1%
Cisco Systems, Inc.		28,387		1,545,104
Motorola Solutions, Inc.		2,770		643,526
Arista Networks, Inc.*		1,508		518,209
Juniper Networks, Inc.		11,278		310,371
Ciena Corp.*		5,639		289,563
Total Telecommunications				3,306,773
Energy-Alternate Sources - 1.3%
SolarEdge Technologies, Inc.*		2,100		556,962
Enphase Energy, Inc.*		3,105		465,657
First Solar, Inc.*		3,384		323,036
Total Energy-Alternate Sources				1,345,655
Electronics - 1.1%
Amphenol Corp. — Class A		9,258		677,963
TE Connectivity Ltd.		3,752		514,850
Total Electronics				1,192,813
Advertising - 0.6%
Trade Desk, Inc. — Class A*		8,387		589,606
Office & Business Equipment - 0.5%
Zebra Technologies Corp. — Class A*		994		512,327
Total Common Stocks
(Cost $73,587,557)				106,529,142
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	378,721		378,721
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		147,153		147,153
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		147,152		147,152
Total Repurchase Agreements
(Cost $673,026)				673,026
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.5%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		1,594,289		1,594,289
Total Securities Lending Collateral
(Cost $1,594,289)				1,594,289
Total Investments - 101.6%
(Cost $75,854,872)			$	108,796,457
Other Assets & Liabilities, net - (1.6)%				(1,720,986	)
Total Net Assets - 100.0%			$	107,075,471

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 121

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
TECHNOLOGY 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, 2021 — 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, 2021.
	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, 2021 (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	$	106,529,142	$	—	$	—	$	106,529,142
Repurchase Agreements		—		673,026		—		673,026
Securities Lending Collateral		1,594,289		—		—		1,594,289
Total Assets	$	108,123,431	$	673,026	$	—	$	108,796,457

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

TECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $1,577,407 of securities loaned (cost $75,181,846)	$	108,123,431
Repurchase agreements, at value (cost $673,026)		673,026
Receivables:
Fund shares sold		27,188
Dividends		26,540
Securities lending income		1,347
Foreign tax reclaims		1,107
Total assets		108,852,639
Liabilities:
Payable for:
Return of securities lending collateral		1,594,289
Management fees		79,056
Transfer agent and administrative fees		25,019
Portfolio accounting fees		9,301
Distribution and service fees		8,802
Fund shares redeemed		2,560
Trustees’ fees*		692
Miscellaneous		57,449
Total liabilities		1,777,168
Commitments and contingent liabilities (Note 9)		—
Net assets	$	107,075,471
Net assets consist of:
Paid in capital	$	68,659,102
Total distributable earnings (loss)		38,416,369
Net assets	$	107,075,471
Investor Class:
Net assets	$	84,038,693
Capital shares outstanding		432,394
Net asset value per share	$	194.36
A-Class:
Net assets	$	12,384,348
Capital shares outstanding		69,166
Net asset value per share	$	179.05
Maximum offering price per share (Net asset value divided by 95.25%)	$	187.98
C-Class:
Net assets	$	5,956,050
Capital shares outstanding		38,055
Net asset value per share	$	156.51
H-Class:
Net assets	$	4,696,380
Capital shares outstanding		26,840
Net asset value per share	$	174.98

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $575)	$	251,725
Interest		91
Income from securities lending, net		4,115
Total investment income		255,931
Expenses:
Management fees		361,050
Distribution and service fees:
A-Class		13,501
C-Class		31,611
H-Class		4,576
Transfer agent and administrative fees		117,917
Portfolio accounting fees		42,476
Professional fees		11,986
Custodian fees		5,405
Trustees’ fees*		4,188
Line of credit fees		33
Miscellaneous		33,351
Total expenses		626,094
Net investment loss		(370,163	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		905,336
Net realized gain		905,336
Net change in unrealized appreciation (depreciation) on:
Investments		2,260,096
Net change in unrealized appreciation (depreciation)		2,260,096
Net realized and unrealized gain		3,165,432
Net increase in net assets resulting from operations	$	2,795,269

* 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 | 123

TECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(370,163	)	$	(496,354	)
Net realized gain on investments		905,336			16,704,253
Net change in unrealized appreciation (depreciation) on investments		2,260,096			17,934,029
Net increase in net assets resulting from operations		2,795,269			34,141,928
Distributions to shareholders:
Investor Class		—			(626,479	)
A-Class		—			(157,334	)
C-Class		—			(128,380	)
H-Class		—			(148,326	)
Total distributions to shareholders		—			(1,060,519	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		90,451,295			100,514,105
A-Class		3,762,930			2,394,726
C-Class		1,030,423			4,172,637
H-Class		9,384,137			27,010,757
Distributions reinvested
Investor Class		—			611,649
A-Class		—			153,794
C-Class		—			127,649
H-Class		—			147,540
Cost of shares redeemed
Investor Class		(43,745,507	)		(108,748,503	)
A-Class		(1,313,105	)		(2,845,095	)
C-Class		(1,817,555	)		(4,736,046	)
H-Class		(6,171,800	)		(34,928,240	)
Net increase (decrease) from capital share transactions		51,580,818			(16,125,027	)
Net increase in net assets		54,376,087			16,956,382
Net assets:
Beginning of period		52,699,384			35,743,002
End of period	$	107,075,471		$	52,699,384
Capital share activity:
Shares sold
Investor Class		463,908			695,815
A-Class		20,510			17,600
C-Class		6,680			36,933
H-Class		53,963			255,121
Shares issued from reinvestment of distributions
Investor Class		—			3,684
A-Class		—			1,004
C-Class		—			947
H-Class		—			985
Shares redeemed
Investor Class		(231,650	)		(730,778	)
A-Class		(7,413	)		(19,880	)
C-Class		(11,836	)		(40,831	)
H-Class		(37,947	)		(283,151	)
Net increase (decrease) in shares		256,215			(62,551	)

124 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	177.69		$	100.21		$	101.77		$	94.62		$	75.45		$	60.53
Income (loss) from investment operations:
Net investment income (loss)b		(.74	)		(.96	)		(.22	)		(.31	)		(.29	)		(.09	)
Net gain (loss) on investments (realized and unrealized)		17.41			81.24			(.80	)		11.99			20.66			15.01
Total from investment operations		16.67			80.28			(1.02	)		11.68			20.37			14.92
Less distributions from:
Net realized gains		—			(2.80	)		(.54	)		(4.53	)		(1.20	)		—
Total distributions		—			(2.80	)		(.54	)		(4.53	)		(1.20	)		—
Net asset value, end of period	$	194.36		$	177.69		$	100.21		$	101.77		$	94.62		$	75.45
Total Return		9.38	%		80.31	%		(1.06	%)		13.05	%		27.11	%		24.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	84,039		$	35,562		$	23,190		$	60,972		$	76,820		$	55,016
Ratios to average net assets:
Net investment income (loss)		(0.76	%)		(0.65	%)		(0.20	%)		(0.32	%)		(0.34	%)		(0.13	%)
Total expenses		1.36	%		1.44	%		1.47	%		1.46	%		1.37	%		1.38	%
Portfolio turnover rate		56	%		195	%		165	%		255	%		270	%		320	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	163.90		$	92.79		$	94.51		$	88.40		$	70.74		$	56.88
Income (loss) from investment operations:
Net investment income (loss)b		(.89	)		(1.24	)		(.41	)		(.49	)		(.45	)		(.25	)
Net gain (loss) on investments (realized and unrealized)		16.04			75.15			(.77	)		11.13			19.31			14.11
Total from investment operations		15.15			73.91			(1.18	)		10.64			18.86			13.86
Less distributions from:
Net realized gains		—			(2.80	)		(.54	)		(4.53	)		(1.20	)		—
Total distributions		—			(2.80	)		(.54	)		(4.53	)		(1.20	)		—
Net asset value, end of period	$	179.05		$	163.90		$	92.79		$	94.51		$	88.40		$	70.74
Total Returnc		9.24	%		79.86	%		(1.31	%)		12.77	%		26.77	%		24.37	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12,384		$	9,190		$	5,321		$	6,007		$	5,033		$	3,294
Ratios to average net assets:
Net investment income (loss)		(0.99	%)		(0.90	%)		(0.40	%)		(0.54	%)		(0.56	%)		(0.40	%)
Total expenses		1.61	%		1.69	%		1.73	%		1.71	%		1.63	%		1.63	%
Portfolio turnover rate		56	%		195	%		165	%		255	%		270	%		320	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 125

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	143.81		$	82.23		$	84.44		$	80.06		$	64.64		$	52.37
Income (loss) from investment operations:
Net investment income (loss)b		(1.36	)		(2.01	)		(1.06	)		(1.10	)		(1.02	)		(.64	)
Net gain (loss) on investments (realized and unrealized)		14.06			66.39			(.61	)		10.01			17.64			12.91
Total from investment operations		12.70			64.38			(1.67	)		8.91			16.62			12.27
Less distributions from:
Net realized gains		—			(2.80	)		(.54	)		(4.53	)		(1.20	)		—
Total distributions		—			(2.80	)		(.54	)		(4.53	)		(1.20	)		—
Net asset value, end of period	$	156.51		$	143.81		$	82.23		$	84.44		$	80.06		$	64.64
Total Returnc		8.83	%		78.52	%		(2.05	%)		11.93	%		25.85	%		23.41	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,956		$	6,214		$	3,796		$	5,586		$	6,409		$	3,203
Ratios to average net assets:
Net investment income (loss)		(1.74	%)		(1.65	%)		(1.17	%)		(1.33	%)		(1.37	%)		(1.12	%)
Total expenses		2.36	%		2.44	%		2.48	%		2.46	%		2.38	%		2.37	%
Portfolio turnover rate		56	%		195	%		165	%		255	%		270	%		320	%

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	160.17		$	90.72		$	92.40		$	86.54		$	69.27		$	55.72
Income (loss) from investment operations:
Net investment income (loss)b		(.88	)		(1.01	)		(.47	)		(.64	)		(.46	)		(.30	)
Net gain (loss) on investments (realized and unrealized)		15.69			73.26			(.67	)		11.03			18.93			13.85
Total from investment operations		14.81			72.25			(1.14	)		10.39			18.47			13.55
Less distributions from:
Net realized gains		—			(2.80	)		(.54	)		(4.53	)		(1.20	)		—
Total distributions		—			(2.80	)		(.54	)		(4.53	)		(1.20	)		—
Net asset value, end of period	$	174.98		$	160.17		$	90.72		$	92.40		$	86.54		$	69.27
Total Return		9.25	%		79.85	%		(1.30	%)		12.76	%		26.78	%		24.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,696		$	1,734		$	3,435		$	12,846		$	40,149		$	21,504
Ratios to average net assets:
Net investment income (loss)		(1.00	%)		(0.83	%)		(0.47	%)		(0.71	%)		(0.58	%)		(0.46	%)
Total expenses		1.61	%		1.74	%		1.72	%		1.70	%		1.63	%		1.63	%
Portfolio turnover rate		56	%		195	%		165	%		255	%		270	%		320	%

a	Unaudited figures for the period ended September 30, 2021. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Verizon Communications, Inc.	8.2%
Cisco Systems, Inc.	8.1%
AT&T, Inc.	7.6%
Comcast Corp. — Class A	7.3%
T-Mobile US, Inc.	6.8%
Charter Communications, Inc. — Class A	6.6%
Roku, Inc.	3.5%
Motorola Solutions, Inc.	3.4%
Liberty Broadband Corp. — Class C	3.0%
Arista Networks, Inc.	2.7%
Top Ten Total	57.2%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	2.11%	23.32%	6.50%	7.16%
A-Class Shares	1.97%	22.97%	6.24%	6.89%
A-Class Shares with sales charge‡	(2.88%)	17.14%	5.21%	6.37%
C-Class Shares	1.59%	22.08%	5.44%	6.17%
C-Class Shares with CDSC§	0.59%	21.08%	5.44%	6.17%
H-Class Shares**	2.00%	23.00%	6.29%	6.81%
S&P 500 Telecommunication Services Index	12.49%	38.39%	12.54%	12.42%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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 | 127

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
TELECOMMUNICATIONS FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Telecommunications - 64.5%
Verizon Communications, Inc.		3,355	$	181,204
Cisco Systems, Inc.		3,305		179,891
AT&T, Inc.		6,188		167,138
T-Mobile US, Inc.*		1,186		151,523
Motorola Solutions, Inc.		323		75,039
Arista Networks, Inc.*		176		60,481
Ubiquiti, Inc.		173		51,670
Lumen Technologies, Inc.		3,564		44,158
Juniper Networks, Inc.		1,313		36,134
Ciena Corp.*		656		33,686
Nice Ltd. ADR*		102		28,972
BCE, Inc.		576		28,835
Vodafone Group plc ADR		1,727		26,682
Iridium Communications, Inc.*		666		26,540
America Movil SAB de CV — Class L ADR		1,478		26,116
TELUS Corp.1		1,142		25,078
Viasat, Inc.*		454		25,002
Rogers Communications, Inc. — Class B		533		24,859
Vonage Holdings Corp.*		1,513		24,390
Viavi Solutions, Inc.*		1,452		22,854
Calix, Inc.*		445		21,996
Gogo, Inc.*,1		1,149		19,878
CommScope Holding Company, Inc.*		1,442		19,597
EchoStar Corp. — Class A*		731		18,648
Telephone & Data Systems, Inc.		931		18,155
InterDigital, Inc.		259		17,565
Infinera Corp.*		1,918		15,958
Shenandoah Telecommunications Co.		500		15,790
Extreme Networks, Inc.*		1,427		14,056
NETGEAR, Inc.*		373		11,902
Plantronics, Inc.*		455		11,698
Total Telecommunications				1,425,495
Media - 25.3%
Comcast Corp. — Class A		2,889		161,582
Charter Communications, Inc. — Class A*		201		146,239
Liberty Broadband Corp. — Class C*		389		67,180
DISH Network Corp. — Class A*		1,361		59,149
Cable One, Inc.		21		38,076
Altice USA, Inc. — Class A*		1,636		33,898
Liberty Global plc — Class C*		1,097		32,318
Liberty Latin America Ltd. — Class C*		1,644		21,569
Total Media				560,011
Internet - 6.4%
Roku, Inc.*		250		78,338
F5 Networks, Inc.*		208		41,346
Cogent Communications Holdings, Inc.		316		22,385
Total Internet				142,069
Computers - 2.1%
Lumentum Holdings, Inc.*		355		29,657
NetScout Systems, Inc.*		640		17,248
Total Computers				46,905
Software - 1.2%
Bandwidth, Inc. — Class A*		187		16,882
Inseego Corp.*		1,442		9,604
Total Software				26,486
Total Common Stocks
(Cost $1,760,092)				2,200,966
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.9%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	10,957		10,957
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		4,257		4,257
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		4,257		4,257
Total Repurchase Agreements
(Cost $19,471)				19,471
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		31,817		31,817
Total Securities Lending Collateral
(Cost $31,817)				31,817
Total Investments - 101.8%
(Cost $1,811,380)			$	2,252,254
Other Assets & Liabilities, net - (1.8)%				(40,138	)
Total Net Assets - 100.0%			$	2,212,116

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
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, 2021 — 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, 2021.
	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, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,200,966	$	—	$	—	$	2,200,966
Repurchase Agreements		—		19,471		—		19,471
Securities Lending Collateral		31,817		—		—		31,817
Total Assets	$	2,232,783	$	19,471	$	—	$	2,252,254

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 129

TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $31,453 of securities loaned (cost $1,791,909)	$	2,232,783
Repurchase agreements, at value (cost $19,471)		19,471
Receivables:
Securities sold		16,256
Fund shares sold		1,278
Dividends		1,215
Securities lending income		13
Total assets		2,271,016
Liabilities:
Payable for:
Return of securities lending collateral		31,817
Fund shares redeemed		22,434
Management fees		1,713
Transfer agent and administrative fees		542
Distribution and service fees		267
Portfolio accounting fees		202
Trustees’ fees*		23
Miscellaneous		1,902
Total liabilities		58,900
Commitments and contingent liabilities (Note 9)		—
Net assets	$	2,212,116
Net assets consist of:
Paid in capital	$	3,869,775
Total distributable earnings (loss)		(1,657,659	)
Net assets	$	2,212,116
Investor Class:
Net assets	$	1,408,433
Capital shares outstanding		24,620
Net asset value per share	$	57.21
A-Class:
Net assets	$	484,744
Capital shares outstanding		9,345
Net asset value per share	$	51.87
Maximum offering price per share (Net asset value divided by 95.25%)	$	54.46
C-Class:
Net assets	$	93,271
Capital shares outstanding		2,085
Net asset value per share	$	44.73
H-Class:
Net assets	$	225,668
Capital shares outstanding		4,470
Net asset value per share	$	50.49

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $351)	$	35,763
Interest		2
Income from securities lending, net		41
Total investment income		35,806
Expenses:
Management fees		11,400
Distribution and service fees:
A-Class		623
C-Class		880
H-Class		340
Transfer agent and administrative fees		3,760
Portfolio accounting fees		1,341
Professional fees		374
Trustees’ fees*		185
Custodian fees		175
Miscellaneous		937
Total expenses		20,015
Net investment income		15,791
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		96,919
Net realized gain		96,919
Net change in unrealized appreciation (depreciation) on:
Investments		(44,690	)
Net change in unrealized appreciation (depreciation)		(44,690	)
Net realized and unrealized gain		52,229
Net increase in net assets resulting from operations	$	68,020

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

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

TELECOMMUNICATIONS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	15,791		$	51,834
Net realized gain on investments		96,919			452,744
Net change in unrealized appreciation (depreciation) on investments		(44,690	)		577,545
Net increase in net assets resulting from operations		68,020			1,082,123
Distributions to shareholders:
Investor Class		—			(33,285	)
A-Class		—			(11,456	)
C-Class		—			(5,894	)
H-Class		—			(2,961	)
Total distributions to shareholders		—			(53,596	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		790,804			11,143,082
A-Class		49,072			215,071
C-Class		528,066			1,114,484
H-Class		48,446			179,033
Distributions reinvested
Investor Class		—			32,851
A-Class		—			9,865
C-Class		—			5,868
H-Class		—			2,961
Cost of shares redeemed
Investor Class		(1,201,477	)		(13,224,675	)
A-Class		(40,457	)		(325,159	)
C-Class		(628,752	)		(1,087,947	)
H-Class		(74,325	)		(71,584	)
Net decrease from capital share transactions		(528,623	)		(2,006,150	)
Net decrease in net assets		(460,603	)		(977,623	)
Net assets:
Beginning of period		2,672,719			3,650,342
End of period	$	2,212,116		$	2,672,719
Capital share activity:
Shares sold
Investor Class		13,448			222,275
A-Class		909			4,543
C-Class		11,472			28,170
H-Class		940			3,760
Shares issued from reinvestment of distributions
Investor Class		—			622
A-Class		—			205
C-Class		—			141
H-Class		—			63
Shares redeemed
Investor Class		(20,467	)		(260,351	)
A-Class		(748	)		(6,878	)
C-Class		(13,656	)		(27,407	)
H-Class		(1,413	)		(1,601	)
Net decrease in shares		(9,515	)		(36,458	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 131

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	56.03		$	43.19		$	50.17		$	47.66		$	47.95		$	42.91
Income (loss) from investment operations:
Net investment income (loss)b		.39			.66			.69			.46			.43			.49
Net gain (loss) on investments (realized and unrealized)		.79			13.33			(5.91	)		2.17	d		1.17			5.55
Total from investment operations		1.18			13.99			(5.22	)		2.63			1.60			6.04
Less distributions from:
Net investment income		—			(1.15	)		(1.76	)		(.02	)		(1.89	)		(1.00	)
Net realized gains		—			—			—			(.10	)		—			—
Total distributions		—			(1.15	)		(1.76	)		(.12	)		(1.89	)		(1.00	)
Net asset value, end of period	$	57.21		$	56.03		$	43.19		$	50.17		$	47.66		$	47.95
Total Return		2.11	%		32.55	%		(10.74	%)		5.52	%		3.33	%		14.21	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,408		$	1,773		$	2,984		$	2,989		$	1,309		$	12,539
Ratios to average net assets:
Net investment income (loss)		1.33	%		1.33	%		1.38	%		0.94	%		0.89	%		1.09	%
Total expenses		1.35	%		1.46	%		1.48	%		1.47	%		1.38	%		1.38	%
Portfolio turnover rate		46	%		344	%		561	%		2,115	%		1,455	%		605	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	50.87		$	39.40		$	46.03		$	43.84		$	44.39		$	39.88
Income (loss) from investment operations:
Net investment income (loss)b		.27			.41			.31			.43			.20			.32
Net gain (loss) on investments (realized and unrealized)		.73			12.21			(5.18	)		1.88	d		1.14			5.19
Total from investment operations		1.00			12.62			(4.87	)		2.31			1.34			5.51
Less distributions from:
Net investment income		—			(1.15	)		(1.76	)		(.02	)		(1.89	)		(1.00	)
Net realized gains		—			—			—			(.10	)		—			—
Total distributions		—			(1.15	)		(1.76	)		(.12	)		(1.89	)		(1.00	)
Net asset value, end of period	$	51.87		$	50.87		$	39.40		$	46.03		$	43.84		$	44.39
Total Returnc		1.97	%		32.20	%		(10.95	%)		5.27	%		3.08	%		13.88	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	485		$	467		$	446		$	508		$	448		$	1,081
Ratios to average net assets:
Net investment income (loss)		1.02	%		0.90	%		0.69	%		0.96	%		0.45	%		0.75	%
Total expenses		1.60	%		1.70	%		1.73	%		1.71	%		1.63	%		1.62	%
Portfolio turnover rate		46	%		344	%		561	%		2,115	%		1,455	%		605	%

132 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	44.03		$	34.47		$	40.81		$	39.17		$	40.14		$	36.43
Income (loss) from investment operations:
Net investment income (loss)b		.06			.01			.04			.06			(.09	)		.03
Net gain (loss) on investments (realized and unrealized)		.64			10.70			(4.62	)		1.70	d		1.01			4.68
Total from investment operations		.70			10.71			(4.58	)		1.76			.92			4.71
Less distributions from:
Net investment income		—			(1.15	)		(1.76	)		(.02	)		(1.89	)		(1.00	)
Net realized gains		—			—			—			(.10	)		—			—
Total distributions		—			(1.15	)		(1.76	)		(.12	)		(1.89	)		(1.00	)
Net asset value, end of period	$	44.73		$	44.03		$	34.47		$	40.81		$	39.17		$	40.14
Total Returnc		1.59	%		31.22	%		(11.62	%)		4.49	%		2.30	%		13.05	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	93		$	188		$	116		$	251		$	368		$	406
Ratios to average net assets:
Net investment income (loss)		0.24	%		0.03	%		0.10	%		0.15	%		(0.22	%)		0.07	%
Total expenses		2.35	%		2.43	%		2.48	%		2.46	%		2.38	%		2.37	%
Portfolio turnover rate		46	%		344	%		561	%		2,115	%		1,455	%		605	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 133

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	49.50		$	38.36		$	44.88		$	42.66		$	43.21		$	38.85
Income (loss) from investment operations:
Net investment income (loss)b		.29			.28			.44			1.16			(.06	)		.58
Net gain (loss) on investments (realized and unrealized)		.70			12.01			(5.20	)		1.18	d		1.40			4.78
Total from investment operations		.99			12.29			(4.76	)		2.34			1.34			5.36
Less distributions from:
Net investment income		—			(1.15	)		(1.76	)		(.02	)		(1.89	)		(1.00	)
Net realized gains		—			—			—			(.10	)		—			—
Total distributions		—			(1.15	)		(1.76	)		(.12	)		(1.89	)		(1.00	)
Net asset value, end of period	$	50.49		$	49.50		$	38.36		$	44.88		$	42.66		$	43.21
Total Return		2.00	%		32.24	%		(10.98	%)		5.51	%		3.07	%		13.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	226		$	245		$	104		$	334		$	140		$	1,213
Ratios to average net assets:
Net investment income (loss)		1.11	%		0.61	%		0.99	%		2.73	%		(0.14	%)		1.44	%
Total expenses		1.60	%		1.68	%		1.73	%		1.74	%		1.63	%		1.62	%
Portfolio turnover rate		46	%		344	%		561	%		2,115	%		1,455	%		605	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.
d	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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.	10.7%
United Parcel Service, Inc. — Class B	4.6%
Union Pacific Corp.	4.2%
Uber Technologies, Inc.	3.7%
General Motors Co.	3.3%
CSX Corp.	3.0%
Norfolk Southern Corp.	2.8%
FedEx Corp.	2.7%
Lucid Group, Inc.	2.5%
NIO, Inc. ADR	2.2%
Top Ten Total	39.7%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(4.25%)	36.48%	14.92%	16.21%
A-Class Shares	(4.37%)	36.16%	14.62%	15.93%
A-Class Shares with sales charge‡	(8.91%)	29.70%	13.52%	15.36%
C-Class Shares	(4.71%)	35.17%	13.77%	15.05%
C-Class Shares with CDSC§	(5.71%)	34.17%	13.77%	15.05%
H-Class Shares**	(4.37%)	36.17%	14.62%	15.81%
S&P 500 Industrials Index	0.06%	28.96%	12.50%	15.00%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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 | 135

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
TRANSPORTATION FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Transportation - 35.8%
United Parcel Service, Inc. — Class B		7,812	$	1,422,565
Union Pacific Corp.		6,541		1,282,101
CSX Corp.		31,260		929,672
Norfolk Southern Corp.		3,646		872,305
FedEx Corp.		3,714		814,443
Old Dominion Freight Line, Inc.		2,302		658,326
Kansas City Southern		2,082		563,472
Expeditors International of Washington, Inc.		4,254		506,779
J.B. Hunt Transport Services, Inc.		2,863		478,751
CH Robinson Worldwide, Inc.		4,403		383,061
Canadian National Railway Co.		3,172		366,842
Canadian Pacific Railway Ltd.		5,422		352,810
ZTO Express Cayman, Inc. ADR		11,215		343,852
XPO Logistics, Inc.*		4,232		336,783
Knight-Swift Transportation Holdings, Inc.		6,507		332,833
Saia, Inc.*		1,189		283,018
Landstar System, Inc.		1,787		282,024
Ryder System, Inc.		2,973		245,897
Werner Enterprises, Inc.		4,439		196,515
Kirby Corp.*		3,948		189,346
Atlas Air Worldwide Holdings, Inc.*		2,210		180,513
Total Transportation				11,021,908
Auto Manufacturers - 25.8%
Tesla, Inc.*		4,226		3,277,179
General Motors Co.*		19,520		1,028,899
Lucid Group, Inc.*,1		30,790		781,450
NIO, Inc. ADR*		18,844		671,412
XPeng, Inc. ADR*		10,678		379,496
Li Auto, Inc. ADR*		12,831		337,327
Toyota Motor Corp. ADR1		1,619		287,777
Ferrari N.V.		1,369		286,285
Stellantis N.V.1		14,239		271,965
Fisker, Inc.*,1		18,533		271,508
Nikola Corp.*,1		22,640		241,569
Workhorse Group, Inc.*,1		14,206		108,676
Total Auto Manufacturers				7,943,543
Auto Parts & Equipment - 12.9%
Aptiv plc*		2,948		439,163
QuantumScape Corp.*		16,179		397,033
BorgWarner, Inc.		8,623		372,600
Lear Corp.		2,305		360,686
Gentex Corp.		10,013		330,229
Magna International, Inc.		4,229		318,190
Autoliv, Inc.		3,601		308,678
Fox Factory Holding Corp.*		1,979		286,045
Goodyear Tire & Rubber Co.*		15,029		266,013
Luminar Technologies, Inc.*,1		16,770		261,612
Adient plc*		5,788		239,913
Dana, Inc.		9,263		206,009
Visteon Corp.*		1,985		187,364
Total Auto Parts & Equipment				3,973,535
Airlines - 12.0%
Southwest Airlines Co.*		12,574		646,681
Delta Air Lines, Inc.*		14,452		615,800
United Airlines Holdings, Inc.*		9,699		461,381
American Airlines Group, Inc.*		20,636		423,451
Alaska Air Group, Inc.*		5,348		313,393
Copa Holdings S.A. — Class A*		3,653		297,281
Ryanair Holdings plc ADR*		2,515		276,801
JetBlue Airways Corp.*		16,545		252,973
Allegiant Travel Co. — Class A*		1,101		215,224
Spirit Airlines, Inc.*		7,559		196,080
Total Airlines				3,699,065
Internet - 5.3%
Uber Technologies, Inc.*		25,091		1,124,077
Lyft, Inc. — Class A*		9,194		492,706
Total Internet				1,616,783
Commercial Services - 3.8%
AMERCO		760		490,983
Avis Budget Group, Inc.*		2,872		334,616
GXO Logistics, Inc.*		4,220		331,017
Total Commercial Services				1,156,616
Home Builders - 2.4%
Thor Industries, Inc.		2,589		317,826
LCI Industries		1,601		215,542
Winnebago Industries, Inc.		2,555		185,110
Total Home Builders				718,478
Leisure Time - 0.9%
Harley-Davidson, Inc.		7,348		269,010
Investment Companies - 0.7%
Macquarie Infrastructure Holdings LLC		5,422		219,916
Total Common Stocks
(Cost $18,890,641)				30,618,854
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	109,315		109,315
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		42,475		42,475
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		42,474		42,474
Total Repurchase Agreements
(Cost $194,264)				194,264

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
TRANSPORTATION FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 5.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		1,540,218	$	1,540,218
Total Securities Lending Collateral
(Cost $1,540,218)				1,540,218
Total Investments - 105.2%
(Cost $20,625,123)			$	32,353,336
Other Assets & Liabilities, net - (5.2)%				(1,602,791	)
Total Net Assets - 100.0%			$	30,750,545

*	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, 2021 — 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, 2021.
	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, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	30,618,854	$	—	$	—	$	30,618,854
Repurchase Agreements		—		194,264		—		194,264
Securities Lending Collateral		1,540,218		—		—		1,540,218
Total Assets	$	32,159,072	$	194,264	$	—	$	32,353,336

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 137

TRANSPORTATION FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $1,470,678 of securities loaned (cost $20,430,859)	$	32,159,072
Repurchase agreements, at value (cost $194,264)		194,264
Cash		1,737
Receivables:
Securities sold		4,332,678
Dividends		7,263
Securities lending income		578
Fund shares sold		200
Foreign tax reclaims		117
Total assets		36,695,909
Liabilities:
Payable for:
Fund shares redeemed		4,328,330
Return of securities lending collateral		1,540,218
Management fees		23,512
Transfer agent and administrative fees		7,441
Distribution and service fees		3,216
Portfolio accounting fees		2,766
Trustees’ fees*		485
Miscellaneous		39,396
Total liabilities		5,945,364
Commitments and contingent liabilities (Note 9)		—
Net assets	$	30,750,545
Net assets consist of:
Paid in capital	$	11,188,944
Total distributable earnings (loss)		19,561,601
Net assets	$	30,750,545
Investor Class:
Net assets	$	21,072,240
Capital shares outstanding		261,133
Net asset value per share	$	80.70
A-Class:
Net assets	$	7,095,163
Capital shares outstanding		97,585
Net asset value per share	$	72.71
Maximum offering price per share (Net asset value divided by 95.25%)	$	76.34
C-Class:
Net assets	$	1,905,535
Capital shares outstanding		29,724
Net asset value per share	$	64.11
H-Class:
Net assets	$	677,607
Capital shares outstanding		9,636
Net asset value per share	$	70.32

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $2,909)	$	162,949
Interest		34
Income from securities lending, net		21,754
Total investment income		184,737
Expenses:
Management fees		189,190
Distribution and service fees:
A-Class		8,973
C-Class		9,904
H-Class		1,421
Transfer agent and administrative fees		63,700
Portfolio accounting fees		22,257
Professional fees		15,497
Trustees’ fees*		5,147
Custodian fees		3,076
Miscellaneous		2,303
Total expenses		321,468
Net investment loss		(136,731	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		9,243,296
Net realized gain		9,243,296
Net change in unrealized appreciation (depreciation) on:
Investments		(10,597,318	)
Net change in unrealized appreciation (depreciation)		(10,597,318	)
Net realized and unrealized loss		(1,354,022	)
Net decrease in net assets resulting from operations	$	(1,490,753	)

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

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

TRANSPORTATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(136,731	)	$	(141,047	)
Net realized gain on investments		9,243,296			2,044,541
Net change in unrealized appreciation (depreciation) on investments		(10,597,318	)		22,930,104
Net increase (decrease) in net assets resulting from operations		(1,490,753	)		24,833,598
Capital share transactions:
Proceeds from sale of shares
Investor Class		43,345,932			122,795,894
A-Class		2,783,163			6,706,823
C-Class		502,041			1,739,055
H-Class		2,800,120			3,126,338
Cost of shares redeemed
Investor Class		(86,606,961	)		(80,971,211	)
A-Class		(3,162,345	)		(3,846,052	)
C-Class		(454,849	)		(1,281,133	)
H-Class		(3,155,802	)		(2,910,829	)
Net increase (decrease) from capital share transactions		(43,948,701	)		45,358,885
Net increase (decrease) in net assets		(45,439,454	)		70,192,483
Net assets:
Beginning of period		76,189,999			5,997,516
End of period	$	30,750,545		$	76,189,999
Capital share activity:
Shares sold
Investor Class		511,350			1,966,468
A-Class		36,769			113,534
C-Class		7,408			36,253
H-Class		36,833			59,463
Shares redeemed
Investor Class		(1,024,830	)		(1,279,662	)
A-Class		(41,587	)		(63,091	)
C-Class		(6,726	)		(28,171	)
H-Class		(43,102	)		(53,494	)
Net increase (decrease) in shares		(523,885	)		751,300

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 139

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	84.28		$	37.39		$	50.08		$	59.10		$	53.52		$	46.23
Income (loss) from investment operations:
Net investment income (loss)b		(.22	)		(.20	)		.30			.09			(.04	)		.09
Net gain (loss) on investments (realized and unrealized)		(3.36	)		47.09			(11.07	)		(4.02	)		6.85			7.37
Total from investment operations		(3.58	)		46.89			(10.77	)		(3.93	)		6.81			7.46
Less distributions from:
Net investment income		—			—			(.15	)		—			—			(.17	)
Net realized gains		—			—			(1.77	)		(5.09	)		(1.23	)		—
Total distributions		—			—			(1.92	)		(5.09	)		(1.23	)		(.17	)
Net asset value, end of period	$	80.70		$	84.28		$	37.39		$	50.08		$	59.10		$	53.52
Total Return		(4.25	%)		125.41	%		(22.59	%)		(6.33	%)		12.67	%		16.14	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	21,072		$	65,281		$	3,283		$	7,994		$	16,603		$	32,911
Ratios to average net assets:
Net investment income (loss)		(0.51	%)		(0.29	%)		0.58	%		0.16	%		(0.07	%)		0.17	%
Total expenses		1.35	%		1.41	%		1.48	%		1.46	%		1.37	%		1.38	%
Portfolio turnover rate		82	%		205	%		483	%		476	%		483	%		676	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	76.03		$	33.82		$	45.58		$	54.43		$	49.50		$	42.87
Income (loss) from investment operations:
Net investment income (loss)b		(.30	)		(.34	)		.17			(.01	)		(.07	)		(.06	)
Net gain (loss) on investments (realized and unrealized)		(3.02	)		42.55			(10.01	)		(3.75	)		6.23			6.86
Total from investment operations		(3.32	)		42.21			(9.84	)		(3.76	)		6.16			6.80
Less distributions from:
Net investment income		—			—			(.15	)		—			—			(.17	)
Net realized gains		—			—			(1.77	)		(5.09	)		(1.23	)		—
Total distributions		—			—			(1.92	)		(5.09	)		(1.23	)		(.17	)
Net asset value, end of period	$	72.71		$	76.03		$	33.82		$	45.58		$	54.43		$	49.50
Total Returnc		(4.37	%)		124.81	%		(22.78	%)		(6.57	%)		12.38	%		15.87	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,095		$	7,785		$	1,757		$	3,166		$	5,760		$	4,742
Ratios to average net assets:
Net investment income (loss)		(0.80	%)		(0.59	%)		0.37	%		(0.03	%)		(0.12	%)		(0.12	%)
Total expenses		1.60	%		1.68	%		1.73	%		1.71	%		1.63	%		1.63	%
Portfolio turnover rate		82	%		205	%		483	%		476	%		483	%		676	%

140 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	67.28		$	30.15		$	41.14		$	50.04		$	45.93		$	40.09
Income (loss) from investment operations:
Net investment income (loss)b		(.52	)		(.67	)		(.18	)		(.41	)		(.43	)		(.34	)
Net gain (loss) on investments (realized and unrealized)		(2.65	)		37.80			(8.89	)		(3.40	)		5.77			6.35
Total from investment operations		(3.17	)		37.13			(9.07	)		(3.81	)		5.34			6.01
Less distributions from:
Net investment income		—			—			(.15	)		—			—			(.17	)
Net realized gains		—			—			(1.77	)		(5.09	)		(1.23	)		—
Total distributions		—			—			(1.92	)		(5.09	)		(1.23	)		(.17	)
Net asset value, end of period	$	64.11		$	67.28		$	30.15		$	41.14		$	50.04		$	45.93
Total Returnc		(4.71	%)		123.15	%		(23.37	%)		(7.27	%)		11.56	%		15.00	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,906		$	1,954		$	632		$	1,477		$	2,560		$	2,307
Ratios to average net assets:
Net investment income (loss)		(1.55	%)		(1.33	%)		(0.43	%)		(0.87	%)		(0.87	%)		(0.81	%)
Total expenses		2.35	%		2.43	%		2.48	%		2.46	%		2.38	%		2.38	%
Portfolio turnover rate		82	%		205	%		483	%		476	%		483	%		676	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 141

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	73.53		$	32.70		$	44.14		$	52.90		$	48.15		$	41.71
Income (loss) from investment operations:
Net investment income (loss)b		(.34	)		(.32	)		(.02	)		(.02	)		(.13	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		(2.87	)		41.15			(9.50	)		(3.65	)		6.11			6.74
Total from investment operations		(3.21	)		40.83			(9.52	)		(3.67	)		5.98			6.61
Less distributions from:
Net investment income		—			—			(.15	)		—			—			(.17	)
Net realized gains		—			—			(1.77	)		(5.09	)		(1.23	)		—
Total distributions		—			—			(1.92	)		(5.09	)		(1.23	)		(.17	)
Net asset value, end of period	$	70.32		$	73.53		$	32.70		$	44.14		$	52.90		$	48.15
Total Return		(4.37	%)		124.86	%		(22.78	%)		(6.61	%)		12.33	%		15.88	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	678		$	1,169		$	325		$	455		$	1,929		$	4,127
Ratios to average net assets:
Net investment income (loss)		(0.93	%)		(0.56	%)		(0.03	%)		(0.04	%)		(0.24	%)		(0.30	%)
Total expenses		1.60	%		1.68	%		1.72	%		1.69	%		1.63	%		1.63	%
Portfolio turnover rate		82	%		205	%		483	%		476	%		483	%		676	%

a	Unaudited figures for the period ended September 30, 2021. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

UTILITIES FUND

OBJECTIVE: Seeks to provide capital appreciation by investing in companies that operate public utilities (“Utilities Companies”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	April 3, 2000
A-Class	September 1, 2004
C-Class	April 27, 2001
H-Class	April 3, 2000

Ten Largest Holdings (% of Total Net Assets)
NextEra Energy, Inc.	6.3%
Duke Energy Corp.	4.4%
Southern Co.	4.1%
Dominion Energy, Inc.	4.0%
Exelon Corp.	3.5%
American Electric Power Company, Inc.	3.2%
Sempra Energy	3.2%
Xcel Energy, Inc.	3.0%
Public Service Enterprise Group, Inc.	2.8%
American Water Works Company, Inc.	2.8%
Top Ten Total	37.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(0.90%)	10.31%	6.28%	8.58%
A-Class Shares	(1.05%)	10.02%	6.01%	8.31%
A-Class Shares with sales charge‡	(5.75%)	4.79%	4.98%	7.78%
C-Class Shares	(1.42%)	9.21%	5.22%	7.50%
C-Class Shares with CDSC§	(2.42%)	8.21%	5.22%	7.50%
H-Class Shares**	(1.07%)	10.02%	6.01%	8.21%
S&P 500 Utilities Index	1.36%	11.01%	9.11%	10.59%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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 | 143

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
UTILITIES FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Electric - 82.9%
NextEra Energy, Inc.		24,443	$	1,919,264
Duke Energy Corp.		13,863		1,352,890
Southern Co.		20,328		1,259,726
Dominion Energy, Inc.		16,622		1,213,738
Exelon Corp.		22,347		1,080,254
American Electric Power Company, Inc.		12,185		989,178
Sempra Energy		7,729		977,719
Xcel Energy, Inc.		14,507		906,688
Public Service Enterprise Group, Inc.		14,290		870,261
Eversource Energy		10,162		830,845
WEC Energy Group, Inc.		9,314		821,495
Consolidated Edison, Inc.		10,998		798,345
PG&E Corp.*		81,274		780,230
PPL Corp.		25,971		724,072
DTE Energy Co.		6,456		721,200
Edison International		12,985		720,278
Ameren Corp.		8,689		703,809
FirstEnergy Corp.		19,298		687,395
Avangrid, Inc.		13,920		676,512
Entergy Corp.		6,730		668,356
CMS Energy Corp.		10,823		646,458
CenterPoint Energy, Inc.		24,574		604,520
AES Corp.		26,350		601,571
Evergy, Inc.		9,406		585,053
Alliant Energy Corp.		10,395		581,912
NRG Energy, Inc.		12,131		495,309
Vistra Corp.		26,494		453,047
Pinnacle West Capital Corp.		6,242		451,671
OGE Energy Corp.		12,252		403,826
IDACORP, Inc.		3,541		366,069
PNM Resources, Inc.		6,644		328,745
Portland General Electric Co.		6,765		317,887
Ormat Technologies, Inc.		4,721		314,466
Black Hills Corp.		4,947		310,474
NorthWestern Corp.		4,603		263,752
Total Electric				25,427,015
Gas - 8.7%
Atmos Energy Corp.		6,067		535,109
NiSource, Inc.		20,287		491,554
UGI Corp.		11,065		471,590
National Fuel Gas Co.		6,708		352,304
ONE Gas, Inc.		4,571		289,664
Spire, Inc.		4,542		277,880
South Jersey Industries, Inc.		11,317		240,600
Total Gas				2,658,701
Water - 4.5%
American Water Works Company, Inc.		5,030		850,271
Essential Utilities, Inc.		11,550		532,224
Total Water				1,382,495
Building Materials - 1.3%
MDU Resources Group, Inc.		13,036		386,778
Engineering & Construction - 1.0%
Southwest Gas Holdings, Inc.		4,686		313,400
Energy-Alternate Sources - 1.0%
Sunnova Energy International, Inc.*		9,078		299,029
Total Common Stocks
(Cost $25,201,748)				30,467,418
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	101,460		101,460
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		39,423		39,423
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		39,423		39,423
Total Repurchase Agreements
(Cost $180,306)				180,306
Total Investments - 100.0%
(Cost $25,382,054)			$	30,647,724
Other Assets & Liabilities, net - 0.0%				3,073
Total Net Assets - 100.0%			$	30,650,797

*	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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
UTILITIES FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	30,467,418	$	—	$	—	$	30,467,418
Repurchase Agreements		—		180,306		—		180,306
Total Assets	$	30,467,418	$	180,306	$	—	$	30,647,724

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 145

UTILITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value (cost $25,201,748)	$	30,467,418
Repurchase agreements, at value (cost $180,306)		180,306
Receivables:
Dividends		69,079
Fund shares sold		57,483
Total assets		30,774,286
Liabilities:
Payable for:
Fund shares redeemed		60,883
Management fees		24,116
Transfer agent and administrative fees		7,632
Distribution and service fees		3,282
Portfolio accounting fees		2,838
Trustees’ fees*		297
Miscellaneous		24,441
Total liabilities		123,489
Commitments and contingent liabilities (Note 9)		—
Net assets	$	30,650,797
Net assets consist of:
Paid in capital	$	29,508,612
Total distributable earnings (loss)		1,142,185
Net assets	$	30,650,797
Investor Class:
Net assets	$	22,547,699
Capital shares outstanding		474,822
Net asset value per share	$	47.49
A-Class:
Net assets	$	5,471,045
Capital shares outstanding		126,456
Net asset value per share	$	43.26
Maximum offering price per share (Net asset value divided by 95.25%)	$	45.42
C-Class:
Net assets	$	1,957,720
Capital shares outstanding		55,405
Net asset value per share	$	35.33
H-Class:
Net assets	$	674,333
Capital shares outstanding		16,212
Net asset value per share	$	41.59

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends	$	520,005
Interest		24
Income from securities lending, net		11
Total investment income		520,040
Expenses:
Management fees		142,301
Distribution and service fees:
A-Class		6,954
C-Class		11,986
H-Class		1,528
Transfer agent and administrative fees		46,933
Portfolio accounting fees		16,741
Professional fees		3,806
Trustees’ fees*		2,338
Custodian fees		2,186
Line of credit fees		10
Miscellaneous		12,595
Total expenses		247,378
Net investment income		272,662
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(20,225	)
Net realized loss		(20,225	)
Net change in unrealized appreciation (depreciation) on:
Investments		(640,344	)
Net change in unrealized appreciation (depreciation)		(640,344	)
Net realized and unrealized loss		(660,569	)
Net decrease in net assets resulting from operations	$	(387,907	)

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

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

UTILITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	272,662		$	570,750
Net realized gain (loss) on investments		(20,225	)		189,416
Net change in unrealized appreciation (depreciation) on investments		(640,344	)		5,182,811
Net increase (decrease) in net assets resulting from operations		(387,907	)		5,942,977
Distributions to shareholders:
Investor Class		—			(523,813	)
A-Class		—			(93,655	)
C-Class		—			(122,577	)
H-Class		—			(17,476	)
Total distributions to shareholders		—			(757,521	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		30,594,541			70,298,851
A-Class		473,581			2,254,597
C-Class		550,430			1,628,826
H-Class		2,207,210			662,559
Distributions reinvested
Investor Class		—			520,135
A-Class		—			90,597
C-Class		—			119,470
H-Class		—			17,423
Cost of shares redeemed
Investor Class		(28,845,281	)		(87,712,328	)
A-Class		(338,842	)		(1,773,796	)
C-Class		(1,233,558	)		(4,696,303	)
H-Class		(2,232,720	)		(2,549,969	)
Net increase (decrease) from capital share transactions		1,175,361			(21,139,938	)
Net increase (decrease) in net assets		787,454			(15,954,482	)
Net assets:
Beginning of period		29,863,343			45,817,825
End of period	$	30,650,797		$	29,863,343
Capital share activity:
Shares sold
Investor Class		622,671			1,543,484
A-Class		10,470			53,928
C-Class		14,965			47,899
H-Class		50,770			16,939
Shares issued from reinvestment of distributions
Investor Class		—			11,394
A-Class		—			2,174
C-Class		—			3,488
H-Class		—			435
Shares redeemed
Investor Class		(588,109	)		(1,929,734	)
A-Class		(7,502	)		(42,912	)
C-Class		(33,394	)		(137,703	)
H-Class		(51,673	)		(66,113	)
Net increase (decrease) in shares		18,198			(496,721	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 147

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	47.92		$	41.80		$	46.23		$	39.03		$	39.34		$	40.23
Income (loss) from investment operations:
Net investment income (loss)b		.43			.76			.74			.77			.68			.59
Net gain (loss) on investments (realized and unrealized)		(.86	)		6.37			(4.72	)		6.43			.06			2.25
Total from investment operations		(.43	)		7.13			(3.98	)		7.20			.74			2.84
Less distributions from:
Net investment income		—			(1.01	)		(.45	)		—			(.53	)		(.87	)
Net realized gains		—			—			—			—			(.52	)		(2.86	)
Total distributions		—			(1.01	)		(.45	)		—			(1.05	)		(3.73	)
Net asset value, end of period	$	47.49		$	47.92		$	41.80		$	46.23		$	39.03		$	39.34
Total Return		(0.90	%)		17.17	%		(8.74	%)		18.45	%		1.72	%		8.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	22,548		$	21,099		$	34,073		$	105,443		$	9,006		$	24,116
Ratios to average net assets:
Net investment income (loss)		1.75	%		1.68	%		1.53	%		1.80	%		1.67	%		1.47	%
Total expenses		1.36	%		1.45	%		1.48	%		1.48	%		1.38	%		1.38	%
Portfolio turnover rate		77	%		156	%		169	%		390	%		452	%		507	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	43.72		$	38.30		$	42.50		$	35.97		$	36.43		$	37.63
Income (loss) from investment operations:
Net investment income (loss)b		.33			.57			.57			.47			.54			.45
Net gain (loss) on investments (realized and unrealized)		(.79	)		5.86			(4.32	)		6.06			.05			2.08
Total from investment operations		(.46	)		6.43			(3.75	)		6.53			.59			2.53
Less distributions from:
Net investment income		—			(1.01	)		(.45	)		—			(.53	)		(.87	)
Net realized gains		—			—			—			—			(.52	)		(2.86	)
Total distributions		—			(1.01	)		(.45	)		—			(1.05	)		(3.73	)
Net asset value, end of period	$	43.26		$	43.72		$	38.30		$	42.50		$	35.97		$	36.43
Total Returnc		(1.05	%)		16.91	%		(8.96	%)		18.15	%		1.45	%		7.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,471		$	5,399		$	4,225		$	5,633		$	3,482		$	9,362
Ratios to average net assets:
Net investment income (loss)		1.49	%		1.39	%		1.29	%		1.21	%		1.43	%		1.20	%
Total expenses		1.61	%		1.70	%		1.73	%		1.72	%		1.63	%		1.63	%
Portfolio turnover rate		77	%		156	%		169	%		390	%		452	%		507	%

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

UTILITIES FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	35.84		$	31.80		$	35.63		$	30.39		$	31.15		$	32.96
Income (loss) from investment operations:
Net investment income (loss)b		.13			.21			.21			.26			.25			.22
Net gain (loss) on investments (realized and unrealized)		(.64	)		4.84			(3.59	)		4.98			.04			1.70
Total from investment operations		(.51	)		5.05			(3.38	)		5.24			.29			1.92
Less distributions from:
Net investment income		—			(1.01	)		(.45	)		—			(.53	)		(.87	)
Net realized gains		—			—			—			—			(.52	)		(2.86	)
Total distributions		—			(1.01	)		(.45	)		—			(1.05	)		(3.73	)
Net asset value, end of period	$	35.33		$	35.84		$	31.80		$	35.63		$	30.39		$	31.15
Total Returnc		(1.42	%)		16.02	%		(9.65	%)		17.24	%		0.69	%		6.97	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,958		$	2,646		$	5,093		$	6,489		$	6,526		$	8,270
Ratios to average net assets:
Net investment income (loss)		0.70	%		0.61	%		0.57	%		0.79	%		0.78	%		0.69	%
Total expenses		2.35	%		2.45	%		2.47	%		2.46	%		2.38	%		2.37	%
Portfolio turnover rate		77	%		156	%		169	%		390	%		452	%		507	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 149

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.

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	42.04		$	36.86		$	40.92		$	34.64		$	35.12		$	36.40
Income (loss) from investment operations:
Net investment income (loss)b		.38			.42			.50			.57			.31			.41
Net gain (loss) on investments (realized and unrealized)		(.83	)		5.77			(4.11	)		5.71			.26			2.04
Total from investment operations		(.45	)		6.19			(3.61	)		6.28			.57			2.45
Less distributions from:
Net investment income		—			(1.01	)		(.45	)		—			(.53	)		(.87	)
Net realized gains		—			—			—			—			(.52	)		(2.86	)
Total distributions		—			(1.01	)		(.45	)		—			(1.05	)		(3.73	)
Net asset value, end of period	$	41.59		$	42.04		$	36.86		$	40.92		$	34.64		$	35.12
Total Return		(1.07	%)		16.92	%		(8.97	%)		18.13	%		1.44	%		7.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	674		$	719		$	2,427		$	6,033		$	810		$	5,379
Ratios to average net assets:
Net investment income (loss)		1.74	%		1.08	%		1.18	%		1.51	%		0.85	%		1.13	%
Total expenses		1.61	%		1.72	%		1.73	%		1.72	%		1.63	%		1.62	%
Portfolio turnover rate		77	%		156	%		169	%		390	%		452	%		507	%

a	Unaudited figures for the period ended September 30, 2021. 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.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

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

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2021, the Trust consisted of fifty-two funds.

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

Fund Name	Investment Company Type
Banking Fund	Diversified
Basic Materials Fund	Diversified
Biotechnology Fund	Non-diversified
Consumer Products Fund	Diversified
Electronics Fund	Non-diversified
Energy Fund	Diversified
Energy Services Fund	Non-diversified
Financial Services Fund	Diversified
Health Care Fund	Diversified
Internet Fund	Diversified
Leisure Fund	Diversified
Precious Metals Fund	Non-diversified
Real Estate Fund	Diversified
Retailing Fund	Diversified
Technology Fund	Diversified
Telecommunications Fund	Non-diversified
Transportation Fund	Diversified
Utilities Fund	Diversified

At September 30, 2021, 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 their sector.

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

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

Significant Accounting Policies

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

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. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid 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 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 GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

(b) Currency Translations

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

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

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

152 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(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 included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2021, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(d) Security Transactions

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

(e) Distributions

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

(f) Class Allocations

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

(g) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 0.06% at September 30, 2021.

(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	%

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

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

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

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

For the period ended September 30, 2021, GFD retained sales charges of $72,187 relating to sales of A-Class shares of the Trust.

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

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

Note 3 – Federal Income Tax Information

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

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

154 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2021, 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	$	39,425,577	$	3,346,439	$	—		$	3,346,439
Basic Materials Fund		37,390,336		13,359,374		(406,093	)		12,953,281
Biotechnology Fund		127,986,368		85,753,204		(13,521,574	)		72,231,630
Consumer Products Fund		50,322,014		39,514,962		(323,175	)		39,191,787
Electronics Fund		23,924,177		19,113,861		(159,636	)		18,954,225
Energy Fund		60,457,970		—		(934,188	)		(934,188	)
Energy Services Fund		50,675,991		—		(4,821,111	)		(4,821,111	)
Financial Services Fund		15,225,863		7,045,780		(150,142	)		6,895,638
Health Care Fund		30,283,138		9,599,166		(258,149	)		9,341,017
Internet Fund		14,774,580		9,222,376		(821,903	)		8,400,473
Leisure Fund		16,178,955		4,871,182		(304,435	)		4,566,747
Precious Metals Fund		115,928,828		—		(7,255,845	)		(7,255,845	)
Real Estate Fund		11,188,079		1,549,579		(66,942	)		1,482,637
Retailing Fund		13,402,654		5,098,071		(419,459	)		4,678,612
Technology Fund		78,482,621		31,303,551		(989,715	)		30,313,836
Telecommunications Fund		2,138,747		185,402		(71,895	)		113,507
Transportation Fund		23,890,360		8,740,236		(277,260	)		8,462,976
Utilities Fund		29,381,033		1,457,969		(191,278	)		1,266,691

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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

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 used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 5 – Securities Transactions

For the period ended September 30, 2021, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments, were as follows:

Fund	Purchases		Sales
Banking Fund	$	92,150,445	$	70,228,537
Basic Materials Fund		84,535,589		80,516,768
Biotechnology Fund		53,586,291		61,055,685
Consumer Products Fund		17,135,062		34,332,950
Electronics Fund		49,220,249		79,771,839
Energy Fund		62,940,035		30,331,270
Energy Services Fund		51,068,407		12,085,067
Financial Services Fund		37,472,691		58,131,870
Health Care Fund		38,038,455		33,022,966
Internet Fund		16,694,398		27,332,969
Leisure Fund		20,093,610		51,901,943
Precious Metals Fund		48,993,501		43,278,240
Real Estate Fund		36,706,367		37,204,648
Retailing Fund		22,785,958		33,533,690
Technology Fund		96,885,743		45,971,525
Telecommunications Fund		1,194,443		1,705,705
Transportation Fund		37,546,472		81,281,774
Utilities Fund		26,459,684		25,009,840

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, 2021, 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	$	10,601,973	$	5,385,707	$	(28,600	)
Basic Materials Fund		10,074,629		2,858,908		(195,606	)
Biotechnology Fund		2,064,530		4,069,555		640,453
Consumer Products Fund		1,561,003		5,935,798		2,153,140
Electronics Fund		2,492,828		14,515,203		1,139,203
Energy Fund		7,258,345		2,993,078		(127,167	)
Energy Services Fund		3,312,012		605,077		(47,257	)
Financial Services Fund		4,575,514		7,887,500		222,539
Health Care Fund		4,575,684		3,397,314		50,582
Internet Fund		1,764,169		3,380,856		566,566
Leisure Fund		1,166,211		12,934,529		602,348
Precious Metals Fund		3,106,471		1,694,244		(49,254	)
Real Estate Fund		3,916,236		2,257,849		40,432
Retailing Fund		2,402,436		6,654,564		671,231
Technology Fund		9,198,930		6,599,144		322,150
Telecommunications Fund		328,650		462,060		6,709
Transportation Fund		3,351,550		12,924,019		2,011,977
Utilities Fund		1,550,752		1,839,349		(11,493	)

156 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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, 2021, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
0.05%					1.50%
Due 10/01/21	$	150,861,939	$	150,862,148	Due 01/15/23	$	150,772,500	$	153,879,256
BofA Securities, Inc.					U.S. Treasury Note
0.02%					0.13%
Due 10/01/21		58,617,555		58,617,587	Due 12/31/22		59,788,400		59,789,984
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
0.03%					0.13%
Due 10/01/21		58,617,555		58,617,604	Due 04/15/22		58,937,372		59,789,963

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

Note 7 – Portfolio Securities Loaned

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2021, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

	Gross Amounts Not Offset in the Statements of Assets and Liabilities							Securities Lending Collateral
Fund	Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested		Cash Collateral Uninvested		Total Collateral
Banking Fund	$	524,102	$	(524,102	)	$	—	$	545,742	$	—	$	545,742
Basic Materials Fund		1,528,939		(1,528,939	)		—		1,551,652		—		1,551,652
Biotechnology Fund		3,159,539		(3,159,539	)		—		3,244,660		—		3,244,660
Consumer Products Fund		1,360,151		(1,360,151	)		—		1,408,685		—		1,408,685
Electronics Fund		929,786		(909,453	)*		20,333		909,453		—		909,453
Energy Fund		516,229		(516,229	)		—		520,862		—		520,862
Financial Services Fund		159,365		(159,365	)		—		160,900		—		160,900
Health Care Fund		159,542		(159,542	)		—		164,177		—		164,177
Internet Fund		498,661		(498,661	)		—		500,122		—		500,122
Leisure Fund		551,070		(551,070	)		—		556,704		—		556,704
Precious Metals Fund		6,401,203		(6,401,203	)		—		6,550,418		—		6,550,418
Retailing Fund		619,147		(619,147	)		—		630,932		—		630,932
Technology Fund		1,577,407		(1,577,407	)		—		1,594,289		—		1,594,289
Telecommunications Fund		31,453		(31,453	)		—		31,817		—		31,817
Transportation Fund		1,470,678		(1,470,678	)		—		1,540,218		—		1,540,218

(a)	Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.
*	Subsequent to September 30, 2021, additional collateral was received.

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

Note 8 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 7, 2021, the line of credit agreement was renewed and expires on June 6, 2022. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 1.25% for the period ended September 30, 2021. The Funds did not have any borrowings outstanding under this agreement at September 30, 2021.

158 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The average daily balances borrowed for the period ended September 30, 2021, were as follows:

Fund	Average Daily Balance
Basic Materials Fund	$	3,195
Biotechnology Fund		986
Consumer Products Fund		4,685
Electronics Fund		299
Energy Fund		792
Energy Services Fund		96
Financial Services Fund		66
Health Care Fund		2,742
Internet Fund		3,605
Leisure Fund		121
Real Estate Fund		696
Retailing Fund		115
Technology Fund		2,573
Telecommunications Fund		96
Transportation Fund		27
Utilities Fund		751

Note 9 – Legal Proceedings

Tribune Company

Rydex Series Funds has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership by certain series of the Rydex Series Funds of shares in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including the Rydex Series Funds, the proceeds they received in connection with the LBO.

In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex Series Funds has been named as a defendant in one or more of these suits. In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.

The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2296 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order.

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments.

On April 12, 2016, the Plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Funds,

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filed a joint brief in opposition to the petition for certiorari on October 24, 2016. On April 3, 2018, Justice Kennedy and Justice Thomas issued a “Statement” related to the petition for certiorari suggesting that the Second Circuit and/or District Court may want to take steps to reexamine the application of the Section 546(e) safe harbor to the previously dismissed state law constructive fraudulent transfer claims based on the Supreme Court’s decision in Merit Management Group LP v. FTI Consulting, Inc. On April 10, 2018, Plaintiffs filed in the Second Circuit a motion for that court to recall its mandate, vacate its prior decision, and remand to the district court for further proceedings consistent with Merit Management. On April 20, 2018, the shareholder defendants filed an opposition to Plaintiffs’ motion to recall the mandate. On May 15, 2018, the Second Circuit issued an order recalling the mandate “in anticipation of further panel review.” On December 19, 2019, the Second Circuit issued an amended opinion that again affirmed the district court’s ruling on the basis that plaintiffs’ claims were preempted by Section 546(e) of the Bankruptcy Code. Plaintiffs filed a motion for rehearing and rehearing en banc on January 2, 2020. The Second Circuit denied the petition on February 6, 2020. On July 6, 2020, plaintiffs filed a new petition for a writ of certiorari in the U.S. Supreme Court. In that petition, plaintiffs stated that “[t]o make it more likely that there will be a quorum for this petition,” they have “abandon[ed] the case and let the judgment below stand” with respect to certain defendants. That list did not include the Rydex Series Funds. Defendants filed an opposition to the certiorari petition on August 26, 2020, and plaintiffs filed a reply in support of the petition for certiorari on September 8, 2020. On March 12, 2021, the Solicitor General filed an amicus brief recommending that certiorari be denied. Plaintiffs filed a supplemental brief in response to the Solicitor General’s amicus brief on March 31, 2021, and Defendants filed a supplemental brief on April 1, 2021. The Court denied the petition for certiorari on April 19, 2021.

On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. The plaintiff requested that the Court direct entry of a final judgment in order to make the order immediately appealable. On February 23, 2017, the Court issued an order stating that it intended to permit an interlocutory appeal of the dismissal order, but would wait to do so until it has resolved outstanding motions to dismiss filed by other defendants.

On July 18, 2017, the plaintiff submitted a letter to the District Court seeking leave to amend its complaint to add a constructive fraudulent transfer claim. The shareholder defendants opposed that request. On August 24, 2017, the Court denied the plaintiff’s request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed his request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court’s ruling in Merit Management Group LP v. FTI Consulting, Inc. The shareholder defendants opposed that request. On June 18, 2018 the District Court ordered that the request would be stayed pending further action by the Second Circuit in the SLCFC actions.

On December 18, 2018, plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating plaintiff’s intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the court held a case management conference, during which the court stated that it would not lift the stay prior to further action from the Second Circuit in the SLCFC actions. The court further stated that it would allow the plaintiff to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the court ordered the parties still facing pending claims to participate in a mediation, to commence on January 28, 2019. The mediation did not result in a settlement of the claims against the shareholder defendants.

On April 4, 2019, plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal constructive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to plaintiff’s motion to amend. On April 12, 2019, the plaintiff filed a reply brief. On April 23, 2019, the court denied the plaintiff’s motion to amend. On June 13, 2019, the court entered judgment pursuant to Rule 54(b). On July 12, 2019, the Plaintiff filed a notice of appeal with respect to the dismissal of his claims and the District Court’s denial of his motion for leave to amend. Plaintiff filed an appellate brief on January 7, 2020. The shareholder defendants’ brief was filed on April 27, 2020. Plaintiff filed a reply brief on May 18, 2020. The Court held oral argument on August 24, 2020. On August 20, 2021, the Second Circuit affirmed the District Court’s orders: (1) dismissing the intentional fraudulent conveyance claims against the shareholder-defendants; and (2) denying the plaintiff leave to amend the complaint to add a constructive fraudulent conveyance claim against the shareholder-defendants. Plaintiff filed a petition for rehearing en banc on September 3, 2021. On October 7, 2021, the Second Circuit denied the petition.

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None of these lawsuits alleges any wrongdoing on the part of Rydex Series Funds. The following series of Rydex Series Funds held shares of Tribune and tendered these shares as part of Tribune’s LBO: Nova Fund, S&P 500^® Pure Value Fund, Multi-Cap Core Equity Fund, S&P 500^® Fund, Multi-Hedge Strategies Fund and Hedged Equity Fund (the “Funds”). The value of the proceeds received by the foregoing Funds was $28,220, $109,242, $9,860, $3,400, $1,181,160, and $10,880, respectively. At this stage of the proceedings, Rydex Series Funds is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on a Fund’s net asset value.

Note 10 – COVID-19

The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

Note 11 – Subsequent Events

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

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Delivery of Shareholder Reports

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

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

Proxy Voting Information

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

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

Sector Classification

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

Quarterly Portfolio Schedules Information

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

Report of the Rydex Series Funds Contracts Review Committee

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

Tradable Funds (Including Sector Funds*)

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

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●	Inverse Russell 2000 Strategy Fund	●	Inverse S&P 500 Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100 2x Strategy Fund
●	NASDAQ-100 Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000 1.5x Strategy Fund
●	Russell 2000 Fund	●	S&P 500 Fund
●	S&P 500 Pure Growth Fund	●	S&P 500 Pure Value Fund
●	S&P MidCap 400 Pure Growth Fund	●	S&P MidCap 400 Pure Value Fund
●	S&P SmallCap 600 Pure Growth Fund	●	S&P SmallCap 600 Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund

Alternative Funds** (i.e., Non-Tradable Funds)

●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

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

Security Investors, LLC (“Security Investors”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as investment adviser to each of the Funds pursuant to an investment advisory agreement between the Trust, with respect to the Funds, and Security Investors (the “Advisory Agreement”).¹ (Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors and other affiliated investment management businesses of Guggenheim Partners.)

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

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) casting votes in person at a meeting called for such purpose.² At meetings held by videoconference on April 20, 2021 (the “April Meeting”) and on May 26, 2021 (the “May

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 Independent Trustees 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.

2

On March 13, 2020, the Securities and Exchange Commission issued an exemptive order providing relief to registered management investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease 2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief, initially provided for a limited period of time, has been extended multiple times and was in effect as of May 26, 2021. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreement at a meeting of the Board held by videoconference on May 26, 2021.

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Meeting”), the members of the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement in connection with the Committee’s annual contract review schedule.

As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee met with a representative of FUSE at the April Meeting to discuss how FUSE determined the appropriate peer groups for the Funds. Thereafter, 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 each Tradable Fund is designed to provide tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds and the Real Estate Fund, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds and the Real Estate Fund. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark.

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

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, the funds in the Guggenheim fund complex, including the Funds.

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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 entrepreneurial, legal, regulatory and operational risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, and the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2020 and 2019. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee also took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector or market, and corporate actions such as spin-offs, among other adjustments.

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

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

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

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

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2020, 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, 2020, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. For the Tradable Funds (other than U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2020, as

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applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain updated performance information as of March 31, 2021.

With respect to the Tradable Funds (other than U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances in which there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary driver 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, for the five-year and three-year periods ended December 31, 2020, as applicable, noting the Adviser’s view that, in general, such five-year and three-year periods are a reasonable proxy for anticipated levels of tracking error in most cases. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points), as applicable, of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2020, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund outperformed the comparable peer fund over the five-year, three-year and one-year periods ended December 31, 2020, although its performance ranked in the fourth quartile of the broader peer group over the same 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, 2020, 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 third quartile of its performance universe for each of the relevant periods considered.

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In addition, the Committee made the following observations:

Long Short Equity Fund: The returns of the Fund’s Institutional Class shares ranked in the 73rd and 79th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2020, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the three-year time period was primarily a result of the Fund’s fundamental factor tilts. The Committee noted management’s statement that the Fund’s long exposure to value and short exposure to growth, as well as negative sector exposures to well-performing sectors, have detracted from investment performance. The Committee noted that, as of March 31, 2021, the five-year and three-year performance rankings had improved to the 61st and 60th percentiles, respectively.

Managed Futures Strategy Fund: The returns of the Fund’s Institutional Class shares ranked in the 79th and 50th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2020, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the poor performance of the Fund’s previous dedicated trend-following strategy in 2016, during which time trend-following models were routinely hurt by the frequent whipsawing in the market, particularly in commodities, and to poor performance in 2018 as the Fund had exposure to equities which sold off heavily in the fourth quarter. The Committee took into account management’s statement that the Fund changed its underlying investment model in 2017, moving to a more diversified, systematic multi-model system that employs a core-satellite approach (i.e., a combination of passively-managed and actively-managed allocations), resulting in more competitive performance over the three-year and one-year time periods. The Committee also noted that, since 2018, the Fund’s performance has improved. The Committee noted that, as of March 31, 2021, the five-year and three-year performance rankings were in the 66th and 53rd percentiles, respectively.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and 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 fee³ and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that 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 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 is directly comparable in this regard. For those Tradable Funds with a peer fund from the directly comparable product suite, the Committee noted that the contractual advisory fee for each Fund’s Class H shares was equal to or lower than the contractual advisory fee charged to the peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund.

³ 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)

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, although the Fund’s contractual advisory fee and total net expense ratio are higher than those of the comparable peer fund, the Fund’s net effective management fee is lower than that of the peer fund and the Fund’s total net expense ratio is close to that of the peer fund. The Committee noted the Adviser’s statement that, given the current low interest rate environment, it is currently waiving, and intends to continue to waive, all or a portion of its fees to the extent necessary to maintain the Fund’s stable net asset value.

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

With respect to the Alternative Funds (i.e., the non-Tradable Funds), 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 (43rd percentile) of its peer group. Although the net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (79th percentile) of its peer group, the Committee considered that the total net expense ratio for the Fund’s Institutional Class shares ranks in the first quartile (21st 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, 2020, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2019. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis.

In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s 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 Meeting, as well as other considerations, the Committee concluded that that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds were appropriate and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that, although Guggenheim’s overall expenses declined in 2020, generally, costs are anticipated to increase in many key areas, including compensation of portfolio managers, key analysts and support staff, as well as for infrastructure needs, with respect to risk management oversight, valuation processes and disaster recovery systems, among other things.

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OTHER INFORMATION (Unaudited)(concluded)

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

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

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

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her well-informed business judgment, may afford different weights to different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended the renewal of the Advisory Agreement for an additional annual term.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	158	Current: Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2006-2016).
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present). Former: Senior Leader, TIAA (1987-2012).	157	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Infinity Property & Casualty Corp. (2014-2018).
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Co-Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present).	157	Current: US Global Investors (GROW) (1995-present). Former: Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	158	Current: PPM Funds (2) (2018-present); Edward-Elmhurst Healthcare System (2012-present). Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	157	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	157	Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).

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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).	157	None.

*	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, Fiduciary/Claymore Energy Infrastructure Fund, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Enhanced Equity Income Fund, Guggenheim Energy & Income Fund, Guggenheim Credit Allocation 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’ Investment Manager and/or the parent of the Investment Manager.

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

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

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2016	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2019	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2016	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, 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 | 177

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

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

The Liquidity Rule requires that the Program be reasonably designed to assess and manage each Fund’s liquidity risk. A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Program includes a number of elements that support the assessment, management and review of liquidity risk. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, 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 based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Program is reasonably designed to meet Liquidity Rule requirements relating to “highly liquid investment minimums” (i.e., the minimum amount of Fund 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. 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, 2020, to March 31, 2021. The Report 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. The Report further concluded that the Program operated effectively during recent market conditions arising from COVID-19.

Please refer to your 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.

178 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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9.30.2021

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-0921x0322

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	28
INVERSE S&P 500® STRATEGY FUND	40
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND	50
INVERSE NASDAQ-100® STRATEGY FUND	60
MID-CAP 1.5x STRATEGY FUND	70
INVERSE MID-CAP STRATEGY FUND	83
RUSSELL 2000® 1.5x STRATEGY FUND	90
RUSSELL 2000® FUND	98
INVERSE RUSSELL 2000® STRATEGY FUND	105
DOW JONES INDUSTRIAL AVERAGE® FUND	112
GOVERNMENT LONG BOND 1.2x STRATEGY FUND	120
INVERSE GOVERNMENT LONG BOND STRATEGY FUND	129
HIGH YIELD STRATEGY FUND	140
INVERSE HIGH YIELD STRATEGY FUND	149
U.S. GOVERNMENT MONEY MARKET FUND	156
NOTES TO FINANCIAL STATEMENTS	162
OTHER INFORMATION	180
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	188
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	193
LIQUIDITY RISK MANAGEMENT PROGRAM	196

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2021

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, 2021.

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, 2021

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.

COVID-19. The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 2021

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. ● It is important to note that the Funds are not guaranteed by the U.S. government. ● For more on these and other risks, please read the prospectus.

The Government Long Bond 1.2x Strategy and Inverse Government Long Bond Strategy funds are not suitable for all investors. ● These Funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking daily leveraged investment results, and (c) intend to actively monitor and manage their investments. ● The more a Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● The Funds’ use of derivatives, such as futures, options and swap agreements, may expose the Funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Leveraged and inverse Funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a daily basis. Because the Funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those Funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged Funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. For those Funds that consistently apply leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. The Funds rebalance their portfolios on a daily basis, increasing exposure in response to that day’s gains or reducing exposure in response to that day’s losses. Daily rebalancing will impair a fund’s performance if the benchmark experiences volatility. Investors should monitor their leveraged Funds’ holdings consistent with their strategies, as frequently as daily. ● In general, bond prices rise when interest rates fall, and vice versa. Moreover, while securities with longer maturities tend to produce higher yields, the price of longer maturity securities is also subject to greater fluctuations as a result of changes in interest rates. ● There are no assurances that any Guggenheim fund will achieve its objective and/or strategy. These Funds are subject to active trading and tracking error risks, which may increase volatility, impact the Fund’s ability to achieve its investment objective, and may decrease the Fund’s performance. ● It is important to note that the Funds are not guaranteed by the U.S. government. ● For more on these and other risks, please read the prospectus.

The High Yield Strategy Fund and Inverse High Yield Strategy Fund may not be suitable for all investors. ● The Fund’s use of derivatives such as futures, options, and swap agreements will expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. ● A highly liquid secondary market may not exist for the credit default swaps the Fund invests in, and there can be no assurance that a highly liquid secondary market will develop. ● The Fund’s market value will change in response to interest rate changes and market conditions among other factors. ● You may have a gain or loss when you sell your shares. ● In general, bond prices rise when interest rates fall, and vice versa. ● The Fund’s exposure to the high yield bond market may subject the Fund to greater volatility because (i) it will be affected by the ability of high yield security issuers’ ability to make principal and interest payments and (ii) the prices of derivatives linked to high yield bonds may fluctuate unpredictably and not necessarily in relation to interest rates. ● The Fund is subject to active trading risks that may increase volatility and impact its ability to achieve its investment objective. ● It is important to note that the Funds are not guaranteed by the U.S. government. ● For more on these and other risks, please read the prospectus.

Monthly leveraged funds are not suitable for all investors. ● These funds should be utilized only by investors who (a) understand the risks associated with the use of leverage, (b) understand the consequences of seeking monthly leveraged investment results, and (c) intend to actively monitor and manage their investments. ● The more a fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. ● The funds’ use of derivatives, such as futures, options, and swap agreements, may expose the funds’ shareholders to additional risks that they would not be subject to if they invested directly in the securities underlying those derivatives. ● Monthly leveraged funds seek to provide investment results that match the performance of a specific benchmark, before fees and expenses, on a monthly basis. Because monthly leveraged funds seek to track the performance of their benchmark on a monthly basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the quarterly, annual or other period performance of its benchmark. Due to the compounding of monthly returns, leveraged funds’ returns over periods other than one calendar month will likely differ in amount and possibly direction from the benchmark return for the same period. For those funds that consistently apply leverage, the value of the funds’ shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. Monthly leveraged funds rebalance their portfolios on a monthly basis on the last day of each calendar month, increasing exposure in response to that month’s gains or reducing exposure in response to that month’s losses. ● Throughout the month, the amount of leverage that a monthly leveraged fund provides is allowed to float. Purchasing monthly leveraged funds on any day other than the last day of each calendar month will likely mean that the monthly leveraged fund’s actual leverage is different from its monthly leverage target. Investors should monitor their monthly leveraged funds’ holdings consistent with their strategies, as frequently as daily. ● It is important to note that the Funds are not guaranteed by the U.S. government. ● 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. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● 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, 2021

In the six months ending September 30, 2021, the equity market experienced a relatively steady upward climb that reversed amid seasonal pressures, inflation worry, and market uncertainty about the economic damage brought about by the potential emergence of new COVID variants.

Treasury yields posted their biggest rise in months following the Federal Open Market Committee (“FOMC”) meeting in September, at which Chair Powell noted that inflation would be higher and last longer than previously expected. The 10-year U.S. Treasury was still down slightly for the period.

Reports circulating in September about the inability of Evergrande, China’s second largest real estate development company, to repay an installment on its approximately $300 billion in debt sparked panic in credit markets in Asia. There was chatter about an Evergrande bankruptcy, a la Lehman Brothers, that would ignite a conflagration that could ravage China’s debt-reliant economy and spread across the world, triggering another global financial crisis. Others saw echoes of the collapse of Long-Term Capital Management, the highly leveraged hedge fund that collapsed in 1998 and required a bailout and debt rewind managed by the Federal Reserve (the “Fed”) to quell fears of a global financial meltdown.

As the month of September progressed and the Chinese government stepped in with liquidity and behind-the-scenes pressure on state-owned and state-backed enterprises to purchase Evergrande assets, tensions eased, but the question remains as to what ultimately will become of Evergrande. The most likely outcome is a “controlled fire” approach in which the government attempts to limit the contagion of Evergrande’s woes by propping up the company until its debts are restructured and reshuffled, its projects completed by others, and its properties sold off.

As Evergrande troubles captured the world’s attention, the September FOMC meeting made it clear that the Fed was not overly worried, at least not enough to push back its forecasted rate hikes. In fact, the tone of the meeting was somewhat hawkish, with the month’s Summary of Economic Projections revealing that half the committee members penciled in a rate hike for 2022. That would give them a policy option should elevated inflation turn out to be less temporary than expected. It also implies that a tapering of asset purchases would be completed sooner rather than later—a timetable corroborated when Chair Powell gave the strongest indication yet that tapering may start in November and for the first time suggested that asset purchases could conclude by mid-2022.

Markets reacted favorably to the Fed’s relatively sanguine view of the Evergrande situation, perhaps breathing a sigh of relief that it considers the problem insufficiently dangerous either to warrant action or to delay the normalization of rates in the United States. Interestingly, in place of several instances of the word “transitory” in the four previous FOMC press conference transcripts, the September transcript included no mention of the word, which may help explain the hawkish tilt to the meeting. Regarding the path for rates, half of FOMC members now see at least one hike in 2022, up from 39 percent in June. The median FOMC participant now sees in excess of six cumulative hikes through 2024, signaling an acknowledgement of intensifying supply side pressures and a labor market that could be at full employment within the next year.

For the six-month period ended September 30, 2021, the S&P 500^® Index* returned 9.18%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned 4.70%. The return of the MSCI Emerging Markets Index* was -3.45%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 1.88% return for the six-month period, while the Bloomberg U.S. Corporate High Yield Index* returned 3.65%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

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

*Index Definitions:

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

Bloomberg U.S. Long Treasury Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity of 10 or more years, are rated investment grade, and have $250 million or more of outstanding face value. In addition, the securities must be denominated in U.S. dollars and must be fixed rate and nonconvertible. The U.S. Long Treasury Index is market capitalization weighted and the securities in the index are updated on the last business day of each month.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 2021

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.

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

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

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

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

Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe.

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

S&P MidCap 400^® Index provides investors with a benchmark for mid-sized companies. The index covers approximately 7% of the U.S. equity market, and seeks to remain an accurate measure of mid-sized companies, reflecting the risk and return characteristics of the broader mid-cap universe on an on-going basis.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

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

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

An Example of Compounding

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

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

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

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

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

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

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

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2021 and ending September 30, 2021.

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, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Nova Fund
Investor Class	1.23%	12.90%	$ 1,000.00	$ 1,129.00	$ 6.56
A-Class	1.48%	12.76%	1,000.00	1,127.60	7.89
C-Class	2.23%	12.33%	1,000.00	1,123.30	11.87
H-Class	1.48%	12.74%	1,000.00	1,127.40	7.89
S&P 500® Fund
A-Class	1.56%	8.31%	1,000.00	1,083.10	8.15
C-Class	2.31%	7.91%	1,000.00	1,079.10	12.04
H-Class	1.56%	8.31%	1,000.00	1,083.10	8.15
Inverse S&P 500® Strategy Fund
Investor Class	1.38%	(9.26%)	1,000.00	907.40	6.60
A-Class	1.63%	(9.34%)	1,000.00	906.60	7.79
C-Class	2.39%	(9.70%)	1,000.00	903.00	11.40
H-Class	1.63%	(9.34%)	1,000.00	906.60	7.79
Monthly Rebalance NASDAQ-100® 2x Strategy Fund
A-Class	1.32%	23.98%	1,000.00	1,239.80	7.41
C-Class	2.06%	23.52%	1,000.00	1,235.20	11.54
H-Class	1.33%	23.97%	1,000.00	1,239.70	7.47
Inverse NASDAQ-100® Strategy Fund
Investor Class	1.43%	(12.46%)	1,000.00	875.40	6.72
A-Class	1.68%	(12.57%)	1,000.00	874.30	7.89
C-Class	2.43%	(12.91%)	1,000.00	870.90	11.40
H-Class	1.68%	(12.57%)	1,000.00	874.30	7.89
Mid-Cap 1.5x Strategy Fund
A-Class	1.64%	1.39%	1,000.00	1,013.90	8.28
C-Class	2.39%	1.00%	1,000.00	1,010.00	12.04
H-Class	1.64%	1.39%	1,000.00	1,013.90	8.28
Inverse Mid-Cap Strategy Fund
A-Class	1.63%	(3.51%)	1,000.00	964.90	8.03
C-Class	2.44%	(3.90%)	1,000.00	961.00	11.99
H-Class	1.64%	(3.53%)	1,000.00	964.70	8.08
Russell 2000® 1.5x Strategy Fund
A-Class	1.68%	(1.79%)	1,000.00	982.10	8.35
C-Class	2.43%	(2.18%)	1,000.00	978.20	12.05
H-Class	1.68%	(1.80%)	1,000.00	982.00	8.35
Russell 2000® Fund
A-Class	1.60%	(1.08%)	1,000.00	989.20	7.98
C-Class	2.35%	(1.47%)	1,000.00	985.30	11.70
H-Class	1.60%	(1.09%)	1,000.00	989.10	7.98
Inverse Russell 2000® Strategy Fund
A-Class	1.65%	(1.86%)	1,000.00	981.40	8.20
C-Class	2.40%	(2.21%)	1,000.00	977.90	11.90
H-Class	1.65%	(1.87%)	1,000.00	981.30	8.20

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Dow Jones Industrial Average® Fund
A-Class	1.60%	2.81%	$ 1,000.00	$ 1,028.10	$ 8.13
C-Class	2.35%	2.42%	1,000.00	1,024.20	11.92
H-Class	1.60%	2.81%	1,000.00	1,028.10	8.13
Government Long Bond 1.2x Strategy Fund
Investor Class	0.94%	9.48%	1,000.00	1,094.80	4.94
A-Class	1.19%	9.35%	1,000.00	1,093.50	6.25
C-Class	1.94%	8.93%	1,000.00	1,089.30	10.16
H-Class	1.19%	9.31%	1,000.00	1,093.10	6.24
Inverse Government Long Bond Strategy Fund
Investor Class	3.02%	(8.99%)	1,000.00	910.10	14.46
A-Class	3.23%	(9.10%)	1,000.00	909.00	15.46
C-Class	3.99%	(9.44%)	1,000.00	905.60	19.06
H-Class	3.28%	(9.09%)	1,000.00	909.10	15.70
High Yield Strategy Fund
A-Class	1.49%	2.23%	1,000.00	1,022.30	7.55
C-Class	2.24%	1.86%	1,000.00	1,018.60	11.34
H-Class	1.49%	2.24%	1,000.00	1,022.40	7.55
Inverse High Yield Strategy Fund
A-Class	1.48%	(3.51%)	1,000.00	964.90	7.29
C-Class	2.21%	(3.78%)	1,000.00	962.20	10.87
H-Class	1.49%	(3.37%)	1,000.00	966.30	7.34
U.S. Government Money Market Fund
Money Market Class	0.06%	0.00%	1,000.00	1,000.00	0.30

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Nova Fund
Investor Class	1.23%	5.00%	$ 1,000.00	$ 1,018.90	$ 6.23
A-Class	1.48%	5.00%	1,000.00	1,017.65	7.49
C-Class	2.23%	5.00%	1,000.00	1,013.89	11.26
H-Class	1.48%	5.00%	1,000.00	1,017.65	7.49
S&P 500® Fund
A-Class	1.56%	5.00%	1,000.00	1,017.25	7.89
C-Class	2.31%	5.00%	1,000.00	1,013.49	11.66
H-Class	1.56%	5.00%	1,000.00	1,017.25	7.89
Inverse S&P 500® Strategy Fund
Investor Class	1.38%	5.00%	1,000.00	1,018.15	6.98
A-Class	1.63%	5.00%	1,000.00	1,016.90	8.24
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.63%	5.00%	1,000.00	1,016.90	8.24
Monthly Rebalance NASDAQ-100® 2x Strategy Fund
A-Class	1.32%	5.00%	1,000.00	1,018.45	6.68
C-Class	2.06%	5.00%	1,000.00	1,014.74	10.40
H-Class	1.33%	5.00%	1,000.00	1,018.40	6.73
Inverse NASDAQ-100® Strategy Fund
Investor Class	1.43%	5.00%	1,000.00	1,017.90	7.23
A-Class	1.68%	5.00%	1,000.00	1,016.65	8.49
C-Class	2.43%	5.00%	1,000.00	1,012.89	12.26
H-Class	1.68%	5.00%	1,000.00	1,016.65	8.49
Mid-Cap 1.5x Strategy Fund
A-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
C-Class	2.39%	5.00%	1,000.00	1,013.09	12.06
H-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
Inverse Mid-Cap Strategy Fund
A-Class	1.63%	5.00%	1,000.00	1,016.90	8.24
C-Class	2.44%	5.00%	1,000.00	1,012.84	12.31
H-Class	1.64%	5.00%	1,000.00	1,016.85	8.29
Russell 2000® 1.5x Strategy Fund
A-Class	1.68%	5.00%	1,000.00	1,016.65	8.49
C-Class	2.43%	5.00%	1,000.00	1,012.89	12.26
H-Class	1.68%	5.00%	1,000.00	1,016.65	8.49
Russell 2000® Fund
A-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Inverse Russell 2000® Strategy Fund
A-Class	1.65%	5.00%	1,000.00	1,016.80	8.34
C-Class	2.40%	5.00%	1,000.00	1,013.04	12.11
H-Class	1.65%	5.00%	1,000.00	1,016.80	8.34

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Dow Jones Industrial Average® Fund
A-Class	1.60%	5.00%	$ 1,000.00	$ 1,017.05	$ 8.09
C-Class	2.35%	5.00%	1,000.00	1,013.29	11.86
H-Class	1.60%	5.00%	1,000.00	1,017.05	8.09
Government Long Bond 1.2x Strategy Fund
Investor Class	0.94%	5.00%	1,000.00	1,020.36	4.76
A-Class	1.19%	5.00%	1,000.00	1,019.10	6.02
C-Class	1.94%	5.00%	1,000.00	1,015.34	9.80
H-Class	1.19%	5.00%	1,000.00	1,019.10	6.02
Inverse Government Long Bond Strategy Fund
Investor Class	3.02%	5.00%	1,000.00	1,009.93	15.22
A-Class	3.23%	5.00%	1,000.00	1,008.87	16.27
C-Class	3.99%	5.00%	1,000.00	1,005.06	20.06
H-Class	3.28%	5.00%	1,000.00	1,008.62	16.52
High Yield Strategy Fund
A-Class	1.49%	5.00%	1,000.00	1,017.60	7.54
C-Class	2.24%	5.00%	1,000.00	1,013.84	11.31
H-Class	1.49%	5.00%	1,000.00	1,017.60	7.54
Inverse High Yield Strategy Fund
A-Class	1.48%	5.00%	1,000.00	1,017.65	7.49
C-Class	2.21%	5.00%	1,000.00	1,013.99	11.16
H-Class	1.49%	5.00%	1,000.00	1,017.60	7.54
U.S. Government Money Market Fund
Money Market Class	0.06%	5.00%	1,000.00	1,024.77	0.30

1	This ratio represents annualized Net Expense, which includes interest expense related to securities sold short. Excluding short interest expense, the operating ratio of the Inverse Government Long Bond Strategy Fund would be 1.38%, 1.63%, 2.38% and 1.63% 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 183/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2021 to September 30, 2021.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 11

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

NOVA FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is 150% of the performance of the S&P 500^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	July 12, 1993
A-Class	March 31, 2004
C-Class	March 14, 2001
H-Class	September 18, 2014

Ten Largest Holdings (% of Total Net Assets)
Guggenheim Ultra Short Duration Fund — Institutional Class	5.5%
Apple, Inc.	5.0%
Microsoft Corp.	4.7%
Amazon.com, Inc.	3.2%
Guggenheim Strategy Fund II	2.0%
Facebook, Inc. — Class A	1.8%
Alphabet, Inc. — Class A	1.8%
Alphabet, Inc. — Class C	1.7%
Tesla, Inc.	1.4%
NVIDIA Corp.	1.2%
Top Ten Total	28.3%
“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, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	12.90%	44.90%	21.50%	22.10%
A-Class Shares	12.76%	44.57%	21.19%	21.81%
A-Class Shares with sales charge‡	7.40%	37.70%	20.02%	21.22%
C-Class Shares	12.33%	43.48%	20.32%	20.91%
C-Class Shares with CDSC§	11.33%	42.48%	20.32%	20.91%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	12.74%	44.56%	21.24%	16.64%
S&P 500 Index	9.18%	30.00%	16.90%	13.63%

*	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. 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, 2021
NOVA FUND

	Shares		Value
COMMON STOCKS† - 81.4%
Technology - 19.2%
Apple, Inc.		154,648	$	21,882,692
Microsoft Corp.		74,006		20,863,772
NVIDIA Corp.		24,541		5,083,914
Adobe, Inc.*		4,692		2,701,278
salesforce.com, Inc.*		9,568		2,595,033
Intel Corp.		39,953		2,128,696
Accenture plc — Class A		6,245		1,997,900
Broadcom, Inc.		4,040		1,959,117
Texas Instruments, Inc.		9,092		1,747,573
Intuit, Inc.		2,691		1,451,821
QUALCOMM, Inc.		11,108		1,432,710
Oracle Corp.		16,222		1,413,423
Advanced Micro Devices, Inc.*		11,945		1,229,140
International Business Machines Corp.		8,827		1,226,335
ServiceNow, Inc.*		1,951		1,214,049
Applied Materials, Inc.		9,001		1,158,699
Analog Devices, Inc.		5,297		887,142
Lam Research Corp.		1,403		798,517
Micron Technology, Inc.		11,086		786,884
Fidelity National Information Services, Inc.		6,083		740,179
Fiserv, Inc.*		5,869		636,787
Autodesk, Inc.*		2,167		617,963
Activision Blizzard, Inc.		7,659		592,730
NXP Semiconductor N.V.		2,611		511,417
KLA Corp.		1,504		503,103
MSCI, Inc. — Class A		812		493,972
Roper Technologies, Inc.		1,038		463,083
Synopsys, Inc.*		1,503		450,013
Microchip Technology, Inc.		2,699		414,270
Cadence Design Systems, Inc.*		2,726		412,825
Electronic Arts, Inc.		2,803		398,727
Fortinet, Inc.*		1,335		389,873
Cognizant Technology Solutions Corp. — Class A		5,176		384,111
Xilinx, Inc.*		2,437		367,963
Paychex, Inc.		3,154		354,667
HP, Inc.		11,830		323,669
ANSYS, Inc.*		859		292,447
Zebra Technologies Corp. — Class A*		526		271,111
Skyworks Solutions, Inc.		1,626		267,932
Paycom Software, Inc.*		473		234,490
Monolithic Power Systems, Inc.		425		205,989
Cerner Corp.		2,911		205,284
NetApp, Inc.		2,206		198,011
Broadridge Financial Solutions, Inc.		1,144		190,636
Tyler Technologies, Inc.*		402		184,377
Hewlett Packard Enterprise Co.		12,861		183,269
Qorvo, Inc.*		1,095		183,073
Teradyne, Inc.		1,625		177,401
Take-Two Interactive Software, Inc.*		1,147		176,718
Western Digital Corp.*		3,018		170,336
Seagate Technology Holdings plc		2,062		170,156
Akamai Technologies, Inc.*		1,604		167,762
Ceridian HCM Holding, Inc.*		1,328		149,559
Leidos Holdings, Inc.		1,394		134,005
Citrix Systems, Inc.		1,223		131,314
PTC, Inc.*		1,040		124,582
Jack Henry & Associates, Inc.		732		120,092
DXC Technology Co.*		2,481		83,387
IPG Photonics Corp.*		353		55,915
Total Technology				84,691,893
Consumer, Non-cyclical - 16.3%
Johnson & Johnson		25,924		4,186,726
UnitedHealth Group, Inc.		9,286		3,628,412
Procter & Gamble Co.		23,905		3,341,919
PayPal Holdings, Inc.*		11,572		3,011,150
Pfizer, Inc.		55,214		2,374,754
Thermo Fisher Scientific, Inc.		3,874		2,213,332
Abbott Laboratories		17,459		2,062,432
PepsiCo, Inc.		13,611		2,047,231
Coca-Cola Co.		38,259		2,007,450
Danaher Corp.		6,257		1,904,881
AbbVie, Inc.		17,403		1,877,262
Merck & Company, Inc.		24,929		1,872,417
Eli Lilly & Co.		7,819		1,806,580
Medtronic plc		13,235		1,659,007
Philip Morris International, Inc.		15,348		1,454,837
Moderna, Inc.*		3,458		1,330,846
Bristol-Myers Squibb Co.		21,883		1,294,817
Amgen, Inc.		5,592		1,189,139
Intuitive Surgical, Inc.*		1,171		1,164,150
CVS Health Corp.		12,995		1,102,756
S&P Global, Inc.		2,373		1,008,264
Zoetis, Inc.		4,667		906,051
Anthem, Inc.		2,401		895,093
Stryker Corp.		3,305		871,595
Gilead Sciences, Inc.		12,347		862,438
Automatic Data Processing, Inc.		4,166		832,867
Altria Group, Inc.		18,160		826,643
Mondelez International, Inc. — Class A		13,766		800,906
Becton Dickinson and Co.		2,828		695,179
Edwards Lifesciences Corp.*		6,138		694,883
Estee Lauder Companies, Inc. — Class A		2,284		685,040
Cigna Corp.		3,349		670,336
Colgate-Palmolive Co.		8,307		627,843
Regeneron Pharmaceuticals, Inc.*		1,035		626,361
Boston Scientific Corp.*		14,022		608,415
HCA Healthcare, Inc.		2,428		589,324
Illumina, Inc.*		1,445		586,107
Moody’s Corp.		1,595		566,400
Dexcom, Inc.*		953		521,157
IDEXX Laboratories, Inc.*		838		521,152
Humana, Inc.		1,266		492,664
Align Technology, Inc.*		724		481,771
Vertex Pharmaceuticals, Inc.*		2,555		463,452
IHS Markit Ltd.		3,925		457,734
Global Payments, Inc.		2,893		455,879
IQVIA Holdings, Inc.*		1,887		452,012
Kimberly-Clark Corp.		3,316		439,171
Biogen, Inc.*		1,468		415,429

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
NOVA FUND

	Shares		Value
Baxter International, Inc.		4,923	$	395,957
Sysco Corp.		5,038		395,483
ResMed, Inc.		1,433		377,667
Centene Corp.*		5,742		357,784
General Mills, Inc.		5,971		357,185
Constellation Brands, Inc. — Class A		1,657		349,113
Archer-Daniels-Midland Co.		5,509		330,595
Monster Beverage Corp.*		3,698		328,493
Cintas Corp.		862		328,129
Verisk Analytics, Inc. — Class A		1,589		318,229
West Pharmaceutical Services, Inc.		729		309,490
Corteva, Inc.		7,230		304,238
Equifax, Inc.		1,200		304,104
McKesson Corp.		1,523		303,656
Zimmer Biomet Holdings, Inc.		2,057		301,062
Kroger Co.		6,696		270,719
Laboratory Corporation of America Holdings*		952		267,931
Gartner, Inc.*		824		250,397
United Rentals, Inc.*		713		250,213
Kraft Heinz Co.		6,626		243,969
Hershey Co.		1,432		242,366
Tyson Foods, Inc. — Class A		2,903		229,163
Catalent, Inc.*		1,678		223,291
FleetCor Technologies, Inc.*		813		212,413
Charles River Laboratories International, Inc.*		496		204,684
STERIS plc		982		200,603
Cooper Companies, Inc.		485		200,455
Clorox Co.		1,209		200,223
Church & Dwight Company, Inc.		2,418		199,654
McCormick & Company, Inc.		2,454		198,848
PerkinElmer, Inc.		1,104		191,312
Bio-Techne Corp.		383		185,590
Hologic, Inc.*		2,496		184,230
AmerisourceBergen Corp. — Class A		1,473		175,950
Quest Diagnostics, Inc.		1,203		174,808
Teleflex, Inc.		461		173,590
Avery Dennison Corp.		816		169,083
Viatris, Inc.		11,909		161,367
Kellogg Co.		2,518		160,951
Conagra Brands, Inc.		4,730		160,205
Bio-Rad Laboratories, Inc. — Class A*		212		158,141
MarketAxess Holdings, Inc.		374		157,338
Quanta Services, Inc.		1,370		155,933
ABIOMED, Inc.*		447		145,507
Cardinal Health, Inc.		2,857		141,307
J M Smucker Co.		1,067		128,072
Incyte Corp.*		1,849		127,174
Dentsply Sirona, Inc.		2,152		124,924
Brown-Forman Corp. — Class B		1,799		120,551
Hormel Foods Corp.		2,776		113,816
Robert Half International, Inc.		1,103		110,664
Henry Schein, Inc.*		1,376		104,796
Universal Health Services, Inc. — Class B		747		103,362
Lamb Weston Holdings, Inc.		1,429		87,698
Molson Coors Beverage Co. — Class B		1,855		86,035
Campbell Soup Co.		2,000		83,620
Organon & Co.		2,497		81,877
Rollins, Inc.		2,229		78,751
DaVita, Inc.*		661		76,848
Nielsen Holdings plc		3,533		67,798
Total Consumer, Non-cyclical				72,031,676
Communications - 13.4%
Amazon.com, Inc.*		4,289		14,089,537
Facebook, Inc. — Class A*		23,476		7,967,520
Alphabet, Inc. — Class A*		2,965		7,926,987
Alphabet, Inc. — Class C*		2,775		7,396,235
Walt Disney Co.*		17,895		3,027,297
Netflix, Inc.*		4,359		2,660,472
Comcast Corp. — Class A		45,106		2,522,779
Cisco Systems, Inc.		41,501		2,258,899
Verizon Communications, Inc.		40,771		2,202,042
AT&T, Inc.		70,314		1,899,181
Booking Holdings, Inc.*		404		959,043
Charter Communications, Inc. — Class A*		1,249		908,722
T-Mobile US, Inc.*		5,776		737,942
Twitter, Inc.*		7,858		474,545
eBay, Inc.		6,402		446,027
Match Group, Inc.*		2,726		427,955
Motorola Solutions, Inc.		1,667		387,277
Corning, Inc.		7,569		276,193
Etsy, Inc.*		1,247		259,326
CDW Corp.		1,354		246,455
ViacomCBS, Inc. — Class B		5,966		235,717
Expedia Group, Inc.*		1,431		234,541
VeriSign, Inc.*		958		196,400
Arista Networks, Inc.*		552		189,689
Omnicom Group, Inc.		2,111		152,963
NortonLifeLock, Inc.		5,724		144,817
Interpublic Group of Companies, Inc.		3,876		142,133
Fox Corp. — Class A		3,185		127,750
Lumen Technologies, Inc.		9,796		121,373
F5 Networks, Inc.*		594		118,075
DISH Network Corp. — Class A*		2,451		106,520
News Corp. — Class A		3,853		90,661
Juniper Networks, Inc.		3,202		88,119
Discovery, Inc. — Class C*		2,991		72,592
Fox Corp. — Class B		1,461		54,232
Discovery, Inc. — Class A*,1		1,665		42,258
News Corp. — Class B		1,199		27,853
Total Communications				59,220,127
Financial - 12.4%
Berkshire Hathaway, Inc. — Class B*		18,255		4,982,520
JPMorgan Chase & Co.		29,427		4,816,906
Visa, Inc. — Class A		16,620		3,702,105
Bank of America Corp.		72,925		3,095,666
Mastercard, Inc. — Class A		8,579		2,982,747
Wells Fargo & Co.		40,440		1,876,820
Citigroup, Inc.		19,960		1,400,793
Morgan Stanley		14,374		1,398,734

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
NOVA FUND

	Shares		Value
Goldman Sachs Group, Inc.		3,320	$	1,255,060
American Tower Corp. — Class A REIT		4,482		1,189,568
BlackRock, Inc. — Class A		1,409		1,181,672
Charles Schwab Corp.		14,784		1,076,867
American Express Co.		6,337		1,061,638
Prologis, Inc. REIT		7,280		913,130
PNC Financial Services Group, Inc.		4,185		818,753
U.S. Bancorp		13,287		789,779
Truist Financial Corp.		13,145		770,954
Marsh & McLennan Companies, Inc.		4,989		755,484
Chubb Ltd.		4,321		749,607
Crown Castle International Corp. REIT		4,256		737,650
Capital One Financial Corp.		4,393		711,534
Equinix, Inc. REIT		884		698,475
CME Group, Inc. — Class A		3,537		683,985
Intercontinental Exchange, Inc.		5,546		636,792
Aon plc — Class A		2,223		635,267
Progressive Corp.		5,763		520,917
American International Group, Inc.		8,422		462,284
Public Storage REIT		1,501		445,947
MetLife, Inc.		7,173		442,789
T. Rowe Price Group, Inc.		2,235		439,624
Simon Property Group, Inc. REIT		3,236		420,583
Bank of New York Mellon Corp.		7,820		405,389
Digital Realty Trust, Inc. REIT		2,783		402,004
Prudential Financial, Inc.		3,809		400,707
SVB Financial Group*		578		373,897
Travelers Companies, Inc.		2,457		373,488
Allstate Corp.		2,912		370,727
Discover Financial Services		2,949		362,285
SBA Communications Corp. REIT		1,079		356,685
Welltower, Inc. REIT		4,161		342,866
First Republic Bank		1,736		334,840
CBRE Group, Inc. — Class A*		3,306		321,872
Aflac, Inc.		6,077		316,794
State Street Corp.		3,601		305,077
AvalonBay Communities, Inc. REIT		1,375		304,755
Arthur J Gallagher & Co.		2,036		302,651
Ameriprise Financial, Inc.		1,120		295,814
Willis Towers Watson plc		1,271		295,457
Fifth Third Bancorp		6,802		288,677
Synchrony Financial		5,610		274,217
Equity Residential REIT		3,356		271,567
Weyerhaeuser Co. REIT		7,384		262,649
Alexandria Real Estate Equities, Inc. REIT		1,365		260,811
Realty Income Corp. REIT		3,835		248,738
Hartford Financial Services Group, Inc.		3,419		240,185
Huntington Bancshares, Inc.		14,541		224,804
Nasdaq, Inc.		1,153		222,552
Extra Space Storage, Inc. REIT		1,318		221,411
Northern Trust Corp.		2,052		221,226
Ventas, Inc. REIT		3,875		213,939
Mid-America Apartment Communities, Inc. REIT		1,143		213,455
Essex Property Trust, Inc. REIT		640		204,634
KeyCorp		9,418		203,617
Regions Financial Corp.		9,400		200,314
Citizens Financial Group, Inc.		4,196		197,128
M&T Bank Corp.		1,267		189,214
Duke Realty Corp. REIT		3,726		178,364
Healthpeak Properties, Inc. REIT		5,308		177,712
Cincinnati Financial Corp.		1,476		168,589
Raymond James Financial, Inc.		1,824		168,319
Principal Financial Group, Inc.		2,458		158,295
Boston Properties, Inc. REIT		1,400		151,690
UDR, Inc. REIT		2,748		145,589
Cboe Global Markets, Inc.		1,050		130,053
Brown & Brown, Inc.		2,302		127,646
Kimco Realty Corp. REIT		6,042		125,371
Iron Mountain, Inc. REIT		2,851		123,876
Lincoln National Corp.		1,740		119,625
Host Hotels & Resorts, Inc. REIT*		7,031		114,816
Loews Corp.		2,002		107,968
Comerica, Inc.		1,319		106,179
Regency Centers Corp. REIT		1,506		101,399
W R Berkley Corp.		1,381		101,062
Zions Bancorp North America		1,596		98,776
Everest Re Group Ltd.		393		98,556
Assurant, Inc.		579		91,337
Franklin Resources, Inc.		2,773		82,413
Globe Life, Inc.		922		82,086
Federal Realty Investment Trust REIT		689		81,295
Invesco Ltd.		3,362		81,058
Western Union Co.		4,002		80,920
People’s United Financial, Inc.		4,214		73,619
Vornado Realty Trust REIT		1,566		65,788
Total Financial				54,821,497
Consumer, Cyclical - 7.9%
Tesla, Inc.*		7,991		6,196,861
Home Depot, Inc.		10,471		3,437,210
Walmart, Inc.		14,074		1,961,634
Costco Wholesale Corp.		4,353		1,956,021
NIKE, Inc. — Class B		12,586		1,827,865
McDonald’s Corp.		7,354		1,773,123
Lowe’s Companies, Inc.		6,961		1,412,108
Starbucks Corp.		11,612		1,280,920
Target Corp.		4,872		1,114,567
TJX Companies, Inc.		11,881		783,908
General Motors Co.*		14,296		753,542
Ford Motor Co.*		38,642		547,171
Chipotle Mexican Grill, Inc. — Class A*		277		503,453
Dollar General Corp.		2,326		493,438
O’Reilly Automotive, Inc.*		679		414,910
Marriott International, Inc. — Class A*		2,694		398,954
Aptiv plc*		2,664		396,856
Ross Stores, Inc.		3,517		382,825
Hilton Worldwide Holdings, Inc.*		2,744		362,510
AutoZone, Inc.*		212		359,974
Yum! Brands, Inc.		2,912		356,167
Walgreens Boots Alliance, Inc.		7,070		332,644
Cummins, Inc.		1,414		317,528
Southwest Airlines Co.*		5,826		299,631

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
NOVA FUND

	Shares		Value
Fastenal Co.		5,660	$	292,112
Copart, Inc.*		2,097		290,896
PACCAR, Inc.		3,419		269,827
DR Horton, Inc.		3,210		269,544
Delta Air Lines, Inc.*		6,302		268,528
Lennar Corp. — Class A		2,705		253,404
Caesars Entertainment, Inc.*		2,102		236,013
Best Buy Company, Inc.		2,220		234,676
Tractor Supply Co.		1,126		228,139
Dollar Tree, Inc.*		2,284		218,624
VF Corp.		3,209		214,971
CarMax, Inc.*		1,605		205,376
Carnival Corp.*		7,864		196,679
Royal Caribbean Cruises Ltd.*		2,207		196,313
Ulta Beauty, Inc.*		539		194,536
Darden Restaurants, Inc.		1,283		194,336
Domino’s Pizza, Inc.		363		173,137
Pool Corp.		395		171,592
Genuine Parts Co.		1,410		170,934
MGM Resorts International		3,939		169,968
WW Grainger, Inc.		431		169,409
Bath & Body Works, Inc.		2,607		164,319
NVR, Inc.*		33		158,205
United Airlines Holdings, Inc.*		3,187		151,606
Advance Auto Parts, Inc.		644		134,525
LKQ Corp.*		2,663		134,002
American Airlines Group, Inc.*		6,376		130,835
Whirlpool Corp.		617		125,782
Las Vegas Sands Corp.*		3,386		123,928
Live Nation Entertainment, Inc.*		1,298		118,287
PulteGroup, Inc.		2,556		117,371
Hasbro, Inc.		1,275		113,755
Penn National Gaming, Inc.*		1,544		111,878
BorgWarner, Inc.		2,361		102,019
Tapestry, Inc.		2,746		101,657
Mohawk Industries, Inc.*		551		97,747
Norwegian Cruise Line Holdings Ltd.*		3,644		97,331
Wynn Resorts Ltd.*		1,037		87,886
Newell Brands, Inc.		3,728		82,538
PVH Corp.*		703		72,261
Alaska Air Group, Inc.*		1,233		72,254
Hanesbrands, Inc.		3,438		58,996
Leggett & Platt, Inc.		1,313		58,875
Ralph Lauren Corp. — Class A		479		53,188
Gap, Inc.		2,120		48,124
Under Armour, Inc. — Class A*		1,858		37,495
Under Armour, Inc. — Class C*		2,052		35,951
Total Consumer, Cyclical				34,873,649
Industrial - 6.3%
Honeywell International, Inc.		6,799		1,443,292
United Parcel Service, Inc. — Class B		7,172		1,306,021
Raytheon Technologies Corp.		14,849		1,276,420
Union Pacific Corp.		6,422		1,258,776
Boeing Co.*		5,426		1,193,395
General Electric Co.		10,810		1,113,754
Caterpillar, Inc.		5,391		1,034,910
3M Co.		5,698		999,543
Deere & Co.		2,795		936,521
Lockheed Martin Corp.		2,427		837,558
CSX Corp.		22,202		660,288
Eaton Corporation plc		3,925		586,042
Illinois Tool Works, Inc.		2,823		583,316
Norfolk Southern Corp.		2,432		581,856
Waste Management, Inc.		3,815		569,808
Emerson Electric Co.		5,887		554,555
Northrop Grumman Corp.		1,482		533,742
FedEx Corp.		2,422		531,120
Johnson Controls International plc		7,014		477,513
Agilent Technologies, Inc.		2,988		470,700
General Dynamics Corp.		2,285		447,929
TE Connectivity Ltd.		3,230		443,221
Carrier Global Corp.		8,545		442,289
L3Harris Technologies, Inc.		1,979		435,855
Amphenol Corp. — Class A		5,891		431,398
Trane Technologies plc		2,340		404,001
Parker-Hannifin Corp.		1,271		355,397
Otis Worldwide Corp.		4,203		345,823
Rockwell Automation, Inc.		1,143		336,088
TransDigm Group, Inc.*		516		322,278
Mettler-Toledo International, Inc.*		228		314,038
Keysight Technologies, Inc.*		1,814		298,022
Ball Corp.		3,216		289,344
AMETEK, Inc.		2,277		282,371
Stanley Black & Decker, Inc.		1,605		281,373
Old Dominion Freight Line, Inc.		924		264,246
Generac Holdings, Inc.*		622		254,193
Fortive Corp.		3,529		249,041
Republic Services, Inc. — Class A		2,069		248,404
Kansas City Southern		896		242,493
Garmin Ltd.		1,496		232,568
Vulcan Materials Co.		1,307		221,092
Dover Corp.		1,418		220,499
Xylem, Inc.		1,774		219,408
Waters Corp.*		604		215,809
Martin Marietta Materials, Inc.		614		209,792
Trimble, Inc.*		2,478		203,815
Ingersoll Rand, Inc.*		3,990		201,136
Expeditors International of Washington, Inc.		1,673		199,305
Teledyne Technologies, Inc.*		459		197,177
Amcor plc		15,183		175,971
Jacobs Engineering Group, Inc.		1,283		170,036
Westinghouse Air Brake Technologies Corp.		1,862		160,523
IDEX Corp.		748		154,798
Textron, Inc.		2,207		154,071
J.B. Hunt Transport Services, Inc.		829		138,625
Masco Corp.		2,434		135,209
Westrock Co.		2,629		131,003
Packaging Corporation of America		935		128,506
Fortune Brands Home & Security, Inc.		1,358		121,432
Pentair plc		1,633		118,605
Howmet Aerospace, Inc.		3,801		118,591

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
NOVA FUND

	Shares		Value
Allegion plc		883	$	116,715
CH Robinson Worldwide, Inc.		1,297		112,839
Snap-on, Inc.		532		111,161
Sealed Air Corp.		1,476		80,870
A O Smith Corp.		1,312		80,124
Huntington Ingalls Industries, Inc.		395		76,259
Total Industrial				28,042,873
Energy - 2.3%
Exxon Mobil Corp.		41,692		2,452,323
Chevron Corp.		19,045		1,932,115
ConocoPhillips		13,187		893,683
EOG Resources, Inc.		5,750		461,553
Schlumberger N.V.		13,772		408,202
Marathon Petroleum Corp.		6,285		388,476
Pioneer Natural Resources Co.		2,234		371,983
Kinder Morgan, Inc.		19,196		321,149
Williams Companies, Inc.		11,965		310,372
Phillips 66		4,313		302,039
Valero Energy Corp.		4,026		284,115
Occidental Petroleum Corp.		8,736		258,411
ONEOK, Inc.		4,389		254,518
Devon Energy Corp.		6,200		220,162
Hess Corp.		2,714		211,991
Baker Hughes Co.		8,159		201,772
Enphase Energy, Inc.*		1,326		198,860
Halliburton Co.		8,770		189,608
Diamondback Energy, Inc.		1,676		158,667
Marathon Oil Corp.		7,764		106,134
Cabot Oil & Gas Corp. — Class A		3,936		85,647
APA Corp.		3,723		79,784
Total Energy				10,091,564
Utilities - 2.0%
NextEra Energy, Inc.		19,319		1,516,928
Duke Energy Corp.		7,576		739,342
Southern Co.		10,427		646,161
Dominion Energy, Inc.		7,962		581,385
Exelon Corp.		9,630		465,514
American Electric Power Company, Inc.		4,926		399,893
Sempra Energy		3,145		397,843
Xcel Energy, Inc.		5,302		331,375
Public Service Enterprise Group, Inc.		4,979		303,221
American Water Works Company, Inc.		1,787		302,074
Eversource Energy		3,384		276,676
WEC Energy Group, Inc.		3,106		273,949
Consolidated Edison, Inc.		3,480		252,613
DTE Energy Co.		1,908		213,143
PPL Corp.		7,579		211,303
Edison International		3,739		207,402
Ameren Corp.		2,532		205,092
Entergy Corp.		1,979		196,534
FirstEnergy Corp.		5,359		190,888
CMS Energy Corp.		2,852		170,350
AES Corp.		6,562		149,810
CenterPoint Energy, Inc.		5,839		143,639
Evergy, Inc.		2,258		140,448
Alliant Energy Corp.		2,465		137,991
Atmos Energy Corp.		1,288		113,601
NRG Energy, Inc.		2,411		98,441
NiSource, Inc.		3,864		93,625
Pinnacle West Capital Corp.		1,111		80,392
Total Utilities				8,839,633
Basic Materials - 1.6%
Linde plc		5,086		1,492,131
Sherwin-Williams Co.		2,386		667,436
Air Products and Chemicals, Inc.		2,180		558,320
Ecolab, Inc.		2,451		511,328
Freeport-McMoRan, Inc.		14,457		470,286
Newmont Corp.		7,870		427,341
Dow, Inc.		7,344		422,721
DuPont de Nemours, Inc.		5,151		350,216
PPG Industries, Inc.		2,337		334,214
International Flavors & Fragrances, Inc.		2,453		328,015
Nucor Corp.		2,892		284,833
Albemarle Corp.		1,152		252,253
LyondellBasell Industries N.V. — Class A		2,602		244,198
International Paper Co.		3,849		215,236
Celanese Corp. — Class A		1,094		164,800
Eastman Chemical Co.		1,337		134,689
Mosaic Co.		3,404		121,591
CF Industries Holdings, Inc.		2,118		118,227
FMC Corp.		1,267		116,007
Total Basic Materials				7,213,842
Total Common Stocks
(Cost $342,565,761)				359,826,754
MUTUAL FUNDS† - 8.5%
Guggenheim Ultra Short Duration Fund — Institutional Class2		2,434,889		24,275,848
Guggenheim Strategy Fund II2		348,214		8,701,879
Guggenheim Strategy Fund III2		184,563		4,639,905
Total Mutual Funds
(Cost $37,394,494)				37,617,632

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
NOVA FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 2.7%
U.S. Treasury Bills
0.04% due 12/09/213,4	$	6,700,000	$	6,699,676
0.05% due 12/09/213,4		3,500,000		3,499,830
0.03% due 12/09/213,4		1,100,000		1,099,947
0.04% due 10/07/214,5		385,000		384,998
Total U.S. Treasury Bills
(Cost $11,684,133)				11,684,451
REPURCHASE AGREEMENTS††,6 - 9.3%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/213		23,253,349		23,253,349
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/213		9,035,112		9,035,112
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/213		9,035,112		9,035,112
Total Repurchase Agreements
(Cost $41,323,573)				41,323,573
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%8		29,354		29,354
Total Securities Lending Collateral
(Cost $29,354)				29,354
Total Investments - 101.9%
(Cost $432,997,315)			$	450,481,764
Other Assets & Liabilities, net - (1.9)%				(8,187,236	)
Total Net Assets - 100.0%			$	442,294,528

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		93		Dec 2021	$	19,981,050	$	(642,984	)

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

0.64% (1 Month USD LIBOR + 0.55%)

At Maturity

11/04/21

653

$

2,813,526

$

(113,098

)

Barclays Bank plc

S&P 500 Index

Pay

0.50% (U.S. Secured Overnight Financing Rate + 0.45%)

At Maturity

11/03/21

15,970

68,792,721

(2,164,136

)

Goldman Sachs International

S&P 500 Index

Pay

0.53% (Federal Funds Rate + 0.45%)

At Maturity

11/04/21

49,282

212,282,632

(7,304,605

)

$

283,888,879

$

(9,581,839

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
NOVA 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, 2021 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
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, 2021.
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, 2021.
	CME — Chicago Mercantile Exchange
	LIBOR — London Interbank Offered Rate
	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, 2021 (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	$	359,826,754	$	—	$	—	$	359,826,754
Mutual Funds		37,617,632		—		—		37,617,632
U.S. Treasury Bills		—		11,684,451		—		11,684,451
Repurchase Agreements		—		41,323,573		—		41,323,573
Securities Lending Collateral		29,354		—		—		29,354
Total Assets	$	397,473,740	$	53,008,024	$	—	$	450,481,764

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	642,984	$	—	$	—	$	642,984
Equity Index Swap Agreements**		—		9,581,839		—		9,581,839
Total Liabilities	$	642,984	$	9,581,839	$	—	$	10,224,823

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
NOVA 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	10,697,596	$	—	$	(2,000,000	)	$	12,983	$	(8,700	)	$	8,701,879		348,214	$	73,174
Guggenheim Strategy Fund III		4,639,905		—		—			—		—			4,639,905		184,563		35,297
Guggenheim Ultra Short Duration Fund — Institutional Class		19,255,008		5,000,000		—			—		20,840			24,275,848		2,434,889		105,897
	$	34,592,509	$	5,000,000	$	(2,000,000	)	$	12,983	$	12,140		$	37,617,632			$	214,368

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

NOVA FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value - including $28,654 of securities loaned (cost $354,279,248)	$	371,540,559
Investments in affiliated issuers, at value (cost $37,394,494)		37,617,632
Repurchase agreements, at value (cost $41,323,573)		41,323,573
Cash		166
Segregated cash with broker		686,425
Receivables:
Fund shares sold		4,921,019
Dividends		259,248
Interest		45
Securities lending income		15
Total assets		456,348,682
Liabilities:
Unrealized depreciation on OTC swap agreements		9,581,839
Payable for:
Fund shares redeemed		2,343,422
Swap settlement		1,066,686
Management fees		301,761
Variation margin on futures contracts		245,288
Transfer agent and administrative fees		110,021
Portfolio accounting fees		35,659
Return of securities lending collateral		29,354
Distribution and service fees		20,479
Trustees’ fees*		3,620
Miscellaneous		316,025
Total liabilities		14,054,154
Commitments and contingent liabilities (Note 11)		—
Net assets	$	442,294,528
Net assets consist of:
Paid in capital	$	369,934,068
Total distributable earnings (loss)		72,360,460
Net assets	$	442,294,528
Investor Class:
Net assets	$	362,992,244
Capital shares outstanding		2,668,114
Net asset value per share	$	136.05
A-Class:
Net assets	$	24,082,912
Capital shares outstanding		192,021
Net asset value per share	$	125.42
Maximum offering price per share (Net asset value divided by 95.25%)	$	131.67
C-Class:
Net assets	$	3,132,949
Capital shares outstanding		28,763
Net asset value per share	$	108.92
H-Class:
Net assets	$	52,086,423
Capital shares outstanding		414,924
Net asset value per share	$	125.53

* 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

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $490)	$	2,177,925
Dividends from securities of affiliated issuers		214,368
Interest		31,372
Income from securities lending, net		113
Total investment income		2,423,778
Expenses:
Management fees		1,590,007
Distribution and service fees:
A-Class		29,002
C-Class		17,975
H-Class		61,870
Transfer agent and administrative fees		593,607
Portfolio accounting fees		188,678
Professional fees		95,996
Trustees’ fees*		28,150
Custodian fees		27,602
Line of credit fees		236
Interest expense		37
Miscellaneous		122,354
Total expenses		2,755,514
Less:
Expenses waived by Adviser		(29,809	)
Net expenses		2,725,705
Net investment loss		(301,927	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	32,930,179
Investments in affiliated issuers		12,983
Swap agreements		28,074,006
Futures contracts		557,476
Net realized gain		61,574,644
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(17,444,026	)
Investments in affiliated issuers		12,140
Swap agreements		(10,651,787	)
Futures contracts		(661,499	)
Net change in unrealized appreciation (depreciation)		(28,745,172	)
Net realized and unrealized gain		32,829,472
Net increase in net assets resulting from operations	$	32,527,545

* 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 | 23

NOVA FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(301,927	)	$	(47,445	)
Net realized gain on investments		61,574,644			112,959,122
Net change in unrealized appreciation (depreciation) on investments		(28,745,172	)		37,756,712
Net increase in net assets resulting from operations		32,527,545			150,668,389
Distributions to shareholders:
Investor Class		—			(1,491,578	)
A-Class		—			(113,091	)
C-Class		—			(25,544	)
H-Class		—			(282,790	)
Total distributions to shareholders		—			(1,913,003	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		1,202,021,261			1,819,212,195
A-Class		52,626,798			91,209,558
C-Class		44,782			135,213
H-Class		212,749,992			388,284,290
Distributions reinvested
Investor Class		—			1,356,726
A-Class		—			110,585
C-Class		—			25,096
H-Class		—			282,790
Cost of shares redeemed
Investor Class		(1,191,074,209	)		(1,645,409,127	)
A-Class		(48,769,405	)		(89,125,245	)
C-Class		(936,605	)		(2,253,309	)
H-Class		(218,964,405	)		(363,214,241	)
Net increase from capital share transactions		7,698,209			200,614,531
Net increase in net assets		40,225,754			349,369,917
Net assets:
Beginning of period		402,068,774			52,698,857
End of period	$	442,294,528		$	402,068,774
Capital share activity:
Shares sold
Investor Class		8,977,057			19,353,964
A-Class		422,096			1,009,467
C-Class		407			1,947
H-Class		1,702,087			4,730,952
Shares issued from reinvestment of distributions
Investor Class		—			12,683
A-Class		—			1,119
C-Class		—			291
H-Class		—			2,860
Shares redeemed
Investor Class		(9,016,034	)		(17,254,830	)
A-Class		(397,265	)		(969,642	)
C-Class		(8,527	)		(29,742	)
H-Class		(1,769,093	)		(4,320,709	)
Net increase (decrease) in shares		(89,272	)		2,538,360

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

NOVA FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	120.51		$	63.62		$	76.83		$	69.63		$	60.14		$	49.18
Income (loss) from investment operations:
Net investment income (loss)b		(.06	)		.05			.61			.48			.40			.08
Net gain (loss) on investments (realized and unrealized)		15.60			57.43			(13.82	)		6.72			10.50			11.56
Total from investment operations		15.54			57.48			(13.21	)		7.20			10.90			11.64
Less distributions from:
Net investment income		—			(.59	)		—			—			(.02	)		(.02	)
Net realized gains		—			—			—			—			(1.39	)		(.66	)
Total distributions		—			(.59	)		—			—			(1.41	)		(.68	)
Net asset value, end of period	$	136.05		$	120.51		$	63.62		$	76.83		$	69.63		$	60.14
Total Return		12.90	%		90.46	%		(17.19	%)		10.34	%		18.09	%		23.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	362,992		$	326,237		$	37,874		$	242,831		$	451,764		$	78,531
Ratios to average net assets:
Net investment income (loss)		(0.09	%)		0.05	%		0.71	%		0.65	%		0.58	%		0.15	%
Total expensesc		1.25	%		1.33	%		1.37	%		1.35	%		1.26	%		1.28	%
Net expensesd		1.23	%		1.32	%		1.36	%		1.35	%		1.26	%		1.28	%
Portfolio turnover rate		329	%		785	%		690	%		1,078	%		2,067	%		1,288	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	111.23		$	58.89		$	71.28		$	64.72		$	56.18		$	46.08
Income (loss) from investment operations:
Net investment income (loss)b		(.21	)		(.18	)		.40			.28			.25			(.02	)
Net gain (loss) on investments (realized and unrealized)		14.40			53.11			(12.79	)		6.28			9.70			10.80
Total from investment operations		14.19			52.93			(12.39	)		6.56			9.95			10.78
Less distributions from:
Net investment income		—			(.59	)		—			—			(.02	)		(.02	)
Net realized gains		—			—			—			—			(1.39	)		(.66	)
Total distributions		—			(.59	)		—			—			(1.41	)		(.68	)
Net asset value, end of period	$	125.42		$	111.23		$	58.89		$	71.28		$	64.72		$	56.18
Total Returne		12.76	%		90.00	%		(17.38	%)		10.14	%		17.68	%		23.57	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	24,083		$	18,596		$	7,435		$	26,022		$	35,094		$	3,528
Ratios to average net assets:
Net investment income (loss)		(0.33	%)		(0.20	%)		0.52	%		0.41	%		0.39	%		(0.05	%)
Total expensesc		1.50	%		1.59	%		1.62	%		1.60	%		1.51	%		1.53	%
Net expensesd		1.48	%		1.58	%		1.61	%		1.60	%		1.51	%		1.53	%
Portfolio turnover rate		329	%		785	%		690	%		1,078	%		2,067	%		1,288	%

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	96.96		$	51.77		$	63.15		$	57.77		$	50.57		$	41.86
Income (loss) from investment operations:
Net investment income (loss)b		(.57	)		(.74	)		(.22	)		(.20	)		(.27	)		(.40	)
Net gain (loss) on investments (realized and unrealized)		12.53			46.52			(11.16	)		5.58			8.88			9.79
Total from investment operations		11.96			45.78			(11.38	)		5.38			8.61			9.39
Less distributions from:
Net investment income		—			(.59	)		—			—			(.02	)		(.02	)
Net realized gains		—			—			—			—			(1.39	)		(.66	)
Total distributions		—			(.59	)		—			—			(1.41	)		(.68	)
Net asset value, end of period	$	108.92		$	96.96		$	51.77		$	63.15		$	57.77		$	50.57
Total Returne		12.33	%		88.56	%		(18.02	%)		9.31	%		17.01	%		22.60	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,133		$	3,576		$	3,333		$	4,165		$	9,952		$	9,676
Ratios to average net assets:
Net investment income (loss)		(1.05	%)		(0.97	%)		(0.32	%)		(0.33	%)		(0.48	%)		(0.89	%)
Total expensesc		2.25	%		2.35	%		2.38	%		2.35	%		2.28	%		2.27	%
Net expensesd		2.23	%		2.33	%		2.37	%		2.35	%		2.28	%		2.27	%
Portfolio turnover rate		329	%		785	%		690	%		1,078	%		2,067	%		1,288	%

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

NOVA FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	111.34		$	58.94		$	71.35		$	64.80		$	56.15		$	46.06
Income (loss) from investment operations:
Net investment income (loss)b		(.22	)		(.18	)		.36			.30			.19			(.07	)
Net gain (loss) on investments (realized and unrealized)		14.41			53.17			(12.77	)		6.25			9.87			10.84
Total from investment operations		14.19			52.99			(12.41	)		6.55			10.06			10.77
Less distributions from:
Net investment income		—			(.59	)		—			—			(.02	)		(.02	)
Net realized gains		—			—			—			—			(1.39	)		(.66	)
Total distributions		—			(.59	)		—			—			(1.41	)		(.68	)
Net asset value, end of period	$	125.53		$	111.34		$	58.94		$	71.35		$	64.80		$	56.15
Total Return		12.74	%		90.03	%		(17.39	%)		10.11	%		17.88	%		23.56	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	52,086		$	53,660		$	4,057		$	49,090		$	28,985		$	17,716
Ratios to average net assets:
Net investment income (loss)		(0.35	%)		(0.20	%)		0.46	%		0.44	%		0.30	%		(0.15	%)
Total expensesc		1.50	%		1.59	%		1.62	%		1.61	%		1.52	%		1.52	%
Net expensesd		1.48	%		1.58	%		1.61	%		1.61	%		1.52	%		1.52	%
Portfolio turnover rate		329	%		785	%		690	%		1,078	%		2,067	%		1,288	%

a	Unaudited figures for the period ended September 30, 2021. 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 | 27

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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.	5.9%
Microsoft Corp.	5.6%
Amazon.com, Inc.	3.8%
Facebook, Inc. — Class A	2.1%
Alphabet, Inc. — Class A	2.1%
Alphabet, Inc. — Class C	2.0%
Tesla, Inc.	1.7%
NVIDIA Corp.	1.4%
Berkshire Hathaway, Inc. — Class B	1.3%
JPMorgan Chase & Co.	1.3%
Top Ten Total	27.2%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	8.31%	27.90%	14.89%	14.68%
A-Class Shares with sales charge‡	3.17%	21.82%	13.78%	14.13%
C-Class Shares	7.91%	26.96%	14.04%	13.82%
C-Class Shares with CDSC§	6.91%	25.96%	14.04%	13.82%
H-Class Shares	8.31%	27.90%	14.90%	14.69%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

*	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. 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.

28 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
S&P 500® FUND

	Shares		Value
COMMON STOCKS† - 96.5%
Technology - 22.7%
Apple, Inc.		71,583	$	10,128,994
Microsoft Corp.		34,256		9,657,452
NVIDIA Corp.		11,359		2,353,130
Adobe, Inc.*		2,172		1,250,464
salesforce.com, Inc.*		4,428		1,200,962
Intel Corp.		18,494		985,360
Accenture plc — Class A		2,892		925,209
Broadcom, Inc.		1,870		906,819
Texas Instruments, Inc.		4,208		808,820
Intuit, Inc.		1,246		672,229
QUALCOMM, Inc.		5,142		663,215
Oracle Corp.		7,509		654,259
Advanced Micro Devices, Inc.*		5,529		568,934
International Business Machines Corp.		4,086		567,668
ServiceNow, Inc.*		903		561,910
Applied Materials, Inc.		4,166		536,289
Analog Devices, Inc.		2,452		410,661
Lam Research Corp.		651		370,517
Micron Technology, Inc.		5,131		364,198
Fidelity National Information Services, Inc.		2,816		342,651
Fiserv, Inc.*		2,718		294,903
Autodesk, Inc.*		1,003		286,026
Activision Blizzard, Inc.		3,545		274,348
NXP Semiconductor N.V.		1,209		236,807
KLA Corp.		697		233,154
MSCI, Inc. — Class A		376		228,736
Roper Technologies, Inc.		481		214,589
Synopsys, Inc.*		696		208,389
Microchip Technology, Inc.		1,250		191,863
Cadence Design Systems, Inc.*		1,262		191,117
Electronic Arts, Inc.		1,298		184,640
Fortinet, Inc.*		619		180,773
Cognizant Technology Solutions Corp. — Class A		2,396		177,807
Xilinx, Inc.*		1,129		170,468
Paychex, Inc.		1,460		164,177
HP, Inc.		5,476		149,823
ANSYS, Inc.*		398		135,499
Zebra Technologies Corp. — Class A*		244		125,762
Skyworks Solutions, Inc.		753		124,079
Paycom Software, Inc.*		219		108,569
Monolithic Power Systems, Inc.		197		95,482
Cerner Corp.		1,347		94,990
NetApp, Inc.		1,021		91,645
Broadridge Financial Solutions, Inc.		531		88,486
Tyler Technologies, Inc.*		187		85,768
Hewlett Packard Enterprise Co.		5,953		84,830
Qorvo, Inc.*		507		84,765
Teradyne, Inc.		752		82,096
Take-Two Interactive Software, Inc.*		532		81,965
Western Digital Corp.*		1,397		78,847
Seagate Technology Holdings plc		954		78,724
Akamai Technologies, Inc.*		742		77,606
Ceridian HCM Holding, Inc.*		616		69,374
Leidos Holdings, Inc.		645		62,004
Citrix Systems, Inc.		566		60,771
PTC, Inc.*		482		57,739
Jack Henry & Associates, Inc.		339		55,616
DXC Technology Co.*		1,148		38,584
IPG Photonics Corp.*		164		25,978
Total Technology				39,206,540
Consumer, Non-cyclical - 19.3%
Johnson & Johnson		11,999		1,937,839
UnitedHealth Group, Inc.		4,298		1,679,401
Procter & Gamble Co.		11,065		1,546,887
PayPal Holdings, Inc.*		5,356		1,393,685
Pfizer, Inc.		25,558		1,099,250
Thermo Fisher Scientific, Inc.		1,794		1,024,966
Abbott Laboratories		8,081		954,609
PepsiCo, Inc.		6,300		947,583
Coca-Cola Co.		17,709		929,191
Danaher Corp.		2,896		881,658
AbbVie, Inc.		8,055		868,893
Merck & Company, Inc.		11,539		866,694
Eli Lilly & Co.		3,619		836,170
Medtronic plc		6,126		767,894
Philip Morris International, Inc.		7,104		673,388
Moderna, Inc.*		1,601		616,161
Bristol-Myers Squibb Co.		10,129		599,333
Amgen, Inc.		2,588		550,338
Intuitive Surgical, Inc.*		543		539,824
CVS Health Corp.		6,015		510,433
S&P Global, Inc.		1,099		466,954
Zoetis, Inc.		2,160		419,342
Anthem, Inc.		1,112		414,554
Stryker Corp.		1,530		403,492
Gilead Sciences, Inc.		5,715		399,193
Automatic Data Processing, Inc.		1,928		385,446
Altria Group, Inc.		8,406		382,641
Mondelez International, Inc. — Class A		6,372		370,723
Becton Dickinson and Co.		1,309		321,778
Edwards Lifesciences Corp.*		2,841		321,630
Estee Lauder Companies, Inc. — Class A		1,058		317,326
Cigna Corp.		1,550		310,248
Colgate-Palmolive Co.		3,845		290,605
Regeneron Pharmaceuticals, Inc.*		480		290,487
Boston Scientific Corp.*		6,490		281,601
HCA Healthcare, Inc.		1,124		272,817
Illumina, Inc.*		669		271,353
Moody’s Corp.		738		262,071
IDEXX Laboratories, Inc.*		389		241,919
Dexcom, Inc.*		442		241,712
Humana, Inc.		586		228,042
Align Technology, Inc.*		335		222,919
Vertex Pharmaceuticals, Inc.*		1,183		214,584
IHS Markit Ltd.		1,818		212,015
Global Payments, Inc.		1,340		211,157
IQVIA Holdings, Inc.*		874		209,358
Kimberly-Clark Corp.		1,535		203,295
Biogen, Inc.*		679		192,150

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
S&P 500® FUND

	Shares		Value
Baxter International, Inc.		2,279	$	183,300
Sysco Corp.		2,332		183,062
ResMed, Inc.		664		174,997
Centene Corp.*		2,658		165,620
General Mills, Inc.		2,764		165,342
Constellation Brands, Inc. — Class A		767		161,599
Archer-Daniels-Midland Co.		2,550		153,026
Cintas Corp.		400		152,264
Monster Beverage Corp.*		1,712		152,077
Verisk Analytics, Inc. — Class A		735		147,198
West Pharmaceutical Services, Inc.		337		143,070
Equifax, Inc.		556		140,901
Corteva, Inc.		3,347		140,842
McKesson Corp.		706		140,762
Zimmer Biomet Holdings, Inc.		953		139,481
Kroger Co.		3,100		125,333
Laboratory Corporation of America Holdings*		442		124,396
United Rentals, Inc.*		331		116,158
Gartner, Inc.*		381		115,778
Kraft Heinz Co.		3,067		112,927
Hershey Co.		663		112,213
Tyson Foods, Inc. — Class A		1,345		106,174
Catalent, Inc.*		776		103,262
FleetCor Technologies, Inc.*		378		98,760
Charles River Laboratories International, Inc.*		230		94,914
STERIS plc		455		92,947
Clorox Co.		561		92,907
Cooper Companies, Inc.		224		92,581
Church & Dwight Company, Inc.		1,120		92,479
McCormick & Company, Inc.		1,136		92,050
PerkinElmer, Inc.		511		88,551
Bio-Techne Corp.		177		85,769
Hologic, Inc.*		1,156		85,324
AmerisourceBergen Corp. — Class A		683		81,584
Quest Diagnostics, Inc.		557		80,938
Teleflex, Inc.		214		80,582
Avery Dennison Corp.		378		78,325
Viatris, Inc.		5,512		74,688
Kellogg Co.		1,165		74,467
Conagra Brands, Inc.		2,190		74,175
MarketAxess Holdings, Inc.		174		73,200
Bio-Rad Laboratories, Inc. — Class A*		98		73,103
Quanta Services, Inc.		634		72,162
ABIOMED, Inc.*		207		67,383
Cardinal Health, Inc.		1,323		65,436
J M Smucker Co.		494		59,295
Incyte Corp.*		862		59,288
Dentsply Sirona, Inc.		996		57,818
Brown-Forman Corp. — Class B		833		55,819
Hormel Foods Corp.		1,285		52,685
Robert Half International, Inc.		511		51,269
Henry Schein, Inc.*		638		48,590
Universal Health Services, Inc. — Class B		347		48,014
Lamb Weston Holdings, Inc.		662		40,627
Molson Coors Beverage Co. — Class B		859		39,841
Campbell Soup Co.		926		38,716
Organon & Co.		1,156		37,905
Rollins, Inc.		1,032		36,461
DaVita, Inc.*		306		35,576
Nielsen Holdings plc		1,636		31,395
Total Consumer, Non-cyclical				33,349,015
Communications - 15.9%
Amazon.com, Inc.*		1,985		6,520,804
Facebook, Inc. — Class A*		10,866		3,687,812
Alphabet, Inc. — Class A*		1,372		3,668,069
Alphabet, Inc. — Class C*		1,285		3,424,923
Walt Disney Co.*		8,283		1,401,235
Netflix, Inc.*		2,018		1,231,666
Comcast Corp. — Class A		20,879		1,167,762
Cisco Systems, Inc.		19,210		1,045,600
Verizon Communications, Inc.		18,873		1,019,331
AT&T, Inc.		32,547		879,095
Booking Holdings, Inc.*		188		446,288
Charter Communications, Inc. — Class A*		578		420,530
T-Mobile US, Inc.*		2,674		341,630
Twitter, Inc.*		3,637		219,638
eBay, Inc.		2,963		206,432
Match Group, Inc.*		1,262		198,121
Motorola Solutions, Inc.		772		179,351
Corning, Inc.		3,504		127,861
Etsy, Inc.*		577		119,993
CDW Corp.		627		114,127
ViacomCBS, Inc. — Class B		2,761		109,087
Expedia Group, Inc.*		663		108,666
VeriSign, Inc.*		445		91,230
Arista Networks, Inc.*		256		87,972
Omnicom Group, Inc.		977		70,793
NortonLifeLock, Inc.		2,650		67,045
Interpublic Group of Companies, Inc.		1,794		65,786
Fox Corp. — Class A		1,474		59,122
Lumen Technologies, Inc.		4,534		56,176
F5 Networks, Inc.*		275		54,665
DISH Network Corp. — Class A*		1,135		49,327
News Corp. — Class A		1,783		41,954
Juniper Networks, Inc.		1,482		40,785
Discovery, Inc. — Class C*		1,384		33,590
Fox Corp. — Class B		677		25,130
Discovery, Inc. — Class A*,1		771		19,568
News Corp. — Class B		556		12,916
Total Communications				27,414,080
Financial - 14.7%
Berkshire Hathaway, Inc. — Class B*		8,449		2,306,070
JPMorgan Chase & Co.		13,621		2,229,621
Visa, Inc. — Class A		7,693		1,713,616
Bank of America Corp.		33,755		1,432,900
Mastercard, Inc. — Class A		3,971		1,380,637
Wells Fargo & Co.		18,719		868,749
Citigroup, Inc.		9,239		648,393
Morgan Stanley		6,653		647,403

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
S&P 500® FUND

	Shares		Value
Goldman Sachs Group, Inc.		1,537	$	581,032
American Tower Corp. — Class A REIT		2,075		550,726
BlackRock, Inc. — Class A		652		546,806
Charles Schwab Corp.		6,843		498,444
American Express Co.		2,934		491,533
Prologis, Inc. REIT		3,370		422,699
PNC Financial Services Group, Inc.		1,937		378,955
U.S. Bancorp		6,150		365,556
Truist Financial Corp.		6,084		356,827
Marsh & McLennan Companies, Inc.		2,310		349,803
Chubb Ltd.		2,001		347,133
Crown Castle International Corp. REIT		1,970		341,440
Capital One Financial Corp.		2,033		329,285
Equinix, Inc. REIT		409		323,163
CME Group, Inc. — Class A		1,638		316,757
Intercontinental Exchange, Inc.		2,567		294,743
Aon plc — Class A		1,029		294,057
Progressive Corp.		2,668		241,161
American International Group, Inc.		3,898		213,961
Public Storage REIT		695		206,484
MetLife, Inc.		3,320		204,944
T. Rowe Price Group, Inc.		1,034		203,388
Simon Property Group, Inc. REIT		1,498		194,695
Bank of New York Mellon Corp.		3,620		187,661
Digital Realty Trust, Inc. REIT		1,288		186,052
Prudential Financial, Inc.		1,764		185,573
SVB Financial Group*		268		173,364
Travelers Companies, Inc.		1,138		172,987
Allstate Corp.		1,348		171,614
Discover Financial Services		1,365		167,690
SBA Communications Corp. REIT		500		165,285
Welltower, Inc. REIT		1,926		158,702
First Republic Bank		804		155,075
CBRE Group, Inc. — Class A*		1,530		148,961
Aflac, Inc.		2,813		146,642
State Street Corp.		1,667		141,228
AvalonBay Communities, Inc. REIT		637		141,185
Arthur J Gallagher & Co.		943		140,177
Ameriprise Financial, Inc.		519		137,078
Willis Towers Watson plc		589		136,919
Fifth Third Bancorp		3,148		133,601
Synchrony Financial		2,597		126,941
Equity Residential REIT		1,554		125,750
Weyerhaeuser Co. REIT		3,418		121,578
Alexandria Real Estate Equities, Inc. REIT		633		120,947
Realty Income Corp. REIT		1,776		115,191
Hartford Financial Services Group, Inc.		1,584		111,276
Huntington Bancshares, Inc.		6,730		104,046
Nasdaq, Inc.		534		103,073
Extra Space Storage, Inc. REIT		610		102,474
Northern Trust Corp.		950		102,419
Ventas, Inc. REIT		1,794		99,047
Mid-America Apartment Communities, Inc. REIT		529		98,791
Essex Property Trust, Inc. REIT		297		94,963
KeyCorp		4,359		94,242
Regions Financial Corp.		4,351		92,720
Citizens Financial Group, Inc.		1,942		91,235
M&T Bank Corp.		587		87,663
Duke Realty Corp. REIT		1,725		82,576
Healthpeak Properties, Inc. REIT		2,457		82,260
Raymond James Financial, Inc.		846		78,023
Cincinnati Financial Corp.		683		78,012
Principal Financial Group, Inc.		1,138		73,287
Boston Properties, Inc. REIT		648		70,211
UDR, Inc. REIT		1,273		67,443
Cboe Global Markets, Inc.		486		60,196
Brown & Brown, Inc.		1,066		59,110
Kimco Realty Corp. REIT		2,797		58,038
Iron Mountain, Inc. REIT		1,319		57,311
Lincoln National Corp.		805		55,344
Host Hotels & Resorts, Inc. REIT*		3,254		53,138
Loews Corp.		926		49,939
Comerica, Inc.		611		49,185
Regency Centers Corp. REIT		697		46,929
W R Berkley Corp.		640		46,835
Zions Bancorp North America		739		45,737
Everest Re Group Ltd.		182		45,642
Assurant, Inc.		268		42,277
Franklin Resources, Inc.		1,284		38,161
Globe Life, Inc.		427		38,016
Federal Realty Investment Trust REIT		319		37,639
Invesco Ltd.		1,557		37,539
Western Union Co.		1,852		37,447
People’s United Financial, Inc.		1,951		34,084
Vornado Realty Trust REIT		725		30,457
Total Financial				25,377,967
Consumer, Cyclical - 9.4%
Tesla, Inc.*		3,699		2,868,500
Home Depot, Inc.		4,847		1,591,076
Walmart, Inc.		6,514		907,921
Costco Wholesale Corp.		2,015		905,440
NIKE, Inc. — Class B		5,826		846,110
McDonald’s Corp.		3,404		820,739
Lowe’s Companies, Inc.		3,222		653,615
Starbucks Corp.		5,375		592,916
Target Corp.		2,255		515,876
TJX Companies, Inc.		5,499		362,824
General Motors Co.*		6,617		348,782
Ford Motor Co.*		17,886		253,266
Chipotle Mexican Grill, Inc. — Class A*		129		234,460
Dollar General Corp.		1,077		228,475
O’Reilly Automotive, Inc.*		315		192,484
Marriott International, Inc. — Class A*		1,247		184,668
Aptiv plc*		1,234		183,829
Ross Stores, Inc.		1,628		177,208
AutoZone, Inc.*		99		168,101
Hilton Worldwide Holdings, Inc.*		1,270		167,780
Yum! Brands, Inc.		1,349		164,996
Walgreens Boots Alliance, Inc.		3,273		153,995
Cummins, Inc.		655		147,087
Southwest Airlines Co.*		2,697		138,707

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
S&P 500® FUND

	Shares		Value
Fastenal Co.		2,620	$	135,218
Copart, Inc.*		971		134,697
PACCAR, Inc.		1,583		124,930
DR Horton, Inc.		1,486		124,780
Delta Air Lines, Inc.*		2,917		124,293
Lennar Corp. — Class A		1,253		117,381
Caesars Entertainment, Inc.*		974		109,361
Best Buy Company, Inc.		1,028		108,670
Tractor Supply Co.		522		105,762
Dollar Tree, Inc.*		1,058		101,272
VF Corp.		1,486		99,547
CarMax, Inc.*		743		95,074
Carnival Corp.*		3,640		91,036
Royal Caribbean Cruises Ltd.*		1,022		90,907
Ulta Beauty, Inc.*		250		90,230
Darden Restaurants, Inc.		595		90,125
Domino’s Pizza, Inc.		169		80,606
Pool Corp.		183		79,497
Genuine Parts Co.		654		79,285
MGM Resorts International		1,823		78,663
WW Grainger, Inc.		200		78,612
NVR, Inc.*		16		76,705
Bath & Body Works, Inc.		1,207		76,077
United Airlines Holdings, Inc.*		1,475		70,166
Advance Auto Parts, Inc.		299		62,458
LKQ Corp.*		1,233		62,045
American Airlines Group, Inc.*		2,951		60,554
Whirlpool Corp.		286		58,304
Las Vegas Sands Corp.*		1,567		57,352
Live Nation Entertainment, Inc.*		601		54,769
PulteGroup, Inc.		1,183		54,323
Hasbro, Inc.		590		52,640
Penn National Gaming, Inc.*		715		51,809
BorgWarner, Inc.		1,094		47,272
Tapestry, Inc.		1,272		47,089
Mohawk Industries, Inc.*		255		45,237
Norwegian Cruise Line Holdings Ltd.*		1,687		45,060
Wynn Resorts Ltd.*		480		40,680
Newell Brands, Inc.		1,726		38,214
Alaska Air Group, Inc.*		572		33,519
PVH Corp.*		326		33,509
Hanesbrands, Inc.		1,592		27,319
Leggett & Platt, Inc.		608		27,263
Ralph Lauren Corp. — Class A		222		24,651
Gap, Inc.		981		22,269
Under Armour, Inc. — Class A*		860		17,355
Under Armour, Inc. — Class C*		950		16,644
Total Consumer, Cyclical				16,152,084
Industrial - 7.5%
Honeywell International, Inc.		3,147		668,045
United Parcel Service, Inc. — Class B		3,320		604,572
Raytheon Technologies Corp.		6,873		590,803
Union Pacific Corp.		2,974		582,934
Boeing Co.*		2,512		552,489
General Electric Co.		5,003		515,459
Caterpillar, Inc.		2,496		479,157
3M Co.		2,638		462,758
Deere & Co.		1,294		433,581
Lockheed Martin Corp.		1,123		387,547
CSX Corp.		10,277		305,638
Eaton Corporation plc		1,818		271,446
Illinois Tool Works, Inc.		1,307		270,065
Norfolk Southern Corp.		1,126		269,396
Waste Management, Inc.		1,766		263,770
Emerson Electric Co.		2,725		256,695
Northrop Grumman Corp.		687		247,423
FedEx Corp.		1,122		246,043
Johnson Controls International plc		3,246		220,987
Agilent Technologies, Inc.		1,383		217,864
General Dynamics Corp.		1,058		207,400
TE Connectivity Ltd.		1,496		205,281
Carrier Global Corp.		3,955		204,711
L3Harris Technologies, Inc.		917		201,960
Amphenol Corp. — Class A		2,727		199,698
Trane Technologies plc		1,083		186,980
Parker-Hannifin Corp.		589		164,696
Otis Worldwide Corp.		1,946		160,117
Rockwell Automation, Inc.		529		155,547
TransDigm Group, Inc.*		239		149,272
Mettler-Toledo International, Inc.*		106		146,000
Keysight Technologies, Inc.*		840		138,003
Ball Corp.		1,489		133,965
AMETEK, Inc.		1,054		130,707
Stanley Black & Decker, Inc.		743		130,255
Old Dominion Freight Line, Inc.		428		122,399
Generac Holdings, Inc.*		288		117,697
Fortive Corp.		1,635		115,382
Republic Services, Inc. — Class A		959		115,138
Kansas City Southern		415		112,316
Garmin Ltd.		693		107,734
Vulcan Materials Co.		605		102,342
Dover Corp.		657		102,163
Xylem, Inc.		822		101,665
Waters Corp.*		280		100,044
Martin Marietta Materials, Inc.		284		97,037
Trimble, Inc.*		1,147		94,341
Ingersoll Rand, Inc.*		1,847		93,107
Expeditors International of Washington, Inc.		775		92,326
Teledyne Technologies, Inc.*		213		91,501
Amcor plc		7,028		81,454
Jacobs Engineering Group, Inc.		595		78,855
Westinghouse Air Brake Technologies Corp.		862		74,313
IDEX Corp.		347		71,812
Textron, Inc.		1,022		71,346
J.B. Hunt Transport Services, Inc.		384		64,212
Masco Corp.		1,127		62,605
Westrock Co.		1,218		60,693
Packaging Corporation of America		434		59,649
Fortune Brands Home & Security, Inc.		629		56,245
Howmet Aerospace, Inc.		1,760		54,912
Pentair plc		756		54,908

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
S&P 500® FUND

	Shares		Value
Allegion plc		409	$	54,062
CH Robinson Worldwide, Inc.		601		52,287
Snap-on, Inc.		247		51,611
Sealed Air Corp.		683		37,422
A O Smith Corp.		608		37,131
Huntington Ingalls Industries, Inc.		184		35,523
Total Industrial				12,985,496
Energy - 2.7%
Exxon Mobil Corp.		19,299		1,135,167
Chevron Corp.		8,815		894,282
ConocoPhillips		6,104		413,668
EOG Resources, Inc.		2,662		213,679
Schlumberger N.V.		6,374		188,925
Marathon Petroleum Corp.		2,909		179,805
Pioneer Natural Resources Co.		1,034		172,171
Kinder Morgan, Inc.		8,885		148,646
Williams Companies, Inc.		5,538		143,656
Phillips 66		1,997		139,850
Valero Energy Corp.		1,864		131,542
Occidental Petroleum Corp.		4,043		119,592
ONEOK, Inc.		2,032		117,836
Devon Energy Corp.		2,870		101,914
Hess Corp.		1,257		98,184
Baker Hughes Co.		3,776		93,380
Enphase Energy, Inc.*		614		92,082
Halliburton Co.		4,059		87,756
Diamondback Energy, Inc.		776		73,464
Marathon Oil Corp.		3,594		49,130
Cabot Oil & Gas Corp. — Class A		1,822		39,647
APA Corp.		1,723		36,924
Total Energy				4,671,300
Utilities - 2.4%
NextEra Energy, Inc.		8,942		702,126
Duke Energy Corp.		3,507		342,248
Southern Co.		4,826		299,067
Dominion Energy, Inc.		3,685		269,079
Exelon Corp.		4,457		215,451
American Electric Power Company, Inc.		2,280		185,090
Sempra Energy		1,456		184,184
Xcel Energy, Inc.		2,454		153,375
Public Service Enterprise Group, Inc.		2,305		140,375
American Water Works Company, Inc.		828		139,965
Eversource Energy		1,566		128,036
WEC Energy Group, Inc.		1,438		126,832
Consolidated Edison, Inc.		1,611		116,942
DTE Energy Co.		884		98,752
PPL Corp.		3,508		97,803
Edison International		1,731		96,019
Ameren Corp.		1,172		94,932
Entergy Corp.		917		91,067
FirstEnergy Corp.		2,481		88,373
CMS Energy Corp.		1,320		78,844
AES Corp.		3,037		69,335
CenterPoint Energy, Inc.		2,703		66,494
Evergy, Inc.		1,045		64,999
Alliant Energy Corp.		1,141		63,873
Atmos Energy Corp.		597		52,655
NRG Energy, Inc.		1,116		45,566
NiSource, Inc.		1,789		43,348
Pinnacle West Capital Corp.		514		37,193
Total Utilities				4,092,023
Basic Materials - 1.9%
Linde plc		2,355		690,910
Sherwin-Williams Co.		1,104		308,822
Air Products and Chemicals, Inc.		1,009		258,415
Ecolab, Inc.		1,135		236,784
Freeport-McMoRan, Inc.		6,692		217,691
Newmont Corp.		3,643		197,815
Dow, Inc.		3,399		195,646
DuPont de Nemours, Inc.		2,385		162,156
PPG Industries, Inc.		1,083		154,880
International Flavors & Fragrances, Inc.		1,136		151,906
Nucor Corp.		1,339		131,878
Albemarle Corp.		533		116,711
LyondellBasell Industries N.V. — Class A		1,205		113,089
International Paper Co.		1,782		99,650
Celanese Corp. — Class A		507		76,374
Eastman Chemical Co.		620		62,459
Mosaic Co.		1,576		56,295
CF Industries Holdings, Inc.		980		54,703
FMC Corp.		587		53,746
Total Basic Materials				3,339,930
Total Common Stocks
(Cost $115,673,827)				166,588,435
	Face Amount
U.S. TREASURY BILLS†† - 0.1%
U.S. Treasury Bills
0.04% due 10/07/212	$	222,000		221,999
Total U.S. Treasury Bills
(Cost $221,999)				221,999
REPURCHASE AGREEMENTS††,3 - 3.3%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/214		3,242,522		3,242,522
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/214		1,259,885		1,259,885
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/214		1,259,885		1,259,885
Total Repurchase Agreements
(Cost $5,762,292)				5,762,292

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
S&P 500® FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,5 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%6		15,028	$	15,028
Total Securities Lending Collateral
(Cost $15,028)				15,028
Total Investments - 99.9%
(Cost $121,673,146)			$	172,587,754
Other Assets & Liabilities, net - 0.1%				154,830
Total Net Assets - 100.0%			$	172,742,584

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

Barclays Bank plc

S&P 500 Index

Pay

0.50% (U.S. Secured Overnight Financing Rate + 0.45%)

At Maturity

11/03/21

280

$

1,205,540

$

(37,925

)

BNP Paribas

S&P 500 Index

Pay

0.64% (1 Month USD LIBOR + 0.55%)

At Maturity

11/04/21

248

1,068,729

(42,964

)

Goldman Sachs International

S&P 500 Index

Pay

0.53% (Federal Funds Rate + 0.45%)

At Maturity

11/04/21

905

3,897,129

(64,701

)

$

6,171,398

$

(145,590

)

*	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, 2021 — See Note 7.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 6.
4	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
5	Securities lending collateral — See Note 7.
6	Rate indicated is the 7-day yield as of September 30, 2021.
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
S&P 500® FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	166,588,435	$	—	$	—	$	166,588,435
U.S. Treasury Bills		—		221,999		—		221,999
Repurchase Agreements		—		5,762,292		—		5,762,292
Securities Lending Collateral		15,028		—		—		15,028
Total Assets	$	166,603,463	$	5,984,291	$	—	$	172,587,754

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	145,590	$	—	$	145,590

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

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

S&P 500^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $14,670 of securities loaned (cost $115,910,854)	$	166,825,462
Repurchase agreements, at value (cost $5,762,292)		5,762,292
Cash		104
Receivables:
Fund shares sold		697,491
Dividends		112,857
Securities lending income		10
Interest		6
Total assets		173,398,222
Liabilities:
Unrealized depreciation on OTC swap agreements		145,590
Payable for:
Management fees		128,376
Swap settlement		83,431
Distribution and service fees		50,164
Transfer agent and administrative fees		46,045
Portfolio accounting fees		25,675
Fund shares redeemed		19,322
Return of securities lending collateral		15,028
Trustees’ fees*		1,598
Miscellaneous		140,409
Total liabilities		655,638
Commitments and contingent liabilities (Note 11)		—
Net assets	$	172,742,584
Net assets consist of:
Paid in capital	$	136,977,857
Total distributable earnings (loss)		35,764,727
Net assets	$	172,742,584
A-Class:
Net assets	$	20,181,353
Capital shares outstanding		295,483
Net asset value per share	$	68.30
Maximum offering price per share (Net asset value divided by 95.25%)	$	71.71
C-Class:
Net assets	$	10,279,458
Capital shares outstanding		174,729
Net asset value per share	$	58.83
H-Class:
Net assets	$	142,281,773
Capital shares outstanding		2,082,996
Net asset value per share	$	68.31

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $231)	$	1,213,147
Interest		1,563
Income from securities lending, net		65
Total investment income		1,214,775
Expenses:
Management fees		692,689
Distribution and service fees:
A-Class		26,601
C-Class		62,939
H-Class		188,563
Transfer agent and administrative fees		258,286
Portfolio accounting fees		138,539
Professional fees		31,304
Custodian fees		11,985
Trustees’ fees*		11,976
Interest expense		2
Miscellaneous		64,772
Total expenses		1,487,656
Net investment loss		(272,881	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,352,370	)
Swap agreements		1,471,200
Futures contracts		(21,288	)
Net realized gain		97,542
Net change in unrealized appreciation (depreciation) on:
Investments		12,744,917
Swap agreements		(188,156	)
Net change in unrealized appreciation (depreciation)		12,556,761
Net realized and unrealized gain		12,654,303
Net increase in net assets resulting from operations	$	12,381,422

* 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.

S&P 500^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(272,881	)	$	(286,741	)
Net realized gain on investments		97,542			28,856,852
Net change in unrealized appreciation (depreciation) on investments		12,556,761			28,537,668
Net increase in net assets resulting from operations		12,381,422			57,107,779
Distributions to shareholders:
A-Class		—			(2,097,148	)
C-Class		—			(1,988,516	)
H-Class		—			(17,353,786	)
Total distributions to shareholders		—			(21,439,450	)
Capital share transactions:
Proceeds from sale of shares
A-Class		40,396,172			81,748,960
C-Class		2,784,059			10,752,839
H-Class		367,804,082			770,668,766
Distributions reinvested
A-Class		—			2,020,425
C-Class		—			1,870,486
H-Class		—			17,262,763
Cost of shares redeemed
A-Class		(40,700,327	)		(82,637,657	)
C-Class		(5,530,489	)		(12,101,344	)
H-Class		(358,697,928	)		(805,526,433	)
Net increase (decrease) from capital share transactions		6,055,569			(15,941,195	)
Net increase in net assets		18,436,991			19,727,134
Net assets:
Beginning of period		154,305,593			134,578,459
End of period	$	172,742,584		$	154,305,593
Capital share activity:
Shares sold
A-Class		588,946			1,376,150
C-Class		47,746			204,841
H-Class		5,401,462			13,337,703
Shares issued from reinvestment of distributions
A-Class		—			34,379
C-Class		—			36,734
H-Class		—			293,734
Shares redeemed
A-Class		(589,240	)		(1,389,174	)
C-Class		(93,845	)		(237,843	)
H-Class		(5,278,496	)		(14,090,159	)
Net increase (decrease) in shares		76,573			(433,635	)

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	63.06		$	46.64		$	51.55		$	48.72		$	45.52		$	39.85
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(.08	)		.17			.15			.13			.06
Net gain (loss) on investments (realized and unrealized)		5.33			24.50			(4.54	)		3.45			5.44			5.97
Total from investment operations		5.24			24.42			(4.37	)		3.60			5.57			6.03
Less distributions from:
Net investment income		—			(.02	)		(.12	)		(.05	)		(.12	)		(.05	)
Net realized gains		—			(7.98	)		(.42	)		(.72	)		(2.25	)		(.31	)
Total distributions		—			(8.00	)		(.54	)		(.77	)		(2.37	)		(.36	)
Net asset value, end of period	$	68.30		$	63.06		$	46.64		$	51.55		$	48.72		$	45.52
Total Returnc		8.31	%		53.64	%		(8.67	%)		7.59	%		12.16	%		15.17	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20,181		$	18,653		$	12,798		$	20,307		$	21,041		$	20,960
Ratios to average net assets:
Net investment income (loss)		(0.25	%)		(0.13	%)		0.31	%		0.30	%		0.27	%		0.14	%
Total expenses		1.56	%		1.65	%		1.68	%		1.67	%		1.58	%		1.57	%
Portfolio turnover rate		93	%		284	%		227	%		157	%		151	%		133	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	54.52		$	41.37		$	46.12		$	44.00		$	41.62		$	36.74
Income (loss) from investment operations:
Net investment income (loss)b		(.29	)		(.46	)		(.24	)		(.20	)		(.19	)		(.22	)
Net gain (loss) on investments (realized and unrealized)		4.60			21.61			(3.97	)		3.09			4.94			5.46
Total from investment operations		4.31			21.15			(4.21	)		2.89			4.75			5.24
Less distributions from:
Net investment income		—			(.02	)		(.12	)		(.05	)		(.12	)		(.05	)
Net realized gains		—			(7.98	)		(.42	)		(.72	)		(2.25	)		(.31	)
Total distributions		—			(8.00	)		(.54	)		(.77	)		(2.37	)		(.36	)
Net asset value, end of period	$	58.83		$	54.52		$	41.37		$	46.12		$	44.00		$	41.62
Total Returnc		7.91	%		52.49	%		(9.35	%)		6.78	%		11.29	%		14.33	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,279		$	12,040		$	8,981		$	14,599		$	20,484		$	20,931
Ratios to average net assets:
Net investment income (loss)		(0.99	%)		(0.88	%)		(0.50	%)		(0.45	%)		(0.44	%)		(0.57	%)
Total expenses		2.31	%		2.39	%		2.43	%		2.41	%		2.33	%		2.33	%
Portfolio turnover rate		93	%		284	%		227	%		157	%		151	%		133	%

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	63.07		$	46.64		$	51.54		$	48.71		$	45.51		$	39.84
Income (loss) from investment operations:
Net investment income (loss)b		(.08	)		(.08	)		.15			.16			.15			.07
Net gain (loss) on investments (realized and unrealized)		5.32			24.51			(4.51	)		3.44			5.42			5.96
Total from investment operations		5.24			24.43			(4.36	)		3.60			5.57			6.03
Less distributions from:
Net investment income		—			(.02	)		(.12	)		(.05	)		(.12	)		(.05	)
Net realized gains		—			(7.98	)		(.42	)		(.72	)		(2.25	)		(.31	)
Total distributions		—			(8.00	)		(.54	)		(.77	)		(2.37	)		(.36	)
Net asset value, end of period	$	68.31		$	63.07		$	46.64		$	51.54		$	48.71		$	45.51
Total Return		8.31	%		53.64	%		(8.65	%)		7.59	%		12.14	%		15.20	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	142,282		$	123,613		$	112,799		$	120,014		$	178,533		$	226,744
Ratios to average net assets:
Net investment income (loss)		(0.24	%)		(0.13	%)		0.28	%		0.32	%		0.31	%		0.16	%
Total expenses		1.56	%		1.65	%		1.68	%		1.66	%		1.58	%		1.58	%
Portfolio turnover rate		93	%		284	%		227	%		157	%		151	%		133	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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	13.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	9.5%
Total	22.5%
“Largest Holdings” excludes any temporary cash or derivative investments.

40 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(9.26%)	(25.05%)	(16.41%)	(16.44%)
A-Class Shares	(9.34%)	(25.23%)	(16.62%)	(16.65%)
A-Class Shares with sales charge‡	(13.64%)	(28.78%)	(17.43%)	(17.05%)
C-Class Shares	(9.70%)	(25.77%)	(17.25%)	(17.27%)
C-Class Shares with CDSC§	(10.60%)	(26.51%)	(17.25%)	(17.27%)
S&P 500 Index	9.18%	30.00%	16.90%	16.63%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(9.34%)	(25.21%)	(16.63%)	(14.33%)
S&P 500 Index	9.18%	30.00%	16.90%	13.63%

*	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. 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 | 41

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
INVERSE S&P 500® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 22.5%
Guggenheim Strategy Fund II1		262,625	$	6,563,002
Guggenheim Ultra Short Duration Fund — Institutional Class1		477,292		4,758,601
Total Mutual Funds
(Cost $11,237,119)				11,321,603
	Face Amount
FEDERAL AGENCY NOTES†† - 47.6%
Federal Farm Credit Bank
0.45% (U.S. Prime Rate — 2.80%, Rate Floor: 0.00%) due 03/14/222	$	4,500,000		4,507,582
0.44% (U.S. Prime Rate — 2.81%, Rate Floor: 0.00%) due 05/20/222		3,040,000		3,046,825
0.33% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222		3,000,000		3,004,488
0.24% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.00%) due 10/04/212		2,000,000		2,000,038
0.05% (U.S. Prime Rate — 3.20%, Rate Floor: 0.00%) due 05/18/222		1,500,000		1,499,622
Fannie Mae
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/222		5,000,000		5,004,955
Federal Home Loan Bank
0.09% (1 Month USD LIBOR, Rate Floor: 0.00%) due 10/20/212		4,400,000		4,400,185
4.00% due 12/24/30		475,000		479,063
Total Federal Agency Notes
(Cost $23,919,512)				23,942,758

U.S. TREASURY BILLS†† - 1.6%
U.S. Treasury Bills
0.04% due 12/09/213,4	800,000		799,962
Total U.S. Treasury Bills
(Cost $799,942)			799,962
REPURCHASE AGREEMENTS††,5 - 25.5%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/213	7,205,665		7,205,665
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/213	2,799,768		2,799,768
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/213	2,799,768		2,799,768
Total Repurchase Agreements
(Cost $12,805,201)			12,805,201
Total Investments - 97.2%
(Cost $48,761,774)		$	48,869,524
Other Assets & Liabilities, net - 2.8%			1,413,229
Total Net Assets - 100.0%		$	50,282,753

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

0.43% (Federal Funds Rate + 0.35%)

At Maturity

11/04/21

10,845

$

46,715,879

$

1,764,836

BNP Paribas

S&P 500 Index

Receive

0.14% (1 Month USD LIBOR + 0.05%)

At Maturity

11/04/21

375

1,616,055

64,966

Barclays Bank plc

S&P 500 Index

Receive

0.35% (U.S. Secured Overnight Financing Rate + 0.30%)

At Maturity

11/03/21

465

2,001,959

62,980

$

50,333,893

$

1,892,782

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
INVERSE S&P 500® STRATEGY FUND

†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 6.
	LIBOR — London Interbank Offered Rate
	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, 2021 (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	$	11,321,603	$	—	$	—	$	11,321,603
Federal Agency Notes		—		23,942,758		—		23,942,758
U.S. Treasury Bills		—		799,962		—		799,962
Repurchase Agreements		—		12,805,201		—		12,805,201
Equity Index Swap Agreements**		—		1,892,782		—		1,892,782
Total Assets	$	11,321,603	$	39,440,703	$	—	$	50,762,306

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	7,060,175	$	—	$	(500,000	)	$	3,802	$	(975	)	$	6,563,002		262,625	$	46,947
Guggenheim Ultra Short Duration Fund — Institutional Class		5,253,327		—		(500,000	)		2,425		2,849			4,758,601		477,292		22,496
	$	12,313,502	$	—	$	(1,000,000	)	$	6,227	$	1,874		$	11,321,603			$	69,443

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

INVERSE S&P 500^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $24,719,454)	$	24,742,720
Investments in affiliated issuers, at value (cost $11,237,119)		11,321,603
Repurchase agreements, at value (cost $12,805,201)		12,805,201
Unrealized appreciation on OTC swap agreements		1,892,782
Receivables:
Fund shares sold		323,182
Interest		11,119
Dividends		10,299
Total assets		51,106,906
Liabilities:
Payable for:
Fund shares redeemed		654,685
Swap settlement		74,516
Management fees		34,714
Transfer agent and administrative fees		10,668
Portfolio accounting fees		3,966
Distribution and service fees		1,694
Trustees’ fees*		490
Miscellaneous		43,420
Total liabilities		824,153
Commitments and contingent liabilities (Note 11)		—
Net assets	$	50,282,753
Net assets consist of:
Paid in capital	$	313,481,799
Total distributable earnings (loss)		(263,199,046	)
Net assets	$	50,282,753
Investor Class:
Net assets	$	44,488,089
Capital shares outstanding		1,422,570
Net asset value per share	$	31.27
A-Class:
Net assets	$	2,599,136
Capital shares outstanding		90,796
Net asset value per share	$	28.63
Maximum offering price per share (Net asset value divided by 95.25%)	$	30.06
C-Class:
Net assets	$	1,830,484
Capital shares outstanding		72,817
Net asset value per share	$	25.14
H-Class:
Net assets	$	1,365,044
Capital shares outstanding		47,682
Net asset value per share	$	28.63

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	69,443
Interest		36,578
Total investment income		106,021
Expenses:
Management fees		223,809
Distribution and service fees:
A-Class		1,926
C-Class		2,618
H-Class		1,702
Transfer agent and administrative fees		70,366
Portfolio accounting fees		24,868
Professional fees		11,095
Trustees’ fees*		4,502
Custodian fees		3,333
Line of credit fees		31
Miscellaneous		12,367
Total expenses		356,617
Less:
Expenses waived by Adviser		(6,327	)
Net expenses		350,290
Net investment loss		(244,269	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		14,673
Investments in affiliated issuers		6,227
Swap agreements		(6,092,208	)
Futures contracts		(1,217,127	)
Net realized loss		(7,288,435	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(33,071	)
Investments in affiliated issuers		1,874
Swap agreements		2,401,783
Futures contracts		24,089
Net change in unrealized appreciation (depreciation)		2,394,675
Net realized and unrealized loss		(4,893,760	)
Net decrease in net assets resulting from operations	$	(5,138,029	)

* 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 | 45

INVERSE S&P 500^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(244,269	)	$	(1,056,314	)
Net realized loss on investments		(7,288,435	)		(48,009,356	)
Net change in unrealized appreciation (depreciation) on investments		2,394,675			(610,739	)
Net decrease in net assets resulting from operations		(5,138,029	)		(49,676,409	)
Distributions to shareholders:
Investor Class		—			(277,176	)
A-Class		—			(9,604	)
C-Class		—			(3,226	)
H-Class		—			(10,602	)
Total distributions to shareholders		—			(300,608	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		21,207,328			178,190,566
A-Class		2,207,292			12,807,868
C-Class		1,645,835			2,841,557
H-Class		14,133,485			63,823,950
Distributions reinvested
Investor Class		—			272,737
A-Class		—			9,367
C-Class		—			3,194
H-Class		—			10,599
Cost of shares redeemed
Investor Class		(25,875,553	)		(167,214,983	)
A-Class		(1,036,906	)		(16,491,894	)
C-Class		(253,160	)		(6,780,375	)
H-Class		(13,466,703	)		(69,316,249	)
Net decrease from capital share transactions		(1,438,382	)		(1,843,663	)
Net decrease in net assets		(6,576,411	)		(51,820,680	)
Net assets:
Beginning of period		56,859,164			108,679,844
End of period	$	50,282,753		$	56,859,164
Capital share activity:
Shares sold
Investor Class		670,679			3,928,771
A-Class		77,727			303,444
C-Class		66,662			70,485
H-Class		488,158			1,571,175
Shares issued from reinvestment of distributions
Investor Class		—			7,211
A-Class		—			270
C-Class		—			104
H-Class		—			305
Shares redeemed
Investor Class		(813,223	)		(3,878,838	)
A-Class		(35,698	)		(399,699	)
C-Class		(9,958	)		(191,634	)
H-Class		(470,022	)		(1,711,838	)
Net decrease in shares		(25,675	)		(300,244	)

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	34.46		$	56.92		$	56.77		$	61.76		$	70.35		$	83.09
Income (loss) from investment operations:
Net investment income (loss)b		(.15	)		(.47	)		.31			.46			(.07	)		(.55	)
Net gain (loss) on investments (realized and unrealized)		(3.04	)		(21.84	)		.26			(5.45	)		(8.52	)		(12.19	)
Total from investment operations		(3.19	)		(22.31	)		.57			(4.99	)		(8.59	)		(12.74	)
Less distributions from:
Net investment income		—			(.15	)		(.42	)		—			—			—
Total distributions		—			(.15	)		(.42	)		—			—			—
Net asset value, end of period	$	31.27		$	34.46		$	56.92		$	56.77		$	61.76		$	70.35
Total Return		(9.26	%)		(39.21	%)		1.10	%		(8.08	%)		(12.21	%)		(15.34	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	44,488		$	53,937		$	85,839		$	46,105		$	57,342		$	76,404
Ratios to average net assets:
Net investment income (loss)		(0.96	%)		(1.12	%)		0.58	%		0.78	%		(0.10	%)		(0.70	%)
Total expensesc		1.41	%		1.51	%		1.53	%		1.52	%		1.43	%		1.42	%
Net expensesd		1.38	%		1.50	%		1.51	%		1.51	%		1.43	%		1.42	%
Portfolio turnover rate		—			—			—			—			56	%		114	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	31.58		$	52.33		$	52.36		$	57.11		$	65.22		$	77.21
Income (loss) from investment operations:
Net investment income (loss)b		(.18	)		(.56	)		.21			.27			(.22	)		(.70	)
Net gain (loss) on investments (realized and unrealized)		(2.77	)		(20.04	)		.18			(5.02	)		(7.89	)		(11.29	)
Total from investment operations		(2.95	)		(20.60	)		.39			(4.75	)		(8.11	)		(11.99	)
Less distributions from:
Net investment income		—			(.15	)		(.42	)		—			—			—
Total distributions		—			(.15	)		(.42	)		—			—			—
Net asset value, end of period	$	28.63		$	31.58		$	52.33		$	52.36		$	57.11		$	65.22
Total Returne		(9.34	%)		(39.38	%)		0.85	%		(8.32	%)		(12.43	%)		(15.54	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,599		$	1,540		$	7,575		$	3,306		$	4,637		$	6,331
Ratios to average net assets:
Net investment income (loss)		(1.21	%)		(1.39	%)		0.43	%		0.50	%		(0.37	%)		(0.96	%)
Total expensesc		1.66	%		1.78	%		1.78	%		1.76	%		1.68	%		1.67	%
Net expensesd		1.63	%		1.77	%		1.76	%		1.76	%		1.68	%		1.67	%
Portfolio turnover rate		—			—			—			—			56	%		114	%

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

INVERSE S&P 500^® STRATEGY FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	27.84		$	46.49		$	46.92		$	51.56		$	59.34		$	70.79
Income (loss) from investment operations:
Net investment income (loss)b		(.25	)		(.80	)		(.22	)		(.13	)		(.63	)		(1.12	)
Net gain (loss) on investments (realized and unrealized)		(2.45	)		(17.70	)		.21			(4.51	)		(7.15	)		(10.33	)
Total from investment operations		(2.70	)		(18.50	)		(.01	)		(4.64	)		(7.78	)		(11.45	)
Less distributions from:
Net investment income		—			(.15	)		(.42	)		—			—			—
Total distributions		—			(.15	)		(.42	)		—			—			—
Net asset value, end of period	$	25.14		$	27.84		$	46.49		$	46.92		$	51.56		$	59.34
Total Returne		(9.70	%)		(39.82	%)		0.09	%		(9.00	%)		(13.11	%)		(16.20	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,830		$	449		$	6,376		$	2,681		$	4,203		$	6,760
Ratios to average net assets:
Net investment income (loss)		(1.98	%)		(2.16	%)		(0.51	%)		(0.27	%)		(1.14	%)		(1.69	%)
Total expensesc		2.41	%		2.54	%		2.53	%		2.51	%		2.43	%		2.42	%
Net expensesd		2.39	%		2.53	%		2.51	%		2.51	%		2.43	%		2.42	%
Portfolio turnover rate		—			—			—			—			56	%		114	%

48 | 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.

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	31.58		$	52.32		$	52.35		$	57.11		$	65.22		$	77.17
Income (loss) from investment operations:
Net investment income (loss)b		(.17	)		(.56	)		.17			.29			(.27	)		(.70	)
Net gain (loss) on investments (realized and unrealized)		(2.78	)		(20.03	)		.22			(5.05	)		(7.84	)		(11.25	)
Total from investment operations		(2.95	)		(20.59	)		.39			(4.76	)		(8.11	)		(11.95	)
Less distributions from:
Net investment income		—			(.15	)		(.42	)		—			—			—
Total distributions		—			(.15	)		(.42	)		—			—			—
Net asset value, end of period	$	28.63		$	31.58		$	52.32		$	52.35		$	57.11		$	65.22
Total Return		(9.34	%)		(39.37	%)		0.85	%		(8.33	%)		(12.43	%)		(15.47	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,365		$	933		$	8,890		$	6,772		$	4,672		$	2,857
Ratios to average net assets:
Net investment income (loss)		(1.20	%)		(1.38	%)		0.34	%		0.52	%		(0.45	%)		(0.96	%)
Total expensesc		1.66	%		1.78	%		1.78	%		1.77	%		1.69	%		1.67	%
Net expensesd		1.63	%		1.76	%		1.76	%		1.76	%		1.69	%		1.67	%
Portfolio turnover rate		—			—			—			—			56	%		114	%

a	Unaudited figures for the period ended September 30, 2021. 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 reflect the expense ratios after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.
f	Reverse share split — Per share amounts for the year ended March 31, 2017 have been restated to reflect 1:6 reverse share split effective October 28, 2016.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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.	8.6%
Microsoft Corp.	7.7%
Amazon.com, Inc.	6.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.3%
Tesla, Inc.	3.5%
Alphabet, Inc. — Class C	3.1%
Facebook, Inc. — Class A	3.0%
Alphabet, Inc. — Class A	2.9%
NVIDIA Corp.	2.9%
Guggenheim Strategy Fund II	2.2%
Top Ten Total	45.3%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

50 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	Since Inception (11/28/14)
A-Class Shares	23.98%	60.40%	48.74%	38.61%
A-Class Shares with sales charge‡	18.09%	52.78%	47.30%	37.63%
C-Class Shares	23.52%	59.20%	47.63%	37.54%
C-Class Shares with CDSC§	22.52%	58.20%	47.63%	37.54%
H-Class Shares	23.97%	60.38%	48.71%	39.09%
NASDAQ-100 Index	12.60%	29.58%	25.93%	20.80%

*	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 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 | 51

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 77.7%
Technology - 34.5%
Apple, Inc.		272,920	$	38,618,180
Microsoft Corp.		124,074		34,978,942
NVIDIA Corp.		62,811		13,011,927
Adobe, Inc.*		11,969		6,890,793
Intel Corp.		101,929		5,430,777
Broadcom, Inc.		10,307		4,998,173
Texas Instruments, Inc.		23,195		4,458,311
Intuit, Inc.		6,865		3,703,736
QUALCOMM, Inc.		28,340		3,655,293
Advanced Micro Devices, Inc.*		30,475		3,135,877
Applied Materials, Inc.		22,685		2,920,240
Analog Devices, Inc.		13,502		2,261,315
Lam Research Corp.		3,566		2,029,589
Micron Technology, Inc.		28,284		2,007,598
Fiserv, Inc.*		16,637		1,805,115
Zoom Video Communications, Inc. — Class A*		6,049		1,581,813
Autodesk, Inc.*		5,528		1,576,420
ASML Holding N.V. — Class G		2,045		1,523,750
Activision Blizzard, Inc.		19,539		1,512,123
Atlassian Corporation plc — Class A*		3,450		1,350,399
NXP Semiconductor N.V.		6,661		1,304,690
KLA Corp.		3,837		1,283,515
DocuSign, Inc.*		4,895		1,260,120
Marvell Technology, Inc.		20,692		1,247,935
Crowdstrike Holdings, Inc. — Class A*		5,006		1,230,375
Workday, Inc. — Class A*		4,799		1,199,222
Synopsys, Inc.*		3,832		1,147,339
Microchip Technology, Inc.		6,885		1,056,779
Cadence Design Systems, Inc.*		6,954		1,053,114
Electronic Arts, Inc.		7,150		1,017,087
Paychex, Inc.		9,040		1,016,548
Cognizant Technology Solutions Corp. — Class A		13,205		979,943
Xilinx, Inc.*		6,217		938,705
ANSYS, Inc.*		2,192		746,266
Skyworks Solutions, Inc.		4,149		683,672
NetEase, Inc. ADR		7,558		645,453
Splunk, Inc.*		4,118		595,916
Cerner Corp.		7,426		523,682
Check Point Software Technologies Ltd.*		3,336		377,101
Total Technology				155,757,833
Communications - 24.0%
Amazon.com, Inc.*		8,360		27,462,934
Alphabet, Inc. — Class C*		5,286		14,088,829
Facebook, Inc. — Class A*		39,358		13,357,712
Alphabet, Inc. — Class A*		4,971		13,290,068
Netflix, Inc.*		11,120		6,786,981
Comcast Corp. — Class A		115,077		6,436,257
Cisco Systems, Inc.		105,879		5,762,994
T-Mobile US, Inc.*		31,354		4,005,787
Charter Communications, Inc. — Class A*		4,618		3,359,872
Booking Holdings, Inc.*		1,031		2,447,460
MercadoLibre, Inc.*		1,248		2,095,891
JD.com, Inc. ADR*		19,833		1,432,736
eBay, Inc.		16,332		1,137,850
Match Group, Inc.*		6,955		1,091,866
Baidu, Inc. ADR*		6,348		976,005
Pinduoduo, Inc. ADR*		9,597		870,160
Okta, Inc.*		3,604		855,373
CDW Corp.		3,454		628,697
Sirius XM Holdings, Inc.1		101,764		620,760
VeriSign, Inc.*		2,811		576,283
Trip.com Group Ltd. ADR*		13,267		407,960
Fox Corp. — Class A		8,124		325,854
Fox Corp. — Class B		6,316		234,450
Total Communications				108,252,779
Consumer, Non-cyclical - 10.0%
PayPal Holdings, Inc.*		29,522		7,681,920
PepsiCo, Inc.		34,725		5,222,987
Moderna, Inc.*		10,141		3,902,865
Amgen, Inc.		14,267		3,033,878
Intuitive Surgical, Inc.*		2,990		2,972,508
Gilead Sciences, Inc.		31,501		2,200,345
Automatic Data Processing, Inc.		10,630		2,125,150
Mondelez International, Inc. — Class A		35,119		2,043,224
Regeneron Pharmaceuticals, Inc.*		2,641		1,598,280
Illumina, Inc.*		3,932		1,594,858
Dexcom, Inc.*		2,431		1,329,417
IDEXX Laboratories, Inc.*		2,137		1,329,000
Align Technology, Inc.*		1,985		1,320,879
Keurig Dr Pepper, Inc.		35,613		1,216,540
Vertex Pharmaceuticals, Inc.*		6,518		1,182,300
Monster Beverage Corp.*		13,288		1,180,373
Kraft Heinz Co.		30,737		1,131,736
Biogen, Inc.*		3,744		1,059,515
Cintas Corp.		2,587		984,767
Verisk Analytics, Inc. — Class A		4,053		811,694
Seagen, Inc.*		4,571		776,156
Incyte Corp.*		5,547		381,523
Total Consumer, Non-cyclical				45,079,915
Consumer, Cyclical - 7.3%
Tesla, Inc.*		20,468		15,872,525
Costco Wholesale Corp.		11,106		4,990,481
Starbucks Corp.		29,624		3,267,824
Lululemon Athletica, Inc.*		3,139		1,270,353
Marriott International, Inc. — Class A*		8,182		1,211,672
O’Reilly Automotive, Inc.*		1,732		1,058,356
Walgreens Boots Alliance, Inc.		21,732		1,022,491
Ross Stores, Inc.		8,971		976,493
Copart, Inc.*		5,944		824,552
Fastenal Co.		14,440		745,248
PACCAR, Inc.		8,722		688,340
Peloton Interactive, Inc. — Class A*		6,821		593,768
Dollar Tree, Inc.*		5,651		540,914
Total Consumer, Cyclical				33,063,017

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
Industrial - 1.2%
Honeywell International, Inc.		17,346	$	3,682,209
CSX Corp.		56,643		1,684,563
Total Industrial				5,366,772
Utilities - 0.7%
Exelon Corp.		24,567		1,187,569
American Electric Power Company, Inc.		12,568		1,020,270
Xcel Energy, Inc.		13,527		845,437
Total Utilities				3,053,276
Total Common Stocks
(Cost $336,294,274)				350,573,592
MUTUAL FUNDS† - 7.5%
Guggenheim Ultra Short Duration Fund — Institutional Class2		2,384,162		23,770,092
Guggenheim Strategy Fund II2		403,950		10,094,716
Total Mutual Funds
(Cost $33,544,280)				33,864,808
	Face Amount
U.S. TREASURY BILLS†† - 8.5%
U.S. Treasury Bills
0.03% due 12/09/213,4	$	15,775,000		15,774,237
0.04% due 12/09/213,4		14,425,000		14,424,302
0.04% due 10/07/214,5		5,799,000		5,798,969
0.05% due 12/09/213,4		2,600,000		2,599,874
Total U.S. Treasury Bills
(Cost $38,596,684)				38,597,382

REPURCHASE AGREEMENTS††,6 - 5.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/213		14,169,020		14,169,020
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/213		5,505,386		5,505,386
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/213		5,505,387		5,505,387
Total Repurchase Agreements
(Cost $25,179,793)				25,179,793
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.0%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%8		14,431		14,431
Total Securities Lending Collateral
(Cost $14,431)				14,431
Total Investments - 99.3%
(Cost $433,629,462)			$	448,230,006
Other Assets & Liabilities, net - 0.7%				3,179,327
Total Net Assets - 100.0%			$	451,409,333

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		286		Dec 2021	$	83,951,010	$	(2,191,212	)

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

0.74% (1 Month USD LIBOR + 0.65%)

At Maturity

11/04/21

148

$

2,173,523

$

(120,429

)

Goldman Sachs International

NASDAQ-100 Index

Pay

0.63% (Federal Funds Rate + 0.55%)

At Maturity

11/04/21

4,261

62,595,998

(275,571

)

Barclays Bank plc

NASDAQ-100 Index

Pay

0.55% (U.S. Secured Overnight Financing Rate + 0.50%)

At Maturity

11/03/21

27,447

403,184,719

(8,384,965

)

$

467,954,240

$

(8,780,965

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2021 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
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, 2021.
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, 2021.
	ADR — American Depositary Receipt
	LIBOR — London Interbank Offered Rate
	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, 2021 (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	$	350,573,592	$	—	$	—	$	350,573,592
Mutual Funds		33,864,808		—		—		33,864,808
U.S. Treasury Bills		—		38,597,382		—		38,597,382
Repurchase Agreements		—		25,179,793		—		25,179,793
Securities Lending Collateral		14,431		—		—		14,431
Total Assets	$	384,452,831	$	63,777,175	$	—	$	448,230,006

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	2,191,212	$	—	$	—	$	2,191,212
Equity Index Swap Agreements**		—		8,780,965		—		8,780,965
Total Liabilities	$	2,191,212	$	8,780,965	$	—	$	10,972,177

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
MONTHLY REBALANCE NASDAQ-100® 2x STRATEGY FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	10,090,677	$	—	$	—	$	—	$	4,039	$	10,094,716		403,950	$	69,054
Guggenheim Ultra Short Duration Fund — Institutional Class		21,748,256		2,000,000		—		—		21,836		23,770,092		2,384,162		97,518
	$	31,838,933	$	2,000,000	$	—	$	—	$	25,875	$	33,864,808			$	166,572

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

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value - including $14,085 of securities loaned (cost $374,905,389)	$	389,185,405
Investments in affiliated issuers, at value (cost $33,544,280)		33,864,808
Repurchase agreements, at value (cost $25,179,793)		25,179,793
Segregated cash with broker		25,509,000
Receivables:
Fund shares sold		6,900,004
Investment Adviser		136,518
Dividends		67,192
Securities lending income		70
Interest		27
Total assets		480,842,817
Liabilities:
Unrealized depreciation on OTC swap agreements		8,780,965
Payable for:
Swap settlement		10,479,571
Securities purchased		7,928,525
Fund shares redeemed		950,031
Variation margin on futures contracts		389,929
Management fees		353,267
Transfer agent and administrative fees		106,978
Distribution and service fees		100,753
Portfolio accounting fees		34,794
Return of securities lending collateral		14,431
Trustees’ fees*		2,918
Miscellaneous		291,322
Total liabilities		29,433,484
Commitments and contingent liabilities (Note 11)		—
Net assets	$	451,409,333
Net assets consist of:
Paid in capital	$	421,645,790
Total distributable earnings (loss)		29,763,543
Net assets	$	451,409,333
A-Class:
Net assets	$	6,792,083
Capital shares outstanding		15,414
Net asset value per share	$	440.64
Maximum offering price per share (Net asset value divided by 95.25%)	$	462.61
C-Class:
Net assets	$	1,868,657
Capital shares outstanding		4,484
Net asset value per share	$	416.74
H-Class:
Net assets	$	442,748,593
Capital shares outstanding		980,201
Net asset value per share	$	451.69

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $1,137)	$	910,698
Dividends from securities of affiliated issuers		166,572
Interest		7,838
Income from securities lending, net		318
Total investment income		1,085,426
Expenses:
Management fees		1,621,683
Distribution and service fees:
A-Class		9,376
C-Class		9,871
H-Class		438,623
Transfer agent and administrative fees		499,366
Portfolio accounting fees		160,725
Professional fees		42,093
Custodian fees		22,806
Trustees’ fees*		16,464
Line of credit fees		328
Miscellaneous		226,759
Total expenses		3,048,094
Less:
Expenses waived by Adviser		(643,108	)
Net expenses		2,404,986
Net investment loss		(1,319,560	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		1,386,527
Swap agreements		29,232,355
Futures contracts		4,518,403
Net realized gain		35,137,285
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		6,615,701
Investments in affiliated issuers		25,875
Swap agreements		(10,327,633	)
Futures contracts		(2,446,590	)
Net change in unrealized appreciation (depreciation)		(6,132,647	)
Net realized and unrealized gain		29,004,638
Net increase in net assets resulting from operations	$	27,685,078

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

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

MONTHLY REBALANCE NASDAQ-100^® 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(1,319,560	)	$	(1,693,675	)
Net realized gain on investments		35,137,285			188,330,597
Net change in unrealized appreciation (depreciation) on investments		(6,132,647	)		9,542,041
Net increase in net assets resulting from operations		27,685,078			196,178,963
Distributions to shareholders:
A-Class		—			(432,118	)
C-Class		—			(107,529	)
H-Class		—			(18,988,998	)
Total distributions to shareholders		—			(19,528,645	)
Capital share transactions:
Proceeds from sale of shares
A-Class		6,350,747			9,606,083
C-Class		515,742			1,448,846
H-Class		1,194,402,198			1,221,379,062
Distributions reinvested
A-Class		—			339,817
C-Class		—			102,321
H-Class		—			18,765,952
Cost of shares redeemed
A-Class		(6,410,505	)		(10,958,122	)
C-Class		(777,861	)		(1,479,784	)
H-Class		(868,387,410	)		(1,343,395,643	)
Net increase (decrease) from capital share transactions		325,692,911			(104,191,468	)
Net increase in net assets		353,377,989			72,458,850
Net assets:
Beginning of period		98,031,344			25,572,494
End of period	$	451,409,333		$	98,031,344
Capital share activity:
Shares sold
A-Class		14,374			36,828
C-Class		1,243			5,768
H-Class		2,783,292			4,521,174
Shares issued from reinvestment of distributions
A-Class		—			1,061
C-Class		—			336
H-Class		—			57,156
Shares redeemed
A-Class		(14,447	)		(39,563	)
C-Class		(1,948	)		(4,971	)
H-Class		(2,052,243	)		(4,484,693	)
Net increase in shares		730,271			93,096

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	355.42		$	141.86		$	134.54		$	113.31		$	79.32		$	54.45
Income (loss) from investment operations:
Net investment income (loss)b		(1.54	)		(1.74	)		.23			.25			(.23	)		(.18	)
Net gain (loss) on investments (realized and unrealized)		86.76			233.57			7.28			20.98			34.22			25.05
Total from investment operations		85.22			231.83			7.51			21.23			33.99			24.87
Less distributions from:
Net investment income		—			—			(.19	)		—			—			—
Net realized gains		—			(18.27	)		—			—			—			—
Total distributions		—			(18.27	)		(.19	)		—			—			—
Net asset value, end of period	$	440.64		$	355.42		$	141.86		$	134.54		$	113.31		$	79.32
Total Returnc		23.98	%		164.83	%		5.56	%		18.74	%		42.85	%		45.65	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,792		$	5,504		$	2,434		$	3,077		$	1,990		$	1,010
Ratios to average net assets:
Net investment income (loss)		(0.71	%)		(0.60	%)		0.15	%		0.19	%		(0.23	%)		(0.28	%)
Total expensesd		1.69	%		1.77	%		1.83	%		1.81	%		1.71	%		1.72	%
Net expensese,f		1.32	%		1.33	%		1.34	%		1.35	%		1.35	%		1.35	%
Portfolio turnover rate		236	%		509	%		990	%		467	%		385	%		259	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	337.38		$	136.06		$	130.01		$	110.32		$	77.79		$	53.80
Income (loss) from investment operations:
Net investment income (loss)b		(2.96	)		(3.70	)		(.83	)		(.64	)		(1.00	)		(.73	)
Net gain (loss) on investments (realized and unrealized)		82.32			223.29			7.07			20.33			33.53			24.72
Total from investment operations		79.36			219.59			6.24			19.69			32.53			23.99
Less distributions from:
Net investment income		—			—			(.19	)		—			—			—
Net realized gains		—			(18.27	)		—			—			—			—
Total distributions		—			(18.27	)		(.19	)		—			—			—
Net asset value, end of period	$	416.74		$	337.38		$	136.06		$	130.01		$	110.32		$	77.79
Total Returnc		23.52	%		162.86	%		4.77	%		17.85	%		41.82	%		44.52	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,869		$	1,751		$	552		$	476		$	170		$	89
Ratios to average net assets:
Net investment income (loss)		(1.45	%)		(1.34	%)		(0.55	%)		(0.52	%)		(1.02	%)		(1.10	%)
Total expensesd		2.44	%		2.52	%		2.58	%		2.57	%		2.46	%		2.47	%
Net expensese,f		2.06	%		2.08	%		2.09	%		2.11	%		2.10	%		2.10	%
Portfolio turnover rate		236	%		509	%		990	%		467	%		385	%		259	%

58 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	364.34		$	145.23		$	137.80		$	116.07		$	81.25		$	55.79
Income (loss) from investment operations:
Net investment income (loss)b		(1.66	)		(1.81	)		.12			.19			(.25	)		(.23	)
Net gain (loss) on investments (realized and unrealized)		89.01			239.19			7.50			21.54			35.07			25.69
Total from investment operations		87.35			237.38			7.62			21.73			34.82			25.46
Less distributions from:
Net investment income		—			—			(.19	)		—			—			—
Net realized gains		—			(18.27	)		—			—			—			—
Total distributions		—			(18.27	)		(.19	)		—			—			—
Net asset value, end of period	$	451.69		$	364.34		$	145.23		$	137.80		$	116.07		$	81.25
Total Return		23.97	%		164.81	%		5.51	%		18.72	%		42.86	%		45.64	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	442,749		$	90,776		$	22,586		$	128,354		$	25,304		$	28,573
Ratios to average net assets:
Net investment income (loss)		(0.73	%)		(0.60	%)		0.08	%		0.15	%		(0.24	%)		(0.35	%)
Total expensesd		1.69	%		1.77	%		1.82	%		1.81	%		1.71	%		1.72	%
Net expensese,f		1.33	%		1.33	%		1.34	%		1.35	%		1.35	%		1.35	%
Portfolio turnover rate		236	%		509	%		990	%		467	%		385	%		259	%

a	Unaudited figures for the period ended September 30, 2021. 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 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:

	09/30/21a	03/31/21	03/31/20	03/31/19	03/29/18	03/31/17
A-Class	1.32%	1.33%	1.33%	1.35%	1.35%	1.35%
C-Class	2.06%	2.08%	2.08%	2.10%	2.10%	2.10%
H-Class	1.33%	1.33%	1.34%	1.35%	1.35%	1.35%

^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 | 59

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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	8.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	8.1%
Total	16.2%
“Largest Holdings” excludes any temporary cash or derivative investments.

60 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(12.46%)	(26.32%)	(23.35%)	(21.19%)
A-Class Shares	(12.57%)	(26.51%)	(23.54%)	(21.30%)
A-Class Shares with sales charge‡	(16.73%)	(30.00%)	(24.28%)	(21.69%)
C-Class Shares	(12.91%)	(27.07%)	(24.12%)	(22.01%)
C-Class Shares with CDSC§	(13.78%)	(27.80%)	(24.12%)	(22.01%)
NASDAQ-100 Index	12.60%	29.58%	25.93%	22.65%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(12.57%)	(26.54%)	(23.55%)	(20.51%)
NASDAQ-100 Index	12.60%	29.58%	25.93%	21.17%

*	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 | 61

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
INVERSE NASDAQ-100® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 16.2%
Guggenheim Strategy Fund II1		61,417	$	1,534,810
Guggenheim Ultra Short Duration Fund — Institutional Class1		152,495		1,520,378
Total Mutual Funds
(Cost $2,973,832)				3,055,188
	Face Amount
FEDERAL AGENCY NOTES†† - 26.5%
Federal Farm Credit Bank
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222	$	2,500,000		2,499,370
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222		750,000		751,264
0.31% (3 Month U.S. Treasury Bill Rate + 0.27%, Rate Floor: 0.00%) due 05/16/222		500,000		500,820
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222		240,000		240,539
Farmer Mac
0.04% (3 Month USD LIBOR - 0.10%, Rate Floor: 0.00%) due 11/22/212		1,000,000		999,947
Total Federal Agency Notes
(Cost $4,989,425)				4,991,940

U.S. GOVERNMENT SECURITIES†† - 10.8%
U.S. Treasury Notes
2.00% due 07/31/22	2,000,000		2,031,797
Total U.S. Government Securities
(Cost $2,031,263)			2,031,797
U.S. TREASURY BILLS†† - 6.1%
U.S. Treasury Bills
0.04% due 12/09/213,4	1,000,000		999,951
0.03% due 12/09/213,4	150,000		149,993
Total U.S. Treasury Bills
(Cost $1,149,918)			1,149,944
REPURCHASE AGREEMENTS††,5 - 35.4%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/213	3,749,898		3,749,898
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/213	1,457,026		1,457,026
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/213	1,457,026		1,457,026
Total Repurchase Agreements
(Cost $6,663,950)			6,663,950
Total Investments - 95.0%
(Cost $17,808,388)		$	17,892,819
Other Assets & Liabilities, net - 5.0%			947,820
Total Net Assets - 100.0%		$	18,840,639

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements Sold Short††

BNP Paribas

NASDAQ-100 Index

Receive

0.24% (1 Month USD LIBOR + 0.15%)

At Maturity

11/04/21

566

$

8,308,777

$

460,357

Barclays Bank plc

NASDAQ-100 Index

Receive

0.40% (U.S. Secured Overnight Financing Rate + 0.35%)

At Maturity

11/03/21

557

8,182,701

386,185

Goldman Sachs International

NASDAQ-100 Index

Receive

0.33% (Federal Funds Rate + 0.25%)

At Maturity

11/04/21

160

2,343,131

72,691

$

18,834,609

$

919,233

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
INVERSE NASDAQ-100® STRATEGY FUND

†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 6.
	LIBOR — London Interbank Offered Rate
	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, 2021 (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	$	3,055,188	$	—	$	—	$	3,055,188
Federal Agency Notes		—		4,991,940		—		4,991,940
U.S. Government Securities		—		2,031,797		—		2,031,797
U.S. Treasury Bills		—		1,149,944		—		1,149,944
Repurchase Agreements		—		6,663,950		—		6,663,950
Equity Index Swap Agreements**		—		919,233		—		919,233
Total Assets	$	3,055,188	$	15,756,864	$	—	$	18,812,052

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,534,196	$	—	$	—	$	—	$	614	$	1,534,810		61,417	$	10,499
Guggenheim Ultra Short Duration Fund — Institutional Class		1,518,853		—		—		—		1,525		1,520,378		152,495		6,766
	$	3,053,049	$	—	$	—	$	—	$	2,139	$	3,055,188			$	17,265

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

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $8,170,606)	$	8,173,681
Investments in affiliated issuers, at value (cost $2,973,832)		3,055,188
Repurchase agreements, at value (cost $6,663,950)		6,663,950
Unrealized appreciation on OTC swap agreements		919,233
Receivables:
Fund shares sold		100,000
Interest		7,424
Dividends		2,689
Total assets		18,922,165
Liabilities:
Payable for:
Fund shares redeemed		25,126
Swap settlement		15,831
Management fees		13,718
Registration fees		5,033
Transfer agent and administrative fees		4,194
Professional fees		3,197
Printing fees		2,700
Portfolio accounting fees		1,559
Distribution and service fees		824
Trustees’ fees*		222
Miscellaneous		9,122
Total liabilities		81,526
Commitments and contingent liabilities (Note 11)		—
Net assets	$	18,840,639
Net assets consist of:
Paid in capital	$	77,314,154
Total distributable earnings (loss)		(58,473,515	)
Net assets	$	18,840,639
Investor Class:
Net assets	$	16,787,103
Capital shares outstanding		732,801
Net asset value per share	$	22.91
A-Class:
Net assets	$	932,545
Capital shares outstanding		42,290
Net asset value per share	$	22.05
Maximum offering price per share (Net asset value divided by 95.25%)	$	23.15
C-Class:
Net assets	$	708,287
Capital shares outstanding		38,597
Net asset value per share	$	18.35
H-Class:
Net assets	$	412,704
Capital shares outstanding		19,010
Net asset value per share	$	21.71

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	17,265
Interest		10,535
Total investment income		27,800
Expenses:
Management fees		95,663
Distribution and service fees:
A-Class		1,848
C-Class		947
H-Class		344
Transfer agent and administrative fees		30,242
Portfolio accounting fees		10,629
Professional fees		3,536
Trustees’ fees*		2,181
Custodian fees		1,446
Miscellaneous		9,816
Total expenses		156,652
Less:
Expenses waived by Adviser		(1,906	)
Net expenses		154,746
Net investment loss		(126,946	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(2,620	)
Swap agreements		(2,089,830	)
Futures contracts		(697,460	)
Net realized loss		(2,789,910	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(1,671	)
Investments in affiliated issuers		2,139
Swap agreements		(198,588	)
Futures contracts		44,931
Net change in unrealized appreciation (depreciation)		(153,189	)
Net realized and unrealized loss		(2,943,099	)
Net decrease in net assets resulting from operations	$	(3,070,045	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 65

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(126,946	)	$	(384,495	)
Net realized loss on investments		(2,789,910	)		(19,290,991	)
Net change in unrealized appreciation (depreciation) on investments		(153,189	)		1,019,702
Net decrease in net assets resulting from operations		(3,070,045	)		(18,655,784	)
Distributions to shareholders:
Investor Class		—			(22,226	)
A-Class		—			(1,054	)
C-Class		—			(91	)
H-Class		—			(508	)
Total distributions to shareholders		—			(23,879	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		17,152,812			144,882,020
A-Class		1,886,888			3,667,695
C-Class		773,293			193,217
H-Class		463,597			6,088,524
Distributions reinvested
Investor Class		—			22,181
A-Class		—			1,054
C-Class		—			91
H-Class		—			508
Cost of shares redeemed
Investor Class		(23,525,630	)		(160,545,957	)
A-Class		(2,267,726	)		(2,125,089	)
C-Class		(144,687	)		(281,311	)
H-Class		(345,249	)		(5,965,750	)
Net decrease from capital share transactions		(6,006,702	)		(14,062,817	)
Net decrease in net assets		(9,076,747	)		(32,742,480	)
Net assets:
Beginning of period		27,917,386			60,659,866
End of period	$	18,840,639		$	27,917,386
Capital share activity:
Shares sold
Investor Class		744,274			3,947,180
A-Class		80,493			119,568
C-Class		42,846			7,518
H-Class		20,500			185,652
Shares issued from reinvestment of distributions
Investor Class		—			785
A-Class		—			39
C-Class		—			4
H-Class		—			19
Shares redeemed
Investor Class		(1,005,801	)		(4,198,573	)
A-Class		(97,265	)		(71,894	)
C-Class		(7,730	)		(10,068	)
H-Class		(15,056	)		(184,954	)
Net decrease in shares		(237,739	)		(204,724	)

66 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	26.17		$	47.65		$	54.72		$	63.05		$	77.68		$	96.42
Income (loss) from investment operations:
Net investment income (loss)b		(.14	)		(.40	)		.09			.56			.11			(.51	)
Net gain (loss) on investments (realized and unrealized)		(3.12	)		(21.05	)		(6.83	)		(8.89	)		(14.74	)		(18.23	)
Total from investment operations		(3.26	)		(21.45	)		(6.74	)		(8.33	)		(14.63	)		(18.74	)
Less distributions from:
Net investment income		—			(.03	)		(.33	)		—			—			—
Total distributions		—			(.03	)		(.33	)		—			—			—
Net asset value, end of period	$	22.91		$	26.17		$	47.65		$	54.72		$	63.05		$	77.68
Total Return		(12.46	%)		(45.03	%)		(12.32	%)		(13.21	%)		(18.83	%)		(19.42	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,787		$	26,018		$	59,321		$	6,473		$	5,474		$	6,286
Ratios to average net assets:
Net investment income (loss)		(1.16	%)		(1.28	%)		0.17	%		0.93	%		0.16	%		(0.57	%)
Total expensesc		1.44	%		1.54	%		1.57	%		1.56	%		1.46	%		1.46	%
Net expensese		1.43	%		1.52	%		1.54	%		1.54	%		1.46	%		1.46	%
Portfolio turnover rate		—			37	%		37	%		38	%		—			486	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	25.22		$	46.04		$	53.01		$	61.24		$	75.63		$	94.01
Income (loss) from investment operations:
Net investment income (loss)b		(.16	)		(.45	)		.19			.41			(.08	)		(1.00	)
Net gain (loss) on investments (realized and unrealized)		(3.01	)		(20.34	)		(6.83	)		(8.64	)		(14.31	)		(17.38	)
Total from investment operations		(3.17	)		(20.79	)		(6.64	)		(8.23	)		(14.39	)		(18.38	)
Less distributions from:
Net investment income		—			(.03	)		(.33	)		—			—			—
Total distributions		—			(.03	)		(.33	)		—			—			—
Net asset value, end of period	$	22.05		$	25.22		$	46.04		$	53.01		$	61.24		$	75.63
Total Returnd		(12.57	%)		(45.17	%)		(12.53	%)		(13.44	%)		(19.03	%)		(19.54	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	933		$	1,489		$	523		$	835		$	1,037		$	2,626
Ratios to average net assets:
Net investment income (loss)		(1.42	%)		(1.51	%)		0.39	%		0.72	%		(0.12	%)		(1.08	%)
Total expensesc		1.69	%		1.78	%		1.81	%		1.81	%		1.72	%		1.70	%
Net expensese		1.68	%		1.76	%		1.76	%		1.79	%		1.72	%		1.70	%
Portfolio turnover rate		—			37	%		37	%		38	%		—			486	%

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	21.07		$	38.76		$	45.03		$	52.43		$	65.23		$	81.79
Income (loss) from investment operations:
Net investment income (loss)b		(.20	)		(.60	)		(.17	)		(.06	)		(.48	)		(1.14	)
Net gain (loss) on investments (realized and unrealized)		(2.52	)		(17.06	)		(5.77	)		(7.34	)		(12.32	)		(15.42	)
Total from investment operations		(2.72	)		(17.66	)		(5.94	)		(7.40	)		(12.80	)		(16.56	)
Less distributions from:
Net investment income		—			(.03	)		(.33	)		—			—			—
Total distributions		—			(.03	)		(.33	)		—			—			—
Net asset value, end of period	$	18.35		$	21.07		$	38.76		$	45.03		$	52.43		$	65.23
Total Returnd		(12.91	%)		(45.58	%)		(13.19	%)		(14.11	%)		(19.62	%)		(20.26	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	708		$	73		$	234		$	128		$	881		$	1,247
Ratios to average net assets:
Net investment income (loss)		(2.18	%)		(2.26	%)		(0.41	%)		(0.13	%)		(0.84	%)		(1.51	%)
Total expensesc		2.45	%		2.55	%		2.57	%		2.53	%		2.46	%		2.46	%
Net expensese		2.43	%		2.54	%		2.53	%		2.53	%		2.46	%		2.46	%
Portfolio turnover rate		—			37	%		37	%		38	%		—			486	%

68 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	24.83		$	45.36		$	52.24		$	60.37		$	74.56		$	92.82
Income (loss) from investment operations:
Net investment income (loss)b		(.16	)		(.46	)		(.02	)		.37			.07			(.86	)
Net gain (loss) on investments (realized and unrealized)		(2.96	)		(20.04	)		(6.53	)		(8.50	)		(14.26	)		(17.40	)
Total from investment operations		(3.12	)		(20.50	)		(6.55	)		(8.13	)		(14.19	)		(18.26	)
Less distributions from:
Net investment income		—			(.03	)		(.33	)		—			—			—
Total distributions		—			(.03	)		(.33	)		—			—			—
Net asset value, end of period	$	21.71		$	24.83		$	45.36		$	52.24		$	60.37		$	74.56
Total Return		(12.57	%)		(45.21	%)		(12.54	%)		(13.47	%)		(19.03	%)		(19.65	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	413		$	337		$	583		$	341		$	2,403		$	460
Ratios to average net assets:
Net investment income (loss)		(1.41	%)		(1.51	%)		(0.05	%)		0.63	%		0.11	%		(0.95	%)
Total expensesc		1.69	%		1.79	%		1.82	%		1.81	%		1.71	%		1.70	%
Net expensese		1.68	%		1.78	%		1.79	%		1.79	%		1.71	%		1.70	%
Portfolio turnover rate		—			37	%		37	%		38	%		—			486	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Total return does not reflect the impact of any applicable sales charges.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	Reverse share split — Per share amounts for the year ended March 31, 2017, have been restated to reflect a 1:4 reverse share split effective November 4, 2016.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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 Strategy Fund II	6.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.5%
Signature Bank	0.6%
Molina Healthcare, Inc.	0.5%
FactSet Research Systems, Inc.	0.5%
Camden Property Trust	0.5%
Repligen Corp.	0.5%
Cognex Corp.	0.5%
SolarEdge Technologies, Inc.	0.5%
Masimo Corp.	0.5%
Top Ten Total	15.8%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

70 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	1.39%	66.76%	14.72%	18.33%
A-Class Shares with sales charge‡	(3.43%)	58.83%	13.61%	17.75%
C-Class Shares	1.00%	65.53%	13.88%	17.45%
C-Class Shares with CDSC§	0.00%	64.53%	13.88%	17.45%
H-Class Shares	1.39%	66.76%	14.73%	18.38%
S&P MidCap 400 Index	1.81%	43.68%	12.97%	14.72%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The 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 | 71

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 79.1%
Financial - 19.1%
Signature Bank		266	$	72,426
Camden Property Trust REIT		442		65,182
Jones Lang LaSalle, Inc.*		223		55,324
Medical Properties Trust, Inc. REIT		2,617		52,523
East West Bancorp, Inc.		623		48,307
Lamar Advertising Co. — Class A REIT		381		43,224
CyrusOne, Inc. REIT		545		42,188
Life Storage, Inc. REIT		344		39,471
First Horizon Corp.		2,413		39,308
Alleghany Corp.*		61		38,089
American Financial Group, Inc.		290		36,491
STORE Capital Corp. REIT		1,074		34,400
Rexford Industrial Realty, Inc. REIT		605		34,334
Apartment Income REIT Corp.		690		33,679
National Retail Properties, Inc. REIT		771		33,300
Reinsurance Group of America, Inc. — Class A		299		33,267
Commerce Bancshares, Inc.		467		32,541
First American Financial Corp.		483		32,385
Jefferies Financial Group, Inc.		868		32,229
Omega Healthcare Investors, Inc. REIT		1,049		31,428
Pinnacle Financial Partners, Inc.		334		31,423
Janus Henderson Group plc		757		31,287
Stifel Financial Corp.		460		31,262
Kilroy Realty Corp. REIT		460		30,457
American Campus Communities, Inc. REIT		611		29,603
Cullen/Frost Bankers, Inc.		249		29,536
First Industrial Realty Trust, Inc. REIT		567		29,529
EastGroup Properties, Inc. REIT		177		29,494
Prosperity Bancshares, Inc.		408		29,021
Old Republic International Corp.		1,249		28,889
RenaissanceRe Holdings Ltd.		207		28,856
Brixmor Property Group, Inc. REIT		1,305		28,854
Synovus Financial Corp.		643		28,221
SEI Investments Co.		471		27,930
Affiliated Managers Group, Inc.		181		27,347
CoreSite Realty Corp. REIT		194		26,877
Primerica, Inc.		173		26,578
Glacier Bancorp, Inc.		476		26,347
New York Community Bancorp, Inc.		2,043		26,294
First Financial Bankshares, Inc.		563		25,870
Douglas Emmett, Inc. REIT		771		24,371
Cousins Properties, Inc. REIT		653		24,350
Spirit Realty Capital, Inc. REIT		523		24,079
Interactive Brokers Group, Inc. — Class A		384		23,939
Valley National Bancorp		1,786		23,772
SLM Corp.		1,343		23,637
PacWest Bancorp		515		23,340
Evercore, Inc. — Class A		174		23,259
Bank OZK		535		22,994
CIT Group, Inc.		436		22,650
Unum Group		893		22,379
MGIC Investment Corp.		1,491		22,305
Rayonier, Inc. REIT		621		22,157
Alliance Data Systems Corp.		219		22,095
Webster Financial Corp.		398		21,675
Essent Group Ltd.		491		21,609
Sterling Bancorp		846		21,116
SL Green Realty Corp. REIT		295		20,898
United Bankshares, Inc.		568		20,664
Hanover Insurance Group, Inc.		157		20,350
Wintrust Financial Corp.		251		20,173
Highwoods Properties, Inc. REIT		458		20,088
Selective Insurance Group, Inc.		264		19,940
Park Hotels & Resorts, Inc. REIT*		1,039		19,886
Umpqua Holdings Corp.		967		19,582
Healthcare Realty Trust, Inc. REIT		639		19,029
National Storage Affiliates Trust REIT		358		18,899
UMB Financial Corp.		189		18,278
Hancock Whitney Corp.		382		18,000
Hudson Pacific Properties, Inc. REIT		670		17,601
Kemper Corp.		263		17,566
RLI Corp.		175		17,547
Physicians Realty Trust REIT		955		16,827
Brighthouse Financial, Inc.*		365		16,509
FNB Corp.		1,404		16,314
EPR Properties REIT		329		16,246
Macerich Co. REIT		935		15,624
Home BancShares, Inc.		663		15,600
PotlatchDeltic Corp. REIT		295		15,216
Kinsale Capital Group, Inc.		94		15,200
JBG SMITH Properties REIT		510		15,101
Bank of Hawaii Corp.		178		14,626
Navient Corp.		737		14,541
Associated Banc-Corp.		672		14,394
Sabra Health Care REIT, Inc.		970		14,278
BancorpSouth Bank		477		14,205
Cathay General Bancorp		343		14,197
Federated Hermes, Inc. — Class B		429		13,942
PS Business Parks, Inc. REIT		88		13,793
Texas Capital Bancshares, Inc.*		222		13,324
Corporate Office Properties Trust REIT		493		13,301
CNO Financial Group, Inc.		561		13,206
Pebblebrook Hotel Trust REIT		577		12,931
Fulton Financial Corp.		716		10,941
Washington Federal, Inc.		298		10,224
International Bancshares Corp.		234		9,744
Urban Edge Properties REIT		484		8,862
LendingTree, Inc.*		50		6,991
Mercury General Corp.		117		6,513
Total Financial				2,444,649
Industrial - 15.6%
Cognex Corp.		776		62,251
Nordson Corp.		237		56,442
Graco, Inc.		746		52,198
Trex Company, Inc.*		507		51,679
Axon Enterprise, Inc.*		289		50,581
Builders FirstSource, Inc.*		910		47,083
Toro Co.		470		45,783
Carlisle Companies, Inc.		229		45,523

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Lennox International, Inc.		150	$	44,125
Hubbell, Inc.		239		43,180
Middleby Corp.*		244		41,604
AECOM*		633		39,974
Owens Corning		453		38,732
Jabil, Inc.		641		37,415
Knight-Swift Transportation Holdings, Inc.		728		37,237
Tetra Tech, Inc.		238		35,543
Arrow Electronics, Inc.*		315		35,371
AptarGroup, Inc.		290		34,611
XPO Logistics, Inc.*		433		34,458
Lincoln Electric Holdings, Inc.		261		33,614
AGCO Corp.		272		33,328
Universal Display Corp.		190		32,483
ITT, Inc.		378		32,448
Donaldson Company, Inc.		552		31,690
Woodward, Inc.		279		31,583
Oshkosh Corp.		302		30,916
TopBuild Corp.*		145		29,698
Littelfuse, Inc.		108		29,513
Saia, Inc.*		116		27,612
Stericycle, Inc.*		404		27,460
II-VI, Inc.*		461		27,365
EMCOR Group, Inc.		236		27,230
Acuity Brands, Inc.		157		27,219
Coherent, Inc.*		108		27,010
Regal Beloit Corp.		179		26,911
Landstar System, Inc.		168		26,514
MDU Resources Group, Inc.		889		26,377
Colfax Corp.*		569		26,117
Sonoco Products Co.		432		25,739
Louisiana-Pacific Corp.		418		25,653
Vontier Corp.		742		24,931
Eagle Materials, Inc.		184		24,133
nVent Electric plc		738		23,860
MSA Safety, Inc.		160		23,312
National Instruments Corp.		584		22,910
Clean Harbors, Inc.*		220		22,851
Curtiss-Wright Corp.		180		22,712
Valmont Industries, Inc.		93		21,866
Hexcel Corp.*		368		21,855
MasTec, Inc.*		251		21,656
Crane Co.		219		20,763
Simpson Manufacturing Company, Inc.		191		20,431
Timken Co.		305		19,953
Flowserve Corp.		572		19,831
Ryder System, Inc.		236		19,520
SYNNEX Corp.		183		19,050
Southwest Gas Holdings, Inc.		260		17,389
Avnet, Inc.		437		16,156
Silgan Holdings, Inc.		369		14,155
GATX Corp.		156		13,971
EnerSys		187		13,920
Terex Corp.		307		12,924
Kirby Corp.*		264		12,661
Kennametal, Inc.		367		12,563
Werner Enterprises, Inc.		272		12,041
Mercury Systems, Inc.*		247		11,713
Vishay Intertechnology, Inc.		583		11,713
Belden, Inc.		197		11,477
Energizer Holdings, Inc.		276		10,778
Trinity Industries, Inc.		366		9,944
Fluor Corp.*		621		9,917
Dycom Industries, Inc.*		135		9,617
Worthington Industries, Inc.		145		7,642
Greif, Inc. — Class A		117		7,558
Total Industrial				2,006,043
Consumer, Non-cyclical - 13.8%
Molina Healthcare, Inc.*		257		69,727
Repligen Corp.*		225		65,023
Masimo Corp.*		223		60,368
Darling Ingredients, Inc.*		712		51,193
Paylocity Holding Corp.*		173		48,509
Service Corporation International		736		44,351
Hill-Rom Holdings, Inc.		289		43,350
Penumbra, Inc.*		151		40,242
Neurocrine Biosciences, Inc.*		416		39,899
Syneos Health, Inc.*		455		39,803
United Therapeutics Corp.*		197		36,362
Jazz Pharmaceuticals plc*		269		35,026
WEX, Inc.*		197		34,700
GXO Logistics, Inc.*		433		33,964
Tandem Diabetes Care, Inc.*		275		32,830
Encompass Health Corp.		437		32,793
Chemed Corp.		69		32,093
Performance Food Group Co.*		675		31,361
Tenet Healthcare Corp.*		470		31,227
Envista Holdings Corp.*		708		29,602
Exelixis, Inc.*		1,384		29,258
Arrowhead Pharmaceuticals, Inc.*		458		28,593
Post Holdings, Inc.*		257		28,311
Perrigo Company plc		584		27,641
STAAR Surgical Co.*		208		26,734
Globus Medical, Inc. — Class A*		344		26,357
ASGN, Inc.*		232		26,248
Ingredion, Inc.		294		26,169
ManpowerGroup, Inc.		238		25,771
Halozyme Therapeutics, Inc.*		625		25,425
Acadia Healthcare Company, Inc.*		395		25,193
Avis Budget Group, Inc.*		208		24,234
Medpace Holdings, Inc.*		126		23,849
Helen of Troy Ltd.*		106		23,816
HealthEquity, Inc.*		366		23,702
Quidel Corp.*		166		23,431
Integra LifeSciences Holdings Corp.*		320		21,914
LHC Group, Inc.*		139		21,811
Amedisys, Inc.*		143		21,321
Boston Beer Company, Inc. — Class A*		41		20,900
Flowers Foods, Inc.		874		20,653
ICU Medical, Inc.*		88		20,537
Neogen Corp.*		472		20,499
FTI Consulting, Inc.*		151		20,340

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
H&R Block, Inc.		782	$	19,550
LivaNova plc*		234		18,530
Sanderson Farms, Inc.		93		17,503
Insperity, Inc.		158		17,497
Grand Canyon Education, Inc.*		198		17,416
Progyny, Inc.*		301		16,856
Sabre Corp.*		1,417		16,777
Haemonetics Corp.*		224		15,812
Hain Celestial Group, Inc.*		368		15,743
Option Care Health, Inc.*		608		14,750
Lancaster Colony Corp.		87		14,686
Nektar Therapeutics*		807		14,494
LiveRamp Holdings, Inc.*		298		14,075
Brink’s Co.		219		13,863
NuVasive, Inc.*		227		13,586
R1 RCM, Inc.*		588		12,942
PROG Holdings, Inc.*		292		12,267
Sprouts Farmers Market, Inc.*		502		11,631
Coty, Inc. — Class A*		1,470		11,554
Patterson Companies, Inc.		379		11,423
Graham Holdings Co. — Class B		18		10,605
Emergent BioSolutions, Inc.*		210		10,514
John Wiley & Sons, Inc. — Class A		191		9,972
Grocery Outlet Holding Corp.*		383		8,261
Pilgrim’s Pride Corp.*		214		6,223
Tootsie Roll Industries, Inc.		77		2,343
Total Consumer, Non-cyclical				1,764,003
Consumer, Cyclical - 13.1%
Williams-Sonoma, Inc.		330		58,519
RH*		75		50,018
GameStop Corp. — Class A*,1		273		47,903
Deckers Outdoor Corp.*		122		43,944
Five Below, Inc.*		246		43,495
Lithia Motors, Inc. — Class A		133		42,166
Lear Corp.		262		40,998
Tempur Sealy International, Inc.		863		40,052
Crocs, Inc.*		274		39,314
Watsco, Inc.		145		38,370
Churchill Downs, Inc.		152		36,492
Scientific Games Corp. — Class A*		422		35,056
Gentex Corp.		1,050		34,629
Dick’s Sporting Goods, Inc.		288		34,494
BJ’s Wholesale Club Holdings, Inc.*		602		33,062
YETI Holdings, Inc.*		384		32,905
Brunswick Corp.		340		32,392
Capri Holdings Ltd.*		668		32,338
IAA, Inc.*		592		32,306
Kohl’s Corp.		686		32,304
Wyndham Hotels & Resorts, Inc.		411		31,725
Casey’s General Stores, Inc.		163		30,717
Polaris, Inc.		250		29,915
Thor Industries, Inc.		243		29,831
Marriott Vacations Worldwide Corp.		188		29,578
Mattel, Inc.*		1,533		28,452
Toll Brothers, Inc.		509		28,143
Texas Roadhouse, Inc. — Class A		307		28,038
Fox Factory Holding Corp.*		185		26,740
Scotts Miracle-Gro Co. — Class A		179		26,198
Skechers USA, Inc. — Class A*		593		24,977
Harley-Davidson, Inc.		676		24,748
AutoNation, Inc.*		192		23,378
Boyd Gaming Corp.*		360		22,774
Goodyear Tire & Rubber Co.*		1,234		21,842
Wingstop, Inc.		131		21,475
JetBlue Airways Corp.*		1,397		21,360
Travel + Leisure Co.		379		20,667
Carter’s, Inc.		193		18,767
Avient Corp.		401		18,586
Victoria’s Secret & Co.*		330		18,236
Choice Hotels International, Inc.		144		18,197
Papa John’s International, Inc.		143		18,160
Foot Locker, Inc.		396		18,081
Univar Solutions, Inc.*		751		17,889
Murphy USA, Inc.		104		17,395
American Eagle Outfitters, Inc.		670		17,286
Adient plc*		414		17,160
Wendy’s Co.		783		16,976
MSC Industrial Direct Company, Inc. — Class A		206		16,519
Ollie’s Bargain Outlet Holdings, Inc.*,1		267		16,095
FirstCash, Inc.		178		15,575
KB Home		395		15,373
Columbia Sportswear Co.		154		14,759
Cracker Barrel Old Country Store, Inc.		104		14,543
Six Flags Entertainment Corp.*		340		14,450
Callaway Golf Co.*		515		14,230
Dana, Inc.		638		14,189
Taylor Morrison Home Corp. — Class A*		550		14,179
Nordstrom, Inc.*		489		12,934
Herman Miller, Inc.		331		12,465
Visteon Corp.*		123		11,610
Tri Pointe Homes, Inc.*		500		10,510
Jack in the Box, Inc.		95		9,246
Nu Skin Enterprises, Inc. — Class A		220		8,904
KAR Auction Services, Inc.*		524		8,588
Urban Outfitters, Inc.*		289		8,581
Total Consumer, Cyclical				1,680,798
Technology - 6.7%
Fair Isaac Corp.*		125		49,741
Manhattan Associates, Inc.*		279		42,695
Cree, Inc.*		507		40,930
Lattice Semiconductor Corp.*		599		38,725
MKS Instruments, Inc.		244		36,822
Aspen Technology, Inc.*		298		36,594
Genpact Ltd.		759		36,060
Brooks Automation, Inc.		326		33,366
Concentrix Corp.*		188		33,276
J2 Global, Inc.*		212		28,964
Synaptics, Inc.*		155		27,858
Lumentum Holdings, Inc.*		333		27,819
Teradata Corp.*		479		27,471
CACI International, Inc. — Class A*		103		26,996

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Digital Turbine, Inc.*		384	$	26,400
Silicon Laboratories, Inc.*		178		24,949
KBR, Inc.		618		24,349
CDK Global, Inc.		535		22,764
Maximus, Inc.		270		22,464
NCR Corp.*		577		22,364
Semtech Corp.*		285		22,222
Science Applications International Corp.		255		21,818
Cirrus Logic, Inc.*		253		20,835
Envestnet, Inc.*		239		19,177
Sailpoint Technologies Holdings, Inc.*		408		17,495
Qualys, Inc.*		147		16,360
Cerence, Inc.*		167		16,050
ACI Worldwide, Inc.*		516		15,857
CMC Materials, Inc.		128		15,773
CommVault Systems, Inc.*		202		15,213
Blackbaud, Inc.*		185		13,015
Xerox Holdings Corp.		604		12,183
Amkor Technology, Inc.		440		10,978
NetScout Systems, Inc.*		325		8,759
Total Technology				856,342
Basic Materials - 3.2%
Steel Dynamics, Inc.		852		49,825
RPM International, Inc.		570		44,260
Reliance Steel & Aluminum Co.		279		39,735
Cleveland-Cliffs, Inc.*		1,998		39,580
Olin Corp.		634		30,590
Royal Gold, Inc.		288		27,501
United States Steel Corp.		1,187		26,079
Valvoline, Inc.		794		24,757
Ashland Global Holdings, Inc.		248		22,102
Chemours Co.		726		21,098
Sensient Technologies Corp.		185		16,850
Commercial Metals Co.		530		16,144
Cabot Corp.		249		12,480
Ingevity Corp.*		174		12,418
NewMarket Corp.		32		10,841
Minerals Technologies, Inc.		148		10,336
Compass Minerals International, Inc.		150		9,660
Total Basic Materials				414,256
Energy - 3.1%
SolarEdge Technologies, Inc.*		230		61,000
Targa Resources Corp.		1,004		49,407
First Solar, Inc.*		434		41,430
Sunrun, Inc.*		904		39,776
Cimarex Energy Co.		452		39,414
Equities Corp.*		1,328		27,171
NOV, Inc.*		1,706		22,366
HollyFrontier Corp.		657		21,767
ChampionX Corp.*		886		19,811
DT Midstream, Inc.		426		19,698
Equitrans Midstream Corp.		1,786		18,110
Murphy Oil Corp.		638		15,931
Antero Midstream Corp.		1,425		14,848
CNX Resources Corp.*		957		12,077
Total Energy				402,806
Communications - 2.3%
FactSet Research Systems, Inc.		166		65,533
Cable One, Inc.		22		39,889
New York Times Co. — Class A		733		36,115
Ciena Corp.*		680		34,918
Iridium Communications, Inc.*		580		23,113
TEGNA, Inc.		971		19,148
Viasat, Inc.*		322		17,732
Mimecast Ltd.*		269		17,109
TripAdvisor, Inc.*		432		14,623
Yelp, Inc. — Class A*		304		11,321
World Wrestling Entertainment, Inc. — Class A		198		11,140
Telephone & Data Systems, Inc.		434		8,463
Total Communications				299,104
Utilities - 2.2%
Essential Utilities, Inc.		982		45,251
UGI Corp.		919		39,168
OGE Energy Corp.		879		28,972
IDACORP, Inc.		222		22,950
National Fuel Gas Co.		401		21,060
Hawaiian Electric Industries, Inc.		480		19,598
PNM Resources, Inc.		377		18,654
Black Hills Corp.		279		17,510
ONE Gas, Inc.		235		14,892
New Jersey Resources Corp.		424		14,759
Spire, Inc.		227		13,888
ALLETE, Inc.		230		13,690
NorthWestern Corp.		226		12,950
Total Utilities				283,342
Total Common Stocks
(Cost $7,191,034)				10,151,343
MUTUAL FUNDS† - 11.7%
Guggenheim Strategy Fund II2		32,055		801,058
Guggenheim Ultra Short Duration Fund — Institutional Class2		70,642		704,299
Total Mutual Funds
(Cost $1,494,474)				1,505,357

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
MID-CAP 1.5x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 7.8%
U.S. Treasury Bills
0.04% due 12/09/213,4	$	1,000,000	$	999,952
Total U.S. Treasury Bills
(Cost $999,927)				999,952
REPURCHASE AGREEMENTS††,5 - 5.2%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/213		372,624		372,624
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/213		144,783		144,783
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/213		144,784		144,784
Total Repurchase Agreements
(Cost $662,191)				662,191
	Shares
SECURITIES LENDING COLLATERAL†,6 - 0.4%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%7		49,818		49,818
Total Securities Lending Collateral
(Cost $49,818)				49,818
Total Investments - 104.2%
(Cost $10,397,444)			$	13,368,661
Other Assets & Liabilities, net - (4.2)%				(535,137	)
Total Net Assets - 100.0%			$	12,833,524

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

0.54% (1 Month USD LIBOR + 0.45%)

At Maturity

11/04/21

80

$

212,454

$

(4,916

)

Goldman Sachs International

S&P MidCap 400 Index

Pay

0.48% (Federal Funds Rate + 0.40%)

At Maturity

11/04/21

563

1,486,392

(29,188

)

Barclays Bank plc

S&P MidCap 400 Index

Pay

0.40% (U.S. Secured Overnight Financing Rate + 0.35%)

At Maturity

11/03/21

2,837

7,491,837

(92,805

)

$

9,190,683

$

(126,909

)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2021 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
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, 2021.
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
MID-CAP 1.5x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	10,151,343	$	—	$	—	$	10,151,343
Mutual Funds		1,505,357		—		—		1,505,357
U.S. Treasury Bills		—		999,952		—		999,952
Repurchase Agreements		—		662,191		—		662,191
Securities Lending Collateral		49,818		—		—		49,818
Total Assets	$	11,706,518	$	1,662,143	$	—	$	13,368,661

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	126,909	$	—	$	126,909

** 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,260,878	$	—	$	(460,000	)	$	228	$	(48	)	$	801,058		32,055	$	8,116
Guggenheim Ultra Short Duration Fund — Institutional Class		2,351,937		—		(1,650,000	)		—		2,362			704,299		70,642		6,908
	$	3,612,815	$	—	$	(2,110,000	)	$	228	$	2,314		$	1,505,357			$	15,024

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

MID-CAP 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value - including $47,852 of securities loaned (cost $8,240,779)	$	11,201,113
Investments in affiliated issuers, at value (cost $1,494,474)		1,505,357
Repurchase agreements, at value (cost $662,191)		662,191
Receivables:
Dividends		12,870
Fund shares sold		1,215
Securities lending income		10
Total assets		13,382,756
Liabilities:
Unrealized depreciation on OTC swap agreements		126,909
Payable for:
Fund shares redeemed		317,232
Return of securities lending collateral		49,818
Swap settlement		17,780
Management fees		10,292
Securities purchased		5,474
Distribution and service fees		3,156
Transfer agent and administrative fees		3,120
Portfolio accounting fees		1,160
Trustees’ fees*		159
Miscellaneous		14,132
Total liabilities		549,232
Commitments and contingent liabilities (Note 11)		—
Net assets	$	12,833,524
Net assets consist of:
Paid in capital	$	6,974,645
Total distributable earnings (loss)		5,858,879
Net assets	$	12,833,524
A-Class:
Net assets	$	3,693,241
Capital shares outstanding		27,612
Net asset value per share	$	133.75
Maximum offering price per share (Net asset value divided by 95.25%)	$	140.42
C-Class:
Net assets	$	389,455
Capital shares outstanding		3,426
Net asset value per share	$	113.68
H-Class:
Net assets	$	8,750,828
Capital shares outstanding		65,174
Net asset value per share	$	134.27

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

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

MID-CAP 1.5x STRATEGY FUND

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of unaffiliated issuers	$	85,555
Dividends from securities of affiliated issuers		15,024
Interest		300
Income from securities lending, net		31
Total investment income		100,910
Expenses:
Management fees		80,728
Distribution and service fees:
A-Class		5,657
C-Class		2,388
H-Class		16,170
Transfer agent and administrative fees		25,230
Portfolio accounting fees		8,970
Professional fees		3,549
Trustees’ fees*		1,364
Custodian fees		1,181
Miscellaneous		5,311
Total expenses		150,548
Less:
Expenses waived by Adviser		(1,935	)
Net expenses		148,613
Net investment loss		(47,703	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	136,630
Investments in affiliated issuers		228
Swap agreements		817,230
Futures contracts		28,366
Net realized gain		982,454
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(102,666	)
Investments in affiliated issuers		2,314
Swap agreements		(399,029	)
Futures contracts		2,707
Net change in unrealized appreciation (depreciation)		(496,674	)
Net realized and unrealized gain		485,780
Net increase in net assets resulting from operations	$	438,077

* 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 | 79

MID-CAP 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(47,703	)	$	(115,010	)
Net realized gain on investments		982,454			15,185,252
Net change in unrealized appreciation (depreciation) on investments		(496,674	)		3,188,486
Net increase in net assets resulting from operations		438,077			18,258,728
Distributions to shareholders:
A-Class		—			(10,762	)
C-Class		—			(3,249	)
H-Class		—			(75,702	)
Total distributions to shareholders		—			(89,713	)
Capital share transactions:
Proceeds from sale of shares
A-Class		352,920			2,852,099
C-Class		24,129			274,431
H-Class		13,046,758			117,613,646
Distributions reinvested
A-Class		—			10,667
C-Class		—			3,249
H-Class		—			72,127
Cost of shares redeemed
A-Class		(1,099,121	)		(2,938,816	)
C-Class		(303,984	)		(2,613,497	)
H-Class		(16,704,021	)		(124,300,488	)
Net decrease from capital share transactions		(4,683,319	)		(9,026,582	)
Net increase (decrease) in net assets		(4,245,242	)		9,142,433
Net assets:
Beginning of period		17,078,766			7,936,333
End of period	$	12,833,524		$	17,078,766
Capital share activity:
Shares sold
A-Class		2,545			32,695
C-Class		202			2,977
H-Class		93,690			1,334,264
Shares issued from reinvestment of distributions
A-Class		—			101
C-Class		—			36
H-Class		—			678
Shares redeemed
A-Class		(7,806	)		(34,729	)
C-Class		(2,576	)		(37,321	)
H-Class		(119,808	)		(1,315,725	)
Net decrease in shares		(33,753	)		(17,024	)

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

MID-CAP 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	131.92		$	56.02		$	89.82		$	90.38		$	79.90		$	61.64
Income (loss) from investment operations:
Net investment income (loss)b		(.35	)		(.68	)		.37			.58			.15			(.09	)
Net gain (loss) on investments (realized and unrealized)		2.18			77.00			(33.98	)		(.73	)		10.83			18.50
Total from investment operations		1.83			76.32			(33.61	)		(.15	)		10.98			18.41
Less distributions from:
Net investment income		—			(.42	)		(.19	)		(.11	)		—			—
Net realized gains		—			—			—			(.30	)		(.50	)		(.15	)
Total distributions		—			(.42	)		(.19	)		(.41	)		(.50	)		(.15	)
Net asset value, end of period	$	133.75		$	131.92		$	56.02		$	89.82		$	90.38		$	79.90
Total Returnc		1.39	%		136.41	%		(37.52	%)		(0.11	%)		13.74	%		29.88	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,693		$	4,337		$	1,950		$	3,469		$	2,382		$	1,935
Ratios to average net assets:
Net investment income (loss)		(0.50	%)		(0.75	%)		0.40	%		0.64	%		0.17	%		(0.13	%)
Total expensesd		1.66	%		1.75	%		1.77	%		1.77	%		1.67	%		1.68	%
Net expensese		1.64	%		1.72	%		1.72	%		1.75	%		1.67	%		1.68	%
Portfolio turnover rate		49	%		501	%		617	%		721	%		722	%		1,216	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	112.55		$	48.18		$	77.86		$	78.99		$	70.42		$	54.73
Income (loss) from investment operations:
Net investment income (loss)b		(.75	)		(1.12	)		(.27	)		(.09	)		(.51	)		(.65	)
Net gain (loss) on investments (realized and unrealized)		1.88			65.91			(29.22	)		(.63	)		9.58			16.49
Total from investment operations		1.13			64.79			(29.49	)		(.72	)		9.07			15.84
Less distributions from:
Net investment income		—			(.42	)		(.19	)		(.11	)		—			—
Net realized gains		—			—			—			(.30	)		(.50	)		(.15	)
Total distributions		—			(.42	)		(.19	)		(.41	)		(.50	)		(.15	)
Net asset value, end of period	$	113.68		$	112.55		$	48.18		$	77.86		$	78.99		$	70.42
Total Returnc		1.00	%		134.67	%		(37.98	%)		(0.86	%)		12.89	%		28.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	389		$	653		$	1,933		$	3,722		$	5,875		$	7,720
Ratios to average net assets:
Net investment income (loss)		(1.27	%)		(1.59	%)		(0.34	%)		(0.12	%)		(0.68	%)		(1.05	%)
Total expensesd		2.41	%		2.52	%		2.52	%		2.51	%		2.43	%		2.42	%
Net expensese		2.39	%		2.50	%		2.47	%		2.50	%		2.43	%		2.42	%
Portfolio turnover rate		49	%		501	%		617	%		721	%		722	%		1,216	%

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

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	132.43		$	56.24		$	90.18		$	90.82		$	80.23		$	61.85
Income (loss) from investment operations:
Net investment income (loss)b		(.36	)		(.60	)		.27			.42			.35			(.37	)
Net gain (loss) on investments (realized and unrealized)		2.20			77.21			(34.02	)		(.65	)		10.74			18.90
Total from investment operations		1.84			76.61			(33.75	)		(.23	)		11.09			18.53
Less distributions from:
Net investment income		—			(.42	)		(.19	)		(.11	)		—			—
Net realized gains		—			—			—			(.30	)		(.50	)		(.15	)
Total distributions		—			(.42	)		(.19	)		(.41	)		(.50	)		(.15	)
Net asset value, end of period	$	134.27		$	132.43		$	56.24		$	90.18		$	90.82		$	80.23
Total Return		1.39	%		136.39	%		(37.52	%)		(0.21	%)		13.82	%		29.97	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,751		$	12,089		$	4,054		$	14,017		$	13,956		$	20,071
Ratios to average net assets:
Net investment income (loss)		(0.51	%)		(0.64	%)		0.28	%		0.49	%		0.39	%		(0.50	%)
Total expensesd		1.66	%		1.74	%		1.79	%		1.78	%		1.66	%		1.68	%
Net expensese		1.64	%		1.72	%		1.77	%		1.77	%		1.66	%		1.68	%
Portfolio turnover rate		49	%		501	%		617	%		721	%		722	%		1,216	%

a	Unaudited figures for the period ended September 30, 2021. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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 Ultra Short Duration Fund — Institutional Class	4.4%
Guggenheim Strategy Fund II	4.3%
Total	8.7%
“Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(3.51%)	(33.39%)	(14.96%)	(16.18%)
A-Class Shares with sales charge‡	(8.09%)	(36.55%)	(15.79%)	(16.59%)
C-Class Shares	(3.90%)	(33.89%)	(15.56%)	(16.80%)
C-Class Shares with CDSC§	(4.86%)	(34.55%)	(15.56%)	(16.80%)
H-Class Shares	(3.53%)	(33.40%)	(14.95%)	(16.17%)
S&P MidCap 400 Index	1.81%	43.68%	12.97%	14.72%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The 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 | 83

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
INVERSE MID-CAP STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 8.7%
Guggenheim Ultra Short Duration Fund — Institutional Class1		6,640	$	66,202
Guggenheim Strategy Fund II1		2,621		65,504
Total Mutual Funds
(Cost $130,688)				131,706

	Face Amount
REPURCHASE AGREEMENTS††,2 - 89.2%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/213	$	757,916		757,916
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/213		294,489		294,489
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/213		294,489		294,489
Total Repurchase Agreements
(Cost $1,346,894)				1,346,894
Total Investments - 97.9%
(Cost $1,477,582)			$	1,478,600
Other Assets & Liabilities, net - 2.1%				31,849
Total Net Assets - 100.0%			$	1,510,449

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements Sold Short††

Goldman Sachs International

S&P MidCap 400 Index

Receive

0.18% (Federal Funds Rate + 0.10%)

At Maturity

11/04/21

487

$

1,287,241

$

28,783

BNP Paribas

S&P MidCap 400 Index

Receive

0.04% (1 Month USD LIBOR - 0.05%)

At Maturity

11/04/21

29

76,862

1,779

Barclays Bank plc

S&P MidCap 400 Index

Receive

0.25% (U.S. Secured Overnight Financing Rate + 0.20%)

At Maturity

11/03/21

48

126,154

1,563

$

1,490,257

$

32,125

†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Repurchase Agreements — See Note 6.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
INVERSE MID-CAP STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	131,706	$	—	$	—	$	131,706
Repurchase Agreements		—		1,346,894		—		1,346,894
Equity Index Swap Agreements**		—		32,125		—		32,125
Total Assets	$	131,706	$	1,379,019	$	—	$	1,510,725

** 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	80,483	$	15,000	$	(30,000	)	$	217	$	(196	)	$	65,504		2,621	$	515
Guggenheim Ultra Short Duration Fund — Institutional Class		81,121		15,000		(30,000	)		125		(44	)		66,202		6,640		338
	$	161,604	$	30,000	$	(60,000	)	$	342	$	(240	)	$	131,706			$	853

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 85

INVERSE MID-CAP STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in affiliated issuers, at value (cost $130,688)	$	131,706
Repurchase agreements, at value (cost $1,346,894)		1,346,894
Unrealized appreciation on OTC swap agreements		32,125
Receivables:
Fund shares sold		4,102
Dividends		117
Total assets		1,514,944
Liabilities:
Payable for:
Swap settlement		2,005
Management fees		1,072
Transfer agent and administrative fees		324
Distribution and service fees		303
Portfolio accounting fees		121
Trustees’ fees*		7
Miscellaneous		663
Total liabilities		4,495
Commitments and contingent liabilities (Note 11)		—
Net assets	$	1,510,449
Net assets consist of:
Paid in capital	$	7,276,078
Total distributable earnings (loss)		(5,765,629	)
Net assets	$	1,510,449
A-Class:
Net assets	$	66,330
Capital shares outstanding		1,081
Net asset value per share	$	61.37
Maximum offering price per share (Net asset value divided by 95.25%)	$	64.43
C-Class:
Net assets	$	3,297
Capital shares outstanding		62
Net asset value per share	$	53.48
H-Class:
Net assets	$	1,440,822
Capital shares outstanding		23,466
Net asset value per share	$	61.40

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	853
Interest		126
Total investment income		979
Expenses:
Management fees		4,158
Distribution and service fees:
A-Class		107
C-Class		16
H-Class		1,044
Transfer agent and administrative fees		1,282
Portfolio accounting fees		462
Professional fees		75
Custodian fees		60
Trustees’ fees*		47
Miscellaneous		430
Total expenses		7,681
Less:
Expenses waived by Adviser		(95	)
Net expenses		7,586
Net investment loss		(6,607	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in affiliated issuers		342
Swap agreements		(39,959	)
Net realized loss		(39,617	)
Net change in unrealized appreciation (depreciation) on:
Investments in affiliated issuers		(240	)
Swap agreements		40,812
Net change in unrealized appreciation (depreciation)		40,572
Net realized and unrealized gain		955
Net decrease in net assets resulting from operations	$	(5,652	)

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

86 | 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(6,607	)	$	(15,298	)
Net realized loss on investments		(39,617	)		(857,649	)
Net change in unrealized appreciation (depreciation) on investments		40,572			(23,498	)
Net decrease in net assets resulting from operations		(5,652	)		(896,445	)
Distributions to shareholders:
A-Class		—			(726	)
C-Class		—			(30	)
H-Class		—			(4,681	)
Total distributions to shareholders		—			(5,437	)
Capital share transactions:
Proceeds from sale of shares
A-Class		5,400			231,753
C-Class		—			10,000
H-Class		1,509,674			6,299,520
Distributions reinvested
A-Class		—			726
C-Class		—			30
H-Class		—			4,677
Cost of shares redeemed
A-Class		(34,630	)		(79,006	)
C-Class		—			(4,247	)
H-Class		(846,057	)		(6,227,459	)
Net increase from capital share transactions		634,387			235,994
Net increase (decrease) in net assets		628,735			(665,888	)
Net assets:
Beginning of period		881,714			1,547,602
End of period	$	1,510,449		$	881,714
Capital share activity:
Shares sold
A-Class		88			2,034
C-Class		—			109
H-Class		24,995			67,331
Shares issued from reinvestment of distributions
A-Class		—			10
H-Class		—			62
Shares redeemed
A-Class		(574	)		(944	)
C-Class		—			(48	)
H-Class		(13,761	)		(66,785	)
Net increase in shares		10,748			1,769

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 87

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020j			Year Ended March 31, 2019j			Year Ended March 29, 2018j			Year Ended March 31, 2017j
Per Share Data
Net asset value, beginning of period	$	63.60		$	127.90		$	109.10		$	111.55		$	124.57		$	153.53
Income (loss) from investment operations:
Net investment income (loss)b		(.41	)		(.45	)		.75			.65			(.55	)		(1.40	)
Net gain (loss) on investments (realized and unrealized)		(1.82	)		(63.36	)		18.85	f		(3.10	)		(12.47	)		(27.56	)
Total from investment operations		(2.23	)		(63.81	)		19.60			(2.45	)		(13.02	)		(28.96	)
Less distributions from:
Net investment income		—			(.49	)		(.80	)		—			—			—
Total distributions		—			(.49	)		(.80	)		—			—			—
Net asset value, end of period	$	61.37		$	63.60		$	127.90		$	109.10		$	111.55		$	124.57
Total Returnc		(3.51	%)		(49.94	%)		18.13	%		(2.20	%)		(10.47	%)		(18.89	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	66		$	100		$	60		$	133		$	156		$	226
Ratios to average net assets:
Net investment income (loss)		(1.35	%)		(1.29	%)		0.68	%		0.60	%		(0.49	%)		(1.02	%)
Total expensesd		1.66	%		1.76	%		1.77	%		1.77	%		1.68	%		1.68	%
Net expensese		1.63	%		1.73	%		1.70	%		1.75	%		1.68	%		1.68	%
Portfolio turnover rate		20	%		42	%		—			48	%		37	%		120	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020j			Year Ended March 31, 2019j			Year Ended March 29, 2018j			Year Ended March 31, 2017j
Per Share Data
Net asset value, beginning of period	$	55.65		$	112.07		$	97.04		$	99.70		$	112.28		$	139.43
Income (loss) from investment operations:
Net investment income (loss)b		(.58	)		(.83	)		—	g		(.30	)		(1.40	)		(2.40	)
Net gain (loss) on investments (realized and unrealized)		(1.59	)		(55.10	)		15.83	f		(2.36	)		(11.18	)		(24.75	)
Total from investment operations		(2.17	)		(55.93	)		15.83			(2.66	)		(12.58	)		(27.15	)
Less distributions from:
Net investment income		—			(.49	)		(.80	)		—			—			—
Total distributions		—			(.49	)		(.80	)		—			—			—
Net asset value, end of period	$	53.48		$	55.65		$	112.07		$	97.04		$	99.70		$	112.28
Total Returnc		(3.90	%)		(50.08	%)		16.78	%		(2.71	%)		(11.22	%)		(19.51	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3		$	3		$	—	h	$	—	h	$	2		$	36
Ratios to average net assets:
Net investment income (loss)		(2.19	%)		(1.95	%)		0.00	%i		(0.33	%)		(1.30	%)		(1.85	%)
Total expensesd		2.44	%		2.49	%		2.63	%		2.47	%		2.44	%		2.42	%
Net expensese		2.44	%		2.46	%		2.63	%		2.47	%		2.44	%		2.42	%
Portfolio turnover rate		20	%		42	%		—			48	%		37	%		120	%

88 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020j			Year Ended March 31, 2019j			Year Ended March 29, 2018j			Year Ended March 31, 2017j
Per Share Data
Net asset value, beginning of period	$	63.65		$	128.00		$	109.20		$	111.46		$	124.52		$	153.44
Income (loss) from investment operations:
Net investment income (loss)b		(.44	)		(.42	)		.70			.65			(.45	)		(1.55	)
Net gain (loss) on investments (realized and unrealized)		(1.81	)		(63.44	)		18.90	f		(2.91	)		(12.61	)		(27.37	)
Total from investment operations		(2.25	)		(63.86	)		19.60			(2.26	)		(13.06	)		(28.92	)
Less distributions from:
Net investment income		—			(.49	)		(.80	)		—			—			—
Total distributions		—			(.49	)		(.80	)		—			—			—
Net asset value, end of period	$	61.40		$	63.65		$	128.00		$	109.20		$	111.46		$	124.52
Total Return		(3.53	%)		(49.94	%)		18.11	%		(2.02	%)		(10.48	%)		(18.87	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,441		$	779		$	1,488		$	769		$	509		$	606
Ratios to average net assets:
Net investment income (loss)		(1.44	%)		(1.38	%)		0.65	%		0.61	%		(0.39	%)		(1.10	%)
Total expensesd		1.66	%		1.77	%		1.78	%		1.77	%		1.68	%		1.67	%
Net expensese		1.64	%		1.75	%		1.70	%		1.75	%		1.68	%		1.67	%
Portfolio turnover rate		20	%		42	%		—			48	%		37	%		120	%

a	Unaudited figures for the period ended September 30, 2021. 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.
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 | 89

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(1.79%)	73.41%	15.64%	18.21%
A-Class Shares with sales charge‡	(6.45%)	65.16%	14.53%	17.63%
C-Class Shares	(2.18%)	72.08%	14.78%	17.33%
C-Class Shares with CDSC§	(3.16%)	71.08%	14.78%	17.33%
H-Class Shares	(1.80%)	73.39%	15.58%	18.19%
Russell 2000 Index	(0.25%)	47.68%	13.45%	15.99%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

90 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
RIGHTS††† - 0.0%
Consumer, Non-cyclical - 0.0%
Tobira Therapeutics, Inc.*		14	$	—
Omthera Pharmaceuticals, Inc.*		57		—
Total Consumer, Non-cyclical				—
Communications — 0.0%
Nexstar Media Group, Inc.*		85		—
Total Rights
(Cost $—)				—
MUTUAL FUNDS† - 19.1%
Guggenheim Ultra Short Duration Fund — Institutional Class1		112,170		1,118,332
Guggenheim Strategy Fund II1		36,876		921,533
Total Mutual Funds
(Cost $2,023,780)				2,039,865
	Face Amount
FEDERAL AGENCY NOTES†† - 18.7%
Federal Home Loan Bank
0.09% (1 Month USD LIBOR - Rate Floor: 0.00%) due 10/20/212	$	1,000,000		1,000,042
4.00% due 12/24/30		500,000		504,276
Federal Farm Credit Bank
0.12% (1 Month USD LIBOR + 0.03%, Rate Floor: 0.00%) due 12/29/212		500,000		500,096
Total Federal Agency Notes
(Cost $2,004,471)				2,004,414
U.S. TREASURY BILLS†† - 12.4%
U.S. Treasury Bills
0.04% due 12/09/213,4		1,000,000		999,952
0.05% due 12/09/213,4		300,000		299,985
0.04% due 10/07/214,5		27,000		27,000
Total U.S. Treasury Bills
(Cost $1,326,901)				1,326,937
REPURCHASE AGREEMENTS††,6 - 54.1%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/213		3,256,277		3,256,277
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/213		1,265,230		1,265,230
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/213		1,265,230		1,265,230
Total Repurchase Agreements
(Cost $5,786,737)				5,786,737
Total Investments - 104.3%
(Cost $11,141,889)			$	11,157,953
Other Assets & Liabilities, net - (4.3)%				(461,867	)
Total Net Assets - 100.0%			$	10,696,086

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		6		Dec 2021	$	660,120	$	(6,668	)

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

0.19% (1 Month USD LIBOR + 0.10%)

At Maturity

11/04/21

863

$

1,902,494

$

(25,957

)

Barclays Bank plc

Russell 2000 Index

Pay

0.05% (U.S. Secured Overnight Financing Rate)

At Maturity

11/03/21

4,870

10,735,359

(30,463

)

Goldman Sachs International

Russell 2000 Index

Pay

0.33% (Federal Funds Rate + 0.25%)

At Maturity

11/04/21

1,257

2,770,155

(50,113

)

$

15,408,008

$

(106,533

)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 91

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
RUSSELL 2000® 1.5x 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.
†††	Value determined based on Level 3 inputs — See Note 4.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
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, 2021.
6	Repurchase Agreements — See Note 6.
	LIBOR — London Interbank Offered Rate
	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, 2021 (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
Rights	$	—	$	—	$	—	*	$	—
Mutual Funds		2,039,865		—		—			2,039,865
Federal Agency Notes		—		2,004,414		—			2,004,414
U.S. Treasury Bills		—		1,326,937		—			1,326,937
Repurchase Agreements		—		5,786,737		—			5,786,737
Total Assets	$	2,039,865	$	9,118,088	$	—		$	11,157,953

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	6,668	$	—	$	—	$	6,668
Equity Index Swap Agreements**		—		106,533		—		106,533
Total Liabilities	$	6,668	$	106,533	$	—	$	113,201

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
RUSSELL 2000® 1.5x STRATEGY FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	921,165	$	—	$	—	$	—	$	368	$	921,533		36,876	$	6,304
Guggenheim Ultra Short Duration Fund — Institutional Class		1,117,210		—		—		—		1,122		1,118,332		112,170		4,977
	$	2,038,375	$	—	$	—	$	—	$	1,490	$	2,039,865			$	11,281

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 93

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $3,331,372)	$	3,331,351
Investments in affiliated issuers, at value (cost $2,023,780)		2,039,865
Repurchase agreements, at value (cost $5,786,737)		5,786,737
Segregated cash with broker		12,136
Receivables:
Interest		5,425
Dividends		1,755
Total assets		11,177,269
Liabilities:
Unrealized depreciation on OTC swap agreements		106,533
Payable for:
Swap settlement		333,099
Fund shares redeemed		10,566
Management fees		8,465
Variation margin on futures contracts		6,450
Transfer agent and administrative fees		2,599
Distribution and service fees		2,441
Portfolio accounting fees		966
Trustees’ fees*		104
Miscellaneous		9,960
Total liabilities		481,183
Commitments and contingent liabilities (Note 11)		—
Net assets	$	10,696,086
Net assets consist of:
Paid in capital	$	7,334,393
Total distributable earnings (loss)		3,361,693
Net assets	$	10,696,086
A-Class:
Net assets	$	1,562,076
Capital shares outstanding		15,714
Net asset value per share	$	99.41
Maximum offering price per share (Net asset value divided by 95.25%)	$	104.37
C-Class:
Net assets	$	40,462
Capital shares outstanding		489
Net asset value per share	$	82.74
H-Class:
Net assets	$	9,093,548
Capital shares outstanding		91,850
Net asset value per share	$	99.00

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	11,281
Interest		3,354
Total investment income		14,635
Expenses:
Management fees		50,585
Distribution and service fees:
A-Class		2,089
C-Class		261
H-Class		11,897
Transfer agent and administrative fees		15,817
Portfolio accounting fees		5,621
Professional fees		2,720
Trustees’ fees*		881
Custodian fees		742
Miscellaneous		5,409
Total expenses		96,022
Less:
Expenses waived by Adviser		(1,402	)
Net expenses		94,620
Net investment loss		(79,985	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		5,891
Swap agreements		(313,927	)
Futures contracts		(139,486	)
Net realized loss		(447,522	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(4,529	)
Investments in affiliated issuers		1,490
Swap agreements		(73,665	)
Futures contracts		25,135
Net change in unrealized appreciation (depreciation)		(51,569	)
Net realized and unrealized loss		(499,091	)
Net decrease in net assets resulting from operations	$	(579,076	)

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

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

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(79,985	)	$	(119,124	)
Net realized gain (loss) on investments		(447,522	)		8,693,789
Net change in unrealized appreciation (depreciation) on investments		(51,569	)		(231,620	)
Net increase (decrease) in net assets resulting from operations		(579,076	)		8,343,045
Distributions to shareholders:
A-Class		—			(4,708	)
C-Class		—			(156	)
H-Class		—			(20,841	)
Total distributions to shareholders		—			(25,705	)
Capital share transactions:
Proceeds from sale of shares
A-Class		79,414			57,548
C-Class		3,986			39,120
H-Class		12,336,095			35,843,045
Distributions reinvested
A-Class		—			4,547
C-Class		—			156
H-Class		—			20,710
Cost of shares redeemed
A-Class		(227,138	)		(556,001	)
C-Class		(37,328	)		(19,899	)
H-Class		(12,185,523	)		(36,717,049	)
Net decrease from capital share transactions		(30,494	)		(1,327,823	)
Net increase (decrease) in net assets		(609,570	)		6,989,517
Net assets:
Beginning of period		11,305,656			4,316,139
End of period	$	10,696,086		$	11,305,656
Capital share activity:
Shares sold
A-Class		776			969
C-Class		48			588
H-Class		118,715			558,116
Shares issued from reinvestment of distributions
A-Class		—			55
C-Class		—			2
H-Class		—			253
Shares redeemed
A-Class		(2,338	)		(7,944	)
C-Class		(441	)		(368	)
H-Class		(120,923	)		(550,126	)
Net increase (decrease) in shares		(4,163	)		1,545

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 95

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	101.22		$	39.16		$	63.62		$	64.49		$	55.99		$	44.78
Income (loss) from investment operations:
Net investment income (loss)b		(.73	)		(.94	)		.32			.34			.02			(.32	)
Net gain (loss) on investments (realized and unrealized)		(1.08	)		63.25			(24.78	)		(1.21	)f		8.48			16.87
Total from investment operations		(1.81	)		62.31			(24.46	)		(.87	)		8.50			16.55
Less distributions from:
Net investment income		—			(.25	)		—			—			—			—
Net realized gains		—			—			—			—			—			(5.34	)
Total distributions		—			(.25	)		—			—			—			(5.34	)
Net asset value, end of period	$	99.41		$	101.22		$	39.16		$	63.62		$	64.49		$	55.99
Total Returnc		(1.79	%)		159.26	%		(38.45	%)		(1.35	%)		15.18	%		38.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,562		$	1,749		$	948		$	2,064		$	1,400		$	1,172
Ratios to average net assets:
Net investment income (loss)		(1.42	%)		(1.40	%)		0.50	%		0.52	%		0.03	%		(0.62	%)
Total expensesd		1.70	%		1.79	%		1.82	%		1.80	%		1.72	%		1.73	%
Net expensese		1.68	%		1.77	%		1.76	%		1.78	%		1.72	%		1.73	%
Portfolio turnover rate		—			—			93	%		258	%		580	%		1,315	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	84.58		$	32.98		$	54.00		$	55.14		$	48.24		$	39.44
Income (loss) from investment operations:
Net investment income (loss)b		(.93	)		(1.27	)		(.12	)		(.30	)		(.40	)		(.63	)
Net gain (loss) on investments (realized and unrealized)		(.91	)		53.12			(20.90	)		(.84	)f		7.30			14.77
Total from investment operations		(1.84	)		51.85			(21.02	)		(1.14	)		6.90			14.14
Less distributions from:
Net investment income		—			(.25	)		—			—			—			—
Net realized gains		—			—			—			—			—			(5.34	)
Total distributions		—			(.25	)		—			—			—			(5.34	)
Net asset value, end of period	$	82.74		$	84.58		$	32.98		$	54.00		$	55.14		$	48.24
Total Returnc		(2.18	%)		157.38	%		(38.93	%)		(2.07	%)		14.30	%		36.98	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	40		$	75		$	22		$	78		$	1,017		$	1,494
Ratios to average net assets:
Net investment income (loss)		(2.16	%)		(2.16	%)		(0.22	%)		(0.50	%)		(0.78	%)		(1.41	%)
Total expensesd		2.46	%		2.52	%		2.57	%		2.54	%		2.48	%		2.47	%
Net expensese		2.43	%		2.50	%		2.51	%		2.53	%		2.48	%		2.47	%
Portfolio turnover rate		—			—			93	%		258	%		580	%		1,315	%

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

RUSSELL 2000^® 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	100.81		$	39.00		$	63.37		$	64.22		$	55.86		$	44.75
Income (loss) from investment operations:
Net investment income (loss)b		(.73	)		(.98	)		.09			.29			(.11	)		(.51	)
Net gain (loss) on investments (realized and unrealized)		(1.08	)		63.04			(24.46	)		(1.14	)f		8.47			16.96
Total from investment operations		(1.81	)		62.06			(24.37	)		(.85	)		8.36			16.45
Less distributions from:
Net investment income		—			(.25	)		—			—			—			—
Net realized gains		—			—			—			—			—			(5.34	)
Total distributions		—			(.25	)		—			—			—			(5.34	)
Net asset value, end of period	$	99.00		$	100.81		$	39.00		$	63.37		$	64.22		$	55.86
Total Return		(1.80	%)		159.27	%		(38.46	%)		(1.32	%)		14.97	%		37.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,094		$	9,482		$	3,347		$	6,676		$	7,178		$	8,447
Ratios to average net assets:
Net investment income (loss)		(1.42	%)		(1.42	%)		0.14	%		0.46	%		(0.18	%)		(0.98	%)
Total expensesd		1.70	%		1.78	%		1.84	%		1.81	%		1.72	%		1.73	%
Net expensese		1.68	%		1.76	%		1.80	%		1.80	%		1.72	%		1.73	%
Portfolio turnover rate		—			—			93	%		258	%		580	%		1,315	%

a	Unaudited figures for the period ended September 30, 2021. 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 | 97

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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

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

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(1.08%)	45.28%	11.56%	12.77%
A-Class Shares with sales charge‡	(5.78%)	38.38%	10.48%	12.22%
C-Class Shares	(1.47%)	44.20%	10.73%	11.91%
C-Class Shares with CDSC§	(2.46%)	43.20%	10.73%	11.91%
H-Class Shares	(1.09%)	45.30%	11.58%	12.76%
Russell 2000 Index	(0.25%)	47.68%	13.45%	15.99%

*	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.

98 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
RUSSELL 2000® FUND

	Shares		Value
RIGHTS††† - 0.0%
Consumer, Non-cyclical - 0.0%
Omthera Pharmaceuticals, Inc.*		86	$	—
Elanco Animal Health, Inc.*		505		—
Oncternal Therapeutics, Inc.*		7		—
Tobira Therapeutics, Inc.*		141		—
Total Consumer, Non-cyclical				—
Communications - 0.0%
Nexstar Media Group, Inc.*		2,530		—
Total Rights
(Cost $103)				—
EXCHANGE-TRADED FUNDS† - 8.6%
Vanguard Russell 2000 ETF1		15,743		1,391,838
iShares Russell 2000 Index ETF1		6,356		1,390,375
Total Exchange-Traded Funds
(Cost $2,799,131)				2,782,213
	Face Amount
FEDERAL AGENCY NOTES†† - 45.2%
Federal Home Loan Bank
0.09% (1 Month USD LIBOR, Rate Floor: 0.00%) due 10/20/212	$	3,100,000		3,100,130
1.70% due 01/24/24		2,500,000		2,512,768
4.00% due 12/24/30		500,000		504,277
4.00% due 11/30/29		500,000		502,963
Federal Farm Credit Bank
0.33% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222		2,000,000		2,002,992
0.12% (1 Month USD LIBOR + 0.03%, Rate Floor: 0.00%) due 12/29/212		2,000,000		2,000,382
Farmer Mac
0.04% (3 Month USD LIBOR - 0.10%, Rate Floor: 0.00%) due 11/22/212		4,000,000		3,999,788
Total Federal Agency Notes
(Cost $14,620,213)				14,623,300

U.S. GOVERNMENT SECURITIES†† - 12.5%
U.S. Treasury Note
1.75% due 05/15/22		4,000,000		4,042,187
Total U.S. Government Securities
(Cost $4,041,699)				4,042,187
U.S. TREASURY BILLS†† - 11.8%
U.S. Treasury Bills
0.04% due 12/09/213,4		3,800,000		3,799,816
0.04% due 10/07/214,5		20,000		20,000
Total U.S. Treasury Bills
(Cost $3,819,714)				3,819,816
REPURCHASE AGREEMENTS††,6 - 22.0%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/213		4,007,370		4,007,370
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/213		1,557,068		1,557,068
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/213		1,557,067		1,557,067
Total Repurchase Agreements
(Cost $7,121,505)				7,121,505
	Shares
SECURITIES LENDING COLLATERAL†,7 - 6.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%8		2,119,448		2,119,448
Total Securities Lending Collateral
(Cost $2,119,448)				2,119,448
Total Investments - 106.7%
(Cost $34,521,813)			$	34,508,469
Other Assets & Liabilities, net - (6.7)%				(2,168,677	)
Total Net Assets - 100.0%			$	32,339,792

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		2		Dec 2021	$	220,040	$	(2,223	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 99

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
RUSSELL 2000® FUND

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Depreciation

OTC Equity Index Swap Agreements††

BNP Paribas

Russell 2000 Index

Pay

0.19% (1 Month USD LIBOR + 0.10%)

At Maturity

11/04/21

436

$

961,832

$

(13,125

)

Goldman Sachs International

Russell 2000 Index

Pay

0.33% (Federal Funds Rate + 0.25%)

At Maturity

11/04/21

699

1,541,067

(19,635

)

Barclays Bank plc

Russell 2000 Index

Pay

0.05% (U.S. Secured Overnight Financing Rate)

At Maturity

11/03/21

12,244

26,991,390

(68,324

)

$

29,494,289

$

(101,084

)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
†††	Value determined based on Level 3 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2021 — See Note 7.
2	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
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, 2021.
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, 2021.
	LIBOR — London Interbank Offered Rate
	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, 2021 (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
Rights	$	—	$	—	$	—	*	$	—
Exchange-Traded Funds		2,782,213		—		—			2,782,213
Federal Agency Notes		—		14,623,300		—			14,623,300
U.S. Government Securities		—		4,042,187		—			4,042,187
U.S. Treasury Bills		—		3,819,816		—			3,819,816
Repurchase Agreements		—		7,121,505		—			7,121,505
Securities Lending Collateral		2,119,448		—		—			2,119,448
Total Assets	$	4,901,661	$	29,606,808	$	—		$	34,508,469

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	2,223	$	—	$	—	$	2,223
Equity Index Swap Agreements**		—		101,084		—		101,084
Total Liabilities	$	2,223	$	101,084	$	—	$	103,307

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

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

RUSSELL 2000^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $2,058,701 of securities loaned (cost $27,400,308)	$	27,386,964
Repurchase agreements, at value (cost $7,121,505)		7,121,505
Cash		4,316
Receivables:
Fund shares sold		122,398
Interest		48,266
Swap settlement		9,074
Dividends		3,478
Securities lending income		755
Total assets		34,696,756
Liabilities:
Unrealized depreciation on OTC swap agreements		101,084
Payable for:
Return of securities lending collateral		2,119,448
Fund shares redeemed		51,576
Management fees		20,404
Distribution and service fees		8,284
Transfer agent and administrative fees		7,318
Portfolio accounting fees		4,081
Variation margin on futures contracts		2,150
Trustees’ fees*		465
Miscellaneous		42,154
Total liabilities		2,356,964
Commitments and contingent liabilities (Note 11)		—
Net assets	$	32,339,792
Net assets consist of:
Paid in capital	$	28,516,520
Total distributable earnings (loss)		3,823,272
Net assets	$	32,339,792
A-Class:
Net assets	$	9,680,869
Capital shares outstanding		158,317
Net asset value per share	$	61.15
Maximum offering price per share (Net asset value divided by 95.25%)	$	64.20
C-Class:
Net assets	$	2,341,836
Capital shares outstanding		43,818
Net asset value per share	$	53.44
H-Class:
Net assets	$	20,317,087
Capital shares outstanding		333,003
Net asset value per share	$	61.01

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends	$	9,191
Interest		10,747
Income from securities lending, net		1,868
Total investment income		21,806
Expenses:
Management fees		143,102
Distribution and service fees:
A-Class		14,129
C-Class		14,160
H-Class		30,034
Transfer agent and administrative fees		55,006
Portfolio accounting fees		28,621
Professional fees		15,640
Trustees’ fees*		5,062
Custodian fees		2,691
Miscellaneous		8,305
Total expenses		316,750
Net investment loss		(294,944	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		29,372
Swap agreements		223,833
Futures contracts		(334,700	)
Net realized loss		(81,495	)
Net change in unrealized appreciation (depreciation) on:
Investments		(34,024	)
Swap agreements		(173,579	)
Futures contracts		176,109
Net change in unrealized appreciation (depreciation)		(31,494	)
Net realized and unrealized loss		(112,989	)
Net decrease in net assets resulting from operations	$	(407,933	)

* 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 | 101

RUSSELL 2000^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(294,944	)	$	(532,872	)
Net realized gain (loss) on investments		(81,495	)		19,088,588
Net change in unrealized appreciation (depreciation) on investments		(31,494	)		(649,370	)
Net increase (decrease) in net assets resulting from operations		(407,933	)		17,906,346
Capital share transactions:
Proceeds from sale of shares
A-Class		3,373,643			16,968,164
C-Class		1,009,041			2,759,107
H-Class		24,008,114			106,439,279
Cost of shares redeemed
A-Class		(6,023,252	)		(22,364,500	)
C-Class		(2,331,394	)		(2,002,731	)
H-Class		(33,168,843	)		(92,858,855	)
Net increase (decrease) from capital share transactions		(13,132,691	)		8,940,464
Net increase (decrease) in net assets		(13,540,624	)		26,846,810
Net assets:
Beginning of period		45,880,416			19,033,606
End of period	$	32,339,792		$	45,880,416
Capital share activity:
Shares sold
A-Class		54,649			323,213
C-Class		18,421			61,590
H-Class		387,173			2,060,052
Shares redeemed
A-Class		(97,247	)		(454,528	)
C-Class		(43,120	)		(48,862	)
H-Class		(536,362	)		(1,787,076	)
Net increase (decrease) in shares		(216,486	)		154,389

102 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	61.82		$	32.24		$	43.81		$	43.67		$	41.61		$	33.56
Income (loss) from investment operations:
Net investment income (loss)b		(.47	)		(.77	)		—	c		(.05	)		(.17	)		(.21	)
Net gain (loss) on investments (realized and unrealized)		(.20	)		30.35			(10.89	)		.19	e		4.34			8.26
Total from investment operations		(.67	)		29.58			(10.89	)		.14			4.17			8.05
Less distributions from:
Net investment income		—			—			(.01	)		—			—			—
Net realized gains		—			—			(.67	)		—			(2.11	)		—
Total distributions		—			—			(.68	)		—			(2.11	)		—
Net asset value, end of period	$	61.15		$	61.82		$	32.24		$	43.81		$	43.67		$	41.61
Total Returnd		(1.08	%)		91.75	%		(25.32	%)		0.32	%		10.03	%		23.96	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,681		$	12,421		$	10,712		$	18,569		$	17,163		$	14,650
Ratios to average net assets:
Net investment income (loss)		(1.49	%)		(1.53	%)		—	f		(0.11	%)		(0.40	%)		(0.54	%)
Total expenses		1.60	%		1.67	%		1.73	%		1.71	%		1.63	%		1.62	%
Portfolio turnover rate		270	%		—			35	%		112	%		167	%		203	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	54.24		$	28.50		$	39.09		$	39.26		$	37.87		$	30.78
Income (loss) from investment operations:
Net investment income (loss)b		(.61	)		(.95	)		(.29	)		(.37	)		(.45	)		(.44	)
Net gain (loss) on investments (realized and unrealized)		(.19	)		26.69			(9.62	)		.20	e		3.95			7.53
Total from investment operations		(.80	)		25.74			(9.91	)		(.17	)		3.50			7.09
Less distributions from:
Net investment income		—			—			(.01	)		—			—			—
Net realized gains		—			—			(.67	)		—			(2.11	)		—
Total distributions		—			—			(.68	)		—			(2.11	)		—
Net asset value, end of period	$	53.44		$	54.24		$	28.50		$	39.09		$	39.26		$	37.87
Total Returnd		(1.47	%)		90.32	%		(25.88	%)		(0.43	%)		9.21	%		23.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,342		$	3,717		$	1,590		$	3,264		$	5,277		$	5,841
Ratios to average net assets:
Net investment income (loss)		(2.24	%)		(2.28	%)		(0.74	%)		(0.91	%)		(1.16	%)		(1.27	%)
Total expenses		2.35	%		2.43	%		2.48	%		2.46	%		2.38	%		2.38	%
Portfolio turnover rate		270	%		—			35	%		112	%		167	%		203	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 103

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	61.68		$	32.17		$	43.70		$	43.57		$	41.51		$	33.48
Income (loss) from investment operations:
Net investment income (loss)b		(.47	)		(.75	)		.01			(.06	)		(.19	)		(.21	)
Net gain (loss) on investments (realized and unrealized)		(.20	)		30.26			(10.86	)		.19	e		4.36			8.24
Total from investment operations		(.67	)		29.51			(10.85	)		.13			4.17			8.03
Less distributions from:
Net investment income		—			—			(.01	)		—			—			—
Net realized gains		—			—			(.67	)		—			(2.11	)		—
Total distributions		—			—			(.68	)		—			(2.11	)		—
Net asset value, end of period	$	61.01		$	61.68		$	32.17		$	43.70		$	43.57		$	41.51
Total Return		(1.09	%)		91.73	%		(25.30	%)		0.30	%		10.03	%		23.95	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20,317		$	29,743		$	6,731		$	19,384		$	24,713		$	29,466
Ratios to average net assets:
Net investment income (loss)		(1.49	%)		(1.52	%)		0.01	%		(0.14	%)		(0.43	%)		(0.54	%)
Total expenses		1.60	%		1.67	%		1.73	%		1.71	%		1.63	%		1.63	%
Portfolio turnover rate		270	%		—			35	%		112	%		167	%		203	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.
f	Less than 0.01%.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

INVERSE RUSSELL 2000^® STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the inverse (opposite) of the performance of the Russell 2000^® Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	March 31, 2004
C-Class	February 20, 2004
H-Class	February 20, 2004

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

Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund II	22.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	22.7%
Total	45.5%
“Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(1.86%)	(36.30%)	(16.36%)	(17.18%)
A-Class Shares with sales charge‡	(6.53%)	(39.32%)	(17.17%)	(17.58%)
C-Class Shares	(2.21%)	(36.78%)	(16.98%)	(17.79%)
C-Class Shares with CDSC§	(3.22%)	(37.41%)	(16.98%)	(17.79%)
H-Class Shares	(1.87%)	(36.28%)	(16.34%)	(17.15%)
Russell 2000 Index	(0.25%)	47.68%	13.45%	15.99%

*	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 | 105

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
INVERSE RUSSELL 2000® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 45.5%
Guggenheim Strategy Fund II1		51,129	$	1,277,717
Guggenheim Ultra Short Duration Fund — Institutional Class1		127,491		1,271,085
Total Mutual Funds
(Cost $2,512,853)				2,548,802
	Face Amount
FEDERAL AGENCY NOTES†† - 11.0%
Federal Farm Credit Bank
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/222	$	500,000		499,874
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222		120,000		120,269
Total Federal Agency Notes
(Cost $619,904)				620,143
U.S. TREASURY BILLS†† - 2.2%
U.S. Treasury Bills
0.04% due 12/09/213,4		125,000		124,994
Total U.S. Treasury Bills
(Cost $124,991)				124,994

REPURCHASE AGREEMENTS††,5 - 42.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/213	1,342,214		1,342,214
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/213	521,518		521,518
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/213	521,518		521,518
Total Repurchase Agreements
(Cost $2,385,250)			2,385,250
Total Investments - 101.3%
(Cost $5,642,998)		$	5,679,189
Other Assets & Liabilities, net - (1.3)%			(73,794	)
Total Net Assets - 100.0%		$	5,605,395

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Equity Index Swap Agreements Sold Short††

Goldman Sachs International

Russell 2000 Index

Receive

0.03% (Federal Funds Rate - 0.05%)

At Maturity

11/04/21

1,838

$

4,051,234

$

32,115

BNP Paribas

Russell 2000 Index

Pay

(0.31)% (1 Month USD LIBOR - 0.40%)

At Maturity

11/04/21

467

1,029,175

14,041

Barclays Bank plc

Russell 2000 Index

Pay

(0.45)% (U.S. Secured Overnight Financing Rate - 0.50%)

At Maturity

11/03/21

236

519,519

1,315

$

5,599,928

$

47,471

†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
3	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 6.
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
INVERSE RUSSELL 2000® STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	2,548,802	$	—	$	—	$	2,548,802
Federal Agency Notes		—		620,143		—		620,143
U.S. Treasury Bills		—		124,994		—		124,994
Repurchase Agreements		—		2,385,250		—		2,385,250
Equity Index Swap Agreements**		—		47,471		—		47,471
Total Assets	$	2,548,802	$	3,177,858	$	—	$	5,726,660

** 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,277,205	$	—	$	—	$	—	$	512	$	1,277,717		51,129	$	8,740
Guggenheim Ultra Short Duration Fund — Institutional Class		1,269,811		—		—		—		1,274		1,271,085		127,491		5,657
	$	2,547,016	$	—	$	—	$	—	$	1,786	$	2,548,802			$	14,397

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 107

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $744,895)	$	745,137
Investments in affiliated issuers, at value (cost $2,512,853)		2,548,802
Repurchase agreements, at value (cost $2,385,250)		2,385,250
Segregated cash with broker		17,019
Unrealized appreciation on OTC swap agreements		47,471
Receivables:
Fund shares sold		23,000
Dividends		2,242
Interest		95
Total assets		5,769,016
Liabilities:
Payable for:
Fund shares redeemed		131,106
Swap settlement		19,117
Management fees		3,394
Transfer agent and administrative fees		1,092
Distribution and service fees		1,026
Portfolio accounting fees		406
Trustees’ fees*		82
Miscellaneous		7,398
Total liabilities		163,621
Commitments and contingent liabilities (Note 11)		—
Net assets	$	5,605,395
Net assets consist of:
Paid in capital	$	46,871,440
Total distributable earnings (loss)		(41,266,045	)
Net assets	$	5,605,395
A-Class:
Net assets	$	1,282,450
Capital shares outstanding		23,641
Net asset value per share	$	54.25
Maximum offering price per share (Net asset value divided by 95.25%)	$	56.96
C-Class:
Net assets	$	18,026
Capital shares outstanding		380
Net asset value per share	$	47.44
H-Class:
Net assets	$	4,304,919
Capital shares outstanding		79,040
Net asset value per share	$	54.47

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	14,397
Interest		777
Total investment income		15,174
Expenses:
Management fees		26,163
Distribution and service fees:
A-Class		484
C-Class		92
H-Class		6,761
Transfer agent and administrative fees		8,493
Portfolio accounting fees		2,907
Professional fees		2,870
Trustees’ fees*		953
Custodian fees		425
Miscellaneous		478
Total expenses		49,626
Less:
Expenses waived by Adviser		(1,593	)
Net expenses		48,033
Net investment loss		(32,859	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		28
Swap agreements		(13,186	)
Futures contracts		(47,747	)
Net realized loss		(60,905	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(235	)
Investments in affiliated issuers		1,786
Swap agreements		(63,785	)
Futures contracts		(31,475	)
Net change in unrealized appreciation (depreciation)		(93,709	)
Net realized and unrealized loss		(154,614	)
Net decrease in net assets resulting from operations	$	(187,473	)

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

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

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(32,859	)	$	(227,644	)
Net realized loss on investments		(60,905	)		(13,238,161	)
Net change in unrealized appreciation (depreciation) on investments		(93,709	)		(233,907	)
Net decrease in net assets resulting from operations		(187,473	)		(13,699,712	)
Distributions to shareholders:
A-Class		—			(286	)
C-Class		—			(39	)
H-Class		—			(5,815	)
Total distributions to shareholders		—			(6,140	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,034,312			1,016,352
C-Class		—			69,459
H-Class		11,715,710			86,070,796
Distributions reinvested
A-Class		—			286
C-Class		—			39
H-Class		—			5,776
Cost of shares redeemed
A-Class		(54,283	)		(566,925	)
C-Class		(7,857	)		(85,226	)
H-Class		(12,328,668	)		(90,085,151	)
Net increase (decrease) from capital share transactions		359,214			(3,574,594	)
Net increase (decrease) in net assets		171,741			(17,280,446	)
Net assets:
Beginning of period		5,433,654			22,714,100
End of period	$	5,605,395		$	5,433,654
Capital share activity:
Shares sold
A-Class		18,839			10,628
C-Class		—			895
H-Class		213,571			1,035,477
Shares issued from reinvestment of distributions
A-Class		—			4
C-Class		—			1
H-Class		—			87
Shares redeemed
A-Class		(985	)		(6,557	)
C-Class		(163	)		(1,230	)
H-Class		(226,184	)		(1,129,019	)
Net increase (decrease) in shares		5,078			(89,714	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 109

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020f			Year Ended March 31, 2019f			Year Ended March 29, 2018f			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	55.28		$	120.61		$	102.08		$	104.50		$	118.12		$	153.78
Income (loss) from investment operations:
Net investment income (loss)b		(.31	)		(.45	)		.50			.70			(.90	)		(1.55	)
Net gain (loss) on investments (realized and unrealized)		(.72	)		(64.83	)		18.73	g		(3.12	)		(12.72	)		(34.11	)
Total from investment operations		(1.03	)		(65.28	)		19.23			(2.42	)		(13.62	)		(35.66	)
Less distributions from:
Net investment income		—			(.05	)		(.70	)		—			—			—
Total distributions		—			(.05	)		(.70	)		—			—			—
Net asset value, end of period	$	54.25		$	55.28		$	120.61		$	102.08		$	104.50		$	118.12
Total Returnc		(1.86	%)		(54.13	%)		19.00	%		(2.30	%)		(11.52	%)		(23.21	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,282		$	320		$	207		$	746		$	262		$	8,645
Ratios to average net assets:
Net investment income (loss)		(1.13	%)		(1.38	%)		0.51	%		0.65	%		(0.76	%)		(1.11	%)
Total expensesd		1.71	%		1.80	%		1.82	%		1.83	%		1.74	%		1.71	%
Net expensese		1.65	%		1.78	%		1.78	%		1.81	%		1.74	%		1.71	%
Portfolio turnover rate		—			14	%		7	%		40	%		—			58	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	48.51		$	106.73		$	91.07		$	93.97		$	107.05		$	140.35
Income (loss) from investment operations:
Net investment income (loss)b		(.44	)		(.61	)		(.30	)		(.25	)		(1.25	)		(2.25	)
Net gain (loss) on investments (realized and unrealized)		(.63	)		(57.56	)		16.66	g		(2.65	)		(11.83	)		(31.05	)
Total from investment operations		(1.07	)		(58.17	)		16.36			(2.90	)		(13.08	)		(33.30	)
Less distributions from:
Net investment income		—			(.05	)		(.70	)		—			—			—
Total distributions		—			(.05	)		(.70	)		—			—			—
Net asset value, end of period	$	47.44		$	48.51		$	106.73		$	91.07		$	93.97		$	107.05
Total Returnc		(2.21	%)		(54.49	%)		18.22	%		(3.09	%)		(12.24	%)		(23.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	18		$	26		$	94		$	460		$	607		$	1,028
Ratios to average net assets:
Net investment income (loss)		(1.87	%)		(2.15	%)		(0.34	%)		(0.26	%)		(1.22	%)		1.83	%
Total expensesd		2.46	%		2.57	%		2.57	%		2.56	%		2.48	%		2.47	%
Net expensese		2.40	%		2.54	%		2.53	%		2.55	%		2.48	%		2.47	%
Portfolio turnover rate		—			14	%		7	%		40	%		—			58	%

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

INVERSE RUSSELL 2000^® STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	55.51		$	121.09		$	102.43		$	104.78		$	118.47		$	154.15
Income (loss) from investment operations:
Net investment income (loss)b		(.31	)		(.44	)		.10			.55			(.45	)		(1.60	)
Net gain (loss) on investments (realized and unrealized)		(.73	)		(65.09	)		19.26	g		(2.90	)		(13.24	)		(34.08	)
Total from investment operations		(1.04	)		(65.53	)		19.36			(2.35	)		(13.69	)		(35.68	)
Less distributions from:
Net investment income		—			(.05	)		(.70	)		—			—			—
Total distributions		—			(.05	)		(.70	)		—			—			—
Net asset value, end of period	$	54.47		$	55.51		$	121.09		$	102.43		$	104.78		$	118.47
Total Return		(1.87	%)		(54.13	%)		19.08	%		(2.24	%)		(11.52	%)		(23.16	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,305		$	5,087		$	22,414		$	9,392		$	3,543		$	5,777
Ratios to average net assets:
Net investment income (loss)		(1.13	%)		(1.42	%)		0.07	%		0.53	%		(0.39	%)		(1.14	%)
Total expensesd		1.70	%		1.81	%		1.82	%		1.82	%		1.72	%		1.72	%
Net expensese		1.65	%		1.79	%		1.79	%		1.81	%		1.72	%		1.72	%
Portfolio turnover rate		—			14	%		7	%		40	%		—			58	%

a	Unaudited figures for the period ended September 30, 2021. 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	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 Note 11.
f	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
g	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 111

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

DOW JONES INDUSTRIAL AVERAGE^® FUND

OBJECTIVE: Seeks to provide investment results that match, before fees and expenses, the performance of a specific benchmark on a daily basis. The Fund’s current benchmark is the Dow Jones Industrials Average^® (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	December 1, 2015
C-Class	December 1, 2015
H-Class	December 1, 2015

Ten Largest Holdings (% of Total Net Assets)
UnitedHealth Group, Inc.	6.6%
Goldman Sachs Group, Inc.	6.4%
Guggenheim Strategy Fund II	6.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	5.7%
Home Depot, Inc.	5.5%
Microsoft Corp.	4.8%
salesforce.com, Inc.	4.6%
McDonald’s Corp.	4.1%
Visa, Inc. — Class A	3.8%
Boeing Co.	3.7%
Top Ten Total	51.2%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	Since Inception (12/01/15)
A-Class Shares	2.81%	22.35%	13.72%	12.27%
A-Class Shares with sales charge‡	(2.07%)	16.54%	12.62%	11.34%
C-Class Shares	2.42%	21.42%	12.87%	11.44%
C-Class Shares with CDSC§	1.42%	20.42%	12.87%	11.44%
H-Class Shares	2.81%	22.33%	13.72%	12.28%
Dow Jones Industrial Average Index	3.54%	24.15%	15.68%	14.17%

*	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.

112 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
DOW JONES INDUSTRIAL AVERAGE® FUND

	Shares		Value
COMMON STOCKS† - 86.8%
Financial - 18.3%
Goldman Sachs Group, Inc.		4,075	$	1,540,472
Visa, Inc. — Class A		4,075		907,706
American Express Co.		4,075		682,685
JPMorgan Chase & Co.		4,075		667,037
Travelers Companies, Inc.		4,075		619,440
Total Financial				4,417,340
Consumer, Non-cyclical - 17.4%
UnitedHealth Group, Inc.		4,075		1,592,265
Amgen, Inc.		4,075		866,549
Johnson & Johnson		4,075		658,113
Procter & Gamble Co.		4,075		569,685
Merck & Company, Inc.		4,075		306,073
Coca-Cola Co.		4,075		213,815
Total Consumer, Non-cyclical				4,206,500
Consumer, Cyclical - 15.2%
Home Depot, Inc.		4,075		1,337,659
McDonald’s Corp.		4,075		982,523
NIKE, Inc. — Class B		4,075		591,812
Walmart, Inc.		4,075		567,974
Walgreens Boots Alliance, Inc.		4,075		191,729
Total Consumer, Cyclical				3,671,697
Technology - 15.0%
Microsoft Corp.		4,075		1,148,824
salesforce.com, Inc.*		4,075		1,105,222
Apple, Inc.		4,075		576,612
International Business Machines Corp.		4,075		566,140
Intel Corp.		4,075		217,116
Total Technology				3,613,914
Industrial - 13.5%
Boeing Co.*		4,075		896,255
Honeywell International, Inc.		4,075		865,041
Caterpillar, Inc.		4,075		782,278
3M Co.		4,075		714,837
Total Industrial				3,258,411
Communications - 4.7%
Walt Disney Co.*		4,075		689,368
Cisco Systems, Inc.		4,075		221,802
Verizon Communications, Inc.		4,075		220,091
Total Communications				1,131,261
Energy - 1.7%
Chevron Corp.		4,075		413,409
Basic Materials - 1.0%
Dow, Inc.		4,075		234,557
Total Common Stocks
(Cost $15,014,382)				20,947,089
MUTUAL FUNDS† - 11.7%
Guggenheim Strategy Fund II1		57,491		1,436,704
Guggenheim Ultra Short Duration Fund — Institutional Class1		137,860		1,374,460
Total Mutual Funds
(Cost $2,795,529)				2,811,164
	Face Amount
U.S. TREASURY BILLS†† - 1.5%
U.S. Treasury Bills
0.04% due 12/09/212,3	$	300,000		299,985
0.04% due 10/07/213,4		55,000		55,000
Total U.S. Treasury Bills
(Cost $354,978)				354,985
REPURCHASE AGREEMENTS††,5 - 0.5%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		70,109		70,109
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		27,241		27,241
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		27,241		27,241
Total Repurchase Agreements
(Cost $124,591)				124,591
Total Investments - 100.5%
(Cost $18,289,480)			$	24,237,829
Other Assets & Liabilities, net - (0.5)%				(116,145	)
Total Net Assets - 100.0%			$	24,121,684

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Dow Jones Industrial Average Index Mini Futures Contracts		6		Dec 2021	$	1,011,270	$	(23,501	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 113

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
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††

Barclays Bank plc

Dow Jones Industrial Average Index

Pay

0.55% (U.S. Secured Overnight Financing Rate + 0.50%)

At Maturity

11/03/21

31

$

1,063,295

$

(23,376

)

BNP Paribas

Dow Jones Industrial Average Index

Pay

0.59% (1 Month USD LIBOR + 0.50%)

At Maturity

11/04/21

29

986,614

(25,736

)

$

2,049,909

$

(49,112

)

*	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, 2021.
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, 2021.
5	Repurchase Agreements — See Note 6.
	LIBOR — London Interbank Offered Rate
	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, 2021 (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	$	20,947,089	$	—	$	—	$	20,947,089
Mutual Funds		2,811,164		—		—		2,811,164
U.S. Treasury Bills		—		354,985		—		354,985
Repurchase Agreements		—		124,591		—		124,591
Total Assets	$	23,758,253	$	479,576	$	—	$	24,237,829

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	23,501	$	—	$	—	$	23,501
Equity Index Swap Agreements**		—		49,112		—		49,112
Total Liabilities	$	23,501	$	49,112	$	—	$	72,613

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,835,969	$	—	$	(400,000	)	$	2,903	$	(2,168	)	$	1,436,704		57,491	$	11,020
Guggenheim Ultra Short Duration Fund — Institutional Class		623,081		750,000		—			—		1,379			1,374,460		137,860		3,637
	$	2,459,050	$	750,000	$	(400,000	)	$	2,903	$	(789	)	$	2,811,164			$	14,657

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 115

DOW JONES INDUSTRIAL AVERAGE^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $15,369,360)	$	21,302,074
Investments in affiliated issuers, at value (cost $2,795,529)		2,811,164
Repurchase agreements, at value (cost $124,591)		124,591
Receivables:
Fund shares sold		48,051
Dividends		10,206
Total assets		24,296,086
Liabilities:
Unrealized depreciation on OTC swap agreements		49,112
Payable for:
Fund shares redeemed		27,437
Licensing fees		18,343
Management fees		18,215
Variation margin on futures contracts		16,680
Swap settlement		8,640
Distribution and service fees		8,020
Transfer agent and administrative fees		6,634
Portfolio accounting fees		2,466
Trustees’ fees*		226
Miscellaneous		18,629
Total liabilities		174,402
Commitments and contingent liabilities (Note 11)		—
Net assets	$	24,121,684
Net assets consist of:
Paid in capital	$	19,208,747
Total distributable earnings (loss)		4,912,937
Net assets	$	24,121,684
A-Class:
Net assets	$	5,514,974
Capital shares outstanding		64,770
Net asset value per share	$	85.15
Maximum offering price per share (Net asset value divided by 95.25%)	$	89.40
C-Class:
Net assets	$	2,858,565
Capital shares outstanding		35,218
Net asset value per share	$	81.17
H-Class:
Net assets	$	15,748,145
Capital shares outstanding		184,810
Net asset value per share	$	85.21

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of unaffiliated issuers	$	217,174
Dividends from securities of affiliated issuers		14,657
Interest		202
Total investment income		232,033
Expenses:
Management fees		101,799
Distribution and service fees:
A-Class		4,943
C-Class		15,192
H-Class		25,192
Transfer agent and administrative fees		37,844
Portfolio accounting fees		13,573
Licensing fees		13,573
Professional fees		4,139
Custodian fees		1,745
Trustees’ fees*		1,583
Miscellaneous		9,732
Total expenses		229,315
Less:
Expenses waived by Adviser		(1,034	)
Net expenses		228,281
Net investment income		3,752
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(402,771	)
Investments in affiliated issuers		2,903
Swap agreements		399,506
Futures contracts		77,323
Net realized gain		76,961
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		688,605
Investments in affiliated issuers		(789	)
Swap agreements		(203,580	)
Futures contracts		(25,337	)
Net change in unrealized appreciation (depreciation)		458,899
Net realized and unrealized gain		535,860
Net increase in net assets resulting from operations	$	539,612

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

116 | 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	3,752		$	(6,714	)
Net realized gain on investments		76,961			3,842,712
Net change in unrealized appreciation (depreciation) on investments		458,899			4,745,310
Net increase in net assets resulting from operations		539,612			8,581,308
Distributions to shareholders:
A-Class		—			(219,502	)
C-Class		—			(100,677	)
H-Class		—			(667,482	)
Total distributions to shareholders		—			(987,661	)
Capital share transactions:
Proceeds from sale of shares
A-Class		2,996,648			16,573,038
C-Class		445,518			1,170,506
H-Class		30,374,342			55,034,990
Distributions reinvested
A-Class		—			124,588
C-Class		—			100,157
H-Class		—			665,388
Cost of shares redeemed
A-Class		(431,212	)		(17,549,236	)
C-Class		(500,926	)		(806,262	)
H-Class		(32,595,928	)		(68,232,740	)
Net increase (decrease) from capital share transactions		288,442			(12,919,571	)
Net increase (decrease) in net assets		828,054			(5,325,924	)
Net assets:
Beginning of period		23,293,630			28,619,554
End of period	$	24,121,684		$	23,293,630
Capital share activity:
Shares sold
A-Class		34,082			229,982
C-Class		5,382			16,492
H-Class		348,454			787,958
Shares issued from reinvestment of distributions
A-Class		—			1,651
C-Class		—			1,384
H-Class		—			8,811
Shares redeemed
A-Class		(4,953	)		(242,246	)
C-Class		(6,029	)		(11,565	)
H-Class		(374,790	)		(1,009,796	)
Net increase (decrease) in shares		2,146			(217,329	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 117

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	82.82		$	57.33		$	70.54		$	66.00		$	58.25		$	49.60
Income (loss) from investment operations:
Net investment income (loss)b		.05			.02			.47			.55			.34			.23
Net gain (loss) on investments (realized and unrealized)		2.28			29.21			(10.67	)		4.78			9.91			8.73
Total from investment operations		2.33			29.23			(10.20	)		5.33			10.25			8.96
Less distributions from:
Net investment income		—			(.06	)		(.31	)		(.64	)		(.35	)		(.02	)
Net realized gains		—			(3.68	)		(2.70	)		(.15	)		(2.15	)		(.29	)
Total distributions		—			(3.74	)		(3.01	)		(.79	)		(2.50	)		(.31	)
Net asset value, end of period	$	85.15		$	82.82		$	57.33		$	70.54		$	66.00		$	58.25
Total Returnc		2.81	%		51.61	%		(15.38	%)		8.15	%		17.55	%		18.10	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,515		$	2,952		$	2,652		$	19,022		$	20,953		$	19,523
Ratios to average net assets:
Net investment income (loss)		0.12	%		0.02	%		0.65	%		0.80	%		0.54	%		0.44	%
Total expensesd		1.61	%		1.69	%		1.66	%		1.61	%		1.56	%		1.56	%
Net expensese		1.60	%		1.68	%		1.64	%		1.61	%		1.56	%		1.56	%
Portfolio turnover rate		73	%		110	%		186	%		465	%		168	%		668	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	79.25		$	55.37		$	68.74		$	64.81		$	57.66		$	49.47
Income (loss) from investment operations:
Net investment income (loss)b		(.30	)		(.49	)		(.02	)		.03			(.09	)		(.11	)
Net gain (loss) on investments (realized and unrealized)		2.22			28.11			(10.34	)		4.69			9.74			8.61
Total from investment operations		1.92			27.62			(10.36	)		4.72			9.65			8.50
Less distributions from:
Net investment income		—			(.06	)		(.31	)		(.64	)		(.35	)		(.02	)
Net realized gains		—			(3.68	)		(2.70	)		(.15	)		(2.15	)		(.29	)
Total distributions		—			(3.74	)		(3.01	)		(.79	)		(2.50	)		(.31	)
Net asset value, end of period	$	81.17		$	79.25		$	55.37		$	68.74		$	64.81		$	57.66
Total Returnc		2.42	%		50.52	%		(16.03	%)		7.37	%		16.66	%		17.21	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,859		$	2,842		$	1,637		$	1,731		$	3,294		$	2,144
Ratios to average net assets:
Net investment income (loss)		(0.72	%)		(0.70	%)		(0.03	%)		0.04	%		(0.14	%)		(0.21	%)
Total expensesd		2.36	%		2.44	%		2.42	%		2.36	%		2.30	%		2.32	%
Net expensese		2.35	%		2.43	%		2.40	%		2.36	%		2.36	%		2.32	%
Portfolio turnover rate		73	%		110	%		186	%		465	%		168	%		668	%

118 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	82.88		$	57.36		$	70.59		$	66.04		$	58.28		$	49.59
Income (loss) from investment operations:
Net investment income (loss)b		.05			.03			.51			.55			.39			.28
Net gain (loss) on investments (realized and unrealized)		2.28			29.23			(10.73	)		4.79			9.87			8.72
Total from investment operations		2.33			29.26			(10.22	)		5.34			10.26			9.00
Less distributions from:
Net investment income		—			(.06	)		(.31	)		(.64	)		(.35	)		(.02	)
Net realized gains		—			(3.68	)		(2.70	)		(.15	)		(2.15	)		(.29	)
Total distributions		—			(3.74	)		(3.01	)		(.79	)		(2.50	)		(.31	)
Net asset value, end of period	$	85.21		$	82.88		$	57.36		$	70.59		$	66.04		$	58.28
Total Return		2.81	%		51.64	%		(15.40	%)		8.16	%		17.54	%		18.20	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	15,748		$	17,500		$	24,331		$	40,617		$	68,766		$	42,495
Ratios to average net assets:
Net investment income (loss)		0.12	%		0.05	%		0.70	%		0.80	%		0.61	%		0.52	%
Total expensesd		1.61	%		1.70	%		1.66	%		1.62	%		1.55	%		1.57	%
Net expensese		1.60	%		1.69	%		1.64	%		1.62	%		1.55	%		1.57	%
Portfolio turnover rate		73	%		110	%		186	%		465	%		168	%		668	%

a	Unaudited figures for the period ended September 30, 2021. 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 | 119

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

OBJECTIVE: Seeks to provide investment results that correspond, before fees and expenses, to a benchmark for U.S. government securities on a daily basis. The Fund’s current benchmark is 120% of the daily price movement of the Long Treasury Bond. The Long Treasury Bond is the most recently issued 30 Year U.S. Treasury Bond. The price movement of the Long Treasury Bond is based on the daily price change of the most recently issued Long Treasury Bond. The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
Investor Class	January 3, 1994
A-Class	March 31, 2004
C-Class	May 2, 2001
H-Class	September 18, 2014

The Fund invests principally in U.S. Government securities and in derivative investments such as futures contracts.

Largest Holdings (% of Total Net Assets)
U.S. Treasury Bonds	87.4%
Guggenheim Strategy Fund II	5.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.6%
Total	97.2%
“Largest Holdings” excludes any temporary cash or derivative investments.

120 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	9.48%	(15.74%)	1.98%	4.41%
A-Class Shares	9.35%	(16.05%)	1.73%	4.20%
A-Class Shares with sales charge‡	4.16%	(20.04%)	0.74%	3.70%
C-Class Shares	8.93%	(16.69%)	0.97%	3.38%
C-Class Shares with CDSC§	7.93%	(17.26%)	0.97%	3.38%
Bloomberg U.S. Long Treasury Index	6.96%	(10.27%)	3.31%	4.39%
Price Movement of Long Treasury Bond**	7.41%	(13.54%)	0.56%	1.37%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	9.31%	(16.06%)	1.71%	5.45%
Bloomberg U.S. Long Treasury Index	6.96%	(10.27%)	3.31%	5.78%
Price Movement of Long Treasury Bond**	7.41%	(13.54%)	0.56%	3.31%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Bloomberg U.S. Long Treasury Index and the Price Movement of the 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 interest.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 121

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 9.8%
Guggenheim Strategy Fund II1		142,784	$	3,568,171
Guggenheim Ultra Short Duration Fund — Institutional Class1		312,486		3,115,487
Total Mutual Funds
(Cost $6,656,597)				6,683,658
	Face Amount
U.S. GOVERNMENT SECURITIES†† - 87.4%
U.S. Treasury Bonds
2.00% due 08/15/51	$	60,600,000		59,558,438
Total U.S. Government Securities
(Cost $60,071,147)				59,558,438
U.S. TREASURY BILLS†† - 1.0%
U.S. Treasury Bills
0.04% due 10/07/212,3		719,000		718,996
Total U.S. Treasury Bills
(Cost $718,995)				718,996

REPURCHASE AGREEMENTS††,4 - 0.5%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	176,063		176,063
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21	68,409		68,409
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21	68,409		68,409
Total Repurchase Agreements
(Cost $312,881)			312,881
Total Investments - 98.7%
(Cost $67,759,620)		$	67,273,973
Other Assets & Liabilities, net - 1.3%			867,517
Total Net Assets - 100.0%		$	68,141,490

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		140		Dec 2021	$	26,823,125	$	(360,215	)

**	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, 2021.
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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	6,683,658	$	—	$	—	$	6,683,658
U.S. Government Securities		—		59,558,438		—		59,558,438
U.S. Treasury Bills		—		718,996		—		718,996
Repurchase Agreements		—		312,881		—		312,881
Total Assets	$	6,683,658	$	60,590,315	$	—	$	67,273,973

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	360,215	$	—	$	—	$	360,215

** 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,565,542	$	1,000,000	$	(3,000,000	)	$	8,965		$	(6,336	)	$	3,568,171		142,784	$	28,680
Guggenheim Ultra Short Duration Fund — Institutional Class		5,608,852		1,000,000		(3,500,000	)		(5,606	)		12,241			3,115,487		312,486		18,530
	$	11,174,394	$	2,000,000	$	(6,500,000	)	$	3,359		$	5,905		$	6,683,658			$	47,210

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 123

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $60,790,142)	$	60,277,434
Investments in affiliated issuers, at value (cost $6,656,597)		6,683,658
Repurchase agreements, at value (cost $312,881)		312,881
Segregated cash with broker		597,595
Receivables:
Securities sold		49,337,187
Fund shares sold		4,348,041
Interest		411,776
Variation margin on futures contracts		74,747
Dividends		5,962
Total assets		122,049,281
Liabilities:
Payable for:
Fund shares redeemed		53,647,278
Management fees		29,933
Transfer agent and administrative fees		13,391
Distribution and service fees		11,992
Portfolio accounting fees		6,115
Distributions to shareholders		1,981
Miscellaneous		197,101
Total liabilities		53,907,791
Commitments and contingent liabilities (Note 11)		—
Net assets	$	68,141,490
Net assets consist of:
Paid in capital	$	78,995,019
Total distributable earnings (loss)		(10,853,529	)
Net assets	$	68,141,490
Investor Class:
Net assets	$	20,635,368
Capital shares outstanding		499,285
Net asset value per share	$	41.33
A-Class:
Net assets	$	2,740,163
Capital shares outstanding		65,570
Net asset value per share	$	41.79
Maximum offering price per share (Net asset value divided by 95.25%)	$	43.87
C-Class:
Net assets	$	886,850
Capital shares outstanding		21,636
Net asset value per share	$	40.99
H-Class:
Net assets	$	43,879,109
Capital shares outstanding		1,049,091
Net asset value per share	$	41.83

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	47,210
Interest		605,160
Total investment income		652,370
Expenses:
Management fees		176,180
Distribution and service fees:
A-Class		2,768
C-Class		2,739
H-Class		61,013
Transfer agent and administrative fees		83,486
Portfolio accounting fees		35,236
Professional fees		19,328
Trustees’ fees*		8,603
Custodian fees		4,905
Miscellaneous		9,070
Total expenses		403,328
Less:
Expenses waived by Adviser		(5,199	)
Net expenses		398,129
Net investment income		254,241
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		3,189,901
Investments in affiliated issuers		3,359
Futures contracts		4,017,456
Net realized gain		7,210,716
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		721,485
Investments in affiliated issuers		5,905
Futures contracts		(712,480	)
Net change in unrealized appreciation (depreciation)		14,910
Net realized and unrealized gain		7,225,626
Net increase in net assets resulting from operations	$	7,479,867

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

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

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	254,241		$	254,806
Net realized gain (loss) on investments		7,210,716			(6,584,967	)
Net change in unrealized appreciation (depreciation) on investments		14,910			(19,266,514	)
Net increase (decrease) in net assets resulting from operations		7,479,867			(25,596,675	)
Distributions to shareholders:
Investor Class		(88,047	)		(4,960,713	)
A-Class		(6,994	)		(901,622	)
C-Class		—			(236,487	)
H-Class		(159,576	)		(9,855,303	)
Total distributions to shareholders		(254,617	)		(15,954,125	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		478,393,882			1,148,184,621
A-Class		1,527,322			3,059,120
C-Class		1,206,466			2,804,995
H-Class		332,254,410			1,008,418,309
Distributions reinvested
Investor Class		84,724			4,881,667
A-Class		6,454			837,688
C-Class		—			220,470
H-Class		159,509			9,847,832
Cost of shares redeemed
Investor Class		(527,954,284	)		(1,108,072,277	)
A-Class		(545,796	)		(3,431,050	)
C-Class		(504,578	)		(3,616,674	)
H-Class		(379,937,492	)		(985,371,192	)
Net increase (decrease) from capital share transactions		(95,309,383	)		77,763,509
Net increase (decrease) in net assets		(88,084,133	)		36,212,709
Net assets:
Beginning of period		156,225,623			120,012,914
End of period	$	68,141,490		$	156,225,623
Capital share activity:
Shares sold
Investor Class		12,044,411			18,090,039
A-Class		36,292			49,028
C-Class		29,437			48,918
H-Class		7,970,577			16,125,875
Shares issued from reinvestment of distributions
Investor Class		2,080			104,624
A-Class		155			17,803
C-Class		—			4,770
H-Class		3,851			209,359
Shares redeemed
Investor Class		(13,375,895	)		(16,877,614	)
A-Class		(12,853	)		(62,007	)
C-Class		(12,300	)		(66,029	)
H-Class		(9,142,398	)		(15,162,526	)
Net increase (decrease) in shares		(2,456,643	)		2,482,240

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 125

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	37.93		$	74.11		$	53.22		$	51.21		$	50.49		$	58.12
Income (loss) from investment operations:
Net investment income (loss)b		.19			.25			.77			.96			.80			.70
Net gain (loss) on investments (realized and unrealized)		3.39			(14.59	)		22.86			2.00			.72			(5.50	)
Total from investment operations		3.58			(14.34	)		23.63			2.96			1.52			(4.80	)
Less distributions from:
Net investment income		(.18	)		(.25	)		(.77	)		(.95	)		(.80	)		(.72	)
Net realized gains		—			(21.59	)		(1.97	)		—			—			(2.11	)
Total distributions		(.18	)		(21.84	)		(2.74	)		(.95	)		(.80	)		(2.83	)
Net asset value, end of period	$	41.33		$	37.93		$	74.11		$	53.22		$	51.21		$	50.49
Total Return		9.48	%		(24.72	%)		45.84	%		5.93	%		3.01	%		(8.39	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	20,635		$	69,360		$	37,919		$	67,103		$	37,496		$	16,496
Ratios to average net assets:
Net investment income (loss)		0.93	%		0.40	%		1.28	%		1.94	%		1.52	%		1.21	%
Total expensesc		0.96	%		1.07	%		1.07	%		1.07	%		0.98	%		0.98	%
Net expensese		0.94	%		1.05	%		1.05	%		1.06	%		0.98	%		0.98	%
Portfolio turnover rate		1,066	%		1,938	%		1,130	%		1,182	%		1,468	%		2,490	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	38.34		$	74.70		$	53.63		$	51.62		$	50.87		$	58.50
Income (loss) from investment operations:
Net investment income (loss)b		.13			.11			.72			.83			.69			.63
Net gain (loss) on investments (realized and unrealized)		3.45			(14.78	)		22.95			2.01			.74			(5.57	)
Total from investment operations		3.58			(14.67	)		23.67			2.84			1.43			(4.94	)
Less distributions from:
Net investment income		(.13	)		(.10	)		(.63	)		(.83	)		(.68	)		(.58	)
Net realized gains		—			(21.59	)		(1.97	)		—			—			(2.11	)
Total distributions		(.13	)		(21.69	)		(2.60	)		(.83	)		(.68	)		(2.69	)
Net asset value, end of period	$	41.79		$	38.34		$	74.70		$	53.63		$	51.62		$	50.87
Total Returnd		9.35	%		(24.98	%)		45.48	%		5.63	%		2.78	%		(8.54	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,740		$	1,610		$	2,775		$	24,639		$	6,158		$	15,827
Ratios to average net assets:
Net investment income (loss)		0.63	%		0.18	%		1.24	%		1.65	%		1.31	%		1.19	%
Total expensesc		1.21	%		1.30	%		1.32	%		1.33	%		1.23	%		1.24	%
Net expensese		1.19	%		1.29	%		1.30	%		1.32	%		1.23	%		1.24	%
Portfolio turnover rate		1,066	%		1,938	%		1,130	%		1,182	%		1,468	%		2,490	%

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

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (continued)

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

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	37.63		$	74.15		$	53.27		$	51.24		$	50.52		$	58.13
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		(.33	)		.13			.45			.27			.13
Net gain (loss) on investments (realized and unrealized)		3.39			(14.60	)		22.92			2.04			.73			(5.47	)
Total from investment operations		3.36			(14.93	)		23.05			2.49			1.00			(5.34	)
Less distributions from:
Net investment income		—			—			(.20	)		(.46	)		(.28	)		(.16	)
Net realized gains		—			(21.59	)		(1.97	)		—			—			(2.11	)
Total distributions		—			(21.59	)		(2.17	)		(.46	)		(.28	)		(2.27	)
Net asset value, end of period	$	40.99		$	37.63		$	74.15		$	53.27		$	51.24		$	50.52
Total Returnd		8.93	%		(25.55	%)		44.41	%		4.92	%		1.97	%		(9.24	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	887		$	169		$	1,249		$	607		$	724		$	1,770
Ratios to average net assets:
Net investment income (loss)		(0.14	%)		(0.55	%)		0.21	%		0.91	%		0.52	%		0.22	%
Total expensesc		1.96	%		2.05	%		2.08	%		2.07	%		1.98	%		1.97	%
Net expensese		1.94	%		2.03	%		2.06	%		2.06	%		1.98	%		1.97	%
Portfolio turnover rate		1,066	%		1,938	%		1,130	%		1,182	%		1,468	%		2,490	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 127

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	38.38		$	74.75		$	53.65		$	51.64		$	50.91		$	58.55
Income (loss) from investment operations:
Net investment income (loss)b		.14			.13			.61			.84			.69			.58
Net gain (loss) on investments (realized and unrealized)		3.44			(14.82	)		23.09			2.01			.72			(5.53	)
Total from investment operations		3.58			(14.69	)		23.70			2.85			1.41			(4.95	)
Less distributions from:
Net investment income		(.13	)		(.09	)		(.63	)		(.84	)		(.68	)		(.58	)
Net realized gains		—			(21.59	)		(1.97	)		—			—			(2.11	)
Total distributions		(.13	)		(21.68	)		(2.60	)		(.84	)		(.68	)		(2.69	)
Net asset value, end of period	$	41.83		$	38.38		$	74.75		$	53.65		$	51.64		$	50.91
Total Return		9.31	%		(24.98	%)		45.55	%		5.63	%		2.74	%		(8.55	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	43,879		$	85,087		$	78,070		$	42,397		$	76,018		$	12,077
Ratios to average net assets:
Net investment income (loss)		0.65	%		0.23	%		1.02	%		1.67	%		1.31	%		1.00	%
Total expensesc		1.21	%		1.29	%		1.32	%		1.32	%		1.23	%		1.22	%
Net expensese		1.19	%		1.28	%		1.30	%		1.31	%		1.23	%		1.22	%
Portfolio turnover rate		1,066	%		1,938	%		1,130	%		1,182	%		1,468	%		2,490	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Total return does not reflect the impact of any applicable sales charges.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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	5.4%
Guggenheim Strategy Fund II	5.3%
Total	10.7%
“Largest Holdings” excludes any temporary cash or derivative investments.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 129

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	(8.99%)	10.64%	(4.21%)	(5.82%)
A-Class Shares	(9.10%)	10.35%	(4.44%)	(6.06%)
A-Class Shares with sales charge‡	(13.42%)	5.11%	(5.36%)	(6.51%)
C-Class Shares	(9.44%)	9.53%	(5.16%)	(6.76%)
C-Class Shares with CDSC§	(10.34%)	8.53%	(5.16%)	(6.76%)
Bloomberg U.S. Long Treasury Index	6.96%	(10.27%)	3.31%	4.39%
Price Movement of Long Treasury Bond**	7.41%	(13.54%)	0.56%	1.37%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	(9.09%)	10.36%	(4.42%)	(7.38%)
Bloomberg U.S. Long Treasury Index	6.96%	(10.27%)	3.31%	5.78%
Price Movement of Long Treasury Bond**	7.41%	(13.54%)	0.56%	3.31%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Bloomberg U.S. Long Treasury Index and the Price Movement of Long Treasury Bond are unmanaged indices and, unlike the Fund, have no management fees or operating expenses to reduce their reported returns.
**	Does not reflect any interest.
†	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.

130 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 10.7%
Guggenheim Ultra Short Duration Fund — Institutional Class1		528,512	$	5,269,262
Guggenheim Strategy Fund II1		210,588		5,262,592
Total Mutual Funds
(Cost $10,470,929)				10,531,854
	Face Amount
U.S. TREASURY BILLS†† - 57.2%
U.S. Treasury Bills
0.03% due 10/05/212	$	50,000,000		49,999,778
0.04% due 10/07/212,3		504,000		503,998
United States Cash Management Bill
0.03% due 01/18/222		6,100,000		6,099,298
Total U.S. Treasury Bills
(Cost $56,603,202)				56,603,074
FEDERAL AGENCY DISCOUNT NOTES†† - 20.2%
Federal Home Loan Bank
due 10/01/212		20,000,000		20,000,000
Total Federal Agency Discount Notes
(Cost $20,000,000)				20,000,000
FEDERAL AGENCY NOTES†† - 11.9%
Federal Farm Credit Bank
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/224		3,000,000		3,008,319
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/224		2,220,000		2,224,984
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/224		1,000,000		999,748
Federal Home Loan Bank
1.00% due 04/15/26		4,000,000		4,001,408
4.00% due 12/24/30		1,000,000		1,008,553
0.17% (U.S. Secured Overnight Financing Rate + 0.12%, Rate Floor: 0.00%) due 02/10/224		100,000		100,040
Fannie Mae
0.22% (U.S. Secured Overnight Financing Rate + 0.17%, Rate Floor: 0.00%) due 03/11/224		100,000		100,074
0.22% (U.S. Secured Overnight Financing Rate + 0.17%, Rate Floor: 0.00%) due 03/09/224		100,000		100,073
0.20% (U.S. Secured Overnight Financing Rate + 0.15%, Rate Floor: 0.00%) due 12/10/214		100,000		100,028
0.20% (U.S. Secured Overnight Financing Rate + 0.15%, Rate Floor: 0.00%) due 12/09/214		25,000		25,007
Freddie Mac
0.19% (U.S. Secured Overnight Financing Rate + 0.14%, Rate Floor: 0.00%) due 12/10/214		140,000		140,037
Total Federal Agency Notes
(Cost $11,794,483)				11,808,271
U.S. GOVERNMENT SECURITIES†† - 6.1%
U.S. Treasury Notes
1.75% due 03/31/22		5,000,000		5,042,187
1.75% due 05/15/22		1,000,000		1,010,547
Total U.S. Government Securities
(Cost $6,052,361)				6,052,734
REPURCHASE AGREEMENTS††,5 - 134.9%
Individual Repurchase Agreements
Mizuho Securities USA LLC issued 09/30/21 at (0.10)% due 10/01/21 (secured by a U.S Treasury Bond, at a rate of 2.00% and maturing 8/15/2051 as collateral, with a value of $69,234,750) to be repurchased at $67,877,206		67,877,206		67,877,206
Barclays Capital, Inc. issued 09/30/21 at (0.10)% due 10/01/21 (secured by a U.S. Treasury Bond, at the rate of 2.00% and maturing 8/15/2051 as collateral, with a value of $20,526,480 to be repurchased at $20,142,000		20,124,000		20,124,000
Joint Repurchase Agreements
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		25,555,344		25,555,344
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		9,929,554		9,929,554
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		9,929,554		9,929,554
Total Repurchase Agreements
(Cost $133,415,658)				133,415,658
Total Investments - 241.0%
(Cost $238,336,633)			$	238,411,591
U.S. Government Securities Sold Short†† - (90.7)%
U.S. Treasury Bonds
2.00% due 08/15/51		91,300,000		(89,730,781	)
Total U.S. Government Securities Sold Short
(Proceeds $91,828,906)				(89,730,781	)
Other Assets & Liabilities, net - (50.3)%				(49,771,944	)
Total Net Assets - 100.0%			$	98,908,866

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 131

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
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		58		Dec 2021	$	11,112,438	$	270,400

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at September 30, 2021.
4	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
5	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, 2021 (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	$	10,531,854	$	—	$	—	$	10,531,854
U.S. Treasury Bills		—		56,603,074		—		56,603,074
Federal Agency Discount Notes		—		20,000,000		—		20,000,000
Federal Agency Notes		—		11,808,271		—		11,808,271
U.S. Government Securities		—		6,052,734		—		6,052,734
Repurchase Agreements		—		133,415,658		—		133,415,658
Interest Rate Futures Contracts**		270,400		—		—		270,400
Total Assets	$	10,802,254	$	227,879,737	$	—	$	238,681,991

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Government Securities	$	—	$	89,730,781	$	—	$	89,730,781

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

Affiliated Transactions

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

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III, (collectively, the “Short Term Investment Vehicles”), each of which are open-end management investment companies managed by GI. The Short Term Investment Vehicles, which launched on March 11, 2014, are offered as short term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Short Term Investment Vehicles pay no investment management fees. The Short Term Investment Vehicles’ annual report on Form N-CSR dated September 30, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	5,260,486	$	—	$	—	$	—	$	2,106	$	5,262,592		210,588	$	36,000
Guggenheim Ultra Short Duration Fund — Institutional Class		5,263,977		—		—		—		5,285		5,269,262		528,512		23,450
	$	10,524,463	$	—	$	—	$	—	$	7,391	$	10,531,854			$	59,450

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 133

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $94,450,046)	$	94,464,079
Investments in affiliated issuers, at value (cost $10,470,929)		10,531,854
Repurchase agreements, at value (cost $133,415,658)		133,415,658
Receivables:
Securities sold		294,844
Fund shares sold		281,344
Interest		39,062
Dividends		9,257
Total assets		239,036,098
Liabilities:
Securities sold short, at value (proceeds $(91,828,906))		89,730,781
Payable for:
Securities purchased		49,999,778
Interest payable on short sales		233,212
Management fees		35,984
Fund shares redeemed		33,853
Variation margin on futures contracts		21,750
Transfer agent and administrative fees		11,079
Portfolio accounting fees		4,119
Distribution and service fees		3,003
Trustees’ fees*		651
Miscellaneous		53,022
Total liabilities		140,127,232
Commitments and contingent liabilities (Note 11)		—
Net assets	$	98,908,866
Net assets consist of:
Paid in capital	$	360,564,327
Total distributable earnings (loss)		(261,655,461	)
Net assets	$	98,908,866
Investor Class:
Net assets	$	87,258,383
Capital shares outstanding		687,194
Net asset value per share	$	126.98
A-Class:
Net assets	$	4,228,719
Capital shares outstanding		34,943
Net asset value per share	$	121.02
Maximum offering price per share (Net asset value divided by 95.25%)	$	127.06
C-Class:
Net assets	$	965,664
Capital shares outstanding		9,352
Net asset value per share	$	103.26
H-Class:
Net assets	$	6,456,100
Capital shares outstanding		53,119
Net asset value per share	$	121.54

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

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

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	59,450
Interest		20,872
Total investment income		80,322
Expenses:
Management fees		248,268
Distribution and service fees:
A-Class		5,553
C-Class		6,082
H-Class		12,249
Transfer agent and administrative fees		79,417
Short interest expense		483,320
Portfolio accounting fees		27,585
Professional fees		20,285
Trustees’ fees*		7,149
Custodian fees		3,879
Line of credit fees		12
Miscellaneous		582
Total expenses		894,381
Less:
Expenses waived by Adviser		(6,605	)
Net expenses		887,776
Net investment loss		(807,454	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	1,129
Investments sold short		(2,042,019	)
Futures contracts		(1,478,582	)
Net realized loss		(3,519,472	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(6,941	)
Investments in affiliated issuers		7,391
Investments sold short		(371,432	)
Futures contracts		(58,017	)
Net change in unrealized appreciation (depreciation)		(428,999	)
Net realized and unrealized loss		(3,948,471	)
Net decrease in net assets resulting from operations	$	(4,755,925	)

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 135

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(807,454	)	$	(1,297,801	)
Net realized gain (loss) on investments		(3,519,472	)		6,905,334
Net change in unrealized appreciation (depreciation) on investments		(428,999	)		5,657,175
Net increase (decrease) in net assets resulting from operations		(4,755,925	)		11,264,708
Distributions to shareholders:
Investor Class		—			(56,720	)
A-Class		—			(14,821	)
C-Class		—			(6,967	)
H-Class		—			(44,328	)
Total distributions to shareholders		—			(122,836	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		517,934,428			997,313,292
A-Class		901,354			916,083
C-Class		96,278			301,809
H-Class		99,272,331			319,883,148
Distributions reinvested
Investor Class		—			52,751
A-Class		—			13,927
C-Class		—			6,457
H-Class		—			44,310
Cost of shares redeemed
Investor Class		(464,651,207	)		(990,204,987	)
A-Class		(1,017,237	)		(1,748,207	)
C-Class		(489,885	)		(1,576,934	)
H-Class		(99,014,289	)		(319,678,304	)
Net increase from capital share transactions		53,031,773			5,323,345
Net increase in net assets		48,275,848			16,465,217
Net assets:
Beginning of period		50,633,018			34,167,801
End of period	$	98,908,866		$	50,633,018
Capital share activity:
Shares sold
Investor Class		3,908,371			8,356,273
A-Class		7,330			7,562
C-Class		908			2,878
H-Class		771,049			2,875,315
Shares issued from reinvestment of distributions
Investor Class		—			440
A-Class		—			122
C-Class		—			66
H-Class		—			386
Shares redeemed
Investor Class		(3,485,398	)		(8,275,612	)
A-Class		(8,426	)		(15,730	)
C-Class		(4,708	)		(15,918	)
H-Class		(773,817	)		(2,873,346	)
Net increase in shares		415,309			62,436

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

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

Investor Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g			Year Ended March 29, 2018g			Year Ended March 31, 2017g
Per Share Data
Net asset value, beginning of period	$	139.52		$	114.58		$	165.45		$	173.19		$	180.08		$	171.34
Income (loss) from investment operations:
Net investment income (loss)b		(1.85	)		(1.30	)		.60			(.65	)		(2.80	)		(4.40	)
Net gain (loss) on investments (realized and unrealized)		(10.69	)		26.68			(51.47	)		(7.09	)		(4.09	)		13.14
Total from investment operations		(12.54	)		25.38			(50.87	)		(7.74	)		(6.89	)		8.74
Less distributions from:
Net investment income		—			(.44	)		—			—			—			—
Total distributions		—			(.44	)		—			—			—			—
Net asset value, end of period	$	126.98		$	139.52		$	114.58		$	165.45		$	173.19		$	180.08
Total Return		(8.99	%)		22.19	%		(30.73	%)		(4.47	%)		(3.83	%)		5.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	87,258		$	36,863		$	20,983		$	43,149		$	78,110		$	84,123
Ratios to average net assets:
Net investment income (loss)		(2.84	%)		(2.46	%)		0.40	%		(0.37	%)		(1.63	%)		(2.59	%)
Total expensesc		3.18	%		2.75	%		2.91	%		4.12	%		3.71	%		3.38	%
Net expensesd,f		3.16	%		2.73	%		2.89	%		4.12	%		3.71	%		3.38	%
Portfolio turnover rate		1,039	%		2,159	%		864	%		603	%		908	%		1,436	%

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g			Year Ended March 29, 2018g			Year Ended March 31, 2017g
Per Share Data
Net asset value, beginning of period	$	133.13		$	109.61		$	158.62		$	166.49		$	173.55		$	165.55
Income (loss) from investment operations:
Net investment income (loss)b		(1.84	)		(1.09	)		.20			(.95	)		(3.15	)		(4.70	)
Net gain (loss) on investments (realized and unrealized)		(10.27	)		25.05			(49.21	)		(6.92	)		(3.91	)		12.70
Total from investment operations		(12.11	)		23.96			(49.01	)		(7.87	)		(7.06	)		8.00
Less distributions from:
Net investment income		—			(.44	)		—			—			—			—
Total distributions		—			(.44	)		—			—			—			—
Net asset value, end of period	$	121.02		$	133.13		$	109.61		$	158.62		$	166.49		$	173.55
Total Returnd		(9.10	%)		21.95	%		(30.90	%)		(4.74	%)		(4.06	%)		4.83	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,229		$	4,798		$	4,832		$	11,407		$	14,455		$	18,678
Ratios to average net assets:
Net investment income (loss)		(2.99	%)		(2.59	%)		0.15	%		(0.57	%)		(1.90	%)		(2.85	%)
Total expensesc		3.32	%		2.97	%		3.17	%		4.38	%		3.97	%		3.67	%
Net expensese,f		3.29	%		2.94	%		3.15	%		4.37	%		3.97	%		3.67	%
Portfolio turnover rate		1,039	%		2,159	%		864	%		603	%		908	%		1,436	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 137

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g			Year Ended March 29, 2018g			Year Ended March 31, 2017g
Per Share Data
Net asset value, beginning of period	$	114.03		$	94.64		$	138.00		$	145.93		$	153.27		$	147.30
Income (loss) from investment operations:
Net investment income (loss)b		(2.00	)		(1.11	)		(.75	)		(2.15	)		(3.85	)		(5.25	)
Net gain (loss) on investments (realized and unrealized)		(8.77	)		20.94			(42.61	)		(5.78	)		(3.49	)		11.22
Total from investment operations		(10.77	)		19.83			(43.36	)		(7.93	)		(7.34	)		5.97
Less distributions from:
Net investment income		—			(.44	)		—			—			—			—
Total distributions		—			(.44	)		—			—			—			—
Net asset value, end of period	$	103.26		$	114.03		$	94.64		$	138.00		$	145.93		$	153.27
Total Returnd		(9.44	%)		21.00	%		(31.41	%)		(5.45	%)		(4.76	%)		4.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	966		$	1,500		$	2,472		$	6,937		$	18,296		$	23,343
Ratios to average net assets:
Net investment income (loss)		(3.76	%)		(3.32	%)		(0.59	%)		(1.44	%)		(2.63	%)		(3.59	%)
Total expensesc		4.07	%		3.70	%		3.93	%		5.14	%		4.71	%		4.41	%
Net expensese,f		4.04	%		3.68	%		3.91	%		5.13	%		4.71	%		4.41	%
Portfolio turnover rate		1,039	%		2,159	%		864	%		603	%		908	%		1,436	%

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

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g			Year Ended March 29, 2018g			Year Ended March 31, 2017g
Per Share Data
Net asset value, beginning of period	$	133.70		$	109.85		$	159.05		$	166.92		$	174.14		$	165.60
Income (loss) from investment operations:
Net investment income (loss)b		(2.00	)		(.98	)		.25			(1.00	)		(3.25	)		(4.60	)
Net gain (loss) on investments (realized and unrealized)		(10.16	)		25.27			(49.45	)		(6.87	)		(3.97	)		13.14
Total from investment operations		(12.16	)		24.29			(49.20	)		(7.87	)		(7.22	)		8.54
Less distributions from:
Net investment income		—			(.44	)		—			—			—			—
Total distributions		—			(.44	)		—			—			—			—
Net asset value, end of period	$	121.54		$	133.70		$	109.85		$	159.05		$	166.92		$	174.14
Total Return		(9.09	%)		22.18	%		(30.93	%)		(4.70	%)		(4.16	%)		5.13	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,456		$	7,472		$	5,881		$	9,561		$	4,858		$	43,784
Ratios to average net assets:
Net investment income (loss)		(3.17	%)		(2.62	%)		0.16	%		(0.58	%)		(1.94	%)		(2.80	%)
Total expensesc		3.34	%		2.94	%		3.30	%		4.37	%		4.00	%		3.60	%
Net expensese,f		3.32	%		2.92	%		3.28	%		4.36	%		4.00	%		3.60	%
Portfolio turnover rate		1,039	%		2,159	%		872	%		603	%		908	%		1,436	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Does not include expenses of the underlying funds in which the Fund invests.
d	Total return does not reflect the impact of any applicable sales charges.
e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
f	Total expenses may include interest expense related to short sales. Excluding interest expense, the operating expense ratios for the years presented were as follows:

	09/30/21a	03/31/21	03/31/20	03/31/19	03/29/18	03/31/17
Investor Class	1.38%	1.47%	1.50%	1.50%	1.43%	1.43%
A-Class	1.63%	1.73%	1.75%	1.75%	1.68%	1.63%
C-Class	2.38%	2.48%	2.50%	2.50%	2.43%	2.43%
H-Class	1.63%	1.73%	1.75%	1.75%	1.68%	1.68%

^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 | 139

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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	6.1%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.9%
Guggenheim Strategy Fund II	2.8%
Total	13.8%
“Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	2.23%	7.83%	3.99%	6.45%
A-Class Shares with sales charge‡	(2.62%)	2.70%	2.99%	5.93%
C-Class Shares	1.86%	7.03%	3.23%	5.65%
C-Class Shares with CDSC§	0.86%	6.03%	3.23%	5.65%
H-Class Shares	2.24%	7.83%	4.00%	6.46%
Bloomberg U.S. Corporate High Yield Index	3.65%	11.28%	6.52%	7.42%

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

140 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
HIGH YIELD STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 13.8%
Guggenheim Strategy Fund III1		112,348	$	2,824,433
Guggenheim Ultra Short Duration Fund — Institutional Class1		227,842		2,271,587
Guggenheim Strategy Fund II1		53,173		1,328,787
Total Mutual Funds
(Cost $6,316,655)				6,424,807
	Face Amount
FEDERAL AGENCY NOTES†† - 43.0%
Federal Farm Credit Bank
0.05% (U.S. Prime Rate — 3.20%, Rate Floor: 0.00%) due 05/18/222	$	3,000,000		2,999,244
0.24% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.00%) due 10/04/212		2,750,000		2,750,052
0.12% (1 Month USD LIBOR + 0.03%, Rate Floor: 0.00%) due 12/29/212		2,000,000		2,000,382
0.33% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222		1,700,000		1,702,543
0.28% (U.S. Prime Rate — 2.97%, Rate Floor: 0.00%) due 05/27/222		620,000		620,780
Federal Home Loan Bank
0.09% (1 Month USD LIBOR, Rate Floor: 0.00%) due 10/20/212		4,500,000		4,500,189
1.00% due 04/15/26		4,400,000		4,401,549
4.00% due 12/24/30		25,000		25,214
Farmer Mac
0.04% (3 Month USD LIBOR — 0.10%, Rate Floor: 0.00%) due 11/22/212		1,000,000		999,947
Total Federal Agency Notes
(Cost $20,001,096)				19,999,900

FEDERAL AGENCY DISCOUNT NOTES†† - 14.0%
Federal Home Loan Bank
0.04% due 12/15/213	5,000,000		4,999,685
0.04% due 10/29/213	1,500,000		1,499,957
Total Federal Agency Discount Notes
(Cost $6,499,551)			6,499,642
U.S. TREASURY BILLS†† - 11.1%
United States Cash Management Bill
0.03% due 01/18/223	3,900,000		3,899,551
U.S. Treasury Bills
0.04% due 10/07/213,4	1,256,000		1,255,994
Total U.S. Treasury Bills
(Cost $5,155,626)			5,155,545
U.S. GOVERNMENT SECURITIES†† - 5.4%
United States Treasury Note
1.75% due 05/15/22	2,500,000		2,526,367
Total U.S. Government Securities
(Cost $2,526,062)			2,526,367
REPURCHASE AGREEMENTS††,5 - 8.5%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/216	2,216,738		2,216,738
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/216	861,316		861,316
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/216	861,316		861,316
Total Repurchase Agreements
(Cost $3,939,370)			3,939,370
Total Investments - 95.8%
(Cost $44,438,360)		$	44,545,631
Other Assets & Liabilities, net - 4.2%			1,947,912
Total Net Assets - 100.0%		$	46,493,543

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		309		Dec 2021	$	37,944,234	$	(197,739	)

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 Depreciation**
Barclays Bank plc	ICE	CDX.NA.HY.37.V1	5.00%	Quarterly			12/20/26	$	23,400,000	$	2,152,800	$	2,256,164	$	(103,364	)
Goldman Sachs International	ICE	CDX.NA.HY.37.V1	5.00%	Quarterly			12/20/26		13,800,000		1,269,600		1,337,130		(67,530	)
										$	3,422,400	$	3,593,294	$	(170,894	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 141

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
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

0.48% (Federal Funds Rate + 0.40%)

At Maturity

10/28/21

9,924

$

868,251

$

596

BNP Paribas

SPDR Bloomberg Barclays High Yield Bond ETF

Pay

0.49% (1 Month USD LIBOR + 0.40%)

At Maturity

11/04/21

25,509

2,789,637

(19,132

)

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

0.44% (1 Month USD LIBOR + 0.35%)

At Maturity

11/04/21

51,812

4,533,022

(32,237

)

$

8,190,910

$

(50,773

)

**	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	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as futures and credit default swap collateral at September 30, 2021.
5	Repurchase Agreements — See Note 6.
6	All or a portion of this security is pledged as credit index swap collateral at September 30, 2021.
	CDX.NA.HY.37.V1 — Credit Default Swap North American High Yield Series 37 Index Version 1
	ICE — Intercontinental Exchange
	LIBOR — London Interbank Offered Rate
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
HIGH YIELD STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	6,424,807	$	—	$	—	$	6,424,807
Federal Agency Notes		—		19,999,900		—		19,999,900
Federal Agency Discount Notes		—		6,499,642		—		6,499,642
U.S. Treasury Bills		—		5,155,545		—		5,155,545
U.S. Government Securities		—		2,526,367		—		2,526,367
Repurchase Agreements		—		3,939,370		—		3,939,370
Credit Index Swap Agreements**		—		596		—		596
Total Assets	$	6,424,807	$	38,121,420	$	—	$	44,546,227

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	197,739	$	—	$	—	$	197,739
Credit Default Swap Agreements**		—		170,894		—		170,894
Credit Index Swap Agreements**		—		51,369		—		51,369
Total Liabilities	$	197,739	$	222,263	$	—	$	420,002

** 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,328,255	$	—	$	—	$	—	$	532	$	1,328,787		53,173	$	9,090
Guggenheim Strategy Fund III		2,824,433		—		—		—		—		2,824,433		112,348		21,486
Guggenheim Ultra Short Duration Fund — Institutional Class		2,269,308		—		—		—		2,279		2,271,587		227,842		10,109
	$	6,421,996	$	—	$	—	$	—	$	2,811	$	6,424,807			$	40,685

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 143

HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $34,182,335)	$	34,181,454
Investments in affiliated issuers, at value (cost $6,316,655)		6,424,807
Repurchase agreements, at value (cost $3,939,370)		3,939,370
Segregated cash with broker		21,046
Unamortized upfront premiums paid on credit default swap agreements		3,593,294
Unrealized appreciation on OTC swap agreements		596
Receivables:
Protection fees on credit default swap agreements		56,833
Fund shares sold		49,826
Variation margin on futures contracts		43,453
Interest		39,424
Dividends		6,168
Total assets		48,356,271
Liabilities:
Segregated cash due to broker		1,640,431
Unrealized depreciation on OTC swap agreements		51,369
Payable for:
Variation margin on credit default swap agreements		83,452
Management fees		29,844
Distribution and service fees		11,451
Transfer agent and administrative fees		10,872
Fund shares redeemed		4,462
Portfolio accounting fees		4,041
Swap settlement		1,329
Trustees’ fees*		303
Miscellaneous		25,174
Total liabilities		1,862,728
Commitments and contingent liabilities (Note 11)		—
Net assets	$	46,493,543
Net assets consist of:
Paid in capital	$	55,909,657
Total distributable earnings (loss)		(9,416,114	)
Net assets	$	46,493,543
A-Class:
Net assets	$	3,978,978
Capital shares outstanding		31,746
Net asset value per share	$	125.34
Maximum offering price per share (Net asset value divided by 95.25%)	$	131.59
C-Class:
Net assets	$	1,933,092
Capital shares outstanding		18,038
Net asset value per share	$	107.17
H-Class:
Net assets	$	40,581,473
Capital shares outstanding		324,007
Net asset value per share	$	125.25

* 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.

HIGH YIELD STRATEGY FUND

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	40,685
Interest		16,260
Total investment income		56,945
Expenses:
Management fees		128,270
Distribution and service fees:
A-Class		4,945
C-Class		9,715
H-Class		35,383
Transfer agent and administrative fees		47,769
Portfolio accounting fees		17,103
Custodian fees		2,216
Trustees’ fees*		2,205
Professional fees		1,969
Miscellaneous		15,232
Total expenses		264,807
Less:
Expenses waived by Adviser		(2,847	)
Net expenses		261,960
Net investment loss		(205,015	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers	$	251
Swap agreements		1,011,986
Futures contracts		(95,675	)
Net realized gain		916,562
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(6,375	)
Investments in affiliated issuers		2,811
Swap agreements		(275,012	)
Futures contracts		(29,605	)
Net change in unrealized appreciation (depreciation)		(308,181	)
Net realized and unrealized gain		608,381
Net increase in net assets resulting from operations	$	403,366

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

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HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(205,015	)	$	(551,419	)
Net realized gain (loss) on investments		916,562			(273,621	)
Net change in unrealized appreciation (depreciation) on investments		(308,181	)		210,817
Net increase (decrease) in net assets resulting from operations		403,366			(614,223	)
Capital share transactions:
Proceeds from sale of shares
A-Class		804,087			1,259,400
C-Class		1,146,209			2,018,920
H-Class		69,351,972			378,213,977
Cost of shares redeemed
A-Class		(933,560	)		(1,703,972	)
C-Class		(1,385,920	)		(992,031	)
H-Class		(48,884,864	)		(380,114,068	)
Net increase (decrease) from capital share transactions		20,097,924			(1,317,774	)
Net increase (decrease) in net assets		20,501,290			(1,931,997	)
Net assets:
Beginning of period		25,992,253			27,924,250
End of period	$	46,493,543		$	25,992,253
Capital share activity:
Shares sold
A-Class		6,413			11,120
C-Class		10,662			21,128
H-Class		553,009			3,287,792
Shares redeemed
A-Class		(7,462	)		(14,515	)
C-Class		(12,931	)		(10,037	)
H-Class		(390,908	)		(3,338,954	)
Net increase (decrease) in shares		158,783			(43,466	)

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

HIGH YIELD STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g			Year Ended March 29, 2018g			Year Ended March 31, 2017g
Per Share Data
Net asset value, beginning of period	$	122.60		$	108.68		$	120.48		$	116.32		$	123.71		$	116.62
Income (loss) from investment operations:
Net investment income (loss)b		(.72	)		(.55	)		.70			.70			(.40	)		(1.00	)
Net gain (loss) on investments (realized and unrealized)		3.46			14.47	f		(7.05	)		7.41			3.11			10.44
Total from investment operations		2.74			13.92			(6.35	)		(8.11	)		2.71			9.44
Less distributions from:
Net investment income		—			—			(5.45	)		(3.95	)		(8.30	)		(2.35	)
Net realized gains		—			—			—			—			(1.80	)		—
Total distributions		—			—			(5.45	)		(3.95	)		(10.10	)		(2.35	)
Net asset value, end of period	$	125.34		$	122.60		$	108.68		$	120.48		$	116.32		$	123.71
Total Returnc		2.23	%		12.81	%		(5.76	%)		7.18	%		2.08	%		8.24	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,979		$	4,021		$	3,933		$	7,631		$	8,427		$	20,290
Ratios to average net assets:
Net investment income (loss)		(1.14	%)		(1.21	%)		0.58	%		0.59	%		(0.31	%)		(0.85	%)
Total expensesd		1.51	%		1.60	%		1.63	%		1.61	%		1.52	%		1.51	%
Net expensese		1.49	%		1.57	%		1.61	%		1.60	%		1.52	%		1.51	%
Portfolio turnover rate		37	%		134	%		—			21	%		422	%		97	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g			Year Ended March 29, 2018g			Year Ended March 31, 2017g
Per Share Data
Net asset value, beginning of period	$	105.21		$	93.96		$	105.62		$	103.17		$	111.65		$	106.26
Income (loss) from investment operations:
Net investment income (loss)b		(1.02	)		(.81	)		(.20	)		(.20	)		(1.10	)		(1.80	)
Net gain (loss) on investments (realized and unrealized)		2.98			12.06	f		(6.01	)		6.60			2.72			9.54
Total from investment operations		1.96			11.25			(6.21	)		6.40			1.62			7.74
Less distributions from:
Net investment income		—			—			(5.45	)		(3.95	)		(8.30	)		(2.35	)
Net realized gains		—			—			—			—			(1.80	)		—
Total distributions		—			—			(5.45	)		(3.95	)		(10.10	)		(2.35	)
Net asset value, end of period	$	107.17		$	105.21		$	93.96		$	105.62		$	103.17		$	111.65
Total Returnc		1.86	%		11.97	%		(6.45	%)		6.39	%		1.35	%		7.38	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,933		$	2,136		$	866		$	1,480		$	3,994		$	4,533
Ratios to average net assets:
Net investment income (loss)		(1.90	%)		(1.96	%)		(0.20	%)		(0.21	%)		(1.00	%)		(1.65	%)
Total expensesd		2.26	%		2.34	%		2.38	%		2.35	%		2.27	%		2.26	%
Net expensese		2.24	%		2.32	%		2.36	%		2.35	%		2.27	%		2.26	%
Portfolio turnover rate		37	%		134	%		—			21	%		422	%		97	%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 147

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020g			Year Ended March 31, 2019g			Year Ended March 29, 2018g			Year Ended March 31, 2017g
Per Share Data
Net asset value, beginning of period	$	122.51		$	108.54		$	120.32		$	116.17		$	123.58		$	116.56
Income (loss) from investment operations:
Net investment income (loss)b		(.73	)		(.47	)		.75			.60			(.50	)		(.90	)
Net gain (loss) on investments (realized and unrealized)		3.47			14.44	f		(7.08	)		7.50			3.19			10.27
Total from investment operations		2.74			13.97			(6.33	)		8.10			2.69			9.37
Less distributions from:
Net investment income		—			—			(5.45	)		(3.95	)		(8.30	)		(2.35	)
Net realized gains		—			—			—			—			(1.80	)		—
Total distributions		—			—			(5.45	)		(3.95	)		(10.10	)		(2.35	)
Net asset value, end of period	$	125.25		$	122.51		$	108.54		$	120.32		$	116.17		$	123.58
Total Return		2.24	%		12.87	%		(5.73	%)		7.15	%		2.08	%		8.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	40,581		$	19,835		$	23,125		$	101,180		$	23,860		$	435,334
Ratios to average net assets:
Net investment income (loss)		(1.16	%)		(1.23	%)		0.59	%		0.49	%		(0.41	%)		(0.74	%)
Total expensesd		1.51	%		1.61	%		1.63	%		1.60	%		1.52	%		1.51	%
Net expensese		1.49	%		1.59	%		1.61	%		1.60	%		1.52	%		1.51	%
Portfolio turnover rate		37	%		134	%		—			21	%		422	%		97	%

a	Unaudited figures for the period ended September 30, 2021. 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 years presented through March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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	2.4%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.4%
Total	4.8%
“Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(3.51%)	(8.77%)	(5.12%)	(8.80%)
A-Class Shares with sales charge‡	(8.09%)	(13.11%)	(6.05%)	(9.24%)
C-Class Shares	(3.78%)	(10.10%)	(6.01%)	(9.50%)
C-Class Shares with CDSC§	(4.74%)	(10.93%)	(6.01%)	(9.50%)
H-Class Shares	(3.37%)	(9.42%)	(5.21%)	(8.66%)
Bloomberg U.S. Corporate High Yield Index	3.65%	11.28%	6.52%	7.42%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. 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 | 149

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
INVERSE HIGH YIELD STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 4.8%
Guggenheim Strategy Fund II1		9,034	$	225,763
Guggenheim Ultra Short Duration Fund — Institutional Class1		22,577		225,096
Total Mutual Funds
(Cost $447,097)				450,859
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 105.8%
Federal Farm Credit
due 10/01/212	$	10,000,000		10,000,000
Total Federal Agency Discount Notes
(Cost $10,000,000)				10,000,000
U.S. TREASURY BILLS†† - 0.3%
U.S. Treasury Bills
0.04% due 10/07/212,3		29,000		28,999
Total U.S. Treasury Bills
(Cost $29,000)				28,999
REPURCHASE AGREEMENTS††,4 - 27.3%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		1,449,596		1,449,596
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		563,242		563,242
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		563,242		563,242
Total Repurchase Agreements
(Cost $2,576,080)				2,576,080
Total Investments - 138.2%
(Cost $13,052,177)			$	13,055,938
Other Assets & Liabilities, net - (38.2)%				(3,607,170	)
Total Net Assets - 100.0%			$	9,448,768

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Sold Short†
U.S. Treasury 5 Year Note Futures Contracts		72		Dec 2021	$	8,841,375	$	(620	)

Centrally Cleared Credit Default Swap Agreements Protection Purchased††
Counterparty	Exchange	Index	Protection Premium Rate		Payment Frequency	Maturity Date		Notional Amount		Value			Upfront Premiums (Received)			Unrealized Appreciation**
Barclays Bank plc	ICE	CDX.NA.HY.37.V1	5.00%	Quarterly			12/20/26	$	8,650,000	$	(795,800	)	$	(820,264	)	$	24,464

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	Affiliated issuer.
2	Rate indicated is the effective yield at the time of purchase.
3	All or a portion of this security is pledged as futures collateral at September 30, 2021.
4	Repurchase Agreements — See Note 6.
	CDX.NA.HY.37.V1 — Credit Default Swap North American High Yield Series 37 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
INVERSE HIGH YIELD STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	450,859	$	—	$	—	$	450,859
Federal Agency Discount Notes		—		10,000,000		—		10,000,000
U.S. Treasury Bills		—		28,999		—		28,999
Repurchase Agreements		—		2,576,080		—		2,576,080
Credit Default Swap Agreements**		—		24,464		—		24,464
Total Assets	$	450,859	$	12,629,543	$	—	$	13,080,402

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	620	$	—	$	—	$	620

** 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	875,453	$	550,000	$	(1,200,000	)	$	(220	)	$	530	$	225,763		9,034	$	2,203
Guggenheim Ultra Short Duration Fund — Institutional Class		874,218		550,000		(1,200,000	)		(348	)		1,226		225,096		22,577		1,449
	$	1,749,671	$	1,100,000	$	(2,400,000	)	$	(568	)	$	1,756	$	450,859			$	3,652

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 151

INVERSE HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $10,029,000)	$	10,028,999
Investments in affiliated issuers, at value (cost $447,097)		450,859
Repurchase agreements, at value (cost $2,576,080)		2,576,080
Segregated cash with broker		1,944,757
Receivables:
Variation margin on credit default swap agreements		22,969
Dividends		519
Interest		3
Total assets		15,024,186
Liabilities:
Unamortized upfront premiums received on credit default swap agreements		820,264
Payable for:
Fund shares redeemed		4,342,769
Swap settlement		368,184
Protection fees on credit default swap agreements		19,326
Variation margin on futures contracts		14,696
Management fees		2,564
Distribution and service fees		943
Transfer agent and administrative fees		942
Portfolio accounting fees		350
Trustees’ fees*		65
Miscellaneous		5,315
Total liabilities		5,575,418
Commitments and contingent liabilities (Note 11)		—
Net assets	$	9,448,768
Net assets consist of:
Paid in capital	$	20,171,699
Total distributable earnings (loss)		(10,722,931	)
Net assets	$	9,448,768
A-Class:
Net assets	$	5,187,792
Capital shares outstanding		107,211
Net asset value per share	$	48.39
Maximum offering price per share (Net asset value divided by 95.25%)	$	50.80
C-Class:
Net assets	$	111,295
Capital shares outstanding		2,585
Net asset value per share	$	43.05
H-Class:
Net assets	$	4,149,681
Capital shares outstanding		84,227
Net asset value per share	$	49.27

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	3,652
Interest		541
Total investment income		4,193
Expenses:
Management fees		16,166
Distribution and service fees:
A-Class		1,390
C-Class		598
H-Class		3,849
Transfer agent and administrative fees		6,308
Portfolio accounting fees		2,156
Professional fees		1,367
Trustees’ fees*		734
Custodian fees		346
Miscellaneous		40
Total expenses		32,954
Less:
Expenses waived by Adviser		(417	)
Net expenses		32,537
Net investment loss		(28,344	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		540
Investments in affiliated issuers		(568	)
Swap agreements		(316,752	)
Futures contracts		(1,067	)
Net realized loss		(317,847	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(460	)
Investments in affiliated issuers		1,756
Swap agreements		57,647
Futures contracts		(32,797	)
Net change in unrealized appreciation (depreciation)		26,146
Net realized and unrealized loss		(291,701	)
Net decrease in net assets resulting from operations	$	(320,045	)

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

152 | 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(28,344	)	$	(83,975	)
Net realized loss on investments		(317,847	)		(904,745	)
Net change in unrealized appreciation (depreciation) on investments		26,146			(38,339	)
Net decrease in net assets resulting from operations		(320,045	)		(1,027,059	)
Distributions to shareholders:
A-Class		—			(5,744	)
C-Class		—			(21,683	)
H-Class		—			(45,200	)
Total distributions to shareholders		—			(72,627	)
Capital share transactions:
Proceeds from sale of shares
A-Class		16,184,244			74,155,944
C-Class		23			14,384
H-Class		77,479,756			245,184,512
Distributions reinvested
A-Class		—			5,708
C-Class		—			21,683
H-Class		—			44,957
Cost of shares redeemed
A-Class		(16,534,253	)		(68,655,970	)
C-Class		(46,078	)		(164,080	)
H-Class		(76,808,731	)		(254,110,821	)
Net increase (decrease) from capital share transactions		274,961			(3,503,683	)
Net decrease in net assets		(45,084	)		(4,603,369	)
Net assets:
Beginning of period		9,493,852			14,097,221
End of period	$	9,448,768		$	9,493,852
Capital share activity:
Shares sold
A-Class		331,638			1,387,615
C-Class		—			283
H-Class		1,564,204			4,244,689
Shares issued from reinvestment of distributions
A-Class		—			114
C-Class		—			480
H-Class		—			875
Shares redeemed
A-Class		(336,323	)		(1,279,966	)
C-Class		(1,042	)		(3,521	)
H-Class		(1,552,928	)		(4,385,063	)
Net increase (decrease) in shares		5,549			(34,494	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 153

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	50.15		$	62.01		$	60.47		$	64.28		$	65.78		$	71.69
Income (loss) from investment operations:
Net investment income (loss)b		(.32	)		(.68	)		.24			.42			(.07	)		(.51	)
Net gain (loss) on investments (realized and unrealized)		(1.44	)		(7.31	)		1.30			(4.23	)		(1.43	)		(5.40	)
Total from investment operations		(1.76	)		(7.99	)		1.54			(3.81	)		(1.50	)		(5.91	)
Less distributions from:
Net investment income		—			(3.87	)		—			—			—			—
Total distributions		—			(3.87	)		—			—			—			—
Net asset value, end of period	$	48.39		$	50.15		$	62.01		$	60.47		$	64.28		$	65.78
Total Returnc		(3.51	%)		(12.88	%)		2.56	%		(5.93	%)		(2.28	%)		(8.26	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,188		$	5,612		$	256		$	282		$	8,746		$	915
Ratios to average net assets:
Net investment income (loss)		(1.31	%)		(1.28	%)		0.40	%		0.66	%		(0.12	%)		(0.74	%)
Total expensesd		1.50	%		1.56	%		1.62	%		1.60	%		1.52	%		1.52	%
Net expensese		1.48	%		1.54	%		1.61	%		1.60	%		1.52	%		1.52	%
Portfolio turnover rate		154	%		438	%		254	%		—			41	%		480	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	44.74		$	56.62		$	55.76		$	59.73		$	61.63		$	67.67
Income (loss) from investment operations:
Net investment income (loss)b		(.39	)		(.90	)		(.05	)		.01			(.39	)		(.85	)
Net gain (loss) on investments (realized and unrealized)		(1.30	)		(7.11	)		.91			(3.98	)		(1.51	)		(5.19	)
Total from investment operations		(1.69	)		(8.01	)		.86			(3.97	)		(1.90	)		(6.04	)
Less distributions from:
Net investment income		—			(3.87	)		—			—			—			—
Total distributions		—			(3.87	)		—			—			—			—
Net asset value, end of period	$	43.05		$	44.74		$	56.62		$	55.76		$	59.73		$	61.63
Total Returnc		(3.78	%)		(14.23	%)		1.54	%		(6.65	%)		(3.08	%)		(8.97	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	111		$	162		$	362		$	738		$	769		$	1,042
Ratios to average net assets:
Net investment income (loss)		(1.79	%)		(1.78	%)		(0.09	%)		0.02	%		(0.65	%)		(1.32	%)
Total expensesd		2.26	%		2.36	%		2.37	%		2.36	%		2.27	%		2.27	%
Net expensese		2.21	%		2.31	%		2.34	%		2.35	%		2.27	%		2.27	%
Portfolio turnover rate		154	%		438	%		254	%		—			41	%		480	%

154 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	50.99		$	63.45		$	61.97		$	65.89		$	67.70		$	72.70
Income (loss) from investment operations:
Net investment income (loss)b		(.32	)		(.74	)		.06			.41			(.12	)		(.74	)
Net gain (loss) on investments (realized and unrealized)		(1.40	)		(7.85	)		1.42			(4.33	)		(1.69	)		(4.26	)
Total from investment operations		(1.72	)		(8.59	)		1.48			(3.92	)		(1.81	)		(5.00	)
Less distributions from:
Net investment income		—			(3.87	)		—			—			—			—
Total distributions		—			(3.87	)		—			—			—			—
Net asset value, end of period	$	49.27		$	50.99		$	63.45		$	61.97		$	65.89		$	67.70
Total Return		(3.37	%)		(13.58	%)		2.39	%		(5.95	%)		(2.67	%)		(6.90	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,150		$	3,719		$	13,479		$	4,675		$	8,755		$	14,855
Ratios to average net assets:
Net investment income (loss)		(1.30	%)		(1.26	%)		0.09	%		0.63	%		(0.18	%)		(1.06	%)
Total expensesd		1.51	%		1.62	%		1.64	%		1.61	%		1.52	%		1.52	%
Net expensese		1.49	%		1.60	%		1.62	%		1.59	%		1.52	%		1.52	%
Portfolio turnover rate		154	%		438	%		254	%		—			41	%		480	%

a	Unaudited figures for the period ended September 30, 2021. 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 years presented through March 31, 2017 have been restated to reflect a 1:4 share split effective November 4, 2016.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 155

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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, 2021

	6 Month†	1 Year	5 Year	Since Inception (06/18/12)
U.S. Government Money Market Fund	0.0%	0.05%	0.47%	0.25%

*

The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes.

†

6 month returns are not annualized.

156 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
U.S. GOVERNMENT MONEY MARKET FUND

	Face Amount		Value
FEDERAL AGENCY NOTES†† - 58.6%
Farmer Mac
0.15% (U.S. Prime Rate - 3.10%, Rate Floor: 0.00%) due 01/07/221	$	29,000,000	$	29,000,000
0.04% (3 Month USD LIBOR - 0.10%, Rate Floor: 0.00%) due 11/22/211		25,000,000		25,000,000
0.04% (3 Month USD LIBOR - 0.10%, Rate Floor: 0.00%) due 10/06/211		21,765,000		21,765,057
0.01% (3 Month USD LIBOR - 0.12%, Rate Floor: 0.00%) due 12/22/211		20,085,000		20,084,375
2.90% due 01/03/22		800,000		805,711
Federal Farm Credit Bank
0.05% (U.S. Prime Rate - 3.20%, Rate Floor: 0.00%) due 05/18/221		34,000,000		33,993,695
0.02% (1 Month USD LIBOR - 0.07%, Rate Floor: 0.00%) due 12/15/211		15,000,000		14,998,932
0.24% (1 Month USD LIBOR + 0.16%, Rate Floor: 0.00%) due 10/04/211		8,000,000		8,000,145
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/221		6,250,000		6,260,928
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/221		3,000,000		3,008,751
0.13% (3 Month USD LIBOR, Rate Floor: 0.00%) due 11/16/211		835,000		835,120
1.93% due 02/22/22		625,000		629,457
1.88% due 01/18/22		500,000		502,664
Fannie Mae
1.38% due 09/06/22		3,680,000		3,723,861
1.88% due 04/05/22		2,281,000		2,301,494
Federal Home Loan Bank
2.88% due 12/10/21		825,000		829,435
3.00% due 10/12/21		765,000		765,668
2.13% due 06/10/22		515,000		522,271
1.88% due 11/29/21		445,000		446,302
Freddie Mac
2.38% due 01/13/22		1,791,000		1,802,482
Total Federal Agency Notes
(Cost $175,276,348)				175,276,348
U.S. GOVERNMENT SECURITIES†† - 19.8%
U.S. Treasury Note
1.50% due 11/30/21		45,000,000		45,107,198
1.75% due 05/15/22		5,600,000		5,657,894
0.38% due 03/31/22		4,500,000		4,506,934
1.88% due 05/31/22		4,000,000		4,047,246
Total U.S. Government Securities
(Cost $59,319,272)				59,319,272
FEDERAL AGENCY DISCOUNT NOTES†† - 0.3%
Federal Home Loan Bank
0.03% due 11/10/212		900,000		899,966
Total Federal Agency Discount Notes
(Cost $899,966)				899,966
REPURCHASE AGREEMENTS††,3 - 23.3%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		39,142,026		39,142,026
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		15,208,673		15,208,673
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		15,208,673		15,208,673
Total Repurchase Agreements
(Cost $69,559,372)				69,559,372
Total Investments - 102.0%
(Cost $305,054,958)			$	305,054,958
Other Assets & Liabilities, net - (2.0)%				(6,043,725	)
Total Net Assets - 100.0%			$	299,011,233

††	Value determined based on Level 2 inputs — See Note 4.
1	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 6.
	LIBOR — London Interbank Offered Rate
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 157

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
U.S. GOVERNMENT MONEY MARKET FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	—	$	175,276,348	$	—	$	175,276,348
U.S. Government Securities		—		59,319,272		—		59,319,272
Federal Agency Discount Notes		—		899,966		—		899,966
Repurchase Agreements		—		69,559,372		—		69,559,372
Total Assets	$	—	$	305,054,958	$	—	$	305,054,958

158 | 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, 2021

Assets:
Investments, at value (cost $235,495,586)	$	235,495,586
Repurchase agreements, at value (cost $69,559,372)		69,559,372
Receivables:
Fund shares sold		7,421,775
Interest		375,673
Total assets		312,852,406
Liabilities:
Overdraft due to custodian bank		298
Payable for:
Fund shares redeemed		13,615,822
Trustees’ fees*		2,934
Miscellaneous		222,119
Total liabilities		13,841,173
Commitments and contingent liabilities (Note 11)		—
Net assets	$	299,011,233
Net assets consist of:
Paid in capital	$	298,999,758
Total distributable earnings (loss)		11,475
Net assets	$	299,011,233
Capital shares outstanding		298,978,823
Net asset value per share	$	1.00

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Interest	$	96,154
Total investment income		96,154
Expenses:
Management fees		749,169
Transfer agent and administrative fees		348,569
Portfolio accounting fees		143,693
Professional fees		63,273
Trustees’ fees*		26,418
Custodian fees		20,015
Miscellaneous		73,289
Total expenses		1,424,426
Less:
Expenses reimbursed by Adviser		(471,830	)
Expenses waived by Adviser		(856,497	)
Total waived/reimbursed expenses		(1,328,327	)
Net expenses		96,099
Net investment income		55
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		6,912
Net realized gain		6,912
Net increase in net assets resulting from operations	$	6,967

* 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 | 159

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	55		$	110
Net realized gain on investments		6,912			4,498
Net change in unrealized appreciation (depreciation) on investments		—			—
Net increase in net assets resulting from operations		6,967			4,608
Distributions to shareholders		(55	)		(150,937	)
Capital share transactions:
Proceeds from sale of shares		3,101,521,280			6,163,255,356
Distributions reinvested		55			150,049
Cost of shares redeemed		(3,151,488,091	)		(6,205,079,456	)
Net decrease from capital share transactions		(49,966,756	)		(41,674,051	)
Net decrease in net assets		(49,959,844	)		(41,820,380	)
Net assets:
Beginning of period		348,971,077			390,791,457
End of period	$	299,011,233		$	348,971,077
Capital share activity:
Shares sold		3,101,521,280			6,163,255,356
Shares issued from reinvestment of distributions		36			150,020
Shares redeemed		(3,151,488,091	)		(6,205,079,456	)
Net decrease in shares		(49,966,775	)		(41,674,080	)

160 | 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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)b		—	c		—	c		.01			.01			—	c		—	c
Net gain (loss) on investments (realized and unrealized)		—	c		—	c		—	c		—	c		—	c		—	c
Total from investment operations		—	c		—	c		.01			.01			—	c		—	c
Less distributions from:
Net investment income		(—	)c		—			(.01	)		(.01	)		(—	)c		(—	)c
Net realized gains		(—	)c		—			—			—			—			(—	)c
Total distributions		—			—			(.01	)		(.01	)		(—	)c		(—	)c
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Return		0.00	%		0.05	%		0.99	%		1.10	%		0.22	%		0.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	299,011		$	348,971		$	390,791		$	413,200		$	544,528		$	627,514
Ratios to average net assets:
Net investment income (loss)		0.00	%d		0.00	%d		1.01	%		1.10	%		0.22	%		0.00	%d
Total expenses		0.95	%		1.04	%		1.06	%		1.05	%		0.96	%		0.95	%
Net expenses		0.06	%		0.16	%		1.03	%		1.05	%		0.94	%		0.47	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2021. 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%.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 161

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

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

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2021, 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, 2021, Investor Class, A-Class, C-Class, H-Class and Money Market Class shares have been issued by the Funds.

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

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

Significant Accounting Policies

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

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

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

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange (“NYSE”), usually 4:00 p.m. for the Russell 2000^® Fund and the S&P 500^® Fund. All other Funds in this report will price at the afternoon NAV. The NAV is calculated using the current market value of each Fund’s total assets as of the respective time of calculation. These financial statements are based on the September 30, 2021, afternoon NAV.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and

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compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

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. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid price.

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

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

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

The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The values of swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index or other underlying position that the swaps pertain to at the close of the NYSE.

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

(b) U.S. Government and Agency Obligations

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

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(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, 2021, 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

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

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payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(i) Class Allocations

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

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 0.06% at September 30, 2021.

(k) Indemnifications

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

Note 2 – Financial Instruments and Derivatives

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

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

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

The Funds may utilize derivatives for the following purposes:

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

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

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

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

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

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

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

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

		Average Notional Amount
Fund	Use	Long		Short
Nova Fund	Index exposure, Leverage, Liquidity	$	42,818,371	$	—
S&P 500® Fund	Index exposure, Liquidity		839,431		—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		3,393,479
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		116,895,798		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		—		2,052,886
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		499,240		—
Russell 2000® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		851,098		—
Russell 2000® Fund	Index exposure, Liquidity		1,237,532		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		189,092
Dow Jones Industrial Average® Fund	Index exposure, Liquidity		945,281		—
Government Long Bond 1.2x Strategy Fund	Duration, Index exposure, Leverage, Liquidity		28,079,406		—
Inverse Government Long Bond Strategy Fund	Duration, Index exposure, Liquidity		—		13,020,641
High Yield Strategy Fund	Duration, Index exposure, Liquidity		25,831,552		—
Inverse High Yield Strategy Fund	Duration, Index exposure, Liquidity		—		3,252,000

Swap Agreements

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

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

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

		Average Notional Amount
Fund	Use	Long		Short
Nova Fund	Index exposure, Leverage, Liquidity	$	259,996,223	$	—
S&P 500® Fund	Index exposure, Liquidity		8,040,972		—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		45,054,565
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		364,588,837		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		—		17,703,544
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		12,880,938		—
Inverse Mid-Cap Strategy Fund	Index exposure, Liquidity		—		920,387
Russell 2000® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		15,942,523		—
Russell 2000® Fund	Index exposure, Liquidity		35,114,225		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		5,344,448
Dow Jones Industrial Average® Fund	Index exposure, Liquidity		2,741,420		—
High Yield Strategy Fund	Duration, Index exposure, Liquidity		7,011,732		—

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	$	26,225,000	$	—
Inverse High Yield Strategy Fund	Duration, Index exposure, Liquidity		—		3,300,000

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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, 2021:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Interest Rate futures contracts	Variation margin on futures contracts	Variation margin on futures contracts
Equity/Credit swap contracts	Unrealized appreciation on OTC swap agreements	Unrealized depreciation on OTC swap agreements
Credit Default Swap contracts	Variation margin on credit default swap agreements	Varation margin on credit default swap agreements
	Unamortized upfront premiums paid on credit default swap agreements	Unamortized upfront premiums received 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, 2021:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2021
Inverse S&P 500® Strategy Fund	$	—	$	1,892,782	$	—	$	—	$	1,892,782
Inverse NASDAQ-100® Strategy Fund		—		919,233		—		—		919,233
Inverse Mid-Cap Strategy Fund		—		32,125		—		—		32,125
Inverse Russell 2000® Strategy Fund		—		47,471		—		—		47,471
Inverse Government Long Bond Strategy Fund		—		—		270,400		—		270,400
High Yield Strategy Fund		—		—		—		596		596
Inverse High Yield Strategy Fund		—		—		—		24,464		24,464

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2021
Nova Fund	$	642,984	$	9,581,839	$	—	$	—	$	10,224,823
S&P 500® Fund		—		145,590		—		—		145,590
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		2,191,212		8,780,965		—		—		10,972,177
Mid-Cap 1.5x Strategy Fund		—		126,909		—		—		126,909
Russell 2000® 1.5x Strategy Fund		6,668		106,533		—		—		113,201
Russell 2000® Fund		2,223		101,084		—		—		103,307
Dow Jones Industrial Average® Fund		23,501		49,112		—		—		72,613
Government Long Bond 1.2x Strategy Fund		—		—		360,215		—		360,215
High Yield Strategy Fund		—		—		197,739		222,263		420,002
Inverse High Yield Strategy Fund		—		—		620		—		620

* Includes cumulative appreciation (depreciation) of futures contracts and centrally-cleared swaps as reported on the Schedules of Investments. Variation margin is reported within the Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended September 30, 2021:

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

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The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statements of Operations categorized by primary risk exposure for the period ended September 30, 2021:

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	$	557,476		$	28,074,006		$	—		$	—		$	28,631,482
S&P 500® Fund		(21,288	)		1,471,200			—			—			1,449,912
Inverse S&P 500® Strategy Fund		(1,217,127	)		(6,092,208	)		—			—			(7,309,335	)
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		4,518,403			29,232,355			—			—			33,750,758
Inverse NASDAQ-100® Strategy Fund		(697,460	)		(2,089,830	)		—			—			(2,787,290	)
Mid-Cap 1.5x Strategy Fund		28,366			817,230			—			—			845,596
Inverse Mid-Cap Strategy Fund		—			(39,959	)		—			—			(39,959	)
Russell 2000® 1.5x Strategy Fund		(139,486	)		(313,927	)		—			—			(453,413	)
Russell 2000® Fund		(334,700	)		223,833			—			—			(110,867	)
Inverse Russell 2000® Strategy Fund		(47,747	)		(13,186	)		—			—			(60,933	)
Dow Jones Industrial Average® Fund		77,323			399,506			—			—			476,829
Government Long Bond 1.2x Strategy Fund		—			—			4,017,456			—			4,017,456
Inverse Government Long Bond Strategy Fund		—			—			(1,478,582	)		—			(1,478,582	)
High Yield Strategy Fund		—			—			(95,675	)		1,011,986			916,311
Inverse High Yield Strategy Fund		—			—			(1,067	)		(316,752	)		(317,819	)

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	$	(661,499	)	$	(10,651,787	)	$	—		$	—		$	(11,313,286	)
S&P 500® Fund		—			(188,156	)		—			—			(188,156	)
Inverse S&P 500® Strategy Fund		24,089			2,401,783			—			—			2,425,872
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		(2,446,590	)		(10,327,633	)		—			—			(12,774,223	)
Inverse NASDAQ-100® Strategy Fund		44,931			(198,588	)		—			—			(153,657	)
Mid-Cap 1.5x Strategy Fund		2,707			(399,029	)		—			—			(396,322	)
Inverse Mid-Cap Strategy Fund		—			40,812			—			—			40,812
Russell 2000® 1.5x Strategy Fund		25,135			(73,665	)		—			—			(48,530	)
Russell 2000® Fund		176,109			(173,579	)		—			—			2,530
Inverse Russell 2000® Strategy Fund		(31,475	)		(63,785	)		—			—			(95,260	)
Dow Jones Industrial Average® Fund		(25,337	)		(203,580	)		—			—			(228,917	)
Government Long Bond 1.2x Strategy Fund		—			—			(712,480	)		—			(712,480	)
Inverse Government Long Bond Strategy Fund		—			—			(58,017	)		—			(58,017	)
High Yield Strategy Fund		—			—			(29,605	)		(275,012	)		(304,617	)
Inverse High Yield Strategy Fund		—			—			(32,797	)		57,646			24,849

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

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions of investment grade or better. The Trust monitors the counterparty credit risk.

Note 3 – Offsetting

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 169

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

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

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
Inverse S&P 500® Strategy Fund	Swap equity contracts	$	1,892,782	$	—	$	1,892,782	$	—	$	—	$	1,892,782
Inverse NASDAQ-100® Strategy Fund	Swap equity contracts		919,233		—		919,233		—		—		919,233
Inverse Mid-Cap Strategy Fund	Swap equity contracts		32,125		—		32,125		—		—		32,125
Inverse Russell 2000® Strategy Fund	Swap equity contracts		47,471		—		47,471		—		—		47,471
High Yield Strategy Fund	Credit index swap agreements		596		—		596		—		—		596

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Nova Fund	Swap equity contracts	$	9,581,839	$	—	$	9,581,839	$	(9,468,741	)	$	—		$	113,098
S&P 500® Fund	Swap equity contracts		145,590		—		145,590		(64,701	)		—			80,889
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Swap equity contracts		8,780,965		—		8,780,965		(275,571	)		(8,384,965	)		120,429
Mid-Cap 1.5x Strategy Fund	Swap equity contracts		126,909		—		126,909		(121,993	)		—			4,916
Russell 2000® 1.5x Strategy Fund	Swap equity contracts		106,533		—		106,533		(80,576	)		—			25,957
Russell 2000® Fund	Swap equity contracts		101,084		—		101,084		(87,959	)		—			13,125
Dow Jones Industrial Average® Fund	Swap equity contracts		49,112		—		49,112		(23,376	)		—			25,736
High Yield Strategy Fund	Credit index swap agreements		51,369		—		51,369		(51,369	)		—			—

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, 2021.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Nova Fund	Goldman Sachs International	Futures contracts	$	686,425	$	—
Monthly Rebalance NASDAQ-100® 2x Strategy Fund	Barclays Bank plc	Total return swap agreements		23,220,000		—
	Goldman Sachs International	Futures contracts		2,289,000		—
Monthly Rebalance NASDAQ-100® 2x Strategy Fund Total				25,509,000		—
Inverse Russell 2000® Strategy Fund	Barclays Bank plc	Total return swap agreements		17,019		—
Government Long Bond 1.2x Strategy Fund	Goldman Sachs International	Futures contracts		597,595		—
High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		—		260,058
	Goldman Sachs International	Credit default swap agreements		—		1,380,373
	Goldman Sachs International	Futures contracts		21,046		—
High Yield Strategy Fund Total				21,046		1,640,431
Inverse High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		1,897,487		—
	Goldman Sachs International	Futures contracts		47,270		—
Inverse High Yield Strategy Fund Total				1,944,757		—
Russell 2000® 1.5x Strategy Fund	Goldman Sachs International	Futures contracts		12,136		—

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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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

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 used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored 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	%

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

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

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

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

For the period ended September 30, 2021, GFD retained sales charges of $72,187 relating to sales of A-Class 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, 2021, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Nova Fund	$	29,809
Inverse S&P 500® Strategy Fund		6,327
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		27,466
Inverse NASDAQ-100® Strategy Fund		1,906
Mid-Cap 1.5x Strategy Fund		1,935
Inverse Mid-Cap Strategy Fund		95
Russell 2000® 1.5x Strategy Fund		1,402
Inverse Russell 2000® Strategy Fund		1,593
Dow Jones Industrial Average® Fund		1,034
Government Long Bond 1.2x Strategy Fund		5,199
Inverse Government Long Bond Strategy Fund		6,605
High Yield Strategy Fund		2,847
Inverse High Yield Strategy Fund		417

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. This agreement may be terminated only with the approval of the Fund’s Board of Trustees.

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

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

Note 6 – Repurchase Agreements

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

At September 30, 2021, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
0.05%					1.50%
Due 10/01/21	$	150,861,939	$	150,862,148	Due 01/15/23	$	150,772,500	$	153,879,256
BofA Securities, Inc.					U.S. Treasury Note
0.02%					0.13%
Due 10/01/21		58,617,555		58,617,587	Due 12/31/22		59,788,400		59,789,984
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
0.03%					0.13%
Due 10/01/21		58,617,555		58,617,604	Due 04/15/22		58,937,372		59,789,963

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

Note 7 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Security lending income shown on the Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund — Class Z.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2021, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

	Gross Amounts Not Offset in the Statements of Assets and Liabilities							Securities Lending Collateral
Fund	Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested		Cash Collateral Uninvested		Total Collateral
Nova Fund	$	28,654	$	(28,654	)	$	—	$	29,354	$	—	$	29,354
S&P 500® Fund		14,670		(14,670	)		—		15,028		—		15,028
Mid-Cap 1.5x Strategy Fund		47,852		(47,852	)		—		49,818		—		49,818
Russell 2000® Fund		2,058,701		(2,058,701	)		—		2,119,448		—		2,119,448
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		14,085		(14,085	)		—		14,431		—		14,431

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

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

Note 8 – Federal Income Tax Information

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

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2021, 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	$	453,999,204	$	—	$	(13,742,263	)	$	(13,742,263	)
S&P 500® Fund		141,912,421		30,808,493		(278,750	)		30,529,743
Inverse S&P 500® Strategy Fund		48,769,769		2,000,739		(8,202	)		1,992,537
Monthly Rebalance Nasdaq—100 2x Strategy Fund		448,134,831		721,005		(11,598,007	)		(10,877,002	)
Inverse NASDAQ—100® Strategy Fund		17,832,298		980,014		(260	)		979,754
Mid—Cap 1.5x Strategy Fund		10,569,047		2,894,680		(221,975	)		2,672,705
Inverse Mid—Cap Strategy Fund		1,477,582		33,143		—			33,143
Russell 2000® 1.5x Strategy Fund		11,151,366		14,576		(121,190	)		(106,614	)
Russell 2000® Fund		34,541,803		3,641		(140,282	)		(136,641	)
Inverse Russell 2000® Strategy Fund		5,642,998		83,692		(30	)		83,662
Dow Jones Industrial Average® Fund		19,972,615		4,359,905		(167,304	)		4,192,601
Government Long Bond 1.2x Strategy Fund		70,301,813		—		(3,388,055	)		(3,388,055	)
Inverse Government Long Bond Strategy Fund		146,527,919		2,443,664		(20,373	)		2,423,291
High Yield Strategy Fund		44,464,903		86,461		(425,139	)		(338,678	)
Inverse High Yield Strategy Fund		13,053,505		26,897		(620	)		26,277
U.S. Government Money Market Fund		305,054,958		—		—			—

Note 9 – Securities Transactions

For the period ended September 30, 2021, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Nova Fund	$	1,270,803,948	$	1,242,268,626
S&P 500® Fund		191,189,359		158,609,076
Inverse S&P 500® Strategy Fund		—		1,000,000
Monthly Rebalance NASDAQ-100® 2x Strategy Fund		1,023,659,160		720,907,778
Mid-Cap 1.5x Strategy Fund		7,430,440		8,401,946
Inverse Mid-Cap Strategy Fund		30,000		60,000
Russell 2000® Fund		2,799,131		—
Dow Jones Industrial Average® Fund		21,045,615		17,804,617
Government Long Bond 1.2x Strategy Fund		2,000,000		6,500,000
Inverse High Yield Strategy Fund		1,100,000		2,400,000
U.S. Government Money Market Fund		3,728,521		—

For the period ended September 30, 2021, the cost of purchases and proceeds from sales of government securities were as follows:

Fund	Purchases		Sales
Inverse NASDAQ-100® Strategy Fund	$	2,041,641	$	—
Russell 2000® Fund		5,097,070		5,091,211
Government Long Bond 1.2x Strategy Fund		754,795,234		822,407,688
Inverse Government Long Bond Strategy Fund		579,945,094		627,757,641
High Yield Strategy Fund		2,548,535		2,545,605
U.S. Government Money Market Fund		5,700,055		—

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

176 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2021, 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	$	311,215,279	$	300,765,707	$	6,023,034
S&P 500® Fund		132,741,905		108,266,009		(1,002,433	)
Monthly Rebalance Nasdaq-100® 2x Strategy Fund		170,809,933		152,955,675		(2,515,834	)
Mid-Cap 1.5x Strategy Fund		527,327		1,305,763		(45,384	)
Russell 2000® 1.5x Strategy Fund		—		1,253,784		3,784
Dow Jones Industrial Average® Fund		7,623,400		5,783,789		(126,062	)
U.S. Government Money Market Fund		16,271,864		—		—

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 7, 2021, the line of credit agreement was renewed and expires on June 6, 2022. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 1.25% for the period ended September 30, 2021. The Funds did not have any borrowings outstanding under this agreement at September 30, 2021.

The average daily balances borrowed for the period ended September 30, 2021, were as follows:

Fund	Average Daily Balance
Nova Fund	$	18,595
Inverse S&P 500® Strategy Fund		2,447
Monthly Rebalance Nasdaq-100® 2x Strategy Fund		25,882
Mid-Cap 1.5x Strategy Fund		74
Inverse Government Long Bond Strategy Fund		907

Note 11 – Legal Proceedings

Tribune Company

Rydex Series Funds has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership by certain series of the Rydex Series Funds of shares in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including the Rydex Series Funds, the proceeds they received in connection with the LBO.

In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex Series Funds has been named as a defendant in one or more of these suits. In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.

The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2296 (S.D.N.Y.) (the “MDL Proceeding”).

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On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order.

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments.

On April 12, 2016, the Plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Funds, filed a joint brief in opposition to the petition for certiorari on October 24, 2016. On April 3, 2018, Justice Kennedy and Justice Thomas issued a “Statement” related to the petition for certiorari suggesting that the Second Circuit and/or District Court may want to take steps to reexamine the application of the Section 546(e) safe harbor to the previously dismissed state law constructive fraudulent transfer claims based on the Supreme Court’s decision in Merit Management Group LP v. FTI Consulting, Inc. On April 10, 2018, Plaintiffs filed in the Second Circuit a motion for that court to recall its mandate, vacate its prior decision, and remand to the district court for further proceedings consistent with Merit Management. On April 20, 2018, the shareholder defendants filed an opposition to Plaintiffs’ motion to recall the mandate. On May 15, 2018, the Second Circuit issued an order recalling the mandate “in anticipation of further panel review.” On December 19, 2019, the Second Circuit issued an amended opinion that again affirmed the district court’s ruling on the basis that plaintiffs’ claims were preempted by Section 546(e) of the Bankruptcy Code. Plaintiffs filed a motion for rehearing and rehearing en banc on January 2, 2020. The Second Circuit denied the petition on February 6, 2020. On July 6, 2020, plaintiffs filed a new petition for a writ of certiorari in the U.S. Supreme Court. In that petition, plaintiffs stated that “[t]o make it more likely that there will be a quorum for this petition,” they have “abandon[ed] the case and let the judgment below stand” with respect to certain defendants. That list did not include the Rydex Series Funds. Defendants filed an opposition to the certiorari petition on August 26, 2020, and plaintiffs filed a reply in support of the petition for certiorari on September 8, 2020. On March 12, 2021, the Solicitor General filed an amicus brief recommending that certiorari be denied. Plaintiffs filed a supplemental brief in response to the Solicitor General’s amicus brief on March 31, 2021, and Defendants filed a supplemental brief on April 1, 2021. The Court denied the petition for certiorari on April 19, 2021.

On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. The plaintiff requested that the Court direct entry of a final judgment in order to make the order immediately appealable. On February 23, 2017, the Court issued an order stating that it intended to permit an interlocutory appeal of the dismissal order, but would wait to do so until it has resolved outstanding motions to dismiss filed by other defendants.

On July 18, 2017, the plaintiff submitted a letter to the District Court seeking leave to amend its complaint to add a constructive fraudulent transfer claim. The shareholder defendants opposed that request. On August 24, 2017, the Court denied the plaintiff’s request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed his request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court’s ruling in Merit Management Group LP v. FTI Consulting, Inc. The shareholder defendants opposed that request. On June 18, 2018 the District Court ordered that the request would be stayed pending further action by the Second Circuit in the SLCFC actions.

On December 18, 2018, plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating plaintiff’s intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the court held a case management conference, during which the court stated that it would not lift the stay prior to further action from the Second Circuit in the SLCFC actions. The court further stated that it would allow the plaintiff to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the court ordered the parties still facing pending claims to participate in a mediation, to commence on January 28, 2019. The mediation did not result in a settlement of the claims against the shareholder defendants.

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On April 4, 2019, plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal constructive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to plaintiff’s motion to amend. On April 12, 2019, the plaintiff filed a reply brief. On April 23, 2019, the court denied the plaintiff’s motion to amend. On June 13, 2019, the court entered judgment pursuant to Rule 54(b). On July 12, 2019, the Plaintiff filed a notice of appeal with respect to the dismissal of his claims and the District Court’s denial of his motion for leave to amend. Plaintiff filed an appellate brief on January 7, 2020. The shareholder defendants’ brief was filed on April 27, 2020. Plaintiff filed a reply brief on May 18, 2020. The Court held oral argument on August 24, 2020. On August 20, 2021, the Second Circuit affirmed the District Court’s orders: (1) dismissing the intentional fraudulent conveyance claims against the shareholder-defendants; and (2) denying the plaintiff leave to amend the complaint to add a constructive fraudulent conveyance claim against the shareholder-defendants. Plaintiff filed a petition for rehearing en banc on September 3, 2021. On October 7, 2021, the Second Circuit denied the petition.

None of these lawsuits alleges any wrongdoing on the part of Rydex Series Funds. The following series of Rydex Series Funds held shares of Tribune and tendered these shares as part of Tribune’s LBO: Nova Fund, S&P 500^® Pure Value Fund, Multi-Cap Core Equity Fund, S&P 500^® Fund, Multi-Hedge Strategies Fund and Hedged Equity Fund (the “Funds”). The value of the proceeds received by the foregoing Funds was $28,220, $109,242, $9,860, $3,400, $1,181,160, and $10,880, respectively. At this stage of the proceedings, Rydex Series Funds is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on a Fund’s net asset value.

Note 12 – COVID-19

The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

Note 13 – Subsequent Events

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

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Delivery of Shareholder Reports

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

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

Proxy Voting Information

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

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

Sector Classification

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

Quarterly Portfolio Schedules Information

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

Report of the Rydex Series Funds Contracts Review Committee

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

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

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●	Inverse Government Long Bond Strategy Fund	●	Inverse High Yield Strategy Fund
●	Inverse Mid-Cap Strategy Fund	●	Inverse NASDAQ-100 Strategy Fund
●	Inverse Russell 2000 Strategy Fund	●	Inverse S&P 500 Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100 2x Strategy Fund
●	NASDAQ-100 Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000 1.5x Strategy Fund
●	Russell 2000 Fund	●	S&P 500 Fund
●	S&P 500 Pure Growth Fund	●	S&P 500 Pure Value Fund
●	S&P MidCap 400 Pure Growth Fund	●	S&P MidCap 400 Pure Value Fund
●	S&P SmallCap 600 Pure Growth Fund	●	S&P SmallCap 600 Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund

Alternative Funds** (i.e., Non-Tradable Funds)
●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

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

Security Investors, LLC (“Security Investors”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as investment adviser to each of the Funds pursuant to an investment advisory agreement between the Trust, with respect to the Funds, and Security Investors (the “Advisory Agreement”).¹ (Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors and other affiliated investment management businesses of Guggenheim Partners.)

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

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 Independent Trustees 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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The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) casting votes in person at a meeting called for such purpose.² At meetings held by videoconference on April 20, 2021 (the “April Meeting”) and on May 26, 2021 (the “May Meeting”), the members of the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement in connection with the Committee’s annual contract review schedule.

As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee met with a representative of FUSE at the April Meeting to discuss how FUSE determined the appropriate peer groups for the Funds. Thereafter, 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 each Tradable Fund is designed to provide tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds and the Real Estate Fund, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds and the Real Estate Fund. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark.

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

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term.

² On March 13, 2020, the Securities and Exchange Commission issued an exemptive order providing relief to registered management investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease 2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief, initially provided for a limited period of time, has been extended multiple times and was in effect as of May 26, 2021. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreement at a meeting of the Board held by videoconference on May 26, 2021.

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OTHER INFORMATION (Unaudited)(continued)

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, the funds in the Guggenheim fund complex, including the Funds.

The Committee’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 entrepreneurial, legal, regulatory and operational risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, and the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2020 and 2019. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee also took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector or market, and corporate actions such as spin-offs, among other adjustments.

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

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

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

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

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2020, 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

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periods ended December 31, 2020, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. For the Tradable Funds (other than U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2020, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain updated performance information as of March 31, 2021.

With respect to the Tradable Funds (other than U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances in which there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary driver 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, for the five-year and three-year periods ended December 31, 2020, as applicable, noting the Adviser’s view that, in general, such five-year and three-year periods are a reasonable proxy for anticipated levels of tracking error in most cases. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points), as applicable, of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2020, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund outperformed the comparable peer fund over the five-year, three-year and one-year periods ended December 31, 2020, although its performance ranked in the fourth quartile of the broader peer group over the same 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, 2020, 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 third 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 73rd and 79th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2020, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the three-year time period was primarily a result of the Fund’s fundamental factor tilts. The Committee noted management’s statement that the Fund’s long exposure to value and short exposure to growth, as well as negative sector exposures to well-performing sectors, have detracted from investment performance. The Committee noted that, as of March 31, 2021, the five-year and three-year performance rankings had improved to the 61st and 60th percentiles, respectively.

Managed Futures Strategy Fund: The returns of the Fund’s Institutional Class shares ranked in the 79th and 50th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2020, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the poor performance of the Fund’s previous dedicated trend-following strategy in 2016, during which time trend-following models were routinely hurt by the frequent whipsawing in the market, particularly in commodities, and to poor performance in 2018 as the Fund had exposure to equities which sold off heavily in the fourth quarter. The Committee took into account management’s statement that the Fund changed its underlying investment model in 2017, moving to a more diversified, systematic multi-model system that employs a core-satellite approach (i.e., a combination of passively-managed and actively-managed allocations), resulting in more competitive performance over the three-year and one-year time periods. The Committee also noted that, since 2018, the Fund’s performance has improved. The Committee noted that, as of March 31, 2021, the five-year and three-year performance rankings were in the 66th and 53rd percentiles, respectively.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and 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 fee³ and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that 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 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

³ 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)

other competitor product suite is directly comparable in this regard. For those Tradable Funds with a peer fund from the directly comparable product suite, the Committee noted that the contractual advisory fee for each Fund’s Class H shares was equal to or lower than the contractual advisory fee charged to the peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund.

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, although the Fund’s contractual advisory fee and total net expense ratio are higher than those of the comparable peer fund, the Fund’s net effective management fee is lower than that of the peer fund and the Fund’s total net expense ratio is close to that of the peer fund. The Committee noted the Adviser’s statement that, given the current low interest rate environment, it is currently waiving, and intends to continue to waive, all or a portion of its fees to the extent necessary to maintain the Fund’s stable net asset value.

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

With respect to the Alternative Funds (i.e., the non-Tradable Funds), 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 (43rd percentile) of its peer group. Although the net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (79th percentile) of its peer group, the Committee considered that the total net expense ratio for the Fund’s Institutional Class shares ranks in the first quartile (21st 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, 2020, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2019. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis.

In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s 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.

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OTHER INFORMATION (Unaudited)(concluded)

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

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that, although Guggenheim’s overall expenses declined in 2020, generally, costs are anticipated to increase in many key areas, including compensation of portfolio managers, key analysts and support staff, as well as for infrastructure needs, with respect to risk management oversight, valuation processes and disaster recovery systems, among other things.

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

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

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

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her well-informed business judgment, may afford different weights to different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended the renewal of the Advisory Agreement for an additional annual term.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	158	Current: Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2006-2016).
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present). Former: Senior Leader, TIAA (1987-2012).	157	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Infinity Property & Casualty Corp. (2014-2018).
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Co-Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present).	157	Current: US Global Investors (GROW) (1995-present). Former: Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	158	Current: PPM Funds (2) (2018-present); Edward-Elmhurst Healthcare System (2012-present). Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	157	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	157	Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).

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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).	157	None.

*	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, Fiduciary/Claymore Energy Infrastructure Fund, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Enhanced Equity Income Fund, Guggenheim Energy & Income Fund, Guggenheim Credit Allocation 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’ Investment Manager and/or the parent of the Investment Manager.

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

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

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2016	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2019	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2016	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, 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.

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

How We Protect Privacy Online

We take steps to protect your privacy when you use our web site – www.guggenheiminvestments.com – by using secure forms of online communication, including encryption technology, Secure Socket Layer (SSL) protocol, firewalls and user names and passwords. These safeguards vary based on the sensitivity of the information that we collect and store. However, we cannot and do not guarantee that these measures will prevent every unauthorized attempt to access, use, or disclose your information since despite our efforts, no Internet and/or other electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

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.

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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 | 195

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

In compliance with SEC Rule 22e-4 under the U.S. Investment Company Act of 1940 (the “Liquidity Rule”), the Rydex Series Trust (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” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Program includes a number of elements that support the assessment, management and review of liquidity risk. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, 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 based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Program is reasonably designed to meet Liquidity Rule requirements relating to “highly liquid investment minimums” (i.e., the minimum amount of Fund 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. 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, 2020, to March 31, 2021. The Report 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. The Report further concluded that the Program operated effectively during recent market conditions arising from COVID-19.

Please refer to your 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.

196 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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9.30.2021

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-0921x0322

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
A BRIEF NOTE ON THE COMPOUNDING OF RETURNS	6
ABOUT SHAREHOLDERS’ FUND EXPENSES	7
S&P 500® PURE GROWTH FUND	10
S&P 500® PURE VALUE FUND	17
S&P MIDCAP 400® PURE GROWTH FUND	25
S&P MIDCAP 400® PURE VALUE FUND	32
S&P SMALLCAP 600® PURE GROWTH FUND	39
S&P SMALLCAP 600® PURE VALUE FUND	47
EUROPE 1.25x STRATEGY FUND	55
JAPAN 2x STRATEGY FUND	64
STRENGTHENING DOLLAR 2x STRATEGY FUND	72
WEAKENING DOLLAR 2x STRATEGY FUND	80
NOTES TO FINANCIAL STATEMENTS	88
OTHER INFORMATION	102
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	110
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	115
LIQUIDITY RISK MANAGEMENT PROGRAM	118

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2021

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, 2021.

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, 2021

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

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

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 2021

COVID-19. The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this 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. ● It is important to note that the Funds are not guaranteed by the U.S. government. ● For more on these and other risks, please read the prospectus.

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 Funds’ 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. ● It is important to note that the Funds are not guaranteed by the U.S. government. ● 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. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● For more on these and other risks, please read the prospectus.

The Weakening Dollar 2x Strategy Fund is subject to a number of risks and may not be suitable for all investors. ● The Fund’s use of derivatives such as futures and swap agreements may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. ● The Fund’s indirect exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. ● The more the Fund invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments. These risks may cause the Fund to experience higher losses and/or volatility than a fund that does not invest in derivatives, use leverage or have exposure to foreign currencies. ● Also, the Fund is subject to active trading and tracking error risks that may increase volatility, decrease performance and impact the Fund’s ability to achieve its investment objective. This Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a more diversified fund. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● 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, 2021

In the six months ending September 30, 2021, the equity market experienced a relatively steady upward climb that reversed amid seasonal pressures, inflation worry, and market uncertainty about the economic damage brought about by the potential emergence of new COVID variants.

Treasury yields posted their biggest rise in months following the Federal Open Market Committee (“FOMC”) meeting in September, at which Chair Powell noted that inflation would be higher and last longer than previously expected. The 10-year U.S. Treasury was still down slightly for the period.

Reports circulating in September about the inability of Evergrande, China’s second largest real estate development company, to repay an installment on its approximately $300 billion in debt sparked panic in credit markets in Asia. There was chatter about an Evergrande bankruptcy, a la Lehman Brothers, that would ignite a conflagration that could ravage China’s debt-reliant economy and spread across the world, triggering another global financial crisis. Others saw echoes of the collapse of Long-Term Capital Management, the highly leveraged hedge fund that collapsed in 1998 and required a bailout and debt rewind managed by the Federal Reserve (the “Fed”) to quell fears of a global financial meltdown.

As the month of September progressed and the Chinese government stepped in with liquidity and behind-the-scenes pressure on state-owned and state-backed enterprises to purchase Evergrande assets, tensions eased, but the question remains as to what ultimately will become of Evergrande. The most likely outcome is a “controlled fire” approach in which the government attempts to limit the contagion of Evergrande’s woes by propping up the company until its debts are restructured and reshuffled, its projects completed by others, and its properties sold off.

As Evergrande troubles captured the world’s attention, the September FOMC meeting made it clear that the Fed was not overly worried, at least not enough to push back its forecasted rate hikes. In fact, the tone of the meeting was somewhat hawkish, with the month’s Summary of Economic Projections revealing that half the committee members penciled in a rate hike for 2022. That would give them a policy option should elevated inflation turn out to be less temporary than expected. It also implies that a tapering of asset purchases would be completed sooner rather than later—a timetable corroborated when Chair Powell gave the strongest indication yet that tapering may start in November and for the first time suggested that asset purchases could conclude by mid-2022.

Markets reacted favorably to the Fed’s relatively sanguine view of the Evergrande situation, perhaps breathing a sigh of relief that it considers the problem insufficiently dangerous either to warrant action or to delay the normalization of rates in the United States. Interestingly, in place of several instances of the word “transitory” in the four previous FOMC press conference transcripts, the September transcript included no mention of the word, which may help explain the hawkish tilt to the meeting. Regarding the path for rates, half of FOMC members now see at least one hike in 2022, up from 39 percent in June. The median FOMC participant now sees in excess of six cumulative hikes through 2024, signaling an acknowledgement of intensifying supply side pressures and a labor market that could be at full employment within the next year.

For the six-month period ended September 30, 2021, the S&P 500^® Index* returned 9.18%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned 4.70%. The return of the MSCI Emerging Markets Index* was -3.45%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 1.88% return for the six-month period, while the Bloomberg U.S. Corporate High Yield Index* returned 3.65%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

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

*Index Definitions:

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

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

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

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 2021

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

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

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

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

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

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

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

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

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

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

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

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

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

An Example of Compounding

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

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

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

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

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

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

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

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2021 and ending September 30, 2021.

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, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Table 1. Based on actual Fund return3
S&P 500® Pure Growth Fund
A-Class	1.51%	16.49%	$ 1,000.00	$ 1,164.90	$ 8.19
C-Class	2.26%	16.06%	1,000.00	1,160.60	12.24
H-Class	1.51%	16.50%	1,000.00	1,165.00	8.20
S&P 500® Pure Value Fund
A-Class	1.51%	2.90%	1,000.00	1,029.00	7.68
C-Class	2.26%	2.50%	1,000.00	1,025.00	11.47
H-Class	1.50%	2.89%	1,000.00	1,028.90	7.63
S&P MidCap 400® Pure Growth Fund
A-Class	1.51%	0.00%	1,000.00	1,000.00	7.57
C-Class	2.26%	(0.39%)	1,000.00	996.10	11.31
H-Class	1.51%	0.00%	1,000.00	1,000.00	7.57
S&P MidCap 400® Pure Value Fund
A-Class	1.51%	1.25%	1,000.00	1,012.50	7.62
C-Class	2.26%	0.87%	1,000.00	1,008.70	11.38
H-Class	1.51%	1.26%	1,000.00	1,012.60	7.62
S&P SmallCap 600® Pure Growth Fund
A-Class	1.51%	0.59%	1,000.00	1,005.90	7.59
C-Class	2.26%	0.22%	1,000.00	1,002.20	11.34
H-Class	1.51%	0.62%	1,000.00	1,006.20	7.59
S&P SmallCap 600® Pure Value Fund
A-Class	1.51%	4.95%	1,000.00	1,049.50	7.76
C-Class	2.26%	4.56%	1,000.00	1,045.60	11.59
H-Class	1.51%	4.95%	1,000.00	1,049.50	7.76
Europe 1.25x Strategy Fund
A-Class	1.72%	5.59%	1,000.00	1,055.90	8.86
C-Class	2.47%	5.23%	1,000.00	1,052.30	12.71
H-Class	1.72%	5.62%	1,000.00	1,056.20	8.87
Japan 2x Strategy Fund
A-Class	1.49%	(2.12%)	1,000.00	978.80	7.39
C-Class	2.23%	(2.49%)	1,000.00	975.10	11.04
H-Class	1.49%	(2.13%)	1,000.00	978.70	7.39
Strengthening Dollar 2x Strategy Fund
A-Class	1.89%	1.36%	1,000.00	1,013.60	9.54
C-Class	2.64%	0.99%	1,000.00	1,009.90	13.30
H-Class	1.89%	1.37%	1,000.00	1,013.70	9.54
Weakening Dollar 2x Strategy Fund
A-Class	1.87%	(3.25%)	1,000.00	967.50	9.22
C-Class	2.62%	(3.62%)	1,000.00	963.80	12.90
H-Class	1.87%	(3.26%)	1,000.00	967.40	9.22

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
S&P 500® Pure Growth Fund
A-Class	1.51%	5.00%	$ 1,000.00	$ 1,017.50	$ 7.64
C-Class	2.26%	5.00%	1,000.00	1,013.74	11.41
H-Class	1.51%	5.00%	1,000.00	1,017.50	7.64
S&P 500® Pure Value Fund
A-Class	1.51%	5.00%	1,000.00	1,017.50	7.64
C-Class	2.26%	5.00%	1,000.00	1,013.74	11.41
H-Class	1.50%	5.00%	1,000.00	1,017.55	7.59
S&P MidCap 400® Pure Growth Fund
A-Class	1.51%	5.00%	1,000.00	1,017.50	7.64
C-Class	2.26%	5.00%	1,000.00	1,013.74	11.41
H-Class	1.51%	5.00%	1,000.00	1,017.50	7.64
S&P MidCap 400® Pure Value Fund
A-Class	1.51%	5.00%	1,000.00	1,017.50	7.64
C-Class	2.26%	5.00%	1,000.00	1,013.74	11.41
H-Class	1.51%	5.00%	1,000.00	1,017.50	7.64
S&P SmallCap 600® Pure Growth Fund
A-Class	1.51%	5.00%	1,000.00	1,017.50	7.64
C-Class	2.26%	5.00%	1,000.00	1,013.74	11.41
H-Class	1.51%	5.00%	1,000.00	1,017.50	7.64
S&P SmallCap 600® Pure Value Fund
A-Class	1.51%	5.00%	1,000.00	1,017.50	7.64
C-Class	2.26%	5.00%	1,000.00	1,013.74	11.41
H-Class	1.51%	5.00%	1,000.00	1,017.50	7.64
Europe 1.25x Strategy Fund
A-Class	1.72%	5.00%	1,000.00	1,016.44	8.69
C-Class	2.47%	5.00%	1,000.00	1,012.68	12.46
H-Class	1.72%	5.00%	1,000.00	1,016.44	8.69
Japan 2x Strategy Fund
A-Class	1.49%	5.00%	1,000.00	1,017.60	7.54
C-Class	2.23%	5.00%	1,000.00	1,013.89	11.26
H-Class	1.49%	5.00%	1,000.00	1,017.60	7.54
Strengthening Dollar 2x Strategy Fund
A-Class	1.89%	5.00%	1,000.00	1,015.59	9.55
C-Class	2.64%	5.00%	1,000.00	1,011.83	13.31
H-Class	1.89%	5.00%	1,000.00	1,015.59	9.55
Weakening Dollar 2x Strategy Fund
A-Class	1.87%	5.00%	1,000.00	1,015.69	9.45
C-Class	2.62%	5.00%	1,000.00	1,011.93	13.21
H-Class	1.87%	5.00%	1,000.00	1,015.69	9.45

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2021 to September 30, 2021.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Monolithic Power Systems, Inc.	2.5%
NVIDIA Corp.	2.5%
SVB Financial Group	2.5%
Etsy, Inc.	2.3%
Tesla, Inc.	2.2%
Fortinet, Inc.	2.2%
Align Technology, Inc.	2.1%
PayPal Holdings, Inc.	2.1%
ServiceNow, Inc.	2.0%
Generac Holdings, Inc.	2.0%
Top Ten Total	22.4%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	16.49%	34.19%	17.05%	16.31%
A-Class Shares with sales charge‡	10.96%	27.81%	15.91%	15.75%
C-Class Shares	16.06%	33.19%	16.17%	15.44%
C-Class Shares with CDSC§	15.06%	32.19%	16.17%	15.44%
H-Class Shares	16.50%	34.20%	17.04%	16.31%
S&P 500 Pure Growth Index	17.44%	36.43%	19.05%	18.28%

*	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, 2021
S&P 500® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Technology - 35.9%
Monolithic Power Systems, Inc.		3,227	$	1,564,062
NVIDIA Corp.		7,444		1,542,099
Fortinet, Inc.*		4,692		1,370,252
ServiceNow, Inc.*		1,986		1,235,828
Adobe, Inc.*		1,700		978,724
KLA Corp.		2,860		956,699
Advanced Micro Devices, Inc.*		9,255		952,339
Teradyne, Inc.		8,642		943,447
MSCI, Inc. — Class A		1,547		941,102
Paycom Software, Inc.*		1,858		921,104
salesforce.com, Inc.*		3,284		890,686
Apple, Inc.		6,275		887,912
Autodesk, Inc.*		2,993		853,514
Cadence Design Systems, Inc.*		5,295		801,875
Lam Research Corp.		1,382		786,565
Microsoft Corp.		2,750		775,280
Synopsys, Inc.*		2,534		758,705
Intuit, Inc.		1,350		728,338
Applied Materials, Inc.		5,346		688,191
QUALCOMM, Inc.		4,623		596,275
Take-Two Interactive Software, Inc.*		3,726		574,065
Qorvo, Inc.*		3,195		534,172
Xilinx, Inc.*		3,145		474,864
ANSYS, Inc.*		1,367		465,395
Tyler Technologies, Inc.*		948		434,800
PTC, Inc.*		3,278		392,672
Total Technology				22,048,965
Consumer, Non-cyclical - 28.8%
Align Technology, Inc.*		1,974		1,313,559
PayPal Holdings, Inc.*		5,035		1,310,157
Dexcom, Inc.*		2,184		1,194,342
West Pharmaceutical Services, Inc.		2,709		1,150,079
IDEXX Laboratories, Inc.*		1,699		1,056,608
United Rentals, Inc.*		2,951		1,035,594
Charles River Laboratories International, Inc.*		2,375		980,091
Bio-Rad Laboratories, Inc. — Class A*		1,283		957,054
Catalent, Inc.*		6,854		912,062
Regeneron Pharmaceuticals, Inc.*		1,452		878,721
DaVita, Inc.*		7,303		849,047
ABIOMED, Inc.*		2,222		723,305
Thermo Fisher Scientific, Inc.		1,212		692,452
PerkinElmer, Inc.		3,819		661,794
ResMed, Inc.		2,260		595,623
Bio-Techne Corp.		1,175		569,370
Monster Beverage Corp.*		5,809		516,013
Rollins, Inc.		14,084		497,588
S&P Global, Inc.		1,132		480,976
MarketAxess Holdings, Inc.		1,103		464,021
Vertex Pharmaceuticals, Inc.*		2,391		433,704
Verisk Analytics, Inc. — Class A		2,032		406,949
Total Consumer, Non-cyclical				17,679,109
Communications - 12.8%
Etsy, Inc.*		6,816		1,417,455
Netflix, Inc.*		1,688		1,030,254
Amazon.com, Inc.*		311		1,021,648
Facebook, Inc. — Class A*		2,565		870,535
eBay, Inc.		11,776		820,434
Charter Communications, Inc. — Class A*		818		595,144
Arista Networks, Inc.*		1,687		579,721
Twitter, Inc.*		8,778		530,103
Alphabet, Inc. — Class A*		188		502,622
Alphabet, Inc. — Class C*		181		482,421
Total Communications				7,850,337
Consumer, Cyclical - 9.8%
Tesla, Inc.*		1,773		1,374,926
Tractor Supply Co.		4,855		983,672
Domino’s Pizza, Inc.		1,800		858,528
Pool Corp.		1,961		851,878
Chipotle Mexican Grill, Inc. — Class A*		424		770,628
Dollar General Corp.		2,869		608,630
Copart, Inc.*		3,999		554,741
Total Consumer, Cyclical				6,003,003
Industrial - 5.1%
Generac Holdings, Inc.*		3,012		1,230,914
Old Dominion Freight Line, Inc.		2,568		734,396
Trimble, Inc.*		7,570		622,632
Mettler-Toledo International, Inc.*		396		545,435
Total Industrial				3,133,377
Financial - 3.3%
SVB Financial Group*		2,382		1,540,868
Brown & Brown, Inc.		9,008		499,494
Total Financial				2,040,362
Basic Materials - 2.4%
Albemarle Corp.		4,523		990,401
FMC Corp.		5,149		471,443
Total Basic Materials				1,461,844
Energy - 1.5%
Enphase Energy, Inc.*		5,972		895,621
Total Common Stocks
(Cost $42,077,589)				61,112,618

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
S&P 500® PURE GROWTH FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	257,406	$	257,406
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		100,016		100,016
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		100,015		100,015
Total Repurchase Agreements
(Cost $457,437)				457,437
Total Investments - 100.3%
(Cost $42,535,026)			$	61,570,055
Other Assets & Liabilities, net - (0.3)%				(158,887	)
Total Net Assets - 100.0%			$	61,411,168

*	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, 2021 (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	$	61,112,618	$	—	$	—	$	61,112,618
Repurchase Agreements		—		457,437		—		457,437
Total Assets	$	61,112,618	$	457,437	$	—	$	61,570,055

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, 2021

Assets:
Investments, at value (cost $42,077,589)	$	61,112,618
Repurchase agreements, at value (cost $457,437)		457,437
Receivables:
Securities sold		4,104,439
Fund shares sold		23,895
Dividends		11,942
Total assets		65,710,331
Liabilities:
Payable for:
Fund shares redeemed		4,123,833
Management fees		63,863
Distribution and service fees		26,533
Transfer agent and administrative fees		22,906
Portfolio accounting fees		8,515
Trustees’ fees*		599
Miscellaneous		52,914
Total liabilities		4,299,163
Commitments and contingent liabilities (Note 11)		—
Net assets	$	61,411,168
Net assets consist of:
Paid in capital	$	39,721,835
Total distributable earnings (loss)		21,689,333
Net assets	$	61,411,168
A-Class:
Net assets	$	13,200,048
Capital shares outstanding		134,841
Net asset value per share	$	97.89
Maximum offering price per share (Net asset value divided by 95.25%)	$	102.77
C-Class:
Net assets	$	7,864,211
Capital shares outstanding		94,872
Net asset value per share	$	82.89
H-Class:
Net assets	$	40,346,909
Capital shares outstanding		412,287
Net asset value per share	$	97.86

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends	$	92,827
Interest		92
Total investment income		92,919
Expenses:
Management fees		294,987
Distribution and service fees:
A-Class		17,291
C-Class		37,837
H-Class		71,579
Transfer agent and administrative fees		108,699
Portfolio accounting fees		39,331
Professional fees		11,261
Custodian fees		4,937
Trustees’ fees*		3,022
Miscellaneous		34,028
Total expenses		622,972
Net investment loss		(530,053	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,561,173
Net realized gain		1,561,173
Net change in unrealized appreciation (depreciation) on:
Investments		8,874,340
Net change in unrealized appreciation (depreciation)		8,874,340
Net realized and unrealized gain		10,435,513
Net increase in net assets resulting from operations	$	9,905,460

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(530,053	)	$	(533,445	)
Net realized gain on investments		1,561,173			5,985,795
Net change in unrealized appreciation (depreciation) on investments		8,874,340			14,848,012
Net increase in net assets resulting from operations		9,905,460			20,300,362
Distributions to shareholders:
A-Class		—			(347,944	)
C-Class		—			(375,991	)
H-Class		—			(942,938	)
Total distributions to shareholders		—			(1,666,873	)
Capital share transactions:
Proceeds from sale of shares
A-Class		6,377,880			3,027,956
C-Class		1,781,578			3,741,861
H-Class		345,113,884			89,764,435
Distributions reinvested
A-Class		—			342,450
C-Class		—			373,797
H-Class		—			923,354
Cost of shares redeemed
A-Class		(4,919,835	)		(5,118,294	)
C-Class		(2,329,694	)		(6,297,073	)
H-Class		(333,696,221	)		(105,900,746	)
Net increase (decrease) from capital share transactions		12,327,592			(19,142,260	)
Net increase (decrease) in net assets		22,233,052			(508,771	)
Net assets:
Beginning of period		39,178,116			39,686,887
End of period	$	61,411,168		$	39,178,116
Capital share activity:
Shares sold
A-Class		67,982			39,994
C-Class		21,856			65,460
H-Class		3,543,417			1,203,307
Shares issued from reinvestment of distributions
A-Class		—			4,216
C-Class		—			5,402
H-Class		—			11,370
Shares redeemed
A-Class		(48,856	)		(70,507	)
C-Class		(29,385	)		(98,665	)
H-Class		(3,394,716	)		(1,433,175	)
Net increase (decrease) in shares		160,298			(272,598	)

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	84.03		$	53.91		$	65.86		$	66.50		$	57.84		$	51.74
Income (loss) from investment operations:
Net investment income (loss)b		(.60	)		(.80	)		(.29	)		(.50	)		(.36	)		(.44	)
Net gain (loss) on investments (realized and unrealized)		14.46			34.07			(8.09	)		3.42			12.57			6.56
Total from investment operations		13.86			33.27			(8.38	)		2.92			12.21			6.12
Less distributions from:
Net realized gains		—			(3.15	)		(3.57	)		(3.56	)		(3.55	)		(.02	)
Total distributions		—			(3.15	)		(3.57	)		(3.56	)		(3.55	)		(.02	)
Net asset value, end of period	$	97.89		$	84.03		$	53.91		$	65.86		$	66.50		$	57.84
Total Returnc		16.49	%		61.92	%		(13.76	%)		4.88	%		21.39	%		11.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,200		$	9,724		$	7,656		$	15,456		$	17,254		$	15,575
Ratios to average net assets:
Net investment income (loss)		(1.26	%)		(1.06	%)		(0.43	%)		(0.75	%)		(0.56	%)		(0.82	%)
Total expenses		1.51	%		1.60	%		1.63	%		1.61	%		1.53	%		1.53	%
Portfolio turnover rate		380	%		240	%		282	%		177	%		215	%		184	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	71.42		$	46.47		$	57.65		$	59.10		$	52.13		$	46.99
Income (loss) from investment operations:
Net investment income (loss)b		(.80	)		(1.16	)		(.69	)		(.90	)		(.75	)		(.77	)
Net gain (loss) on investments (realized and unrealized)		12.27			29.26			(6.92	)		3.01			11.27			5.93
Total from investment operations		11.47			28.10			(7.61	)		2.11			10.52			5.16
Less distributions from:
Net realized gains		—			(3.15	)		(3.57	)		(3.56	)		(3.55	)		(.02	)
Total distributions		—			(3.15	)		(3.57	)		(3.56	)		(3.55	)		(.02	)
Net asset value, end of period	$	82.89		$	71.42		$	46.47		$	57.65		$	59.10		$	52.13
Total Returnc		16.06	%		60.69	%		(14.40	%)		4.09	%		20.50	%		10.99	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,864		$	7,314		$	6,050		$	10,329		$	13,442		$	10,951
Ratios to average net assets:
Net investment income (loss)		(2.01	%)		(1.80	%)		(1.18	%)		(1.52	%)		(1.32	%)		(1.57	%)
Total expenses		2.26	%		2.35	%		2.38	%		2.36	%		2.28	%		2.27	%
Portfolio turnover rate		380	%		240	%		282	%		177	%		215	%		184	%

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	84.00		$	53.89		$	65.84		$	66.49		$	57.83		$	51.73
Income (loss) from investment operations:
Net investment income (loss)b		(.62	)		(.77	)		(.29	)		(.53	)		(.38	)		(.44	)
Net gain (loss) on investments (realized and unrealized)		14.48			34.03			(8.09	)		3.44			12.59			6.56
Total from investment operations		13.86			33.26			(8.38	)		2.91			12.21			6.12
Less distributions from:
Net realized gains		—			(3.15	)		(3.57	)		(3.56	)		(3.55	)		(.02	)
Total distributions		—			(3.15	)		(3.57	)		(3.56	)		(3.55	)		(.02	)
Net asset value, end of period	$	97.86		$	84.00		$	53.89		$	65.84		$	66.49		$	57.83
Total Return		16.50	%		61.92	%		(13.77	%)		4.86	%		21.40	%		11.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	40,347		$	22,141		$	25,981		$	82,570		$	109,644		$	78,673
Ratios to average net assets:
Net investment income (loss)		(1.28	%)		(1.03	%)		(0.44	%)		(0.79	%)		(0.59	%)		(0.81	%)
Total expenses		1.51	%		1.61	%		1.63	%		1.61	%		1.53	%		1.52	%
Portfolio turnover rate		380	%		240	%		282	%		177	%		215	%		184	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Berkshire Hathaway, Inc. — Class B	2.3%
Lincoln National Corp.	2.1%
Ford Motor Co.	2.1%
Prudential Financial, Inc.	2.0%
MetLife, Inc.	1.9%
Lumen Technologies, Inc.	1.9%
Hartford Financial Services Group, Inc.	1.8%
CVS Health Corp.	1.7%
Valero Energy Corp.	1.7%
Hewlett Packard Enterprise Co.	1.5%
Top Ten Total	19.0%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	2.90%	54.92%	8.40%	12.25%
A-Class Shares with sales charge‡	(1.99%)	47.57%	7.35%	11.70%
C-Class Shares	2.50%	53.76%	7.59%	11.41%
C-Class Shares with CDSC§	1.50%	52.76%	7.59%	11.41%
H-Class Shares	2.89%	54.93%	8.41%	12.25%
S&P 500 Pure Value Index	3.74%	57.99%	10.23%	14.31%

*	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, 2021
S&P 500® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Financial - 45.3%
Berkshire Hathaway, Inc. — Class B*		1,379	$	376,384
Lincoln National Corp.		5,097		350,419
Prudential Financial, Inc.		3,065		322,438
MetLife, Inc.		5,052		311,860
Hartford Financial Services Group, Inc.		4,134		290,414
Invesco Ltd.		10,189		245,657
Principal Financial Group, Inc.		3,751		241,564
Capital One Financial Corp.		1,426		230,969
Wells Fargo & Co.		4,805		223,000
American International Group, Inc.		3,750		205,837
Fifth Third Bancorp		4,761		202,057
People’s United Financial, Inc.		11,351		198,302
Allstate Corp.		1,521		193,639
Citigroup, Inc.		2,729		191,521
Citizens Financial Group, Inc.		4,059		190,692
Comerica, Inc.		2,295		184,748
Loews Corp.		3,375		182,014
Bank of New York Mellon Corp.		3,510		181,958
Goldman Sachs Group, Inc.		473		178,808
Zions Bancorp North America		2,852		176,510
Everest Re Group Ltd.		690		173,038
Assurant, Inc.		1,058		166,900
Aflac, Inc.		3,173		165,408
KeyCorp		7,106		153,632
Bank of America Corp.		3,584		152,141
Regions Financial Corp.		7,097		151,237
Travelers Companies, Inc.		954		145,018
Morgan Stanley		1,447		140,808
Franklin Resources, Inc.		4,499		133,710
M&T Bank Corp.		851		127,088
State Street Corp.		1,493		126,487
Cincinnati Financial Corp.		1,099		125,528
Truist Financial Corp.		2,063		120,995
Kimco Realty Corp. REIT		5,290		109,767
Chubb Ltd.		551		95,587
PNC Financial Services Group, Inc.		488		95,472
Huntington Bancshares, Inc.		6,154		95,141
CBRE Group, Inc. — Class A*		965		93,952
Raymond James Financial, Inc.		1,003		92,511
Globe Life, Inc.		969		86,270
Synchrony Financial		1,589		77,670
U.S. Bancorp		1,290		76,678
JPMorgan Chase & Co.		409		66,949
Total Financial				7,450,778
Consumer, Non-cyclical - 16.0%
CVS Health Corp.		3,290		279,189
Kroger Co.		5,985		241,973
Archer-Daniels-Midland Co.		4,021		241,300
Centene Corp.*		3,564		222,073
Tyson Foods, Inc. — Class A		2,468		194,824
Molson Coors Beverage Co. — Class B		3,927		182,134
McKesson Corp.		867		172,863
Cigna Corp.		827		165,532
Viatris, Inc.		11,720		158,806
Kraft Heinz Co.		3,879		142,825
Anthem, Inc.		338		126,006
Cardinal Health, Inc.		2,383		117,863
Universal Health Services, Inc. — Class B		680		94,092
Corteva, Inc.		1,958		82,393
J M Smucker Co.		594		71,298
AmerisourceBergen Corp. — Class A		544		64,981
Henry Schein, Inc.*		848		64,584
Total Consumer, Non-cyclical				2,622,736
Consumer, Cyclical - 11.0%
Ford Motor Co.*		24,692		349,639
Walgreens Boots Alliance, Inc.		4,716		221,888
General Motors Co.*		3,810		200,825
Mohawk Industries, Inc.*		1,049		186,093
Lennar Corp. — Class A		1,604		150,263
LKQ Corp.*		2,249		113,170
Whirlpool Corp.		498		101,522
BorgWarner, Inc.		2,035		87,932
Hanesbrands, Inc.		4,995		85,714
CarMax, Inc.*		625		79,975
PVH Corp.*		723		74,317
Advance Auto Parts, Inc.		336		70,187
Gap, Inc.		2,094		47,534
Walmart, Inc.		327		45,577
Total Consumer, Cyclical				1,814,636
Energy - 7.8%
Valero Energy Corp.		3,891		274,588
Exxon Mobil Corp.		3,930		231,163
Phillips 66		2,575		180,327
Marathon Petroleum Corp.		2,428		150,075
Marathon Oil Corp.		10,398		142,141
Kinder Morgan, Inc.		5,498		91,982
Pioneer Natural Resources Co.		449		74,763
EOG Resources, Inc.		861		69,112
Chevron Corp.		599		60,768
Total Energy				1,274,919
Communications - 6.4%
Lumen Technologies, Inc.		24,756		306,727
ViacomCBS, Inc. — Class B		3,237		127,894
DISH Network Corp. — Class A*		2,503		108,780
AT&T, Inc.		3,668		99,073
Juniper Networks, Inc.		3,055		84,073
Fox Corp. — Class A		1,946		78,054
Interpublic Group of Companies, Inc.		2,064		75,687
Discovery, Inc. — Class C*		2,058		49,948
News Corp. — Class A		2,076		48,848
Fox Corp. — Class B		899		33,371
Discovery, Inc. — Class A*,1		1,066		27,055
News Corp. — Class B		647		15,030
Total Communications				1,054,540

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
S&P 500® PURE VALUE FUND

	Shares		Value
Industrial - 4.3%
Westrock Co.		3,395	$	169,173
Textron, Inc.		1,832		127,892
Huntington Ingalls Industries, Inc.		489		94,406
Howmet Aerospace, Inc.		2,858		89,170
Raytheon Technologies Corp.		1,004		86,304
Westinghouse Air Brake Technologies Corp.		895		77,158
General Dynamics Corp.		336		65,866
Total Industrial				709,969
Technology - 3.2%
Hewlett Packard Enterprise Co.		17,351		247,252
Western Digital Corp.*		2,058		116,153
HP, Inc.		3,536		96,745
DXC Technology Co.*		2,051		68,934
Total Technology				529,084
Utilities - 2.8%
Exelon Corp.		2,719		131,437
Consolidated Edison, Inc.		940		68,235
Evergy, Inc.		1,052		65,434
FirstEnergy Corp.		1,733		61,729
PPL Corp.		1,767		49,264
Pinnacle West Capital Corp.		662		47,902
Edison International		739		40,992
Total Utilities				464,993
Basic Materials - 2.4%
Nucor Corp.		1,849		182,108
Mosaic Co.		4,155		148,416
International Paper Co.		1,064		59,499
Total Basic Materials				390,023
Common Stocks - 0.4%
General Electric Co.		536		55,224
Total Common Stocks
(Cost $11,380,095)				16,366,902
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	69,189		69,189
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		26,884		26,884
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		26,884		26,884
Total Repurchase Agreements
(Cost $122,957)				122,957
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		20,436		20,436
Total Securities Lending Collateral
(Cost $20,436)				20,436
Total Investments - 100.4%
(Cost $11,523,488)			$	16,510,295
Other Assets & Liabilities, net - (0.4)%				(58,333	)
Total Net Assets - 100.0%			$	16,451,962

*	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, 2021 — 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, 2021.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
S&P 500® PURE VALUE FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	16,366,902	$	—	$	—	$	16,366,902
Repurchase Agreements		—		122,957		—		122,957
Securities Lending Collateral		20,436		—		—		20,436
Total Assets	$	16,387,338	$	122,957	$	—	$	16,510,295

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

S&P 500^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $19,949 of securities loaned (cost $11,400,531)	$	16,387,338
Repurchase agreements, at value (cost $122,957)		122,957
Receivables:
Dividends		20,116
Securities lending income		11
Fund shares sold		2
Total assets		16,530,424
Liabilities:
Payable for:
Return of securities lending collateral		20,436
Management fees		10,603
Registration fees		6,877
Fund shares redeemed		4,883
Professional fees		4,857
Distribution and service fees		4,260
Transfer agent and administrative fees		3,803
Printing		3,689
Portfolio accounting fees		1,413
Trustees’ fees*		381
Miscellaneous		17,260
Total liabilities		78,462
Commitments and contingent liabilities (Note 11)		—
Net assets	$	16,451,962
Net assets consist of:
Paid in capital	$	21,159,435
Total distributable earnings (loss)		(4,707,473	)
Net assets	$	16,451,962
A-Class:
Net assets	$	3,101,985
Capital shares outstanding		33,785
Net asset value per share	$	91.82
Maximum offering price per share (Net asset value divided by 95.25%)	$	96.40
C-Class:
Net assets	$	1,145,297
Capital shares outstanding		14,959
Net asset value per share	$	76.56
H-Class:
Net assets	$	12,204,680
Capital shares outstanding		132,329
Net asset value per share	$	92.23

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends	$	668,779
Interest		26
Income from securities lending, net		165
Total investment income		668,970
Expenses:
Management fees		183,974
Distribution and service fees:
A-Class		3,910
C-Class		7,682
H-Class		55,494
Transfer agent and administrative fees		68,937
Portfolio accounting fees		24,529
Professional fees		14,185
Trustees’ fees*		3,578
Custodian fees		3,206
Line of credit fees		55
Miscellaneous		9,206
Total expenses		374,756
Net investment income		294,214
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(766,904	)
Net realized loss		(766,904	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,191,533	)
Net change in unrealized appreciation (depreciation)		(1,191,533	)
Net realized and unrealized loss		(1,958,437	)
Net decrease in net assets resulting from operations	$	(1,664,223	)

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

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

S&P 500^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	294,214		$	215,028
Net realized loss on investments		(766,904	)		(3,593,666	)
Net change in unrealized appreciation (depreciation) on investments		(1,191,533	)		9,801,986
Net increase (decrease) in net assets resulting from operations		(1,664,223	)		6,423,348
Distributions to shareholders:
A-Class		—			(18,692	)
C-Class		—			(15,043	)
H-Class		—			(268,123	)
Total distributions to shareholders		—			(301,858	)
Capital share transactions:
Proceeds from sale of shares
A-Class		662,404			874,138
C-Class		163,532			4,340,519
H-Class		196,664,967			277,399,114
Distributions reinvested
A-Class		—			18,484
C-Class		—			14,913
H-Class		—			262,826
Cost of shares redeemed
A-Class		(564,064	)		(835,197	)
C-Class		(876,764	)		(4,645,403	)
H-Class		(235,460,973	)		(234,482,610	)
Net increase (decrease) from capital share transactions		(39,410,898	)		42,946,784
Net increase (decrease) in net assets		(41,075,121	)		49,068,274
Net assets:
Beginning of period		57,527,083			8,458,809
End of period	$	16,451,962		$	57,527,083
Capital share activity:
Shares sold
A-Class		7,069			10,614
C-Class		2,020			72,449
H-Class		2,058,761			3,827,657
Shares issued from reinvestment of distributions
A-Class		—			247
C-Class		—			238
H-Class		—			3,496
Shares redeemed
A-Class		(6,065	)		(13,352	)
C-Class		(11,230	)		(80,649	)
H-Class		(2,515,415	)		(3,353,123	)
Net increase (decrease) in shares		(464,860	)		467,577

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

S&P 500^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	89.23		$	48.65		$	76.07		$	83.46		$	76.42		$	66.03
Income (loss) from investment operations:
Net investment income (loss)b		.44			.70			1.02			.85			.60			.55
Net gain (loss) on investments (realized and unrealized)		2.15	e		40.58			(27.62	)		(2.17	)		7.41			10.52
Total from investment operations		2.59			41.28			(26.60	)		(1.32	)		8.01			11.07
Less distributions from:
Net investment income		—			(.70	)		(.82	)		(1.14	)		(.27	)		(.68	)
Net realized gains		—			—			—			(4.93	)		(.70	)		—
Total distributions		—			(.70	)		(.82	)		(6.07	)		(.97	)		(.68	)
Net asset value, end of period	$	91.82		$	89.23		$	48.65		$	76.07		$	83.46		$	76.42
Total Returnc		2.90	%		85.10	%		(35.38	%)		(1.26	%)		10.48	%		16.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,102		$	2,925		$	1,716		$	3,518		$	6,108		$	6,686
Ratios to average net assets:
Net investment income (loss)		0.94	%		1.06	%		1.32	%		1.01	%		0.74	%		0.79	%
Total expenses		1.51	%		1.60	%		1.63	%		1.61	%		1.53	%		1.53	%
Portfolio turnover rate		387	%		1,207	%		254	%		190	%		252	%		321	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	74.69		$	41.11		$	64.87		$	72.64		$	67.13		$	58.51
Income (loss) from investment operations:
Net investment income (loss)b		.06			.18			.17			.12			(.03	)		(.01	)
Net gain (loss) on investments (realized and unrealized)		1.81	e		34.10			(23.11	)		(1.82	)		6.51			9.31
Total from investment operations		1.87			34.28			(22.94	)		(1.70	)		6.48			9.30
Less distributions from:
Net investment income		—			(.70	)		(.82	)		(1.14	)		(.27	)		(.68	)
Net realized gains		—			—			—			(4.93	)		(.70	)		—
Total distributions		—			(.70	)		(.82	)		(6.07	)		(.97	)		(.68	)
Net asset value, end of period	$	76.56		$	74.69		$	41.11		$	64.87		$	72.64		$	67.13
Total Returnc		2.50	%		83.72	%		(35.87	%)		(2.00	%)		9.66	%		15.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,145		$	1,805		$	1,321		$	2,340		$	4,058		$	3,913
Ratios to average net assets:
Net investment income (loss)		0.15	%		0.32	%		0.26	%		0.17	%		(0.05	%)		(0.01	%)
Total expenses		2.26	%		2.35	%		2.38	%		2.36	%		2.28	%		2.28	%
Portfolio turnover rate		387	%		1,207	%		254	%		190	%		252	%		321	%

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

S&P 500^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	89.64		$	48.87		$	76.39		$	83.78		$	76.71		$	66.28
Income (loss) from investment operations:
Net investment income (loss)b		.60			.84			.96			.81			.57			.59
Net gain (loss) on investments (realized and unrealized)		1.99	e		40.63			(27.66	)		(2.13	)		7.47			10.52
Total from investment operations		2.59			41.47			(26.70	)		(1.32	)		8.04			11.11
Less distributions from:
Net investment income		—			(.70	)		(.82	)		(1.14	)		(.27	)		(.68	)
Net realized gains		—			—			—			(4.93	)		(.70	)		—
Total distributions		—			(.70	)		(.82	)		(6.07	)		(.97	)		(.68	)
Net asset value, end of period	$	92.23		$	89.64		$	48.87		$	76.39		$	83.78		$	76.71
Total Return		2.89	%		85.15	%		(35.38	%)		(1.25	%)		10.48	%		16.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12,205		$	52,797		$	5,422		$	43,352		$	59,536		$	55,613
Ratios to average net assets:
Net investment income (loss)		1.25	%		1.17	%		1.22	%		0.97	%		0.70	%		0.83	%
Total expenses		1.50	%		1.58	%		1.63	%		1.61	%		1.53	%		1.53	%
Portfolio turnover rate		387	%		1,207	%		254	%		190	%		252	%		321	%

a	Unaudited figures for the period ended September 30, 2021. 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	Share split — Per share amounts for the year ended March 31, 2017 have been restated to reflect a 2:1 share split effective October 28, 2016.
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 market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Repligen Corp.	3.1%
Digital Turbine, Inc.	2.9%
RH	2.9%
STAAR Surgical Co.	2.8%
Brooks Automation, Inc.	2.4%
Paylocity Holding Corp.	2.4%
Medpace Holdings, Inc.	2.3%
Brighthouse Financial, Inc.	2.2%
Axon Enterprise, Inc.	2.2%
Crocs, Inc.	2.1%
Top Ten Total	25.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	0.00%	29.51%	11.23%	11.07%
A-Class Shares with sales charge‡	(4.75%)	23.35%	10.16%	10.53%
C-Class Shares	(0.39%)	28.54%	10.40%	10.24%
C-Class Shares with CDSC§	(1.39%)	27.54%	10.40%	10.24%
H-Class Shares	0.00%	29.51%	11.23%	11.07%
S&P MidCap 400 Pure Growth Index	0.83%	31.48%	12.93%	12.57%

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 25

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
S&P MIDCAP 400® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Consumer, Non-cyclical - 31.9%
Repligen Corp.*		6,722	$	1,942,591
STAAR Surgical Co.*		13,416		1,724,358
Paylocity Holding Corp.*		5,214		1,462,006
Medpace Holdings, Inc.*		7,642		1,446,478
Syneos Health, Inc.*		11,767		1,029,377
R1 RCM, Inc.*		46,444		1,022,232
Quidel Corp.*		6,808		960,949
Darling Ingredients, Inc.*		13,204		949,368
Halozyme Therapeutics, Inc.*		19,658		799,687
Penumbra, Inc.*		2,891		770,452
ASGN, Inc.*		6,493		734,618
Exelixis, Inc.*		33,909		716,836
Masimo Corp.*		2,463		666,759
Boston Beer Company, Inc. — Class A*		1,297		661,146
HealthEquity, Inc.*		9,378		607,319
Helen of Troy Ltd.*		2,624		589,560
Emergent BioSolutions, Inc.*		11,252		563,388
Insperity, Inc.		4,726		523,357
FTI Consulting, Inc.*		3,738		503,509
Neurocrine Biosciences, Inc.*		4,767		457,203
Amedisys, Inc.*		2,578		384,380
Arrowhead Pharmaceuticals, Inc.*		6,019		375,766
LHC Group, Inc.*		2,101		329,668
Chemed Corp.		596		277,211
Jazz Pharmaceuticals plc*		2,081		270,967
Total Consumer, Non-cyclical				19,769,185
Consumer, Cyclical - 22.8%
RH*		2,668		1,779,316
Crocs, Inc.*		9,209		1,321,307
Wingstop, Inc.		7,629		1,250,622
YETI Holdings, Inc.*		13,923		1,193,062
Williams-Sonoma, Inc.		6,576		1,166,122
Fox Factory Holding Corp.*		7,343		1,061,357
Lithia Motors, Inc. — Class A		3,195		1,012,943
Churchill Downs, Inc.		3,972		953,598
Scotts Miracle-Gro Co. — Class A		5,958		872,013
Deckers Outdoor Corp.*		2,387		859,798
Tempur Sealy International, Inc.		13,188		612,055
Five Below, Inc.*		3,443		608,757
Ollie’s Bargain Outlet Holdings, Inc.*,1		9,620		579,893
Texas Roadhouse, Inc. — Class A		3,499		319,564
Mattel, Inc.*		16,570		307,539
Jack in the Box, Inc.		2,580		251,111
Total Consumer, Cyclical				14,149,057
Industrial - 15.6%
Axon Enterprise, Inc.*		7,785		1,362,531
Trex Company, Inc.*		12,072		1,230,499
TopBuild Corp.*		5,389		1,103,721
Saia, Inc.*		4,144		986,397
II-VI, Inc.*		16,240		964,006
Knight-Swift Transportation Holdings, Inc.		16,242		830,778
Simpson Manufacturing Company, Inc.		4,656		498,052
Tetra Tech, Inc.		3,266		487,744
Timken Co.		6,597		431,576
Cognex Corp.		4,317		346,310
Graco, Inc.		4,917		344,043
Toro Co.		3,491		340,058
Lincoln Electric Holdings, Inc.		2,240		288,490
Mercury Systems, Inc.*		4,900		232,358
Universal Display Corp.		1,337		228,573
Total Industrial				9,675,136
Technology - 12.4%
Digital Turbine, Inc.*,1		26,554		1,825,587
Brooks Automation, Inc.		14,456		1,479,572
Cerence, Inc.*		8,352		802,711
Lattice Semiconductor Corp.*		10,856		701,840
Sailpoint Technologies Holdings, Inc.*		15,046		645,172
CMC Materials, Inc.		4,449		548,250
Qualys, Inc.*		4,804		534,637
Lumentum Holdings, Inc.*		5,247		438,335
Fair Isaac Corp.*		1,092		434,540
MKS Instruments, Inc.		1,870		282,202
Total Technology				7,692,846
Financial - 6.9%
Brighthouse Financial, Inc.*		30,625		1,385,169
SLM Corp.		67,225		1,183,160
Kinsale Capital Group, Inc.		5,605		906,328
Primerica, Inc.		2,892		444,298
Interactive Brokers Group, Inc. — Class A		5,594		348,730
Total Financial				4,267,685
Energy - 6.3%
SolarEdge Technologies, Inc.*		4,459		1,182,616
Antero Midstream Corp.		81,491		849,136
First Solar, Inc.*		8,359		797,950
Sunrun, Inc.*		16,908		743,952
CNX Resources Corp.*		28,935		365,160
Total Energy				3,938,814
Communications - 2.6%
Mimecast Ltd.*		8,984		571,383
Cable One, Inc.		245		444,217
FactSet Research Systems, Inc.		983		388,069
New York Times Co. — Class A		4,602		226,740
Total Communications				1,630,409
Basic Materials - 1.0%
Cleveland-Cliffs, Inc.*		30,477		603,749
Total Common Stocks
(Cost $46,644,092)				61,726,881

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
S&P MIDCAP 400® PURE GROWTH FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	241,797	$	241,797
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		93,950		93,950
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		93,950		93,950
Total Repurchase Agreements
(Cost $429,697)				429,697
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.9%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		565,289	$	565,289
Total Securities Lending Collateral
(Cost $565,289)				565,289
Total Investments - 101.1%
(Cost $47,639,078)			$	62,721,867
Other Assets & Liabilities, net - (1.1)%				(712,610	)
Total Net Assets - 100.0%			$	62,009,257

*	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, 2021 — 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, 2021.
	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, 2021 (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	$	61,726,881	$	—	$	—	$	61,726,881
Repurchase Agreements		—		429,697		—		429,697
Securities Lending Collateral		565,289		—		—		565,289
Total Assets	$	62,292,170	$	429,697	$	—	$	62,721,867

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

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $523,058 of securities loaned (cost $47,209,381)	$	62,292,170
Repurchase agreements, at value (cost $429,697)		429,697
Receivables:
Dividends		1,142
Fund shares sold		834
Securities lending income		4
Total assets		62,723,847
Liabilities:
Payable for:
Return of securities lending collateral		565,289
Management fees		39,396
Fund shares redeemed		23,104
Distribution and service fees		14,997
Transfer agent and administrative fees		14,130
Portfolio accounting fees		5,253
Trustees’ fees*		590
Miscellaneous		51,831
Total liabilities		714,590
Commitments and contingent liabilities (Note 11)		—
Net assets	$	62,009,257
Net assets consist of:
Paid in capital	$	41,441,664
Total distributable earnings (loss)		20,567,593
Net assets	$	62,009,257
A-Class:
Net assets	$	11,124,825
Capital shares outstanding		172,084
Net asset value per share	$	64.65
Maximum offering price per share (Net asset value divided by 95.25%)	$	67.87
C-Class:
Net assets	$	2,996,207
Capital shares outstanding		56,317
Net asset value per share	$	53.20
H-Class:
Net assets	$	47,888,225
Capital shares outstanding		739,733
Net asset value per share	$	64.74

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends	$	112,752
Interest		51
Income from securities lending, net		242
Total investment income		113,045
Expenses:
Management fees		243,837
Distribution and service fees:
A-Class		14,098
C-Class		17,061
H-Class		62,915
Transfer agent and administrative fees		91,385
Portfolio accounting fees		32,511
Professional fees		11,100
Trustees’ fees*		4,909
Custodian fees		4,278
Miscellaneous		21,333
Total expenses		503,427
Net investment loss		(390,382	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,313,241
Net realized gain		2,313,241
Net change in unrealized appreciation (depreciation) on:
Investments		(1,867,225	)
Net change in unrealized appreciation (depreciation)		(1,867,225	)
Net realized and unrealized gain		446,016
Net increase in net assets resulting from operations	$	55,634

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

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

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(390,382	)	$	(723,024	)
Net realized gain on investments		2,313,241			13,406,949
Net change in unrealized appreciation (depreciation) on investments		(1,867,225	)		23,828,110
Net increase in net assets resulting from operations		55,634			36,512,035
Distributions to shareholders:
A-Class		—			(92,247	)
C-Class		—			(79,217	)
H-Class		—			(619,526	)
Total distributions to shareholders		—			(790,990	)
Capital share transactions:
Proceeds from sale of shares
A-Class		999,123			5,361,892
C-Class		343,109			2,087,074
H-Class		6,823,782			219,371,534
Distributions reinvested
A-Class		—			90,297
C-Class		—			77,936
H-Class		—			615,438
Cost of shares redeemed
A-Class		(1,124,161	)		(3,203,286	)
C-Class		(1,349,946	)		(5,492,423	)
H-Class		(9,614,233	)		(225,113,804	)
Net decrease from capital share transactions		(3,922,326	)		(6,205,342	)
Net increase (decrease) in net assets		(3,866,692	)		29,515,703
Net assets:
Beginning of period		65,875,949			36,360,246
End of period	$	62,009,257		$	65,875,949
Capital share activity:
Shares sold
A-Class		15,048			101,948
C-Class		6,261			49,253
H-Class		103,489			4,529,915
Shares issued from reinvestment of distributions
A-Class		—			1,559
C-Class		—			1,626
H-Class		—			10,613
Shares redeemed
A-Class		(17,314	)		(64,073	)
C-Class		(24,929	)		(116,347	)
H-Class		(145,301	)		(4,582,472	)
Net decrease in shares		(62,746	)		(67,978	)

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

S&P MIDCAP 400^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	64.65		$	33.77		$	45.88		$	54.96		$	50.84		$	46.51
Income (loss) from investment operations:
Net investment income (loss)b		(.38	)		(.57	)		(.32	)		(.30	)		(.41	)		(.34	)
Net gain (loss) on investments (realized and unrealized)		.38			32.09			(11.79	)		(2.39	)		8.09			5.41
Total from investment operations		—			31.52			(12.11	)		(2.69	)		7.68			5.07
Less distributions from:
Net realized gains		—			(.64	)		—			(6.39	)		(3.56	)		(.74	)
Total distributions		—			(.64	)		—			(6.39	)		(3.56	)		(.74	)
Net asset value, end of period	$	64.65		$	64.65		$	33.77		$	45.88		$	54.96		$	50.84
Total Returnc		0.00	%		93.55	%		(26.39	%)		(4.19	%)		15.33	%		10.98	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,125		$	11,272		$	4,556		$	10,681		$	11,327		$	16,269
Ratios to average net assets:
Net investment income (loss)		(1.16	%)		(1.08	%)		(0.72	%)		(0.59	%)		(0.77	%)		(0.71	%)
Total expenses		1.51	%		1.59	%		1.63	%		1.62	%		1.53	%		1.52	%
Portfolio turnover rate		26	%		407	%		190	%		165	%		160	%		127	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	53.41		$	28.17		$	38.56		$	47.66		$	44.83		$	41.41
Income (loss) from investment operations:
Net investment income (loss)b		(.52	)		(.78	)		(.54	)		(.62	)		(.71	)		(.61	)
Net gain (loss) on investments (realized and unrealized)		.31			26.66			(9.85	)		(2.09	)		7.10			4.77
Total from investment operations		(.21	)		25.88			(10.39	)		(2.71	)		6.39			4.16
Less distributions from:
Net realized gains		—			(.64	)		—			(6.39	)		(3.56	)		(.74	)
Total distributions		—			(.64	)		—			(6.39	)		(3.56	)		(.74	)
Net asset value, end of period	$	53.20		$	53.41		$	28.17		$	38.56		$	47.66		$	44.83
Total Returnc		(0.39	%)		92.12	%		(26.95	%)		(4.90	%)		14.47	%		10.16	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,996		$	4,005		$	3,956		$	8,609		$	14,046		$	15,049
Ratios to average net assets:
Net investment income (loss)		(1.91	%)		(1.82	%)		(1.47	%)		(1.37	%)		(1.49	%)		(1.44	%)
Total expenses		2.26	%		2.35	%		2.38	%		2.36	%		2.28	%		2.27	%
Portfolio turnover rate		26	%		407	%		190	%		165	%		160	%		127	%

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

S&P MIDCAP 400^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	64.74		$	33.82		$	45.94		$	55.03		$	50.89		$	46.56
Income (loss) from investment operations:
Net investment income (loss)b		(.38	)		(.56	)		(.31	)		(.34	)		(.40	)		(.33	)
Net gain (loss) on investments (realized and unrealized)		.38			32.12			(11.81	)		(2.36	)		8.10			5.40
Total from investment operations		—			31.56			(12.12	)		(2.70	)		7.70			5.07
Less distributions from:
Net realized gains		—			(.64	)		—			(6.39	)		(3.56	)		(.74	)
Total distributions		—			(.64	)		—			(6.39	)		(3.56	)		(.74	)
Net asset value, end of period	$	64.74		$	64.74		$	33.82		$	45.94		$	55.03		$	50.89
Total Return		0.00	%		93.53	%		(26.38	%)		(4.19	%)		15.32	%		10.99	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	47,888		$	50,599		$	27,848		$	47,929		$	73,714		$	78,373
Ratios to average net assets:
Net investment income (loss)		(1.16	%)		(1.06	%)		(0.71	%)		(0.64	%)		(0.74	%)		(0.68	%)
Total expenses		1.51	%		1.59	%		1.63	%		1.61	%		1.53	%		1.53	%
Portfolio turnover rate		26	%		407	%		190	%		165	%		160	%		127	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

S&P MIDCAP 400^® PURE VALUE FUND

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

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

Ten Largest Holdings (% of Total Net Assets)
Unum Group	2.6%
AutoNation, Inc.	2.3%
HollyFrontier Corp.	2.3%
Navient Corp.	2.2%
Commercial Metals Co.	2.1%
Avnet, Inc.	2.0%
Telephone & Data Systems, Inc.	1.9%
Jefferies Financial Group, Inc.	1.8%
Dick’s Sporting Goods, Inc.	1.8%
Graham Holdings Co. — Class B	1.7%
Top Ten Total	20.7%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	1.25%	66.60%	10.24%	12.27%
A-Class Shares with sales charge‡	(3.56%)	58.67%	9.17%	11.73%
C-Class Shares	0.87%	65.37%	9.42%	11.42%
C-Class Shares with CDSC§	(0.13%)	64.37%	9.42%	11.42%
H-Class Shares	1.26%	66.61%	10.23%	12.26%
S&P MidCap 400 Pure Value Index	2.05%	70.20%	12.57%	14.86%

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

32 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
S&P MIDCAP 400® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Financial - 41.3%
Unum Group		66,016	$	1,654,361
Navient Corp.		70,998		1,400,791
Jefferies Financial Group, Inc.		30,596		1,136,029
Reinsurance Group of America, Inc. — Class A		8,466		941,927
Old Republic International Corp.		36,781		850,745
Jones Lang LaSalle, Inc.*		3,422		848,964
CNO Financial Group, Inc.		35,087		825,948
First American Financial Corp.		11,301		757,732
Associated Banc-Corp.		35,314		756,426
Mercury General Corp.		12,980		722,597
Sterling Bancorp		28,499		711,335
FNB Corp.		57,167		664,281
Wintrust Financial Corp.		8,259		663,776
Macerich Co. REIT		38,833		648,899
Valley National Bancorp		46,820		623,174
New York Community Bancorp, Inc.		48,214		620,514
Pinnacle Financial Partners, Inc.		6,281		590,916
Washington Federal, Inc.		17,121		587,422
Fulton Financial Corp.		36,937		564,397
Bank OZK		13,000		558,740
First Horizon Corp.		33,833		551,140
Hancock Whitney Corp.		11,691		550,880
SL Green Realty Corp. REIT		7,541		534,205
Alleghany Corp.*		831		518,885
MGIC Investment Corp.		33,995		508,565
Cathay General Bancorp		12,063		499,288
American Financial Group, Inc.		3,959		498,161
Hanover Insurance Group, Inc.		3,760		487,371
United Bankshares, Inc.		12,806		465,882
Synovus Financial Corp.		10,304		452,243
Kemper Corp.		6,471		432,198
Alliance Data Systems Corp.		4,252		428,984
International Bancshares Corp.		9,862		410,654
BancorpSouth Bank		13,250		394,585
East West Bancorp, Inc.		4,848		375,914
Webster Financial Corp.		6,617		360,362
Prosperity Bancshares, Inc.		5,017		356,859
UMB Financial Corp.		3,434		332,102
Pebblebrook Hotel Trust REIT		13,978		313,247
CIT Group, Inc.		5,932		308,167
Janus Henderson Group plc		6,788		280,548
Selective Insurance Group, Inc.		3,601		271,983
Cousins Properties, Inc. REIT		6,558		244,548
Texas Capital Bancshares, Inc.*		3,925		235,578
Sabra Health Care REIT, Inc.		13,450		197,984
Total Financial				26,139,307
Consumer, Cyclical - 19.6%
AutoNation, Inc.*		12,108		1,474,270
Dick’s Sporting Goods, Inc.		9,355		1,120,448
Kohl’s Corp.		21,527		1,013,707
Taylor Morrison Home Corp. — Class A*		35,222		908,023
Tri Pointe Homes, Inc.*		42,156		886,119
Univar Solutions, Inc.*		37,156		885,056
Dana, Inc.		39,216		872,164
Murphy USA, Inc.		4,748		794,151
Foot Locker, Inc.		15,703		716,999
KB Home		17,440		678,765
BJ’s Wholesale Club Holdings, Inc.*		11,720		643,662
Goodyear Tire & Rubber Co.*		32,793		580,436
Thor Industries, Inc.		4,098		503,070
Lear Corp.		2,844		445,029
Adient plc*		8,739		362,232
Urban Outfitters, Inc.*		9,714		288,409
KAR Auction Services, Inc.*		13,986		229,230
Total Consumer, Cyclical				12,401,770
Industrial - 14.9%
Avnet, Inc.		33,653		1,244,151
Arrow Electronics, Inc.*		8,897		999,044
SYNNEX Corp.		9,272		965,215
Ryder System, Inc.		10,695		884,583
Jabil, Inc.		13,558		791,381
Greif, Inc. — Class A		10,042		648,713
EMCOR Group, Inc.		4,620		533,056
MasTec, Inc.*		5,912		510,087
MDU Resources Group, Inc.		14,081		417,783
AECOM*		6,281		396,645
Oshkosh Corp.		3,731		381,943
Southwest Gas Holdings, Inc.		5,261		351,856
Dycom Industries, Inc.*		4,469		318,371
Colfax Corp.*		6,029		276,731
Trinity Industries, Inc.		9,468		257,246
Kirby Corp.*		4,708		225,796
GATX Corp.		2,367		211,989
Total Industrial				9,414,590
Consumer, Non-cyclical - 9.3%
Graham Holdings Co. — Class B		1,810		1,066,380
Pilgrim’s Pride Corp.*		34,598		1,006,110
ManpowerGroup, Inc.		7,450		806,686
Sprouts Farmers Market, Inc.*		31,939		740,026
Performance Food Group Co.*		15,145		703,637
Tenet Healthcare Corp.*		9,605		638,156
Perrigo Company plc		12,938		612,356
Ingredion, Inc.		3,713		330,494
Total Consumer, Non-cyclical				5,903,845
Basic Materials - 4.6%
Commercial Metals Co.		42,767		1,302,683
Steel Dynamics, Inc.		8,606		503,279
Reliance Steel & Aluminum Co.		3,212		457,453
United States Steel Corp.		16,760		368,217
Minerals Technologies, Inc.		4,188		292,490
Total Basic Materials				2,924,122
Technology - 3.5%
Xerox Holdings Corp.		46,719		942,322
NCR Corp.*		12,744		493,957
NetScout Systems, Inc.*		15,348		413,629

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
S&P MIDCAP 400® PURE VALUE FUND

	Shares		Value
KBR, Inc.		8,198	$	323,001
Total Technology				2,172,909
Communications - 3.1%
Telephone & Data Systems, Inc.		62,812		1,224,834
Viasat, Inc.*		13,405		738,213
Total Communications				1,963,047
Energy - 2.3%
HollyFrontier Corp.		43,398		1,437,776
Utilities - 0.8%
UGI Corp.		6,873		292,927
ALLETE, Inc.		3,485		207,427
Total Utilities				500,354
Total Common Stocks
(Cost $47,238,697)				62,857,720

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	258,199	$	258,199
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		100,324		100,324
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		100,323		100,323
Total Repurchase Agreements
(Cost $458,846)				458,846
Total Investments - 100.1%
(Cost $47,697,543)			$	63,316,566
Other Assets & Liabilities, net - (0.1)%				(50,914	)
Total Net Assets - 100.0%			$	63,265,652

*	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, 2021 (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	$	62,857,720	$	—	$	—	$	62,857,720
Repurchase Agreements		—		458,846		—		458,846
Total Assets	$	62,857,720	$	458,846	$	—	$	63,316,566

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

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value (cost $47,238,697)	$	62,857,720
Repurchase agreements, at value (cost $458,846)		458,846
Receivables:
Dividends		149,352
Fund shares sold		765
Securities lending income		100
Total assets		63,466,783
Liabilities:
Payable for:
Management fees		44,442
Registration fees		28,222
Fund shares redeemed		24,467
Professional fees		17,927
Transfer agent and administrative fees		15,940
Distribution and service fees		15,287
Printing fees		15,139
Portfolio accounting fees		5,925
Trustees’ fees*		1,103
Miscellaneous		32,679
Total liabilities		201,131
Commitments and contingent liabilities (Note 11)		—
Net assets	$	63,265,652
Net assets consist of:
Paid in capital	$	42,377,737
Total distributable earnings (loss)		20,887,915
Net assets	$	63,265,652
A-Class:
Net assets	$	1,644,192
Capital shares outstanding		23,143
Net asset value per share	$	71.04
Maximum offering price per share (Net asset value divided by 95.25%)	$	74.58
C-Class:
Net assets	$	691,733
Capital shares outstanding		11,305
Net asset value per share	$	61.19
H-Class:
Net assets	$	60,929,727
Capital shares outstanding		858,995
Net asset value per share	$	70.93

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends	$	1,217,488
Interest		86
Income from securities lending, net		233
Total investment income		1,217,807
Expenses:
Management fees		446,996
Distribution and service fees:
A-Class		3,086
C-Class		7,952
H-Class		143,925
Transfer agent and administrative fees		168,802
Portfolio accounting fees		59,599
Professional fees		46,603
Trustees’ fees*		10,835
Custodian fees		7,997
Line of credit fees		59
Miscellaneous		8,130
Total expenses		903,984
Net investment income		313,823
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		7,037,650
Net realized gain		7,037,650
Net change in unrealized appreciation (depreciation) on:
Investments		(7,187,457	)
Net change in unrealized appreciation (depreciation)		(7,187,457	)
Net realized and unrealized loss		(149,807	)
Net increase in net assets resulting from operations	$	164,016

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

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

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	313,823		$	187,559
Net realized gain on investments		7,037,650			1,068,767
Net change in unrealized appreciation (depreciation) on investments		(7,187,457	)		23,654,933
Net increase in net assets resulting from operations		164,016			24,911,259
Distributions to shareholders:
A-Class		—			(543	)
C-Class		—			(537	)
H-Class		—			(27,686	)
Total distributions to shareholders		—			(28,766	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,665,328			1,287,192
C-Class		1,086,827			1,653,870
H-Class		133,284,233			284,454,714
Distributions reinvested
A-Class		—			492
C-Class		—			456
H-Class		—			27,659
Cost of shares redeemed
A-Class		(1,867,606	)		(981,623	)
C-Class		(2,074,918	)		(1,321,500	)
H-Class		(226,818,432	)		(155,253,673	)
Net increase (decrease) from capital share transactions		(94,724,568	)		129,867,587
Net increase (decrease) in net assets		(94,560,552	)		154,750,080
Net assets:
Beginning of period		157,826,204			3,076,124
End of period	$	63,265,652		$	157,826,204
Capital share activity:
Shares sold
A-Class		22,398			22,547
C-Class		16,786			32,691
H-Class		1,821,884			5,152,410
Shares issued from reinvestment of distributions
A-Class		—			9
C-Class		—			9
H-Class		—			486
Shares redeemed
A-Class		(25,872	)		(20,488	)
C-Class		(33,344	)		(31,471	)
H-Class		(3,165,181	)		(3,003,708	)
Net increase (decrease) in shares		(1,363,329	)		2,152,485

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

S&P MIDCAP 400^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	70.16		$	30.53		$	51.62		$	53.32		$	51.39		$	42.43
Income (loss) from investment operations:
Net investment income (loss)b		.24			.20			.34			(.04	)		.02			(.08	)
Net gain (loss) on investments (realized and unrealized)		.64	d		39.45			(21.43	)		(.17	)		2.89			9.14
Total from investment operations		.88			39.65			(21.09	)		(.21	)		2.91			9.06
Less distributions from:
Net investment income		—			(.02	)		—			(.02	)		—			(.10	)
Net realized gains		—			—			—			(1.47	)		(.98	)		—
Total distributions		—			(.02	)		—			(1.49	)		(.98	)		(.10	)
Net asset value, end of period	$	71.04		$	70.16		$	30.53		$	51.62		$	53.32		$	51.39
Total Returnc		1.25	%		129.91	%		(40.86	%)		(0.16	%)		5.63	%		21.34	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,644		$	1,868		$	749		$	1,203		$	1,084		$	2,957
Ratios to average net assets:
Net investment income (loss)		0.67	%		0.41	%		0.68	%		(0.07	%)		0.03	%		(0.17	%)
Total expenses		1.51	%		1.59	%		1.63	%		1.62	%		1.54	%		1.53	%
Portfolio turnover rate		112	%		454	%		993	%		558	%		506	%		628	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	60.66		$	26.59		$	45.31		$	47.35		$	46.08		$	38.33
Income (loss) from investment operations:
Net investment income (loss)b		(.04	)		(.13	)		(.05	)		(.41	)		(.29	)		(.36	)
Net gain (loss) on investments (realized and unrealized)		.57	d		34.22			(18.67	)		(.14	)		2.54			8.21
Total from investment operations		.53			34.09			(18.72	)		(.55	)		2.25			7.85
Less distributions from:
Net investment income		—			(.02	)		—			(.02	)		—			(.10	)
Net realized gains		—			—			—			(1.47	)		(.98	)		—
Total distributions		—			(.02	)		—			(1.49	)		(.98	)		(.10	)
Net asset value, end of period	$	61.19		$	60.66		$	26.59		$	45.31		$	47.35		$	46.08
Total Returnc		0.87	%		128.24	%		(41.32	%)		(0.88	%)		4.82	%		20.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	692		$	1,690		$	708		$	1,842		$	1,859		$	3,266
Ratios to average net assets:
Net investment income (loss)		(0.14	%)		(0.30	%)		(0.12	%)		(0.85	%)		(0.62	%)		(0.85	%)
Total expenses		2.26	%		2.34	%		2.37	%		2.37	%		2.28	%		2.28	%
Portfolio turnover rate		112	%		454	%		993	%		558	%		506	%		628	%

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

S&P MIDCAP 400^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	70.05		$	30.48		$	51.54		$	53.25		$	51.33		$	42.38
Income (loss) from investment operations:
Net investment income (loss)b		.19			.31			.20			(.07	)		.04			(.07	)
Net gain (loss) on investments (realized and unrealized)		.69	d		39.28			(21.26	)		(.15	)		2.86			9.12
Total from investment operations		.88			39.59			(21.06	)		(.22	)		2.90			9.05
Less distributions from:
Net investment income		—			(.02	)		—			(.02	)		—			(.10	)
Net realized gains		—			—			—			(1.47	)		(.98	)		—
Total distributions		—			(.02	)		—			(1.49	)		(.98	)		(.10	)
Net asset value, end of period	$	70.93		$	70.05		$	30.48		$	51.54		$	53.25		$	51.33
Total Return		1.26	%		129.92	%		(40.86	%)		(0.16	%)		5.58	%		21.36	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	60,930		$	154,269		$	1,618		$	10,928		$	7,888		$	21,143
Ratios to average net assets:
Net investment income (loss)		0.53	%		0.51	%		0.39	%		(0.13	%)		0.08	%		(0.16	%)
Total expenses		1.51	%		1.54	%		1.63	%		1.62	%		1.53	%		1.53	%
Portfolio turnover rate		112	%		454	%		993	%		558	%		506	%		628	%

a	Unaudited figures for the period ended September 30, 2021. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Mr Cooper Group, Inc.	2.5%
Fulgent Genetics, Inc.	2.5%
Celsius Holdings, Inc.	2.3%
Vista Outdoor, Inc.	2.2%
Bonanza Creek Energy, Inc.	2.0%
MarineMax, Inc.	2.0%
Innovative Industrial Properties, Inc.	1.9%
Stamps.com, Inc.	1.8%
Chart Industries, Inc.	1.6%
Century Communities, Inc.	1.5%
Top Ten Total	20.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	0.59%	47.53%	11.28%	12.81%
A-Class Shares with sales charge‡	(4.18%)	40.54%	10.21%	12.27%
C-Class Shares	0.22%	46.41%	10.45%	11.97%
C-Class Shares with CDSC§	(0.78%)	45.41%	10.45%	11.97%
H-Class Shares	0.62%	47.58%	11.29%	12.82%
S&P SmallCap 600 Pure Growth Index	1.81%	50.98%	13.35%	14.98%

*	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 SmallCap 600 Pure Growth Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 39

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Consumer, Non-cyclical - 31.6%
Fulgent Genetics, Inc.*,1		2,059	$	185,207
Celsius Holdings, Inc.*		1,905		171,621
Community Health Systems, Inc.*		9,057		105,967
Joint Corp.*		1,077		105,568
BioLife Solutions, Inc.*		2,205		93,316
Medifast, Inc.		472		90,926
Alarm.com Holdings, Inc.*		1,076		84,132
Coherus Biosciences, Inc.*		4,974		79,932
Innoviva, Inc.*		4,757		79,489
Merit Medical Systems, Inc.*		1,005		72,159
Rent-A-Center, Inc.		1,277		71,780
Meridian Bioscience, Inc.*		3,664		70,495
Corcept Therapeutics, Inc.*		3,574		70,336
National Beverage Corp.		1,288		67,607
NeoGenomics, Inc.*		1,278		61,651
Green Dot Corp. — Class A*		1,223		61,554
ModivCare, Inc.*		317		57,574
Avanos Medical, Inc.*		1,837		57,314
Collegium Pharmaceutical, Inc.*		2,840		56,062
B&G Foods, Inc.1		1,873		55,984
Supernus Pharmaceuticals, Inc.*		2,076		55,367
Zynex, Inc.*,1		4,758		54,194
Cytokinetics, Inc.*		1,464		52,323
Ensign Group, Inc.		688		51,524
Vericel Corp.*		1,020		49,776
Pacira BioSciences, Inc.*		886		49,616
REGENXBIO, Inc.*		928		38,902
Arlo Technologies, Inc.*		5,921		37,954
Pennant Group, Inc.*		1,348		37,865
Xencor, Inc.*		1,108		36,187
Omnicell, Inc.*		227		33,694
Heska Corp.*		114		29,474
EVERTEC, Inc.		632		28,895
LeMaitre Vascular, Inc.		450		23,890
Forrester Research, Inc.*		466		22,955
WD-40 Co.		96		22,222
Addus HomeCare Corp.*		271		21,612
Tactile Systems Technology, Inc.*		419		18,625
Total Consumer, Non-cyclical				2,363,749
Financial - 18.7%
Mr Cooper Group, Inc.*		4,562		187,818
Innovative Industrial Properties, Inc. REIT		605		139,858
St. Joe Co.		2,395		100,829
Brightsphere Investment Group, Inc.		3,501		91,481
StoneX Group, Inc.*		1,326		87,383
Safehold, Inc. REIT		1,158		83,249
HCI Group, Inc.		716		79,311
Triumph Bancorp, Inc.*		777		77,801
Virtus Investment Partners, Inc.		250		77,580
Trupanion, Inc.*		891		69,204
Axos Financial, Inc.*		1,313		67,672
Palomar Holdings, Inc.*		785		63,452
ServisFirst Bancshares, Inc.		795		61,851
Walker & Dunlop, Inc.		437		49,600
Essential Properties Realty Trust, Inc. REIT		1,755		49,000
PRA Group, Inc.*		859		36,198
NMI Holdings, Inc. — Class A*		1,333		30,139
eHealth, Inc.*		579		23,449
Community Healthcare Trust, Inc. REIT		513		23,182
Total Financial				1,399,057
Consumer, Cyclical - 16.2%
Vista Outdoor, Inc.*		4,155		167,488
MarineMax, Inc.*		3,041		147,549
Century Communities, Inc.		1,830		112,454
Hibbett, Inc.		1,544		109,223
LGI Homes, Inc.*		670		95,080
Big Lots, Inc.		2,173		94,221
iRobot Corp.*,1		1,132		88,862
Sleep Number Corp.*		858		80,206
Installed Building Products, Inc.		634		67,933
Meritage Homes Corp.*		619		60,043
Lumber Liquidators Holdings, Inc.*		2,231		41,675
Dine Brands Global, Inc.*		505		41,011
LCI Industries		208		28,003
PetMed Express, Inc.1		982		26,386
Dorman Products, Inc.*		254		24,046
Shake Shack, Inc. — Class A*		240		18,831
Tupperware Brands Corp.*		709		14,974
Total Consumer, Cyclical				1,217,985
Industrial - 11.2%
Chart Industries, Inc.*		627		119,826
Vicor Corp.*		719		96,461
Comfort Systems USA, Inc.		936		66,756
Patrick Industries, Inc.		747		62,225
Advanced Energy Industries, Inc.		668		58,617
Matson, Inc.		611		49,314
AeroVironment, Inc.*		559		48,253
PGT Innovations, Inc.*		2,220		42,402
AAON, Inc.		612		39,988
Exponent, Inc.		342		38,697
Forward Air Corp.		377		31,299
Alamo Group, Inc.		220		30,697
Federal Signal Corp.		757		29,235
Marten Transport Ltd.		1,786		28,022
Gibraltar Industries, Inc.*		384		26,746
Badger Meter, Inc.		253		25,588
Franklin Electric Company, Inc.		313		24,993
Proto Labs, Inc.*		295		19,647
Total Industrial				838,766
Technology - 10.2%
SPS Commerce, Inc.*		690		111,304
TTEC Holdings, Inc.		626		58,550
Onto Innovation, Inc.*		769		55,560
Power Integrations, Inc.		514		50,881
Simulations Plus, Inc.		1,194		47,163
FormFactor, Inc.*		1,242		46,364
LivePerson, Inc.*		784		46,217

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
Diodes, Inc.*		504	$	45,657
Ultra Clean Holdings, Inc.*		1,046		44,560
ExlService Holdings, Inc.*		335		41,245
Agilysys, Inc.*		753		39,427
CEVA, Inc.*		823		35,117
Ebix, Inc.		1,171		31,535
Allscripts Healthcare Solutions, Inc.*		2,091		27,957
8x8, Inc.*		1,111		25,986
Cohu, Inc.*		770		24,594
OneSpan, Inc.*		912		17,127
Tabula Rasa HealthCare, Inc.*		581		15,228
Total Technology				764,472
Communications - 6.6%
Stamps.com, Inc.*		414		136,533
TechTarget, Inc.*		1,298		106,981
Shutterstock, Inc.		699		79,211
Perficient, Inc.*		569		65,833
Vonage Holdings Corp.*		3,032		48,876
QuinStreet, Inc.*		1,892		33,224
Viavi Solutions, Inc.*		1,433		22,555
Total Communications				493,213
Energy - 3.4%
Bonanza Creek Energy, Inc.		3,152		150,981
Renewable Energy Group, Inc.*		1,752		87,950
DMC Global, Inc.*		510		18,824
Total Energy				257,755
Basic Materials - 1.4%
Livent Corp.*		2,403		55,533
Quaker Chemical Corp.		208		49,446
Total Basic Materials				104,979
Total Common Stocks
(Cost $4,961,085)				7,439,976

	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.0%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	41,476	$	41,476
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		16,116		16,116
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		16,115		16,115
Total Repurchase Agreements
(Cost $73,707)				73,707
	Shares
SECURITIES LENDING COLLATERAL†,3 - 3.8%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		282,232		282,232
Total Securities Lending Collateral
(Cost $282,232)				282,232
Total Investments - 104.1%
(Cost $5,317,024)			$	7,795,915
Other Assets & Liabilities, net - (4.1)%				(310,552	)
Total Net Assets - 100.0%			$	7,485,363

*	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, 2021 — 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, 2021.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
S&P SMALLCAP 600® PURE GROWTH FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	7,439,976	$	—	$	—	$	7,439,976
Repurchase Agreements		—		73,707		—		73,707
Securities Lending Collateral		282,232		—		—		282,232
Total Assets	$	7,722,208	$	73,707	$	—	$	7,795,915

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

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $271,487 of securities loaned (cost $5,243,317)	$	7,722,208
Repurchase agreements, at value (cost $73,707)		73,707
Receivables:
Fund shares sold		6,007
Dividends		4,799
Securities lending income		139
Total assets		7,806,860
Liabilities:
Payable for:
Return of securities lending collateral		282,232
Management fees		5,136
Fund shares redeemed		4,414
Distribution and service fees		2,404
Transfer agent and administrative fees		1,842
Portfolio accounting fees		685
Trustees’ fees*		284
Miscellaneous		24,500
Total liabilities		321,497
Commitments and contingent liabilities (Note 11)		—
Net assets	$	7,485,363
Net assets consist of:
Paid in capital	$	(1,240,163	)
Total distributable earnings (loss)		8,725,526
Net assets	$	7,485,363
A-Class:
Net assets	$	2,228,881
Capital shares outstanding		24,831
Net asset value per share	$	89.76
Maximum offering price per share (Net asset value divided by 95.25%)	$	94.24
C-Class:
Net assets	$	1,043,721
Capital shares outstanding		13,422
Net asset value per share	$	77.76
H-Class:
Net assets	$	4,212,761
Capital shares outstanding		46,934
Net asset value per share	$	89.76

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends	$	32,520
Interest		16
Income from securities lending, net		1,488
Total investment income		34,024
Expenses:
Management fees		50,423
Distribution and service fees:
A-Class		3,133
C-Class		6,680
H-Class		12,004
Transfer agent and administrative fees		20,729
Portfolio accounting fees		6,723
Professional fees		3,007
Trustees’ fees*		1,836
Custodian fees		1,127
Line of credit fees		36
Miscellaneous		749
Total expenses		106,447
Net investment loss		(72,423	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		4,667,788
Net realized gain		4,667,788
Net change in unrealized appreciation (depreciation) on:
Investments		(4,737,499	)
Net change in unrealized appreciation (depreciation)		(4,737,499	)
Net realized and unrealized loss		(69,711	)
Net decrease in net assets resulting from operations	$	(142,134	)

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

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

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(72,423	)	$	(310,538	)
Net realized gain on investments		4,667,788			6,147,682
Net change in unrealized appreciation (depreciation) on investments		(4,737,499	)		7,971,113
Net increase (decrease) in net assets resulting from operations		(142,134	)		13,808,257
Capital share transactions:
Proceeds from sale of shares
A-Class		267,558			5,066,328
C-Class		230,401			1,838,147
H-Class		50,679,142			184,102,636
Cost of shares redeemed
A-Class		(1,493,095	)		(4,727,157	)
C-Class		(1,509,524	)		(1,154,354	)
H-Class		(71,394,635	)		(172,363,238	)
Net increase (decrease) from capital share transactions		(23,220,153	)		12,762,362
Net increase (decrease) in net assets		(23,362,287	)		26,570,619
Net assets:
Beginning of period		30,847,650			4,277,031
End of period	$	7,485,363		$	30,847,650
Capital share activity:
Shares sold
A-Class		2,957			72,794
C-Class		2,905			30,205
H-Class		557,560			2,423,701
Shares redeemed
A-Class		(16,767	)		(60,805	)
C-Class		(19,494	)		(17,857	)
H-Class		(791,678	)		(2,198,078	)
Net increase (decrease) in shares		(264,517	)		249,960

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

S&P SMALLCAP 600^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	89.23		$	43.85		$	65.22		$	71.79		$	65.58		$	52.28
Income (loss) from investment operations:
Net investment income (loss)b		(.46	)		(.62	)		(.44	)		(.70	)		(.63	)		(.41	)
Net gain (loss) on investments (realized and unrealized)		.99	d		46.00			(20.93	)		(.94	)		9.35			13.71
Total from investment operations		.53			45.38			(21.37	)		(1.64	)		8.72			13.30
Less distributions from:
Net realized gains		—			—			—			(4.93	)		(2.51	)		—
Total distributions		—			—			—			(4.93	)		(2.51	)		—
Net asset value, end of period	$	89.76		$	89.23		$	43.85		$	65.22		$	71.79		$	65.58
Total Returnc		0.59	%		103.49	%		(32.77	%)		(2.34	%)		13.41	%		25.44	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,229		$	3,448		$	1,169		$	2,397		$	1,857		$	2,526
Ratios to average net assets:
Net investment income (loss)		(1.01	%)		(0.86	%)		(0.69	%)		(0.93	%)		(0.91	%)		(0.71	%)
Total expenses		1.51	%		1.58	%		1.63	%		1.62	%		1.53	%		1.52	%
Portfolio turnover rate		339	%		752	%		628	%		421	%		643	%		818	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	77.59		$	38.41		$	57.57		$	64.43		$	59.55		$	47.82
Income (loss) from investment operations:
Net investment income (loss)b		(.70	)		(.96	)		(.79	)		(1.16	)		(.96	)		(.79	)
Net gain (loss) on investments (realized and unrealized)		.87	d		40.14			(18.37	)		(.77	)		8.35			12.52
Total from investment operations		.17			39.18			(19.16	)		(1.93	)		7.39			11.73
Less distributions from:
Net realized gains		—			—			—			(4.93	)		(2.51	)		—
Total distributions		—			—			—			(4.93	)		(2.51	)		—
Net asset value, end of period	$	77.76		$	77.59		$	38.41		$	57.57		$	64.43		$	59.55
Total Returnc		0.22	%		102.00	%		(33.28	%)		(3.06	%)		12.52	%		24.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,044		$	2,329		$	678		$	1,252		$	2,354		$	3,054
Ratios to average net assets:
Net investment income (loss)		(1.79	%)		(1.59	%)		(1.43	%)		(1.70	%)		(1.52	%)		(1.48	%)
Total expenses		2.26	%		2.33	%		2.38	%		2.36	%		2.28	%		2.28	%
Portfolio turnover rate		339	%		752	%		628	%		421	%		643	%		818	%

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

S&P SMALLCAP 600^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	89.21		$	43.84		$	65.21		$	71.78		$	65.58		$	52.27
Income (loss) from investment operations:
Net investment income (loss)b		(.45	)		(.86	)		(.40	)		(.77	)		(.55	)		(.44	)
Net gain (loss) on investments (realized and unrealized)		1.00	d		46.23			(20.97	)		(.87	)		9.26			13.75
Total from investment operations		.55			45.37			(21.37	)		(1.64	)		8.71			13.31
Less distributions from:
Net realized gains		—			—			—			(4.93	)		(2.51	)		—
Total distributions		—			—			—			(4.93	)		(2.51	)		—
Net asset value, end of period	$	89.76		$	89.21		$	43.84		$	65.21		$	71.78		$	65.58
Total Return		0.62	%		103.49	%		(32.77	%)		(2.33	%)		13.38	%		25.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,213		$	25,071		$	2,430		$	7,525		$	15,523		$	31,750
Ratios to average net assets:
Net investment income (loss)		(1.00	%)		(1.05	%)		(0.63	%)		(0.99	%)		(0.80	%)		(0.75	%)
Total expenses		1.51	%		1.54	%		1.63	%		1.61	%		1.53	%		1.53	%
Portfolio turnover rate		339	%		752	%		628	%		421	%		643	%		818	%

a	Unaudited figures for the period ended September 30, 2021. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Veritiv Corp.	3.8%
CONSOL Energy, Inc.	3.3%
Domtar Corp.	1.7%
Conn’s, Inc.	1.4%
World Fuel Services Corp.	1.4%
Aaron’s Company, Inc.	1.4%
Genworth Financial, Inc. — Class A	1.4%
Green Plains, Inc.	1.4%
Consolidated Communications Holdings, Inc.	1.3%
Olympic Steel, Inc.	1.2%
Top Ten Total	18.3%
“Ten Largest Holdings” excludes any temporary cash investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	4.95%	81.55%	7.05%	10.59%
A-Class Shares with sales charge‡	(0.03%)	72.93%	6.01%	10.05%
C-Class Shares	4.56%	80.20%	6.26%	9.76%
C-Class Shares with CDSC§	3.56%	79.20%	6.26%	9.76%
H-Class Shares	4.95%	81.52%	7.10%	10.59%
S&P SmallCap 600 Pure Value Index	5.84%	86.04%	9.62%	13.19%

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 47

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Consumer, Cyclical - 23.8%
Veritiv Corp.*		8,118	$	727,048
Conn’s, Inc.*		12,165		277,727
World Fuel Services Corp.		8,165		274,507
Signet Jewelers Ltd.		2,707		213,745
Cato Corp. — Class A		12,847		212,489
G-III Apparel Group Ltd.*		6,636		187,799
Group 1 Automotive, Inc.		935		175,668
M/I Homes, Inc.*		2,875		166,175
ODP Corp.*		4,127		165,740
Daktronics, Inc.*		27,181		147,593
Genesco, Inc.*		2,510		144,902
Barnes & Noble Education, Inc.*		14,215		142,008
Abercrombie & Fitch Co. — Class A*		3,498		131,630
ScanSource, Inc.*		3,766		131,019
Chico’s FAS, Inc.*		28,698		128,854
GMS, Inc.*		2,906		127,283
Vera Bradley, Inc.*		13,506		127,092
Asbury Automotive Group, Inc.*		620		121,979
Resideo Technologies, Inc.*		4,278		106,052
Shoe Carnival, Inc.		3,269		105,981
Unifi, Inc.*		4,429		97,128
Sonic Automotive, Inc. — Class A		1,621		85,167
Interface, Inc. — Class A		5,512		83,507
Sally Beauty Holdings, Inc.*		4,639		78,167
SkyWest, Inc.*		1,581		78,007
PC Connection, Inc.		1,747		76,920
Bed Bath & Beyond, Inc.*		4,417		76,304
Marcus Corp.*		3,053		53,275
Ethan Allen Interiors, Inc.		2,048		48,537
HNI Corp.		1,199		44,027
Motorcar Parts of America, Inc.*		2,138		41,691
Total Consumer, Cyclical				4,578,021
Financial - 23.7%
Genworth Financial, Inc. — Class A*		71,022		266,332
Customers Bancorp, Inc.*		4,551		195,784
EZCORP, Inc. — Class A*		23,233		175,874
Realogy Holdings Corp.*		8,447		148,160
Stewart Information Services Corp.		2,310		146,131
Hanmi Financial Corp.		6,710		134,603
Encore Capital Group, Inc.*		2,481		122,239
Dime Community Bancshares, Inc.		3,510		114,637
Investors Bancorp, Inc.		7,305		110,379
American Equity Investment Life Holding Co.		3,686		108,995
Employers Holdings, Inc.		2,724		107,571
Universal Insurance Holdings, Inc.		8,192		106,824
Trustmark Corp.		3,229		104,038
Enova International, Inc.*		2,983		103,062
Assured Guaranty Ltd.		2,078		97,271
Simmons First National Corp. — Class A		3,172		93,764
GEO Group, Inc. REIT1		12,111		90,469
Hope Bancorp, Inc.		6,264		90,452
First Financial Bancorp		3,795		88,841
RPT Realty REIT		6,931	$	88,440
Central Pacific Financial Corp.		3,408		87,518
Provident Financial Services, Inc.		3,607		84,656
First BanCorp		6,266		82,398
First Midwest Bancorp, Inc.		4,327		82,256
Service Properties Trust REIT		7,165		80,320
Northfield Bancorp, Inc.		4,670		80,137
SiriusPoint Ltd.*		8,642		80,025
Office Properties Income Trust REIT		3,027		76,674
United Fire Group, Inc.		3,251		75,098
OFG Bancorp		2,754		69,456
Ameris Bancorp		1,298		67,340
Ready Capital Corp. REIT		4,637		66,912
WSFS Financial Corp.		1,301		66,754
Veritex Holdings, Inc.		1,688		66,440
First Commonwealth Financial Corp.		4,764		64,933
PennyMac Mortgage Investment Trust REIT		3,129		61,610
Banner Corp.		1,094		60,400
Horace Mann Educators Corp.		1,448		57,616
S&T Bancorp, Inc.		1,907		56,199
Renasant Corp.		1,514		54,580
Eagle Bancorp, Inc.		932		53,590
Franklin Street Properties Corp. REIT		11,383		52,817
Allegiance Bancshares, Inc.		1,375		52,456
BankUnited, Inc.		1,238		51,773
Acadia Realty Trust REIT		2,391		48,800
Apollo Commercial Real Estate Finance, Inc. REIT		3,277		48,598
Diversified Healthcare Trust REIT		14,307		48,501
HomeStreet, Inc.		1,165		47,940
Old National Bancorp		2,719		46,087
Whitestone REIT — Class B		4,450		43,521
First Bancorp		966		41,548
Safety Insurance Group, Inc.		515		40,814
Independent Bank Group, Inc.		558		39,640
DiamondRock Hospitality Co. REIT*		3,721		35,163
Total Financial				4,566,436
Industrial - 14.4%
Olympic Steel, Inc.		9,496		231,323
ArcBest Corp.		2,648		216,527
Greenbrier Companies, Inc.		4,562		196,120
Granite Construction, Inc.		4,402		174,099
Sanmina Corp.*		3,860		148,764
Atlas Air Worldwide Holdings, Inc.*		1,819		148,576
Benchmark Electronics, Inc.		5,203		138,972
Griffon Corp.		5,445		133,947
DXP Enterprises, Inc.*		4,450		131,587
Haynes International, Inc.		3,439		128,103
O-I Glass, Inc.*		8,622		123,036
Apogee Enterprises, Inc.		3,063		115,659
Boise Cascade Co.		2,131		115,031
Comtech Telecommunications Corp.		4,439		113,683
TimkenSteel Corp.*		8,379		109,597
Powell Industries, Inc.		3,859		94,816
TTM Technologies, Inc.*		7,268		91,359
AAR Corp.*		2,633		85,388

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
Hub Group, Inc. — Class A*		1,223	$	84,081
Encore Wire Corp.		873		82,786
Matthews International Corp. — Class A		1,498		51,966
Trinseo S.A.		905		48,852
Tredegar Corp.		1,389		16,918
Total Industrial				2,781,190
Consumer, Non-cyclical - 13.6%
Aaron’s Company, Inc.		9,840		270,994
Andersons, Inc.		6,742		207,856
Fresh Del Monte Produce, Inc.		6,379		205,532
CoreCivic, Inc.*		21,642		192,614
SpartanNash Co.		8,674		189,961
Seneca Foods Corp. — Class A*		3,933		189,649
TreeHouse Foods, Inc.*		3,905		155,731
Cross Country Healthcare, Inc.*		7,327		155,625
Magellan Health, Inc.*		1,507		142,487
Kelly Services, Inc. — Class A		6,113		115,413
Universal Corp.		2,216		107,099
Resources Connection, Inc.		6,629		104,606
Adtalem Global Education, Inc.*		2,653		100,310
ABM Industries, Inc.		2,015		90,695
Edgewell Personal Care Co.		2,368		85,958
TrueBlue, Inc.*		2,610		70,679
Prestige Consumer Healthcare, Inc.*		1,137		63,797
Invacare Corp.*		12,080		57,501
Deluxe Corp.		1,593		57,173
Strategic Education, Inc.		637		44,908
Total Consumer, Non-cyclical				2,608,588
Energy - 12.8%
CONSOL Energy, Inc.*		24,211		629,970
Green Plains, Inc.*		8,139		265,738
SM Energy Co.		8,164		215,366
SunCoke Energy, Inc.		30,623		192,313
Callon Petroleum Co.*,1		3,280		160,982
ProPetro Holding Corp.*		15,892		137,466
Matrix Service Co.*		12,074		126,294
Talos Energy, Inc.*		9,011		124,082
Helix Energy Solutions Group, Inc.*		26,324		102,137
Penn Virginia Corp.*		3,703		98,759
PBF Energy, Inc. — Class A*		5,761		74,720
Nabors Industries Ltd.*		673		64,931
US Silica Holdings, Inc.*		7,678		61,347
Oil States International, Inc.*		8,986		57,421
Bristow Group, Inc.*		1,634		52,010
NOW, Inc.*		6,250		47,813
Warrior Met Coal, Inc.		1,909		44,422
Total Energy				2,455,771
Basic Materials - 6.4%
Domtar Corp.*		5,978		326,040
AdvanSix, Inc.*		5,530		219,817
Clearwater Paper Corp.*		3,712		142,281
Mercer International, Inc.		10,334		119,771
Rayonier Advanced Materials, Inc.*		15,217		114,128
Koppers Holdings, Inc.*		3,621		113,192
Carpenter Technology Corp.		3,246	$	106,274
Allegheny Technologies, Inc.*		3,212		53,416
Glatfelter Corp.		2,078		29,300
Total Basic Materials				1,224,219
Communications - 3.8%
Consolidated Communications Holdings, Inc.*		26,301		241,706
Scholastic Corp.		4,467		159,249
EW Scripps Co. — Class A		6,018		108,685
Gannett Company, Inc.*		11,477		76,666
AMC Networks, Inc. — Class A*		1,367		63,689
ePlus, Inc.*		403		41,352
NETGEAR, Inc.*		1,075		34,303
Total Communications				725,650
Technology - 0.6%
Insight Enterprises, Inc.*		1,341		120,797
Utilities - 0.2%
Unitil Corp.		999		42,737
Total Common Stocks
(Cost $15,941,683)				19,103,409
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21	$	71,055		71,055
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		27,608		27,608
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		27,608		27,608
Total Repurchase Agreements
(Cost $126,271)				126,271
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.3%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%4		64,559		64,559
Total Securities Lending Collateral
(Cost $64,559)				64,559
Total Investments - 100.3%
(Cost $16,132,513)			$	19,294,239
Other Assets & Liabilities, net - (0.3)%				(66,599	)
Total Net Assets - 100.0%			$	19,227,640

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
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, 2021 — 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, 2021.
	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, 2021 (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	$	19,103,409	$	—	$	—	$	19,103,409
Repurchase Agreements		—		126,271		—		126,271
Securities Lending Collateral		64,559		—		—		64,559
Total Assets	$	19,167,968	$	126,271	$	—	$	19,294,239

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

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments, at value - including $62,653 of securities loaned (cost $16,006,242)	$	19,167,968
Repurchase agreements, at value (cost $126,271)		126,271
Receivables:
Fund shares sold		4,115,243
Dividends		7,602
Securities lending income		21
Total assets		23,417,105
Liabilities:
Payable for:
Securities purchased		3,738,785
Fund shares redeemed		333,655
Return of securities lending collateral		64,559
Management fees		6,541
Distribution and service fees		2,495
Transfer agent and administrative fees		2,346
Portfolio accounting fees		872
Trustees’ fees*		475
Miscellaneous		39,737
Total liabilities		4,189,465
Commitments and contingent liabilities (Note 11)		—
Net assets	$	19,227,640
Net assets consist of:
Paid in capital	$	32,194,161
Total distributable earnings (loss)		(12,966,521	)
Net assets	$	19,227,640
A-Class:
Net assets	$	1,788,539
Capital shares outstanding		10,145
Net asset value per share	$	176.30
Maximum offering price per share (Net asset value divided by 95.25%)	$	185.09
C-Class:
Net assets	$	459,158
Capital shares outstanding		3,098
Net asset value per share	$	148.21
H-Class:
Net assets	$	16,979,943
Capital shares outstanding		96,554
Net asset value per share	$	175.86

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $396)	$	241,094
Interest		37
Income from securities lending, net		605
Total investment income		241,736
Expenses:
Management fees		165,155
Distribution and service fees:
A-Class		3,915
C-Class		7,489
H-Class		49,265
Transfer agent and administrative fees		63,313
Portfolio accounting fees		22,020
Professional fees		15,850
Trustees’ fees*		5,433
Custodian fees		3,064
Line of credit fees		45
Miscellaneous		1,577
Total expenses		337,126
Net investment loss		(95,390	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(1,720,469	)
Net realized loss		(1,720,469	)
Net change in unrealized appreciation (depreciation) on:
Investments		(1,114,127	)
Net change in unrealized appreciation (depreciation)		(1,114,127	)
Net realized and unrealized loss		(2,834,596	)
Net decrease in net assets resulting from operations	$	(2,929,986	)

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

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

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(95,390	)	$	(30,330	)
Net realized loss on investments		(1,720,469	)		(6,205,696	)
Net change in unrealized appreciation (depreciation) on investments		(1,114,127	)		4,636,470
Net decrease in net assets resulting from operations		(2,929,986	)		(1,599,556	)
Capital share transactions:
Proceeds from sale of shares
A-Class		1,085,655			2,465,579
C-Class		1,130,324			1,663,534
H-Class		128,549,692			203,832,028
Cost of shares redeemed
A-Class		(2,670,963	)		(1,084,818	)
C-Class		(2,191,345	)		(1,347,358	)
H-Class		(143,959,167	)		(166,730,073	)
Net increase (decrease) from capital share transactions		(18,055,804	)		38,798,892
Net increase (decrease) in net assets		(20,985,790	)		37,199,336
Net assets:
Beginning of period		40,213,430			3,014,094
End of period	$	19,227,640		$	40,213,430
Capital share activity:
Shares sold
A-Class		6,104			15,794
C-Class		7,597			14,505
H-Class		718,935			1,508,948
Shares redeemed
A-Class		(15,260	)		(10,365	)
C-Class		(14,887	)		(14,088	)
H-Class		(834,242	)		(1,319,497	)
Net increase (decrease) in shares		(131,753	)		195,297

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

S&P SMALLCAP 600^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	167.98		$	67.45		$	129.32		$	138.22		$	136.22		$	115.78
Income (loss) from investment operations:
Net investment income (loss)b		(.31	)		(.14	)		(.50	)		.30			(.40	)		(.70	)
Net gain (loss) on investments (realized and unrealized)		8.63	e		100.67	e		(61.37	)		(9.20	)		2.40			21.14
Total from investment operations		8.32			100.53			(61.87	)		(8.90	)		2.00			20.44
Net asset value, end of period	$	176.30		$	167.98		$	67.45		$	129.32		$	138.22		$	136.22
Total Returnc		4.95	%		149.04	%		(47.83	%)		(6.44	%)		1.47	%		17.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,789		$	3,242		$	936		$	1,329		$	762		$	1,720
Ratios to average net assets:
Net investment income (loss)		(0.36	%)		(0.31	%)		(0.42	%)		0.21	%		(0.30	%)		(0.50	%)
Total expenses		1.51	%		1.59	%		1.63	%		1.62	%		1.53	%		1.53	%
Portfolio turnover rate		289	%		1,503	%		1,104	%		534	%		1,832	%		1,449	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	141.75		$	57.31		$	110.69		$	119.22		$	118.40		$	101.41
Income (loss) from investment operations:
Net investment income (loss)b		(.84	)		(.40	)		(1.25	)		(.65	)		(1.05	)		(1.40	)
Net gain (loss) on investments (realized and unrealized)		7.30	e		84.84	e		(52.13	)		(7.88	)		1.87			18.39
Total from investment operations		6.46			84.44			(53.38	)		(8.53	)		.82			16.99
Net asset value, end of period	$	148.21		$	141.75		$	57.31		$	110.69		$	119.22		$	118.40
Total Returnc		4.56	%		147.34	%		(48.24	%)		(7.13	%)		0.68	%		16.77	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	459		$	1,472		$	571		$	1,055		$	1,532		$	1,778
Ratios to average net assets:
Net investment income (loss)		(1.13	%)		(1.07	%)		(1.20	%)		(0.53	%)		(0.90	%)		(1.26	%)
Total expenses		2.26	%		2.34	%		2.38	%		2.36	%		2.28	%		2.28	%
Portfolio turnover rate		289	%		1,503	%		1,104	%		534	%		1,832	%		1,449	%

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

S&P SMALLCAP 600^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020d			Year Ended March 31, 2019d			Year Ended March 29, 2018d			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	167.56		$	67.25		$	129.01		$	137.86		$	135.65		$	115.35
Income (loss) from investment operations:
Net investment income (loss)b		(.37	)		(.13	)		(.55	)		.10			(.45	)		(.60	)
Net gain (loss) on investments (realized and unrealized)		8.67	e		100.44	e		(61.21	)		(8.95	)		2.66			20.90
Total from investment operations		8.30			100.31			(61.76	)		(8.85	)		2.21			20.30
Net asset value, end of period	$	175.86		$	167.56		$	67.25		$	129.01		$	137.86		$	135.65
Total Return		4.95	%		149.16	%		(47.87	%)		(6.42	%)		1.62	%		17.60	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,980		$	35,499		$	1,507		$	9,062		$	7,595		$	19,782
Ratios to average net assets:
Net investment income (loss)		(0.41	%)		(0.18	%)		(0.44	%)		0.06	%		(0.32	%)		(0.47	%)
Total expenses		1.51	%		1.55	%		1.64	%		1.62	%		1.53	%		1.53	%
Portfolio turnover rate		289	%		1,503	%		1,104	%		534	%		1,832	%		1,449	%

a	Unaudited figures for the period ended September 30, 2021. 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.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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	11.1%
Guggenheim Strategy Fund II	11.0%
Nestle S.A. ADR	1.0%
ASML Holding N.V. — Class G	0.9%
Roche Holding AG ADR	0.8%
Novartis AG ADR	0.6%
LVMH Moet Hennessy Louis Vuitton SE ADR	0.6%
AstraZeneca plc ADR	0.6%
Novo Nordisk A/S ADR	0.5%
Linde plc	0.5%
Top Ten Total	27.6%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Country Diversification

Country	% of Long-Term Investments
United Kingdom	27.6%
France	20.3%
Switzerland	19.2%
Germany	14.9%
Netherlands	7.8%
Denmark	3.2%
Spain	2.4%
Other	4.6%
Total Long-Term Investments	100.0%

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 55

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	5.59%	26.33%	7.69%	6.49%
A-Class Shares with sales charge‡	0.58%	20.33%	6.65%	5.97%
C-Class Shares	5.23%	25.03%	6.84%	5.60%
C-Class Shares with CDSC§	4.23%	24.03%	6.84%	5.60%
H-Class Shares	5.62%	25.95%	7.71%	6.39%
STOXX Europe 50 Index	5.45%	22.24%	8.11%	6.81%

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

56 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
EUROPE 1.25x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 15.2%
Consumer, Non-cyclical - 6.2%
Nestle S.A. ADR		213	$	25,508
Roche Holding AG ADR		425		19,325
Novartis AG ADR		184		15,048
AstraZeneca plc ADR		234		14,054
Novo Nordisk A/S ADR		125		12,001
Unilever plc ADR		198		10,736
Diageo plc ADR		44		8,492
Sanofi ADR		173		8,340
L’Oreal S.A. ADR		92		7,625
GlaxoSmithKline plc ADR		188		7,184
Adyen N.V. ADR*		213		5,973
British American Tobacco plc ADR		159		5,609
Reckitt Benckiser Group plc ADR		278		4,392
RELX plc ADR		149		4,300
Bayer AG ADR		297		4,039
Anheuser-Busch InBev S.A. ADR1		64		3,608
Total Consumer, Non-cyclical				156,234
Financial - 1.9%
HSBC Holdings plc ADR		313		8,185
Allianz SE ADR		312		7,007
BNP Paribas S.A. ADR1		174		5,578
Banco Santander S.A. ADR*		1,309		4,739
Zurich Insurance Group AG ADR		114		4,681
AXA S.A. ADR		156		4,362
UBS Group AG		262		4,176
Intesa Sanpaolo SpA ADR		229		3,920
Prudential plc ADR1		98		3,840
Total Financial				46,488
Industrial - 1.4%
Siemens AG ADR		114		9,364
Schneider Electric SE ADR		215		7,143
Airbus SE ADR*		177		5,910
Vinci S.A. ADR		181		4,708
Deutsche Post AG ADR		74		4,668
ABB Ltd. ADR		127		4,237
Total Industrial				36,030
Technology - 1.4%
ASML Holding N.V. — Class G		32		23,844
SAP SE ADR		83		11,208
Total Technology				35,052
Basic Materials - 1.3%
Linde plc		39		11,442
Air Liquide S.A. ADR		179		5,755
Rio Tinto plc ADR1		80		5,346
BASF SE ADR		278		5,293
BHP Group plc ADR		79		4,004
Total Basic Materials				31,840
Consumer, Cyclical - 1.1%
LVMH Moet Hennessy Louis Vuitton SE ADR		99	$	14,185
Daimler AG ADR		254		5,774
adidas AG ADR		28		4,427
Kering S.A. ADR		55		3,924
Total Consumer, Cyclical				28,310
Energy - 0.9%
TotalEnergies SE ADR		199		9,538
BP plc ADR		254		6,942
Royal Dutch Shell plc — Class A ADR		155		6,908
Total Energy				23,388
Communications - 0.6%
Prosus N.V. ADR		337		5,406
Deutsche Telekom AG ADR		244		4,916
Vodafone Group plc ADR		215		3,322
Total Communications				13,644
Utilities - 0.4%
Enel SpA ADR		590		4,508
Iberdrola S.A. ADR		109		4,386
Total Utilities				8,894
Total Common Stocks
(Cost $311,647)				379,880
MUTUAL FUNDS† - 22.1%
Guggenheim Ultra Short Duration Fund — Institutional Class2		27,782		276,983
Guggenheim Strategy Fund II2		11,082		276,947
Total Mutual Funds
(Cost $552,516)				553,930
	Face Amount
U.S. TREASURY BILLS†† - 11.2%
U.S. Treasury Bills
0.04% due 10/07/213,4	$	282,000		281,999
Total U.S. Treasury Bills
(Cost $281,998)				281,999
REPURCHASE AGREEMENTS††,5 - 52.4%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		739,771		739,771
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		287,439		287,439
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		287,438		287,438
Total Repurchase Agreements
(Cost $1,314,648)				1,314,648

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
EUROPE 1.25x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,6 - 0.6%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%7		14,014	$	14,014
Total Securities Lending Collateral
(Cost $14,014)				14,014
Total Investments - 101.5%
(Cost $2,474,823)			$	2,544,471
Other Assets & Liabilities, net - (1.5)%				(37,225	)
Total Net Assets - 100.0%			$	2,507,246

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Purchased†
Euro FX Futures Contracts		19		Dec 2021	$	2,754,763	$	(52,685	)
Equity Futures Contracts Purchased†
STOXX Europe 50 Index Futures Contracts		69		Dec 2021		2,776,946		(52,888	)

*	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, 2021 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at September 30, 2021.
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, 2021.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
EUROPE 1.25x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	379,880	$	—	$	—	$	379,880
Mutual Funds		553,930		—		—		553,930
U.S. Treasury Bills		—		281,999		—		281,999
Repurchase Agreements		—		1,314,648		—		1,314,648
Securities Lending Collateral		14,014		—		—		14,014
Total Assets	$	947,824	$	1,596,647	$	—	$	2,544,471

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	52,888	$	—	$	—	$	52,888
Currency Futures Contracts**		52,685		—		—		52,685
Total Liabilities	$	105,573	$	—	$	—	$	105,573

** 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	276,836	$	—	$	—	$	—	$	111	$	276,947		11,082	$	1,894
Guggenheim Ultra Short Duration Fund — Institutional Class		276,705		—		—		—		278		276,983		27,782		1,233
	$	553,541	$	—	$	—	$	—	$	389	$	553,930			$	3,127

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

EUROPE 1.25x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value - including $13,743 of securities loaned (cost $607,659)	$	675,893
Investments in affiliated issuers, at value (cost $552,516)		553,930
Repurchase agreements, at value (cost $1,314,648)		1,314,648
Cash		278
Receivables:
Foreign tax reclaims		15,751
Fund shares sold		3,412
Dividends		1,062
Securities lending income		20
Total assets		2,564,994
Liabilities:
Payable for:
Variation margin on futures contracts		19,679
Fund shares redeemed		16,060
Return of securities lending collateral		14,014
Management fees		2,501
Transfer agent and administrative fees		765
Distribution and service fees		727
Portfolio accounting fees		284
Trustees’ fees*		26
Miscellaneous		3,692
Total liabilities		57,748
Commitments and contingent liabilities (Note 11)
Net assets	$	2,507,246
Net assets consist of:
Paid in capital	$	2,498,995
Total distributable earnings (loss)		8,251
Net assets	$	2,507,246
A-Class:
Net assets	$	100,054
Capital shares outstanding		1,002
Net asset value per share	$	99.85
Maximum offering price per share (Net asset value divided by 95.25%)	$	104.83
C-Class:
Net assets	$	23,325
Capital shares outstanding		285
Net asset value per share	$	81.95
H-Class:
Net assets	$	2,383,867
Capital shares outstanding		24,123
Net asset value per share	$	98.82

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $969)	$	7,906
Dividends from securities of affiliated issuers		3,127
Interest		430
Income from securities lending, net		383
Total investment income		11,846
Expenses:
Management fees		15,350
Distribution and service fees:
A-Class		554
C-Class		721
H-Class		3,530
Transfer agent and administrative fees		4,731
Portfolio accounting fees		1,705
Licensing fees		1,364
Professional fees		556
Custodian fees		216
Trustees’ fees*		152
Miscellaneous		1,308
Total expenses		30,187
Less:
Expenses waived by Adviser		(347	)
Net expenses		29,840
Net investment loss		(17,994	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		18,457
Futures contracts		135,366
Foreign currency transactions		65
Net realized gain		153,888
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		8,025
Investments in affiliated issuers		389
Futures contracts		(115,355	)
Foreign currency translations		74
Net change in unrealized appreciation (depreciation)		(106,867	)
Net realized and unrealized gain		47,021
Net increase in net assets resulting from operations	$	29,027

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

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

EUROPE 1.25x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(17,994	)	$	(17,449	)
Net realized gain on investments		153,888			531,423
Net change in unrealized appreciation (depreciation) on investments		(106,867	)		(77,226	)
Net increase in net assets resulting from operations		29,027			436,748
Distributions to shareholders:
A-Class		—			(3,005	)
C-Class		—			(864	)
H-Class		—			(64,304	)
Total distributions to shareholders		—			(68,173	)
Capital share transactions:
Proceeds from sale of shares
A-Class		23,042,941			12,145,953
C-Class		973,033			758,238
H-Class		15,400,390			24,728,511
Distributions reinvested
A-Class		—			2,277
C-Class		—			864
H-Class		—			52,203
Cost of shares redeemed
A-Class		(23,081,613	)		(12,156,789	)
C-Class		(1,098,778	)		(963,363	)
H-Class		(14,438,799	)		(25,112,437	)
Net increase (decrease) from capital share transactions		797,174			(544,543	)
Net increase (decrease) in net assets		826,201			(175,968	)
Net assets:
Beginning of period		1,681,045			1,857,013
End of period	$	2,507,246		$	1,681,045
Capital share activity:
Shares sold
A-Class		219,798			132,762
C-Class		11,333			10,252
H-Class		149,726			294,697
Shares issued from reinvestment of distributions
A-Class		—			25
C-Class		—			12
H-Class		—			589
Shares redeemed
A-Class		(220,167	)		(134,552	)
C-Class		(12,866	)		(13,530	)
H-Class		(140,672	)		(299,748	)
Net increase (decrease) in shares		7,152			(9,493	)

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

EUROPE 1.25x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	94.56		$	69.30		$	85.18		$	94.56		$	84.99		$	78.10
Income (loss) from investment operations:
Net investment income (loss)b		(.67	)		(.93	)		.63			1.70			.82			1.08
Net gain (loss) on investments (realized and unrealized)		5.96			30.74			(16.07	)g		(4.78	)		8.99			6.51
Total from investment operations		5.29			29.81			(15.44	)		(3.08	)		9.81			7.59
Less distributions from:
Net investment income		—			(4.55	)		(.44	)		(6.30	)		(.24	)		(.70	)
Total distributions		—			(4.55	)		(.44	)		(6.30	)		(.24	)		(.70	)
Net asset value, end of period	$	99.85		$	94.56		$	69.30		$	85.18		$	94.56		$	84.99
Total Returnc		5.59	%		43.39	%		(18.25	%)		(2.32	%)		11.53	%		9.83	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	100		$	130		$	217		$	184		$	401		$	417
Ratios to average net assets:
Net investment income (loss)		(1.29	%)		(1.10	%)		0.72	%		1.89	%		0.88	%		1.35	%
Total expensesd		1.74	%		1.75	%		1.77	%		1.76	%		1.71	%		1.72	%
Net expensese		1.72	%		1.73	%		1.73	%		1.76	%		1.71	%		1.72	%
Portfolio turnover rate		10	%		534	%		1,787	%		1,411	%		422	%		1,616	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	77.88		$	58.24		$	72.13		$	81.77		$	74.07		$	68.62
Income (loss) from investment operations:
Net investment income (loss)b		(.74	)		(.96	)		(.18	)		.96			(.09	)		.35
Net gain (loss) on investments (realized and unrealized)		4.81			25.15			(13.27	)g		(4.30	)		8.03			5.80
Total from investment operations		4.07			24.19			(13.45	)		(3.34	)		7.94			6.15
Less distributions from:
Net investment income		—			(4.55	)		(.44	)		(6.30	)		(.24	)		(.70	)
Total distributions		—			(4.55	)		(.44	)		(6.30	)		(.24	)		(.70	)
Net asset value, end of period	$	81.95		$	77.88		$	58.24		$	72.13		$	81.77		$	74.07
Total Returnc		5.23	%		41.93	%		(18.79	%)		(3.04	%)		10.70	%		9.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	23		$	142		$	296		$	24		$	187		$	840
Ratios to average net assets:
Net investment income (loss)		(1.74	%)		(1.50	%)		(0.25	%)		1.22	%		(0.11	%)		0.50	%
Total expensesd		2.49	%		2.58	%		2.49	%		2.50	%		2.46	%		2.49	%
Net expensese		2.47	%		2.55	%		2.45	%		2.50	%		2.46	%		2.49	%
Portfolio turnover rate		10	%		534	%		1,787	%		1,411	%		422	%		1,616	%

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

EUROPE 1.25x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	93.56		$	68.79		$	84.58		$	93.89		$	84.38		$	77.38
Income (loss) from investment operations:
Net investment income (loss)b		(.51	)		(.74	)		.58			1.26			1.02			.46
Net gain (loss) on investments (realized and unrealized)		5.77			30.06			(15.93	)g		(4.27	)		8.73			7.24
Total from investment operations		5.26			29.32			(15.35	)		(3.01	)		9.75			7.70
Less distributions from:
Net investment income		—			(4.55	)		(.44	)		(6.30	)		(.24	)		(.70	)
Total distributions		—			(4.55	)		(.44	)		(6.30	)		(.24	)		(.70	)
Net asset value, end of period	$	98.82		$	93.56		$	68.79		$	84.58		$	93.89		$	84.38
Total Return		5.62	%		42.96	%		(18.28	%)		(2.28	%)		11.55	%		10.06	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,384		$	1,410		$	1,344		$	37,240		$	3,967		$	6,439
Ratios to average net assets:
Net investment income (loss)		(0.98	%)		(0.88	%)		0.66	%		1.42	%		1.09	%		0.59	%
Total expensesd		1.74	%		1.77	%		1.80	%		1.76	%		1.71	%		1.73	%
Net expensese		1.72	%		1.74	%		1.76	%		1.76	%		1.71	%		1.73	%
Portfolio turnover rate		10	%		534	%		1,787	%		1,411	%		422	%		1,616	%

a	Unaudited figures for the period ended September 30, 2021. 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 year ended March 31, 2017 have been restated to reflect a 1:6 reverse share split effective October 28, 2016.
g	The amount shown for a share outstanding throughout the year does not agree with the aggregate net gain on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments in the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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 (the “underlying index”).

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	February 22, 2008
C-Class	February 22, 2008
H-Class	February 22, 2008

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

Largest Holdings (% of Total Net Assets)
Guggenheim Ultra Short Duration Fund — Institutional Class	8.2%
Guggenheim Strategy Fund II	8.0%
Total	16.2%
“Largest Holdings” excludes any temporary cash or derivative investments.

64 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(2.12%)	38.30%	16.94%	14.91%
A-Class Shares with sales charge‡	(6.77%)	31.73%	15.80%	14.36%
C-Class Shares	(2.38%)	37.25%	16.05%	14.13%
C-Class Shares with CDSC§	(3.36%)	36.25%	16.05%	14.13%
H-Class Shares	(2.13%)	38.29%	17.01%	14.97%
Nikkei-225 Stock Average Index	0.19%	20.30%	10.26%	8.89%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Nikkei-225 Stock Average Index is an unmanaged index and, unlike the Fund, has no management fees or operating expenses to reduce its reported return.
†	6 month returns are not annualized.
‡	Fund returns are calculated using the maximum sales charge of 4.75%.
§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 65

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
JAPAN 2x STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 16.2%
Guggenheim Ultra Short Duration Fund — Institutional Class1		14,448	$	144,047
Guggenheim Strategy Fund II1		5,636		140,838
Total Mutual Funds
(Cost $283,661)				284,885
	Face Amount
FEDERAL AGENCY NOTES†† - 11.4%
Federal Farm Credit Bank
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222	$	100,000		100,168
0.33% (3 Month U.S. Treasury Bill Rate + 0.29%, Rate Floor: 0.00%) due 04/11/222		100,000		100,150
Total Federal Agency Notes
(Cost $200,000)				200,318

	Face Amount		Value
U.S. TREASURY BILLS†† - 9.4%
U.S. Treasury Bills
0.04% due 10/07/213,4	$	164,000	$	163,999
Total U.S. Treasury Bills
(Cost $163,999)				163,999
REPURCHASE AGREEMENTS††,5 - 60.4%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		597,870		597,870
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		232,303		232,303
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21		232,303		232,303
Total Repurchase Agreements
(Cost $1,062,476)				1,062,476
Total Investments - 97.4%
(Cost $1,710,136)			$	1,711,678
Other Assets & Liabilities, net - 2.6%				46,358
Total Net Assets - 100.0%			$	1,758,036

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
Nikkei 225 (CME) Index Futures Contracts		24		Dec 2021	$	3,521,400	$	(12,079	)
Currency Futures Contracts Purchased†
Japanese Yen Futures Contracts		31		Dec 2021		3,483,431		(39,626	)

**	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	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
3	All or a portion of this security is pledged as futures collateral at September 30, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 6.
	CME — Chicago Mercantile Exchange
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
JAPAN 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	284,885	$	—	$	—	$	284,885
Federal Agency Notes		—		200,318		—		200,318
U.S. Treasury Bills		—		163,999		—		163,999
Repurchase Agreements		—		1,062,476		—		1,062,476
Total Assets	$	284,885	$	1,426,793	$	—	$	1,711,678

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	39,626	$	—	$	—	$	39,626
Equity Futures Contracts**		12,079		—		—		12,079
Total Liabilities	$	51,705	$	—	$	—	$	51,705

** 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	140,782	$	—	$	—	$	—	$	56	$	140,838		5,636	$	964
Guggenheim Ultra Short Duration Fund — Institutional Class		143,902		—		—		—		145		144,047		14,448		641
	$	284,684	$	—	$	—	$	—	$	201	$	284,885			$	1,605

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

JAPAN 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $363,999)	$	364,317
Investments in affiliated issuers, at value (cost $283,661)		284,885
Repurchase agreements, at value (cost $1,062,476)		1,062,476
Segregated cash with broker		89,620
Receivables:
Fund shares sold		8,000
Dividends		250
Interest		100
Total assets		1,809,648
Liabilities:
Payable for:
Variation margin on futures contracts		26,609
Fund shares redeemed		20,891
Management fees		1,363
Transfer agent and administrative fees		500
Distribution and service fees		468
Portfolio accounting fees		186
Trustees’ fees*		19
Miscellaneous		1,576
Total liabilities		51,612
Commitments and contingent liabilities (Note 11)		—
Net assets	$	1,758,036
Net assets consist of:
Paid in capital	$	3,500,097
Total distributable earnings (loss)		(1,742,061	)
Net assets	$	1,758,036
A-Class:
Net assets	$	310,768
Capital shares outstanding		1,579
Net asset value per share	$	196.81
Maximum offering price per share (Net asset value divided by 95.25%)	$	206.63
C-Class:
Net assets	$	6,297
Capital shares outstanding		35
Net asset value per share	$	178.18
H-Class:
Net assets	$	1,440,971
Capital shares outstanding		7,265
Net asset value per share	$	198.34

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	1,605
Interest		592
Total investment income		2,197
Expenses:
Management fees		7,367
Distribution and service fees:
A-Class		361
C-Class		146
H-Class		2,058
Transfer agent and administrative fees		2,776
Portfolio accounting fees		982
Professional fees		459
Trustees’ fees*		173
Custodian fees		131
Miscellaneous		437
Total expenses		14,890
Less:
Expenses waived by Adviser		(181	)
Net expenses		14,709
Net investment loss		(12,512	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Futures contracts		23,779
Net realized gain		23,779
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(229	)
Investments in affiliated issuers		201
Futures contracts		(71,480	)
Net change in unrealized appreciation (depreciation)		(71,508	)
Net realized and unrealized loss		(47,729	)
Net decrease in net assets resulting from operations	$	(60,241	)

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

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

JAPAN 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(12,512	)	$	(23,182	)
Net realized gain on investments		23,779			1,142,736
Net change in unrealized appreciation (depreciation) on investments		(71,508	)		51,997
Net increase (decrease) in net assets resulting from operations		(60,241	)		1,171,551
Distributions to shareholders:
A-Class		—			(1,352	)
C-Class		—			(252	)
H-Class		—			(12,629	)
Total distributions to shareholders		—			(14,233	)
Capital share transactions:
Proceeds from sale of shares
A-Class		93,510			129,406
C-Class		4,884			25,877
H-Class		8,140,795			9,996,652
Distributions reinvested
A-Class		—			1,352
C-Class		—			245
H-Class		—			11,506
Cost of shares redeemed
A-Class		(31,119	)		(163,139	)
C-Class		(49,299	)		(16,392	)
H-Class		(8,208,181	)		(10,253,391	)
Net decrease from capital share transactions		(49,410	)		(267,884	)
Net increase (decrease) in net assets		(109,651	)		889,434
Net assets:
Beginning of period		1,867,687			978,253
End of period	$	1,758,036		$	1,867,687
Capital share activity:
Shares sold
A-Class		471			746
C-Class		25			138
H-Class		40,668			60,690
Shares issued from reinvestment of distributions
A-Class		—			7
C-Class		—			1
H-Class		—			60
Shares redeemed
A-Class		(158	)		(967	)
C-Class		(282	)		(87	)
H-Class		(41,100	)		(61,589	)
Net decrease in shares		(376	)		(1,001	)

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

JAPAN 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	201.08		$	94.96		$	119.96		$	136.57		$	102.24		$	78.81
Income (loss) from investment operations:
Net investment income (loss)b		(1.23	)		(1.95	)		.91			1.22			(.03	)		(.74	)
Net gain (loss) on investments (realized and unrealized)		(3.04	)		109.13			(24.67	)		(17.32	)		38.80	g		24.17
Total from investment operations		(4.27	)		107.18			(23.76	)		(16.10	)		38.77			23.43
Less distributions from:
Net investment income		—			(1.06	)		(1.24	)		(.51	)		—			—
Net realized gains		—			—			—			—			(4.44	)		—
Total distributions		—			(1.06	)		(1.24	)		(.51	)		(4.44	)		—
Net asset value, end of period	$	196.81		$	201.08		$	94.96		$	119.96		$	136.57		$	102.24
Total Returnc		(2.12	%)		112.92	%		(20.15	%)		(11.79	%)		37.94	%		29.73	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	311		$	255		$	141		$	211		$	404		$	389
Ratios to average net assets:
Net investment income (loss)		(1.26	%)		(1.26	%)		0.70	%		0.93	%		(0.02	%)		(0.80	%)
Total expensesd		1.51	%		1.58	%		1.63	%		1.58	%		1.51	%		1.52	%
Net expensese		1.49	%		1.56	%		1.57	%		1.56	%		1.51	%		1.52	%
Portfolio turnover rate		—			15	%		—			—			17	%		1,225	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	182.53		$	87.00		$	110.80		$	127.14		$	96.17		$	74.63
Income (loss) from investment operations:
Net investment income (loss)b		(1.80	)		(2.98	)		(.06	)		.19			(.80	)		(1.33	)
Net gain (loss) on investments (realized and unrealized)		(2.55	)		99.57			(22.50	)		(16.02	)		36.21	g		22.87
Total from investment operations		(4.35	)		96.59			(22.56	)		(15.83	)		35.41			21.54
Less distributions from:
Net investment income		—			(1.06	)		(1.24	)		(.51	)		—			—
Net realized gains		—			—			—			—			(4.44	)		—
Total distributions		—			(1.06	)		(1.24	)		(.51	)		(4.44	)		—
Net asset value, end of period	$	178.18		$	182.53		$	87.00		$	110.80		$	127.14		$	96.17
Total Returnc		(2.38	%)		111.34	%		(20.75	%)		(12.43	%)		36.90	%		28.74	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6		$	53		$	21		$	30		$	69		$	52
Ratios to average net assets:
Net investment income (loss)		(2.01	%)		(2.02	%)		(0.05	%)		0.16	%		(0.68	%)		(1.53	%)
Total expensesd		2.25	%		2.32	%		2.38	%		2.33	%		2.26	%		2.27	%
Net expensese		2.23	%		2.30	%		2.32	%		2.31	%		2.26	%		2.27	%
Portfolio turnover rate		—			15	%		—			—			17	%		1,225	%

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

JAPAN 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	202.65		$	95.70		$	120.89		$	137.58		$	102.97		$	79.15
Income (loss) from investment operations:
Net investment income (loss)b		(1.25	)		(2.07	)		.90			1.09			(.12	)		(.86	)
Net gain (loss) on investments (realized and unrealized)		(3.06	)		110.08			(24.85	)		(17.27	)		39.17	g		24.68
Total from investment operations		(4.31	)		108.01			(23.95	)		(16.18	)		39.05			23.82
Less distributions from:
Net investment income		—			(1.06	)		(1.24	)		(.51	)		—			—
Net realized gains		—			—			—			—			(4.44	)		—
Total distributions		—			(1.06	)		(1.24	)		(.51	)		(4.44	)		—
Net asset value, end of period	$	198.34		$	202.65		$	95.70		$	120.89		$	137.58		$	102.97
Total Return		(2.13	%)		112.94	%		(20.17	%)		(11.76	%)		37.95	%		30.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,441		$	1,560		$	817		$	1,898		$	4,946		$	3,145
Ratios to average net assets:
Net investment income (loss)		(1.26	%)		(1.27	%)		0.69	%		0.83	%		(0.10	%)		(0.95	%)
Total expensesd		1.50	%		1.58	%		1.63	%		1.58	%		1.50	%		1.52	%
Net expensese		1.49	%		1.56	%		1.58	%		1.57	%		1.50	%		1.52	%
Portfolio turnover rate		—			15	%		—			—			17	%		1,225	%

a	Unaudited figures for the period ended September 30, 2021. 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 year ended March 31, 2017 have been restated to reflect a 1:4 share split effective November 4, 2016.
g	The amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 71

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

STRENGTHENING DOLLAR 2x STRATEGY FUND

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

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	May 25, 2005
C-Class	May 25, 2005
H-Class	May 25, 2005

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

Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund II	21.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	18.0%
Total	39.2%
“Largest Holdings” excludes any temporary cash or derivative investments.

72 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	1.36%	(0.73%)	0.66%	2.09%
A-Class Shares with sales charge‡	(3.46%)	(5.44%)	(0.32%)	1.59%
C-Class Shares	0.99%	(1.49%)	(0.09%)	1.34%
C-Class Shares with CDSC§	(0.01%)	(2.47%)	(0.09%)	1.34%
H-Class Shares	1.37%	(0.71%)	0.66%	2.10%
U.S. Dollar Index	1.07%	0.36%	(0.26%)	1.84%

*	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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 73

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
STRENGTHENING DOLLAR 2x STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 39.2%
Guggenheim Strategy Fund II1		27,327	$	682,907
Guggenheim Ultra Short Duration Fund — Institutional Class1		58,216		580,414
Total Mutual Funds
(Cost $1,255,062)				1,263,321
	Face Amount
FEDERAL AGENCY NOTES†† - 36.6%
Federal Farm Credit Bank
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222	$	500,000		500,842
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222		180,000		180,404
Fannie Mae
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/222		500,000		500,496
Total Federal Agency Notes
(Cost $1,180,000)				1,181,742

	Face Amount		Value
U.S. TREASURY BILLS†† - 3.2%
U.S. Treasury Bills
0.04% due 10/07/213,4	$	104,000	$	104,000
Total U.S. Treasury Bills
(Cost $103,999)				104,000
REPURCHASE AGREEMENTS††,5 - 24.6%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/216		447,109		447,109
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/216		173,725		173,725
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/216		173,725		173,725
Total Repurchase Agreements
(Cost $794,559)				794,559
Total Investments - 103.6%
(Cost $3,333,620)			$	3,343,622
Other Assets & Liabilities, net - (3.6)%				(115,614	)
Total Net Assets - 100.0%			$	3,228,008

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Currency Futures Contracts Purchased†
U.S. Dollar Index Futures Contracts		54		Dec 2021	$	5,089,230	$	77,846

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

N/A

N/A

At Maturity

12/17/21

15,041

$

1,417,120

$

26,262

**	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	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
3	All or a portion of this security is pledged as futures collateral at September 30, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 6.
6	All or a portion of this security is pledged as currency index swap collateral at September 30, 2021.
	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, 2021
STRENGTHENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	1,263,321	$	—	$	—	$	1,263,321
Federal Agency Notes		—		1,181,742		—		1,181,742
U.S. Treasury Bills		—		104,000		—		104,000
Repurchase Agreements		—		794,559		—		794,559
Currency Futures Contracts**		77,846		—		—		77,846
Currency Index Swap Agreements**		—		26,262		—		26,262
Total Assets	$	1,341,167	$	2,106,563	$	—	$	3,447,730

** 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	682,634	$	—	$	—	$	—	$	273	$	682,907		27,327	$	4,672
Guggenheim Ultra Short Duration Fund — Institutional Class		579,831		—		—		—		583		580,414		58,216		2,583
	$	1,262,465	$	—	$	—	$	—	$	856	$	1,263,321			$	7,255

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

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $1,283,999)	$	1,285,742
Investments in affiliated issuers, at value (cost $1,255,062)		1,263,321
Repurchase agreements, at value (cost $794,559)		794,559
Segregated cash with broker		2,920
Unrealized appreciation on OTC swap agreements		26,262
Receivables:
Swap settlement		7,161
Dividends		1,130
Interest		256
Fund shares sold		250
Total assets		3,381,601
Liabilities:
Payable for:
Fund shares redeemed		130,548
Licensing fees		10,822
Variation margin on futures contracts		6,053
Management fees		2,118
Transfer agent and administrative fees		669
Distribution and service fees		635
Portfolio accounting fees		248
Trustees’ fees*		30
Miscellaneous		2,470
Total liabilities		153,593
Commitments and contingent liabilities (Note 11)		—
Net assets	$	3,228,008
Net assets consist of:
Paid in capital	$	22,445,192
Total distributable earnings (loss)		(19,217,184	)
Net assets	$	3,228,008
A-Class:
Net assets	$	1,350,765
Capital shares outstanding		27,492
Net asset value per share	$	49.13
Maximum offering price per share (Net asset value divided by 95.25%)	$	51.58
C-Class:
Net assets	$	12,912
Capital shares outstanding		300
Net asset value per share	$	43.04
H-Class:
Net assets	$	1,864,331
Capital shares outstanding		38,086
Net asset value per share	$	48.95

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	7,255
Interest		2,322
Total investment income		9,577
Expenses:
Management fees		15,604
Distribution and service fees:
A-Class		1,381
C-Class		159
H-Class		2,913
Transfer agent and administrative fees		4,860
Licensing fees		4,768
Portfolio accounting fees		1,734
Professional fees		851
Trustees’ fees*		241
Custodian fees		226
Miscellaneous		839
Total expenses		33,576
Less:
Expenses waived by Adviser		(728	)
Net expenses		32,848
Net investment loss		(23,271	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		9,443
Futures contracts		15,284
Net realized gain		24,727
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(1,540	)
Investments in affiliated issuers		856
Swap agreements		21,592
Futures contracts		(13,659	)
Net change in unrealized appreciation (depreciation)		7,249
Net realized and unrealized gain		31,976
Net increase in net assets resulting from operations	$	8,705

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

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

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(23,271	)	$	(71,947	)
Net realized gain (loss) on investments		24,727			(527,275	)
Net change in unrealized appreciation (depreciation) on investments		7,249			(96,842	)
Net increase (decrease) in net assets resulting from operations		8,705			(696,064	)
Distributions to shareholders:
A-Class		—			(6,655	)
C-Class		—			(292	)
H-Class		—			(10,242	)
Total distributions to shareholders		—			(17,189	)
Capital share transactions:
Proceeds from sale of shares
A-Class		462,781			1,906,912
C-Class		158,506			493,961
H-Class		15,309,923			48,911,545
Distributions reinvested
A-Class		—			4,700
C-Class		—			292
H-Class		—			10,066
Cost of shares redeemed
A-Class		(565,750	)		(2,675,694	)
C-Class		(180,142	)		(548,182	)
H-Class		(15,901,248	)		(56,636,089	)
Net decrease from capital share transactions		(715,930	)		(8,532,489	)
Net decrease in net assets		(707,225	)		(9,245,742	)
Net assets:
Beginning of period		3,935,233			13,180,975
End of period	$	3,228,008		$	3,935,233
Capital share activity:
Shares sold
A-Class		9,643			36,511
C-Class		3,859			11,281
H-Class		326,972			976,940
Shares issued from reinvestment of distributions
A-Class		—			102
C-Class		—			7
H-Class		—			219
Shares redeemed
A-Class		(12,350	)		(52,229	)
C-Class		(4,376	)		(12,434	)
H-Class		(339,350	)		(1,118,071	)
Net decrease in shares		(15,602	)		(157,674	)

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

STRENGTHENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	48.47		$	55.34		$	52.46		$	43.45		$	53.23		$	47.68
Income (loss) from investment operations:
Net investment income (loss)b		(.31	)		(.64	)		.16			.19			(.16	)		(.55	)
Net gain (loss) on investments (realized and unrealized)		.97			(5.95	)		3.17			8.82			(9.62	)		6.10
Total from investment operations		.66			(6.59	)		3.33			9.01			(9.78	)		5.55
Less distributions from:
Net investment income		—			(.28	)		(.45	)		—			—			—
Total distributions		—			(.28	)		(.45	)		—			—			—
Net asset value, end of period	$	49.13		$	48.47		$	55.34		$	52.46		$	43.45		$	53.23
Total Returnc		1.36	%		(11.88	%)		6.38	%		20.74	%		(18.37	%)		11.64	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,351		$	1,464		$	2,535		$	1,782		$	1,517		$	2,245
Ratios to average net assets:
Net investment income (loss)		(1.31	%)		(1.26	%)		0.29	%		0.40	%		(0.34	%)		(1.07	%)
Total expensesd		1.93	%		1.91	%		2.00	%		1.83	%		1.72	%		1.73	%
Net expensese		1.89	%		1.87	%		1.96	%		1.82	%		1.72	%		1.73	%
Portfolio turnover rate		—			—			—			9	%		—			142	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	42.62		$	49.08		$	46.91		$	39.14		$	48.32		$	43.60
Income (loss) from investment operations:
Net investment income (loss)b		(.43	)		(.90	)		(.16	)		(.15	)		(.48	)		(.82	)
Net gain (loss) on investments (realized and unrealized)		.85			(5.28	)		2.78			7.92			(8.70	)		5.54
Total from investment operations		.42			(6.18	)		2.62			7.77			(9.18	)		4.72
Less distributions from:
Net investment income		—			(.28	)		(.45	)		—			—			—
Total distributions		—			(.28	)		(.45	)		—			—			—
Net asset value, end of period	$	43.04		$	42.62		$	49.08		$	46.91		$	39.14		$	48.32
Total Returnc		0.99	%		(12.56	%)		5.62	%		19.85	%		(18.98	%)		10.80	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13		$	35		$	96		$	791		$	795		$	1,309
Ratios to average net assets:
Net investment income (loss)		(2.06	%)		(2.00	%)		(0.33	%)		(0.33	%)		(1.14	%)		(1.80	%)
Total expensesd		2.68	%		2.67	%		2.77	%		2.59	%		2.47	%		2.48	%
Net expensese		2.64	%		2.63	%		2.72	%		2.58	%		2.47	%		2.48	%
Portfolio turnover rate		—			—			—			9	%		—			142	%

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

STRENGTHENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	48.29		$	55.12		$	52.25		$	43.27		$	53.03		$	47.49
Income (loss) from investment operations:
Net investment income (loss)b		(.32	)		(.70	)		.12			.18			(.17	)		(.56	)
Net gain (loss) on investments (realized and unrealized)		.98			(5.85	)		3.20			8.80			(9.59	)		6.10
Total from investment operations		.66			(6.55	)		3.32			8.98			(9.76	)		5.54
Less distributions from:
Net investment income		—			(.28	)		(.45	)		—			—			—
Total distributions		—			(.28	)		(.45	)		—			—			—
Net asset value, end of period	$	48.95		$	48.29		$	55.12		$	52.25		$	43.27		$	53.03
Total Return		1.37	%		(11.86	%)		6.39	%		20.75	%		(18.39	%)		11.64	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,864		$	2,437		$	10,549		$	5,017		$	6,301		$	7,506
Ratios to average net assets:
Net investment income (loss)		(1.35	%)		(1.36	%)		0.22	%		0.36	%		(0.36	%)		(1.11	%)
Total expensesd		1.93	%		1.94	%		2.00	%		1.83	%		1.72	%		1.73	%
Net expensese		1.89	%		1.90	%		1.96	%		1.82	%		1.72	%		1.73	%
Portfolio turnover rate		—			—			—			9	%		—			142	%

a	Unaudited figures for the period ended September 30, 2021. 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, 2021

WEAKENING DOLLAR 2x STRATEGY FUND

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

Holdings Diversification (Market Exposure as % of Net Assets)

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

Inception Dates:
A-Class	May 25, 2005
C-Class	May 25, 2005
H-Class	May 25, 2005

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

Largest Holdings (% of Total Net Assets)
Guggenheim Strategy Fund II	29.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	28.4%
Total	57.4%
“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, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(3.25%)	(3.19%)	(3.27%)	(5.81%)
A-Class Shares with sales charge‡	(7.85%)	(7.78%)	(4.21%)	(6.27%)
C-Class Shares	(3.62%)	(3.91%)	(3.99%)	(6.52%)
C-Class Shares with CDSC§	(4.58%)	(4.87%)	(3.99%)	(6.52%)
H-Class Shares	(3.26%)	(3.19%)	(3.27%)	(5.82%)
U.S. Dollar Index	1.07%	0.36%	(0.26%)	1.84%

*	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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 81

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
WEAKENING DOLLAR 2x STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 57.4%
Guggenheim Strategy Fund II1		15,742	$	393,395
Guggenheim Ultra Short Duration Fund — Institutional Class1		38,580		384,647
Total Mutual Funds
(Cost $772,094)				778,042
	Face Amount
FEDERAL AGENCY NOTES†† - 22.9%
Federal Farm Credit Bank
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 03/14/222	$	250,000		250,421
0.44% (U.S. Prime Rate - 2.81%, Rate Floor: 0.00%) due 05/20/222		60,000		60,135
Total Federal Agency Notes
(Cost $310,000)				310,556
U.S. TREASURY BILLS†† - 4.9%
U.S. Treasury Bills
0.04% due 10/07/213,4		67,000		67,000
Total U.S. Treasury Bills
(Cost $67,000)				67,000

	Face Amount		Value
REPURCHASE AGREEMENTS††,5 - 16.3%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/216	$	123,983	$	123,983
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/216		48,174		48,174
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/216		48,173		48,173
Total Repurchase Agreements
(Cost $220,330)				220,330
Total Investments - 101.5%
(Cost $1,369,424)			$	1,375,928
Other Assets & Liabilities, net - (1.5)%				(20,332	)
Total Net Assets - 100.0%			$	1,355,596

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		26		Dec 2021	$	2,450,370	$	(40,971	)

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

N/A

N/A

At Maturity

12/17/21

2,548

$

240,049

$

(2,969

)

**	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	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
3	All or a portion of this security is pledged as futures collateral at September 30, 2021.
4	Rate indicated is the effective yield at the time of purchase.
5	Repurchase Agreements — See Note 6.
6	All or a portion of this security is pledged as currency index swap collateral at September 30, 2021.
	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, 2021
WEAKENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	778,042	$	—	$	—	$	778,042
Federal Agency Notes		—		310,556		—		310,556
U.S. Treasury Bills		—		67,000		—		67,000
Repurchase Agreements		—		220,330		—		220,330
Total Assets	$	778,042	$	597,886	$	—	$	1,375,928

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	40,971	$	—	$	—	$	40,971
Currency Index Swap Agreements**		—		2,969		—		2,969
Total Liabilities	$	40,971	$	2,969	$	—	$	43,940

** 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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	393,238	$	—	$	—	$	—	$	157	$	393,395		15,742	$	2,691
Guggenheim Ultra Short Duration Fund — Institutional Class		384,261		—		—		—		386		384,647		38,580		1,712
	$	777,499	$	—	$	—	$	—	$	543	$	778,042			$	4,403

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 83

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value (cost $377,000)	$	377,556
Investments in affiliated issuers, at value (cost $772,094)		778,042
Repurchase agreements, at value (cost $220,330)		220,330
Receivables:
Variation margin on futures contracts		2,808
Fund shares sold		1,293
Dividends		686
Interest		84
Total assets		1,380,799
Liabilities:
Unrealized depreciation on OTC swap agreements		2,969
Payable for:
Fund shares redeemed		12,816
Licensing fees		5,197
Swap settlement		1,179
Management fees		1,015
Transfer agent and administrative fees		327
Distribution and service fees		327
Portfolio accounting fees		121
Trustees’ fees*		15
Miscellaneous		1,237
Total liabilities		25,203
Commitments and contingent liabilities (Note 11)		—
Net assets	$	1,355,596
Net assets consist of:
Paid in capital	$	11,260,151
Total distributable earnings (loss)		(9,904,555	)
Net assets	$	1,355,596
A-Class:
Net assets	$	225,961
Capital shares outstanding		3,666
Net asset value per share	$	61.64
Maximum offering price per share (Net asset value divided by 95.25%)	$	64.71
C-Class:
Net assets	$	35,763
Capital shares outstanding		665
Net asset value per share	$	53.78
H-Class:
Net assets	$	1,093,872
Capital shares outstanding		17,780
Net asset value per share	$	61.52

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of affiliated issuers	$	4,403
Interest		787
Total investment income		5,190
Expenses:
Management fees		7,456
Distribution and service fees:
A-Class		437
C-Class		190
H-Class		1,587
Transfer agent and administrative fees		2,331
Licensing fees		2,278
Portfolio accounting fees		828
Professional fees		453
Trustees’ fees*		127
Custodian fees		109
Miscellaneous		334
Total expenses		16,130
Less:
Expenses waived by Adviser		(482	)
Net expenses		15,648
Net investment loss		(10,458	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(8,626	)
Futures contracts		(31,009	)
Net realized loss		(39,635	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(477	)
Investments in affiliated issuers		543
Swap agreements		5,274
Futures contracts		(8,333	)
Net change in unrealized appreciation (depreciation)		(2,993	)
Net realized and unrealized loss		(42,628	)
Net decrease in net assets resulting from operations	$	(53,086	)

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

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

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(10,458	)	$	(45,652	)
Net realized gain (loss) on investments		(39,635	)		420,864
Net change in unrealized appreciation (depreciation) on investments		(2,993	)		1,916
Net increase (decrease) in net assets resulting from operations		(53,086	)		377,128
Distributions to shareholders:
A-Class		—			(726	)
C-Class		—			(70	)
H-Class		—			(3,116	)
Total distributions to shareholders		—			(3,912	)
Capital share transactions:
Proceeds from sale of shares
A-Class		21,526			686,728
C-Class		—			81,908
H-Class		6,044,814			50,241,475
Distributions reinvested
A-Class		—			690
C-Class		—			70
H-Class		—			2,901
Cost of shares redeemed
A-Class		(176,267	)		(563,534	)
C-Class		—			(64,608	)
H-Class		(5,968,172	)		(50,838,141	)
Net decrease from capital share transactions		(78,099	)		(452,511	)
Net decrease in net assets		(131,185	)		(79,295	)
Net assets:
Beginning of period		1,486,781			1,566,076
End of period	$	1,355,596		$	1,486,781
Capital share activity:
Shares sold
A-Class		334			10,681
C-Class		—			1,385
H-Class		92,817			802,800
Shares issued from reinvestment of distributions
A-Class		—			10
C-Class		—			1
H-Class		—			43
Shares redeemed
A-Class		(2,744	)		(8,718	)
C-Class		—			(1,129	)
H-Class		(91,746	)		(808,775	)
Net decrease in shares		(1,339	)		(3,702	)

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WEAKENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

A-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	63.71		$	57.85		$	63.74		$	77.67		$	64.99		$	75.31
Income (loss) from investment operations:
Net investment income (loss)b		(.41	)		(.84	)		.16			.23			(.35	)		(.80	)
Net gain (loss) on investments (realized and unrealized)		(1.66	)		6.82			(5.84	)		(14.16	)		13.03			(9.52	)
Total from investment operations		(2.07	)		5.98			(5.68	)		(13.93	)		12.68			(10.32	)
Less distributions from:
Net investment income		—			(.12	)		(.21	)		—			—			—
Total distributions		—			(.12	)		(.21	)		—			—			—
Net asset value, end of period	$	61.64		$	63.71		$	57.85		$	63.74		$	77.67		$	64.99
Total Returnc		(3.25	%)		10.32	%		(8.94	%)		(17.93	%)		19.51	%		(13.69	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	226		$	387		$	237		$	296		$	3,306		$	324
Ratios to average net assets:
Net investment income (loss)		(1.24	%)		(1.30	%)		0.26	%		0.32	%		(0.48	%)		(1.13	%)
Total expensesd		1.93	%		1.90	%		2.01	%		1.80	%		1.72	%		1.72	%
Net expensese		1.87	%		1.86	%		2.00	%		1.80	%		1.72	%		1.72	%
Portfolio turnover rate		—			48	%		—			—			28	%		77	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	55.80		$	51.07		$	56.74		$	69.66		$	58.72		$	68.57
Income (loss) from investment operations:
Net investment income (loss)b		(.57	)		(1.17	)		(.29	)		(.27	)		(.80	)		(1.19	)
Net gain (loss) on investments (realized and unrealized)		(1.45	)		6.02			(5.17	)		(12.65	)		11.74			(8.66	)
Total from investment operations		(2.02	)		4.85			(5.46	)		(12.92	)		10.94			(9.85	)
Less distributions from:
Net investment income		—			(.12	)		(.21	)		—			—			—
Total distributions		—			(.12	)		(.21	)		—			—			—
Net asset value, end of period	$	53.78		$	55.80		$	51.07		$	56.74		$	69.66		$	58.72
Total Returnc		(3.62	%)		9.50	%		(9.65	%)		(18.55	%)		18.65	%		(14.39	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	36		$	37		$	21		$	36		$	388		$	695
Ratios to average net assets:
Net investment income (loss)		(1.99	%)		(2.04	%)		(0.53	%)		(0.42	%)		(1.23	%)		(1.88	%)
Total expensesd		2.68	%		2.66	%		2.75	%		2.53	%		2.47	%		2.47	%
Net expensese		2.62	%		2.62	%		2.73	%		2.53	%		2.47	%		2.47	%
Portfolio turnover rate		—			48	%		—			—			28	%		77	%

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

WEAKENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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

H-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017f
Per Share Data
Net asset value, beginning of period	$	63.59		$	57.76		$	63.67		$	77.60		$	64.92		$	75.23
Income (loss) from investment operations:
Net investment income (loss)b		(.41	)		(.93	)		.07			.28			(.36	)		(.85	)
Net gain (loss) on investments (realized and unrealized)		(1.66	)		6.88			(5.77	)		(14.21	)		13.04			(9.46	)
Total from investment operations		(2.07	)		5.95			(5.70	)		(13.93	)		12.68			(10.31	)
Less distributions from:
Net investment income		—			(.12	)		(.21	)		—			—			—
Total distributions		—			(.12	)		(.21	)		—			—			—
Net asset value, end of period	$	61.52		$	63.59		$	57.76		$	63.67		$	77.60		$	64.92
Total Return		(3.26	%)		10.29	%		(8.98	%)		(17.95	%)		19.55	%		(13.73	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,094		$	1,063		$	1,308		$	1,678		$	3,267		$	5,068
Ratios to average net assets:
Net investment income (loss)		(1.25	%)		(1.47	%)		0.12	%		0.41	%		(0.49	%)		(1.19	%)
Total expensesd		1.93	%		1.88	%		1.99	%		1.83	%		1.72	%		1.71	%
Net expensese		1.87	%		1.86	%		1.97	%		1.83	%		1.72	%		1.71	%
Portfolio turnover rate		—			48	%		—			—			28	%		77	%

a	Unaudited figures for the period ended September 30, 2021. 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 year ended March 31, 2017 have been restated to reflect a 1:6 reverse share split effective October 28, 2016.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 87

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

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

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2021, the Trust consisted of fifty-two funds.

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

Fund Name	Investment Company Type
S&P 500® Pure Growth Fund	Non-diversified
S&P 500® Pure Value Fund	Non-diversified
S&P MidCap 400® Pure Growth Fund	Non-diversified
S&P MidCap 400® Pure Value Fund	Non-diversified
S&P SmallCap 600® Pure Growth Fund	Non-diversified
S&P SmallCap 600® Pure Value Fund	Non-diversified
Europe 1.25x Strategy Fund	Non-diversified
Japan2x Strategy Fund	Non-diversified
Strengthening Dollar 2x Strategy Fund	Non-diversified
Weakening Dollar 2x Strategy Fund	Non-diversified

At September 30, 2021, only 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, which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Significant Accounting Policies

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

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

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

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

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. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid 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 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.

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yeidls or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

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

The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued 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 GI, subject to review and approval by the Valuation Committee, pursuant to methods established or ratified by the Board. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(b) U.S. Government and Agency Obligations

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

(c) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(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, 2021, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(g) Security Transactions

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

(h) Distributions

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

(i) Class Allocations

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

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 0.06% at September 30, 2021.

(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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 2 – Derivatives

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

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

The Funds may utilize derivatives for the following purposes:

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

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

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

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

Futures Contracts

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

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

		Average Notional Amount
Fund	Use	Long		Short
Europe 1.25x Strategy Fund	Index exposure, Leverage, Liquidity	$	8,382,568	$	—
Japan 2x Strategy Fund	Index exposure, Leverage, Liquidity		7,131,934		—
Strengthening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		5,714,188		—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		2,959,001

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

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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	$	1,084,178	$	—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		336,658

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, 2021:

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

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at September 30, 2021:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Total Value at September 30, 2021
Strengthening Dollar 2x Strategy Fund	$	—	$	77,846	$	26,262	$	104,108

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Total Value at September 30, 2021
Europe 1.25x Strategy Fund	$	52,888	$	52,685	$	—	$	105,573
Japan 2x Strategy Fund		12,079		39,626		—		51,705
Weakening Dollar 2x Strategy Fund		—		40,971		2,969		43,940

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

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The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended September 30, 2021:

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

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statements of Operations categorized by primary risk exposure for the period ended September 30, 2021:

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	$	182,046	$	(46,680	)	$	—		$	135,366
Japan 2x Strategy Fund		77,228		(53,449	)		—			23,779
Strengthening Dollar 2x Strategy Fund		—		15,284			9,443			24,727
Weakening Dollar 2x Strategy Fund		—		(31,009	)		(8,626	)		(39,635	)

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	$	(78,456	)	$	(36,899	)	$	—	$	(115,355	)
Japan 2x Strategy Fund		(96,343	)		24,863			—		(71,480	)
Strengthening Dollar 2x Strategy Fund		—			(13,659	)		21,592		7,933
Weakening Dollar 2x Strategy Fund		—			(8,333	)		5,274		(3,059	)

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 of investment grade or better. The Trust monitors the counterparty credit risk.

Note 3 – Offsetting

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

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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OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

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

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

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received		Net Amount
Strengthening Dollar 2x Strategy Fund	Swap currency contracts	$	26,262	$	—	$	26,262	$	—	$	—	$	26,262

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Weakening Dollar 2x Strategy Fund	Swap currency contracts	$	2,969	$	—	$	2,969	$	(2,969	)	$	—	$	—

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

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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, 2021.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Japan 2x Strategy Fund	Goldman Sachs International	Futures contracts	$	89,620	$	—
Strengthening Dollar 2x Strategy Fund	Goldman Sachs International	Futures contracts		2,920		—

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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

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 used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

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

Fund	Management Fees (as a % of Net Assets)
S&P 500® Pure Growth Fund		0.75	%
S&P 500® Pure Value Fund		0.75	%
S&P MidCap 400® Pure Growth Fund		0.75	%
S&P MidCap 400® Pure Value Fund		0.75	%
S&P SmallCap 600® Pure Growth Fund		0.75	%
S&P SmallCap 600® Pure Value Fund		0.75	%
Europe 1.25x Strategy Fund		0.90	%
Japan 2x Strategy Fund		0.75	%
Strengthening Dollar 2x Strategy Fund		0.90	%
Weakening Dollar 2x Strategy Fund		0.90	%

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

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

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

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

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

For the period ended September 30, 3021, GFD retained sales charges of $72,187 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, 2021, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Europe 1.25x Strategy Fund	$	347
Japan 2x Strategy Fund		181
Strengthening Dollar 2x Strategy Fund		728
Weakening Dollar 2x Strategy Fund		482

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.

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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, 2021, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
0.05%					1.50%
Due 10/01/21	$	150,861,939	$	150,862,148	Due 01/15/23	$	150,772,500	$	153,879,256
BofA Securities, Inc.					U.S. Treasury Note
0.02%					0.13%
Due 10/01/21		58,617,555		58,617,587	Due 12/31/22		59,788,400		59,789,984
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
0.03%					0.13%
Due 10/01/21		58,617,555		58,617,604	Due 04/15/22		58,937,372		59,789,963

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

Note 7 – Portfolio Securities Loaned

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

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At Septembert 30, 2021, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

	Gross Amounts Not Offset in the Statements of Assets and Liabilities							Securities Lending Collateral
Fund	Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested		Cash Collateral Uninvested		Total Collateral
S&P 500® Pure Value Fund	$	19,949	$	(19,949	)	$	—	$	20,436	$	—	$	20,436
S&P MidCap 400® Pure Growth Fund		523,058		(523,058	)		—		565,289		—		565,289
S&P SmallCap 600® Pure Growth Fund		271,487		(271,487	)		—		282,232		—		282,232
S&P SmallCap 600® Pure Value Fund		62,653		(62,653	)		—		64,559		—		64,559
Europe 1.25x Strategy Fund		13,743		(13,743	)		—		14,014		—		14,014

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

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

Note 8 – Federal Income Tax Information

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

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

At September 30, 2021, 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	$	47,997,232	$	13,662,758	$	(89,935	)	$	13,572,823
S&P 500® Pure Value Fund		13,646,614		2,883,254		(19,573	)		2,863,681
S&P MidCap 400® Pure Growth Fund		50,374,361		15,120,262		(2,772,756	)		12,347,506
S&P MidCap 400® Pure Value Fund		49,631,641		13,946,147		(261,222	)		13,684,925
S&P SmallCap 600® Pure Growth Fund		5,886,556		2,008,391		(99,032	)		1,909,359
S&P SmallCap 600® Pure Value Fund		17,247,344		2,135,386		(88,491	)		2,046,895
Europe 1.25x Strategy Fund		2,483,480		63,813		(108,395	)		(44,582	)
Japan 2x Strategy Fund		1,710,136		1,542		(51,705	)		(50,163	)
Strengthening Dollar 2x Strategy Fund		3,333,756		113,974		—			113,974
Weakening Dollar 2x Strategy Fund		1,369,520		6,408		(43,940	)		(37,532	)

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Note 9 – Securities Transactions

For the period ended September 30, 2021, 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	$	317,623,527	$	305,930,413
S&P 500® Pure Value Fund		172,158,228		210,930,037
S&P MidCap 400® Pure Growth Fund		16,876,399		21,402,581
S&P MidCap 400® Pure Value Fund		126,774,048		220,267,965
S&P SmallCap 600® Pure Growth Fund		50,420,790		73,594,828
S&P SmallCap 600® Pure Value Fund		117,612,996		135,231,943
Europe 1.25x Strategy Fund		104,659		292,845

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, 2021, 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	$	18,182,540	$	30,865,406	$	418,843
S&P 500® Pure Value Fund		35,912,691		19,937,767		126,114
S&P MidCap 400® Pure Growth Fund		601,070		1,809,581		2,321
S&P MidCap 400® Pure Value Fund		2,828,365		5,262,638		387,858
S&P SmallCap 600® Pure Growth Fund		772,860		1,349,010		152,583
S&P SmallCap 600® Pure Value Fund		2,491,786		1,709,751		(23,291	)
Europe 1.25x Strategy Fund		86,043		279,686		16,158

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 7, 2021, the line of credit agreement was renewed and expires on June 6, 2022. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 1.25% for the period ended September 30, 2021. The Funds did not have any borrowings outstanding under this agreement at September 30, 2021.

The average daily balances borrowed for the period ended September 30, 2021, were as follows:

Fund	Average Daily Balance
S&P 500® Pure Value Fund	$	4,321
S&P MidCap 400® Pure Value Fund		4,625
S&P SmallCap 600® Pure Growth Fund		2,830
S&P SmallCap 600® Pure Value Fund		3,556
Strengthening Dollar 2x Strategy Fund		16

Note 11 – Legal Proceedings

Tribune Company

Rydex Series Funds has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership by certain series of the Rydex Series Funds of shares in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which

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Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including the Rydex Series Funds, the proceeds they received in connection with the LBO.

In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex Series Funds has been named as a defendant in one or more of these suits. In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.

The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2296 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order.

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments.

On April 12, 2016, the Plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Funds, filed a joint brief in opposition to the petition for certiorari on October 24, 2016. On April 3, 2018, Justice Kennedy and Justice Thomas issued a “Statement” related to the petition for certiorari suggesting that the Second Circuit and/or District Court may want to take steps to reexamine the application of the Section 546(e) safe harbor to the previously dismissed state law constructive fraudulent transfer claims based on the Supreme Court’s decision in Merit Management Group LP v. FTI Consulting, Inc. On April 10, 2018, Plaintiffs filed in the Second Circuit a motion for that court to recall its mandate, vacate its prior decision, and remand to the district court for further proceedings consistent with Merit Management. On April 20, 2018, the shareholder defendants filed an opposition to Plaintiffs’ motion to recall the mandate. On May 15, 2018, the Second Circuit issued an order recalling the mandate “in anticipation of further panel review.” On December 19, 2019, the Second Circuit issued an amended opinion that again affirmed the district court’s ruling on the basis that plaintiffs’ claims were preempted by Section 546(e) of the Bankruptcy Code. Plaintiffs filed a motion for rehearing and rehearing en banc on January 2, 2020. The Second Circuit denied the petition on February 6, 2020. On July 6, 2020, plaintiffs filed a new petition for a writ of certiorari in the U.S. Supreme Court. In that petition, plaintiffs stated that “[t]o make it more likely that there will be a quorum for this petition,” they have “abandon[ed] the case and let the judgment below stand” with respect to certain defendants. That list did not include the Rydex Series Funds. Defendants filed an opposition to the certiorari petition on August 26, 2020, and plaintiffs filed a reply in support of the petition for certiorari on September 8, 2020. On March 12, 2021, the Solicitor General filed an amicus brief recommending that certiorari be denied. Plaintiffs filed a supplemental brief in response to the Solicitor General’s amicus brief on March 31, 2021, and Defendants filed a supplemental brief on April 1, 2021. The Court denied the petition for certiorari on April 19, 2021.

On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. The plaintiff requested that the Court direct entry of a final judgment in order to make the order immediately appealable. On February 23, 2017, the Court issued an order stating that it intended to permit an interlocutory appeal of the dismissal order, but would wait to do so until it has resolved outstanding motions to dismiss filed by other defendants.

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On July 18, 2017, the plaintiff submitted a letter to the District Court seeking leave to amend its complaint to add a constructive fraudulent transfer claim. The shareholder defendants opposed that request. On August 24, 2017, the Court denied the plaintiff’s request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed his request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court’s ruling in Merit Management Group LP v. FTI Consulting, Inc. The shareholder defendants opposed that request. On June 18, 2018 the District Court ordered that the request would be stayed pending further action by the Second Circuit in the SLCFC actions.

On December 18, 2018, plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating plaintiff’s intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the court held a case management conference, during which the court stated that it would not lift the stay prior to further action from the Second Circuit in the SLCFC actions. The court further stated that it would allow the plaintiff to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the court ordered the parties still facing pending claims to participate in a mediation, to commence on January 28, 2019. The mediation did not result in a settlement of the claims against the shareholder defendants.

On April 4, 2019, plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal constructive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to plaintiff’s motion to amend. On April 12, 2019, the plaintiff filed a reply brief. On April 23, 2019, the court denied the plaintiff’s motion to amend. On June 13, 2019, the court entered judgment pursuant to Rule 54(b). On July 12, 2019, the Plaintiff filed a notice of appeal with respect to the dismissal of his claims and the District Court’s denial of his motion for leave to amend. Plaintiff filed an appellate brief on January 7, 2020. The shareholder defendants’ brief was filed on April 27, 2020. Plaintiff filed a reply brief on May 18, 2020. The Court held oral argument on August 24, 2020. On August 20, 2021, the Second Circuit affirmed the District Court’s orders: (1) dismissing the intentional fraudulent conveyance claims against the shareholder-defendants; and (2) denying the plaintiff leave to amend the complaint to add a constructive fraudulent conveyance claim against the shareholder-defendants. Plaintiff filed a petition for rehearing en banc on September 3, 2021. On October 7, 2021, the Second Circuit denied the petition.

None of these lawsuits alleges any wrongdoing on the part of Rydex Series Funds. The following series of Rydex Series Funds held shares of Tribune and tendered these shares as part of Tribune’s LBO: Nova Fund, S&P 500^® Pure Value Fund, Multi-Cap Core Equity Fund, S&P 500^® Fund, Multi-Hedge Strategies Fund and Hedged Equity Fund (the “Funds”). The value of the proceeds received by the foregoing Funds was $28,220, $109,242, $9,860, $3,400, $1,181,160, and $10,880, respectively. At this stage of the proceedings, Rydex Series Funds is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on a Fund’s net asset value.

Note 12 – COVID-19

The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

Note 13 – Subsequent Events

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

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Delivery of Shareholder Reports

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

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

Proxy Voting Information

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

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

Sector Classification

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

Quarterly Portfolio Schedules Information

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

Report of the Rydex Series Funds Contracts Review Committee

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

Tradable Funds (Including Sector Funds*)

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

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●	Inverse Russell 2000 Strategy Fund	●	Inverse S&P 500 Strategy Fund
●	Japan 2x Strategy Fund	●	Leisure Fund*
●	Mid-Cap 1.5x Strategy Fund	●	Monthly Rebalance NASDAQ-100 2x Strategy Fund
●	NASDAQ-100 Fund	●	Nova Fund
●	Precious Metals Fund*	●	Real Estate Fund
●	Retailing Fund*	●	Russell 2000 1.5x Strategy Fund
●	Russell 2000 Fund	●	S&P 500 Fund
●	S&P 500 Pure Growth Fund	●	S&P 500 Pure Value Fund
●	S&P MidCap 400 Pure Growth Fund	●	S&P MidCap 400 Pure Value Fund
●	S&P SmallCap 600 Pure Growth Fund	●	S&P SmallCap 600 Pure Value Fund
●	Strengthening Dollar 2x Strategy Fund	●	Technology Fund*
●	Telecommunications Fund*	●	Transportation Fund*
●	Utilities Fund*	●	U.S. Government Money Market Fund
●	Weakening Dollar 2x Strategy Fund

Alternative Funds** (i.e., Non-Tradable Funds)

●	Long Short Equity Fund**	●	Managed Futures Strategy Fund**
●	Multi-Hedge Strategies Fund**

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

Security Investors, LLC (“Security Investors”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as investment adviser to each of the Funds pursuant to an investment advisory agreement between the Trust, with respect to the Funds, and Security Investors (the “Advisory Agreement”).¹ (Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors and other affiliated investment management businesses of Guggenheim Partners.)

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

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) casting votes in person at a meeting called for such purpose.² At meetings held by videoconference on April 20, 2021 (the “April Meeting”) and on May 26, 2021 (the “May

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 Independent Trustees 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.

² On March 13, 2020, the Securities and Exchange Commission issued an exemptive order providing relief to registered management investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease 2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief, initially provided for a limited period of time, has been extended multiple times and was in effect as of May 26, 2021. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreement at a meeting of the Board held by videoconference on May 26, 2021.

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Meeting”), the members of the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement in connection with the Committee’s annual contract review schedule.

As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee met with a representative of FUSE at the April Meeting to discuss how FUSE determined the appropriate peer groups for the Funds. Thereafter, 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 each Tradable Fund is designed to provide tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds and the Real Estate Fund, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds and the Real Estate Fund. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark.

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

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, the funds in the Guggenheim fund complex, including the Funds.

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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 entrepreneurial, legal, regulatory and operational risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, and the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2020 and 2019. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee also took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector or market, and corporate actions such as spin-offs, among other adjustments.

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

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

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

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

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2020, 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, 2020, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. For the Tradable Funds (other than U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2020, as

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applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain updated performance information as of March 31, 2021.

With respect to the Tradable Funds (other than U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances in which there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary driver 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, for the five-year and three-year periods ended December 31, 2020, as applicable, noting the Adviser’s view that, in general, such five-year and three-year periods are a reasonable proxy for anticipated levels of tracking error in most cases. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points), as applicable, of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2020, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund outperformed the comparable peer fund over the five-year, three-year and one-year periods ended December 31, 2020, although its performance ranked in the fourth quartile of the broader peer group over the same 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, 2020, 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 third quartile of its performance universe for each of the relevant periods considered.

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In addition, the Committee made the following observations:

Long Short Equity Fund: The returns of the Fund’s Institutional Class shares ranked in the 73rd and 79th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2020, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the three-year time period was primarily a result of the Fund’s fundamental factor tilts. The Committee noted management’s statement that the Fund’s long exposure to value and short exposure to growth, as well as negative sector exposures to well-performing sectors, have detracted from investment performance. The Committee noted that, as of March 31, 2021, the five-year and three-year performance rankings had improved to the 61st and 60th percentiles, respectively.

Managed Futures Strategy Fund: The returns of the Fund’s Institutional Class shares ranked in the 79th and 50th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2020, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the poor performance of the Fund’s previous dedicated trend-following strategy in 2016, during which time trend-following models were routinely hurt by the frequent whipsawing in the market, particularly in commodities, and to poor performance in 2018 as the Fund had exposure to equities which sold off heavily in the fourth quarter. The Committee took into account management’s statement that the Fund changed its underlying investment model in 2017, moving to a more diversified, systematic multi-model system that employs a core-satellite approach (i.e., a combination of passively-managed and actively-managed allocations), resulting in more competitive performance over the three-year and one-year time periods. The Committee also noted that, since 2018, the Fund’s performance has improved. The Committee noted that, as of March 31, 2021, the five-year and three-year performance rankings were in the 66th and 53rd percentiles, respectively.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and 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 fee³ and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that 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 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 is directly comparable in this regard. For those Tradable Funds with a peer fund from the directly comparable product suite, the Committee noted that the contractual advisory fee for each Fund’s Class H shares was equal to or lower than the contractual advisory fee charged to the peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund.

³ 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)

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, although the Fund’s contractual advisory fee and total net expense ratio are higher than those of the comparable peer fund, the Fund’s net effective management fee is lower than that of the peer fund and the Fund’s total net expense ratio is close to that of the peer fund. The Committee noted the Adviser’s statement that, given the current low interest rate environment, it is currently waiving, and intends to continue to waive, all or a portion of its fees to the extent necessary to maintain the Fund’s stable net asset value.

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

With respect to the Alternative Funds (i.e., the non-Tradable Funds), 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 (43rd percentile) of its peer group. Although the net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (79th percentile) of its peer group, the Committee considered that the total net expense ratio for the Fund’s Institutional Class shares ranks in the first quartile (21st 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, 2020, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2019. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis.

In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s 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 Meeting, as well as other considerations, the Committee concluded that that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds were appropriate and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim

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OTHER INFORMATION (Unaudited)(concluded)

believes it is appropriately sharing potential economies of scale and that, although Guggenheim’s overall expenses declined in 2020, generally, costs are anticipated to increase in many key areas, including compensation of portfolio managers, key analysts and support staff, as well as for infrastructure needs, with respect to risk management oversight, valuation processes and disaster recovery systems, among other things.

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

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

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

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her well-informed business judgment, may afford different weights to different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended the renewal of the Advisory Agreement for an additional annual term.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	158	Current: Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2006-2016).
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present). Former: Senior Leader, TIAA (1987-2012).	157	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Infinity Property & Casualty Corp. (2014-2018).
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Co-Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present).	157	Current: US Global Investors (GROW) (1995-present). Former: Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	158	Current: PPM Funds (2) (2018-present); Edward-Elmhurst Healthcare System (2012-present). Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	157	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	157	Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).

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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).	157	None.

*	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, Fiduciary/Claymore Energy Infrastructure Fund, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Enhanced Equity Income Fund, Guggenheim Energy & Income Fund, Guggenheim Credit Allocation 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’ Investment Manager and/or the parent of the Investment Manager.

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

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

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2016	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2019	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2016	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, 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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electronic transmissions can be completely secure. Our web site uses “http cookies”—tiny pieces of information that we ask your browser to store. We use cookies for session management and security features on the Guggenheim Investments web site. We do not use them to pull data from your hard drive, to learn your e-mail address, or to view data in cookies created by other web sites. We will not share the information in our cookies or give others access to it. See the legal information area on our web site for more details about web site security and privacy features.

How We Safeguard Your Personal Information and Data Retention

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

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

International Visitors

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

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

We’ll Keep You Informed

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

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

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LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

In compliance with SEC Rule 22e-4 under the U.S. Investment Company Act of 1940 (the “Liquidity Rule”), the Rydex Series Trust (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” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Program includes a number of elements that support the assessment, management and review of liquidity risk. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, 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 based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Program is reasonably designed to meet Liquidity Rule requirements relating to “highly liquid investment minimums” (i.e., the minimum amount of Fund 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. 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, 2020, to March 31, 2021. The Report 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. The Report further concluded that the Program operated effectively during recent market conditions arising from COVID-19.

Please refer to your 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.

118 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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9.30.2021

Rydex Funds Semi-Annual Report

Domestic Equity Fund

NASDAQ-100^® Fund

GuggenheimInvestments.com ROTC-SEMI-0921x0322

TABLE OF CONTENTS

DEAR SHAREHOLDER	2
ECONOMIC AND MARKET OVERVIEW	4
ABOUT SHAREHOLDERS’ FUND EXPENSES	6
NASDAQ-100® FUND	9
NOTES TO FINANCIAL STATEMENTS	25
OTHER INFORMATION	44
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	57
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	64
LIQUIDITY RISK MANAGEMENT PROGRAM	68

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2021

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for NASDAQ-100^® Fund (the “Fund”). This report covers performance for the six-month period ended September 30, 2021.

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, 2021

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

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

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 2021

COVID-19. The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Fund’s investments and the performance of the Fund. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Fund will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

The Nasdaq-100^® Fund may not be suitable for all investors. ● Investing in the NASDAQ-100^® Fund involves certain risks, which may include increased volatility due to the use of futures and the possibility that companies in which the Fund invests may not be commercially successful or may become obsolete more quickly. ● There are no assurances that any Rydex Fund will achieve its objective and/or strategy. This Fund is subject to active trading and tracking error risks, which may increase volatility, impact the Fund’s ability to achieve its investment objective and may decrease the Fund’s performance. ● This Fund is considered non-diversified and can invest a greater portion of its assets in securities of individual issuers than a diversified fund. As a result, changes in the market value of a single security could cause greater fluctuations in the value of Fund shares than would occur in a more diversified fund. ● It is important to note that the Fund is not guaranteed by the U.S. government. ● 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, 2021

In the six months ending September 30, 2021, the equity market experienced a relatively steady upward climb that reversed amid seasonal pressures, inflation worry, and market uncertainty about the economic damage brought about by the potential emergence of new COVID variants.

Treasury yields posted their biggest rise in months following the Federal Open Market Committee (“FOMC”) meeting in September, at which Chair Powell noted that inflation would be higher and last longer than previously expected. The 10-year U.S. Treasury was still down slightly for the period.

Reports circulating in September about the inability of Evergrande, China’s second largest real estate development company, to repay an installment on its approximately $300 billion in debt sparked panic in credit markets in Asia. There was chatter about an Evergrande bankruptcy, a la Lehman Brothers, that would ignite a conflagration that could ravage China’s debt-reliant economy and spread across the world, triggering another global financial crisis. Others saw echoes of the collapse of Long-Term Capital Management, the highly leveraged hedge fund that collapsed in 1998 and required a bailout and debt rewind managed by the Federal Reserve (the “Fed”) to quell fears of a global financial meltdown.

As the month of September progressed and the Chinese government stepped in with liquidity and behind-the-scenes pressure on state-owned and state-backed enterprises to purchase Evergrande assets, tensions eased, but the question remains as to what ultimately will become of Evergrande. The most likely outcome is a “controlled fire” approach in which the government attempts to limit the contagion of Evergrande’s woes by propping up the company until its debts are restructured and reshuffled, its projects completed by others, and its properties sold off.

As Evergrande troubles captured the world’s attention, the September FOMC meeting made it clear that the Fed was not overly worried, at least not enough to push back its forecasted rate hikes. In fact, the tone of the meeting was somewhat hawkish, with the month’s Summary of Economic Projections revealing that half the committee members penciled in a rate hike for 2022. That would give them a policy option should elevated inflation turn out to be less temporary than expected. It also implies that a tapering of asset purchases would be completed sooner rather than later—a timetable corroborated when Chair Powell gave the strongest indication yet that tapering may start in November and for the first time suggested that asset purchases could conclude by mid-2022.

Markets reacted favorably to the Fed’s relatively sanguine view of the Evergrande situation, perhaps breathing a sigh of relief that it considers the problem insufficiently dangerous either to warrant action or to delay the normalization of rates in the United States. Interestingly, in place of several instances of the word “transitory” in the four previous FOMC press conference transcripts, the September transcript included no mention of the word, which may help explain the hawkish tilt to the meeting. Regarding the path for rates, half of FOMC members now see at least one hike in 2022, up from 39 percent in June. The median FOMC participant now sees in excess of six cumulative hikes through 2024, signaling an acknowledgement of intensifying supply side pressures and a labor market that could be at full employment within the next year.

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 2021

For the six-month period ended September 30, 2021, the S&P 500^® Index* returned 9.18%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned 4.70%. The return of the MSCI Emerging Markets Index* was -3.45%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 1.88% return for the six-month period, while the Bloomberg U.S. Corporate High Yield Index* returned 3.65%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

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

*Index Definitions:

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

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

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

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

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

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2021 and ending September 30, 2021.

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

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

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

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

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(continued)

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 7

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Investor Class	1.24%	11.92%	$ 1,000.00	$ 1,119.20	$ 6.59
A-Class	1.49%	11.76%	1,000.00	1,117.60	7.91
C-Class	2.24%	11.34%	1,000.00	1,113.40	11.87
H-Class	1.49%	11.77%	1,000.00	1,117.70	7.91
Table 2. Based on hypothetical 5% return (before expenses)
Investor Class	1.24%	5.00%	$ 1,000.00	$ 1,018.85	$ 6.28
A-Class	1.49%	5.00%	1,000.00	1,017.60	7.54
C-Class	2.24%	5.00%	1,000.00	1,013.84	11.31
H-Class	1.49%	5.00%	1,000.00	1,017.60	7.54

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 183/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2021 to September 30, 2021.

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

NASDAQ-100^® FUND

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

Holdings Diversification (Market Exposure as % of Net Assets)

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

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.	10.6%
Microsoft Corp.	9.6%
Amazon.com, Inc.	7.5%
Tesla, Inc.	4.4%
Alphabet, Inc. — Class C	3.9%
Facebook, Inc. — Class A	3.7%
Alphabet, Inc. — Class A	3.7%
NVIDIA Corp.	3.6%
PayPal Holdings, Inc.	2.1%
Adobe, Inc.	1.9%
Top Ten Total	51.0%
“Ten Largest Holdings” excludes any temporary cash or derivative investments.

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
Investor Class Shares	11.92%	27.94%	24.22%	21.08%
A-Class Shares	11.76%	27.63%	23.92%	20.76%
A-Class Shares with sales charge‡	6.46%	21.57%	22.72%	20.18%
C-Class Shares	11.34%	26.67%	22.99%	19.88%
C-Class Shares with CDSC§	10.34%	25.67%	22.99%	19.88%
NASDAQ-100 Index	12.60%	29.58%	25.93%	22.65%

	6 Month†	1 Year	5 Year	Since Inception (09/18/14)
H-Class Shares	11.77%	27.62%	23.92%	19.27%
NASDAQ-100 Index	12.60%	29.58%	25.93%	21.17%

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

10 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2021
NASDAQ-100® FUND

	Shares		Value
COMMON STOCKS† - 96.4%
Technology - 42.8%
Apple, Inc.		1,328,499	$	187,982,608
Microsoft Corp.		603,958		170,267,839
NVIDIA Corp.		305,744		63,337,927
Adobe, Inc.*		58,263		33,543,174
Intel Corp.		496,163		26,435,565
Broadcom, Inc.		50,174		24,330,878
Texas Instruments, Inc.		112,906		21,701,662
Intuit, Inc.		33,419		18,029,885
QUALCOMM, Inc.		137,952		17,793,049
Advanced Micro Devices, Inc.*		148,343		15,264,495
Applied Materials, Inc.		110,426		14,215,139
Analog Devices, Inc.		65,724		11,007,456
Lam Research Corp.		17,361		9,881,013
Micron Technology, Inc.		137,677		9,772,313
Fiserv, Inc.*		80,986		8,786,981
Zoom Video Communications, Inc. — Class A*		29,442		7,699,083
Autodesk, Inc.*		26,907		7,673,069
ASML Holding N.V. — Class G		9,960		7,421,296
Activision Blizzard, Inc.		95,112		7,360,718
Atlassian Corporation plc — Class A*		16,792		6,572,725
NXP Semiconductor N.V.		32,425		6,351,085
KLA Corp.		18,679		6,248,312
DocuSign, Inc.*		23,828		6,134,042
Marvell Technology, Inc.		100,724		6,074,664
Crowdstrike Holdings, Inc. — Class A*		24,367		5,988,921
Workday, Inc. — Class A*		23,359		5,837,180
Synopsys, Inc.*		18,651		5,584,296
Microchip Technology, Inc.		33,514		5,144,064
Cadence Design Systems, Inc.*		33,849		5,126,093
Electronic Arts, Inc.		34,804		4,950,869
Paychex, Inc.		44,006		4,948,475
Cognizant Technology Solutions Corp. — Class A		64,279		4,770,145
Xilinx, Inc.*		30,265		4,569,712
ANSYS, Inc.*		10,671		3,632,942
Skyworks Solutions, Inc.		20,197		3,328,062
NetEase, Inc. ADR		36,790		3,141,866
Splunk, Inc.*		20,047		2,901,001
Cerner Corp.		36,149		2,549,227
Check Point Software Technologies Ltd.*		16,241		1,835,883
Total Technology				758,193,714
Communications - 29.8%
Amazon.com, Inc.*		40,702		133,707,698
Alphabet, Inc. — Class C*		25,731		68,581,092
Facebook, Inc. — Class A*		191,582		65,021,015
Alphabet, Inc. — Class A*		24,198		64,693,837
Netflix, Inc.*		54,128		33,036,484
Comcast Corp. — Class A		560,159		31,329,693
Cisco Systems, Inc.		515,388		28,052,569
T-Mobile US, Inc.*		152,623		19,499,114
Charter Communications, Inc. — Class A*		22,481		16,356,276
Booking Holdings, Inc.*		5,021		11,919,201
MercadoLibre, Inc.*		6,080		10,210,752
JD.com, Inc. ADR*		96,541		6,974,122
eBay, Inc.		79,500		5,538,765
Match Group, Inc.*		33,853		5,314,582

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
NASDAQ-100® FUND

	Shares		Value
Baidu, Inc. ADR*		30,902	$	4,751,182
Pinduoduo, Inc. ADR*		46,718		4,235,921
Okta, Inc.*		17,544		4,163,893
CDW Corp.		16,815		3,060,666
Sirius XM Holdings, Inc.1		495,359		3,021,690
VeriSign, Inc.*		13,682		2,804,947
Trip.com Group Ltd. ADR*		64,582		1,985,897
Fox Corp. — Class A		39,552		1,586,431
Fox Corp. — Class B		30,743		1,141,180
Total Communications				526,987,007
Consumer, Non-cyclical - 12.4%
PayPal Holdings, Inc.*		143,704		37,393,218
PepsiCo, Inc.		169,029		25,423,652
Moderna, Inc.*		49,365		18,998,614
Amgen, Inc.		69,447		14,767,905
Intuitive Surgical, Inc.*		14,552		14,466,871
Gilead Sciences, Inc.		153,338		10,710,659
Automatic Data Processing, Inc.		51,742		10,344,261
Mondelez International, Inc. — Class A		170,950		9,945,871
Regeneron Pharmaceuticals, Inc.*		12,854		7,778,984
Illumina, Inc.*		19,140		7,763,375
IDEXX Laboratories, Inc.*		10,405		6,470,869
Dexcom, Inc.*		11,832		6,470,448
Align Technology, Inc.*		9,663		6,430,050
Keurig Dr Pepper, Inc.		173,354		5,921,773
Vertex Pharmaceuticals, Inc.*		31,727		5,754,960
Monster Beverage Corp.*		64,681		5,745,613
Kraft Heinz Co.		149,617		5,508,898
Biogen, Inc.*		18,226		5,157,776
Cintas Corp.		12,593		4,793,651
Verisk Analytics, Inc. — Class A		19,733		3,951,928
Seagen, Inc.*		22,250		3,778,050
Incyte Corp.*		27,008		1,857,610
Total Consumer, Non-cyclical				219,435,036
Consumer, Cyclical - 9.1%
Tesla, Inc.*		99,634		77,264,174
Costco Wholesale Corp.		54,064		24,293,659
Starbucks Corp.		144,201		15,906,812
Lululemon Athletica, Inc.*		15,281		6,184,221
Marriott International, Inc. — Class A*		39,827		5,897,980
O’Reilly Automotive, Inc.*		8,433		5,153,069
Walgreens Boots Alliance, Inc.		105,786		4,977,231
Ross Stores, Inc.		43,675		4,754,024
Copart, Inc.*		28,933		4,013,586
Fastenal Co.		70,289		3,627,615
PACCAR, Inc.		42,458		3,350,786
Peloton Interactive, Inc. — Class A*		33,205		2,890,495
Dollar Tree, Inc.*		27,506		2,632,874
Total Consumer, Cyclical				160,946,526
Industrial - 1.5%
Honeywell International, Inc.		84,434		17,923,649
CSX Corp.		275,720		8,199,913
Total Industrial				26,123,562
Utilities - 0.8%
Exelon Corp.		119,587		5,780,836
American Electric Power Company, Inc.		61,180		4,966,592
Xcel Energy, Inc.		65,850		4,115,625
Total Utilities				14,863,053
Total Common Stocks
(Cost $487,337,455)				1,706,548,898

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
NASDAQ-100® FUND

	Shares		Value
MUTUAL FUNDS† - 3.1%
Guggenheim Ultra Short Duration Fund — Institutional Class2		3,064,684	$	30,554,900
Guggenheim Strategy Fund II2		575,584		14,383,856
Guggenheim Strategy Fund III2		370,504		9,314,465
Total Mutual Funds
(Cost $54,178,710)				54,253,221
	Face Amount
FEDERAL AGENCY NOTES†† - 0.4%
Federal Farm Credit Bank
0.40% (U.S. Prime Rate - 2.85%, Rate Floor: 0.00%) due 08/30/223	$	3,000,000		3,008,319
0.45% (U.S. Prime Rate - 2.80%, Rate Floor: 0.00%) due 11/23/213		1,400,000		1,400,763
Fannie Mae
0.27% (U.S. Secured Overnight Financing Rate + 0.22%, Rate Floor: 0.00%) due 03/16/223		2,000,000		2,001,982
Total Federal Agency Notes
(Cost $6,398,934)				6,411,064
U.S. TREASURY BILLS†† - 0.2%
U.S. Treasury Bills
0.04% due 10/07/214,5		2,704,000		2,703,986
0.04% due 12/09/215,6		200,000		199,990
Total U.S. Treasury Bills
(Cost $2,903,967)				2,903,976

REPURCHASE AGREEMENTS††,7 - 0.2%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/216		2,378,501		2,378,501
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/216		924,169		924,169
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/216		924,169		924,169
Total Repurchase Agreements
(Cost $4,226,839)				4,226,839
	Shares
SECURITIES LENDING COLLATERAL†,8 - 0.1%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%9		2,292,413		2,292,413
Total Securities Lending Collateral
(Cost $2,292,413)				2,292,413
Total Investments - 100.4%
(Cost $557,338,318)			$	1,776,636,411
Other Assets & Liabilities, net - (0.4)%				(6,553,370	)
Total Net Assets - 100.0%			$	1,770,083,041

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
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		165		Dec 2021	$	48,433,275	$	(2,498,977	)

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

0.74% (1 Month USD LIBOR + 0.65%)

At Maturity

11/04/21

133

$

1,952,815

$

(102,575

)

Barclays Bank plc

NASDAQ-100 Index

Pay

0.55% (U.S. Secured Overnight Financing Rate + 0.50%)

At Maturity

11/03/21

150

2,198,398

(103,747

)

Goldman Sachs International

NASDAQ-100 Index

Pay

0.63% (Federal Funds Rate + 0.55%)

At Maturity

11/04/21

738

10,844,238

(137,328

)

$

14,995,451

$

(343,650

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
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, 2021 — See Note 7.
2	Affiliated issuer.
3	Variable rate security. Rate indicated is the rate effective at September 30, 2021. 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.
4	All or a portion of this security is pledged as futures collateral at September 30, 2021.
5	Rate indicated is the effective yield at the time of purchase.
6	All or a portion of this security is pledged as equity index swap collateral at September 30, 2021.
7	Repurchase Agreements — See Note 6.
8	Securities lending collateral — See Note 7.
9	Rate indicated is the 7-day yield as of September 30, 2021.
	ADR — American Depositary Receipt
	LIBOR — London Interbank Offered Rate
	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, 2021 (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	$	1,706,548,898	$	—	$	—	$	1,706,548,898
Mutual Funds		54,253,221		—		—		54,253,221
Federal Agency Notes		—		6,411,064		—		6,411,064
U.S. Treasury Bills		—		2,903,976		—		2,903,976
Repurchase Agreements		—		4,226,839		—		4,226,839
Securities Lending Collateral		2,292,413		—		—		2,292,413
Total Assets	$	1,763,094,532	$	13,541,879	$	—	$	1,776,636,411

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	2,498,977	$	—	$	—	$	2,498,977
Equity Index Swap Agreements**		—		343,650		—		343,650
Total Liabilities	$	2,498,977	$	343,650	$	—	$	2,842,627

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2021
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, 2020, 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/1601445/000182126820000133/gug81042-ncsr.htm. The Fund may invest in certain of the underlying series of Guggenheim Fund Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2021, in which the company is an affiliated issuer, were as follows:

Security Name	Value 03/31/21		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)
Mutual Funds
Guggenheim Strategy Fund II	$	14,378,100	$	—	$	—	$	—	$	5,756
Guggenheim Strategy Fund III		9,314,465		—		—		—		—
Guggenheim Ultra Short Duration Fund — Institutional Class		25,529,268		5,000,000		—		—		25,632
	$	49,221,833	$	5,000,000	$	—	$	—	$	31,388

Security Name	Value 09/30/21		Shares 09/30/21		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	14,383,856		575,584	$	98,395
Guggenheim Strategy Fund III		9,314,465		370,504		70,858
Guggenheim Ultra Short Duration Fund — Institutional Class		30,554,900		3,064,684		122,369
	$	54,253,221			$	291,622

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

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

NASDAQ-100^® FUND

September 30, 2021

Assets:
Investments in unaffiliated issuers, at value - including $2,237,395 of securities loaned (cost $498,932,769)	$	1,718,156,351
Investments in affiliated issuers, at value (cost $54,178,710)		54,253,221
Repurchase agreements, at value (cost $4,226,839)		4,226,839
Segregated cash with broker		114,520
Receivables:
Dividends		285,357
Fund shares sold		179,617
Interest		1,979
Securities lending income		490
Total assets		1,777,218,374
Liabilities:
Unrealized depreciation on OTC swap agreements		343,650
Payable for:
Return of securities lending collateral		2,292,413
Management fees		1,179,109
Fund shares redeemed		714,306
Transfer agent and administrative fees		425,036
Swap settlement		305,202
Variation margin on futures contracts		207,900
Distribution and service fees		128,374
Portfolio accounting fees		75,141
Trustees’ fees*		15,314
Miscellaneous		1,448,888
Total liabilities		7,135,333
Commitments and contingent liabilities (Note 11)		—
Net assets	$	1,770,083,041
Net assets consist of:
Paid in capital	$	489,761,160
Total distributable earnings (loss)		1,280,321,881
Net assets	$	1,770,083,041
Investor Class:
Net assets	$	1,529,385,873
Capital shares outstanding		21,545,195
Net asset value per share	$	70.99
A-Class:
Net assets	$	76,238,050
Capital shares outstanding		1,183,654
Net asset value per share	$	64.41
Maximum offering price per share (Net asset value divided by 95.25%)	$	67.62
C-Class:
Net assets	$	117,272,465
Capital shares outstanding		2,160,042
Net asset value per share	$	54.29
H-Class:
Net assets	$	47,186,653
Capital shares outstanding		732,809
Net asset value per share	$	64.39

* 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

STATEMENT OF OPERATIONS (Unaudited)

NASDAQ-100^® FUND

Six Months Ended September 30, 2021

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $5,716)	$	5,790,295
Dividends from securities of affiliated issuers		291,622
Interest		15,134
Income from securities lending, net		2,781
Total investment income		6,099,832
Expenses:
Management fees		6,619,386
Distribution and service fees:
A-Class		92,738
C-Class		603,817
H-Class		45,634
Transfer agent and administrative fees		2,469,801
Portfolio accounting fees		433,988
Professional fees		303,251
Trustees’ fees*		116,443
Custodian fees		114,709
Miscellaneous		927,649
Total expenses		11,727,416
Less:
Expenses waived by Adviser		(34,450	)
Net expenses		11,692,966
Net investment loss		(5,593,134	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	13,737,796
Swap agreements		4,013,801
Futures contracts		11,094,079
Net realized gain		28,845,676
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		161,770,903
Investments in affiliated issuers		31,388
Swap agreements		(453,470	)
Futures contracts		(3,268,254	)
Net change in unrealized appreciation (depreciation)		158,080,567
Net realized and unrealized gain		186,926,243
Net increase in net assets resulting from operations	$	181,333,109

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

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

STATEMENTS OF CHANGES IN NET ASSETS

NASDAQ-100^® FUND

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(5,593,134	)	$	(8,831,167	)
Net realized gain on investments		28,845,676			172,627,731
Net change in unrealized appreciation (depreciation) on investments		158,080,567			535,769,670
Net increase in net assets resulting from operations		181,333,109			699,566,234
Distributions to shareholders:
Investor Class		—			(57,127,526	)
A-Class		—			(2,931,676	)
C-Class		—			(6,450,194	)
H-Class		—			(2,043,797	)
Total distributions to shareholders		—			(68,553,193	)
Capital share transactions:
Proceeds from sale of shares
Investor Class		658,347,089			1,533,725,604
A-Class		8,824,288			26,461,104
C-Class		4,966,098			22,888,440
H-Class		27,833,431			96,094,160
Distributions reinvested
Investor Class		—			55,008,153
A-Class		—			2,792,916
C-Class		—			6,162,238
H-Class		—			2,043,207
Cost of shares redeemed
Investor Class		(673,570,546	)		(1,635,030,147	)
A-Class		(10,219,498	)		(25,477,996	)
C-Class		(15,868,199	)		(39,910,076	)
H-Class		(7,938,681	)		(113,048,391	)
Net decrease from capital share transactions		(7,626,018	)		(68,290,788	)
Net increase in net assets		173,707,091			562,722,253
Net assets:
Beginning of period		1,596,375,950			1,033,653,697
End of period	$	1,770,083,041		$	1,596,375,950

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

STATEMENTS OF CHANGES IN NET ASSETS (concluded)

NASDAQ-100^® FUND

	Six Months Ended September 30, 2021 (Unaudited)			Year Ended March 31, 2021
Capital share activity:
Shares sold
Investor Class		9,501,970			28,111,919
A-Class		136,975			526,023
C-Class		92,753			548,678
H-Class		432,743			2,033,470
Shares issued from reinvestment of distributions
Investor Class		—			913,757
A-Class		—			51,031
C-Class		—			132,778
H-Class		—			37,339
Shares redeemed
Investor Class		(9,818,028	)		(29,550,246	)
A-Class		(164,655	)		(497,139	)
C-Class		(297,701	)		(902,170	)
H-Class		(125,735	)		(2,300,380	)
Net decrease in shares		(241,678	)		(894,940	)

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

FINANCIAL HIGHLIGHTS

NASDAQ-100^® FUND

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

Investor Class	Six Months Ended Sept. 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	63.43		$	39.68		$	38.39		$	34.94		$	30.68		$	25.75
Income (loss) from investment operations:
Net investment income (loss)b		(.19	)		(.28	)		(.08	)		(.05	)		(.05	)		(.06	)
Net gain (loss) on investments (realized and unrealized)		7.75			26.64			2.21			4.11			6.35			5.47
Total from investment operations		7.56			26.36			2.13			4.06			6.30			5.41
Less distributions from:
Net realized gains		—			(2.61	)		(.84	)		(.61	)		(2.04	)		(.48	)
Total distributions		—			(2.61	)		(.84	)		(.61	)		(2.04	)		(.48	)
Net asset value, end of period	$	70.99		$	63.43		$	39.68		$	38.39		$	34.94		$	30.68
Total Return		11.92	%		66.78	%		5.40	%		11.79	%		20.76	%		21.21	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,529,386		$	1,386,721		$	888,189		$	979,675		$	926,146		$	760,485
Ratios to average net assets:
Net investment income (loss)		(0.55	%)		(0.50	%)		(0.19	%)		(0.14	%)		(0.14	%)		(0.21	%)
Total expensesc		1.24	%		1.33	%		1.37	%		1.36	%		1.28	%		1.29	%
Net expensesd		1.24	%		1.33	%		1.37	%		1.36	%		1.28	%		1.29	%
Portfolio turnover rate		20	%		57	%		54	%		32	%		48	%		72	%

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.

A-Class	Six Months Ended Sept. 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	57.63		$	36.29		$	35.26		$	32.22		$	28.49		$	24.04
Income (loss) from investment operations:
Net investment income (loss)b		(.25	)		(.39	)		(.17	)		(.13	)		(.12	)		(.13	)
Net gain (loss) on investments (realized and unrealized)		7.03			24.34			2.04			3.78			5.89			5.06
Total from investment operations		6.78			23.95			1.87			3.65			5.77			4.93
Less distributions from:
Net realized gains		—			(2.61	)		(.84	)		(.61	)		(2.04	)		(.48	)
Total distributions		—			(2.61	)		(.84	)		(.61	)		(2.04	)		(.48	)
Net asset value, end of period	$	64.41		$	57.63		$	36.29		$	35.26		$	32.22		$	28.49
Total Returne		11.76	%		66.37	%		5.14	%		11.51	%		20.44	%		20.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	76,238		$	69,808		$	41,054		$	59,021		$	52,257		$	63,311
Ratios to average net assets:
Net investment income (loss)		(0.80	%)		(0.75	%)		(0.44	%)		(0.38	%)		(0.39	%)		(0.51	%)
Total expensesc		1.49	%		1.58	%		1.62	%		1.61	%		1.53	%		1.53	%
Net expensesd		1.49	%		1.58	%		1.62	%		1.61	%		1.53	%		1.53	%
Portfolio turnover rate		20	%		57	%		54	%		32	%		48	%		72	%

22 | 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.

C-Class	Six Months Ended Sept. 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	48.76		$	31.18		$	30.64		$	28.29		$	25.41		$	21.62
Income (loss) from investment operations:
Net investment income (loss)b		(.41	)		(.66	)		(.39	)		(.34	)		(.32	)		(.28	)
Net gain (loss) on investments (realized and unrealized)		5.94			20.85			1.77			3.30			5.24			4.55
Total from investment operations		5.53			20.19			1.38			2.96			4.92			4.27
Less distributions from:
Net realized gains		—			(2.61	)		(.84	)		(.61	)		(2.04	)		(.48	)
Total distributions		—			(2.61	)		(.84	)		(.61	)		(2.04	)		(.48	)
Net asset value, end of period	$	54.29		$	48.76		$	31.18		$	30.64		$	28.29		$	25.41
Total Returne		11.34	%		65.17	%		4.31	%		10.70	%		19.57	%		19.98	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	117,272		$	115,315		$	80,633		$	85,274		$	85,149		$	58,647
Ratios to average net assets:
Net investment income (loss)		(1.55	%)		(1.50	%)		(1.19	%)		(1.14	%)		(1.15	%)		(1.21	%)
Total expensesc		2.24	%		2.33	%		2.37	%		2.36	%		2.28	%		2.28	%
Net expensesd		2.24	%		2.33	%		2.37	%		2.36	%		2.28	%		2.28	%
Portfolio turnover rate		20	%		57	%		54	%		32	%		48	%		72	%

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

FINANCIAL HIGHLIGHTS (concluded)

NASDAQ-100^® FUND

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

H-Class	Six Months Ended Sept. 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	57.61		$	36.28		$	35.26		$	32.22		$	28.49		$	24.00
Income (loss) from investment operations:
Net investment income (loss)b		(.26	)		(.38	)		(.16	)		(.13	)		(.12	)		(.14	)
Net gain (loss) on investments (realized and unrealized)		7.04			24.32			2.02			3.78			5.89			5.11
Total from investment operations		6.78			23.94			1.86			3.65			5.77			4.97
Less distributions from:
Net realized gains		—			(2.61	)		(.84	)		(.61	)		(2.04	)		(.48	)
Total distributions		—			(2.61	)		(.84	)		(.61	)		(2.04	)		(.48	)
Net asset value, end of period	$	64.39		$	57.61		$	36.28		$	35.26		$	32.22		$	28.49
Total Return		11.77	%		66.36	%		5.11	%		11.51	%		20.49	%		20.92	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	47,187		$	24,532		$	23,777		$	46,276		$	64,483		$	53,441
Ratios to average net assets:
Net investment income (loss)		(0.81	%)		(0.75	%)		(0.43	%)		(0.37	%)		(0.37	%)		(0.57	%)
Total expensesc		1.49	%		1.59	%		1.62	%		1.61	%		1.53	%		1.54	%
Net expensesd		1.49	%		1.59	%		1.62	%		1.61	%		1.53	%		1.54	%
Portfolio turnover rate		20	%		57	%		54	%		32	%		48	%		72	%

a	Unaudited figures for the period ended September 30, 2021. 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 ratio after expense waivers and reimbursements, as applicable.
e	Total return does not reflect the impact of any applicable sales charges.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

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

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares automatically convert to A-Class shares on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2021, 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, 2021, 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, which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Significant Accounting Policies

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 25

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

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

(a) Valuation of Investments

The Board of Trustees of the Fund (the “Board”) has adopted policies and procedures for the valuation of the Fund’s investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures, including, under most circumstances, the responsibility for determining the fair value of the Fund’s securities and/or other assets.

Valuations of the Fund’s securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Fund’s officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

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. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid price.

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

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

26 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

Debt securities with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Short-term debt securities with a maturity of 60 days or less at acquisition are valued at amortized cost, provided such amount approximates market value.

The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The values of over-the-counter(“OTC”) swap agreements entered into by the Fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index or other underlying position that the swaps pertain to at the close of the New York Stock Exchange (“NYSE”).

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

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

(b) U.S. Government and Agency Obligations

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 27

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(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, 2021, 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 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.

28 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(g) Distributions

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

(h) Class Allocations

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

(i) Cash

The Fund may leave cash overnight in its cash account with the custodian. Periodically, the Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 0.06% at September 30, 2021.

(j) Indemnifications

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

Note 2 – Derivatives

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 29

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund’s financial position and results of operations.

The Fund utilized derivatives for the following purposes:

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

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

Futures Contracts

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

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

	Average Notional Amount
Use	Long
Index exposure, Liquidity	$	58,847,409

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing OTC swaps, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade 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.

30 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

There is no guarantee that a fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

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

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

	Average Notional Amount
Use	Long
Index exposure, Liquidity	$	18,274,796

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, 2021:

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

The following tables set forth the fair value of the Fund’s derivative investments categorized by primary risk exposure at September 30, 2021:

Liability Derivative Investments Value
	Futures Equity Risk*		Swaps Equity Risk		Total Value at September 30, 2021
	$	2,498,977	$	343,650	$	2,842,627

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 31

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the location of derivative investments on the Fund’s Statement of Operations for the period ended September 30, 2021:

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

The following is a summary of the Fund’s realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statement of Operations categorized by primary risk exposure for the period ended September 30, 2021:

Realized Gain (Loss) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk		Swaps Equity Risk		Total
	$	11,094,079	$	4,013,801	$	15,107,880

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statement of Operations
	Futures Equity Risk			Swaps Equity Risk			Total
	$	(3,268,254	)	$	(453,470	)	$	(3,721,724	)

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 of investment grade or better. The Trust monitors the counterparty credit risk.

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

32 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 33

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following 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 Amount of Liabilities Presented on the Statement of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Swap equity contracts	$	343,650	$	—	$	343,650	$	(126,555	)	$	(114,520	)	$	102,575

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, 2021.

Counterparty	Asset Type	Cash Pledged		Cash Received
Goldman Sachs International	Futures contracts	$	114,520	$	—

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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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.

34 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

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

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

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

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

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

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to C-Class shares that allows the Fund to pay annual distribution and service fees of 1.00% of the Fund’s C-Class shares average daily net assets. The annual 0.25% service fee compensates a shareholder’s financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder’s financial adviser an

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 35

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

ongoing sales commission. GFD advances the first year’s service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the period ended September 30, 2021, GFD retained sales charges of $72,187 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, 2021, the Fund waived $34,450 related to investments in affiliated funds.

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.

36 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2021, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price			Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
0.05%					1.50%
Due 10/01/21	$	150,861,939	$	150,862,148	Due 01/15/23		$	150,772,500	$	153,879,256
BofA Securities, Inc.					U.S. Treasury Note
0.02%					0.13%
Due 10/01/21		58,617,555		58,617,587	Due 12/31/22			59,788,400		59,789,984
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
0.03%					0.13%
Due 10/01/21		58,617,555		58,617,604	Due 04/15/22			58,937,372		59,789,963

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

Note 7 – Portfolio Securities Loaned

The Fund may lend its securities to approved brokers to earn additional income. Security lending income shown on the Statement of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act 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 Z. 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 37

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2021, the Fund participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

Gross Amounts Not Offset in the Statement of Assets and Liabilities							Securities Lending Collateral
Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested		Cash Collateral Uninvested		Total Collateral
$	2,237,395	$	(2,237,395	)	$	—	$	2,292,413	$	—	$	2,292,413

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

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

Note 8 – Federal Income Tax Information

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

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

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At September 30, 2021, 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
$	557,338,318	$	1,223,588,940	$	(7,133,474	)	$	1,216,455,466

Note 9 – Securities Transactions

For the period ended September 30, 2021, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Purchases		Sales
$	380,537,740	$	346,665,373

The Fund is permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended September 30, 2021, the Fund engaged in purchases and sales of securities, pursuant to Rule 17a-7 of the 1940 Act, as follows:

Purchases		Sales		Realized Gain
$	86,612,823	$	99,022,502	$	9,432,167

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June7, 2021, the line of credit agreement was renewed and expires on June 6, 2022. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 1.25% for the period ended September 30, 2021. The Fund did not have any borrowings outstanding under this agreement at September 30, 2021.

The average daily balance borrowed for the period ended September 30, 2021 was $318.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 11 – Legal Proceedings

Tribune Company

Rydex Series Funds has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership by certain series of the Rydex Series Funds of shares in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including the Rydex Series Funds, the proceeds they received in connection with the LBO.

In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex Series Funds has been named as a defendant in one or more of these suits. In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.

The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2296 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order.

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments.

On April 12, 2016, the Plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Funds, filed a joint brief in opposition to the petition for

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

certiorari on October 24, 2016. On April 3, 2018, Justice Kennedy and Justice Thomas issued a “Statement” related to the petition for certiorari suggesting that the Second Circuit and/or District Court may want to take steps to reexamine the application of the Section 546(e) safe harbor to the previously dismissed state law constructive fraudulent transfer claims based on the Supreme Court’s decision in Merit Management Group LP v. FTI Consulting, Inc. On April 10, 2018, Plaintiffs filed in the Second Circuit a motion for that court to recall its mandate, vacate its prior decision, and remand to the district court for further proceedings consistent with Merit Management. On April 20, 2018, the shareholder defendants filed an opposition to Plaintiffs’ motion to recall the mandate. On May 15, 2018, the Second Circuit issued an order recalling the mandate “in anticipation of further panel review.” On December 19, 2019, the Second Circuit issued an amended opinion that again affirmed the district court’s ruling on the basis that plaintiffs’ claims were preempted by Section 546(e) of the Bankruptcy Code. Plaintiffs filed a motion for rehearing and rehearing en banc on January 2, 2020. The Second Circuit denied the petition on February 6, 2020. On July 6, 2020, plaintiffs filed a new petition for a writ of certiorari in the U.S. Supreme Court. In that petition, plaintiffs stated that “[t]o make it more likely that there will be a quorum for this petition,” they have “abandon[ed] the case and let the judgment below stand” with respect to certain defendants. That list did not include the Rydex Series Funds. Defendants filed an opposition to the certiorari petition on August 26, 2020, and plaintiffs filed a reply in support of the petition for certiorari on September 8, 2020. On March 12, 2021, the Solicitor General filed an amicus brief recommending that certiorari be denied. Plaintiffs filed a supplemental brief in response to the Solicitor General’s amicus brief on March 31, 2021, and Defendants filed a supplemental brief on April 1, 2021. The Court denied the petition for certiorari on April 19, 2021.

On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. The plaintiff requested that the Court direct entry of a final judgment in order to make the order immediately appealable. On February 23, 2017, the Court issued an order stating that it intended to permit an interlocutory appeal of the dismissal order, but would wait to do so until it has resolved outstanding motions to dismiss filed by other defendants.

On July 18, 2017, the plaintiff submitted a letter to the District Court seeking leave to amend its complaint to add a constructive fraudulent transfer claim. The shareholder defendants opposed that request. On August 24, 2017, the Court denied the plaintiff’s request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed his request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court’s ruling in Merit

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Management Group LP v. FTI Consulting, Inc. The shareholder defendants opposed that request. On June 18, 2018 the District Court ordered that the request would be stayed pending further action by the Second Circuit in the SLCFC actions.

On December 18, 2018, plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating plaintiff’s intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the court held a case management conference, during which the court stated that it would not lift the stay prior to further action from the Second Circuit in the SLCFC actions. The court further stated that it would allow the plaintiff to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the court ordered the parties still facing pending claims to participate in a mediation, to commence on January 28, 2019. The mediation did not result in a settlement of the claims against the shareholder defendants.

On April 4, 2019, plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal constructive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to plaintiff’s motion to amend. On April 12, 2019, the plaintiff filed a reply brief. On April 23, 2019, the court denied the plaintiff’s motion to amend. On June 13, 2019, the court entered judgment pursuant to Rule 54(b). On July 12, 2019, the Plaintiff filed a notice of appeal with respect to the dismissal of his claims and the District Court’s denial of his motion for leave to amend. Plaintiff filed an appellate brief on January 7, 2020. The shareholder defendants’ brief was filed on April 27, 2020. Plaintiff filed a reply brief on May 18, 2020. The Court held oral argument on August 24, 2020. On August 20, 2021, the Second Circuit affirmed the District Court’s orders: (1) dismissing the intentional fraudulent conveyance claims against the shareholder-defendants; and (2) denying the plaintiff leave to amend the complaint to add a constructive fraudulent conveyance claim against the shareholder-defendants. Plaintiff filed a petition for rehearing en banc on September 3, 2021. On October 7, 2021, the Second Circuit denied the petition.

None of these lawsuits alleges any wrongdoing on the part of Rydex Series Funds. The following series of Rydex Series Funds held shares of Tribune and tendered these shares as part of Tribune’s LBO: Nova Fund, S&P 500^® Pure Value Fund, Multi-Cap Core Equity Fund, S&P 500^® Fund, Multi-Hedge Strategies Fund and Hedged Equity Fund (the “Funds”). The value of the proceeds received by the foregoing Funds was $28,220, $109,242, $9,860, $3,400, $1,181,160, and $10,880, respectively. At this stage of the proceedings, Rydex Series Funds is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on a Fund’s net asset value.

Note 12 – COVID-19

The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Fund’s investments and the performance of the Fund. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Fund will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

Note 13 – Subsequent Events

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

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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.

Proxy Voting Information

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

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

Sector Classification

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

Quarterly Portfolio Schedules Information

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

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OTHER INFORMATION (Unaudited)(continued)

Report of the Rydex Series Funds Contracts Review Committee

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

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

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

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OTHER INFORMATION (Unaudited)(continued)

Security Investors, LLC (“Security Investors”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as investment adviser to each of the Funds pursuant to an investment advisory agreement between the Trust, with respect to the Funds, and Security Investors (the “Advisory Agreement”).¹ (Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors and other affiliated investment management businesses of Guggenheim Partners.)

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

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) casting votes in person at a meeting called for such purpose.² At meetings held by videoconference on April 20, 2021 (the “April Meeting”) and on May 26, 2021 (the “May Meeting”), the members of the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement in connection with the Committee’s annual contract review schedule.

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 Independent Trustees 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.

2

On March 13, 2020, the Securities and Exchange Commission issued an exemptive order providing relief to registered management investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease 2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief, initially provided for a limited period of time, has been extended multiple times and was in effect as of May 26, 2021. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreement at a meeting of the Board held by videoconference on May 26, 2021.

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OTHER INFORMATION (Unaudited)(continued)

As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee met with a representative of FUSE at the April Meeting to discuss how FUSE determined the appropriate peer groups for the Funds. Thereafter, 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 each Tradable Fund is designed to provide tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds and the Real Estate Fund, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds and the Real Estate Fund. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark.

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

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, the funds in the Guggenheim fund complex, including the Funds.

The Committee’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 entrepreneurial, legal, regulatory and operational risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

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

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OTHER INFORMATION (Unaudited)(continued)

during 2020 and 2019. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee also took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector or market, and corporate actions such as spin-offs, among other adjustments.

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

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

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

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

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2020, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only

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OTHER INFORMATION (Unaudited)(continued)

investment returns for the five-year, three-year and one-year periods ended December 31, 2020, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. For the Tradable Funds (other than U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2020, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain updated performance information as of March 31, 2021.

With respect to the Tradable Funds (other than U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances in which there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary driver 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, for the five-year and three-year periods ended December 31, 2020, as applicable, noting the Adviser’s view that, in general, such five-year and three-year periods are a reasonable proxy for anticipated levels of tracking error in most cases. 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

50 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)(continued)

greater than 100 basis points), as applicable, of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2020, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund outperformed the comparable peer fund over the five-year, three-year and one-year periods ended December 31, 2020, although its performance ranked in the fourth quartile of the broader peer group over the same 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, 2020, 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 third 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 73rd and 79th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2020, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the three-year time period was primarily a result of the Fund’s fundamental factor tilts. The Committee noted management’s statement that the Fund’s long exposure to value and short exposure to growth, as well as negative sector exposures to well-

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OTHER INFORMATION (Unaudited)(continued)

performing sectors, have detracted from investment performance. The Committee noted that, as of March 31, 2021, the five-year and three-year performance rankings had improved to the 61st and 60th percentiles, respectively.

Managed Futures Strategy Fund: The returns of the Fund’s Institutional Class shares ranked in the 79th and 50th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2020, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the poor performance of the Fund’s previous dedicated trend-following strategy in 2016, during which time trend-following models were routinely hurt by the frequent whipsawing in the market, particularly in commodities, and to poor performance in 2018 as the Fund had exposure to equities which sold off heavily in the fourth quarter. The Committee took into account management’s statement that the Fund changed its underlying investment model in 2017, moving to a more diversified, systematic multi-model system that employs a core-satellite approach (i.e., a combination of passively-managed and actively-managed allocations), resulting in more competitive performance over the three-year and one-year time periods. The Committee also noted that, since 2018, the Fund’s performance has improved. The Committee noted that, as of March 31, 2021, the five-year and three-year performance rankings were in the 66th and 53rd percentiles, respectively.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and 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 fee³ and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that

³ The “net effective management fee” for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.

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OTHER INFORMATION (Unaudited)(continued)

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

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites 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 is directly comparable in this regard. For those Tradable Funds with a peer fund from the directly comparable product suite, the Committee noted that the contractual advisory fee for each Fund’s Class H shares was equal to or lower than the contractual advisory fee charged to the peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund.

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, although the Fund’s contractual advisory fee and total net expense ratio are higher than those of the comparable peer fund, the Fund’s net effective management fee is lower than that of the peer fund and the Fund’s total net expense ratio is close to that of the peer fund. The Committee noted the Adviser’s statement that, given the current low interest rate environment, it is currently waiving, and intends to continue to waive, all or a portion of its fees to the extent necessary to maintain the Fund’s stable net asset value.

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.

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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 (43rd percentile) of its peer group. Although the net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (79th percentile) of its peer group, the Committee considered that the total net expense ratio for the Fund’s Institutional Class shares ranks in the first quartile (21st 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, 2020, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2019. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis.

In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s 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 Meeting, as well as other considerations, the Committee concluded that that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds were appropriate and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

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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, although Guggenheim’s overall expenses declined in 2020, generally, costs are anticipated to increase in many key areas, including compensation of portfolio managers, key analysts and support staff, as well as for infrastructure needs, with respect to risk management oversight, valuation processes and disaster recovery systems, among other things.

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

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

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

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

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OTHER INFORMATION (Unaudited)(concluded)

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her well-informed business judgment, may afford different weights to different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended the renewal of the Advisory Agreement for an additional annual term.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	158	Current: Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2006-2016).
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present). Former: Senior Leader, TIAA (1987-2012).	157	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Infinity Property & Casualty Corp. (2014-2018).
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Co-Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present).	157	Current: US Global Investors (GROW) (1995-present). Former: Harvest Volatility Edge Trust (3) (2017-2019).

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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
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	158	Current: PPM Funds (2) (2018-present); Edward-Elmhurst Healthcare System (2012-present). Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	157	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: SSGA Master Trust (1) (2018-2020).

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	157	Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).

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***
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).	157	None.

*	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, Fiduciary/Claymore Energy Infrastructure Fund, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Enhanced Equity Income Fund, Guggenheim Energy & Income Fund, Guggenheim Credit Allocation Fund, Guggenheim Active Allocation Fund, Rydex Series Funds, Rydex Dynamic Funds, Rydex Variable Trust and Transparent Value Trust. Messrs. Barnes and Nyberg also serve on the Board of Trustees of Advent Convertible & Income Fund.
****	This Trustee is deemed to be an “interested person” of the Fund under the 1940 Act by reason of her position with the Fund’s Investment Manager and/or the parent of the Investment Manager.

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2019	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2016	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: 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); Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - continued
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018)
Kimberly J. Scott (1974)	Assistant Treasurer	Since 2016	Current: Director, Guggenheim Investments (2012-present); Assistant Treasurer, certain other funds in the Fund Complex (2012-present). Former: Financial Reporting Manager, Invesco, Ltd. (2010-2011); Vice President/Assistant Treasurer, Mutual Fund Administration for Van Kampen Investments, Inc./Morgan Stanley Investment Management (2009-2010); Manager of Mutual Fund Administration, Van Kampen Investments, Inc./Morgan Stanley Investment Management (2005-2009).
Bryan Stone (1979)	Vice President	Since 2019	Current: Vice President, certain other funds in the Fund Complex (2014-present); Managing Director, Guggenheim Investments (2013-present). Former: Senior Vice President, Neuberger Berman Group LLC (2009-2013); Vice President, Morgan Stanley (2002-2009).
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2016	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years
OFFICERS - concluded
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, 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

64 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 65

GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(continued)

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

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GUGGENHEIM INVESTMENTS PRIVACY NOTICE (Unaudited)(concluded)

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

How We Safeguard Your Personal Information and Data Retention

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

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

International Visitors

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

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

We’ll Keep You Informed

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 67

LIQUIDITY RISK MANAGEMENT PROGRAM (Unaudited)

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

The Liquidity Rule requires that the Program be reasonably designed to assess and manage each Fund’s liquidity risk. A Fund’s “liquidity risk” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Program includes a number of elements that support the assessment, management and review of liquidity risk. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, 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 based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Program is reasonably designed to meet Liquidity Rule requirements relating to “highly liquid investment minimums” (i.e., the minimum amount of Fund 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. 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, 2020, to March 31, 2021. The Report 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. The Report further concluded that the Program operated effectively during recent market conditions arising from COVID-19.

Please refer to your 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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9.30.2021

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-0921x0322

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	70
INFORMATION ON BOARD OF TRUSTEES AND OFFICERS	78
GUGGENHEIM INVESTMENTS PRIVACY NOTICE	83
LIQUIDITY RISK MANAGEMENT PROGRAM	86

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

September 30, 2021

Dear Shareholder:

Security Investors, LLC (the “Investment Adviser”) is pleased to present the semi-annual shareholder report for a selection of our alternative strategy funds (the “Fund” or “Funds”) for the six-month period ended September 30, 2021.

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, 2021

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

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

2 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

September 30, 2021

COVID-19. The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 3

ECONOMIC AND MARKET OVERVIEW (Unaudited) September 30, 2021

In the six months ending September 30, 2021, the equity market experienced a relatively steady upward climb that reversed amid seasonal pressures, inflation worry, and market uncertainty about the economic damage brought about by the potential emergence of new COVID variants.

Treasury yields posted their biggest rise in months following the Federal Open Market Committee (“FOMC”) meeting in September, at which Chair Powell noted that inflation would be higher and last longer than previously expected. The 10-year U.S. Treasury was still down slightly for the period.

Reports circulating in September about the inability of Evergrande, China’s second largest real estate development company, to repay an installment on its approximately $300 billion in debt sparked panic in credit markets in Asia. There was chatter about an Evergrande bankruptcy, a la Lehman Brothers, that would ignite a conflagration that could ravage China’s debt-reliant economy and spread across the world, triggering another global financial crisis. Others saw echoes of the collapse of Long-Term Capital Management, the highly leveraged hedge fund that collapsed in 1998 and required a bailout and debt rewind managed by the Federal Reserve (the “Fed”) to quell fears of a global financial meltdown.

As the month of September progressed and the Chinese government stepped in with liquidity and behind-the-scenes pressure on state-owned and state-backed enterprises to purchase Evergrande assets, tensions eased, but the question remains as to what ultimately will become of Evergrande. The most likely outcome is a “controlled fire” approach in which the government attempts to limit the contagion of Evergrande’s woes by propping up the company until its debts are restructured and reshuffled, its projects completed by others, and its properties sold off.

As Evergrande troubles captured the world’s attention, the September FOMC meeting made it clear that the Fed was not overly worried, at least not enough to push back its forecasted rate hikes. In fact, the tone of the meeting was somewhat hawkish, with the month’s Summary of Economic Projections revealing that half the committee members penciled in a rate hike for 2022. That would give them a policy option should elevated inflation turn out to be less temporary than expected. It also implies that a tapering of asset purchases would be completed sooner rather than later—a timetable corroborated when Chair Powell gave the strongest indication yet that tapering may start in November and for the first time suggested that asset purchases could conclude by mid-2022.

Markets reacted favorably to the Fed’s relatively sanguine view of the Evergrande situation, perhaps breathing a sigh of relief that it considers the problem insufficiently dangerous either to warrant action or to delay the normalization of rates in the United States. Interestingly, in place of several instances of the word “transitory” in the four previous FOMC press conference transcripts, the September transcript included no mention of the word, which may help explain the hawkish tilt to the meeting. Regarding the path for rates, half of FOMC members now see at least one hike in 2022, up from 39 percent in June. The median FOMC participant now sees in excess of six cumulative hikes through 2024, signaling an acknowledgement of intensifying supply side pressures and a labor market that could be at full employment within the next year.

For the six-month period ended September 30, 2021, the S&P 500^® Index* returned 9.18%. The MSCI Europe-Australasia-Far East (“EAFE”) Index* returned 4.70%. The return of the MSCI Emerging Markets Index* was -3.45%.

In the bond market, the Bloomberg U.S. Aggregate Bond Index* posted a 1.88% return for the six-month period, while the Bloomberg U.S. Corporate High Yield Index* returned 3.65%. The return of the ICE Bank of America (“BofA”) Merrill Lynch 3-Month U.S. Treasury Bill Index* was 0.01% for the six-month period.

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

4 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ECONOMIC AND MARKET OVERVIEW (Unaudited)(concluded) September 30, 2021

*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.

BNY Mellon Emerging Markets 50 ADR Index is capitalization-weighted and designed to track the performance of approximately 50 emerging market-based depositary receipts.

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

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

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

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

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 5

A BRIEF NOTE ON THE COMPOUNDING OF RETURNS (Unaudited)

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

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

An Example of Compounding

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

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

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

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

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

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

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

6 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)

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

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

The examples are based on an investment of $1,000 made at the beginning of the period and held for the entire six-month period beginning March 31, 2021 and ending September 30, 2021.

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, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Table 1. Based on actual Fund return3
Long Short Equity Fund
A-Class	1.66%	(1.26%)	$ 1,000.00	$ 987.40	$ 8.27
C-Class	2.41%	(1.69%)	1,000.00	983.10	11.98
P-Class	1.66%	(1.31%)	1,000.00	986.90	8.27
Institutional Class	1.41%	(1.18%)	1,000.00	988.20	7.03
Emerging Markets 2x Strategy Fund
A-Class	1.75%	(28.28%)	1,000.00	717.20	7.53
C-Class	2.50%	(28.56%)	1,000.00	714.40	10.74
H-Class	1.75%	(28.29%)	1,000.00	717.10	7.53
Inverse Emerging Markets 2x Strategy Fund
A-Class	1.96%	22.83%	1,000.00	1,228.30	10.95
C-Class	2.44%	23.47%	1,000.00	1,234.70	13.67
H-Class	1.75%	22.89%	1,000.00	1,228.90	9.78
Emerging Markets Bond Strategy Fund
A-Class	1.56%	1.17%	1,000.00	1,011.70	7.87
C-Class	2.31%	0.80%	1,000.00	1,008.00	11.63
H-Class	1.56%	1.18%	1,000.00	1,011.80	7.87

8 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

ABOUT SHAREHOLDERS’ FUND EXPENSES (Unaudited)(concluded)

	Expense Ratio1	Fund Return	Beginning Account Value March 31, 2021	Ending Account Value September 30, 2021	Expenses Paid During Period2
Table 2. Based on hypothetical 5% return (before expenses)
Long Short Equity Fund
A-Class	1.66%	5.00%	$ 1,000.00	$ 1,016.75	$ 8.39
C-Class	2.41%	5.00%	1,000.00	1,012.99	12.16
P-Class	1.66%	5.00%	1,000.00	1,016.75	8.39
Institutional Class	1.41%	5.00%	1,000.00	1,018.00	7.13
Emerging Markets 2x Strategy Fund
A-Class	1.75%	5.00%	1,000.00	1,016.29	8.85
C-Class	2.50%	5.00%	1,000.00	1,012.53	12.61
H-Class	1.75%	5.00%	1,000.00	1,016.29	8.85
Inverse Emerging Markets 2x Strategy Fund
A-Class	1.96%	5.00%	1,000.00	1,015.24	9.90
C-Class	2.44%	5.00%	1,000.00	1,012.84	12.31
H-Class	1.75%	5.00%	1,000.00	1,016.29	8.85
Emerging Markets Bond Strategy Fund
A-Class	1.56%	5.00%	1,000.00	1,017.25	7.89
C-Class	2.31%	5.00%	1,000.00	1,013.49	11.66
H-Class	1.56%	5.00%	1,000.00	1,017.25	7.89

1	Annualized and excludes expenses of the underlying funds in which the Funds invest, if any.
2	Expenses are equal to the Fund’s annualized expense ratio, net of any applicable fee waivers, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).
3	Actual cumulative return at net asset value for the period March 31, 2021 to September 30, 2021.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 9

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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)
Apple, Inc.	1.0%
Microsoft Corp.	1.0%
Innoviva, Inc.	0.9%
Gentex Corp.	0.9%
Enstar Group Ltd.	0.9%
Synchrony Financial	0.9%
AutoZone, Inc.	0.9%
Cisco Systems, Inc.	0.9%
Gilead Sciences, Inc.	0.9%
National Fuel Gas Co.	0.9%
Top Ten Total	9.2%
“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, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(1.26%)	17.38%	4.41%	5.04%
A-Class Shares with sales charge‡	(5.97%)	11.80%	3.40%	4.53%
C-Class Shares	(1.69%)	16.39%	3.63%	4.26%
C-Class Shares with CDSC§	(2.67%)	15.39%	3.63%	4.26%
P-Class Shares	(1.31%)	17.26%	4.40%	5.04%
Morningstar Long/Short Equity Category Average**	2.58%	15.64%	5.21%	5.35%
S&P 500 Index**	9.18%	30.00%	16.90%	16.63%

	6 Month†	1 Year	5 Year	Since Inception (11/30/11)
Institutional Class Shares	(1.18%)	17.63%	4.67%	4.95%
Morningstar Long/Short Equity Category Average**	2.58%	15.64%	5.21%	4.97%
S&P 500 Index**	9.18%	30.00%	16.90%	15.73%

*	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, 2021
LONG SHORT EQUITY FUND

	Shares		Value
COMMON STOCKS† - 94.2%
Consumer, Non-cyclical - 20.1%
Innoviva, Inc.*		9,134	$	152,629
Gilead Sciences, Inc.1		2,049		143,123
Bristol-Myers Squibb Co.1		2,312		136,801
H&R Block, Inc.1		5,447		136,175
John B Sanfilippo & Son, Inc.		1,655		135,246
Quest Diagnostics, Inc.		898		130,489
USANA Health Sciences, Inc.*		1,199		110,548
Eagle Pharmaceuticals, Inc.*		1,925		107,377
Amgen, Inc.1		500		106,325
EVERTEC, Inc.		2,325		106,299
Hologic, Inc.*		1,393		102,817
Philip Morris International, Inc.1		1,052		99,719
Perdoceo Education Corp.*		9,251		97,691
Merck & Company, Inc.1		1,297		97,418
Bio-Rad Laboratories, Inc. — Class A*,1		126		93,990
United Therapeutics Corp.*		416		76,785
Coherus Biosciences, Inc.*,1		4,690		75,368
Vanda Pharmaceuticals, Inc.*		4,280		73,359
Prestige Consumer Healthcare, Inc.*		1,258		70,586
PerkinElmer, Inc.		390		67,583
Corcept Therapeutics, Inc.*		3,220		63,370
Blueprint Medicines Corp.*,1		614		63,126
Incyte Corp.*,1		886		60,939
Pfizer, Inc.1		1,339		57,590
Herbalife Nutrition Ltd.*		1,305		55,306
Amphastar Pharmaceuticals, Inc.*		2,813		53,475
McKesson Corp.1		238		47,453
Molson Coors Beverage Co. — Class B1		1,018		47,215
Exelixis, Inc.*		2,171		45,895
Regeneron Pharmaceuticals, Inc.*,1		74		44,783
Laboratory Corporation of America Holdings*		157		44,186
Vector Group Ltd.1		3,424		43,656
Vertex Pharmaceuticals, Inc.*		234		42,445
Bruker Corp.1		470		36,707
Grand Canyon Education, Inc.*		399		35,096
Sage Therapeutics, Inc.*		774		34,296
Enanta Pharmaceuticals, Inc.*		596		33,859
Zoetis, Inc.		165		32,033
Johnson & Johnson		192		31,008
Hershey Co.		167		28,265
Thermo Fisher Scientific, Inc.1		49		27,995
AbbVie, Inc.		253		27,291
Procter & Gamble Co.1		195		27,261
PepsiCo, Inc.		179		26,923
UnitedHealth Group, Inc.		68		26,570
Coca-Cola Co.		498		26,130
Abbott Laboratories1		218		25,753
Danaher Corp.		84		25,573
PayPal Holdings, Inc.*		97		25,240
Eli Lilly & Co.		108		24,953
Total Consumer, Non-cyclical				3,284,720
Financial - 17.9%
Enstar Group Ltd.*		632		148,349
Synchrony Financial1		3,006		146,933
Safety Insurance Group, Inc.		1,748		138,529
Goldman Sachs Group, Inc.		366		138,359
Mercury General Corp.		2,413		134,332
Old Republic International Corp.1		5,560		128,603
Evercore, Inc. — Class A		933		124,714
Hanover Insurance Group, Inc.		919		119,121
Raymond James Financial, Inc.		1,290		119,041
Stewart Information Services Corp.		1,829		115,702
AMERISAFE, Inc.1		1,859		104,401
OneMain Holdings, Inc.		1,554		85,983
Piper Sandler Cos.		588		81,414
Discover Financial Services		658		80,835
Allstate Corp.1		633		80,587
BankUnited, Inc.		1,891		79,082
Houlihan Lokey, Inc.		796		73,312
Interactive Brokers Group, Inc. — Class A		1,157		72,127
Brandywine Realty Trust REIT1		5,136		68,925
Arch Capital Group Ltd.*		1,746		66,662
Essent Group Ltd.		1,473		64,827
Everest Re Group Ltd.		229		57,429
Federated Hermes, Inc. — Class B		1,739		56,517
Affiliated Managers Group, Inc.		370		55,903
Radian Group, Inc.		2,374		53,937
Janus Henderson Group plc		1,293		53,440
SEI Investments Co.		839		49,753
Markel Corp.*		37		44,220
Jefferies Financial Group, Inc.		1,184		43,962
First American Financial Corp.		582		39,023
Berkshire Hathaway, Inc. — Class B*,1		140		38,212
MGIC Investment Corp.		2,377		35,560
Capital One Financial Corp.		210		34,014
Artisan Partners Asset Management, Inc. — Class A		630		30,820
Mastercard, Inc. — Class A		82		28,510
Visa, Inc. — Class A		126		28,067
Marsh & McLennan Companies, Inc.		177		26,803
Progressive Corp.		296		26,755
Travelers Companies, Inc.1		176		26,754
Industrial Logistics Properties Trust REIT		1,021		25,944
Total Financial				2,927,461
Consumer, Cyclical - 13.7%
Gentex Corp.1		4,516		148,938
AutoZone, Inc.*,1		86		146,027
Yum! Brands, Inc.		1,046		127,936
Cummins, Inc.1		528		118,568
Allison Transmission Holdings, Inc.1		2,986		105,465
AutoNation, Inc.*,1		797		97,043
Brunswick Corp.1		991		94,413
Buckle, Inc.		2,171		85,950
Whirlpool Corp.		412		83,990
Polaris, Inc.		678		81,129
Dolby Laboratories, Inc. — Class A		906		79,728
Autoliv, Inc.		867		74,319

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Value
Acushnet Holdings Corp.		1,571	$	73,366
MSC Industrial Direct Company, Inc. — Class A1		850		68,161
Dick’s Sporting Goods, Inc.		557		66,712
Carter’s, Inc.		681		66,221
Gentherm, Inc.*,1		761		61,588
Foot Locker, Inc.		1,265		57,760
Sleep Number Corp.*		579		54,125
Big Lots, Inc.		1,110		48,130
Zumiez, Inc.*		1,184		47,076
Tesla, Inc.*		57		44,202
NVR, Inc.*		9		43,147
WW Grainger, Inc.1		101		39,699
Hibbett, Inc.		509		36,007
Jack in the Box, Inc.		358		34,844
O’Reilly Automotive, Inc.*,1		53		32,386
MarineMax, Inc.*		648		31,441
Tri Pointe Homes, Inc.*		1,453		30,542
Williams-Sonoma, Inc.		170		30,146
Home Depot, Inc.1		85		27,902
Costco Wholesale Corp.		60		26,961
Walmart, Inc.		188		26,203
PulteGroup, Inc.		541		24,843
NIKE, Inc. — Class B		171		24,834
Total Consumer, Cyclical				2,239,802
Industrial - 12.6%
Snap-on, Inc.1		624		130,385
Toro Co.		1,279		124,587
MDU Resources Group, Inc.1		4,073		120,846
Sturm Ruger & Company, Inc.		1,541		113,695
Donaldson Company, Inc.1		1,839		105,577
Worthington Industries, Inc.		1,986		104,662
Watts Water Technologies, Inc. — Class A		622		104,552
Huntington Ingalls Industries, Inc.		499		96,337
Eagle Materials, Inc.		617		80,926
OSI Systems, Inc.*		807		76,504
Keysight Technologies, Inc.*		459		75,409
Vishay Intertechnology, Inc.1		3,651		73,348
3M Co.1		345		60,520
Owens Corning		674		57,627
Boise Cascade Co.1		931		50,255
A O Smith Corp.		818		49,955
Louisiana-Pacific Corp.		758		46,518
Mueller Industries, Inc.		1,107		45,498
Lincoln Electric Holdings, Inc.1		343		44,175
Timken Co.		624		40,822
Waters Corp.*		109		38,946
Oshkosh Corp.1		370		37,877
Albany International Corp. — Class A		469		36,052
Acuity Brands, Inc.1		206		35,714
Pentair plc		479		34,790
Hillenbrand, Inc.		810		34,547
Sanmina Corp.*		873		33,645
Lockheed Martin Corp.1		96		33,129
AGCO Corp.1		263		32,226
Northrop Grumman Corp.1		86		30,973
Fortive Corp.		400		28,228
Sealed Air Corp.		511		27,998
Garmin Ltd.		170		26,428
Masco Corp.1		453		25,164
Total Industrial				2,057,915
Technology - 11.7%
Apple, Inc.1		1,120		158,480
Microsoft Corp.1		552		155,620
CSG Systems International, Inc.		2,897		139,635
Progress Software Corp.		2,762		135,863
Cirrus Logic, Inc.*		1,517		124,925
Rambus, Inc.*,1		5,556		123,343
NetApp, Inc.		1,326		119,022
Oracle Corp.1		1,154		100,548
Intel Corp.1		1,398		74,485
HP, Inc.1		2,610		71,410
Qorvo, Inc.*		399		66,709
Lumentum Holdings, Inc.*		746		62,321
Texas Instruments, Inc.1		285		54,780
Seagate Technology Holdings plc1		649		53,555
Xperi Holding Corp.		2,517		47,420
Dropbox, Inc. — Class A*		1,502		43,888
NVIDIA Corp.		179		37,082
Applied Materials, Inc.		271		34,886
Kulicke & Soffa Industries, Inc.		593		34,560
ExlService Holdings, Inc.*		277		34,104
salesforce.com, Inc.*		106		28,749
Broadcom, Inc.1		56		27,156
Intuit, Inc.		49		26,436
Cerner Corp.1		372		26,234
Accenture plc — Class A		82		26,233
CommVault Systems, Inc.*		344		25,907
Cadence Design Systems, Inc.*		168		25,442
QUALCOMM, Inc.		193		24,893
Adobe, Inc.*		41		23,605
Total Technology				1,907,291
Communications - 9.3%
Cisco Systems, Inc.1		2,675		145,600
TEGNA, Inc.1		7,170		141,392
Omnicom Group, Inc.1		1,935		140,210
Viavi Solutions, Inc.*,1		8,118		127,777
Alphabet, Inc. — Class C*,1		44		117,274
Amazon.com, Inc.*,1		31		101,836
Juniper Networks, Inc.1		2,250		61,920
Yelp, Inc. — Class A*		1,646		61,297
Facebook, Inc. — Class A*,1		178		60,411
Cogent Communications Holdings, Inc.		791		56,034
InterDigital, Inc.		817		55,409
VeriSign, Inc.*,1		245		50,228
Nexstar Media Group, Inc. — Class A		309		46,956
F5 Networks, Inc.*		234		46,515
World Wrestling Entertainment, Inc. — Class A		799		44,952
Arista Networks, Inc.*		119		40,893
Verizon Communications, Inc.1		674		36,403

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Value
Fox Corp. — Class A		878	$	35,216
Telephone & Data Systems, Inc.1		1,716		33,462
Ciena Corp.*		600		30,810
Netflix, Inc.*		47		28,686
Walt Disney Co.*		158		26,729
Comcast Corp. — Class A		456		25,504
Total Communications				1,515,514
Utilities - 6.8%
National Fuel Gas Co.		2,696		141,594
IDACORP, Inc.1		1,225		126,641
Chesapeake Utilities Corp.		998		119,810
MGE Energy, Inc.1		1,627		119,585
UGI Corp.1		2,802		119,421
American States Water Co.1		1,298		111,005
CMS Energy Corp.1		1,767		105,543
DTE Energy Co.		785		87,692
Southern Co.1		1,073		66,494
Public Service Enterprise Group, Inc.1		1,038		63,214
Sempra Energy1		339		42,883
Total Utilities				1,103,882
Basic Materials - 1.5%
Nucor Corp.		658		64,806
NewMarket Corp.		171		57,929
Reliance Steel & Aluminum Co.		299		42,584
Ingevity Corp.*		448		31,974
Linde plc		89		26,111
Royal Gold, Inc.		249		23,777
Total Basic Materials				247,181
Energy - 0.6%
Equitrans Midstream Corp.		3,858		39,120
Antero Midstream Corp.1		3,350		34,907
Exxon Mobil Corp.		514		30,233
Total Energy				104,260
Total Common Stocks
(Cost $14,330,738)				15,388,026
MONEY MARKET FUND† - 4.0%
Invesco Short-Term Investments Trust Treasury Obligations Portfolio Institutional Class, 0.01%2		650,874		650,874
Total Money Market Fund
(Cost $650,874)				650,874
Total Investments - 98.2%
(Cost $14,981,612)			$	16,038,900
Other Assets & Liabilities, net - 1.8%				299,474
Total Net Assets - 100.0%			$	16,338,374

Custom Basket Swap Agreements

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Custom Basket Swap Agreements ††

Goldman Sachs International

GS Equity Custom Basket

Pay

0.53% (Federal Funds Rate + 0.45%)

At Maturity

05/06/24

$

6,681,263

$

223,073

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Pay

0.48% (Federal Funds Rate + 0.40%)

At Maturity

03/27/24

6,794,836

220,951

$

13,476,099

$

444,024

OTC Custom Basket Swap Agreements Sold Short ††

Goldman Sachs International

GS Equity Custom Basket

Pay

(0.12%) (Federal Funds Rate - 0.20%)

At Maturity

05/06/24

$

6,658,301

$

(7,014

)

Morgan Stanley Capital Services LLC

MS Equity Custom Basket

Pay

(0.22%) (Federal Funds Rate - 0.30%)

At Maturity

03/27/24

6,658,338

(12,644

)

$

13,316,639

$

(19,658

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY LONG CUSTOM BASKET
Consumer, Non-cyclical
Innoviva, Inc.		4,050		1.02	%	$	8,829
McKesson Corp.		105		0.32	%		8,785
Eagle Pharmaceuticals, Inc.		853		0.70	%		8,757
Bio-Rad Laboratories, Inc. — Class A		56		0.61	%		7,788
Pfizer, Inc.		593		0.38	%		5,149
United Therapeutics Corp.		184		0.50	%		4,962
Prestige Consumer Healthcare, Inc.		558		0.46	%		4,694
H&R Block, Inc.		2,415		0.89	%		4,407
Thermo Fisher Scientific, Inc.		22		0.18	%		4,022
Molson Coors Beverage Co. — Class B		451		0.31	%		3,988
Enanta Pharmaceuticals, Inc.		264		0.22	%		3,941
Regeneron Pharmaceuticals, Inc.		32		0.29	%		3,887
Blueprint Medicines Corp.		272		0.41	%		3,882
Procter & Gamble Co.		86		0.18	%		2,991
Coherus Biosciences, Inc.		2,079		0.49	%		2,661
Johnson & Johnson		85		0.20	%		2,603
UnitedHealth Group, Inc.		30		0.17	%		2,552
Abbott Laboratories		96		0.17	%		2,165
PerkinElmer, Inc.		173		0.44	%		2,044
Quest Diagnostics, Inc.		398		0.85	%		1,618
Hershey Co.		74		0.18	%		1,080
Vector Group Ltd.		878		0.16	%		911
Zoetis, Inc.		73		0.21	%		686
Gilead Sciences, Inc.		908		0.93	%		567
Hologic, Inc.		617		0.67	%		558
Bruker Corp.		208		0.24	%		484
Merck & Company, Inc.		575		0.64	%		(140	)
AbbVie, Inc.		112		0.18	%		(392	)
Exelixis, Inc.		962		0.30	%		(478	)
Vanda Pharmaceuticals, Inc.		1,897		0.48	%		(519	)
PepsiCo, Inc.		79		0.17	%		(521	)
EVERTEC, Inc.		1,030		0.69	%		(616	)
Amgen, Inc.		221		0.69	%		(622	)
Sage Therapeutics, Inc.		343		0.22	%		(731	)
Grand Canyon Education, Inc.		177		0.23	%		(848	)
Coca-Cola Co.		220		0.17	%		(1,028	)
Danaher Corp.		37		0.17	%		(1,042	)
Perdoceo Education Corp.		4,101		0.64	%		(1,083	)
PayPal Holdings, Inc.		43		0.16	%		(1,257	)
Eli Lilly & Co.		48		0.16	%		(1,398	)
Amphastar Pharmaceuticals, Inc.		1,247		0.35	%		(1,473	)
Vertex Pharmaceuticals, Inc.		103		0.27	%		(1,542	)
Philip Morris International, Inc.		466		0.65	%		(1,674	)
Laboratory Corporation of America Holdings		69		0.29	%		(1,682	)
Corcept Therapeutics, Inc.		1,428		0.41	%		(2,813	)
USANA Health Sciences, Inc.		532		0.72	%		(3,415	)
John B Sanfilippo & Son, Inc.		734		0.88	%		(3,999	)
Bristol-Myers Squibb Co.		1,025		0.89	%		(4,597	)
Incyte Corp.		393		0.40	%		(5,172	)
Herbalife Nutrition Ltd.		579		0.36	%		(5,659	)
Total Consumer, Non-cyclical							51,310
Financial
Synchrony Financial		1,332		0.96	%		7,220
Allstate Corp.		281		0.53	%		6,711
Berkshire Hathaway, Inc. — Class B		62		0.25	%		4,871
Houlihan Lokey, Inc.		353		0.48	%		3,588
Travelers Companies, Inc.		78		0.17	%		3,214
Jefferies Financial Group, Inc.		525		0.29	%		2,679
Raymond James Financial, Inc.		572		0.78	%		2,248
Stewart Information Services Corp.		811		0.76	%		1,528
Visa, Inc. — Class A		56		0.18	%		1,424
Marsh & McLennan Companies, Inc.		78		0.17	%		1,018
Janus Henderson Group plc		573		0.35	%		978
MGIC Investment Corp.		1,054		0.23	%		420
Mastercard, Inc. — Class A		36		0.18	%		400
First American Financial Corp.		258		0.25	%		258
Capital One Financial Corp.		93		0.22	%		245
Enstar Group Ltd.		242		0.84	%		77
Federated Hermes, Inc. — Class B		771		0.37	%		28
Markel Corp.		16		0.28	%		(153	)
Discover Financial Services		292		0.53	%		(172	)
Radian Group, Inc.		1,053		0.35	%		(247	)
Everest Re Group Ltd.		101		0.37	%		(336	)
Progressive Corp.		131		0.17	%		(393	)
Safety Insurance Group, Inc.		775		0.90	%		(497	)
Industrial Logistics Properties Trust		453		0.17	%		(689	)
Arch Capital Group Ltd.		774		0.43	%		(704	)
Brandywine Realty Trust		2,277		0.45	%		(886	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
SEI Investments Co.		372		0.32	%	$	(998	)
Artisan Partners Asset Management, Inc. — Class A		279		0.20	%		(1,087	)
Interactive Brokers Group, Inc. — Class A		513		0.47	%		(1,282	)
BankUnited, Inc.		838		0.52	%		(1,400	)
Piper Sandler Cos.		261		0.53	%		(1,420	)
OneMain Holdings, Inc.		689		0.56	%		(1,688	)
AMERISAFE, Inc.		824		0.68	%		(1,744	)
Essent Group Ltd.		653		0.42	%		(1,950	)
Affiliated Managers Group, Inc.		164		0.36	%		(1,964	)
Evercore, Inc. — Class A		413		0.81	%		(2,538	)
Hanover Insurance Group, Inc.		407		0.78	%		(3,402	)
Mercury General Corp.		1,070		0.88	%		(4,313	)
Old Republic International Corp.		2,465		0.84	%		(6,478	)
Goldman Sachs Group, Inc.		324		1.80	%		(8,505	)
Total Financial							(5,939	)
Communications
Alphabet, Inc. — Class C		19		0.75	%		23,541
Amazon.com, Inc.		14		0.68	%		12,524
Facebook, Inc. — Class A		79		0.39	%		10,761
Cisco Systems, Inc.		1,186		0.95	%		5,849
Viavi Solutions, Inc.		3,599		0.83	%		4,250
Juniper Networks, Inc.		997		0.40	%		3,816
Ciena Corp.		266		0.20	%		1,647
VeriSign, Inc.		109		0.33	%		1,277
Fox Corp. — Class A		389		0.23	%		935
Walt Disney Co.		67		0.17	%		921
F5 Networks, Inc.		104		0.30	%		709
Netflix, Inc.		21		0.19	%		410
Nexstar Media Group, Inc. — Class A		137		0.31	%		230
Verizon Communications, Inc.		299		0.24	%		(536	)
World Wrestling Entertainment, Inc. — Class A		354		0.29	%		(596	)
InterDigital, Inc.		362		0.36	%		(669	)
Arista Networks, Inc.		53		0.27	%		(1,067	)
Yelp, Inc. — Class A		730		0.40	%		(1,126	)
Comcast Corp. — Class A		202		0.17	%		(1,144	)
Cogent Communications Holdings, Inc.		351		0.37	%		(1,987	)
Omnicom Group, Inc.		858		0.91	%		(2,702	)
Telephone & Data Systems, Inc.		760		0.22	%		(2,865	)
Total Communications							54,178
Energy
Equitrans Midstream Corp.		1,710		0.26	%		2,000
Exxon Mobil Corp.		228		0.20	%		917
Antero Midstream Corp.		1,485		0.23	%		(39	)
Total Energy							2,878
Technology
Apple, Inc.		496		1.03	%		32,889
Microsoft Corp.		244		1.01	%		28,461
NetApp, Inc.		588		0.78	%		9,195
Seagate Technology Holdings plc		287		0.35	%		8,397
Texas Instruments, Inc.		126		0.36	%		6,593
NVIDIA Corp.		79		0.24	%		4,797
HP, Inc.		1,157		0.47	%		4,583
Oracle Corp.		512		0.66	%		3,439
CSG Systems International, Inc.		1,284		0.91	%		3,383
Progress Software Corp.		1,224		0.89	%		2,575
Accenture plc — Class A		36		0.17	%		2,341
ExlService Holdings, Inc.		123		0.22	%		2,033
Broadcom, Inc.		24		0.17	%		1,773
Cadence Design Systems, Inc.		74		0.16	%		1,662
Cirrus Logic, Inc.		672		0.81	%		1,315
QUALCOMM, Inc.		85		0.16	%		1,131
Intel Corp.		620		0.49	%		444
Intuit, Inc.		22		0.17	%		235
salesforce.com, Inc.		47		0.19	%		207
Cerner Corp.		165		0.17	%		130
Rambus, Inc.		2,463		0.80	%		(66	)
Lumentum Holdings, Inc.		331		0.41	%		(219	)
Applied Materials, Inc.		120		0.23	%		(823	)
CommVault Systems, Inc.		152		0.17	%		(1,312	)
Adobe, Inc.		18		0.15	%		(1,715	)
Dropbox, Inc. — Class A		666		0.29	%		(2,117	)
Xperi Holding Corp.		1,116		0.31	%		(2,253	)
Qorvo, Inc.		177		0.44	%		(3,442	)
Kulicke & Soffa Industries, Inc.		263		0.23	%		(4,008	)
Total Technology							99,628
Consumer, Cyclical
AutoZone, Inc.		38		0.95	%		15,741
AutoNation, Inc.		353		0.63	%		12,881
Gentherm, Inc.		337		0.40	%		11,891
Home Depot, Inc.		37		0.18	%		3,511
Brunswick Corp.		439		0.62	%		3,344
O’Reilly Automotive, Inc.		23		0.21	%		3,314
Gentex Corp.		2,002		0.97	%		2,496
Dick’s Sporting Goods, Inc.		247		0.44	%		2,029
Cummins, Inc.		234		0.77	%		1,210
Yum! Brands, Inc.		463		0.83	%		1,031
Tesla, Inc.		25		0.29	%		441
PulteGroup, Inc.		239		0.16	%		389

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Sleep Number Corp.		256		0.35	%	$	329
NVR, Inc.		4		0.28	%		1
MarineMax, Inc.		287		0.20	%		(100	)
Buckle, Inc.		962		0.56	%		(228	)
Williams-Sonoma, Inc.		75		0.20	%		(301	)
Costco Wholesale Corp.		27		0.18	%		(355	)
MSC Industrial Direct Company, Inc. — Class A		377		0.44	%		(376	)
Zumiez, Inc.		525		0.31	%		(428	)
Walmart, Inc.		83		0.17	%		(813	)
Tri Pointe Homes, Inc.		644		0.20	%		(879	)
Polaris, Inc.		300		0.53	%		(1,296	)
NIKE, Inc. — Class B		76		0.16	%		(1,403	)
WW Grainger, Inc.		45		0.26	%		(1,493	)
Carter’s, Inc.		302		0.43	%		(1,763	)
Jack in the Box, Inc.		158		0.23	%		(1,804	)
Dolby Laboratories, Inc. — Class A		402		0.52	%		(1,988	)
Autoliv, Inc.		384		0.48	%		(2,064	)
Big Lots, Inc.		492		0.31	%		(2,146	)
Acushnet Holdings Corp.		696		0.48	%		(2,405	)
Whirlpool Corp.		182		0.55	%		(4,081	)
Allison Transmission Holdings, Inc.		1,324		0.69	%		(5,836	)
Hibbett, Inc.		225		0.23	%		(6,131	)
Foot Locker, Inc.		561		0.38	%		(6,623	)
Total Consumer, Cyclical							16,095
Industrial
Watts Water Technologies, Inc. — Class A		276		0.68	%		6,921
Waters Corp.		48		0.25	%		6,386
AGCO Corp.		116		0.21	%		6,047
Acuity Brands, Inc.		91		0.23	%		5,810
Oshkosh Corp.		164		0.25	%		4,432
Owens Corning		298		0.37	%		4,387
Lincoln Electric Holdings, Inc.		152		0.29	%		3,093
Northrop Grumman Corp.		38		0.20	%		2,310
Snap-on, Inc.		277		0.85	%		2,148
Vishay Intertechnology, Inc.		1,618		0.48	%		1,336
Pentair plc		212		0.23	%		1,143
Sealed Air Corp.		226		0.18	%		942
3M Co.		153		0.39	%		873
Garmin Ltd.		75		0.17	%		835
Timken Co.		277		0.27	%		474
Keysight Technologies, Inc.		203		0.49	%		429
Fortive Corp.		177		0.18	%		51
Louisiana-Pacific Corp.		336		0.30	%		24
Masco Corp.		201		0.16	%		(41	)
Lockheed Martin Corp.		42		0.21	%		(79	)
Albany International Corp. — Class A		208		0.24	%		(105	)
Sanmina Corp.		387		0.22	%		(536	)
OSI Systems, Inc.		357		0.50	%		(1,040	)
Mueller Industries, Inc.		491		0.30	%		(1,106	)
Sturm Ruger & Company, Inc.		683		0.74	%		(1,857	)
Hillenbrand, Inc.		359		0.23	%		(2,177	)
Boise Cascade Co.		412		0.33	%		(2,583	)
Huntington Ingalls Industries, Inc.		221		0.63	%		(2,686	)
A O Smith Corp.		362		0.33	%		(2,945	)
Donaldson Company, Inc.		815		0.69	%		(3,400	)
Toro Co.		567		0.81	%		(5,029	)
Worthington Industries, Inc.		880		0.68	%		(5,195	)
Eagle Materials, Inc.		273		0.53	%		(5,244	)
MDU Resources Group, Inc.		1,806		0.79	%		(6,121	)
Total Industrial							7,497
Basic Materials
NewMarket Corp.		76		0.38	%		403
Linde plc		39		0.17	%		(859	)
Royal Gold, Inc.		110		0.15	%		(1,975	)
Ingevity Corp.		198		0.21	%		(2,342	)
Reliance Steel & Aluminum Co.		132		0.28	%		(4,024	)
Nucor Corp.		291		0.42	%		(4,762	)
Total Basic Materials							(13,559	)
Utilities
UGI Corp.		1,242		0.78	%		3,707
IDACORP, Inc.		543		0.83	%		3,104
Public Service Enterprise Group, Inc.		460		0.41	%		2,800
Southern Co.		475		0.43	%		2,678
American States Water Co.		575		0.72	%		1,558
Sempra Energy		150		0.28	%		(10	)
DTE Energy Co.		334		0.55	%		(483	)
CMS Energy Corp.		783		0.69	%		(730	)
Chesapeake Utilities Corp.		442		0.78	%		(760	)
National Fuel Gas Co.		1,195		0.92	%		(769	)
MGE Energy, Inc.		721		0.78	%		(2,232	)
Total Utilities							8,863
Total MS Equity Long Custom Basket							220,951
MS EQUITY SHORT CUSTOM BASKET
Utilities
ONE Gas, Inc.		1,483		(1.38	)%		20,228
Atmos Energy Corp.		1,351		(1.76	)%		16,670
Edison International		2,232		(1.86	)%		5,577

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
CenterPoint Energy, Inc.		1,369		(0.51	)%	$	1,744
Total Utilities							44,219
Industrial
Stericycle, Inc.		1,663		(1.70	)%		9,908
Jacobs Engineering Group, Inc.		965		(1.92	)%		6,848
US Ecology, Inc.		1,112		(0.54	)%		5,725
Harsco Corp.		3,172		(0.81	)%		3,956
Boeing Co.		472		(1.56	)%		2,932
TransDigm Group, Inc.		70		(0.66	)%		422
General Electric Co.		255		(0.39	)%		(287	)
Waste Management, Inc.		826		(1.85	)%		(10,424	)
Republic Services, Inc. — Class A		1,041		(1.88	)%		(11,163	)
Tetra Tech, Inc.		332		(0.74	)%		(16,175	)
Casella Waste Systems, Inc. — Class A		1,522		(1.74	)%		(29,637	)
Total Industrial							(37,895	)
Financial
Americold Realty Trust		3,029		(1.32	)%		27,408
JBG SMITH Properties		2,650		(1.18	)%		8,903
Digital Realty Trust, Inc.		689		(1.49	)%		8,804
Safehold, Inc.		577		(0.62	)%		7,738
Crown Castle International Corp.		171		(0.45	)%		3,571
Equitable Holdings, Inc.		2,003		(0.89	)%		2,684
CyrusOne, Inc.		790		(0.92	)%		2,617
State Street Corp.		1,409		(1.79	)%		2,585
Ventas, Inc.		568		(0.47	)%		2,133
Welltower, Inc.		1,517		(1.88	)%		2,031
Apartment Income REIT Corp.		513		(0.38	)%		1,603
Alexandria Real Estate Equities, Inc.		424		(1.22	)%		1,366
Healthpeak Properties, Inc.		2,229		(1.12	)%		1,366
Host Hotels & Resorts, Inc.		7,861		(1.93	)%		211
Wells Fargo & Co.		685		(0.48	)%		(728	)
Lincoln National Corp.		912		(0.94	)%		(1,045	)
Bank of America Corp.		2,069		(1.32	)%		(1,459	)
Sunstone Hotel Investors, Inc.		7,770		(1.39	)%		(1,773	)
JPMorgan Chase & Co.		456		(1.12	)%		(1,807	)
Outfront Media, Inc.		2,371		(0.90	)%		(1,900	)
Pebblebrook Hotel Trust		2,881		(0.97	)%		(2,165	)
Apple Hospitality REIT, Inc.		2,489		(0.59	)%		(2,392	)
Howard Hughes Corp.		724		(0.95	)%		(3,856	)
Comerica, Inc.		616		(0.74	)%		(4,232	)
Western Alliance Bancorporation		646		(1.06	)%		(7,163	)
UDR, Inc.		2,146		(1.71	)%		(7,175	)
Rayonier, Inc.		1,624		(0.87	)%		(9,701	)
Equinix, Inc.		145		(1.72	)%		(10,368	)
First Republic Bank		364		(1.05	)%		(10,604	)
Rexford Industrial Realty, Inc.		1,285		(1.10	)%		(25,637	)
Sun Communities, Inc.		585		(1.63	)%		(29,883	)
Total Financial							(48,868	)
Energy
Schlumberger N.V.		2,424		(1.08	)%		12,881
Sunrun, Inc.		767		(0.51	)%		1,282
Helmerich & Payne, Inc.		1,003		(0.41	)%		(621	)
Phillips 66		1,793		(1.89	)%		(1,072	)
NOV, Inc.		2,015		(0.40	)%		(2,436	)
Hess Corp.		405		(0.48	)%		(3,308	)
Patterson-UTI Energy, Inc.		5,632		(0.76	)%		(7,037	)
Pioneer Natural Resources Co.		810		(2.03	)%		(7,807	)
Valero Energy Corp.		1,939		(2.06	)%		(11,738	)
Devon Energy Corp.		1,274		(0.68	)%		(13,000	)
Range Resources Corp.		2,611		(0.89	)%		(14,020	)
Diamondback Energy, Inc.		742		(1.05	)%		(14,378	)
Halliburton Co.		5,996		(1.95	)%		(14,740	)
Total Energy							(75,994	)
Technology
Clarivate plc		2,930		(0.96	)%		13,719
Coupa Software, Inc.		222		(0.73	)%		10,503
DocuSign, Inc.		107		(0.41	)%		5,626
Splunk, Inc.		294		(0.64	)%		4,027
Twilio, Inc. — Class A		83		(0.40	)%		4,001
Everbridge, Inc.		226		(0.51	)%		3,493
KBR, Inc.		3,306		(1.96	)%		2,161
Zscaler, Inc.		136		(0.54	)%		(140	)
Smartsheet, Inc. — Class A		377		(0.39	)%		(2,463	)
Ceridian HCM Holding, Inc.		385		(0.65	)%		(7,431	)
Total Technology							33,496
Consumer, Non-cyclical
Teladoc Health, Inc.		562		(1.07	)%		9,962
ManpowerGroup, Inc.		797		(1.30	)%		9,131
Brink’s Co.		475		(0.45	)%		6,166
Guardant Health, Inc.		564		(1.06	)%		952
CoStar Group, Inc.		1,530		(1.98	)%		849
Sysco Corp.		461		(0.54	)%		(487	)
Total Consumer, Non-cyclical							26,573
Consumer, Cyclical
United Airlines Holdings, Inc.		2,850		(2.04	)%		12,466
JetBlue Airways Corp.		6,825		(1.57	)%		11,708
Freshpet, Inc.		407		(0.87	)%		7,025
DraftKings, Inc. — Class A		529		(0.38	)%		6,574
Spirit Airlines, Inc.		1,740		(0.68	)%		2,372
Alaska Air Group, Inc.		1,579		(1.39	)%		1,599
Delta Air Lines, Inc.		3,243		(2.08	)%		1,210

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Southwest Airlines Co.		2,132		(1.65	)%	$	(2,290	)
American Airlines Group, Inc.		6,463		(1.99	)%		(7,127	)
Royal Caribbean Cruises Ltd.		802		(1.07	)%		(7,920	)
Total Consumer, Cyclical							25,617
Basic Materials
International Flavors & Fragrances, Inc.		761		(1.53	)%		12,086
Total Basic Materials							12,086
Communications
Okta, Inc.		240		(0.86	)%		5,445
Uber Technologies, Inc.		1,472		(0.99	)%		3,472
Chewy, Inc. — Class A		360		(0.37	)%		3,170
Anaplan, Inc.		596		(0.55	)%		964
Lyft, Inc. — Class A		869		(0.70	)%		(4,929	)
Total Communications							8,122
Total MS Equity Short Custom Basket							(12,644	)
GS EQUITY LONG CUSTOM BASKET
Industrial
Watts Water Technologies, Inc. — Class A		276		0.71	%		6,947
Waters Corp.		48		0.26	%		6,378
AGCO Corp.		116		0.21	%		6,036
Acuity Brands, Inc.		91		0.24	%		5,831
Owens Corning		298		0.38	%		4,405
Oshkosh Corp.		164		0.25	%		3,969
Lincoln Electric Holdings, Inc.		152		0.29	%		3,065
Northrop Grumman Corp.		38		0.20	%		2,311
Snap-on, Inc.		277		0.87	%		2,011
Vishay Intertechnology, Inc.		1,618		0.49	%		1,311
Pentair plc		212		0.23	%		1,131
Sealed Air Corp.		226		0.19	%		950
3M Co.		153		0.40	%		881
Garmin Ltd.		75		0.17	%		856
Timken Co.		277		0.27	%		503
Keysight Technologies, Inc.		203		0.50	%		433
Fortive Corp.		177		0.19	%		49
Louisiana-Pacific Corp.		336		0.31	%		17
Masco Corp.		201		0.17	%		(46	)
Lockheed Martin Corp.		42		0.22	%		(62	)
Albany International Corp. — Class A		208		0.24	%		(109	)
Sanmina Corp.		387		0.22	%		(537	)
OSI Systems, Inc.		357		0.51	%		(1,037	)
Mueller Industries, Inc.		491		0.30	%		(1,138	)
Sturm Ruger & Company, Inc.		683		0.75	%		(1,870	)
Hillenbrand, Inc.		359		0.23	%		(2,177	)
Boise Cascade Co.		412		0.33	%		(2,630	)
Huntington Ingalls Industries, Inc.		221		0.64	%		(2,715	)
A O Smith Corp.		362		0.33	%		(2,959	)
Donaldson Company, Inc.		815		0.70	%		(3,432	)
Toro Co.		567		0.83	%		(5,094	)
Worthington Industries, Inc.		880		0.69	%		(5,296	)
Eagle Materials, Inc.		273		0.54	%		(5,311	)
MDU Resources Group, Inc.		1,806		0.80	%		(6,134	)
Total Industrial							6,537
Consumer, Cyclical
AutoZone, Inc.		38		0.97	%		15,773
AutoNation, Inc.		353		0.64	%		12,875
Gentherm, Inc.		337		0.41	%		11,901
O’Reilly Automotive, Inc.		23		0.21	%		3,345
Brunswick Corp.		439		0.63	%		3,319
Home Depot, Inc.		37		0.18	%		3,314
Gentex Corp.		2,002		0.99	%		2,505
Dick’s Sporting Goods, Inc.		247		0.44	%		2,016
Cummins, Inc.		234		0.79	%		1,229
Yum! Brands, Inc.		463		0.85	%		1,059
Tesla, Inc.		25		0.29	%		646
PulteGroup, Inc.		239		0.16	%		400
Sleep Number Corp.		256		0.36	%		345
NVR, Inc.		4		0.29	%		(1	)
MarineMax, Inc.		287		0.21	%		(112	)
Buckle, Inc.		962		0.57	%		(297	)
Williams-Sonoma, Inc.		75		0.20	%		(313	)
Costco Wholesale Corp.		27		0.18	%		(350	)
MSC Industrial Direct Company, Inc. — Class A		377		0.45	%		(394	)
Zumiez, Inc.		525		0.31	%		(693	)
Walmart, Inc.		83		0.17	%		(816	)
Tri Pointe Homes, Inc.		644		0.20	%		(899	)
Polaris, Inc.		300		0.54	%		(1,282	)
NIKE, Inc. — Class B		76		0.17	%		(1,407	)
WW Grainger, Inc.		45		0.26	%		(1,464	)
Jack in the Box, Inc.		158		0.23	%		(1,721	)
Carter’s, Inc.		302		0.44	%		(1,752	)
Dolby Laboratories, Inc. — Class A		402		0.53	%		(1,966	)
Autoliv, Inc.		384		0.49	%		(2,094	)
Big Lots, Inc.		492		0.32	%		(2,236	)
Acushnet Holdings Corp.		696		0.49	%		(2,390	)
Whirlpool Corp.		182		0.56	%		(4,071	)
Allison Transmission Holdings, Inc.		1,324		0.70	%		(5,811	)
Hibbett, Inc.		225		0.24	%		(6,156	)
Foot Locker, Inc.		561		0.38	%		(6,632	)
Total Consumer, Cyclical							15,870

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Financial
Synchrony Financial		1,332		0.97	%	$	7,193
Allstate Corp.		281		0.54	%		6,742
Berkshire Hathaway, Inc. — Class B		62		0.25	%		4,843
Houlihan Lokey, Inc.		353		0.49	%		3,649
Travelers Companies, Inc.		78		0.18	%		3,199
Jefferies Financial Group, Inc.		525		0.29	%		2,628
Raymond James Financial, Inc.		572		0.79	%		2,198
Stewart Information Services Corp.		811		0.77	%		1,536
Visa, Inc. — Class A		56		0.19	%		1,457
Marsh & McLennan Companies, Inc.		78		0.18	%		1,024
Janus Henderson Group plc		573		0.35	%		983
Enstar Group Ltd.		280		0.98	%		449
Mastercard, Inc. — Class A		36		0.19	%		410
MGIC Investment Corp.		1,054		0.24	%		375
First American Financial Corp.		258		0.26	%		262
Capital One Financial Corp.		93		0.23	%		234
Federated Hermes, Inc. — Class B		771		0.38	%		72
Markel Corp.		16		0.29	%		(174	)
Discover Financial Services		292		0.54	%		(211	)
Radian Group, Inc.		1,053		0.36	%		(289	)
Everest Re Group Ltd.		101		0.38	%		(343	)
Progressive Corp.		131		0.18	%		(387	)
Safety Insurance Group, Inc.		775		0.92	%		(489	)
Industrial Logistics Properties Trust		453		0.17	%		(684	)
Arch Capital Group Ltd.		774		0.44	%		(722	)
Brandywine Realty Trust		2,277		0.46	%		(887	)
SEI Investments Co.		372		0.33	%		(997	)
Artisan Partners Asset Management, Inc. — Class A		279		0.20	%		(1,085	)
Interactive Brokers Group, Inc. — Class A		513		0.48	%		(1,309	)
Piper Sandler Cos.		261		0.54	%		(1,403	)
BankUnited, Inc.		838		0.52	%		(1,476	)
OneMain Holdings, Inc.		689		0.57	%		(1,708	)
AMERISAFE, Inc.		824		0.69	%		(1,746	)
Affiliated Managers Group, Inc.		164		0.37	%		(1,988	)
Essent Group Ltd.		653		0.43	%		(2,017	)
Evercore, Inc. — Class A		413		0.83	%		(2,608	)
Hanover Insurance Group, Inc.		407		0.79	%		(3,420	)
Mercury General Corp.		1,070		0.89	%		(4,418	)
Old Republic International Corp.		2,465		0.85	%		(6,483	)
Total Financial							2,410
Technology
Apple, Inc.		496		1.05	%		32,365
Microsoft Corp.		244		1.03	%		26,092
NetApp, Inc.		588		0.79	%		9,203
Seagate Technology Holdings plc		287		0.35	%		8,397
Texas Instruments, Inc.		126		0.36	%		6,599
NVIDIA Corp.		79		0.24	%		4,784
HP, Inc.		1,157		0.47	%		4,591
CSG Systems International, Inc.		1,284		0.93	%		3,299
Oracle Corp.		512		0.67	%		3,281
Progress Software Corp.		1,224		0.90	%		2,595
Accenture plc — Class A		36		0.17	%		2,294
ExlService Holdings, Inc.		123		0.23	%		2,014
Broadcom, Inc.		24		0.17	%		1,742
Cadence Design Systems, Inc.		74		0.17	%		1,672
Intel Corp.		620		0.49	%		1,421
Cirrus Logic, Inc.		672		0.83	%		1,220
QUALCOMM, Inc.		85		0.16	%		1,111
Intuit, Inc.		22		0.18	%		219
salesforce.com, Inc.		47		0.19	%		205
Cerner Corp.		165		0.17	%		133
Rambus, Inc.		2,463		0.82	%		(139	)
Lumentum Holdings, Inc.		331		0.41	%		(217	)
Applied Materials, Inc.		120		0.23	%		(831	)
CommVault Systems, Inc.		152		0.17	%		(1,339	)
Adobe, Inc.		18		0.16	%		(1,709	)
Dropbox, Inc. — Class A		666		0.29	%		(2,121	)
Xperi Holding Corp.		1,116		0.31	%		(2,379	)
Qorvo, Inc.		177		0.44	%		(3,520	)
Kulicke & Soffa Industries, Inc.		263		0.23	%		(3,983	)
Total Technology							96,999
Consumer, Non-cyclical
Innoviva, Inc.		4,050		1.01	%		8,715
Eagle Pharmaceuticals, Inc.		853		0.71	%		8,586
Bio-Rad Laboratories, Inc. — Class A		56		0.63	%		7,764
McKesson Corp.		105		0.31	%		7,012
United Therapeutics Corp.		184		0.51	%		4,981
Prestige Consumer Healthcare, Inc.		558		0.47	%		4,689
H&R Block, Inc.		2,415		0.90	%		4,416
Pfizer, Inc.		593		0.38	%		4,267
Molson Coors Beverage Co. — Class B		451		0.31	%		3,963

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Enanta Pharmaceuticals, Inc.		264		0.22	%	$	3,943
Thermo Fisher Scientific, Inc.		22		0.19	%		3,893
Regeneron Pharmaceuticals, Inc.		32		0.29	%		3,884
Blueprint Medicines Corp.		272		0.42	%		3,883
Coherus Biosciences, Inc.		2,079		0.50	%		2,693
Johnson & Johnson		85		0.21	%		2,601
UnitedHealth Group, Inc.		30		0.18	%		2,534
Procter & Gamble Co.		86		0.18	%		2,467
Abbott Laboratories		96		0.17	%		2,073
PerkinElmer, Inc.		173		0.45	%		2,049
Quest Diagnostics, Inc.		398		0.87	%		1,652
Hershey Co.		74		0.19	%		1,091
Vector Group Ltd.		878		0.17	%		908
Zoetis, Inc.		73		0.21	%		698
Gilead Sciences, Inc.		908		0.95	%		583
Hologic, Inc.		617		0.68	%		575
Bruker Corp.		208		0.24	%		486
Amgen, Inc.		221		0.70	%		298
Merck & Company, Inc.		575		0.65	%		(131	)
AbbVie, Inc.		112		0.18	%		(392	)
Exelixis, Inc.		962		0.30	%		(471	)
PepsiCo, Inc.		79		0.18	%		(532	)
Vanda Pharmaceuticals, Inc.		1,897		0.49	%		(583	)
EVERTEC, Inc.		1,030		0.70	%		(692	)
Grand Canyon Education, Inc.		177		0.23	%		(840	)
Sage Therapeutics, Inc.		343		0.23	%		(847	)
Coca-Cola Co.		220		0.17	%		(1,020	)
Danaher Corp.		37		0.17	%		(1,032	)
Perdoceo Education Corp.		4,101		0.65	%		(1,141	)
PayPal Holdings, Inc.		43		0.17	%		(1,268	)
Eli Lilly & Co.		48		0.17	%		(1,401	)
Vertex Pharmaceuticals, Inc.		103		0.28	%		(1,462	)
Amphastar Pharmaceuticals, Inc.		1,247		0.35	%		(1,496	)
Laboratory Corporation of America Holdings		69		0.29	%		(1,618	)
Philip Morris International, Inc.		466		0.66	%		(1,631	)
Corcept Therapeutics, Inc.		1,428		0.42	%		(2,889	)
USANA Health Sciences, Inc.		532		0.73	%		(3,410	)
John B Sanfilippo & Son, Inc.		734		0.90	%		(4,024	)
Bristol-Myers Squibb Co.		1,025		0.91	%		(4,557	)
Incyte Corp.		393		0.40	%		(5,161	)
Herbalife Nutrition Ltd.		579		0.37	%		(5,624	)
Total Consumer, Non-cyclical							48,482
Communications
Alphabet, Inc. — Class C		19		0.76	%		24,666
Amazon.com, Inc.		14		0.69	%		12,465
Facebook, Inc. — Class A		79		0.40	%		10,759
Cisco Systems, Inc.		1,186		0.97	%		5,834
Viavi Solutions, Inc.		3,599		0.85	%		4,082
Juniper Networks, Inc.		997		0.41	%		3,848
Ciena Corp.		266		0.20	%		1,676
VeriSign, Inc.		109		0.33	%		1,280
Walt Disney Co.		67		0.17	%		932
Fox Corp. — Class A		389		0.23	%		930
F5 Networks, Inc.		104		0.31	%		694
Netflix, Inc.		21		0.19	%		408
Nexstar Media Group, Inc. — Class A		137		0.31	%		223
Verizon Communications, Inc.		299		0.24	%		(536	)
World Wrestling Entertainment, Inc. — Class A		354		0.30	%		(585	)
InterDigital, Inc.		362		0.37	%		(672	)
Yelp, Inc. — Class A		730		0.41	%		(1,069	)
Arista Networks, Inc.		53		0.27	%		(1,081	)
Comcast Corp. — Class A		202		0.17	%		(1,158	)
Cogent Communications Holdings, Inc.		351		0.37	%		(1,975	)
Telephone & Data Systems, Inc.		760		0.22	%		(2,887	)
Omnicom Group, Inc.		858		0.93	%		(3,133	)
Total Communications							54,701
Utilities
UGI Corp.		1,242		0.79	%		3,697
IDACORP, Inc.		543		0.84	%		3,150
Public Service Enterprise Group, Inc.		460		0.42	%		2,797
Southern Co.		475		0.44	%		2,523
American States Water Co.		575		0.74	%		1,511
Sempra Energy		150		0.28	%		(10	)
DTE Energy Co.		334		0.56	%		(374	)
CMS Energy Corp.		783		0.70	%		(607	)
Chesapeake Utilities Corp.		442		0.79	%		(797	)
National Fuel Gas Co.		1,195		0.94	%		(808	)
MGE Energy, Inc.		721		0.79	%		(2,264	)
Total Utilities							8,818
Energy
Equitrans Midstream Corp.		1,710		0.26	%		1,989
Exxon Mobil Corp.		228		0.20	%		890
Antero Midstream Corp.		1,485		0.23	%		(21	)
Total Energy							2,858
Basic Materials
NewMarket Corp.		76		0.39	%		392

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Linde plc		39		0.17	%	$	(871	)
Royal Gold, Inc.		110		0.16	%		(1,978	)
Ingevity Corp.		198		0.21	%		(2,341	)
Reliance Steel & Aluminum Co.		132		0.28	%		(4,019	)
Nucor Corp.		291		0.43	%		(4,785	)
Total Basic Materials							(13,602	)
Total GS Equity Long Custom Basket							223,073
GS EQUITY SHORT CUSTOM BASKET
Financial
Americold Realty Trust		3,029		(1.29	)%		26,545
JBG SMITH Properties		2,650		(1.15	)%		8,914
Digital Realty Trust, Inc.		689		(1.49	)%		8,816
Safehold, Inc.		577		(0.62	)%		7,612
Crown Castle International Corp.		171		(0.45	)%		3,579
Equitable Holdings, Inc.		2,003		(0.89	)%		2,729
State Street Corp.		1,409		(1.79	)%		2,642
CyrusOne, Inc.		790		(0.92	)%		2,536
Ventas, Inc.		568		(0.47	)%		2,118
Welltower, Inc.		1,517		(1.88	)%		2,010
Apartment Income REIT Corp.		513		(0.38	)%		1,605
Healthpeak Properties, Inc.		2,229		(1.12	)%		1,340
Alexandria Real Estate Equities, Inc.		424		(1.22	)%		1,315
Host Hotels & Resorts, Inc.		7,861		(1.93	)%		126
Wells Fargo & Co.		685		(0.48	)%		(727	)
Lincoln National Corp.		912		(0.94	)%		(847	)
Bank of America Corp.		2,069		(1.32	)%		(1,448	)
Outfront Media, Inc.		2,371		(0.90	)%		(1,883	)
JPMorgan Chase & Co.		456		(1.12	)%		(1,904	)
Sunstone Hotel Investors, Inc.		7,770		(1.39	)%		(2,022	)
Pebblebrook Hotel Trust		2,881		(0.97	)%		(2,239	)
Apple Hospitality REIT, Inc.		2,489		(0.59	)%		(2,382	)
Howard Hughes Corp.		724		(0.95	)%		(3,745	)
Comerica, Inc.		616		(0.74	)%		(4,194	)
UDR, Inc.		2,146		(1.71	)%		(7,131	)
Western Alliance Bancorporation		646		(1.06	)%		(7,191	)
Equinix, Inc.		145		(1.72	)%		(9,010	)
Rayonier, Inc.		1,624		(0.87	)%		(9,669	)
First Republic Bank		364		(1.05	)%		(10,646	)
Rexford Industrial Realty, Inc.		1,285		(1.10	)%		(21,127	)
Sun Communities, Inc.		585		(1.63	)%		(25,869	)
Total Financial							(40,147	)
Consumer, Non-cyclical
Teladoc Health, Inc.		562		(1.07	)%		9,925
ManpowerGroup, Inc.		797		(1.30	)%		9,081
Brink’s Co.		475		(0.45	)%		6,140
Guardant Health, Inc.		564		(1.06	)%		944
CoStar Group, Inc.		1,530		(1.98	)%		761
Sysco Corp.		461		(0.54	)%		(458	)
Total Consumer, Non-cyclical							26,393
Technology
Clarivate plc		2,930		(0.96	)%		13,705
Coupa Software, Inc.		222		(0.73	)%		10,443
DocuSign, Inc.		107		(0.41	)%		5,553
Splunk, Inc.		294		(0.64	)%		4,001
Twilio, Inc. — Class A		83		(0.40	)%		3,968
Everbridge, Inc.		226		(0.51	)%		3,476
KBR, Inc.		3,306		(1.96	)%		2,026
Zscaler, Inc.		136		(0.54	)%		(153	)
Smartsheet, Inc. — Class A		377		(0.39	)%		(2,493	)
Ceridian HCM Holding, Inc.		385		(0.65	)%		(7,469	)
Total Technology							33,057
Consumer, Cyclical
United Airlines Holdings, Inc.		2,850		(2.04	)%		12,453
JetBlue Airways Corp.		6,825		(1.57	)%		11,692
Freshpet, Inc.		407		(0.87	)%		7,053
DraftKings, Inc. — Class A		529		(0.38	)%		6,592
Spirit Airlines, Inc.		1,740		(0.68	)%		2,259
Alaska Air Group, Inc.		1,579		(1.39	)%		1,520
Delta Air Lines, Inc.		3,243		(2.08	)%		1,211
Southwest Airlines Co.		2,132		(1.65	)%		(2,280	)
American Airlines Group, Inc.		6,463		(1.99	)%		(7,267	)
Royal Caribbean Cruises Ltd.		802		(1.07	)%		(7,915	)
Total Consumer, Cyclical							25,318
Communications
Okta, Inc.		240		(0.86	)%		5,414
Uber Technologies, Inc.		1,472		(0.99	)%		3,495
Chewy, Inc. — Class A		360		(0.37	)%		3,141
Anaplan, Inc.		596		(0.55	)%		944
Lyft, Inc. — Class A		869		(0.70	)%		(4,985	)
Total Communications							8,009
Energy
Schlumberger N.V.		2,424		(1.08	)%		12,961
Sunrun, Inc.		767		(0.51	)%		1,337
Helmerich & Payne, Inc.		1,003		(0.41	)%		(634	)
Phillips 66		1,793		(1.89	)%		(1,481	)
NOV, Inc.		2,015		(0.40	)%		(2,448	)
Hess Corp.		405		(0.48	)%		(3,378	)
Patterson-UTI Energy, Inc.		5,632		(0.76	)%		(7,009	)
Pioneer Natural Resources Co.		810		(2.03	)%		(7,892	)
Valero Energy Corp.		1,939		(2.06	)%		(12,253	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Devon Energy Corp.		1,274		(0.68	)%	$	(13,090	)
Range Resources Corp.		2,611		(0.89	)%		(13,787	)
Diamondback Energy, Inc.		742		(1.05	)%		(14,683	)
Halliburton Co.		5,996		(1.95	)%		(14,825	)
Total Energy							(77,182	)
Industrial
Stericycle, Inc.		1,663		(1.70	)%		9,884
Jacobs Engineering Group, Inc.		965		(1.92	)%		6,858
US Ecology, Inc.		1,112		(0.54	)%		5,740
Harsco Corp.		3,172		(0.81	)%		3,925
Boeing Co.		472		(1.56	)%		2,839
TransDigm Group, Inc.		70		(0.66	)%		427
General Electric Co.		255		(0.39	)%		(299	)
Waste Management, Inc.		826		(1.85	)%		(10,433	)
Republic Services, Inc. — Class A		1,041		(1.88	)%		(11,383	)
Tetra Tech, Inc.		332		(0.74	)%		(16,168	)
Casella Waste Systems, Inc. — Class A		1,522		(1.74	)%		(29,665	)
Total Industrial							(38,275	)
Utilities
ONE Gas, Inc.		1,483		(1.41	)%		20,210
Atmos Energy Corp.		1,351		(1.79	)%		16,578
Edison International		2,232		(1.86	)%		5,335
CenterPoint Energy, Inc.		1,369		(0.51	)%		1,745
Total Utilities							43,868
Basic Materials
International Flavors & Fragrances, Inc.		761		(1.53	)%		11,945
Total GS Equity Short Custom Basket						$	(7,014	)

*	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, 2021.
2	Rate indicated is the 7-day yield as of September 30, 2021.
	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, 2021
LONG SHORT EQUITY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	15,388,026	$	—	$	—	$	15,388,026
Money Market Fund		650,874		—		—		650,874
Equity Custom Basket Swap Agreements**		—		444,024		—		444,024
Total Assets	$	16,038,900	$	444,024	$	—	$	16,482,924

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Custom Basket Swap Agreements**	$	—	$	19,658	$	—	$	19,658

** 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, 2021

Assets:
Investments, at value (cost $14,981,612)	$	16,038,900
Cash		101,110
Unrealized appreciation on OTC swap agreements		444,024
Receivables:
Dividends		22,903
Fund shares sold		96
Securities lending income		9
Total assets		16,607,042
Liabilities:
Unrealized depreciation on OTC swap agreements		19,658
Payable for:
Swap settlement		214,256
Management fees		12,673
Transfer agent and administrative fees		3,788
Distribution and service fees		3,225
Portfolio accounting fees		1,408
Trustees’ fees*		154
Fund shares redeemed		11
Miscellaneous		13,495
Total liabilities		268,668
Commitments and contingent liabilities (Note 11)		—
Net assets	$	16,338,374
Net assets consist of:
Paid in capital	$	17,835,375
Total distributable earnings (loss)		(1,497,001	)
Net assets	$	16,338,374
A-Class:
Net assets	$	7,425,565
Capital shares outstanding		396,342
Net asset value per share	$	18.74
Maximum offering price per share (Net asset value divided by 95.25%)	$	19.67
C-Class:
Net assets	$	331,063
Capital shares outstanding		20,269
Net asset value per share	$	16.33
P-Class:
Net assets	$	6,192,563
Capital shares outstanding		329,490
Net asset value per share	$	18.79
Institutional Class:
Net assets	$	2,389,183
Capital shares outstanding		124,008
Net asset value per share	$	19.27

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends	$	175,103
Income from securities lending, net		41
Total investment income		175,144
Expenses:
Management fees		77,627
Distribution and service fees:
A-Class		9,993
C-Class		1,807
P-Class		8,119
Transfer agent and administrative fees		24,211
Portfolio accounting fees		8,625
Professional fees		3,060
Trustees’ fees*		1,251
Custodian fees		1,130
Miscellaneous		5,635
Total expenses		141,458
Net investment income		33,686
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,636,195
Swap agreements		(1,642,197	)
Net realized gain		993,998
Net change in unrealized appreciation (depreciation) on:
Investments		(1,894,814	)
Swap agreements		656,368
Net change in unrealized appreciation (depreciation)		(1,238,446	)
Net realized and unrealized loss		(244,448	)
Net decrease in net assets resulting from operations	$	(210,762	)

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	33,686		$	97,883
Net realized gain (loss) on investments		993,998			(798,753	)
Net change in unrealized appreciation (depreciation) on investments		(1,238,446	)		5,450,564
Net increase (decrease) in net assets resulting from operations		(210,762	)		4,749,694
Distributions to shareholders:
A-Class		—			(34,330	)
P-Class		—			(28,015	)
Institutional Class		—			(12,375	)
Total distributions to shareholders		—			(74,720	)
Capital share transactions:
Proceeds from sale of shares
A-Class		104,200			196,419
C-Class		11,800			8,000
P-Class		249,894			288,465
Institutional Class		253,642			204,066
Distributions reinvested
A-Class		—			33,556
P-Class		—			25,294
Institutional Class		—			12,308
Cost of shares redeemed
A-Class		(636,803	)		(1,413,489	)
C-Class		(53,994	)		(328,519	)
P-Class		(387,916	)		(1,001,225	)
Institutional Class		(75,407	)		(367,376	)
Net decrease from capital share transactions		(534,584	)		(2,342,501	)
Net increase (decrease) in net assets		(745,346	)		2,332,473
Net assets:
Beginning of period		17,083,720			14,751,247
End of period	$	16,338,374		$	17,083,720
Capital share activity:
Shares sold
A-Class		5,405			11,844
C-Class		714			564
P-Class		12,669			16,987
Institutional Class		12,578			12,752
Shares issued from reinvestment of distributions
A-Class		—			1,950
P-Class		—			1,465
Institutional Class		—			697
Shares redeemed
A-Class		(32,870	)		(87,189	)
C-Class		(3,185	)		(23,557	)
P-Class		(20,054	)		(60,649	)
Institutional Class		(3,829	)		(22,057	)
Net decrease in shares		(28,572	)		(147,193	)

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	18.98		$	14.12		$	16.20		$	17.41		$	15.80		$	15.26
Income (loss) from investment operations:
Net investment income (loss)b		.04			.10			.09			.10			—	c		(.09	)
Net gain (loss) on investments (realized and unrealized)		(.28	)		4.84			(2.04	)		(1.02	)		1.61			.63
Total from investment operations		(.24	)		4.94			(1.95	)		(.92	)		1.61			.54
Less distributions from:
Net investment income		—			(.08	)		(.13	)		—			—			—
Return of capital		—			—			—			(.29	)		—			—
Total distributions		—			(.08	)		(.13	)		(.29	)		—			—
Net asset value, end of period	$	18.74		$	18.98		$	14.12		$	16.20		$	17.41		$	15.80
Total Returnd		(1.26	%)		35.04	%		(12.15	%)		(5.31	%)		10.19	%		3.54	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,426		$	8,044		$	7,021		$	10,143		$	4,012		$	4,615
Ratios to average net assets:
Net investment income (loss)		0.37	%		0.61	%		0.58	%		0.58	%		0.01	%		(0.59	%)
Total expensese,f		1.66	%		1.75	%		1.78	%		1.78	%		1.77	%		2.25	%
Portfolio turnover rate		106	%		162	%		119	%		170	%		328	%		223	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	16.61		$	12.39		$	14.21		$	15.43		$	14.11		$	13.72
Income (loss) from investment operations:
Net investment income (loss)b		(.03	)		(.02	)		(.02	)		(.07	)		(.11	)		(.18	)
Net gain (loss) on investments (realized and unrealized)		(.25	)		4.24			(1.80	)		(.86	)		1.43			.57
Total from investment operations		(.28	)		4.22			(1.82	)		(.93	)		1.32			.39
Less distributions from:
Net investment income		—			—			—			—			—
Net realized gains		—			—			—			—			—
Return of capital		—			—			—			(.29	)		—			—
Total distributions		—			—			—			(.29	)		—			—
Net asset value, end of period	$	16.33		$	16.61		$	12.39		$	14.21		$	15.43		$	14.11
Total Returnd		(1.69	%)		34.06	%		(12.81	%)		(6.00	%)		9.36	%		2.77	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	331		$	378		$	567		$	1,424		$	11,394		$	13,235
Ratios to average net assets:
Net investment income (loss)		(0.39	%)		(0.16	%)		(0.18	%)		(0.43	%)		(0.74	%)		(1.30	%)
Total expensese,f		2.41	%		2.51	%		2.53	%		2.50	%		2.52	%		2.98	%
Portfolio turnover rate		106	%		162	%		119	%		170	%		328	%		223	%

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	19.04		$	14.17		$	16.25		$	17.47		$	15.86		$	15.31
Income (loss) from investment operations:
Net investment income (loss)b		.04			.10			.09			.08			—	c		(.09	)
Net gain (loss) on investments (realized and unrealized)		(.29	)		4.85			(2.04	)		(1.01	)		1.61			.64
Total from investment operations		(.25	)		4.95			(1.95	)		(.93	)		1.61			.55
Less distributions from:
Net investment income		—			(.08	)		(.13	)		—			—
Net realized gains		—			—			—			—			—
Return of capital		—			—			—			(.29	)		—			—
Total distributions		—			(.08	)		(.13	)		(.29	)		—			—
Net asset value, end of period	$	18.79		$	19.04		$	14.17		$	16.25		$	17.47		$	15.86
Total Return		(1.31	%)		35.09	%		(12.17	%)		(5.35	%)		10.15	%		3.53	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,193		$	6,415		$	5,370		$	9,303		$	12,614		$	13,779
Ratios to average net assets:
Net investment income (loss)		0.37	%		0.61	%		0.57	%		0.47	%		0.01	%		(0.58	%)
Total expensese,f		1.66	%		1.75	%		1.78	%		1.77	%		1.76	%		2.24	%
Portfolio turnover rate		106	%		162	%		119	%		170	%		328	%		223	%

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	19.50		$	14.49		$	16.60		$	17.79		$	16.11		$	15.50
Income (loss) from investment operations:
Net investment income (loss)b		.06			.15			.14			.12			.05			(.03	)
Net gain (loss) on investments (realized and unrealized)		(.29	)		4.97			(2.10	)		(1.02	)		1.63			.64
Total from investment operations		(.23	)		5.12			(1.96	)		(.90	)		1.68			.61
Less distributions from:
Net investment income		—			(.11	)		(.15	)		—			—			—
Return of capital		—			—			—			(.29	)		—			—
Total distributions		—			(.11	)		(.15	)		(.29	)		—			—
Net asset value, end of period	$	19.27		$	19.50		$	14.49		$	16.60		$	17.79		$	16.11
Total Return		(1.18	%)		35.47	%		(11.96	%)		(5.08	%)		10.43	%		3.94	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,389		$	2,247		$	1,794		$	2,018		$	2,722		$	1,990
Ratios to average net assets:
Net investment income (loss)		0.63	%		0.86	%		0.85	%		0.72	%		0.31	%		(0.20	%)
Total expensese,f		1.41	%		1.50	%		1.53	%		1.51	%		1.50	%		1.96	%
Portfolio turnover rate		106	%		162	%		119	%		170	%		328	%		223	%

a	Unaudited figures for the period ended September 30, 2021. 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 investment income is less than $0.01 per share.
d	Total return does not reflect the impact of any applicable sales charges.
e	Does not include expenses of the underlying funds in which the Fund invests.
f	Excluding interest and dividend expense related to short sales, the operating expense ratios for the years or periods presented was as follows:

	09/30/21	03/31/21	03/31/20	03/31/19	03/31/18	03/31/17
A-Class	1.66%	1.75%	1.78%	1.78%	1.68%	1.67%
C-Class	2.41%	2.51%	2.53%	2.50%	2.44%	2.42%
P-Class	1.66%	1.75%	1.78%	1.77%	1.69%	1.67%
Institutional Class	1.41%	1.50%	1.53%	1.51%	1.43%	1.43%

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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 BNY Mellon Emerging Markets 50 ADR Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

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

COUNTRY DIVERSIFICATION

Country	% of Long-Term Investments
Taiwan, Province of China		23.4	%
China		22.0	%
Cayman Islands		17.0	%
India		15.8	%
Brazil		11.0	%
Republic of Korea		4.2	%
Mexico		3.3	%
Other		3.3	%
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	11.8%
Alibaba Group Holding Ltd. ADR	10.2%
HDFC Bank Ltd. ADR	3.7%
Infosys Ltd. ADR	2.8%
JD.com, Inc. ADR	2.4%
Vale S.A. ADR	2.1%
NIO, Inc. ADR	1.8%
ICICI Bank Ltd. ADR	1.8%
Baidu, Inc. ADR	1.6%
Pinduoduo, Inc. ADR	1.5%
Top Ten Total	39.7%
“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, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	(28.28%)	0.11%	8.60%	2.79%
A-Class Shares with sales charge‡	(31.69%)	(4.65%)	7.55%	2.29%
C-Class Shares	(28.56%)	(0.64%)	7.79%	2.08%
C-Class Shares with CDSC§	(29.27%)	(1.63%)	7.79%	2.08%
H-Class Shares	(28.29%)	0.10%	8.57%	2.77%
S&P 500 Index	9.18%	30.00%	16.90%	16.63%
BNY Mellon Emerging Markets 50 ADR Index	(13.61%)	4.26%	8.69%	5.24%

*	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 BNY Mellon Emerging Markets 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, 2021
EMERGING MARKETS 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 58.3%
Communications - 18.9%
Alibaba Group Holding Ltd. ADR*		2,816	$	416,909
JD.com, Inc. ADR*		1,371		99,041
Baidu, Inc. ADR*		416		63,960
Pinduoduo, Inc. ADR*		670		60,749
America Movil SAB de CV — Class L ADR		1,774		31,347
Chunghwa Telecom Company Ltd. ADR1		581		22,827
Trip.com Group Ltd. ADR*		705		21,679
Telkom Indonesia Persero Tbk PT ADR		726		18,440
SK Telecom Company Ltd. ADR*		485		14,599
GDS Holdings Ltd. ADR*		174		9,850
Grupo Televisa SAB ADR		773		8,488
Vipshop Holdings Ltd. ADR*		568		6,327
Total Communications				774,216
Technology - 18.2%
Taiwan Semiconductor Manufacturing Company Ltd. ADR		4,322		482,551
Infosys Ltd. ADR		5,111		113,719
NetEase, Inc. ADR		553		47,226
United Microelectronics Corp. ADR1		3,530		40,348
Bilibili, Inc. ADR*,1		332		21,969
ASE Technology Holding Company Ltd. ADR		2,611		20,497
Wipro Ltd. ADR		2,260		19,956
Total Technology				746,266
Financial - 8.9%
HDFC Bank Ltd. ADR		2,085		152,393
ICICI Bank Ltd. ADR		3,917		73,914
Itau Unibanco Holding S.A. ADR		7,403		39,014
Banco Bradesco S.A. ADR		7,407		28,369
KB Financial Group, Inc. ADR		597		27,707
Shinhan Financial Group Company Ltd. ADR1		789		26,565
China Life Insurance Company Ltd. ADR1		2,273		18,547
Total Financial				366,509
Basic Materials - 4.9%
Vale S.A. ADR		6,136		85,597
POSCO ADR		463		31,933
Sasol Ltd. ADR*		883		16,636
Sibanye Stillwater Ltd. ADR		1,056		13,031
Suzano S.A. ADR*		1,206		12,060
Sociedad Quimica y Minera de Chile S.A. ADR		218		11,711
Gold Fields Ltd. ADR		1,356		11,011
AngloGold Ashanti Ltd. ADR		638		10,201
Gerdau S.A. ADR		1,751		8,615
Total Basic Materials				200,795
Consumer, Non-cyclical - 2.6%
BeiGene Ltd. ADR*		79		28,677
Fomento Economico Mexicano SAB de CV ADR		281		24,368
Ambev S.A. ADR		6,734		18,586
Dr Reddy’s Laboratories Ltd. ADR		186		12,116
Zai Lab Ltd. ADR*		106		11,171
Natura & Company Holding S.A. ADR*,1		643		10,706
Total Consumer, Non-cyclical				105,624
Consumer, Cyclical - 2.4%
NIO, Inc. ADR*		2,080		74,110
Tata Motors Ltd. ADR*,1		538		12,057
Huazhu Group Ltd. ADR*		225		10,318
Total Consumer, Cyclical				96,485
Energy - 1.5%
Petroleo Brasileiro S.A. ADR		2,842		29,386
China Petroleum & Chemical Corp. ADR		390		19,177
PetroChina Company Ltd. ADR1		322		15,063
Total Energy				63,626
Industrial - 0.9%
ZTO Express Cayman, Inc. ADR		645		19,776
Cemex SAB de CV ADR*		2,312		16,577
Total Industrial				36,353
Total Common Stocks
(Cost $2,061,235)				2,389,874
PREFERRED STOCKS† - 0.9%
Energy - 0.9%
Petroleo Brasileiro S.A. ADR		3,509		35,090
Total Preferred Stocks
(Cost $28,188)				35,090
	Face Amount
REPURCHASE AGREEMENTS††,2 - 38.3%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/213	$	884,762		884,762
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/213		343,775		343,775
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/213		343,775		343,775
Total Repurchase Agreements
(Cost $1,572,312)				1,572,312

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2021
EMERGING MARKETS 2x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,4 - 2.7%
Money Market Fund
First American Government Obligations Fund — Class Z, 0.02%5		111,472	$	111,472
Total Securities Lending Collateral
(Cost $111,472)				111,472
Total Investments - 100.2%
(Cost $3,773,207)			$	4,108,748
Other Assets & Liabilities, net - (0.2)%				(8,587	)
Total Net Assets - 100.0%			$	4,100,161

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

BNY Mellon Emerging Markets 50 ADR Index

Pay

0.63% (Federal Funds Rate + 0.55%)

At Maturity

11/04/21

641

$

1,965,674

$

(18,203

)

BNP Paribas

BNY Mellon Emerging Markets 50 ADR Index

Pay

0.69% (1 Month USD LIBOR + 0.60%)

At Maturity

11/04/21

1,229

3,767,494

(156,185

)

$

5,733,168

$

(174,388

)

*	Non-income producing security.
†	Value determined based on Level 1 inputs — See Note 4.
††	Value determined based on Level 2 inputs — See Note 4.
1	All or a portion of this security is on loan at September 30, 2021 — 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, 2021.
4	Securities lending collateral — See Note 7.
5	Rate indicated is the 7-day yield as of September 30, 2021.
	ADR — American Depositary Receipt
	LIBOR — London Interbank Offered 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, 2021
EMERGING MARKETS 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,389,874	$	—	$	—	$	2,389,874
Preferred Stocks		35,090		—		—		35,090
Repurchase Agreements		—		1,572,312		—		1,572,312
Securities Lending Collateral		111,472		—		—		111,472
Total Assets	$	2,536,436	$	1,572,312	$	—	$	4,108,748

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	174,388	$	—	$	174,388

** 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, 2021

Assets:
Investments, at value - including $108,881 of securities loaned (cost $2,200,895)	$	2,536,436
Repurchase agreements, at value (cost $1,572,312)		1,572,312
Cash		944
Receivables:
Fund shares sold		587,362
Dividends		18,181
Securities lending income		43
Total assets		4,715,278
Liabilities:
Unrealized depreciation on OTC swap agreements		174,388
Payable for:
Swap settlement		168,793
Fund shares redeemed		146,301
Return of securities lending collateral		111,472
Management fees		3,504
Distribution and service fees		1,236
Transfer agent and administrative fees		1,048
Portfolio accounting fees		584
Trustees’ fees*		64
Miscellaneous		7,727
Total liabilities		615,117
Commitments and contingent liabilities (Note 11)		—
Net assets	$	4,100,161
Net assets consist of:
Paid in capital	$	16,953,788
Total distributable earnings (loss)		(12,853,627	)
Net assets	$	4,100,161
A-Class:
Net assets	$	280,476
Capital shares outstanding		3,362
Net asset value per share	$	83.43
Maximum offering price per share (Net asset value divided by 95.25%)	$	87.59
C-Class:
Net assets	$	379,271
Capital shares outstanding		4,873
Net asset value per share	$	77.83
H-Class:
Net assets	$	3,440,414
Capital shares outstanding		41,251
Net asset value per share	$	83.40

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Dividends (net of foreign withholding tax of $2,651)	$	59,819
Interest		243
Income from securities lending, net		233
Total investment income		60,295
Expenses:
Management fees		30,448
Distribution and service fees:
A-Class		575
C-Class		2,243
H-Class		7,324
Transfer agent and administrative fees		9,571
Portfolio accounting fees		5,076
Professional fees		1,550
Trustees’ fees*		593
Custodian fees		452
Line of credit fees		54
Miscellaneous		2,861
Total expenses		60,747
Net investment loss		(452	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(505,542	)
Swap agreements		(1,991,565	)
Net realized loss		(2,497,107	)
Net change in unrealized appreciation (depreciation) on:
Investments		(324,155	)
Swap agreements		724,539
Net change in unrealized appreciation (depreciation)		400,384
Net realized and unrealized loss		(2,096,723	)
Net decrease in net assets resulting from operations	$	(2,097,175	)

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(452	)	$	(81,228	)
Net realized gain (loss) on investments		(2,497,107	)		4,340,653
Net change in unrealized appreciation (depreciation) on investments		400,384			(166,042	)
Net increase (decrease) in net assets resulting from operations		(2,097,175	)		4,093,383
Capital share transactions:
Proceeds from sale of shares
A-Class		478,085			8,376,517
C-Class		290,348			412,755
H-Class		72,351,234			119,205,321
Cost of shares redeemed
A-Class		(723,398	)		(9,178,674	)
C-Class		(221,330	)		(426,896	)
H-Class		(73,881,718	)		(116,830,877	)
Net increase (decrease) from capital share transactions		(1,706,779	)		1,558,146
Net increase (decrease) in net assets		(3,803,954	)		5,651,529
Net assets:
Beginning of period		7,904,115			2,252,586
End of period	$	4,100,161		$	7,904,115
Capital share activity:
Shares sold
A-Class		4,511			77,226
C-Class		2,907			4,706
H-Class		685,001			1,339,008
Shares redeemed
A-Class		(6,711	)		(85,834	)
C-Class		(2,160	)		(4,440	)
H-Class		(702,283	)		(1,313,520	)
Net increase (decrease) in shares		(18,735	)		17,146

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	116.33		$	44.29		$	71.02		$	87.20		$	60.99		$	44.79
Income (loss) from investment operations:
Net investment income (loss)b		.01			(.94	)		.17			.40			(.24	)		(.48	)
Net gain (loss) on investments (realized and unrealized)		(32.91	)		72.98			(26.42	)		(16.58	)		26.45			16.68
Total from investment operations		(32.90	)		72.04			(26.25	)		(16.18	)		26.21			16.20
Less distributions from:
Net investment income		—			—			(.48	)		—			—			—
Total distributions		—			—			(.48	)		—			—			—
Net asset value, end of period	$	83.43		$	116.33		$	44.29		$	71.02		$	87.20		$	60.99
Total Returnc		(28.28	%)		162.66	%		(37.27	%)		(18.56	%)		42.97	%		36.17	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	280		$	647		$	628		$	2,247		$	3,187		$	628
Ratios to average net assets:
Net investment income (loss)		0.02	%		(1.10	%)		0.25	%		0.54	%		(0.30	%)		(0.96	%)
Total expenses		1.75	%		1.83	%		1.86	%		1.84	%		1.76	%		1.76	%
Portfolio turnover rate		178	%		632	%		974	%		1,978	%		1,006	%		2,568	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	108.94		$	41.79		$	67.53		$	83.55		$	58.90		$	43.56
Income (loss) from investment operations:
Net investment income (loss)b		(.26	)		(1.69	)		(.28	)		(.22	)		(.61	)		(.79	)
Net gain (loss) on investments (realized and unrealized)		(30.85	)		68.84			(24.98	)		(15.80	)		25.26			16.13
Total from investment operations		(31.11	)		67.15			(25.26	)		(16.02	)		24.65			15.34
Less distributions from:
Net investment income		—			—			(.48	)		—			—			—
Total distributions		—			—			(.48	)		—			—			—
Net asset value, end of period	$	77.83		$	108.94		$	41.79		$	67.53		$	83.55		$	58.90
Total Returnc		(28.56	%)		160.68	%		(37.73	%)		(19.17	%)		41.87	%		35.19	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	379		$	449		$	161		$	423		$	522		$	361
Ratios to average net assets:
Net investment income (loss)		(0.52	%)		(1.95	%)		(0.44	%)		(0.33	%)		(0.82	%)		(1.55	%)
Total expenses		2.50	%		2.57	%		2.60	%		2.59	%		2.56	%		2.50	%
Portfolio turnover rate		178	%		632	%		974	%		1,978	%		1,006	%		2,568	%

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	116.30		$	44.29		$	71.02		$	87.21		$	61.01		$	44.84
Income (loss) from investment operations:
Net investment income (loss)b		.01			(1.28	)		(.05	)		.50			(.25	)		(.42	)
Net gain (loss) on investments (realized and unrealized)		(32.91	)		73.29			(26.20	)		(16.69	)		26.45			16.59
Total from investment operations		(32.90	)		72.01			(26.25	)		(16.19	)		26.20			16.17
Less distributions from:
Net investment income		—			—			(.48	)		—			—			—
Total distributions		—			—			(.48	)		—			—			—
Net asset value, end of period	$	83.40		$	116.30		$	44.29		$	71.02		$	87.21		$	61.01
Total Return		(28.29	%)		162.59	%		(37.27	%)		(18.56	%)		42.95	%		36.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,440		$	6,808		$	1,464		$	6,636		$	27,270		$	6,698
Ratios to average net assets:
Net investment income (loss)		0.02	%		(1.29	%)		(0.07	%)		0.71	%		(0.32	%)		(0.82	%)
Total expenses		1.75	%		1.81	%		1.87	%		1.85	%		1.77	%		1.76	%
Portfolio turnover rate		178	%		632	%		974	%		1,978	%		1,006	%		2,568	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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 BNY Mellon Emerging Markets 50 ADR Index (the “underlying index”). The Fund does not seek to achieve its investment objective over a period of time greater than one day.

Holdings Diversification (Market Exposure as % of Net Assets)

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

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

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

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 39

PERFORMANCE REPORT AND FUND PROFILE (Unaudited)(concluded) September 30, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	10 Year
A-Class Shares	22.83%	(25.54%)	(27.00%)	(22.05%)
A-Class Shares with sales charge‡	17.00%	(29.06%)	(27.71%)	(22.43%)
C-Class Shares	23.47%	(25.35%)	(27.20%)	(22.24%)
C-Class Shares with CDSC§	22.47%	(26.10%)	(27.20%)	(22.24%)
H-Class Shares	22.89%	(24.39%)	(26.77%)	(21.99%)
S&P 500 Index	9.18%	30.00%	16.90%	16.63%
BNY Mellon Emerging Markets 50 ADR Index	(13.61%)	4.26%	8.69%	5.24%

*	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 BNY Mellon Emerging Markets 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, 2021
INVERSE EMERGING MARKETS 2x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 39.8%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/212	$	362,232	$	362,232
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/212		140,746		140,746
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/212		140,745		140,745
Total Repurchase Agreements
(Cost $643,723)				643,723
Total Investments - 39.8%
(Cost $643,723)			$	643,723
Other Assets & Liabilities, net - 60.2%				975,601
Total Net Assets - 100.0%			$	1,619,324

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

BNY Mellon Emerging Markets 50 ADR Index

Receive

0.37% (Federal Funds Rate - 0.45%)

At Maturity

11/04/21

530

$

1,624,449

$

41,239

BNP Paribas

BNY Mellon Emerging Markets 50 ADR Index

Receive

0.21% (1 Month USD LIBOR - 0.30%)

At Maturity

11/04/21

531

1,628,714

19,700

$

3,253,163

$

60,939

††	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, 2021.
	ADR — American Depositary Receipt
	LIBOR — London Interbank Offered Rate
	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, 2021
INVERSE EMERGING MARKETS 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	—	$	643,723	$	—	$	643,723
Equity Index Swap Agreements Sold Short**		—		60,939		—		60,939
Total Assets	$	—	$	704,662	$	—	$	704,662

** 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, 2021

Assets:
Repurchase agreements, at value (cost $643,723)	$	643,723
Unrealized appreciation on OTC swap agreements		60,939
Receivables:
Fund shares sold		1,146,243
Total assets		1,850,905
Liabilities:
Payable for:
Fund shares redeemed		211,412
Swap settlement		18,513
Management fees		569
Transfer agent and administrative fees		170
Distribution and service fees		164
Portfolio accounting fees		95
Variation margin on futures contracts		24
Trustees’ fees*		5
Miscellaneous		629
Total liabilities		231,581
Commitments and contingent liabilities (Note 11)		—
Net assets	$	1,619,324
Net assets consist of:
Paid in capital	$	21,402,573
Total distributable earnings (loss)		(19,783,249	)
Net assets	$	1,619,324
A-Class:
Net assets	$	2,348
Capital shares outstanding		154
Net asset value per share	$	15.28
Maximum offering price per share (Net asset value divided by 95.25%)	$	16.04
C-Class:
Net assets	$	11,542
Capital shares outstanding		754
Net asset value per share	$	15.31
H-Class:
Net assets	$	1,605,434
Capital shares outstanding		104,178
Net asset value per share	$	15.41

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Interest	$	93
Total investment income		93
Expenses:
Management fees		2,802
Distribution and service fees:
A-Class		15
C-Class		42
H-Class		754
Transfer agent and administrative fees		868
Portfolio accounting fees		468
Professional fees		62
Custodian fees		40
Trustees’ fees*		36
Miscellaneous		386
Total expenses		5,473
Net investment loss		(5,380	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		106,930
Net realized gain		106,930
Net change in unrealized appreciation (depreciation) on:
Swap agreements		22,564
Net change in unrealized appreciation (depreciation)		22,564
Net realized and unrealized gain		129,494
Net increase in net assets resulting from operations	$	124,114

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(5,380	)	$	(16,822	)
Net realized gain (loss) on investments		106,930			(1,591,476	)
Net change in unrealized appreciation (depreciation) on investments		22,564			36,619
Net increase (decrease) in net assets resulting from operations		124,114			(1,571,679	)
Capital share transactions:
Proceeds from sale of shares
A-Class		330,933			55,618
C-Class		317,392			256,178
H-Class		36,172,374			66,477,775
Cost of shares redeemed
A-Class		(317,211	)		(136,743	)
C-Class		(309,999	)		(292,788	)
H-Class		(35,105,929	)		(65,279,241	)
Net increase from capital share transactions		1,087,560			1,080,799
Net increase (decrease) in net assets		1,211,674			(490,880	)
Net assets:
Beginning of period		407,650			898,530
End of period	$	1,619,324		$	407,650
Capital share activity:
Shares sold
A-Class		24,150			3,229
C-Class		24,192			11,803
H-Class		2,798,275			3,478,109
Shares redeemed
A-Class		(24,137	)		(6,225	)
C-Class		(23,882	)		(13,555	)
H-Class		(2,726,030	)		(3,460,171	)
Net increase in shares		72,568			13,190

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	12.44		$	46.71		$	40.57		$	39.08		$	63.42		$	101.83
Income (loss) from investment operations:
Net investment income (loss)b		(.13	)		(.54	)		(.16	)		.23			(.28	)		(1.42	)
Net gain (loss) on investments (realized and unrealized)		2.97			(33.73	)		6.64			1.26	e		(24.06	)		(36.99	)
Total from investment operations		2.84			(34.27	)		6.48			1.49			(24.34	)		(38.41	)
Less distributions from:
Net investment income		—			—			(.34	)		—			—			—
Total distributions		—			—			(.34	)		—			—			—
Net asset value, end of period	$	15.28		$	12.44		$	46.71		$	40.57		$	39.08		$	63.42
Total Returnc		22.83	%		(73.37	%)		16.30	%		3.81	%		(38.35	%)		(37.72	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2		$	2		$	147		$	16		$	43		$	42
Ratios to average net assets:
Net investment income (loss)		(2.00	%)		(1.81	%)		(0.37	%)		0.51	%		(0.64	%)		(1.50	%)
Total expenses		1.96	%		1.86	%		1.89	%		1.88	%		1.76	%		1.75	%
Portfolio turnover rate		—			—			—			—			—			—

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	12.40		$	46.82		$	40.45		$	39.34		$	64.21		$	103.83
Income (loss) from investment operations:
Net investment income (loss)b		(.17	)		(.69	)		(.31	)		(.29	)		(.74	)		(1.88	)
Net gain (loss) on investments (realized and unrealized)		3.08			(33.73	)		7.02			1.40	e		(24.13	)		(37.74	)
Total from investment operations		2.91			(34.42	)		6.71			1.11			(24.87	)		(39.62	)
Less distributions from:
Net investment income		—			—			(.34	)		—			—			—
Total distributions		—			—			(.34	)		—			—			—
Net asset value, end of period	$	15.31		$	12.40		$	46.82		$	40.45		$	39.34		$	64.21
Total Returnc		23.47	%		(73.52	%)		16.96	%		(2.82	%)		(38.77	%)		(38.17	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12		$	6		$	103		$	3		$	19		$	56
Ratios to average net assets:
Net investment income (loss)		(2.42	%)		(2.62	%)		(1.09	%)		(0.63	%)		(1.46	%)		(2.20	%)
Total expenses		2.44	%		2.66	%		2.79	%		2.53	%		2.49	%		2.48	%
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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017d
Per Share Data
Net asset value, beginning of period	$	12.54		$	46.39		$	40.27		$	38.77		$	63.00		$	101.28
Income (loss) from investment operations:
Net investment income (loss)b		(.10	)		(.42	)		.07			.19			(.30	)		(1.23	)
Net gain (loss) on investments (realized and unrealized)		2.97			(33.43	)		6.39			1.31	e		(23.93	)		(37.05	)
Total from investment operations		2.87			(33.85	)		6.46			1.50			(24.23	)		(38.28	)
Less distributions from:
Net investment income		—			—			(.34	)		—			—			—
Total distributions		—			—			(.34	)		—			—			—
Net asset value, end of period	$	15.41		$	12.54		$	46.39		$	40.27		$	38.77		$	63.00
Total Return		22.89	%		(72.97	%)		16.40	%		3.87	%		(38.46	%)		(37.80	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,605		$	400		$	649		$	1,756		$	743		$	890
Ratios to average net assets:
Net investment income (loss)		(1.71	%)		(1.85	%)		0.19	%		0.42	%		(0.68	%)		(1.46	%)
Total expenses		1.75	%		1.89	%		1.87	%		1.87	%		1.77	%		1.76	%
Portfolio turnover rate		—			—			—			—			—			—

a	Unaudited figures for the period ended September 30, 2021. 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 year ended March 31, 2017 have been restated to reflect a 1:6 reverse share split effective October 31, 2016.
e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

PERFORMANCE REPORT AND FUND PROFILE (Unaudited) September 30, 2021

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, 2021

Average Annual Returns*

Periods Ended September 30, 2021

	6 Month†	1 Year	5 Year	Since Inception (10/08/13)
A-Class Shares	1.17%	0.86%	1.29%	1.62%
A-Class Shares with sales charge‡	(3.64%)	(3.94%)	0.31%	1.00%
C-Class Shares	0.80%	0.11%	0.53%	0.80%
C-Class Shares with CDSC§	(0.20%)	(0.88%)	0.53%	0.80%
H-Class Shares	1.18%	0.86%	1.28%	1.56%
ICE BofA Merrill Lynch U.S. Dollar Emerging Markets Sovereign Plus Index	3.42%	4.20%	3.25%	4.85%

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The ICE BofA Merrill Lynch U.S. Dollar Emerging Markets Sovereign Plus 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, 2021
EMERGING MARKETS BOND STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 0.7%
U.S. Treasury Bills
0.04% due 10/07/211,2	$	3,000	$	3,000
Total U.S. Treasury Bills
(Cost $3,000)				3,000
REPURCHASE AGREEMENTS††,3 - 89.5%
J.P. Morgan Securities LLC issued 09/30/21 at 0.05% due 10/01/21		219,991		219,991
BofA Securities, Inc. issued 09/30/21 at 0.02% due 10/01/21		85,477		85,477
Barclays Capital, Inc. issued 09/30/21 at 0.03% due 10/01/21	$	85,478	$	85,478
Total Repurchase Agreements
(Cost $390,946)				390,946
Total Investments - 90.2%
(Cost $393,946)			$	393,946
Other Assets & Liabilities, net - 9.8%				42,829
Total Net Assets - 100.0%			$	436,775

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		2		Dec 2021	$	245,594	$	(467	)

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.36.V1	1.00%	Quarterly		12/20/26		$	300,000	$	(11,955	)	$	(10,267	)	$	(1,688	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation

OTC Credit Index Swap Agreements††

Goldman Sachs International

Invesco Emerging Markets Sovereign Debt ETF

Receive

0.68% (Federal Funds Rate + 0.60%)

At Maturity

10/28/21

7,138

$

190,370

$

143

**	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, 2021.
2	Rate indicated is the effective yield at the time of purchase.
3	Repurchase Agreements — See Note 6.
	CDX.EM.36.V1 — Credit Default Swap Emerging Markets Series 36 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, 2021
EMERGING MARKETS BOND STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 30, 2021 (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	$	—	$	3,000	$	—	$	3,000
Repurchase Agreements		—		390,946		—		390,946
Credit Index Swap Agreements**		—		143		—		143
Total Assets	$	—	$	394,089	$	—	$	394,089

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	467	$	—	$	—	$	467
Credit Default Swap Agreements**		—		1,688		—		1,688
Total Liabilities	$	467	$	1,688	$	—	$	2,155

** 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, 2021

Assets:
Investments, at value (cost $3,000)	$	3,000
Repurchase agreements, at value (cost $390,946)		390,946
Segregated cash with broker		53,625
Unrealized appreciation on OTC swap agreements		143
Receivables:
Variation margin on futures contracts		281
Variation margin on credit default swap agreements		187
Protection fees on credit default swap agreements		92
Total assets		448,274
Liabilities:
Unamortized upfront premiums received on credit default swap agreements		10,267
Payable for:
Management fees		379
Distribution and service fees		179
Transfer agent and administrative fees		136
Portfolio accounting fees		76
Trustees’ fees*		5
Swap settlement		4
Miscellaneous		453
Total liabilities		11,499
Commitments and contingent liabilities (Note 11)		—
Net assets	$	436,775
Net assets consist of:
Paid in capital	$	613,767
Total distributable earnings (loss)		(176,992	)
Net assets	$	436,775
A-Class:
Net assets	$	46,143
Capital shares outstanding		651
Net asset value per share	$	70.93
Maximum offering price per share (Net asset value divided by 95.25%)	$	74.47
C-Class:
Net assets	$	82,511
Capital shares outstanding		1,258
Net asset value per share	$	65.59
H-Class:
Net assets	$	308,121
Capital shares outstanding		4,373
Net asset value per share	$	70.46

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2021

Investment Income:
Interest	$	84
Total investment income		84
Expenses:
Management fees		2,515
Distribution and service fees:
A-Class		59
C-Class		308
H-Class		704
Transfer agent and administrative fees		937
Portfolio accounting fees		504
Professional fees		69
Custodian fees		43
Trustees’ fees*		40
Miscellaneous		270
Total expenses		5,449
Net investment loss		(5,365	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		10,757
Futures contracts		84
Net realized gain		10,841
Net change in unrealized appreciation (depreciation) on:
Swap agreements		(210	)
Futures contracts		1,555
Net change in unrealized appreciation (depreciation)		1,345
Net realized and unrealized gain		12,186
Net increase in net assets resulting from operations	$	6,821

* 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, 2021 (Unaudited)			Year Ended March 31, 2021
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(5,365	)	$	(16,355	)
Net realized gain on investments		10,841			184,128
Net change in unrealized appreciation (depreciation) on investments		1,345			7,784
Net increase in net assets resulting from operations		6,821			175,557
Distributions to shareholders:
A-Class		—			(403	)
C-Class		—			(847	)
H-Class		—			(6,005	)
Total distributions to shareholders		—			(7,255	)
Capital share transactions:
Proceeds from sale of shares
A-Class		60,204			344,712
C-Class		35,000			—
H-Class		671,168			5,679,241
Distributions reinvested
A-Class		—			403
C-Class		—			847
H-Class		—			6,005
Cost of shares redeemed
A-Class		(62,860	)		(1,470,337	)
C-Class		(3,924	)		(17,197	)
H-Class		(712,229	)		(5,743,063	)
Net decrease from capital share transactions		(12,641	)		(1,199,389	)
Net decrease in net assets		(5,820	)		(1,031,087	)
Net assets:
Beginning of period		442,595			1,473,682
End of period	$	436,775		$	442,595
Capital share activity:
Shares sold
A-Class		842			4,998
C-Class		520			—
H-Class		9,442			80,788
Shares issued from reinvestment of distributions
A-Class		—			5
C-Class		—			12
H-Class		—			82
Shares redeemed
A-Class		(875	)		(21,600	)
C-Class		(59	)		(255	)
H-Class		(9,991	)		(80,778	)
Net decrease in shares		(121	)		(16,748	)

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	70.11		$	63.93		$	74.95		$	73.42		$	71.93		$	72.75
Income (loss) from investment operations:
Net investment income (loss)b		(.56	)		(1.14	)		.03			.10			(.55	)		(.91	)
Net gain (loss) on investments (realized and unrealized)		1.38			8.16			(4.86	)		1.43			2.13			3.87
Total from investment operations		.82			7.02			(4.83	)		1.53			1.58			2.96
Less distributions from:
Net investment income		—			(.84	)		(2.36	)		—			(.09	)		(3.70	)
Net realized gains		—			—			(3.83	)		—			—			(.08	)
Total distributions		—			(.84	)		(6.19	)		—			(.09	)		(3.78	)
Net asset value, end of period	$	70.93		$	70.11		$	63.93		$	74.95		$	73.42		$	71.93
Total Returnc		1.17	%		10.92	%		(7.41	%)		2.08	%		2.18	%		4.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	46		$	48		$	1,105		$	761		$	116		$	113
Ratios to average net assets:
Net investment income (loss)		(1.56	%)		(1.72	%)		0.03	%		0.14	%		(0.74	%)		(1.19	%)
Total expenses		1.56	%		1.74	%		1.68	%		1.66	%		1.58	%		1.58	%
Portfolio turnover rate		—			—			—			—			—			733	%

C-Class	Six Months Ended September 30, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	65.07		$	59.82		$	71.05		$	70.12		$	69.22		$	70.54
Income (loss) from investment operations:
Net investment income (loss)b		(.76	)		(1.56	)		(.46	)		(.54	)		(1.06	)		(1.10	)
Net gain (loss) on investments (realized and unrealized)		1.28			7.65			(4.58	)		1.47			2.05			3.56
Total from investment operations		.52			6.09			(5.04	)		.93			.99			2.46
Less distributions from:
Net investment income		—			(.84	)		(2.36	)		—			(.09	)		(3.70	)
Net realized gains		—			—			(3.83	)		—			—			(.08	)
Total distributions		—			(.84	)		(6.19	)		—			(.09	)		(3.78	)
Net asset value, end of period	$	65.59		$	65.07		$	59.82		$	71.05		$	70.12		$	69.22
Total Returnc		0.80	%		10.10	%		(8.13	%)		1.33	%		1.41	%		4.09	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	83		$	52		$	62		$	59		$	82		$	90
Ratios to average net assets:
Net investment income (loss)		(2.29	%)		(2.36	%)		(0.61	%)		(0.79	%)		(1.49	%)		(1.54	%)
Total expenses		2.31	%		2.40	%		2.42	%		2.37	%		2.34	%		2.33	%
Portfolio turnover rate		—			—			—			—			—			733	%

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, 2021a			Year Ended March 31, 2021			Year Ended March 31, 2020			Year Ended March 31, 2019			Year Ended March 29, 2018			Year Ended March 31, 2017
Per Share Data
Net asset value, beginning of period	$	69.64		$	63.50		$	74.52		$	72.98		$	71.51		$	72.19
Income (loss) from investment operations:
Net investment income (loss)b		(.55	)		(1.14	)		.15			.23			(.55	)		(.28	)
Net gain (loss) on investments (realized and unrealized)		1.37			8.12			(4.98	)		1.31			2.11			3.38
Total from investment operations		.82			6.98			(4.83	)		1.54			1.56			3.10
Less distributions from:
Net investment income		—			(.84	)		(2.36	)		—			(.09	)		(3.70	)
Net realized gains		—			—			(3.83	)		—			—			(.08	)
Total distributions		—			(.84	)		(6.19	)		—			(.09	)		(3.78	)
Net asset value, end of period	$	70.46		$	69.64		$	63.50		$	74.52		$	72.98		$	71.51
Total Return		1.18	%		10.93	%		(7.45	%)		2.11	%		2.19	%		4.85	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	308		$	343		$	307		$	9,226		$	615		$	472
Ratios to average net assets:
Net investment income (loss)		(1.53	%)		(1.61	%)		0.20	%		0.32	%		(0.75	%)		(0.38	%)
Total expenses		1.56	%		1.65	%		1.67	%		1.70	%		1.58	%		1.54	%
Portfolio turnover rate		—			—			—			—			—			733	%

a	Unaudited figures for the period ended September 30, 2021. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
c	Total return does not reflect the impact of any applicable sales charges.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

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

The Trust offers a combination of seven separate classes of shares: Investor Class shares, A-Class shares, C-Class shares, H-Class shares, P-Class shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of A-Class shares. A-Class shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. A-Class share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. C-Class shares have a 1% CDSC if shares are redeemed within 12 months of purchase. C-Class shares of each Fund automatically convert to A-Class shares of the same Fund on or about the 10th day of the month following the 10-year anniversary of the purchase of the C-Class shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of A-Class shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2021, the Trust consisted of fifty-two funds.

This report covers the following funds (collectively, 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, 2021, 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, which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) acts as principal underwriter for the Trust. GI and GFD are affiliated entities.

Significant Accounting Policies

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

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

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

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange (“NYSE”), usually 4:00 p.m. for the Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund and Emerging Markets Bond Strategy Fund. All other Funds in this report will price at the afternoon NAV. The NAV is calculated using the current market value of each Fund’s total assets as of the respective time of calculation. These financial statements are based on the September 30, 2021, afternoon NAV.

(a) Valuation of Investments

The Board of Trustees of the Funds (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Valuation Procedures”). Pursuant to the Valuation Procedures, the Board has delegated to a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), the day-to-day responsibility for implementing the Valuation Procedures,

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

including, under most circumstances, the responsibility for determining the fair value of the Funds’ securities and/or other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Valuation Committee convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued for reasonableness. The Funds’ officers, through the Valuation Committee and consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly review procedures used and valuations provided by the pricing services.

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

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. If there is no sale on the valuation date, exchange-traded U.S. equity securities will be valued on the basis of the last bid 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 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.

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

The value of futures contracts is accounted for using the unrealized appreciation or depreciation on the contracts that is determined by marking the contracts to their current realized settlement prices. Financial futures contracts are valued at the 4:00 p.m. price on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation would provide a more accurate valuation.

The values of swap agreements entered into by a fund are accounted for using the unrealized appreciation or depreciation on the agreements that are determined by marking the agreements to the last quoted value of the index or other underlying position that the swaps pertain to at the close of the NYSE.

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

(b) U.S. Government and Agency Obligations

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

(c) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation 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)

(d) Swap Agreements

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

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

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

(e) Currency Translations

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

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

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

(f) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2021, 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(i) Class Allocations

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

(j) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 0.06% at September 30, 2021.

(k) Indemnifications

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

Note 2 – Derivatives

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

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

The Funds may utilize derivatives for the following purposes:

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

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

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

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

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

Futures Contracts

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

58 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

		Average Notional Amount
Fund	Use	Long		Short
Emerging Markets Bond Strategy Fund	Duration, Index exposure, Leverage, Liquidity	$	336,044	$	—

Swap Agreements

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

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

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

		Average Notional Amount
Fund	Use	Long		Short
Emerging Markets 2x Strategy Fund	Index exposure, Leverage, Liquidity	$	7,658,308	$	—
Emerging Markets Bond Strategy Fund	Index exposure, Leverage, Liquidity		279,286		—
Inverse Emerging Markets 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		1,507,585

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	$	11,924,191	$	14,988,667

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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	$	441,667	$	—

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, 2021:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/Interest Rate 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
	Variation margin on credit default swap agreements	Unamortized upfront premiums received 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, 2021:

Asset Derivative Investments Value
Fund	Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2021
Long Short Equity Fund	$	444,024	$	—	$	—	$	444,024
Inverse Emerging Markets 2x Strategy Fund		60,939		—		—		60,939
Emerging Markets Bond Strategy Fund		—		—		143		143

Liability Derivative Investments Value
Fund	Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at September 30, 2021
Long Short Equity Fund	$	19,658	$	—	$	—	$	19,658
Emerging Markets 2x Strategy Fund		174,388		—		—		174,388
Emerging Markets Bond Strategy Fund		—		467		1,688		2,155

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

60 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

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, 2021:

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

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Statements of Operations categorized by primary risk exposure for the period ended September 30, 2021:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk			Futures Interest Rate Risk		Swaps Credit Risk		Total
Long Short Equity Fund	$	—	$	(1,642,197	)	$	—	$	—	$	(1,642,197	)
Emerging Markets 2x Strategy Fund		—		(1,991,565	)		—		—		(1,991,565	)
Inverse Emerging Markets 2x Strategy Fund		—		106,930			—		—		106,930
Emerging Markets Bond Strategy Fund		—		—			84		10,757		10,841

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk		Futures Interest Rate Risk		Swaps Credit Risk			Total
Long Short Equity Fund	$	—	$	656,368	$	—	$	—		$	656,368
Emerging Markets 2x Strategy Fund		—		724,539		—		—			724,539
Inverse Emerging Markets 2x Strategy Fund		—		22,564		—		—			22,564
Emerging Markets Bond Strategy Fund		—		—		1,555		(210	)		1,345

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 of investment grade or better. The Trust monitors the counterparty credit risk.

Foreign Investments

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

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

Note 3 – Offsetting

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

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

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

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received		Net Amount
Long Short Equity Fund	Custom basket swap agreements	$	444,024	$	—	$	444,024	$	(19,658	)	$	—	$	424,366
Inverse Emerging Markets 2x Strategy Fund	Swap equity contracts		60,939		—		60,939		—			—		60,939
Emerging Markets Bond Strategy Fund	Credit Index Swap Agreements		143		—		143		—			—		143

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Long Short Equity Fund	Custom basket swap agreements	$	19,658	$	—	$	19,658	$	(19,658	)	$	—	$	—
Emerging Markets 2x Strategy Fund	Swap equity contracts		174,388		—		174,388		(174,388	)		—		—

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, 2021.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Emerging Markets Bond Strategy Fund	Barclays Bank plc	Credit default swap agreements	$	53,625	$	—

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 with an independent buyer in the principal market, or in the absence of a principal market, the most advantageous market for the investment or liability. 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 — 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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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.

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 used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The suitability of the techniques and sources employed to determine fair valuation are regularly monitored and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

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

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

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

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

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

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

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, 2021, GFD retained sales charges of $72,187 relating to sales of A-Class shares of the Trust.

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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

Note 6 – Repurchase Agreements

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

At September 30, 2021, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
0.05%					1.50%
Due 10/01/21	$	150,861,939	$	150,862,148	Due 01/15/23	$	150,772,500	$	153,879,256
BofA Securities, Inc.					U.S. Treasury Note
0.02%					0.13%
Due 10/01/21		58,617,555		58,617,587	Due 12/31/22		59,788,400		59,789,984
Barclays Capital, Inc.					U.S. Treasury Inflation Indexed Bond
0.03%					0.13%
Due 10/01/21		58,617,555		58,617,604	Due 04/15/22		58,937,372		59,789,963

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

Note 7 – Portfolio Securities Loaned

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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 30, 2021, the Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

	Gross Amounts Not Offset in the Statements of Assets and Liabilities							Securities Lending Collateral
Fund	Value of Securities Loaned		Collateral Received(a)			Net Amount		Cash Collateral Invested		Cash Collateral Uninvested		Total Collateral
Emerging Markets 2x Strategy Fund	$	108,881	$	(108,881	)	$	—	$	111,472	$	—	$	111,472

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

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

Note 8 – Federal Income Tax Information

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

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

At September 30, 2021, 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	$	15,007,131	$	1,946,439	$	(490,304	)	$	1,456,135
Emerging Markets 2x Strategy Fund		3,987,631		315,081		(368,352	)		(53,271	)
Inverse Emerging Markets 2x Strategy Fund		643,723		60,939		—			60,939
Emerging Markets Bond Strategy Fund		393,946		143		(2,155	)		(2,012	)

Note 9 – Securities Transactions

For the period ended September 30, 2021, 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	$	17,748,754	$	20,158,836
Emerging Markets 2x Strategy Fund		8,051,951		8,848,698

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price to save costs, where permissible. For the period ended September 30, 2021, 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	$	—	$	158,645	$	423

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $150,000,000 line of credit from U.S. Bank, N.A., which was increased to $200,000,000 on February 10, 2021. On June 7, 2021, the line of credit agreement was renewed and expires on June 6, 2022. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 1.25% for the period ended September 30, 2021. The Funds did not have any borrowings outstanding under this agreement at September 30, 2021.

The average daily balances borrowed for the period ended September 30, 2021, were as follows:

Fund	Average Daily Balance
Emerging Markets 2x Strategy Fund	$	4,268

Note 11 – Legal Proceedings

Tribune Company

Rydex Series Funds has been named as a defendant and a putative member of the proposed defendant class of shareholders in the case entitled Kirschner v. FitzSimons, No. 12-2652 (S.D.N.Y.) (formerly Official Committee of Unsecured Creditors of Tribune Co. v. FitzSimons, Adv. Pro. No. 10-54010 (Bankr. D. Del.)) (the “FitzSimons action”), as a result of ownership by certain series of the Rydex Series Funds of shares in the Tribune Company (“Tribune”) in 2007, when Tribune effected a leveraged buyout transaction (“LBO”) by which Tribune converted to a privately-held company. In his complaint, the plaintiff has alleged that, in connection with the LBO, Tribune insiders and shareholders were overpaid for their Tribune stock using financing that the insiders knew would, and ultimately did, leave Tribune insolvent. The plaintiff has asserted claims against certain insiders, major shareholders, professional advisers, and others involved in the LBO. The plaintiff is also attempting to obtain from former Tribune shareholders, including the Rydex Series Funds, the proceeds they received in connection with the LBO.

In June 2011, a group of Tribune creditors filed multiple actions against former Tribune shareholders involving state law constructive fraudulent conveyance claims arising out of the 2007 LBO (the “SLCFC actions”). Rydex Series Funds has been named as a defendant in one or more of these suits. In those actions, the creditors seek to recover from Tribune’s former shareholders the proceeds received in connection with the 2007 LBO.

The FitzSimons action and the SLCFC actions have been consolidated with the majority of the other Tribune LBO-related lawsuits in a multidistrict litigation proceeding captioned In re Tribune Company Fraudulent Conveyance Litig., No. 11-md-2296 (S.D.N.Y.) (the “MDL Proceeding”).

On September 23, 2013, the District Court granted the defendants’ omnibus motion to dismiss the SLCFC actions, on the basis that the creditors lacked standing. On September 30, 2013, the creditors filed a notice of appeal of the September 23 order. On October 28, 2013, the defendants filed a joint notice of cross-appeal of that same order.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

On March 29, 2016, the U.S. Court of Appeals for the Second Circuit issued its opinion on the appeal of the SLCFC actions. The appeals court affirmed the district court’s dismissal of those lawsuits, but on different grounds than the district court. The appeals court held that while the plaintiffs have standing under the U.S. Bankruptcy Code, their claims were preempted by Section 546(e) of the Bankruptcy Code—the statutory safe harbor for settlement payments.

On April 12, 2016, the Plaintiffs in the SLCFC actions filed a petition seeking rehearing en banc before the appeals court. On July 22, 2016, the appeals court denied the petition. On September 9, 2016, the plaintiffs filed a petition for writ of certiorari in the U.S. Supreme Court challenging the Second Circuit’s decision that the safe harbor of Section 546(e) applied to their claims. The shareholder defendants, including the Funds, filed a joint brief in opposition to the petition for certiorari on October 24, 2016. On April 3, 2018, Justice Kennedy and Justice Thomas issued a “Statement” related to the petition for certiorari suggesting that the Second Circuit and/or District Court may want to take steps to reexamine the application of the Section 546(e) safe harbor to the previously dismissed state law constructive fraudulent transfer claims based on the Supreme Court’s decision in Merit Management Group LP v. FTI Consulting, Inc. On April 10, 2018, Plaintiffs filed in the Second Circuit a motion for that court to recall its mandate, vacate its prior decision, and remand to the district court for further proceedings consistent with Merit Management. On April 20, 2018, the shareholder defendants filed an opposition to Plaintiffs’ motion to recall the mandate. On May 15, 2018, the Second Circuit issued an order recalling the mandate “in anticipation of further panel review.” On December 19, 2019, the Second Circuit issued an amended opinion that again affirmed the district court’s ruling on the basis that plaintiffs’ claims were preempted by Section 546(e) of the Bankruptcy Code. Plaintiffs filed a motion for rehearing and rehearing en banc on January 2, 2020. The Second Circuit denied the petition on February 6, 2020. On July 6, 2020, plaintiffs filed a new petition for a writ of certiorari in the U.S. Supreme Court. In that petition, plaintiffs stated that “[t]o make it more likely that there will be a quorum for this petition,” they have “abandon[ed] the case and let the judgment below stand” with respect to certain defendants. That list did not include the Rydex Series Funds. Defendants filed an opposition to the certiorari petition on August 26, 2020, and plaintiffs filed a reply in support of the petition for certiorari on September 8, 2020. On March 12, 2021, the Solicitor General filed an amicus brief recommending that certiorari be denied. Plaintiffs filed a supplemental brief in response to the Solicitor General’s amicus brief on March 31, 2021, and Defendants filed a supplemental brief on April 1, 2021. The Court denied the petition for certiorari on April 19, 2021.

On May 23, 2014, the defendants filed motions to dismiss the FitzSimons action, including a global motion to dismiss Count I, which is the claim brought against former Tribune shareholders for intentional fraudulent conveyance under U.S. federal law. On January 6, 2017, the United States District Court for the Southern District of New York granted the shareholder defendants’ motion to dismiss the intentional fraudulent conveyance claim in the FitzSimons action. In dismissing the intentional fraudulent conveyance claim, the Court denied the plaintiff’s request to amend the complaint. The plaintiff requested that the Court direct entry of a final judgment in order to make the order immediately appealable. On February 23, 2017, the Court issued an order stating that it intended to permit an interlocutory appeal of the dismissal order, but would wait to do so until it has resolved outstanding motions to dismiss filed by other defendants.

On July 18, 2017, the plaintiff submitted a letter to the District Court seeking leave to amend its complaint to add a constructive fraudulent transfer claim. The shareholder defendants opposed that request. On August 24, 2017, the Court denied the plaintiff’s request without prejudice to renewal of the request in the event of an intervening change in the law. On March 8, 2018, the plaintiff renewed his request for leave to file a motion to amend the complaint to assert a constructive fraudulent transfer claim based on the Supreme Court’s ruling in Merit Management Group LP v. FTI Consulting, Inc. The shareholder defendants opposed that request. On June 18, 2018 the District Court ordered that the request would be stayed pending further action by the Second Circuit in the SLCFC actions.

On December 18, 2018, plaintiff filed a letter with the District Court requesting that the stay be dissolved in order to permit briefing on the motion to amend the complaint and indicating plaintiff’s intention to file another motion to amend the complaint to reinstate claims for intentional fraudulent transfer. The shareholder defendants opposed that request. On January 14, 2019, the court held a case management conference, during which the court stated that it would not lift the stay prior to further action from the Second Circuit in the SLCFC actions. The court further stated that it would allow the plaintiff to file a motion to amend to try to reinstate its intentional fraudulent transfer claim. On January 23, 2019, the court ordered the parties still facing pending claims to participate in a mediation, to commence on January 28, 2019. The mediation did not result in a settlement of the claims against the shareholder defendants.

On April 4, 2019, plaintiff filed a motion to amend the Fifth Amended Complaint to assert a federal constructive fraudulent transfer claim against certain shareholder defendants. On April 10, 2019, the shareholder defendants filed a brief in opposition to plaintiff’s motion to amend. On April 12, 2019, the plaintiff filed a reply brief. On April 23, 2019, the court denied the plaintiff’s motion to amend. On June 13, 2019, the court entered judgment pursuant to Rule 54(b). On July 12, 2019, the Plaintiff filed a notice of appeal with respect to the dismissal of his claims and the District Court’s denial of his motion for leave to amend. Plaintiff filed an appellate brief on January 7, 2020. The shareholder defendants’ brief was filed

68 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

on April 27, 2020. Plaintiff filed a reply brief on May 18, 2020. The Court held oral argument on August 24, 2020. On August 20, 2021, the Second Circuit affirmed the District Court’s orders: (1) dismissing the intentional fraudulent conveyance claims against the shareholder-defendants; and (2) denying the plaintiff leave to amend the complaint to add a constructive fraudulent conveyance claim against the shareholder-defendants. Plaintiff filed a petition for rehearing en banc on September 3, 2021. On October 7, 2021, the Second Circuit denied the petition.

None of these lawsuits alleges any wrongdoing on the part of Rydex Series Funds. The following series of Rydex Series Funds held shares of Tribune and tendered these shares as part of Tribune’s LBO: Nova Fund, S&P 500^® Pure Value Fund, Multi-Cap Core Equity Fund, S&P 500^® Fund, Multi-Hedge Strategies Fund and Hedged Equity Fund (the “Funds”). The value of the proceeds received by the foregoing Funds was $28,220, $109,242, $9,860, $3,400, $1,181,160, and $10,880, respectively. At this stage of the proceedings, Rydex Series Funds is not able to make a reliable predication as to the outcome of these lawsuits or the effect, if any, on a Fund’s net asset value.

Note 12 – COVID-19

The outbreak of COVID-19 and the current recovery underway has caused disruption to consumer demand, economic output, and supply chains. There are still travel restrictions, quarantines, and disparate global vaccine distributions. As with other serious economic disruptions, governmental authorities and regulators are responding to this crisis with significant fiscal and monetary policy changes. These include providing direct capital infusions into companies, introducing new monetary programs, and considerably lowering interest rates. In some cases, these responses resulted in negative interest rates and higher inflation. These actions, including their possible unexpected or sudden reversal or potential ineffectiveness, could further increase volatility in securities and other financial markets, reduce market liquidity, continue to cause higher inflation, heighten investor uncertainty, and adversely affect the value of the Funds’ investments and the performance of the Funds. The duration and extent of COVID-19 over the long term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which COVID-19 impacts the Funds will depend on future developments, which are highly uncertain and difficult to predict. Management continues to monitor and evaluate this situation.

Note 13 – Subsequent Events

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

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OTHER INFORMATION (Unaudited)

Delivery of Shareholder Reports

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

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

Proxy Voting Information

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

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

Sector Classification

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

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal

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

Report of the Rydex Series Funds Contracts Review Committee

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

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

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OTHER INFORMATION (Unaudited)(continued)

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

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

Security Investors, LLC (“Security Investors”), an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”), serves as investment adviser to each of the Funds pursuant to an investment advisory agreement between the Trust, with respect to the Funds, and Security Investors (the “Advisory Agreement”).¹ (Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors and other affiliated investment management businesses of Guggenheim Partners.)

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

The Advisory Agreement continues in effect from year to year provided that such continuance is specifically approved at least annually by (i) the Board or a majority of the outstanding voting securities (as defined in the 1940 Act) of each Fund, and, in either event, (ii) the vote of a majority of the Trustees who are not “interested person[s],” as defined by the 1940 Act, of the Trust (the “Independent Trustees”) casting votes in person at a meeting called for such purpose.² At meetings held by videoconference on April 20, 2021 (the “April Meeting”) and on May 26, 2021 (the “May

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 Independent Trustees 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.

2

On March 13, 2020, the Securities and Exchange Commission issued an exemptive order providing relief to registered management investment companies from certain provisions of the 1940 Act in light of the outbreak of coronavirus disease 2019 (COVID-19), including the in-person voting requirements under Section 15(c) of the 1940 Act with respect to approving or renewing an investment advisory agreement, subject to certain conditions. The relief, initially provided for a limited period of time, has been extended multiple times and was in effect as of May 26, 2021. The Board, including the Independent Trustees, relied on this relief in voting to renew the Advisory Agreement at a meeting of the Board held by videoconference on May 26, 2021.

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Meeting”), the members of the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement in connection with the Committee’s annual contract review schedule.

As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the reports is to present the subject funds’ relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. The Committee met with a representative of FUSE at the April Meeting to discuss how FUSE determined the appropriate peer groups for the Funds. Thereafter, 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 each Tradable Fund is designed to provide tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds and the Real Estate Fund, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds and the Real Estate Fund. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark.

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

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, the funds in the Guggenheim fund complex, including the Funds.

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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 entrepreneurial, legal, regulatory and operational risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the 1940 Act.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable Funds on select trading platforms, and the leveraged and inverse strategies offered, and the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features. The Committee noted that the Tradable Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2020 and 2019. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee also took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. With respect to the Sector Funds and the Real Estate Fund, the Committee considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector or market, and corporate actions such as spin-offs, among other adjustments.

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

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

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

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

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2020, 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, 2020, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe for performance and expense comparisons. For the Tradable Funds (other than U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2020, as

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OTHER INFORMATION (Unaudited)(continued)

applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain updated performance information as of March 31, 2021.

With respect to the Tradable Funds (other than U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances in which there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures, noting the Adviser’s statement that expenses and transaction costs based on shareholder activity are the primary driver 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, for the five-year and three-year periods ended December 31, 2020, as applicable, noting the Adviser’s view that, in general, such five-year and three-year periods are a reasonable proxy for anticipated levels of tracking error in most cases. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining instances of significant underperformance (defined as greater than 100 basis points), as applicable, of such Funds’ Class H shares over the five-year, three-year and/or one-year periods ended December 31, 2020, relative to their respective peer funds, attributing such relative underperformance to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund outperformed the comparable peer fund over the five-year, three-year and one-year periods ended December 31, 2020, although its performance ranked in the fourth quartile of the broader peer group over the same 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, 2020, 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 third quartile of its performance universe for each of the relevant periods considered.

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In addition, the Committee made the following observations:

Long Short Equity Fund: The returns of the Fund’s Institutional Class shares ranked in the 73rd and 79th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2020, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the three-year time period was primarily a result of the Fund’s fundamental factor tilts. The Committee noted management’s statement that the Fund’s long exposure to value and short exposure to growth, as well as negative sector exposures to well-performing sectors, have detracted from investment performance. The Committee noted that, as of March 31, 2021, the five-year and three-year performance rankings had improved to the 61st and 60th percentiles, respectively.

Managed Futures Strategy Fund: The returns of the Fund’s Institutional Class shares ranked in the 79th and 50th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2020, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to the poor performance of the Fund’s previous dedicated trend-following strategy in 2016, during which time trend-following models were routinely hurt by the frequent whipsawing in the market, particularly in commodities, and to poor performance in 2018 as the Fund had exposure to equities which sold off heavily in the fourth quarter. The Committee took into account management’s statement that the Fund changed its underlying investment model in 2017, moving to a more diversified, systematic multi-model system that employs a core-satellite approach (i.e., a combination of passively-managed and actively-managed allocations), resulting in more competitive performance over the three-year and one-year time periods. The Committee also noted that, since 2018, the Fund’s performance has improved. The Committee noted that, as of March 31, 2021, the five-year and three-year performance rankings were in the 66th and 53rd percentiles, respectively.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and 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 fee³ and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group of funds. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that 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 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 is directly comparable in this regard. For those Tradable Funds with a peer fund from the directly comparable product suite, the Committee noted that the contractual advisory fee for each Fund’s Class H shares was equal to or lower than the contractual advisory fee charged to the peer fund. The Committee also considered the net effective management fee and total net expense ratio for each such Fund’s Class H shares as compared to the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund’s Class H shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and total net expense ratio for the Fund’s Class H shares were lower than those of the peer fund.

³ 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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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, although the Fund’s contractual advisory fee and total net expense ratio are higher than those of the comparable peer fund, the Fund’s net effective management fee is lower than that of the peer fund and the Fund’s total net expense ratio is close to that of the peer fund. The Committee noted the Adviser’s statement that, given the current low interest rate environment, it is currently waiving, and intends to continue to waive, all or a portion of its fees to the extent necessary to maintain the Fund’s stable net asset value.

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

With respect to the Alternative Funds (i.e., the non-Tradable Funds), 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 (43rd percentile) of its peer group. Although the net effective management fee for the Fund’s Institutional Class shares ranks in the fourth quartile (79th percentile) of its peer group, the Committee considered that the total net expense ratio for the Fund’s Institutional Class shares ranks in the first quartile (21st 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, 2020, gross revenues received by Guggenheim Investments, expenses allocated to the Fund, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2019. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis.

In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s 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 Meeting, as well as other considerations, the Committee concluded that that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds were appropriate and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that, although Guggenheim’s overall expenses declined in 2020, generally, costs are anticipated to increase in many key areas, including compensation of portfolio managers, key analysts and support staff, as well as for infrastructure needs, with respect to risk management oversight, valuation processes and disaster recovery systems, among other things.

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OTHER INFORMATION (Unaudited)(concluded)

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

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

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

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meeting, as well as other considerations, the Committee concluded that the advisory fee for each Fund was reasonable.

Overall Conclusions

The Committee concluded that the investment advisory fees are fair and reasonable in light of the extent and quality of the services provided and other benefits received and that the continuation of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of his or her well-informed business judgment, may afford different weights to different factors. At the May Meeting, the Committee, constituting all of the Independent Trustees, recommended the renewal of the Advisory Agreement for an additional annual term.

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INFORMATION ON BOARD OF TRUSTEES AND OFFICERS (Unaudited)

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES
Randall C. Barnes (1951)	Trustee and Chair of the Valuation Oversight Committee	Since 2019 (Trustee) Since 2020 (Chair of the Valuation Oversight Committee)	Current: Private Investor (2001-present). Former: Senior Vice President and Treasurer, PepsiCo, Inc. (1993-1997); President, Pizza Hut International (1991-1993); Senior Vice President, Strategic Planning and New Business Development, PepsiCo, Inc. (1987-1990).	158	Current: Purpose Investments Funds (2013-present). Former: Managed Duration Investment Grade Municipal Fund (2006-2016).
Angela Brock-Kyle (1959)	Trustee	Since 2016	Current: Founder and Chief Executive Officer, B.O.A.R.D.S. (2013-present). Former: Senior Leader, TIAA (1987-2012).	157	Current: Bowhead Insurance GP, LLC (2020-present); Hunt Companies, Inc. (2019-present). Former: Infinity Property & Casualty Corp. (2014-2018).
Thomas F. Lydon, Jr. (1960)	Trustee and Chair of the Contracts Review Committee	Since 2005 (Trustee) Since 2020 (Chair of the Contracts Review Committee)	Current: President, Global Trends Investments (1996-present); Co-Chief Executive Officer, ETF Flows, LLC (2019-present); Chief Executive Officer, Lydon Media (2016-present).	157	Current: US Global Investors (GROW) (1995-present). Former: Harvest Volatility Edge Trust (3) (2017-2019).
Ronald A. Nyberg (1953)	Trustee and Chair of the Nominating and Governance Committee	Since 2019	Current: Of Counsel, Momkus LLP (2016-present). Former: Partner, Nyberg & Cassioppi, LLC (2000-2016); Executive Vice President, General Counsel, and Corporate Secretary, Van Kampen Investments (1982-1999).	158	Current: PPM Funds (2) (2018-present); Edward-Elmhurst Healthcare System (2012-present). Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).

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

Name, Address* and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served**	Principal Occupation(s) During Past Five Years	Number of Portfolios in Fund Complex Overseen	Other Directorships Held by Trustees***
INDEPENDENT TRUSTEES - concluded
Sandra G. Sponem (1958)	Trustee and Chair of the Audit Committee	Since 2016 (Trustee) Since 2019 (Chair of the Audit Committee)	Current: Retired. Former: Senior Vice President and Chief Financial Officer, M.A. Mortenson-Companies, Inc. (2007-2017).	157	Current: SPDR Series Trust (81) (2018-present); SPDR Index Shares Funds (30) (2018-present); SSGA Active Trust (14) (2018-present). Former: SSGA Master Trust (1) (2018-2020).
Ronald E. Toupin, Jr. (1958)	Trustee, Chair of the Board and Chair of the Executive Committee	Since 2019	Current: Portfolio Consultant (2010-present); Member, Governing Council, Independent Directors Council (2013-present); Governor, Board of Governors, Investment Company Institute (2018-present). Former: Member, Executive Committee, Independent Directors Council (2016-2018); Vice President, Manager and Portfolio Manager, Nuveen Asset Management (1998-1999); Vice President, Nuveen Investment Advisory Corp. (1992-1999); Vice President and Manager, Nuveen Unit Investment Trusts (1991-1999); and Assistant Vice President and Portfolio Manager, Nuveen Unit Investment Trusts (1988-1999), each of John Nuveen & Co., Inc. (1982-1999).	157	Former: Western Asset Inflation-Linked Opportunities & Income Fund (2004-2020); Western Asset Inflation-Linked Income Fund (2003-2020); Managed Duration Investment Grade Municipal Fund (2003-2016).

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 79

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).	157	None.

*	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, Fiduciary/Claymore Energy Infrastructure Fund, Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust, Guggenheim Strategic Opportunities Fund, Guggenheim Enhanced Equity Income Fund, Guggenheim Energy & Income Fund, Guggenheim Credit Allocation 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’ Investment Manager and/or the parent of the Investment Manager.

80 | 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
Brian E. Binder (1972)	President and Chief Executive Officer	Since 2019	Current: President and Chief Executive Officer, certain other funds in the Fund Complex (2018-present); President, Chief Executive Officer and Chairman of the Board of Managers, Guggenheim Funds Investment Advisors, LLC (2018-present); President and Chief Executive Officer, Security Investors, LLC (2018-present); Board Member of Guggenheim Partners Fund Management (Europe) Limited (2018-present); Senior Managing Director and Chief Administrative Officer, Guggenheim Investments (2018-present). Former: Managing Director and President, Deutsche Funds, and Head of US Product, Trading and Fund Administration, Deutsche Asset Management (2013-2018); Managing Director, Head of Business Management and Consulting, Invesco Ltd. (2010-2012).
James M. Howley (1972)	Assistant Treasurer	Since 2016	Current: Managing Director, Guggenheim Investments (2004-present); Assistant Treasurer, certain other funds in the Fund Complex (2006-present). Former: 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); Director, Guggenheim Investments (2012-present).
Elisabeth Miller (1968)	Chief Compliance Officer	Since 2012	Current: Chief Compliance Officer, certain other funds in the Fund Complex (2012-present); Senior Managing Director, Guggenheim Investments (Vice President, Guggenheim Funds Distributors, LLC (2014-present). Former: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2012-2018); Chief Compliance Officer, Guggenheim Distributors, LLC (2009-2014); Senior Manager, Security Investors, LLC (2004-2014); Senior Manager, Guggenheim Distributors, LLC (2004-2014).
Margaux Misantone (1978)	AML Officer	Since 2017	Current: Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investment Advisors, LLC (2018-present); AML Officer, Security Investors, LLC and certain other funds in the Fund Complex (2017-present); Managing Director, Guggenheim Investments (2015-present). Former: Assistant Chief Compliance Officer, Security Investors, LLC and Guggenheim Funds Investments Advisors, LLC (2015-2018).

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 81

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).
John L. Sullivan (1955)	Chief Financial Officer, Chief Accounting Officer and Treasurer	Since 2016	Current: Chief Financial Officer, Chief Accounting Officer and Treasurer, certain other funds in the Fund Complex (2010-present); Senior Managing Director, Guggenheim Investments (2010-present). Former: Managing Director and Chief Compliance Officer, each of the funds in the Van Kampen Investments fund complex (2004-2010); Managing Director and Head of Fund Accounting and Administration, Morgan Stanley Investment Management (2002-2004); Chief Financial Officer and Treasurer, Van Kampen Funds (1996-2004).
Jon Szafran (1989)	Assistant Treasurer	Since 2017	Current: Vice President, 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.

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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

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”), the Rydex Series Trust(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” is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The Program includes a number of elements that support the assessment, management and review of liquidity risk. In accordance with the Program, each Fund’s liquidity risk is assessed no less frequently than annually taking into consideration a variety of factors, including, as applicable, the Fund’s investment strategy and liquidity of portfolio investments, 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 based on a determination of the number of days it is reasonably expected to take to convert the investment to cash, or sell or dispose of the investment, in current market conditions without significantly changing the investment’s market value. The Program is reasonably designed to meet Liquidity Rule requirements relating to “highly liquid investment minimums” (i.e., the minimum amount of Fund 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. 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, 2020, to March 31, 2021. The Report 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. The Report further concluded that the Program operated effectively during recent market conditions arising from COVID-19.

Please refer to your 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 required at this time.

Item 3. Audit Committee Financial Expert.

Not required at this time.

Item 4. Principal Accountant Fees and Services.

Not required at this time.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

The registrant does not currently have in place procedures by which shareholders may recommend nominees to the registrant’s board.

Item 11. Controls and Procedures.

(a) The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) as of a date within 90 days of this filing and have concluded that based on such evaluation as required by Rule 30a-3(b) under the Investment Company Act, that the registrant’s disclosure controls and procedures were effective as of that date in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached.

(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 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 9, 2021

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 9, 2021
By (Signature and Title)*	/s/ John L. Sullivan
	John L. Sullivan, Chief Financial Officer and Treasurer
Date	December 9, 2021

^* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

EXHIBIT-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 9, 2021	/s/ Brian E. Binder
		Brian E. Binder
		President and Chief Executive Officer

EXHIBIT-13(a)(2)(ii)

CERTIFICATION

I, John L. Sullivan, 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 9, 2021	/s/ John L. Sullivan
		John L. Sullivan,
		Chief Financial Officer, Chief Accounting Officer and Treasurer

EX-99.906 CERT

EXHIBIT –13(b)

CERTIFICATION

I, Brian E. Binder, President and Chief Executive Officer, and I, John L. Sullivan, 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.

Date:	December 9, 2021	/s/ Brian E. Binder
		Brian E. Binder
		President and Chief Executive Officer
Date:	December 9, 2021	/s/ John L. Sullivan
		John L. Sullivan
		Chief Financial Officer, Chief Accounting Officer and Treasurer