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        <name>Goldman Sachs International</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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              <counterpartyName>Goldman Sachs International</counterpartyName>
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                <indexName>iShares iBoxx $ High Yield Corporate Bond ETF</indexName>
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            <swapFlag>Y</swapFlag>
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                <rtResetTenor rateTenor="Month" rateTenorUnit="1" resetDt="Day" resetDtUnit="7"/>
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        <name>FARMER MAC</name>
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        <fairValLevel>2</fairValLevel>
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        <fairValLevel>2</fairValLevel>
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          <transCat>Repurchase</transCat>
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        <securityLending>
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        <name>Guggenheim Partners Investment Management LLC</name>
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        <fairValLevel>1</fairValLevel>
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          <isin value="US912796RT85"/>
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        <curCd>USD</curCd>
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        <fairValLevel>2</fairValLevel>
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        <name>FED HOME LN DISCOUNT NT</name>
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        <fairValLevel>2</fairValLevel>
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      <invstOrSec>
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        <invCountry>US</invCountry>
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        <fairValLevel>2</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Guggenheim Partners Investment Management LLC</name>
        <lei>N/A</lei>
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          <ticker value="GFSBX"/>
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        <balance>366118.22800000</balance>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
      <invstOrSec>
        <name>Guggenheim Partners Investment Management LLC</name>
        <lei>N/A</lei>
        <title>Guggenheim Strategy Fund III</title>
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          <ticker value="GFSCX"/>
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        <balance>293669.84300000</balance>
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        <curCd>USD</curCd>
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        <invCountry>US</invCountry>
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        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
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      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-03-30</ncom:dateSigned>
      <ncom:nameOfApplicant>Rydex Series Funds</ncom:nameOfApplicant>
      <ncom:signature>John Sullivan</ncom:signature>
      <ncom:signerName>John Sullivan</ncom:signerName>
      <ncom:title>CFO</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
